National Bankshares, Inc.
US ˙ NasdaqCM ˙ US6348651091

SecurityNKSH / National Bankshares, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership21,709 shares
Latest Disclosed Value $ 790,427
Morgan Stanley reports 15.63% decrease in ownership of NKSH / National Bankshares, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 21,709 shares of National Bankshares, Inc. (US:NKSH) valued at $790,425 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 25,730 shares of National Bankshares, Inc.. This represents a change in shares of -15.63% during the quarter. The current value of the position is $738,106 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 21,709 -4,021 -15.63 790 -8.35 0.0000
2026-05-27 2025-12-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 25,730 1,645 6.83 863 21.58 0.0001
2026-02-13 2025-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 25,730 1,645 863 0.0001
2026-05-27 2025-09-30 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 24,085 -2,306 -8.74 709 -1.12 0.0000
2025-11-14 2025-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 24,085 -2,306 709 0.0000
2025-08-15 2025-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 26,391 9,009 51.83 718 55.19 0.0000
2025-05-15 2025-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 17,382 -8,960 -34.01 463 -38.89 0.0000
2025-05-15 2024-12-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 26,342 -3,311 -11.17 756 -14.67 0.0001
2025-02-14 2024-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 26,342 -3,311 756 0.0001
2025-05-14 2024-09-30 13F/A-2 NATIONAL BANKSHARES INC VA COM 634865109 29,653 17,195 138.02 887 151.70 0.0001
2025-02-14 2024-09-30 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 29,653 17,195 887 0.0001
2024-11-14 2024-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 29,653 17,195 887 0.0000
2025-05-14 2024-06-30 13F/A-2 NATIONAL BANKSHARES INC VA COM 634865109 12,458 -1,850 -12.93 352 -26.36 0.0000
2024-10-17 2024-06-30 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 12,458 -1,850 352 0.0000
2024-08-14 2024-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 12,458 -1,850 352 0.0000
2024-10-17 2024-03-31 13F/A-2 NATIONAL BANKSHARES INC VA COM 634865109 14,308 3,107 27.74 478 32.04 0.0000
2024-08-16 2024-03-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 14,308 3,107 478 0.0000
2024-05-15 2024-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 14,308 3,107 478 0.0000
2024-08-16 2023-12-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 11,201 7,610 211.92 362 306.74 0.0000
2024-02-13 2023-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 11,201 7,610 362 0.0000
2023-11-15 2023-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 3,591 -2,346 -39.51 90 -48.55 0.0000
2023-08-14 2023-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 5,937 -7,243 -54.95 173 -58.21 0.0000
2023-05-15 2023-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 13,180 8,060 157.42 415 100.97 0.0000
2023-02-14 2022-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 5,120 4,859 1,861.69 206 2,188.89 0.0000
2022-11-14 2022-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 261 -239 -47.80 9 -43.75 0.0000
2022-10-27 2022-06-30 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 500 139 38.50 16 23.08 0.0000
2022-08-15 2022-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 500 139 16 0.0000
2022-10-27 2022-03-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 361 -30 -7.67 13 0.00 0.0000
2022-05-13 2022-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 361 -30 13 0.0000
2022-02-14 2021-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 391 -669 -63.11 13 -66.67 0.0000
2021-11-15 2021-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 1,060 -3,477 -76.64 39 -75.47 0.0000
2021-08-23 2021-06-30 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 4,537 4,059 849.16 159 835.29 0.0000
2021-08-16 2021-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 4,537 4,059 159 0.0000
2021-05-17 2021-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 478 -4,569 -90.53 17 -89.24 0.0000
2021-02-16 2020-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 5,047 4,487 801.25 158 1,028.57 0.0000
2020-11-13 2020-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 560 -1,423 -71.76 14 -75.44 0.0000
2020-08-14 2020-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 1,983 1,494 305.52 57 256.25 0.0000
2020-05-26 2020-03-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 489 -7,977 -94.22 16 -95.79 0.0000
2020-05-15 2020-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 489 -7,977 16 1.2291
2020-02-14 2019-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 8,466 6,616 357.62 380 413.51 0.0001
2019-11-14 2019-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 1,850 1,045 129.81 74 138.71 0.0000
2019-08-14 2019-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 805 -297 -26.95 31 -34.04 0.0000
2019-05-15 2019-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 1,102 -9,357 -89.46 47 -87.66 0.0000
2019-02-14 2018-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 10,459 -578 -5.24 381 -24.10 0.0001
2019-04-23 2018-09-30 13F/A-2 NATIONAL BANKSHARES INC VA COM 634865109 11,037 -3,355 -23.31 502 -24.85 0.0001
2018-11-20 2018-09-30 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 11,037 0 502 0.0001
2018-11-14 2018-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 11,037 -3,355 502
2019-04-23 2018-06-30 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 14,392 277 1.96 668 5.03 0.0002
2018-08-14 2018-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 14,392 277 668
2019-04-23 2018-03-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 14,115 561 4.14 636 3.25 0.0002
2018-05-14 2018-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 14,115 561 636
2019-04-23 2017-12-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 13,554 4,696 53.01 616 54.77 0.0002
2018-02-14 2017-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 13,554 4,696 616
2017-11-14 2017-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 8,858 2,789 45.95 398 61.13 0.0001
2017-08-11 2017-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 6,069 -2,993 -33.03 247 -27.35 0.0001
2017-05-22 2017-03-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 9,062 -10,919 -54.65 340 -60.83 0.0001
2017-05-12 2017-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 9,062 340
2017-02-22 2016-12-31 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 19,981 18,553 1,299.23 868 1,537.74 0.0003
2017-02-13 2016-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 19,981 868
2016-11-10 2016-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 1,428 956 202.54 53 231.25 0.0000
2016-08-12 2016-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 472 0 0.00 16 0.00 0.0000
2016-05-12 2016-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 472 -145 -23.50 16 -27.27 0.0000
2016-02-09 2015-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 617 145 30.72 22 46.67 0.0000
2016-02-08 2015-09-30 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 472 -81 -14.65 15 -6.25 0.0000
2015-11-09 2015-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 472 15
2015-08-12 2015-06-30 13F NATIONAL BANKSHARES INC VA COM 634865109 553 -153 -21.67 16 -23.81 0.0000
2015-05-14 2015-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 706 702 17,550.00 21 31.25 0.0000
2015-02-13 2014-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 4 -1,970 -99.80 0 -100.00
2014-12-16 2014-09-30 13F/A-1 NATIONAL BANKSHARES INC VA COM 634865109 1,974 1,763 835.55 55 587.50 0.0000
2014-11-14 2014-09-30 13F NATIONAL BANKSHARES INC VA COM 634865109 1,974 55
2014-05-13 2014-03-31 13F NATIONAL BANKSHARES INC VA COM 634865109 211 6 2.93 8 0.00 0.0000
2014-02-13 2013-12-31 13F NATIONAL BANKSHARES INC VA COM 634865109 205 205 8 0.0000
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.