National Bankshares, Inc. Reports Second Quarter and First Half Earnings
27 Luglio 2017 - 10:30PM
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
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
Sheets |
(Unaudited) |
|
($ in thousands, except for share and per share
data) |
June 30, 2017 |
June 30, 2016 |
December 31, 2016 |
Assets |
|
|
|
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: |
|
|
|
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 |
|
|
1,034,151 |
|
|
1,055,679 |
|
|
|
|
|
Stockholders'
Equity |
|
|
|
Preferred stock, no par
value, 5,000,000 shares authorized; none issued and
outstanding |
|
--- |
|
|
--- |
|
|
--- |
|
Common stock of $1.25 par value. Authorized 10,000,000 shares;
issued and outstanding, 6,957,974 shares at June 30, 2017, December
31, 2016 and June 30, 2016. |
|
8,698 |
|
|
8,698 |
|
|
8,698 |
|
Retained earnings |
|
181,546 |
|
|
175,169 |
|
|
178,224 |
|
Accumulated other
comprehensive loss, net |
|
(5,958) |
|
|
(3,939) |
|
|
(8,659) |
|
Total stockholders' equity |
|
184,286 |
|
|
179,928 |
|
|
178,263 |
|
Total liabilities and stockholders' equity |
$1,259,354 |
|
$1,214,079 |
|
$1,233,942 |
|
|
|
|
|
|
|
|
|
|
|
National Bankshares, Inc. and
Subsidiaries |
Consolidated Statements of
Income |
(Unaudited) |
|
|
Three Months Ended |
Six Months Ended |
($ in thousands, except for share and per share
data) |
June 30, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 |
Interest
Income |
|
|
|
|
Interest and fees on
loans |
$7,453 |
$7,289 |
$14,906 |
|
$14,623 |
|
Interest on federal
funds |
|
--- |
|
--- |
|
--- |
|
|
--- |
|
Interest on
interest-bearing deposits |
|
231 |
|
150 |
|
379 |
|
|
312 |
|
Interest on securities
- taxable |
|
1,397 |
|
1,567 |
|
2,799 |
|
|
3,244 |
|
Interest on securities
- nontaxable |
|
1,214 |
|
1,286 |
|
2,449 |
|
|
2,597 |
|
Total
interest income |
|
10,295 |
|
10,292 |
|
20,533 |
|
|
20,776 |
|
Interest
Expense |
|
|
|
|
Interest on time
deposits |
|
135 |
|
181 |
|
280 |
|
|
375 |
|
Interest on other
deposits |
|
913 |
|
882 |
|
1,796 |
|
|
1,756 |
|
Interest on borrowed
funds |
|
--- |
|
--- |
|
--- |
|
|
--- |
|
Total
interest expense |
|
1,048 |
|
1,063 |
|
2,076 |
|
|
2,131 |
|
Net
interest income |
|
9,247 |
|
9,229 |
|
18,457 |
|
|
18,645 |
|
Provision for loan
losses |
|
464 |
|
654 |
|
523 |
|
|
857 |
|
Net
income after provision for loan losses |
|
8,783 |
|
8,575 |
|
17,934 |
|
|
17,788 |
|
Noninterest
Income |
|
|
|
|
Service charges on
deposit accounts |
|
692 |
|
569 |
|
1,357 |
|
|
1,129 |
|
Other service charges
and fees |
|
41 |
|
46 |
|
110 |
|
|
118 |
|
Credit card fees |
|
1,019 |
|
969 |
|
1,917 |
|
|
1,839 |
|
Trust Income |
|
361 |
|
354 |
|
762 |
|
|
677 |
|
Bank-owned life
insurance |
|
146 |
|
151 |
|
289 |
|
|
298 |
|
Other income |
|
192 |
|
455 |
|
520 |
|
|
800 |
|
Realized securities
gain, net |
|
4 |
|
74 |
|
4 |
|
|
98 |
|
Total
noninterest income |
|
2,455 |
|
2,618 |
|
4,959 |
|
|
4,959 |
|
Noninterest
Expense |
|
|
|
|
Salaries and employee
benefits |
|
3,438 |
|
