Highlands Bankshares, Inc. has released results of operations for the year to date.
Highlands Bankshares, Inc., the parent company of The Grant County Bank and Capon Valley Bank, posted year to date earnings of $3,276,000 or $2.45 per share of common stock outstanding, compared to $3,857,000 or $2.88 EPS for the same period of 2021.
On Oct. 11, the board of directors declared a quarterly dividend to shareholders of $0.45 per share. The dividend was payable to all shareholders of record as of Oct. 28 and was paid on or about Nov. 4. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.24%.
Return on average assets decreased in 2022 to 0.85%, as compared to 1.00% in the same period of 2021. The return on average equity decreased to 8.24% at Sept. 30, as compared to 8.82% at Sept. 30, 2021.
Total assets, as of Sept. 30, decreased $2,782,000 to $515,641,000 compared to Dec. 31, 2021. Total liabilities increased $3,613,000 as of Sept. 30 to $462,611,000 compared to Dec. 31, 2021, as a result of deposit growth.
Shareholders’ equity at Sept. 30 was $53,030,000 or $39.67 per outstanding share, compared to Dec. 31, 2021, of $59,425,000 or $44.45 per outstanding share.
Jack H. Walters, chairman and chief executive officer of the holding company, stated, “Highlands is pleased to report continued solid earnings through the third quarter. Year over year comparisons suffer due to the impact of Paycheck Protection Program loans on both the balance sheet and income statement in 2021 as compared to this year. We continued to experience good loan growth in quarter three but have noted demand beginning to slow across most loan segments as the effects of very rapid increases in interest rates have begun to be felt. We continue to be one of the best capitalized banking companies in the state, which provides a measure of safety should economic conditions continue to deteriorate.”
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.