National Bancshares Corporation Reports Solid Gains in First Quarter

Apr 23, 2001, 01:00 ET from National Bancshares Corporation

    ORRVILLE, Ohio, April 23 /PRNewswire/ -- National Bancshares Corporation
 (NBOH), the holding company of First National Bank of Orrville, Ohio, released
 their financial results for the first quarter of 2001, which have shown
 continued solid gains for the company.
     Income before income taxes increased by over $96 thousand, or 13.4%, over
 the first quarter of the previous year. After federal income taxes, net income
 rose in excess of $54 thousand, or 9.6%, over the same period of the previous
 year. This earnings growth was driven by increases in both net interest income
 and non-interest income. Total assets increased by approximately $6 million,
 or 3.1%, above March 31, 2000. This growth was realized mainly in net loans,
 which increased over $3.5 million, or 3.4%, over the end of the first quarter
 of the previous year. Total deposits increased over $4.6 million during the
 same time period.
     A first quarter cash dividend of 13 cents per share is being paid to
 shareholders of record as of March 30, 2001. This is an 8.3% increase over the
 quarterly cash dividend of the previous year.
     "As the Federal Reserve began lowering interest rates, financial stock
 prices in general began to rebound," stated Charles J. Dolezal, president and
 chairman. "In recent years, the movement of the market value of many community
 bank stocks tended to follow, with a lagged effect, the movement of regional
 bank stocks. As a number of regional bank stocks recently began increasing in
 market value, so, too, did the price of some of the area community bank
 stocks. Ours was no exception, as the market value of our stock increased
 modestly to $16.50 per share on March 30, 2001. We are optimistic that
 financial stocks will continue to be viewed favorably by investors."
     National Bancshares Corporation is a one-bank holding company with assets
 totaling nearly $200 million. First National Bank, its subsidiary, is
 headquartered in Orrville, Ohio, with eleven banking offices located in
 Orrville, Wooster, Dalton, Kidron, Smithville, Mt. Eaton, Lodi, Seville and at
 Midway.
 
     Consolidated Balance Sheets (unaudited)
                                              March 31, 2001     March 31, 2000
     ASSETS:
     Cash and due from banks                    $6,112,213         $7,541,653
     Interest bearing deposits with banks        1,990,315          1,985,942
     Securities held to maturity                16,374,044         50,196,109
     Securities available for sale              49,994,550         19,182,126
     Federal bank stock                            988,800            939,400
     Federal funds sold                         10,355,000          2,665,000
     Total loans (excluding unearned income)   107,580,310        104,076,657
     Less: allowance for loan losses             1,327,632          1,356,045
     Loans, net                                106,252,678        102,720,612
     Accrued interest receivable                 1,583,927          1,757,868
     Premises and equipment                      2,944,854          2,853,417
     Other assets                                2,652,965          3,411,183
     TOTAL                                    $199,249,346       $193,253,310
 
     LIABILITIES:
     Deposits:
             Demand                            $26,712,046        $27,234,153
             Savings and N.O.W.s                69,390,360         73,487,663
             Time                               64,183,009         54,938,233
     Total deposits                            160,285,415        155,660,049
     Securities sold under repurchase
       agreements                                3,762,941          2,301,435
     Federal reserve note account                  189,914            527,265
     Federal Home Loan Bank advances             3,144,000          6,323,516
     Accrued interest payable                      700,451            540,401
     Other liabilities                           1,225,016            903,920
             Total liabilities                 169,307,737        166,256,586
 
     SHAREHOLDERS' EQUITY
         Common Stock, without par value:
           6,000,000 shares authorized and
           2,289,528 shares issued              11,447,640         11,447,640
         Additional paid-in-capital              4,689,800          4,689,800
         Retained earnings                      14,587,470         13,257,540
         Accumulated other comprehensive income    519,139           (961,649)
         Less treasury shares                   (1,302,440)        (1,436,607)
             Total shareholders' equity         29,941,609         26,996,724
     TOTAL                                    $199,249,346       $193,253,310
 
 
     Consolidated Statements of Income (unaudited)
     For Three Months Ended March 31, 2001 and March 31, 2000
 
                                               March 31, 2001  March 31, 2000
     INTEREST AND
     DIVIDEND INCOME:
         Loans, including fees                   $2,386,138      $2,155,890
         Federal funds sold                         161,346          50,122
         Interest and dividends
             on investments:
                 U.S. government obligations        354,202         467,998
                 Obligations of states and
                     political subdivisions         263,725         287,081
                 Other securities                   459,301         394,974
                     Total interest and
                        dividend income           3,624,712       3,356,065
 
     INTEREST EXPENSE:
         Deposits                                 1,335,470       1,094,147
         Short-term borrowings                       42,008          33,695
         Federal Home Loan Bank advances             51,918          89,726
                     Total interest expense       1,429,396       1,217,568
                     Net interest income          2,195,316       2,138,497
     PROVISION FOR LOAN LOSSES                       15,000          37,500
     NET INTEREST INCOME
     AFTER PROVISION
     FOR LOAN LOSSES                              2,180,316       2,100,997
     NONINTEREST INCOME                             250,641         202,926
         NONINTEREST EXPENSE:
         Salaries and employee benefits             863,489         830,804
         Net occupancy expense                      107,700          99,732
         Other expenses                             646,329         656,258
                 Total noninterest expense        1,617,518       1,586,794
     INCOME BEFORE INCOME TAXES                     813,439         717,129
     INCOME TAXES                                   187,260         145,693
     NET INCOME                                    $626,179        $571,436
     NET INCOME PER COMMON SHARE                      $0.28           $0.26
 
