National Bankshares, Inc. Posts Record Earnings for 2013
20 Février 2014 - 10:30PM
Marketwired
National Bankshares, Inc. Posts Record Earnings for 2013
BLACKSBURG, VA--(Marketwired - Feb 20, 2014) - National
Bankshares, Inc. (NASDAQ: NKSH) today announced that it had record
net income of $17.79 million for the twelve months ended December
31, 2013, an increase over the nearly $17.75 million earned in
2012. The 2013 return on average assets and return on average
equity were 1.63% and 11.90%, respectively. Basic earnings per
share in 2013 remained consistent with the prior year at $2.56.
National Bankshares, Inc. ended 2013 with total assets of over
$1.11 billion.
Commenting on the Company's financial results, National
Bankshares Chairman, President & CEO James G. Rakes said, "We
are pleased to report another year of strong earnings. In 2013, we
showed an improvement in credit quality as the decrease in net
charge-offs indicates. Growth in quality loans remains the key
initiative in what remains a less than vibrant market area economy,
but we will continue to focus on that growth as well as credit
quality and solid expense management. The Company remains a strong
institution and is well-positioned to grow in 2014 and beyond."
Mr. Rakes continued, "We also were pleased to return profits to
our stockholders in the form of dividends of $1.12 per share in
2013 compared to $1.10 in 2012. This per share dividend payment
amount resulted in a dividend payout ratio of 43.74% in 2013
compared to 43.04% in 2012."
National Bankshares, Inc., headquartered in Blacksburg,
Virginia, is the parent company of National Bank of Blacksburg,
which does business as National Bank, and of National Bankshares
Financial Services, Inc. National Bank is a community bank
operating from 25 offices throughout Southwest
Virginia. National Bankshares Financial Services, Inc. is an
investment and insurance subsidiary in the same trade
area. The Company's stock is traded on the NASDAQ Capital
Market under the symbol "NKSH." Additional information is
available at www.nationalbankshares.com.
Forward-Looking Statements Certain statements in this press
release may be "forward-looking statements." Forward-looking
statements are statements that include projections, predictions,
expectations or beliefs about future events or results that are not
statements of historical fact and that involve significant risks
and uncertainties. Although the Company believes that its
expectations with regard to forward-looking statements are based
upon reasonable assumptions within the bounds of its existing
knowledge of its business and operations, there can be no assurance
that actual Company results will not differ materially from any
future results implied by the forward-looking
statements. Actual results may be materially different from
past or anticipated results because of many factors, some of which
may include changes in economic conditions, the interest rate
