National Bankshares, Inc. Reports
Second Quarter and First Half Earnings
BLACKSBURG, VA, JULY 28, 2016: National Bankshares,
Inc. (NASDAQ Capital Market: NKSH) today announced its results of
operations for the second quarter and first half of 2016. The Company
reported net income of $7.64 million for the six months ended June
30, 2016 compared to $8.08 million at June 30, 2015. Basic earnings
per share were $1.10 at June 30, 2016 compared to $1.16 for the
same period in 2015. For the first half of the year, the return
on average assets was 1.28% and the return on average equity was
8.65% compared to 1.41% and 9.55%, respectively, for the first six
months of 2015. At June 30, 2016, the Company had total assets of
$1.21 billion which was an increase of 5.40% when compared to $1.15
billion at the end of June 2015.
Commenting on the Companys financial results, National Bankshares
Chairman, President & CEO James G. Rakes said, The low
interest rate environment continues to put pressure on our margins
and impact earnings. Increasing competition for loans, along with
lower yields for certain investment portfolio assets, are also reflected
in the past quarters numbers. As National Bank commemorates
its 125th anniversary, we are focused on positioning ourselves for
future growth by improving our product offerings and exceeding our
customers expectations for personalized service.
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 full service offices and one loan production office throughout
Southwest Virginia. National Bankshares Financial Services, Inc.
is an investment and insurance subsidiary in the same trade area.
The Companys 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.