National Bankshares, Inc. Reports
Second Quarter and First Half Earnings
BLACKSBURG, VA, July 18,
2013 (revised July 26, 2013): Today, National Bankshares, Inc. (NASDAQ
Capital Market: NKSH) announced net income of over $4.43 million
for the quarter ended June 30, 2013 which is 2.19% above the total
reported for the quarter ended June 30, 2012. Basic earnings per
share were $0.64 which compares to $0.63 for the second quarter
of 2012. The return on average assets for the second quarter remained
unchanged at 1.62% when compared to 1.62% in 2012. The return on
average equity was 11.57% and 11.90% for the same two periods.
For the first six months, net income was above
$8.65 million. The Company had total assets exceeding $1.09 billion
at June 30, 2013.
National Bankshares' Chairman, President &
CEO James G. Rakes commented, "Our focus remains on investing
in our businesses to grow our bank, creating sustainable stockholder
value, and controlling discretionary expenses while maintaining
a strong balance sheet. We were pleased to provide stockholders
an increase over last June of our semi-annual dividend. We continue
to upgrade our capabilities in order to deliver the best services
and products possible to our customers and community."
National Bankshares, Inc., headquartered in Blacksburg,
Virginia, is the parent company of The National Bank of Blacksburg,
which does business as National Bank, and of National Bankshares
Financial Services, Inc. National Bank is a community bank operating
from 25 offices throughout Southwest Virginia. National Bankshares
Financial Services, Inc. is an investment and insurance subsidiary
operating in the same trade area. The Company's stock is traded
on the NASDAQ Capital Market under the symbol "NKSH."
Certain statements in this
press release may be "forward-looking statements." Forward-looking
statements are statements that include projections, predictions,
expectations or beliefs about future events or results that are
not statements of historical fact and that involve significant risks
and uncertainties. Although the Company believes that its expectations
with regard to forward-looking statements are based upon reasonable
assumptions within the bounds of its existing knowledge of its business
and operations, there can be no assurance that actual Company results
will not differ materially from any future results implied by the
forward-looking statements. Actual results may be materially different
from past or anticipated results because of many factors, some of
which may include changes in economic conditions, the interest rate
environment, legislative and regulatory requirements, new products,
competition, changes in the stock and bond markets and technology.
The Company does not update any forward-looking statements that
it may make.