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".