National Bankshares, Inc. Reports
First Quarter Earnings
VA, APRIL 27, 2017: National Bankshares, Inc. (NASDAQ Capital Market:
NKSH) today announced its results of operations for the first quarter
of 2017. The Company reported net income of $3.65 million for the
quarter ended March 31, 2017 compared to $3.78 million at March
31, 2016. Basic earnings per share were $0.52 for the three months
ended March 31, 2017 compared to $0.54 for the same period in 2016.
For the first quarter, the return on average assets was 1.21% and
the return on average equity was 8.20% compared to 1.28% and 8.64%,
respectively, for the first quarter of 2016. At March 31, 2017,
the Company had total assets of $1.24 billion, an increase of 2.60%
when compared to $1.21 billion at the end of the first quarter of
"The first quarter of 2017 saw improvements
in several key areas, despite the low interest rate environment
that continues to pressure earnings," said National Bankshares
Chairman, President & CEO James G. Rakes. "While net income
was down compared to the same period in 2016, we were pleased to
see steady growth in net loans, improved asset quality, and increased
noninterest income. Moving forward in 2017 we remain focused on
providing the highest level of personalized financial service for
our customers while we pursue opportunities to grow the bank and
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 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.