National Bankshares, Inc. Announces Third Quarter Earnings
BLACKSBURG, VA, OCTOBER 15, 2004: National Bankshares, Inc. (NASDAQ SmallCap Market: NKSH) today reported net income of nearly $3.22 million, or basic net income per share of $0.91 for the third quarter ended September 30. Year-to-date net income is $9.11 million, an increase of 9.19% over the same period in 2004. Total assets at the end of the third quarter were $782.61 million, up by 11.87% over last September 30. A significant percentage of asset growth is attributable to purchases completed by the Company in the first half of the year.
National Bankshares' Chairman, President & CEO James G. Rakes commented, "Performance is good to this point in the year. Both net interest income and noninterest income totals have improved over 2003, and we continue to focus on controllable expense categories. In these unsettled economic times, we believe that the basics of conveniently delivering a wide range of financial products and services to our customers in a professional and friendly manner should help insure long-term success."
National Bankshares, Inc. is the parent company of The National Bank, with headquarters in Blacksburg, Virginia, and of Bank of Tazewell County of Tazewell, Virginia. The two banks have 25 office locations throughout Southwest, Virginia. The Company also operates a non-bank subsidiary, National Bankshares Financial Services, Inc., which does business as National Bankshares Financial Services and National Bankshares Insurance Services. National Bankshares, Inc. stock trades on the Nasdaq Stock Market with the symbol "NKSH".