-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VLinigTH26P55q49vRISXrJFUJ0w7TssEy2bnbRlorFY9kDuiWGeAFJtVSBJ6Izv jD1Ti5TpZ/RxNfVdc7JNqA== 0000796534-07-000013.txt : 20070419 0000796534-07-000013.hdr.sgml : 20070419 20070419170203 ACCESSION NUMBER: 0000796534-07-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070419 DATE AS OF CHANGE: 20070419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL BANKSHARES INC CENTRAL INDEX KEY: 0000796534 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 541375874 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15204 FILM NUMBER: 07776615 BUSINESS ADDRESS: STREET 1: PO BOX 90002 CITY: BLACKSBURG STATE: VA ZIP: 24062-9002 BUSINESS PHONE: 5405522011 MAIL ADDRESS: STREET 1: 100 SOUTH MAIN STREET STREET 2: PO BOX 90002 CITY: BLACKSBURG STATE: VA ZIP: 24062-9002 8-K 1 form8k.txt Microsoft Word 11.0.5604;UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------- Date of Report: April 19, 2007 Commission File Number: 0-15204 National Bankshares, Inc. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Virginia 54-1375874 - ------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 101 Hubbard Street Blacksburg, VA 24060 - ---------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code (540) 951-6300 -------------- Page 1 of 2 Pages ITEM 2.02. RESULTS OF OPERATIONS, FINANCIAL STATEMENTS AND EXHIBITS On April 19, 2007, National Bankshares, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2007. A copy of the press release is attached as Exhibit 99.1. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (a) Exhibits 99.1 National Bankshares, Inc. Press Release dated April 19, 2007. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NATIONAL BANKSHARES, INC. Date: April 19, 2007 By: /s/ JAMES G. RAKES -------------------- ----------------------------- James G. Rakes Chairman, President and CEO Page 2 of 2 Pages EX-99 2 press_release.txt FIRST QUARTER PRESS RELEASE FOR IMMEDIATE RELEASE CONTACTS: James G. Rakes, President & CEO (540) 951-6236 J. Robert Buchanan, Treasurer (276) 979-0341 NATIONAL BANKSHARES, INC. ANNOUNCES HIGHER FIRST QUARTER EARNINGS BLACKSBURG, VA, APRIL 19, 2007: National Bankshares, Inc. (NASDAQ Capital Market: NKSH) today announced first quarter net income of nearly $3.12 million, which is 3.76% higher than the $3 million earned in the first quarter of 2006. This translates to basic net income per share of $0.45, as compared with $0.43 for the same period last year. At March 31, National Bankshares, Inc. had total assets of nearly $881.92 million, up by 4% over the total on March 31, 2006. In announcing first quarter earnings, Chairman, President & CEO James G. Rakes said, "It is nice to have a positive start to the year. We have been able to offset pressure on net interest income by keeping controllable costs in check and with a healthy increase in noninterest income. In historical terms and with reference to our peers, the quality of the loan portfolio is sound, and the allowance for loan losses remains at a good level." Mr. Rakes continued, "At National Bankshares, we are committed to community banking. We focus on what we can do best, that is to offer a full range of financial products and services with a personal approach." National Bankshares, Inc. is a financial holding company with headquarters in Blacksburg, Virginia. It is the parent company of National Bank, a community bank that operates from 26 offices throughout Southwest Virginia. The company also has a non-bank subsidiary, National Bankshares Financial Services, Inc., which does business as National Bankshares Investment Services and National Bankshares Insurance Services. National Bankshares, Inc. stock trades on the NASDAQ Stock Market under the symbol "NKSH". Additional information is available on the company's web site at www.nationalbankshares.com. (unaudited tables follow)
National Bankshares, Inc. And Subsidiaries (000's), except ratios and percent data Three months ending March 31, 2007 March 31, 2006 Change Selected Consolidated Data : - ------------------------------------------------------------------------------------------------------------------ Interest income $12,530 $11,583 8.18% Interest expense 5,416 4,238 27.80% Net interest income 7,114 7,345 -3.14% Provision for loan losses -3 17 -117.65% Trust income 373 380 -1.84% Other noninterest income 1,806 1,679 7.56% Salary and benefits 2,841 2,911 -2.40% Occupancy expense 485 533 -9.01% Amortization of intangibles 284 284 0.00% Other noninterest expense 1,647 1,771 -7.00% Income taxes -923 -885 4.29% Net income $3,116 $3,003 3.76% Basic net income per share $0.45 $0.43 $0.02 - ------------------------------------------------------------------------------------------------------------------- Daily averages: - ------------------------------------------------------------------------------------------------------------------- Gross loans $503,040 $491,410 2.37% Loans,net 496,839 485,031 2.43% Total securities 284,789 272,644 4.45% Total deposits 762,817 741,941 2.81% Other borrowings 73 146 -50.00% Stockholders' equity 97,927 93,417 4.83% Cash and due from banks 14,684 17,149 -14.37% Interest-earning assets 807,632 777,400 3.89% Interest-bearing liabilities 659,908 630,151 4.72% Intangible assets 15,860 