0001437749-15-019103.txt : 20151029 0001437749-15-019103.hdr.sgml : 20151029 20151029163037 ACCESSION NUMBER: 0001437749-15-019103 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151029 DATE AS OF CHANGE: 20151029 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: 151184119 BUSINESS ADDRESS: STREET 1: 101 HUBBARD STREET STREET 2: PO BOX 90002 CITY: BLACKSBURG STATE: VA ZIP: 24060 BUSINESS PHONE: 540-951-6300 MAIL ADDRESS: STREET 1: 101 HUBBARD STREET STREET 2: PO BOX 90002 CITY: BLACKSBURG STATE: VA ZIP: 24060 8-K 1 nksh20151028_8k.htm FORM 8-K nksh20151028_8k.htm

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 (Date of earliest event reported) October 29, 2015

 

National Bankshares, Inc.
(Exact name of Registrant as specified in its charter)

 

 

Virginia

0-15204

54-1375874

(State or other jurisdiction of

incorporation or organization)

(Commission File No.)

(I.R.S. Employer Identification

No.)

 

 

101 Hubbard Street

Blacksburg, VA 24060

(Address of principal executive offices)

 

(540) 951-6300

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report) Not applicable

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

 

ITEM 2.02.

RESULTS OF OPERATIONS, FINANCIAL STATEMENTS AND EXHIBITS

 

On October 29, 2015, National Bankshares, Inc. issued a press release announcing and commenting on its financial results for the quarter and nine months ended September 30, 2015.  A copy of the press release is attached as Exhibit 99.1.


 

ITEM 9.01.

FINANCIAL STATEMENTS AND EXHIBITS

 

(d)

Exhibits

 

99.1     National Bankshares, Inc. Press Release, dated October 29, 2015.

 

 

 

 

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: October 29, 2015

 

By:

/s/ JAMES G. RAKES

 

James G. Rakes

Chairman

President and CEO

 

 

Page 2 of 2 Pages

EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1

 

 

 

 

FOR IMMEDIATE RELEASE

 

CONTACTS:   

JAMES G. RAKES, CHAIRMAN, PRESIDENT & CEO

(540) 951-6236   jrakes@nbbank.com

DAVID K. SKEENS, TREASURER & CFO

(540) 951-6347   dskeens@nbbank.com

 

NATIONAL BANKSHARES, INC. REPORTS

INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

 

BLACKSBURG, VA, October 29, 2015:  Today, National Bankshares, Inc. (NASDAQ Capital Market: NKSH) announced net income of approximately $12.28 million through September 30, 2015 compared to $12.78 million reported for the first nine months of 2014. Basic earnings per share were $1.77 which compares with $1.84 reported at September 30, 2014. The return on average assets for the nine months ended September 30, 2015 was 1.43% compared to 1.53% in 2014. The return on average equity was 9.60% and 10.99% for the same two periods. At September 30, 2015, the Company had total assets of over $1.14 billion.

 

National Bankshares’ Chairman, President & CEO James G. Rakes commented, “As our regional economy continues its steady recovery, we are seeing increasing demand for loans in our market area. We continue to emphasize quality over quantity in our lending approach and believe we are building a loan portfolio that will perform well in the future. While our earnings remain strong, we look to the future and continue our investment in our systems, products, processes and people.”

 

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 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.

 

 

 

101 Hubbard Street / Blacksburg, Virginia 24060

P.O. Box 90002 / Blacksburg, Virginia 24062-9002

540 951-6300 / 800 552-4123

www.nationalbankshares.com

 

 
 

 

 

National Bankshares, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

$ in thousands, except for share and per share data

 

September 30, 2015

   

September 30, 2014

   

December 31, 2014

 

Assets

                       

Cash and due from banks

  $ 12,446     $ 12,815     $ 12,894  

Interest-bearing deposits

    90,295       87,621       102,548  

Federal funds sold

    ---       ---       ---  

Securities available for sale, at fair value

    211,232       205,020       222,844  

Securities held to maturity

    154,644       162,457       161,452  

Restricted stock

    1,129       1,089       1,089  

Total securities

    367,005       368,566       385,385  

Mortgage loans held for sale

    1,331       725       291  

Loans:

                       

Loans, net of unearned income and deferred fees

    625,755       595,801       605,466  

Less: allowance for loan losses

    (8,117 )     (8,031 )     (8,263 )

