National Bankshares in Blacksburg, Va., sold underperforming securities.
The company disclosed in a regulatory filing that it sold $131.9 million of securities as a pretax loss of $6.6 million. Proceeds were used to buy $127.3 million of higher-yielding securities.
The company offset the hit with proceeds from the sale of its membership interest in Bearing Insurance Group. It should take less than two years for the company to recoup the loss from the securities sale.