-----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, GvCPLTT5YJHHMTMH5glWP77grxMYtAtjQWosML2N5Y9mo8tCAP/XFgkxBqqsNqBD 5/tVNPK0BqM3O64JiiADkg== 0000796534-05-000001.txt : 20050124 0000796534-05-000001.hdr.sgml : 20050124 20050124155751 ACCESSION NUMBER: 0000796534-05-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050124 DATE AS OF CHANGE: 20050124 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: 05544497 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 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: January 24, 2005 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 -------------- Page 1 of 2 Pages ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE On January 24, 2005, National Bankshares, Inc. issued a press release announcing earnings for 2004. A copy of the press release is attached as Exhibit 99.1. Exhibit 99.1 National Bankshares, Inc. Press Release dated January 24, 2005. 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. Date: January 24, 2005 By: /s/JAMES G RAKES ----------------------- ----------------------- James G. Rakes Chairman President and Chief Executive Officer Page 2 of 2 Pages EX-99 2 ex99.txt FOR IMMEDIATE RELEASE CONTACTS: James G. Rakes, Chairman, President & CEO (540) 951-6236 J. Robert Buchanan, Treasurer (276) 979-0341 NATIONAL BANKSHARES, INC. POSTS RECORD EARNINGS FOR 2004 BLACKSBURG, VA, JANUARY 21, 2005: National Bankshares, Inc. (Nasdaq SmallCap Market: NKSH) today announced net income for 2004 of $12.23 million, or basic net income per share of $3.48. This represents an increase 6.89% over the company's 2003 net income of $11.44 million, or $3.26 per share. For the year, National Bankshares showed a return on average assets of 1.62% and a return on average equity of 14.48%. National Bankshares Chairman, President & CEO, James G. Rakes, commented, "Although it is always nice to be able to report another year of record earnings, it is especially gratifying to do this in the same year in which our company completed the acquisition of the loans and deposits of a branch office and the purchase of another bank. Largely because of these transactions, National Bankshares, Inc. ended the year with total assets of $796.15 million, an increase of 12.36% over last year. Net loans increased by 17.63% to $472.20 million from $401.43 million at the end of 2003. Measures of loan quality remain good. We have a firm belief that there is a bright future for community banking, and we are focused on fostering long-term relationships with our customers. With our banks and our financial services subsidiary, we think that we are well-positioned to offer customers a full range of products and services in a convenient and welcoming setting." National Bankshares, Inc. is a financial holding company with two community bank subsidiaries, The National Bank, headquartered in Blacksburg, Virginia, and Bank of Tazewell County, with headquarters in Tazewell, Virginia. The two banks have 25 offices throughout Southwest Virginia. The company also operates a non-bank financial services subsidiary, National Bankshares Financial Services, Inc., which does business in the same market as National Bankshares Investment Services and National Bankshares Insurance Services. National Bankshares, Inc. stock is traded on the Nasdaq Stock Market under the symbol "NKSH". Additional information about the company is available on its web site at www.nationalbankshares.com. (tables follow) National Bankshares, Inc. And Subsidiaries
Three months Three months (000's), except ratios ending ending Year-to-date Year-to-date and percent data December 31, December 31, December 31, December 31, Selected Consolidated Data: 2004 2003 Change 2004 2003 Change - ----------------------------------------------------------------------------------------------------------------------------------- Interest income $10,837 $9,947 8.95% $41,492 $41,081 1.00% - ----------------------------------------------------------------------------------------------------------------------------------- Interest expense 2,963 2,678 10.64% 11,125 12,252 -9.20% - ----------------------------------------------------------------------------------------------------------------------------------- Net interest income 7,874 7,269 8.32% 30,367 28,829 5.33% - ----------------------------------------------------------------------------------------------------------------------------------- Provision for loan losses 304 414 -26.57% 1,189 1,691 -29.69% - ----------------------------------------------------------------------------------------------------------------------------------- Noninterest income 1,857 1,791 3.69% 7,142 6,186 15.45% - ----------------------------------------------------------------------------------------------------------------------------------- Noninterest expense 5,326 4,806 10.82% 20,336 18,646 9.06% - ----------------------------------------------------------------------------------------------------------------------------------- Income taxes -982 (742) 32.35% -3,754 -3,236 16.01% - ----------------------------------------------------------------------------------------------------------------------------------- Net income $3,119 $3,098 0.68% $12,230 $11,442 6.89% - ----------------------------------------------------------------------------------------------------------------------------------- Basic net income per share $0.89 $0.88 $0.01 $3.48 $3.26 $0.22 - ----------------------------------------------------------------------------------------------------------------------------------- Fully diluted net income per share --- --- --- --- --- --- - ----------------------------------------------------------------------------------------------------------------------------------- Dividends per share --- --- --- --- --- --- - ----------------------------------------------------------------------------------------------------------------------------------- Dividend payout ratio --- --- --- --- --- --- - ----------------------------------------------------------------------------------------------------------------------------------- Book value per share --- --- --- $24.75 22.94 $1.81 - ----------------------------------------------------------------------------------------------------------------------------------- Balance sheet at period-end: - ----------------------------------------------------------------------------------------------------------------------------------- Loans, net --- --- --- $472,199 $401,428 17.63% - ----------------------------------------------------------------------------------------------------------------------------------- Total securities --- --- --- 250,708 230,154 8.93% - ----------------------------------------------------------------------------------------------------------------------------------- Total