Exhibit 99.1
| | | |
| Company: | | National Bancshares Corporation |
| | | OTC Bulletin Board — NBOH |
| Contact: | | David C. Vernon |
| | | President and CEO |
| Address: | | 112 West Market Street |
| | | Orrville, Ohio 44667 |
| Phone: | | 330-682-1010 |
| Fax: | | 330-684-2154 |
For Immediate Release: July 26, 2007
NEWS RELEASE
National Bancshares Corporation Announces Second Quarter Earnings
Orrville, Ohio — National Bancshares Corporation, the holding company for First National Bank, reported net income of $314,000 for the quarter ended June 30, 2007. The second quarter 2007 earnings compares to $159,000 for the same period in 2006. Earnings per share for the second quarter of 2007 and 2006 were $0.14 and $0.07.
Net interest income for the quarter ended June 30, 2007, was $2,758,000, an increase of 1.4% from $2,721,000 for the same period in 2006. Net interest income was impacted by both an increase in the yields on earning assets and an increase in the cost of funds. Noninterest income for the quarter ended June 30, 2007, increased 12.2% from $378,000 in 2006 to $424,000 in 2007. Noninterest expense for the second quarter of 2007 was $2,821,000, a decrease of 5.2% from $2,976,000 for the same period in 2006. The decrease in noninterest expense was due primarily to a reduction in salaries and employee benefits and marketing expenses.
Total assets increased to $317,563,000 as of June 30, 2007, from $308,358,000 at December 31, 2006. On June 29, 2007, a customer deposited $11.6 million with the Bank and subsequently transferred those funds from the Bank in July. Loans, net of the allowance for loan losses increased to $186,019,000 as of June 30, 2007, compared to $184,481,000 at December 31, 2006.
National Bancshares Corporation’s subsidiary, First National Bank, is headquartered in Orrville, Ohio with thirteen banking offices in Orrville, Massillon, Wooster, Apple Creek, Dalton, Kidron, Lodi, Mt. Eaton, Seville and Smithville.
Forward-Looking Statements — This press release contains forward-looking statements as referenced in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to many risks and uncertainties. Actual results could differ materially from those indicated by the forward-looking statements. These include factors such as changes in the regulatory environment, changes in business conditions and inflation, risks associated with credit quality and other factors discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2006. The Company assumes no obligation to update any forward-looking statement.