 

SOURCE National Bancshares Corporation
    ORRVILLE, Ohio, April 23 /PRNewswire/ -- National Bancshares Corporation
 (NBOH), the holding company of First National Bank of Orrville, Ohio, released
 their financial results for the first quarter of 2001, which have shown
 continued solid gains for the company.
     Income before income taxes increased by over $96 thousand, or 13.4%, over
 the first quarter of the previous year. After federal income taxes, net income
 rose in excess of $54 thousand, or 9.6%, over the same period of the previous
 year. This earnings growth was driven by increases in both net interest income
 and non-interest income. Total assets increased by approximately $6 million,
 or 3.1%, above March 31, 2000. This growth was realized mainly in net loans,
 which increased over $3.5 million, or 3.4%, over the end of the first quarter
 of the previous year. Total deposits increased over $4.6 million during the
 same time period.
     A first quarter cash dividend of 13 cents per share is being paid to
 shareholders of record as of March 30, 2001. This is an 8.3% increase over the
 quarterly cash dividend of the previous year.
     "As the Federal Reserve began lowering interest rates, financial stock
 prices in general began to rebound," stated Charles J. Dolezal, president and
 chairman. "In recent years, the movement of the market value of many community
 bank stocks tended to follow, with a lagged effect, the movement of regional
 bank stocks. As a number of regional bank stocks recently began increasing in
 market value, so, too, did the price of some of the area community bank
 stocks. Ours was no exception, as the market value of our stock increased
 modestly to $16.50 per share on March 30, 2001. We are optimistic that
 financial stocks will continue to be viewed favorably by investors."
     National Bancshares Corporation is a one-bank holding company with assets
 totaling nearly $200 million. First National Bank, its subsidiary, is
 headquartered in Orrville, Ohio, with eleven banking offices located in
 Orrville, Wooster, Dalton, Kidron, Smithville, Mt. Eaton, Lodi, Seville and at
 Midway.
 
     Consolidated Balance Sheets (unaudited)
                                              March 31, 2001     March 31, 2000
     ASSETS:
     Cash and due from banks                    $6,112,213         $7,541,653
     Interest bearing deposits with banks        1,990,315          1,985,942
     Securities held to maturity                16,374,044         50,196,109
     Securities available for sale              49,994,550         19,182,126
     Federal bank stock                            988,800            939,400
     Federal funds sold                         10,355,000          2,665,000
     Total loans (excluding unearned income)   107,580,310        104,076,657
     Less: allowance for loan losses             1,327,632          1,356,045
     Loans, net                                106,252,678        102,720,612
     Accrued interest receivable                 1,583,927          1,757,868
     Premises and equipment                      2,944,854          2,853,417
     Other assets                                2,652,965          3,411,183
     TOTAL                                    $199,249,346       $193,253,310
 
     LIABILITIES:
     Deposits:
             Demand                            $26,712,046        $27,234,153
             Savings and N.O.W.s                69,390,360         73,487,663
             Time                               64,183,009         54,938,233
     Total deposits                            160,285,415        155,660,049
     Securities sold under repurchase
       agreements                                3,762,941          2,301,435
     Federal reserve note account                  189,914            527,265
     Federal Home Loan Bank advances             3,144,000          6,323,516
     Accrued interest payable                      700,451            540,401
     Other liabilities                           1,225,016            903,920
             Total liabilities                 169,307,737        166,256,586
 
     SHAREHOLDERS' EQUITY
         Common Stock, without par value:
           6,000,000 shares authorized and
           2,289,528 shares issued              11,447,640         11,447,640
         Additional paid-in-capital              4,689,800          4,689,800
         Retained earnings                      14,587,470         13,257,540
         Accumulated other comprehensive income    519,139           (961,649)
         Less treasury shares                   (1,302,440)        (1,436,607)
             Total shareholders' equity         29,941,609         26,996,724
     TOTAL                                    $199,249,346       $193,253,310
 
 
     Consolidated Statements of Income (unaudited)
     For Three Months Ended March 31, 2001 and March 31, 2000
 
                                               March 31, 2001  March 31, 2000
     INTEREST AND
     DIVIDEND INCOME:
         Loans, including fees                   $2,386,138      $2,155,890
         Federal funds sold                         161,346          50,122
         Interest and dividends
             on investments:
                 U.S. government obligations        354,202         467,998
                 Obligations of states and
                     political subdivisions         263,725         287,081
                 Other securities                   459,301         394,974
                     Total interest and
                        dividend income           3,624,712       3,356,065
 
     INTEREST EXPENSE:
         Deposits                                 1,335,470       1,094,147
         Short-term borrowings                       42,008          33,695
         Federal Home Loan Bank advances             51,918          89,726
                     Total interest expense       1,429,396       1,217,568
                     Net interest income          2,195,316       2,138,497
     PROVISION FOR LOAN LOSSES                       15,000          37,500
     NET INTEREST INCOME
     AFTER PROVISION
     FOR LOAN LOSSES                              2,180,316       2,100,997
     NONINTEREST INCOME                             250,641         202,926
         NONINTEREST EXPENSE:
         Salaries and employee benefits             863,489         830,804
         Net occupancy expense                      107,700          99,732
         Other expenses                             646,329         656,258
                 Total noninterest expense        1,617,518       1,586,794
     INCOME BEFORE INCOME TAXES                     813,439         717,129
     INCOME TAXES                                   187,260         145,693
     NET INCOME                                    $626,179        $571,436
     NET INCOME PER COMMON SHARE                      $0.28           $0.26
 
 SOURCE  National Bancshares Corporation