environment, legislative and regulatory requirements, new products,
competition, changes in the stock and bond markets and
technology. The Company does not update any forward-looking
statements that it may make.
|
|
National Bankshares, Inc. and Subsidiaries |
|
Consolidated Balance Sheet |
|
(Unaudited) |
|
|
|
($ in thousands, except for share and per share
data) |
|
December 31, 2013 |
|
|
December 31, 2012 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
13,283 |
|
|
$ |
14,783 |
|
Interest-bearing deposits |
|
|
97,376 |
|
|
|
96,597 |
|
Federal funds sold |
|
|
-- |
|
|
|
-- |
|
Securities available for sale, at fair value |
|
|
183,668 |
|
|
|
189,815 |
|
Securities held to maturity |
|
|
163,983 |
|
|
|
160,539 |
|
Restricted stock |
|
|
1,414 |
|
|
|
1,689 |
|
|
|
Total securities |
|
|
349,065 |
|
|
|
352,043 |
|
Mortgage loans held for sale |
|
|
1,276 |
|
|
|
2,796 |
|
Loans: |
|
|
|
|
|
|
|
|
|
Loans, net of unearned income and deferred fees |
|
|
595,690 |
|
|
|
592,162 |
|
|
Less: allowance for loan losses |
|
|
(8,227 |
) |
|
|
(8,349 |
) |
|
|
|
Loans, net |
|
|
587,463 |
|
|
|
583,813 |
|
Premises and equipment, net |
|
|
9,951 |
|
|
|
10,401 |
|
Accrued interest receivable |
|
|
5,949 |
|
|
|
6,247 |
|
Other real estate owned |
|
|
4,712 |
|
|
|
1,435 |
|
Intangible assets and goodwill |
|
|
8,299 |
|
|
|
9,377 |
|
Bank-owned life insurance |
|
|
21,181 |
|
|
|
20,523 |
|
Other assets |
|
|
12,075 |
|
|
|
6,346 |
|
|
|
|
Total
assets |
|
$ |
1,110,630 |
|
|
$ |
1,104,361 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
142,645 |
|
|
$ |
144,252 |
|
Interest-bearing demand deposits |
|
|
501,541 |
|
|
|
455,713 |
|
Savings deposits |
|
|
74,141 |
|
|
|
69,063 |
|
Time deposits |
|
|
241,709 |
|
|
|
277,738 |
|
|
|
|
Total
deposits |
|
|
960,036 |
|
|
|
946,766 |
|
Other borrowed funds |
|
|
-- |
|
|
|
-- |
|
Accrued interest payable |
|
|
92 |
|
|
|
139 |
|
Other liabilities |
|
|
4,610 |
|
|
|
7,347 |
|
|
|
|
Total
liabilities |
|
|
964,738 |
|
|
|
954,252 |
|
|
|
|
|
|
|
|
|
|
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, 6,947,974 shares in 2013 and
2012 |
|
|
8,685 |
|
|
|
8,685 |
|
Retained earnings |
|
|
154,171 |
|
|
|
144,162 |
|
Accumulated other comprehensive loss, net |
|
|
(16,964 |
) |
|
|
(2,738 |
) |
|
|
|
Total
stockholders' equity |
|
|
145,892 |
|
|
|
150,109 |
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
1,110,630 |
|
|
$ |
1,104,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2013 |
|
|
December 31, 2012 |
|
|
December 31, 2013 |
|
|
December 31, 2012 |
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
8,112 |
|
|
$ |
8,800 |
|
|
$ |
32,819 |
|
|
$ |
35,354 |
|
Interest on federal funds |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
Interest on interest-bearing deposits |
|
|
52 |
|
|
|
53 |
|
|
|
213 |
|
|
|
240 |
|
Interest on securities - taxable |
|
|
1,701 |
|
|
|
1,622 |
|
|
|
6,707 |
|
|
|
6,613 |
|
Interest on securities - nontaxable |
|
|
1,540 |
|
|
|
1,662 |
|
|
|
6,388 |
|
