National Bankshares, Inc. Reports
Second Quarter and First Half Earnings
VA, July 24, 2014: Today, National Bankshares, Inc. (NASDAQ Capital
Market: NKSH) announced net income of over $8.51 million for the
six months ended June 30, 2014 compared to $8.65 million for the
same period in 2013. Basic earnings per share were $1.23 at June
30, 2014 compared to $1.25 at June 30, 2013. The return on average
assets for the six months ending June 30, 2014 was 1.54% compared
to 1.59% in 2013. The return on average equity was 11.22% and 11.42%
for the same two periods.
For the three month ending
June 30, 2014, net income was $4.11 million. The Company had total
assets of almost $1.13 billion at June 30, 2014.
National Bankshares' Chairman,
President & CEO James G. Rakes commented, "While the interest
rate environment and competitive pressures remain very challenging,
we are positioning the Bank to take advantage of opportunities on
the horizon as economic conditions in our market area improve. We
pride ourselves in our community banking philosophy which leads
to exceptional service and strong customer relationships. These
principles provide a competitive advantage when meeting the needs
of our customers."
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.