, October 18, 2018: Today, National Bankshares, Inc.
(NASDAQ Capital Market: NKSH) announced net income of $11.59 million through September 30, 2018 compared to $11 million reported for the first nine months of 2017. Basic earnings per share were $1.67 which compares with $1.58 reported at September 30, 2017. The return on average assets for the nine months ended September 30, 2018 was 1.28% compared to 1.19% in 2017. The return on average equity was 8.61% and 8.02%, respectively, for the same two periods. At September 30, 2018, the Company had total assets of $1.26 billion.
“Increased net income and solid growth in loans were among the highlights of our third-quarter performance,” said F. Brad Denardo, National Bankshares President and CEO. “These positive results reflect our ongoing effort to improve the fundamentals of our business model. At the same time, we are also investing in the technologies and personnel that will position us for future profitability and growth in an ever-changing financial services marketplace. We remain focused on serving our customers, our shareholders and our communities with the finest in community banking service.”
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 25 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
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.