|
|
6,463 |
|
|
|
Total
interest income |
|
|
11,405 |
|
|
|
12,137 |
|
|
|
46,127 |
|
|
|
48,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on time deposits of $100 or more |
|
|
171 |
|
|
|
320 |
|
|
|
865 |
|
|
|
1,491 |
|
Interest on other deposits |
|
|
1,169 |
|
|
|
1,496 |
|
|
|
5,090 |
|
|
|
6,396 |
|
Interest on borrowed funds |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
Total
interest expense |
|
|
1,340 |
|
|
|
1,816 |
|
|
|
5,955 |
|
|
|
7,887 |
|
|
|
Net
interest income |
|
|
10,065 |
|
|
|
10,321 |
|
|
|
40,172 |
|
|
|
40,783 |
|
Provision for loan losses |
|
|
202 |
|
|
|
580 |
|
|
|
1,531 |
|
|
|
3,134 |
|
Net income after provision for loan losses |
|
|
9,863 |
|
|
|
9,741 |
|
|
|
38,641 |
|
|
|
37,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
641 |
|
|
|
638 |
|
|
|
2,563 |
|
|
|
2,594 |
|
Other service charges and fees |
|
|
86 |
|
|
|
113 |
|
|
|
225 |
|
|
|
243 |
|
Credit card fees |
|
|
903 |
|
|
|
837 |
|
|
|
3,330 |
|
|
|
3,278 |
|
Trust Income |
|
|
283 |
|
|
|
276 |
|
|
|
1,150 |
|
|
|
1,313 |
|
Bank-owned life insurance |
|
|
193 |
|
|
|
209 |
|
|
|
739 |
|
|
|
814 |
|
Other income |
|
|
269 |
|
|
|
131 |
|
|
|
770 |
|
|
|
472 |
|
Realized securities gains (losses), net |
|
|
(1 |
) |
|
|
12 |
|
|
|
59 |
|
|
|
104 |
|
|
|
Total
noninterest income |
|
|
2,374 |
|
|
|
2,216 |
|
|
|
8,836 |
|
|
|
8,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
3,014 |
|
|
|
2,991 |
|
|
|
11,978 |
|
|
|
12,005 |
|
Occupancy and furniture and fixtures |
|
|
385 |
|
|
|
408 |
|
|
|
1,616 |
|
|
|
1,589 |
|
Data processing and ATM |
|
|
412 |
|
|
|
387 |
|
|
|
1,700 |
|
|
|
1,593 |
|
FDIC assessment |
|
|
147 |
|
|
|
132 |
|
|
|
554 |
|
|
|
475 |
|
Credit card processing |
|
|
692 |
|
|
|
625 |
|
|
|
2,546 |
|
|
|
2,442 |
|
Intangibles and goodwill amortization |
|
|
269 |
|
|
|
271 |
|
|
|
1,078 |
|
|
|
1,083 |
|
Net cost of other real estate owned |
|
|
105 |
|
|
|
(1 |
) |
|
|
296 |
|
|
|
208 |
|
Franchise taxes |
|
|
280 |
|
|
|
255 |
|
|
|
1,083 |
|
|
|
901 |
|
Other operating expenses |
|
|
825 |
|
|
|
818 |
|
|
|
3,519 |
|
|
|
3,179 |
|
|
|
Total
noninterest expense |
|
|
6,129 |
|
|
|
5,886 |
|
|
|
24,370 |
|
|
|
23,475 |
|
Income before income tax expense |
|
|
6,108 |
|
|
|
6,071 |
|
|
|
23,107 |
|
|
|
22,992 |
|
Income tax expense |
|
|
1,486 |
|
|
|
1,386 |
|
|
|
5,317 |
|
|
|
5,245 |
|
|
|
Net
income |
|
$ |
4,622 |
|
|
$ |
4,685 |
|
|
$ |
17,790 |
|
|
$ |
17,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
|
$ |
0.67 |
|
|
$ |
0.67 |
|
|
$ |
2.56 |
|
|
$ |
2.56 |
|
Fully diluted net income per share |
|
$ |
0.66 |
|
|
$ |
0.67 |
|
|
$ |
2.55 |
|
|
$ |
2.55 |
|
Weight average outstanding numbers of common
shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
6,947,974 |
|
|
|
6,947,887 |
|
|
|
6,947,974 |
|
|
|
6,942,411 |
|
|
|
Diluted |
|
|
6,963,381 |
|
|
|
6,964,482 |
|
|
|
6,968,393 |
|
|
|
6,959,867 |
|
Dividends declared per share |
|
$ |
0.58 |
|
|
$ |
0.57 |
|
|
$ |
1.12 |
|
