-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Grw8qc5eXXTLCsA6Nm517/R06ZZJm6U0nbD0q2MJ1UuHvUePeHAsxvXPzVWPDvfo 5GRKLKuNc0mBfAOe0NzjzA== 0000796534-03-000007.txt : 20030711 0000796534-03-000007.hdr.sgml : 20030711 20030711115002 ACCESSION NUMBER: 0000796534-03-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030630 ITEM INFORMATION: Other events FILED AS OF DATE: 20030711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL BANKSHARES INC CENTRAL INDEX KEY: 0000796534 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 541375874 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15204 FILM NUMBER: 03783169 BUSINESS ADDRESS: STREET 1: PO BOX 90002 CITY: BLACKSBURG STATE: VA ZIP: 24062-9002 BUSINESS PHONE: 5405522011 MAIL ADDRESS: STREET 1: 100 SOUTH MAIN STREET STREET 2: PO BOX 90002 CITY: BLACKSBURG STATE: VA ZIP: 24062-9002 8-K 1 form8k.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------- Date of Report: July 11, 2003 Commission File Number: 0-15204 National Bankshares, Inc. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Virginia 54-1375874 - --------------------- ----------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 101 Hubbard Street Blacksburg, VA 24060 ----------------------------- (Address of principal executive offices) Registrant's telephone number, including area code (540) 951-6300 -------------- 1 ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE On July 11, 2003, National Bankshares, Inc. issued a press release announcing the Company's earnings for the second quarter of 2003. A copy of the press release is attached as Exhibit 99.1. Exhibit 99.1 National Bankshares, Inc. press Release dated July 11, 2003. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NATIONAL BANKSHARES, INC. By: /s/ James G. Rakes ------------------------------------ James G. Rakes Chairman President and Chief Executive Officer 2 EX-99 3 ex99-1.txt SECOND QUARTER PRESS RELEASE FOR IMMEDIATE RELEASE CONTACTS: James G. Rakes, Chairman, President & CEO (540) 951-6236 J. Robert Buchanan, Treasurer (276) 979-0341 NATIONAL BANKSHARES, INC. REPORTS RECORD SECOND QUARTER EARNINGS BLACKSBURG, VA, July 11, 2003: National Bankshares, Inc. (Nasdaq SmallCap Market: NKSH) today reported record year-to-date net income of over $5.43 million on June 30, 2003. This total is 16.81% higher than the $4.65 million in net earnings reported at the end of the second quarter in 2002. Total assets at quarter-end were $707.38 million, up by 8.86% over the same period last year. These results translate to a return on average assets of 1.58% and a return on average equity of 14.44%. James G. Rakes, Chairman, President & CEO of National Bankshares said, "Even though interest income totals have been steadily declining with falling interest rates, we have been able to maintain a healthy net interest margin because interest expense has been dropping as well. We believe it is important to share this success with our stockholders. So, on June 2 we paid a semi-annual dividend of $0.54 per share, which is 17.39% higher than the dividend that was paid in June, 2002. We are certainly pleased with results at the mid-point of the year." The Company also reported net loans of over $412.51 million, a slight increase from the $410.25 million at June 30 last year. On June 30, 2003 the ratio of non-performing loans to total loans was a low 0.03 %, and the allowance for loan losses to total loans was at 1.31%. National Bankshares, Inc. is the parent company of two historic community banks that operate 23 branches throughout Southwest Virginia. The National Bank was founded in Blacksburg in 1891, and Bank of Tazewell County has been in Tazewell since 1889. The Company also has a non-bank financial services subsidiary which does business in the same market as National Bankshares Investment Services and National Bankshares Insurance Services. Shares of National Bankshares, Inc. are traded on the Nasdaq Stock Market under the symbol "NKSH". Additional information is available at www.nationalbankshares.com. (unaudited tables follow) 1 National Bankshares, Inc. And Subsidiaries
(000's), except ratios and Three months Three months percent data ending ending Year-to-date Year-to-date June 30, 2003 June 30, 2002 Change June 30, 2003 June 30, 2002 Change Selected Consolidated Data: - ---------------------------------------------------------------------------------------------------------------------- Interest income $10,396 10,645 -2.34% $20,872 $21,239 -1.73% - ---------------------------------------------------------------------------------------------------------------------- Interest expense 3,256 3,960 -17.78% 6,734 8,226 -18.14% - ---------------------------------------------------------------------------------------------------------------------- Net interest income 7,140 6,685 6.81% 14,138 13,013 8.65% - ---------------------------------------------------------------------------------------------------------------------- Provision for loan losses 402 546 -26.37% 842 1,192 -29.36% - ---------------------------------------------------------------------------------------------------------------------- Noninterest income 1,504 1,546 -2.72% 2,873 2,915 -1.44% - ---------------------------------------------------------------------------------------------------------------------- Noninterest expense 4,569 4,348 5.08% 9,136 8,737 4.57% - ---------------------------------------------------------------------------------------------------------------------- Income taxes 872 790 10.38% 1,600 1,348 18.69% - ---------------------------------------------------------------------------------------------------------------------- Net income $2,801 2,547 9.97% $5,433 4,651 16.81% - ---------------------------------------------------------------------------------------------------------------------- Basic net income per share $0.80 0.72 $0.08 $1.55 .13 $0.23 - ---------------------------------------------------------------------------------------------------------------------- Fully diluted net income per share --- --- --- --- --- --- - ---------------------------------------------------------------------------------------------------------------------- Dividends per share --- --- --- --- --- --- - ---------------------------------------------------------------------------------------------------------------------- Dividend payout ratio --- --- --- --- --- --- - ---------------------------------------------------------------------------------------------------------------------- Book value per share --- --- --- $22.34 19.79 $2.55 - ---------------------------------------------------------------------------------------------------------------------- Balance sheet at period-end: - ---------------------------------------------------------------------------------------------------------------------- Loans, net --- --- --- $412,511 410,246 0.55% - ---------------------------------------------------------------------------------------------------------------------- Total securities --- --- --- 230,560 191,014 20.70% - ---------------------------------------------------------------------------------------------------------------------- Total deposits --- --- --- 625,847 578,037 8.27% - ---------------------------------------------------------------------------------------------------------------------- Other borrowings --- --- --- 521 321 62.31% - ---------------------------------------------------------------------------------------------------------------------- Stockholders' equity --- --- --- 78,471 69,478 12.94% - ---------------------------------------------------------------------------------------------------------------------- Total Assets --- --- --- 707,381 649,823 8.86% - ---------------------------------------------------------------------------------------------------------------------- Daily averages: - ---------------------------------------------------------------------------------------------------------------------- Loans,net $407,415 406,119 0.32% $404,174 402,256 0.48% - ---------------------------------------------------------------------------------------------------------------------- Total securities 228,010 186,308 22.38% 225,590 186,913 20.69% - ---------------------------------------------------------------------------------------------------------------------- Total deposits 620,838 575,750 7.83% 615,646 572,071 7.62% - ---------------------------------------------------------------------------------------------------------------------- Other borrowings 167 97 72.16% 203 292 -30.48% - ---------------------------------------------------------------------------------------------------------------------- Stockholders' equity 77,091 68,449 12.63% 75,849 67,651 12.12% - ---------------------------------------------------------------------------------------------------------------------- Interest-earning assets 668,267 612,585 9.09% 655,612 608,218 7.79% - ---------------------------------------------------------------------------------------------------------------------- Interest-bearing liabilities 533,088 500,930 6.42% 538,726 499,505 7.85% - ---------------------------------------------------------------------------------------------------------------------- Total Assets 700,575 646,533 8.36% 694,276 642,400 8.08% - ---------------------------------------------------------------------------------------------------------------------- Financial ratios: Note (1) - ---------------------------------------------------------------------------------------------------------------------- Return on average assets 1.60% 1.58% 0.02 1.58% 1.46% 0.12 - ---------------------------------------------------------------------------------------------------------------------- Return on average equity 14.57% 14.92% -0.35 14.44% 13.86% 0.58 - ---------------------------------------------------------------------------------------------------------------------- Net interest margin --- --- --- 4.81% 4.72% 0.09 - ---------------------------------------------------------------------------------------------------------------------- Efficiency ratio --- --- --- 49.34% 50.97% -1.63 - ---------------------------------------------------------------------------------------------------------------------- Average equity to average assets 11.00% 10.59% 0.42 10.92% 10.53% 0.39 - ---------------------------------------------------------------------------------------------------------------------- Note (1) Ratio change measured in bp Allowance for loan losses: - ---------------------------------------------------------------------------------------------------------------------- Beginning balance $5,390 $4,614 16.82% $5,092 $4,272 19.19% - ---------------------------------------------------------------------------------------------------------------------- Provision for losses 402 546 -26.37% 842 1,192 -29.36% - ---------------------------------------------------------------------------------------------------------------------- Charge-offs -333 -354 -5.93% -602 -698 -13.75% - ---------------------------------------------------------------------------------------------------------------------- Recoveries 34 37 -8.11% 161 77 109.09% - ---------------------------------------------------------------------------------------------------------------------- Ending balance $5,493 $4,843 13.42% $5,493 $4,843 13.42% - ---------------------------------------------------------------------------------------------------------------------- Nonperforming assets: - ---------------------------------------------------------------------------------------------------------------------- Nonaccrual loans --- --- --- $106 $579 -81.69% - ---------------------------------------------------------------------------------------------------------------------- Restructured loans --- --- --- --- --- --- - ---------------------------------------------------------------------------------------------------------------------- Total nonperforming loans --- --- --- 106 579 -81.69% - ---------------------------------------------------------------------------------------------------------------------- Other real estate owned --- --- --- 743 301 146.84% - ---------------------------------------------------------------------------------------------------------------------- Total nonperforming assets --- --- --- $849 $880 -3.52% - ---------------------------------------------------------------------------------------------------------------------- Asset quality ratios: Note (2) - ---------------------------------------------------------------------------------------------------------------------- Nonperforming loans to total loans --- --- --- 0.03% 0.14% -0.11 - ---------------------------------------------------------------------------------------------------------------------- Allowance for loan losses to --- --- --- 1.31% 1.17% 0.14 total loans - ---------------------------------------------------------------------------------------------------------------------- Allowance for loan losses --- --- --- --- --- --- - ---------------------------------------------------------------------------------------------------------------------- to nonperforming loans --- --- --- 5182.08% 836.44% 4345.64 - ---------------------------------------------------------------------------------------------------------------------- Note (2) Ratio change measured in bp
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