BLACKSBURG, VA--(Marketwired - Apr 18, 2013) - Today, National Bankshares, Inc. (
National Bankshares' Chairman, President & CEO James G. Rakes commented, "During the first quarter of 2013, we were faced with the continued compression of the net interest margin and soft loan demand, but we still are delivering a strong financial performance for our stockholders. Although total loans at quarter-end, almost $574.96 million, were down slightly from the total of $584.56 million at the end of March last year, our returns on assets and equity compare favorably among peer financial institutions. We are striving to provide services and loan products to our customers and market area by adding quality loans to our portfolio. It is important to us as community bankers to put deposit dollars from our local markets to work in those same markets by making good loans." Mr. Rakes went on to say, "Our investment in the Company's technology infrastructure continued into the first quarter with the roll-out of our mobile banking product. As community bankers, we believe that it is important to have a solid platform from which to offer customers a full range of products and services. But we think it is even more important for our customers to have a trusted person to help them with their financial transactions. It is this relationship-based business philosophy that has guided us since the founding of National Bank in 1891 and will continue to guide us in the future."
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." Additional information is available at www.nationalbankshares.com .
Forward-Looking Statements
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.
| National Bankshares, Inc. and Subsidiaries | |||||||||||||||
| Consolidated Balance Sheet | |||||||||||||||
| (Unaudited) | |||||||||||||||
| ($ in thousands, except for per share data) | March 31, 2013 | March 31, 2012 | December 31, 2012 | ||||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 10,674 | $ | 12,241 | $ | 14,783 | |||||||||
| Interest-bearing deposits | 107,176 | 101,301 | 96,597 | ||||||||||||
| Securities available for sale | 192,954 | 198,346 | 191,504 | ||||||||||||
| Securities held to maturity | 166,947 | 139,367 | 160,539 | ||||||||||||
| Total securities | 359,901 | 337,713 | 352,043 | ||||||||||||
| Mortgage loans held for sale | 313 | 1,371 | 2,796 | ||||||||||||
| Loans: | |||||||||||||||
| Loans, net of unearned income and deferred fees | 574,958 | 584,564 | 592,162 | ||||||||||||
| Less: allowance for loan losses | (8,291 | ) | (8,063 | ) | (8,349 | ) | |||||||||
| Loans, net | 566,667 | 576,501 | 583,813 | ||||||||||||
| Bank premises and equipment, net | 10,237 | 10,563 | 10,401 | ||||||||||||
| Accrued interest receivable | 5,878 | 6,175 | 6,247 | ||||||||||||
| Other real estate owned | 1,094 | 940 | 1,435 | ||||||||||||
| Intangible assets | 9,106 | 10,189 | 9,377 | ||||||||||||
| Bank-owned life insurance | 20,690 | 19,991 | 20,523 | ||||||||||||
| Other assets | 6,767 | 6,857 | 6,346 | ||||||||||||
| Total assets | $ | 1,098,503 | $ | 1,083,842 | $ | 1,104,361 | |||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||
| Noninterest-bearing deposits | $ | 144,815 | $ | 145,070 | $ | 144,252 | |||||||||
| Interest-bearing demand deposits | 449,992 | 415,352 | 455,713 | ||||||||||||
| Savings deposits | 72,420 | 65,322 | 69,063 | ||||||||||||
| Time deposits | 269,892 | 306,048 | 277,738 | ||||||||||||
| Total deposits | 937,119 | 931,792 | 946,766 | ||||||||||||
| Accrued interest payable | 146 | 191 | 139 | ||||||||||||
| Other liabilities | 7,878 | 7,067 | 7,347 | ||||||||||||
| Total liabilities | 945,143 | 939,050 | 954,252 | ||||||||||||
| Stockholders' Equity | |||||||||||||||
| Preferred stock of no par value. Authorized 5,000,000 shares; none issued and outstanding | --- | --- | --- | ||||||||||||
| Common stock of $1.25 par value. Authorized 10,000,000 shares; issued and outstanding 6,947,974 shares at March 31, 2013, 6,939,974 at March 31, 2012 and 6,947,974 at December 31, 2012 | 8,685 | 8,675 | 8,685 | ||||||||||||
| Retained earnings | 148,378 | 138,374 | 144,162 | ||||||||||||
| Accumulated other comprehensive loss, net | (3,703 | ) | (2,257 | ) | (2,738 | ) | |||||||||
| Total stockholders' equity | 153,360 | 144,792 | 150,109 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 1,098,503 | $ | 1,083,842 | $ | 1,104,361 | |||||||||
| National Bankshares, Inc. and Subsidiaries | |||||||
| Consolidated Statements of Income | |||||||
| (Unaudited) | |||||||
| Three Months Ended | |||||||
| March 31, 2013 | March 31, 2012 | ||||||
| ($ in thousands, except for per share data) | |||||||
| Interest Income | |||||||
| Interest and fees on loans | $ | 8,319 | $ | 8,878 | |||
| Interest on interest-bearing deposits | 58 | 71 | |||||
| Interest on securities - taxable | 1,539 | 1,589 | |||||
|
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