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National Bankshares, Inc. Announces Earnings for 2016

BLACKSBURG, Va., Feb. 23, 2017 (GLOBE NEWSWIRE) -- National Bankshares, Inc. (NASDAQ:NKSH) today announced its results of operations for the three and twelve months ended December 31, 2016. The Company reported net income of $14.94 million for the twelve months ended December 31, 2016, a decrease from the $15.83 million earned in 2015. The 2016 return on average assets and return on average equity were 1.24% and 8.30%, respectively. Basic earnings per share in 2016 were $2.15. National Bankshares, Inc. ended 2016 with total assets of $1.23 billion.

“In 2016 we celebrated National Bank’s 125th year as a community bank, and we’re extremely thankful to the customers, shareholders, employees and directors, past and present, who have helped us reach this milestone,” said National Bankshares Chairman, President and CEO James G. Rakes. “The low interest rate environment in 2016 continued to reduce margins and earnings. Despite this challenge, we focused on what we can control. We steadily grew our loan and deposit base by seeking out quality credits and providing superior customer service, while investing in the people and technology that will best position us for future growth.”

“We were pleased to share a dividend of $1.16 per share with our stockholders in 2016, an increase over the $1.14 per share dividend awarded in 2015,” continued Rakes. “We feel very privileged to be a part of National Bank’s 125-year history, and we are dedicated to serving our customers, communities and shareholders for many years to come.”

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.” Additional information is available at www.nationalbankshares.com.

Forward-Looking Statements

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.


National Bankshares, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
 
($ in thousands, except for share and per share data) December 31,
2016
December 31,
2015
Assets    
Cash and due from banks $ 13,974   $ 12,152  
Interest-bearing deposits   80,268     130,811  
Federal funds sold   ---     ---  
Securities available for sale, at fair value   304,282     236,131  
Securities held to maturity   134,957     152,028  
Restricted stock   1,170     1,129  
Total securities   440,409     389,288  
Mortgage loans held for sale   478     634  
Loans:    
Loans, net of unearned income and deferred fees   647,752     619,008  
Less: allowance for loan losses   (8,300 )   (8,297 )
Loans, net   639,452     610,711  
Premises and equipment, net   8,853     9,020  
Accrued interest receivable   5,260     5,769  
Other real estate owned   3,156     4,165  
Intangible assets and goodwill   5,966     6,224  
Bank-owned life insurance   22,998     22,401  
Other assets   13,128     12,344  
Total assets $ 1,233,942   $ 1,203,519  
     
Liabilities and Stockholders' Equity    
Noninterest-bearing deposits $ 171,946   $ 166,453  
Interest-bearing demand deposits   605,226     569,787  
Savings deposits   96,829     90,236  
Time deposits   169,441     192,383  
Total deposits   1,043,442     1,018,859  
Other borrowed funds   ---     ---  
Accrued interest payable   55     56  
Other liabilities   12,182     12,490  
Total liabilities   1,055,679     1,031,405  
     
Stockholders' Equity    
Preferred stock, no par value, 5,000,000 shares authorized; none issued and outstanding   ---     ---  
Common stock of $1.25 par value. Authorized 10,000,000 shares; issued and outstanding, 6,957,974 shares at December 31, 2016 and December 31, 2015   8,698     8,698  
Retained earnings   178,224     171,353  
Accumulated other comprehensive loss, net   (8,659 )   (7,937 )
Total stockholders' equity   178,263     172,114  
Total liabilities and stockholders' equity $ 1,233,942   $ 1,203,519  


