National Bankshares, Inc. Reports
Third Quarter Earnings
BLACKSBURG, VA, OCTOBER 18, 2007: National Bankshares, Inc. (NASDAQ Capital Market: NKSH) today reported that it posted third quarter net income of nearly $3.2 million. This translates to basic net income per share of $0.46. Year-to-date net income totaled $9.45 million, slightly higher than the $9.43 million reported at September 30, 2006. National Bankshares, Inc., a financial holding company with headquarters in Blacksburg, Virginia, had net loans of $509.20 million at the end of the third quarter, an increase of 3.42% over net loans in the same period last year. Total assets on September 30 were $861.89 million, up by 2% over 2006.
The Company's Chairman, President & CEO James G. Rakes commented, "I am pleased to report that National Bankshares' continued focus on the basics of community banking has allowed us to maintain a solid level of earnings. It is our lending philosophy that sound credit underwriting benefits both the customer and the bank, so we have never been involved in sub-prime lending. Loan quality remains good. And this quarter's addition to the allowance for loan losses is the first significant contribution in well over a year." Mr. Rakes continued, "As we deal with future challenges, we intend to continue to offer our customers a full range of financial products and services, with the personal attention they deserve."
National Bankshares, Inc. is the parent company of National Bank, a 116 year-old community bank with 26 office locations in Southwest Virginia. The Company also has a non-bank financial services subsidiary in the same market 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".