Highlands Bankshares, Inc. has announced results of operations for the year end 2023.
Highlands Bankshares, Inc., the parent company of The Grant County Bank and Capon Valley Bank, posted year ended 2023 earnings of $3,557,000 or $2.26 per share of common stock outstanding, compared to $4,427,000 or $3.31 EPS for the same period of 2022.
On Feb. 13, 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 Feb. 26 and was paid on or about March 1. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.48 percent.
Return on average assets decreased in 2023 to 0.65 percent, as compared to 0.84 percent in the same period of 2022. The return on average equity decreased to 6.41 percent at Dec. 31, 2023, as compared to 8.05 percent at Dec. 31, 2022.
Total assets, as of Dec. 31, 2023, increased $20,741,000 to $548,163,000 compared to Dec. 31, 2022. Total liabilities increased $20,246,000 as of Dec. 31, 2023, to $492,645,000 compared to Dec. 31, 2022, as a result of deposit growth.
Shareholders’ Equity at Dec. 31, 2023, was $55,518,000 or $41.53 per outstanding share, compared to Dec. 31, 2022, of $55,023,000 or $41.16 per outstanding share.
Jack H. Walters, chairman and chief executive officer of the holding company, stated, “While 2023 presented a unique set of challenges due to the rapid rise in interest rates and subsequent increase in interest expense paid on deposits, we are pleased with our performance during the year. Loan growth remained strong across all segments, providing a buffer against the aforementioned interest expense. This loan growth required additional provisions for loan losses during the year and while credit quality remains good, we continue to carefully monitor the performance of our portfolio as well as economic conditions. As in past years, our focus remains on supporting our communities, being an exemplary employer, and providing fair returns to our shareholders.”
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.
