Highlands Bankshares, Inc. announced unaudited earnings of $4,853,000 for the year ended Dec. 31, 2024. This represents an increase of 36.44 percent from the $3,557,000 earned during 2023. On a per share basis, net income was $3.63 for 2024, compared to earnings of $2.66 per share for the year ended Dec. 31, 2023.
On Feb. 11, the board of directors declared a quarterly dividend of $0.45 per share to be paid on Feb. 28 to all shareholders of record as of Feb. 24. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 5.40 percent.
Jack H. Walters, chairman and chief executive officer of the holding company, stated, “2024 saw improved operating results due to increased net interest margins driven by loan growth and stabilizing deposit costs. Loan growth was good throughout all segments of our business which was accompanied by strong core deposit growth. We banked many new customers in 2024 who see the value in the true community banking model and appreciate the exemplary customer service offered by our local staff who live, work and shop in the same communities we serve.”
Highlands Bankshares, Inc. operates 12 banking locations in West Virginia and Virginia through its two wholly-owned subsidiary banks, The Grant County Bank and Capon Valley Bank, and offers insurance services through its wholly-owned subsidiary HBI Life Insurance Company.