BLACKSBURG, VA, October 26, 2017: Today, National Bankshares, Inc. (NASDAQ Capital Market: NKSH) announced net income of $11 million through September 30, 2017 compared to $11.47 million reported for the first nine months of 2016. Basic earnings per share were $1.58 which compares with $1.65 reported at September 30, 2016. The return on average assets for the nine months ended September 30, 2017 was 1.19% compared to 1.28% in 2016. The return on average equity was 8.02% and 8.55% for the same two periods. At September 30, 2017, the Company had total assets of over $1.23 billion.
"National Bankshares continued to perform well in the third quarter of 2017," said President and CEO Brad Denardo. "While net income was off slightly from this time last year, our loan portfolio is steadily increasing in size and in quality, and we're seeing improvement in noninterest income. We also invested in technology upgrades that directly benefit our customers' banking experience. By continuing to focus on superior customer service, prudent lending and efficient operations, we believe Bankshares is well positioned for the future."
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.