Loans, net

    617,638       587,770       597,203  

Premises and equipment, net

    9,135       9,445       9,131  

Accrued interest receivable

    5,659       5,708       5,748  

Other real estate owned

    4,194       5,145       4,744  

Intangible assets and goodwill

    6,416       7,492       7,223  

Bank-owned life insurance

    22,248       21,643       21,797  

Other assets

    7,758       9,329       7,767  

Total assets

  $ 1,144,125     $ 1,116,259     $ 1,154,731  
                         

Liabilities and Stockholders' Equity

                       

Noninterest-bearing deposits

  $ 163,877     $ 153,118     $ 150,744  

Interest-bearing demand deposits

    514,823       492,005       533,641  

Savings deposits

    86,659       79,870       81,297  

Time deposits

    197,171       223,930       216,746  

Total deposits

    962,530       948,923       982,428  

Other borrowed funds

    ---       ---       ---  

Accrued interest payable

    61       67       68  

Other liabilities

    7,142       4,447       5,932  

Total liabilities

    969,733       953,437       988,428  
                         

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, 6,955,974 shares at September 30, 2015, and 6,950,474 shares at December 31, 2014 and at September 30, 2014, respectively.

    8,695       8,688       8,688  

Retained earnings

    171,996       163,181       163,287  

Accumulated other comprehensive loss, net

    (6,299 )     (9,047 )     (5,672 )

Total stockholders' equity

    174,392       162,822       166,303  

Total liabilities and stockholders' equity

  $ 1,144,125     $ 1,116,259     $ 1,154,731  

 

 
2

 

 

National Bankshares, Inc. and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

2015

   

September 30,

2014

   

September 30,

2015

   

September 30,

2014

 

$ in thousands, except for share and per share data

                               

Interest Income

                               

Interest and fees on loans

  $ 7,676     $ 7,729     $ 22,886     $ 23,406  

Interest on federal funds

    ---       ---       ---       ---  

Interest on interest-bearing deposits

    54       64       173       193  

Interest on securities - taxable

    1,678       1,718       5,124       5,068  

Interest on securities - nontaxable

    1,352       1,436       4,095       4,410  

Total interest income

    10,760       10,947       32,278       33,077  

Interest Expense

                               

Interest on time deposits

    301       361       943       1,133  

Interest on other deposits

    708       786       2,204       2,624  

Interest on borrowed funds

    ---       ---       ---       ---  

Total interest expense

    1,009       1,147       3,147       3,757  

Net interest income

    9,751       9,800       29,131       29,320  

Provision for loan losses

    178       356       734       1,160  

Net income after provision for loan losses

    9,573       9,444       28,397       28,160  

Noninterest Income

                               

Service charges on deposit accounts

    571       634       1,676       1,833  

Other service charges and fees

    45       42       164       145  

Credit card fees

    972       929       2,843       2,687  

Trust Income

    314       296       902       921  

Bank-owned life insurance

    151       153       451       462  

Other income

    234       200       977       783  

Realized securities gains, net

    2       4       5       5  

Total noninterest income

    2,289       2,258       7,018       6,836  

Noninterest Expense

                               

Salaries and employee benefits

    3,149       2,927       9,433       8,890  

Occupancy and furniture and fixtures

    436       403       1,296       1,250  

Data processing and ATM

    384       429       1,230       1,189  

FDIC assessment

    138       147       408       411  

Credit card processing

    701       673       1,986       1,887  

Intangibles and goodwill amortization

    269       269       807       807  

Net cost of other real estate owned

    52       98       569       259  

Franchise taxes

    329       307       959       874  

Other operating expenses

    864       862       2,690       2,747  

Total noninterest expense

    6,322       6,115       19,378       18,314  

Income before income tax expense

    5,540       5,587       16,037       16,682  

Income tax expense

    1,341       1,324       3,762       3,906  

Net income

  $ 4,199     $ 4,263     $ 12,275     $ 12,776  

Basic net income per share

  $ 0.60     $ 0.61     $ 1.77     $ 1.84  

Fully diluted net income per share

  $ 0.60     $ 0.61     $ 1.76     $ 1.84  

Weighted average number of common shares outstanding

                               

Basic

    6,955,126       6,948,681       6,952,716       6,948,212  

Diluted

    6,959,168       6,956,777       6,956,689       6,960,444  

Dividends declared per share

    ---       ---     $ 0.53     $ 0.55  

Dividend payout ratio

    ---       ---       30.03 %     29.91 %

Book value per share

    ---       ---     $ 25.07     $ 23.43  

 

 
3

 

 

National Bankshares, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

 

   

Three Months Ended

 

$ in thousands

 

September 30, 2015

   

September 30, 2014

 

