BLACKSBURG, VA, October 27, 2016: Today, National Bankshares, Inc. (NASDAQ Capital Market: NKSH) announced net income of approximately $11.47 million through September 30, 2016 compared to $12.28 million reported for the first nine months of 2015. Basic earnings per share were $1.65 which compares with $1.77 reported at September 30, 2015. The return on average assets for the nine months ended September 30, 2016 was 1.28% compared to 1.43% in 2015. The return on average equity was 8.55% and 9.60% for the same two periods. At September 30, 2016, the Company had total assets of over $1.20 billion.
Commenting on the company's financial results, National Bankshares' Chairman, President & CEO James G. Rakes said, "We continue to grow our asset and deposit base in a steady, consistent manner by making quality loans and providing superior customer service. We've also seen positive results from our efforts to increase noninterest income and improve overall efficiency. While we still face a challenging interest rate environment, we continue to invest in the people, technology and infrastructure that will position National Bankshares for long-term growth and increased profitability."
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 full service offices and one loan production office 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."
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.