National Bankshares, Inc. Reports
Second Quarter and First Half Earnings
VA, JULY 23, 2015: National Bankshares, Inc. (NASDAQ Capital Market:
NKSH) today announced its results of operations for the second quarter
and first half of 2015. The Company reported net income of almost
$8.08 million for the six months ended June 30, 2015 compared to
$8.51 million at June 30, 2014. Basic earnings per share were $1.16
at June 30, 2015 compared to $1.23 for the same period in 2014.
For the first half of the year, the return on average assets was
1.41% and the return on average equity was 9.55% compared to 1.54%
and 11.22%, respectively, for the first six months of 2014. At June
30, 2015, the Company had total assets of almost $1.15 billion which
was an increase of 1.75% when compared to $1.13 billion at the end
of June 2014.
Commenting on the Company's financial results, National Bankshares
Chairman, President & CEO James G. Rakes said, "Loan growth
of over $33.54 million, or 5.65%, from June 30, 2014 is a positive
indicator of a stronger demand for credit. We continue to focus
on meeting the financial needs of our customers and our employees
are dedicated to striving to meet those needs."
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 26 offices throughout Southwest Virginia. National Bankshares
Financial Services, Inc. is an investment and insurance subsidiary
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.