|
$ |
1.10 |
|
Dividends payout ratio |
|
|
-- |
|
|
|
-- |
|
|
|
43.74 |
% |
|
|
43.04 |
% |
Book value per share |
|
$ |
-- |
|
|
$ |
-- |
|
|
$ |
21.00 |
|
|
$ |
21.60 |
|
|
|
|
|
|
|
National Bankshares, Inc. and Subsidiaries |
|
Consolidated Statements of Comprehensive Income |
|
(Unaudited) |
|
|
|
|
|
|
|
|
($
in thousands, expect for share and per share data) |
|
Three Months Ended |
|
|
|
December 31, 2013 |
|
|
December 31, 2012 |
|
Net
income |
|
$ |
4,622 |
|
|
$ |
4,685 |
|
Other
Comprehensive Income, net of tax |
|
|
|
|
|
|
|
|
Unrealized holding losses on available for sale securities net of
deferred taxes of ($1,523) in 2013 and ($141) in 2012 |
|
|
(2,828 |
) |
|
|
(261 |
) |
Reclassification adjustment, net income taxes of $1 in 2013 and $3
in 2012 |
|
|
1 |
|
|
|
6 |
|
Net
pension gain (loss) arising during the period, net of taxes of
$1,022 in 2013 and ($405) in 2012 |
|
|
1,898 |
|
|
|
(752 |
) |
Less:
amortization of prior service cost included in net periodic pension
cost, net of taxes of ($35) in 2013 and ($35) in 2012 |
|
|
(66 |
) |
|
|
(66 |
) |
Other
comprehensive loss, net of tax of ($535) in 2013 and ($578) in
2012 |
|
$ |
(995 |
) |
|
$ |
(1,073 |
) |
Total
Comprehensive Income |
|
$ |
3,627 |
|
|
$ |
3,612 |
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
December 31, 2013 |
|
|
December 31, 2012 |
|
Net
income |
|
$ |
17,790 |
|
|
$ |
17,747 |
|
Other
Comprehensive Income, net of tax |
|
|
|
|
|
|
|
|
Unrealized holding losses on available for sale securities net of
taxes of ($8,628) in 2013 and ($292) in 2012 |
|
|
(16,023 |
) |
|
|
(541 |
) |
Reclassification adjustment for gains included in net income, net
of taxes of ($18) in 2013 and ($31) in 2012 |
|
|
(35 |
) |
|
|
(58 |
) |
Net
pension gain (losses) arising during the period, net of taxes of
$1,022 in 2013 and ($405) in 2012 |
|
|
1,898 |
|
|
|
(752 |
) |
Less:
amortization of prior service cost included in net periodic pension
cost, net of taxes of ($35) in 2013 and ($35) in 2012 |
|
|
(66 |
) |
|
|
(66 |
) |
Other
comprehensive loss, net of tax of ($7,659) in 2013 and ($763) in
2012 |
|
$ |
(14,226 |
) |
|
$ |
(1,417 |
) |
Total
Comprehensive Income |
|
$ |
3,564 |
|
|
$ |
16,330 |
|
|
|
|
|
|
|
Key Ratios and Other Data |
|
(Unaudited) |
|
$ in thousands |
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31 |
|
|
December 31 |
|
|
December 31 |
|
|
December 31 |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks |
|
$ |
12,453 |
|
|
$ |
8,958 |
|
|
$ |
12,022 |
|
|
$ |
11,129 |
|
Interest-bearing deposits |
|
|
80,782 |
|
|
|
89,703 |
|
|
|
80,044 |
|
|
|
94,724 |
|
Securities available for sale |
|
|
189,383 |
|
|
|
191,037 |
|
|
|
197,898 |
|
|
|
188,168 |
|
Securities held to maturity |
|
|
164,512 |
|
|
|
161,344 |
|
|
|
164,888 |
|
|
|
149,566 |
|
Restricted stock |
|
|
1,414 |
|
|
|
1,687 |
|
|
|
1,477 |
|
|
|
1,682 |
|
Mortgage loans held for sale |
|
|
411 |
|
|
|
2,543 |
|
|
|
1,016 |
|
|
|
1,765 |
|
Gross
Loans |
|
|
