Virginia
|
0-15204
|
54-1375874
|
(State or other jurisdiction of incorporation or organization)
|
(Commission File No.)
|
(I.R.S. Employer Identification No.)
|
(a)
|
Exhibits
|
By: /s/ JAMES G. RAKES
|
James G. Rakes
Chairman
President and CEO
|
($ in thousands, except for per share data)
|
March 31, 2013
|
March 31, 2012
|
||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
10,674
|
$
|
12,241
|
||||
Interest-bearing deposits
|
107,176
|
101,301
|
||||||
Securities available for sale, at fair value
|
192,954
|
198,346
|
||||||
Securities held to maturity (fair value $174,218 in 2013 and fair value $147,509 in 2012)
|
166,947
|
139,367
|
||||||
Mortgage loans held for sale
|
313
|
1,371
|
||||||
Loans:
|
||||||||
Loans, net of unearned income and deferred fees
|
574,958
|
584,564
|
||||||
Less: allowance for loan losses
|
(8,291
|
)
|
(8,063
|
)
|
||||
Loans, net
|
566,667
|
576,501
|
||||||
Bank premises and equipment, net
|
10,237
|
10,563
|
||||||
Accrued interest receivable
|
5,878
|
6,175
|
||||||
Other real estate owned, net
|
1,094
|
940
|
||||||
Intangible assets
|
9,106
|
10,189
|
||||||
Bank-owned life insurance
|
20,690
|
19,991
|
||||||
Other assets
|
6,767
|
6,857
|
||||||
Total assets
|
$
|
1,098,503
|
$
|
1,083,842
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Noninterest-bearing deposits
|
$
|
144,815
|
$
|
145,070
|
||||
Interest-bearing demand deposits
|
449,992
|
415,352
|
||||||
Savings deposits
|
72,420
|
65,322
|
||||||
Time deposits
|
269,892
|
306,048
|
||||||
Total deposits
|
937,119
|
931,792
|
||||||
Other borrowed funds | --- | --- | ||||||
Accrued interest payable
|
146
|
191
|
||||||
Other liabilities
|
7,878
|
7,067
|
||||||
Total liabilities
|
945,143
|
939,050
|
||||||
Stockholders' Equity
|
||||||||
Preferred stock of no par value. Authorized 5,000,000 shares; 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 6,939,974 shares in 2012
|
8,685
|
8,675
|
||||||
Retained earnings
|
148,378
|
138,374
|
||||||
Accumulated other comprehensive loss, net
|
(3,703
|
)
|
(2,257
|
)
|
||||
Total stockholders' equity
|
153,360
|
144,792
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,098,503
|
$
|
1,083,842
|
March 31, 2013
|
March 31, 2012
|
|||||||
($ in thousands, except for per share data)
|
||||||||
Interest Income
|
||||||||
Interest and fees on loans
|
$
|
8,319
|
$
|
8,878
|
||||
Interest on interest-bearing deposits
|
58
|
71
|
||||||
Interest on securities – taxable
|
1,539
|
1,589
|
||||||
Interest on securities – nontaxable
|
1,648
|
1,576
|
||||||
Total interest income
|
11,564
|
12,114
|
||||||
Interest Expense
|
||||||||
Interest on time deposits of $100,000 or more
|
268
|
425
|
||||||
Interest on other deposits
|
1,411
|
1,692
|
||||||
Interest on other borrowed funds | --- | --- | ||||||
Total interest expense
|
1,679
|
2,117
|
||||||
Net interest income
|
9,885
|
9,997
|
||||||
Provision for loan losses
|
671
|
672
|
||||||
Net interest income after provision for loan losses
|
9,214
|
9,325
|
||||||
Noninterest Income
|
||||||||
Service charges on deposit accounts
|
588
|
631
|
||||||
Other service charges and fees
|
60
|
49
|
||||||
Credit card fees
|
740
|
794
|
||||||
Trust income
|
289
|
326
|
||||||
Bank-owned life insurance
|
188
|
200
|
||||||
Other income
|
150
|
99
|
||||||
Realized securities gains, net
|
95
|
53
|
||||||
Total noninterest income
|
2,110
|
2,152
|
||||||
Noninterest Expense
|
||||||||
Salaries and employee benefits
|
2,940
|
2,956
|
||||||
Occupancy and furniture and fixtures
|
432
|
397
|
||||||
Data processing and ATM
|
393
|
392
|
||||||
FDIC assessment
|
136
|
109
|
||||||
Credit card processing
|
552
|
572
|
||||||
Intangibles and goodwill amortization
|
271
|
271
|
||||||
Net costs of other real estate owned
|
75
|
48
|
||||||
Franchise taxes
|
258
|
162
|
||||||
Other operating expenses
|
889
|
804
|
||||||
Total noninterest expense
|
5,946
|
5,711
|
||||||
Income before income tax expense
|
5,378
|
5,766
|
||||||
Income tax expense
|
1,162
|
1,337
|
||||||
Net income
|
$
|
4,216
|
$
|
4,429
|
||||
Basic net income per share
|
$
|
0.61
|
$
|
0.64
|
Lawrence J. Ball
President
Moog Components Group
John E. Dooley
Chief Executive Officer
Virginia Tech Foundation, Inc.
Charles E. Green, III
Financial Planner
AXA Advisors, LLC
Jack M. Lewis
President
New River Community
College
Mary G. Miller
President
Interactive Design & Development, Inc.
|
William A. Peery
President
Cargo Oil Co., Inc.
James G. Rakes
Chairman, President and CEO, National Bankshares, Inc.; Chairman, President and CEO, National Bank; Chairman, President and CEO, National Bankshares Financial Services, Inc.
Glenn P. Reynolds
President
Reynolds Architects Incorporated
James M. Shuler
Vice Chairman of the Board
Virginia House of
Delegates, Retired
|
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