Net income

  $ 4,199     $ 4,263  
                 

Other Comprehensive Income, net of tax

               

Unrealized holding gains on available for sale securities net of tax of $1,396 in 2015 and $919 in 2014

    2,587       1,708  

Reclassification adjustment for gains included in net income, net of tax of ($1) in 2015 and ($1) in 2014

    (1 )     (3 )

Other comprehensive income, net of tax of $1,395 in 2015 and $918 in 2014

  $ 2,586     $ 1,705  

Total Comprehensive Income

  $ 6,785     $ 5,968  

 

 

   

Nine Months Ended

 

$ in thousands

 

September 30, 2015

   

September 30, 2014

 

Net income

  $ 12,275     $ 12,776  
                 

Other Comprehensive Income, net of tax

               

Unrealized holding gains (losses) on available for sale securities net of tax of ($334) in 2015 and $4,264 in 2014

    (624 )     7,920  

Reclassification adjustment for gains included in net income, net of tax of ($2) in 2015 and ($1) in 2014

    (3 )     (3 )

Other comprehensive income (loss), net of tax of ($336) in 2015 and $4,263 in 2014

  $ (627 )   $ 7,917  

Total Comprehensive Income

  $ 11,648     $ 20,693  

 

 
4

 

 

National Bankshares, Inc. and Subsidiaries

Key Ratios and Other Data

(Unaudited)

 

$ in thousands

 

Three Months Ended

   

Nine Months Ended

 
   

September 30,

2015

   

September 30,

2014

   

September 30,

2015

   

September 30,

2014

 
Average Balances                                

Cash and due from banks

  $ 11,612     $ 11,863     $ 11,506     $ 11,811  

Interest-bearing deposits

    84,882       100,349       91,791       101,908  

Securities available for sale

    216,949       202,113       222,823       193,549  

Securities held to maturity

    154,978       162,531       156,678       163,268  

Restricted stock

    1,129       1,089       1,118       1,187  

Mortgage loans held for sale

    986       439       781       359  

Gross Loans

    627,596       593,165       619,204       592,528  

Loans, net

    618,611       584,308       610,135       583,521  

Intangible assets

    6,571       7,646       6,838       7,914  

Total assets

    1,144,723       1,121,501       1,150,026       1,115,643  

Total deposits

    966,199       956,804       972,104       955,058  

Other borrowings

    ---       ---       ---       ---  

Stockholders' equity

    171,698       160,310       170,883       155,447  

Interest-earning assets

    1,089,803       1,068,583       1,093,699       1,066,031  

Interest-bearing liabilities

    805,655       808,075       814,800       810,808  
                                 

Financial ratios

                               

Return on average assets

    1.46 %     1.51 %     1.43 %     1.53 %

Return on average equity

    9.70 %     10.55 %     9.60 %     10.99 %

Net interest margin

    3.89 %     3.98 %     3.90 %     4.03 %

Net interest income-fully taxable equivalent

  $ 10,673     $ 10,719     $ 31,881     $ 32,139  

Efficiency ratio

    48.77 %     47.12 %     49.82 %     46.99 %

Average equity to average assets

    15.00 %     14.29 %     14.86 %     13.93 %
                                 

Allowance for loan losses

                               

Beginning balance

  $ 8,131     $ 7,971     $ 8,263     $ 8,227  

Provision for losses

    178       356       734       1,160  

Charge-offs

    (226 )     (324 )     (1,002 )     (1,568 )

Recoveries

    34       28       122       212  

Ending balance

  $ 8,117     $ 8,031     $ 8,117     $ 8,031  

 

 
5

 

 

National Bankshares, Inc. and Subsidiaries

Asset Quality Data

(Unaudited)

 

$ in thousands

 

September 30, 2015

   

September 30, 2014

 

Nonperforming assets

               

Nonaccrual loans

  $ 3,207     $ 5,366  

Nonaccrual restructured loans

    5,781       2,360  

Total nonperforming loans

    8,988       7,726  

Other real estate owned

    4,194       5,145  

Total nonperforming assets

  $ 13,182     $ 12,871  

Accruing restructured loans

    6,080       5,947  

Loans 90 days or more past due

  $ 47     $ 485  
                 

Asset quality ratios

               

Nonperforming assets to loans net of unearned income and deferred fees, plus other real estate owned

    2.09 %     2.14 %

Allowance for loans losses to total loans

    1.30 %     1.35 %

Allowance for loan losses to nonperforming loans

    90.31 %     103.95 %

Loans past due 90 days or more to loans net of unearned income and deferred fees

    0.01 %     0.08 %

 

 

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