deposits --- --- --- 705,932 625,378 12.88% - ----------------------------------------------------------------------------------------------------------------------------------- Other borrowings --- --- --- 297 135 120.00% - ----------------------------------------------------------------------------------------------------------------------------------- Stockholders' equity --- --- --- 87,088 80,641 7.99% - ----------------------------------------------------------------------------------------------------------------------------------- Total Assets --- --- --- 796,154 708,560 12.36% - ----------------------------------------------------------------------------------------------------------------------------------- Daily averages: - ----------------------------------------------------------------------------------------------------------------------------------- Loans,net 469,159 $405,082 15.82% $438,761 $405,696 8.15% - ----------------------------------------------------------------------------------------------------------------------------------- Total securities 254,778 235,914 8.00% 250,305 229,004 9.30% - ----------------------------------------------------------------------------------------------------------------------------------- Total deposits 698,177 619,365 12.72% 665,627 616,823 7.91% - ----------------------------------------------------------------------------------------------------------------------------------- Other borrowings 712 187 280.75% 531 194 173.71% - ----------------------------------------------------------------------------------------------------------------------------------- Stockholders' equity 87,990 80,052 9.92% 84,479 77,486 9.02% - ----------------------------------------------------------------------------------------------------------------------------------- Interest-earning assets 742,079 669,654 10.82% 711,789 664,543 7.11% - ----------------------------------------------------------------------------------------------------------------------------------- Interest-bearing liabilities 594,542 536,140 10.89% 572,838 537,257 6.62% - ----------------------------------------------------------------------------------------------------------------------------------- Total Assets 789,921 702,183 12.50% 753,730 697,012 8.14% - ----------------------------------------------------------------------------------------------------------------------------------- Financial ratios: Note (1) - ----------------------------------------------------------------------------------------------------------------------------------- Return on average assets 1.57% 1.75% -0.18 1.62% 1.64% -0.02 - ----------------------------------------------------------------------------------------------------------------------------------- Return on average equity 14.10% 15.35% -1.25 14.48% 14.77% -0.29 - ----------------------------------------------------------------------------------------------------------------------------------- Net interest margin 4.62% 4.73% --- 4.70% 4.82% -0.12 - ----------------------------------------------------------------------------------------------------------------------------------- Efficiency ratio --- --- --- 50.21% 49.03% 1.18 - ----------------------------------------------------------------------------------------------------------------------------------- Average equity to average assets 11.14% 11.40% -0.26 11.21% 11.12% 0.09 - ----------------------------------------------------------------------------------------------------------------------------------- Note (1) Ratio change measured in bp Allowance for loan losses: - ----------------------------------------------------------------------------------------------------------------------------------- Beginning balance $5,835 $5,502 6.05% $5,369 $5,092 5.44% - ----------------------------------------------------------------------------------------------------------------------------------- Provision for losses 304 414 -26.57% 1,189 1,691 -29.69% - ----------------------------------------------------------------------------------------------------------------------------------- Charge-offs -459 -601 -23.63% -1,550 -1,660 -6.63% - ----------------------------------------------------------------------------------------------------------------------------------- Recoveries 49 54 -9.26% 223 246 -9.35% - ----------------------------------------------------------------------------------------------------------------------------------- Acquisition of C.N.B. 0 --- 100.00% 498 --- 100.00% - ----------------------------------------------------------------------------------------------------------------------------------- Ending balance $5,729 $5,369 6.71% $5,729 $5,369 6.71% - ----------------------------------------------------------------------------------------------------------------------------------- Nonperforming assets: - ----------------------------------------------------------------------------------------------------------------------------------- Nonaccrual loans --- --- --- $394 $354 11.30% - ----------------------------------------------------------------------------------------------------------------------------------- Restructured loans --- --- --- --- --- --- - ----------------------------------------------------------------------------------------------------------------------------------- Total nonperforming loans --- --- --- 394 354 11.30% - ----------------------------------------------------------------------------------------------------------------------------------- Other real estate owned --- --- --- 895 1,663 -46.18% - ----------------------------------------------------------------------------------------------------------------------------------- Total nonperforming assets --- --- --- $1,289 $2,017 -36.09% - ----------------------------------------------------------------------------------------------------------------------------------- Asset quality ratios: Note (2) - ----------------------------------------------------------------------------------------------------------------------------------- Nonperforming loans to total loans --- --- --- 0.08% 0.09% 0.00 - ----------------------------------------------------------------------------------------------------------------------------------- Allowance for loan losses to total loans --- --- --- 1.20% 1.32% -0.12 - ----------------------------------------------------------------------------------------------------------------------------------- Allowance for loan losses to nonperforming loans --- --- --- 1454.06% 1516.67% -62.61 - ----------------------------------------------------------------------------------------------------------------------------------- Note (2) Ratio change measured in bp
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