National Bankshares, Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
 
  Three Months Ending Twelve Months Ending
($ in thousands, except for share and per share data) December 31,
2016
December 31,
2015
December 31,
2016
December 31,
2015
Interest Income        
Interest and fees on loans $ 7,333 $ 7,560 $ 29,365   $ 30,446  
Interest on federal funds   ---   ---   ---     ---  
Interest on interest-bearing deposits   123   81   532     254  
Interest on securities - taxable   1,285   1,652   5,910     6,776  
Interest on securities - nontaxable   1,256   1,343   5,123     5,438  
Total interest income   9,997   10,636   40,930     42,914  
Interest Expense        
Interest on time deposits   223   290   988     1,233  
Interest on other deposits   793   746   3,178     2,950  
Interest on borrowed funds   ---   ---   ---     ---  
Total interest expense   1,016   1,036   4,166     4,183  
Net interest income   8,981   9,600   36,764     38,731  
Provision for loan losses   502   1,275   1,650     2,009  
Net income after provision for loan losses   8,479   8,325   35,114     36,722  
Noninterest Income        
Service charges on deposit accounts   680   574   2,458     2,250  
Other service charges and fees   47   51   212     215  
Credit card fees   996   1,018   3,798     3,861  
Trust Income   339   327   1,346     1,229  
Bank-owned life insurance   150   152   597     603  
Other income   247   332   1,289     1,295  
Realized securities gain,  net   33   28   232     33  
Total noninterest income   2,492   2,482   9,932     9,486  
Noninterest Expense        
Salaries and employee benefits   3,078   3,089   12,792     12,522  
Occupancy and furniture and fixtures   461   436   1,849     1,743  
Data processing and ATM   556   427   2,186     1,657  
FDIC assessment   55   138   476     546  
Credit card processing   733   706   2,782     2,692  
Intangibles and goodwill amortization   39   192   257     999  
Net cost of other real estate owned   293   53   472     608  
Franchise taxes   322   329   1,296     1,288  
Other operating expenses   1,073   901   4,042     3,580  
Total noninterest expense   6,610   6,271   26,152     25,635  
Income before income tax expense   4,361   4,536   18,894     20,573  
Income tax expense   891   978   3,952     4,740  
Net Income $ 3,470 $ 3,558 $ 14,942   $ 15,833  
Basic net income per share $ 0.50 $ 0.51 $ 2.15   $ 2.28  
Fully diluted net income per share $ 0.50 $ 0.51 $ 2.15   $ 2.28  
Weighted average number of common shares outstanding        
Basic   6,957,974   6,957,213   6,957,974     6,953,849  
Diluted   6,957,974   6,959,049   6,957,974     6,957,094  
Dividends declared per share $ 0.61 $ 0.61 $ 1.16   $ 1.14  
Dividend payout ratio   ---   ---   54.02 %   50.09 %
Book value per share   ---   --- $ 25.62   $ 24.74  


National Bankshares, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
 
  Three Months Ended
($ in thousands) December 31,
2016
 December 31,
2015
Net income $ 3,470   $ 3,558  
Other Comprehensive Income (Loss), net of tax    
Unrealized holding loss on available for sale securities net of tax of ($2,845)in 2016 and ($237) in 2015   (5,285 )   (440 )
Reclassification adjustment for gain included in net income, net of tax of ($12) in 2016 and ($10) in 2015   (21 )   (18 )
Net pension gain (loss) arising during the period, net of tax of $132 in 2016 and ($597) in 2015   271     (1,108 )
Less: amortization of prior service cost included in net periodic pension cost net of tax of ($38) in 2016 and ($38) in 2015   (72 )   (72 )
Other comprehensive loss, net of tax of ($2,763) in 2016  and ($882) in 2015 $ (5,107 ) $ (1,638 )
Total Comprehensive Income (Loss) $ (1,637 ) $ 1,920  

