Highlands Bankshares, Inc. has announced results of operations for the first quarter of 2024.
Highlands Bankshares, Inc., the parent company of The Grant County Bank and Capon Valley Bank, posted first quarter 2024 earnings of $891,000 or $0.67 per share of common stock outstanding, compared to $782,000 or $0.58 EPS for the same period of 2023.
On April 9, the board of directors declared a quarterly dividend to shareholders of $0.42 per share. The dividend was payable to all shareholders of record as of April 26 and was paid on or about May 3. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.54 percent.
Return on average assets increased in 2024 to 0.64 percent, as compared to 0.61 percent in the same period of 2023. The return on average equity increased to 6.38 percent at March 31, as compared to 5.77 percent at March 31.
Total assets, as of March 31, increased $7,505,000 to $555,668,000 compared to Dec. 31, 2023. Total liabilities increased $7,143,000 as of March 31 to $499,788,000 compared to Dec. 31, 2023, as a result of an increase in deposits.
Shareholders’ equity at March 31 was $55,880,000 or $41.80 per outstanding share, compared to Dec. 31, 2023, of $55,518,000 or $41.53 per outstanding share.
Jack H. Walters, chairman and chief executive officer of the holding company, stated, “Highlands is pleased to report increased earnings for Q1 2024 compared to the year ago period. Earnings were positively impacted by continued growth in our loan portfolio, leading to higher interest income that has helped offset increased interest costs paid on deposits. In addition, we took a write down on an impaired investment in Q1 2023 that negatively impacted earnings during that period. We are thankful for the continued trust of our shareholders and will continue to do our best to serve all of our local communities with the very best banking products and customer service.”
Highlands Bankshares, Inc. is listed on the OTC market under the symbol HBSI (http://www.otcmarkets.com) and is the holding company for The Grant County Bank and Capon Valley Bank. Highland’s subsidiary banks operate 12 banking locations in West Virginia and Virginia and offer credit insurance through its wholly-owned subsidiary, HBI Life Insurance Company.
