BLACKSBURG, VA, APRIL 24, 2014: Today, National Bankshares, Inc. (NASDAQ Capital Market: NKSH) announced results for the first quarter of 2014. Net income was $4.40 million for the quarter ended March 31, 2014 compared to $4.22 million at March 31, 2013. Basic net income per share was $0.63. The return on average assets for the first quarter was 1.61% and the return on average equity was 11.92% compared to 1.56% and 11.26%, respectively, for the first quarter of 2013. At March 31, 2014, the Company had total assets of $1.12 billion, an increase of 2.24% when compared to the end of the first quarter of 2013.
National Bankshares' Chairman, President & CEO James G. Rakes commented, "We are pleased to report our strong first quarter results. While our results reflect some of the headwinds usually faced during the first quarter, our increase in total loans provided a positive beginning to 2014. We are focused on improving the fundamental performance of the National Bank by increasing market share, providing meaningful solutions to our customers and creating value for our shareholders." Mr. Rakes went on to say, "We strongly feel that our commitment to customer service and to the communities in our market area reinforces National Bank as the local choice in banking."
National Bankshares, Inc., headquartered in Blacksburg, Virginia, is the parent company of 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 offices 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.