2,907 |
|
6,981 |
|
|
6,475 |
|
Occupancy and furniture
and fixtures |
|
469 |
|
448 |
|
907 |
|
|
925 |
|
Data processing and
ATM |
|
541 |
|
595 |
|
1,106 |
|
|
1,006 |
|
FDIC assessment |
|
91 |
|
145 |
|
186 |
|
|
286 |
|
Credit card
processing |
|
725 |
|
712 |
|
1,380 |
|
|
1,334 |
|
Intangibles and
goodwill amortization |
|
12 |
|
68 |
|
43 |
|
|
178 |
|
Net cost of other real
estate owned |
|
55 |
|
39 |
|
84 |
|
|
108 |
|
Franchise taxes |
|
329 |
|
322 |
|
651 |
|
|
653 |
|
Other operating
expenses |
|
1,038 |
|
1,002 |
|
2,297 |
|
|
1,957 |
|
Total
noninterest expense |
|
6,698 |
|
6,238 |
|
13,635 |
|
|
12,922 |
|
Income before income
tax expense |
|
4,540 |
|
4,955 |
|
9,258 |
|
|
9,825 |
|
Income tax expense |
|
970 |
|
1,090 |
|
2,039 |
|
|
2,181 |
|
Net Income |
$3,570 |
$3,865 |
$7,219 |
|
$7,644 |
|
Basic net income per
share |
$0.51 |
$0.56 |
$1.04 |
|
$1.10 |
|
Fully diluted net
income per share |
$0.51 |
$0.56 |
$1.04 |
|
$1.10 |
|
Weighted average number
of common shares outstanding |
|
|
|
|
Basic |
|
6,957,974 |
|
6,957,974 |
|
6,957,974 |
|
|
6,957,974 |
|
Diluted |
|
6,957,974 |
|
6,957,974 |
|
6,957,974 |
|
|
6,957,974 |
|
Dividends declared per
share |
$0.56 |
$0.55 |
$0.56 |
|
$0.55 |
|
Dividend payout
ratio |
|
--- |
|
--- |
|
53.98% |
|
|
50.07% |
|
Book value per
share |
|
|
$26.49 |
|
$25.86 |
|
|
|
|
|
|
|
|
|
|
National Bankshares, Inc. and
Subsidiaries |
|
Consolidated Statements of
Comprehensive Income |
|
(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
($ in thousands) |
|
|
June 30, 2017 |
|
|
|
June 30, 2016 |
|
Net income |
|
|
$3,570 |
|
|
$3,865 |
|
|
|
|
|
|
|
|
|
|
|
Other
Comprehensive Income, net of tax |
|
|
|
|
|
|
|
|
|
Unrealized holding gain
on available for sale securities net of tax of $874 in 2017 and
$368 in 2016 |
|
|
|
1,626 |
|
|
|
684 |
|
Reclassification
adjustment for gain included in net income, net of tax of ($16) in
2016 |
|
|
|
--- |
|
|
|
(30) |
|
Other comprehensive
income, net of tax of $874 in 2017 and $352 in 2016 |
|
|
$1,626 |
|
|
$654 |
|
Total
Comprehensive Income |
|
|
$5,196 |
|
|
$4,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
($ in
thousands) |
|
|
June 30, 2017 |
|
|
|
June 30, 2016 |
|
Net Income |
|
|
$7,219 |
|
|
|
$7,644 |
|
|
|
|
|
|
|
|
|
|
|
Other
Comprehensive Income, Net of Tax |
|
|
|
|
|
|
|
|
|
Unrealized holding gain
on available for sale securities net of tax of $1,454 in 2017 and
$2,170 in 2016 |
|
|
|
2,701 |
|
|
|
4,032 |
|
Reclassification
adjustment for gain included in net income, net of tax of ($18) in
2016 |
|
|
|
--- |
|
|
|
(34) |
|
Other comprehensive
income, net of tax of $1,454 in 2017 and $2,152 in 2016 |
|
|
$2,701 |
|
|
$3,998 |
|
Total
Comprehensive Income |
|
|
$9,920 |
|
|
$11,642 |
|
|
|
|
|
|
|
|
|
Key Ratios and Other Data |
(Unaudited) |
|
|
Three Months Ended |
Six Months Ended |
($ in thousands) |
June 30, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 |
Average
Balances |
|
|
|
|
Cash and due from
banks |
$11,579 |
|
$11,217 |
|
$11,346 |
|
$11,263 |
|
