Market Overview

National Bankshares, Inc. Reports Second Quarter and First Half Earnings


BLACKSBURG, Va., July 27, 2017 (GLOBE NEWSWIRE) -- National Bankshares, Inc. (NASDAQ:NKSH) today announced its results of operations for the second quarter and first half of 2017. The Company reported net income of $7.22 million for the six months ended June 30, 2017 compared to $7.64 million at June 30, 2016. Basic earnings per share were $1.04 at June 30, 2017 compared to $1.10 for the same period in 2016. For the first half of the year, the return on average assets was 1.18% and the return on average equity was 7.98% compared to 1.28% and 8.65%, respectively, for the first six months of 2016. At June 30, 2017, the Company had total assets of close to $1.26 billion which was an increase of 3.73% when compared to $1.21 billion at the end of June 2016.

"I'm pleased to report that the second quarter of 2017 was another solid period for our Company," said National Bankshares Chairman, President & CEO James G. Rakes. "The broader financial environment, governed by low interest rates, continues to pressure our earnings. However, by focusing on things within our control – by making quality loans, providing superior customer service, and investing in bank infrastructure and personnel – we remain a profitable bank holding company that our customers, shareholders and communities can rely on."

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." Additional information is available at

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 Sheets
($ in thousands, except for share and per share data) June 30, 2017 June 30, 2016 December 31, 2016
Cash and due from banks $12,936   $14,320   $13,974  
Interest-bearing deposits   89,096     75,892     80,268  
Federal funds sold   ---     ---     ---  
Securities available for sale, at fair value   308,435     303,242     304,282  
Securities held to maturity   130,712     138,424     134,957  
Restricted stock   1,200     1,170     1,170  
Total securities   440,347     442,836     440,409  
Mortgage loans held for sale   491     663     478  
Loans, net of unearned income and deferred fees   654,734     630,916     647,752  
Less: allowance for loan losses   (8,372)     (8,195)     (8,300)  
Loans, net   646,362     622,721     639,452  
Premises and equipment, net   8,557     8,718     8,853  
Accrued interest receivable   5,139     5,259     5,260  
Other real estate owned   3,008     3,425     3,156  
Intangible assets and goodwill   5,923     6,046     5,966  
Bank-owned life insurance   33,287     22,699     22,998  
Other assets   14,208     11,500     13,128  
Total assets $1,259,354   $1,214,079   $1,233,942  
Liabilities and Stockholders' Equity      
Noninterest-bearing deposits $181,868   $171,350   $171,946  
Interest-bearing demand deposits   618,223     574,507     604,093  
Savings deposits   140,325     136,051     136,789  
Time deposits   121,941     139,830     130,614  
Total deposits   1,062,357     1,021,738     1,043,442  
Other borrowed funds   ---     ---     ---  
Accrued interest payable   43     56     55  
Other liabilities   12,668     12,357     12,182  
Total liabilities   1,075,068
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