16,988 -6.64% Total assets 867,945 839,478 3.39% - ------------------------------------------------------------------------------------------------------------------- Financial ratios: Note (1) - ------------------------------------------------------------------------------------------------------------------- Return on average assets 1.46% 1.45% 0.01 Return on average equity 12.90% 13.04% -0.14 Net interest margin 3.96% 4.22% -0.26 Average equity to average assets 11.28% 11.13% 0.15 - ------------------------------------------------------------------------------------------------------------------- Note (1) Ratio change measured in bp Allowance for loan losses: - ------------------------------------------------------------------------------------------------------------------- Beginning balance $5,157 $5,449 -5.36% Provision for losses -3 17 -117.65% Charge-offs -136 -87 56.32% Recoveries 27 39 -30.77% Ending balance $5,045 $5,418 -6.88% - ------------------------------------------------------------------------------------------------------------------- Year to Date March 31, 2007 March 31, 2006 Change Selected Consolidated Data : - ------------------------------------------------------------------------------------------------------------------- Interest income $12,530 $11,583 8.18% Interest expense 5,416 4,238 27.80% Net interest income 7,114 7,345 -3.14% Provision for loan losses -3 17 -117.65% Trust income 373 380 -1.84% Other noninterest income 1,806 1,679 7.56% Salary and benefits 2,841 2,911 -2.40% Occupancy expense 485 533 -9.01% Amortization of intangibles 284 284 0.00% Other noninterest expense 1,647 1,771 -7.00% Income taxes -923 -885 4.29% Net income $3,116 $3,003 3.76% Basic net income per share $0.45 $0.43 $0.02 Fully diluted net income per share $0.45 $0.43 $0.02 Dividends per share 0 0 $0.00 Dividend payout ratio 0.00 0.00 $0.00 Book value per share $14.30 13.44 $0.86 Balance sheet at period-end: - ------------------------------------------------------------------------------------------------------------------- Gross loans $504,278 $490,757 2.76% Loans, net $498,129 $484,391 2.84% Total securities 288,005 275,828 4.41% Cash and due From 13,626 18,270 -25.42% Total deposits 774,264 749,222 3.34% Other borrowings 71 83 -14.46% Stockholders' equity 99,823 94,260 5.90% Intangible assets 15,692 16,829 -6.76% Total assets 881,915 847,956 4.00% - ------------------------------------------------------------------------------------------------------------------- Daily averages: - ------------------------------------------------------------------------------------------------------------------- Gross loans $503,040 $491,410 2.37% Loans,net 496,839 485,031 2.43% Total securities 284,789 272,644 4.45% Total deposits 762,817 741,941 2.81% Other borrowings 73 146 -50.00% Stockholders' equity 97,927 93,417 4.83% Cash and due from 14,684 17,149 -14.37% Interest-earning assets 807,632 777,400 3.89% Interest-bearing liabilities 659,908 630,151 4.72% Intangible assets 15,860 16,988 -6.64% Total assets 867,945 839,478 3.39% - ------------------------------------------------------------------------------------------------------------------- Financial ratios: Note (1) - ------------------------------------------------------------------------------------------------------------------- Return on average assets 1.46% 1.45% 0.01 Return on average equity 12.90% 13.04% -0.14 Net interest margin 3.96% 4.22% -0.26 Efficiency ratio 52.12% 54.17% -2.05 Average equity to average assets 11.28% 11.13% 0.15 - ------------------------------------------------------------------------------------------------------------------- Note (1) Ratio change measured in bp Allowance for loan losses: - ------------------------------------------------------------------------------------------------------------------- Beginning balance $5,157 $5,449 -5.36% Provision for losses -3 17 -117.65% Charge-offs -136 -87 56.32% Recoveries 27 39 -30.77% Ending balance $5,045 $5,418 -6.88% - ------------------------------------------------------------------------------------------------------------------- Nonperforming assets: - ------------------------------------------------------------------------------------------------------------------- Nonaccrual loans 1,132 $92 --- Restructured loans --- --- --- Total nonperforming loans Note (2) 1,132 92 --- Other real estate owned 251 390 -35.64% Total nonperforming assets $1,383 $482 186.93% - ------------------------------------------------------------------------------------------------------------------- Asset quality ratios: Note (3) - ------------------------------------------------------------------------------------------------------------------- Nonperforming loans to total loans 0.225% 0.02% 1084.50% Allowance for loan losses to total loans 1.00% 1.11% -10.72% - ------------------------------------------------------------------------------------------------------------------- Allowance for loan losses to nonperforming loans 445.76% 5889.13% -92.43% - ------------------------------------------------------------------------------------------------------------------- Note (2) Loans 90 days past due or more not included Note (3) Ratio change measured in bp
-----END PRIVACY-ENHANCED MESSAGE-----