National Bankshares, Inc. Posts
Record Earnings For 2012
BLACKSBURG, VA, FEBRUARY
14, 2013: National Bankshares, Inc. (NASDAQ Capital Market: NKSH)
today announced that it had record net income approaching $17.75
million for the twelve months ended December 31, 2012, an increase
over the nearly $17.64 million earned in 2011. The 2012 return on
average assets and return on average equity was 1.64% and 12.01%,
respectively. Basic earnings per share were $2.56 in 2012 compared
to $2.54 for 2011. National Bankshares, Inc. ended 2012 with total
assets of over $1.10 billion, up by 3.49% over the roughly $1.07
billion in total assets reported at December 31, 2011.
Commenting on the Company's financial results,
National Bankshares Chairman, President & CEO James G. Rakes
said, "We are pleased with our strong operating results for
2012 and, in 2013, we will continue to focus on banking fundamentals
and serving our existing and new customers, as well as our community.
We are mindful of controlling costs, but will move forward with
our efforts to invest in technology and innovations to enhance our
customers' banking experience."
Mr. Rakes continued, "Even with the additional
regulatory burdens and economic challenges in our market area, we
were able to provide our stockholders dividends of $1.10 per share
in 2012 compared to $1.00 in 2011. This per share dividend payment
amount resulted in a dividend payout ratio of 43.04% in 2012 compared
to 39.34% in 2011."
National Bankshares, Inc., headquartered in Blacksburg,
Virginia, is the parent company of 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
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.