/EIN News/ --

  Twelve Months Ended
($ in thousands) December 31,
2016
 December 31,
2015
Net Income $ 14,942   $ 15,833  
Other Comprehensive Income (Loss), Net of Tax    
Unrealized holding loss on available for sale securities net of tax of ($431) in 2016 and ($571) in 2015   (800 )   (1,064 )
Reclassification adjustment for gain included in net income, net of tax of ($65) in 2016 and ($12) in 2015   (121 )   (21 )
Net pension gain (loss) arising during the period net of tax of $132 in 2016 and ($597) in 2015   271     (1,108 )
Less:  amortization of prior service cost included in net periodic pension  cost net of tax of ($38) in 2016 and ($38) in 2015   (72 )   (72 )
Other comprehensive loss, net of tax of ($402) in 2016 and ($1,218) in 2015 $ (722 ) $ (2,265 )
Total Comprehensive Income $ 14,220   $ 13,568  


Key Ratios and Other Data
(Unaudited)
 
($ in thousands) Three Months Ended Twelve Months Ended
  December 31, December 31, December 31, December 31,
Average Balances   2016     2015     2016     2015  
Cash and due from banks $ 11,825   $ 12,166   $ 11,401   $ 11,672  
Interest-bearing deposits   90,581     111,162     102,819     96,677  
Securities available for sale, at fair value   287,754     223,245     278,731     222,937  
Securities held to maturity   136,372     152,977     141,023     155,747  
Restricted stock   1,170     1,129     1,161     1,121  
Mortgage loans held for sale   645     861     585     802  
Gross Loans   637,821     624,754     622,486     620,594  
Loans, net   628,702     615,801     613,366     611,554  
Intangible assets   5,989     6,319     6,068     6,707  
Total assets   1,215,267     1,172,071     1,206,745     1,155,594  
Total deposits   1,019,896     989,853     1,013,787     976,597  
Other borrowings   ---     ---     ---     ---  
Stockholders' equity   182,598     174,258     180,047     171,732  
Interest-earning assets   1,153,744     1,116,759     1,145,329     1,099,517  
Interest-bearing liabilities   847,362     822,540     843,443     816,768  
         
Financial Ratios        
Return on average assets   1.14 %   1.20 %   1.24 %   1.37 %
Return on average equity   7.56 %   8.10 %   8.30 %   9.22 %
Net interest margin   3.39 %   3.74 %   3.51 %   3.86 %
Net interest income-fully taxable equivalent $ 9,818   $ 10,514   $ 40,201   $ 42,394  
Efficiency  ratio   53.70 %   48.25 %   52.17 %   49.41 %
Average equity to average assets   15.03 %   14.87 %   14.92 %   14.86 %
         
Allowance for Loan Losses        
Beginning balance $ 8,301   $ 8,117   $ 8,297   $ 8,263  
Provision for losses   502     1,275     1,650     2,009  
Charge-offs   (539 )   (1,118 )   (1,806 )    (2,120 )
Recoveries   36     23     159     145  
Ending balance $ 8,300   $ 8,297   $ 8,300   $ 8,297  


Asset Quality Data
(Unaudited)
 
($ in thousands) December 31,
2016
December 31,
2015
Nonperforming Assets    
Nonaccrual loans $ 1,168   $ 2,043  
Nonaccrual restructured loans   4,687     4,639  
Total nonperforming loans   5,855     6,682  
Other real estate owned $ 3,156   $ 4,165  
Total nonperforming assets $ 9,011   $ 10,847  
Accruing restructured loans   3,769     8,814  
Loans 90 days or more past due $ 63   $ 156  
     
Asset Quality Ratios    
Nonperforming assets to loans net of unearned income and deferred fees, plus other real estate owned   1.38 %   1.74 %
Allowance for loans losses to total loans   1.28 %   1.34 %
Allowance for loan losses to nonperforming loans   141.76 %   124.17 %
Loans past due 90 days or more to loans net of unearned income and deferred fees   0.01 %   0.03 %

 

CONTACTS:   
JAMES G. RAKES, CHAIRMAN, PRESIDENT & CEO 
(540) 951-6236   jrakes@nbbank.com 
DAVID K. SKEENS, TREASURER & CFO
(540) 951-6347   dskeens@nbbank.com


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