592,768 |
|
|
|
591,604 |
|
|
|
586,898 |
|
|
|
589,129 |
|
Loans, net |
|
|
583,699 |
|
|
|
582,272 |
|
|
|
577,746 |
|
|
|
579,817 |
|
Intangible assets |
|
|
8,452 |
|
|
|
9,531 |
|
|
|
8,854 |
|
|
|
9,936 |
|
Total
assets |
|
|
1,090,932 |
|
|
|
1,091,032 |
|
|
|
1,090,703 |
|
|
|
1,080,351 |
|
Total
deposits |
|
|
936,048 |
|
|
|
932,678 |
|
|
|
933,482 |
|
|
|
925,986 |
|
Other
borrowings |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
Stockholders' equity |
|
|
146,716 |
|
|
|
151,660 |
|
|
|
149,491 |
|
|
|
147,812 |
|
Interest-earning assets |
|
|
1,046,181 |
|
|
|
1,032,929 |
|
|
|
1,038,727 |
|
|
|
1,019,887 |
|
Interest-bearing liabilities |
|
|
792,328 |
|
|
|
789,684 |
|
|
|
792,037 |
|
|
|
784,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.68 |
% |
|
|
1.71 |
% |
|
|
1.63 |
% |
|
|
1.64 |
% |
Return on average equity |
|
|
12.50 |
% |
|
|
12.29 |
% |
|
|
11.90 |
% |
|
|
12.01 |
% |
Net
interest margin |
|
|
4.18 |
% |
|
|
4.37 |
% |
|
|
4.25 |
% |
|
|
4.38 |
% |
Net
interest income-fully taxable equivalent |
|
$ |
11,035 |
|
|
$ |
11,354 |
|
|
$ |
44,159 |
|
|
$ |
44,712 |
|
Efficiency ratio |
|
|
45.71 |
% |
|
|
43.29 |
% |
|
|
45.99 |
% |
|
|
43.77 |
% |
Average equity to average assets |
|
|
13.45 |
% |
|
|
13.90 |
% |
|
|
13.71 |
% |
|
|
13.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
8,090 |
|
|
$ |
8,254 |
|
|
$ |
8,349 |
|
|
$ |
8,068 |
|
Provision for losses |
|
|
202 |
|
|
|
580 |
|
|
|
1,531 |
|
|
|
3,134 |
|
Charge-offs |
|
|
(140 |
) |
|
|
(509 |
) |
|
|
(1,820 |
) |
|
|
(2,953 |
) |
Recoveries |
|
|
75 |
|
|
|
24 |
|
|
|
167 |
|
|
|
100 |
|
Ending balance |
|
$ |
8,227 |
|
|
$ |
8,349 |
|
|
$ |
8,227 |
|
|
$ |
8,349 |
|
|
|
|
|
|
|
Asset Quality Data |
|
(Unaudited) |
|
|
|
|
|
|
|
|
$
in thousands |
|
|
|
|
|
|
|
|
December 31, 2013 |
|
|
December 31, 2012 |
|
Nonperforming assets |
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
5,732 |
|
|
$ |
10,870 |
|
Nonaccrual restructured loans |
|
|
852 |
|
|
|
2,151 |
|
Total
nonperforming loans |
|
|
6,584 |
|
|
|
13,021 |
|
Other
real estate owned |
|
|
4,712 |
|
|
|
1,435 |
|
Total
nonperforming assets |
|
$ |
11,296 |
|
|
$ |
14,456 |
|
Accruing restructured loans |
|
$ |
6,191 |
|
|
$ |
2,005 |
|
Loans
90 days or more past due |
|
$ |
190 |
|
|
$ |
170 |
|
|
|
|
|
|
|
|
|
|
Asset
quality ratios |
|
|
|
|
|
|
|
|
Nonperforming assets to loans net of unearned income and deferred
fees, plus other real estate owned |
|
|
1.88 |
% |
|
|
2.44 |
% |
Allowance for loans losses to total loans |
|
|
1.38 |
% |
|
|
1.41 |
% |
Allowance for loan losses to nonperforming loans |
|
|
124.95 |
% |
|
|
64.12 |
% |
Loans
past due 90 days or more to loans net of unearned income and
deferred fees |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
|
|
|
|
|
|
|
CONTACTS: JAMES G. RAKES CHAIRMAN, PRESIDENT & CEO (540)
951-6236 Email Contact DAVID K. SKEENS TREASURER & CFO (540)
951-6347 Email Contact
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