National Bankshares, Inc. And Subsidiaries
(000's), except ratios and percent data
Three months ending March 31, March 31, Change
2007 2006
Selected Consolidated Data :
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Interest income $ 12,530 $ 11,583 8.18%
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Interest expense 5,416 4,238 27.80%
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Net interest income 7,114 7,345 -3.14%
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Provision for loan losses -3 17 -117.65%
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Trust income 373 380 -1.84%
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Other noninterest income 1,806 1,679 7.56%
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Salary and benefits 2,841 2,911 -2.40%
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Occupancy expense 485 533 -9.01%
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Amortization of intangibles 284 284 0.00%
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Other noninterest expense 1,647 1,771 -7.00%
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Income taxes -923 -885 4.29%
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Net income $ 3,116 $ 3,003 3.76%
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Basic net income per share $ 0.45 $ 0.43 $ 0.02
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Daily averages:
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Gross loans $ 503,040 $ 491,410 2.37%
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Loans, net 496,839 485,031 2.43%
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Total securities 284,789 272,644 4.45%
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Total deposits 762,817 741,941 2.81%
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Other borrowings 73 146 -50.00%
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Stockholders' equity 97,927 93,417 4.83%
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Cash and due from 14,684 17,149 -14.37%
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Interest-earning assets 807,632 777,400 3.89%
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Interest-bearing liabilities 659,908 630,151 4.72%
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Intangible assets 15,860 16,988 -6.64%
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Total assets 867,945 839,478 3.39%
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Financial ratios: Note (1)
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Return on average assets 1.46% 1.45% 0.01
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Return on average equity 12.90% 13.04% -0.14
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Net interest margin 3.96% 4.22% -0.26
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Average equity to average assets 11.28% 11.13% 0.15
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Note (1) Ratio change measured in bp
Allowance for loan losses:
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Beginning balance $ 5,157 $ 5,449 -5.36%
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Provision for losses -3 17 -117.65%
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Charge-offs -136 -87 56.32%
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Recoveries 27 39 -30.77%
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Ending balance $ 5,045 $ 5,418 -6.88%
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Year to Date March 31, March 31, Change
2007 2006
Selected Consolidated Data :
--------- --------- ---------
Interest income $ 12,530 $ 11,583 8.18%
--------- --------- ---------
Interest expense 5,416 4,238 27.80%
--------- --------- ---------
Net interest income 7,114 7,345 -3.14%
--------- --------- ---------
Provision for loan losses -3 17 -117.65%
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Trust income 373 380 -1.84%
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Other noninterest income 1,806 1,679 7.56%
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Salary and benefits 2,841 2,911 -2.40%
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Occupancy expense 485 533 -9.01%
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Amortization of intangibles 284 284 0.00%
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Other noninterest expense 1,647 1,771 -7.00%
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Income taxes -923 -885 4.29%
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Net income $ 3,116 $ 3,003 3.76%
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Basic net income per share $ 0.45 $ 0.43 $ 0.02
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Fully diluted net income per share $ 0.45 $ 0.43 $ 0.02
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Dividends per share 0 0 $ 0.00
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Dividend payout ratio 0.00 0.00 $ 0.00
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Book value per share $ 14.30 13.44 $ 0.86
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Balance sheet at period-end:
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Gross loans $ 504,278 $ 490,757 2.76%
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Loans, net $ 498,129 $ 484,391 2.84%
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Total securities 288,005 275,828 4.41%
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Cash and due From 13,626 18,270 -25.42%
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Total deposits 774,264 749,222 3.34%
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Other borrowings 71 83 -14.46%
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Stockholders' equity 99,823 94,260 5.90%
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Intangible assets 15,692 16,829 -6.76%
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Total assets 881,915 847,956 4.00%
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Daily averages:
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Gross loans $ 503,040 $ 491,410 2.37%
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Loans, net 496,839 485,031 2.43%
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Total securities 284,789 272,644 4.45%
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Total deposits 762,817 741,941 2.81%
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Other borrowings 73 146 -50.00%
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Stockholders' equity 97,927 93,417 4.83%
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Cash and due from 14,684 17,149 -14.37%
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Interest-earning assets 807,632 777,400 3.89%
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Interest-bearing liabilities 659,908 630,151 4.72%
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Intangible assets 15,860 16,988 -6.64%
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Total assets 867,945 839,478 3.39%
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Financial ratios: Note (1)
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Return on average assets 1.46% 1.45% 0.01
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Return on average equity 12.90% 13.04% -0.14
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Net interest margin 3.96% 4.22% -0.26
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Efficiency ratio 52.12% 54.17% -2.05
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Average equity to average assets 11.28% 11.13% 0.15
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Note (1) Ratio change measured in bp
Allowance for loan losses:
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Beginning balance $ 5,157 $ 5,449 -5.36%
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Provision for losses -3 17 -117.65%
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Charge-offs -136 -87 56.32%
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Recoveries 27 39 -30.77%
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Ending balance $ 5,045 $ 5,418 -6.88%
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Nonperforming assets:
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Nonaccrual loans 1,132 $ 92 ---
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Restructured loans --- --- ---
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Total nonperforming loans Note (2) 1,132 92 ---
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Other real estate owned 251 390 -35.64%
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Total nonperforming assets $ 1,383 $ 482 186.93%
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Asset quality ratios: Note (3)
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Nonperforming loans to total loans 0.225% 0.02% 1084.50%
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Allowance for loan losses to total loans 1.00% 1.11% -10.72%
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Allowance for loan losses
to nonperforming loans 445.76% 5889.13% -92.43%
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Note (2) Loans 90 days past due or more not included
Note (3) Ratio change measured in bp
Contact Information: CONTACTS: James G. Rakes President & CEO (540) 951-6236 J. Robert Buchanan Treasurer (276) 979-0341