National Bankshares, Inc. Posts
Record Earnings For 2013
BLACKSBURG, VA, FEBRUARY
20, 2014: National Bankshares, Inc. (NASDAQ Capital Market: NKSH)
today announced that it had record net income of $17.79 million
for the twelve months ended December 31, 2013, an increase over
the nearly $17.75 million earned in 2012. The 2013 return on average
assets and return on average equity were 1.63% and 11.90%, respectively.
Basic earnings per share in 2013 remained consistent with the prior
year at $2.56. National Bankshares, Inc. ended 2013 with total assets
of over $1.11 billion.
Commenting on the Company's financial results,
National Bankshares Chairman, President & CEO James G. Rakes
said, "We are pleased to report another year of strong earnings.
In 2013, we showed an improvement in credit quality as the decrease
in net charge-offs indicates. Growth in quality loans remains the
key initiative in what remains a less than vibrant market area economy,
but we will continue to focus on that growth as well as credit quality
and solid expense management. The Company remains a strong institution
and is well-positioned to grow in 2014 and beyond."
Mr. Rakes continued, "We also were pleased
to return profits to our stockholders in the form of dividends of
$1.12 per share in 2013 compared to $1.10 in 2012. This per share
dividend payment amount resulted in a dividend payout ratio of 43.74%
in 2013 compared to 43.04% in 2012."
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.