Interest-bearing
deposits |
|
87,694 |
|
|
118,395 |
|
|
80,050 |
|
|
122,122 |
|
Securities available
for sale |
|
305,058 |
|
|
283,280 |
|
|
304,833 |
|
|
264,217 |
|
Securities held to
maturity |
|
132,477 |
|
|
140,415 |
|
|
133,472 |
|
|
144,809 |
|
Restricted stock |
|
1,200 |
|
|
1,170 |
|
|
1,186 |
|
|
1,151 |
|
Mortgage loans held for
sale |
|
262 |
|
|
601 |
|
|
238 |
|
|
514 |
|
Gross Loans |
|
652,644 |
|
|
610,657 |
|
|
651,560 |
|
|
610,818 |
|
Loans, net |
|
643,702 |
|
|
601,700 |
|
|
642,561 |
|
|
601,628 |
|
Intangible assets |
|
5,931 |
|
|
6,085 |
|
|
5,940 |
|
|
6,128 |
|
Total assets |
|
1,242,223 |
|
|
1,211,217 |
|
|
1,233,594 |
|
|
1,199,839 |
|
Total deposits |
|
1,045,464 |
|
|
1,022,306 |
|
|
1,038,775 |
|
|
1,012,721 |
|
Other borrowings |
|
--- |
|
|
--- |
|
|
--- |
|
|
--- |
|
Stockholders'
equity |
|
184,108 |
|
|
179,452 |
|
|
182,319 |
|
|
177,722 |
|
Interest-earning
assets |
|
1,181,413 |
|
|
1,152,614 |
|
|
1,174,273 |
|
|
1,142,769 |
|
Interest-bearing
liabilities |
|
867,065 |
|
|
851,522 |
|
|
864,013 |
|
|
845,232 |
|
|
|
|
|
|
Financial
Ratios |
|
|
|
|
Return on average
assets |
|
1.15% |
|
|
1.28% |
|
|
1.18% |
|
|
1.28% |
|
Return on average
equity |
|
7.78% |
|
|
8.66% |
|
|
7.98% |
|
|
8.65% |
|
Net interest
margin |
|
3.42% |
|
|
3.52% |
|
|
3.46% |
|
|
3.59% |
|
Net interest
income-fully taxable equivalent |
$10,074 |
|
$10,089 |
|
$20,122 |
|
$20,397 |
|
Efficiency
ratio |
|
53.46% |
|
|
49.09% |
|
|
54.36% |
|
|
50.96% |
|
Average equity to
average assets |
|
14.82% |
|
|
14.82% |
|
|
14.78% |
|
|
14.81% |
|
|
|
|
|
|
Allowance for
Loan Losses |
|
|
|
|
Beginning balance |
$8,261 |
|
$8,107 |
|
$8,300 |
|
$8,297 |
|
Provision for
losses |
|
464 |
|
|
654 |
|
|
523 |
|
|
857 |
|
Charge-offs |
|
(409) |
|
|
(598) |
|
|
(552) |
|
|
(1,051) |
|
Recoveries |
|
56 |
|
|
32 |
|
|
101 |
|
|
92 |
|
Ending balance |
$8,372 |
|
$8,195 |
|
$8,372 |
|
$8,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data |
(Unaudited) |
|
($ in thousands) |
June 30, 2017 |
June 30, 2016 |
Nonperforming
Assets |
|
|
Nonaccrual loans |
$9 |
|
$1,751 |
|
Nonaccrual restructured
loans |
|
3,188 |
|
|
4,454 |
|
Total nonperforming
loans |
|
3,197 |
|
|
6,205 |
|
Other real estate
owned |
$3,008 |
|
$3,425 |
|
Total nonperforming
assets |
$6,205 |
|
$9,630 |
|
Accruing restructured
loans |
|
3,711 |
|
|
4,729 |
|
Loans 90 days or more
past due |
$259 |
|
$316 |
|
|
|
|
Asset Quality
Ratios |
|
|
Nonperforming assets to
loans net of unearned income and deferred fees, plus other real
estate owned |
|
0.94% |
|
|
1.52% |
|
Allowance for loans
losses to total loans |
|
1.28% |
|
|
1.30% |
|
Allowance for loan
losses to nonperforming loans |
|
261.87% |
|
|
132.07% |
|
Loans past due 90 days
or more to loans net of unearned income and deferred fees |
|
0.04% |
|
|
0.05% |
|
CONTACTS:
JAMES G. RAKES, CHAIRMAN, PRESIDENT & CEO
(540) 951-6236 jrakes@nbbank.com
DAVID K. SKEENS, TREASURER & CFO
(540) 951-6347 dskeens@nbbank.com
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