National Bankshares, Inc. Announces
Earnings For 2016
BLACKSBURG, VA, FEBRUARY
23, 2017: National Bankshares, Inc. (NASDAQ Capital Market: NKSH)
today announced its results of operations for the three and twelve
months ended December 31, 2016. The Company reported net income
of $14.94 million for the twelve months ended December 31, 2016,
a decrease from the $15.83 million earned in 2015. The 2016 return
on average assets and return on average equity were 1.24% and 8.30%,
respectively. Basic earnings per share in 2016 were $2.15. National
Bankshares, Inc. ended 2016 with total assets of $1.23 billion.
"In 2016 we celebrated National Bank's
125th year as a community bank, and we're extremely thankful to
the customers, shareholders, employees and directors, past and present,
who have helped us reach this milestone," said National Bankshares
Chairman, President and CEO James G. Rakes. "The low interest
rate environment in 2016 continued to reduce margins and earnings.
Despite this challenge, we focused on what we can control. We steadily
grew our loan and deposit base by seeking out quality credits and
providing superior customer service, while investing in the people
and technology that will best position us for future growth."
"We were pleased to share a dividend
of $1.16 per share with our stockholders in 2016, an increase over
the $1.14 per share dividend awarded in 2015," continued Rakes.
"We feel very privileged to be a part of National Bank's 125-year
history, and we are dedicated to serving our customers, communities
and shareholders for many years to come."
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.