National Bankshares, Inc. Announces Earnings for 2016
23 Février 2017 - 10:30PM
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
SubsidiariesConsolidated 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
SubsidiariesConsolidated 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
SubsidiariesConsolidated 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 |
|
|
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
National Bankshares (NASDAQ:NKSH)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
National Bankshares (NASDAQ:NKSH)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024