BLACKSBURG, VA, JULY 26, 2018: National Bankshares, Inc.
(NASDAQ Capital Market: NKSH
) today announced its results of operations for the second quarter and first half of 2018. The Company reported net income of $7.34 million for the six months ended June 30, 2018 compared to $7.22 million at June 30, 2017. Basic earnings per share were $1.05 at June 30, 2018 compared to $1.04 for the same period in 2017. For the first half of the year, the return on average assets was 1.30% and the return on average equity was 8.81% compared to 1.18% and 7.98%, respectively, for the first six months of 2017. At June 30, 2018, the Company had total assets of close to $1.27 billion which was an increase of .65% when compared to $1.26 billion at the end of June 2017.
As we mentioned in an announcement earlier this year, the Company’s net income was impacted by a write-down of $1.59 million net of tax for an insurance receivable. Without this expense, net income for the six months ended June 30, 2018 would have been $8.93 million, an increase of $1.7 million, or 23.6% over net income for the first half of 2017.
“We are pleased to still report higher core net income and a solid increase in total loans compared to the same period last year,” said National Bankshares President and Chief Executive Officer F. Brad Denardo. “We feel that these latest results reflect the underlying strength of our community banking model. And as always, we would like to thank our customers and our stockholders for their continued support of National Bankshares.”
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 25 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.” Additional information is available at www.nationalbankshares.com
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.