Highlands Bankshares, Inc. has announced results of operations for the year end 2022.
Highlands Bankshares, Inc., the parent company of The Grant County Bank and Capon Valley Bank, posted year ended 2022 earnings of $4,427,000 or $3.31 per share of common stock outstanding, compared to $4,935,000 or $3.69 EPS for the same period of 2021.
On Feb. 13, 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 Feb. 27 and was paid on or about March 6. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.19%.
Return on average assets decreased in 2022 to 0.84%, as compared to 0.95% in the same period of 2021. The return on average equity decreased to 8.05% at Dec. 31, 2022, as compared to 8.30% at Dec. 31, 2021.
Total assets, as of Dec. 31, 2022, increased $8,999,000 to $527,422,000 compared to Dec. 31, 2021. Total liabilities increased $13,401,000 as of Dec. 31, 2022, to $472,399,000 compared to Dec. 31, 2021, as a result of deposit growth.
Shareholders’ Equity at Dec. 31, 2022, was $55,023,000 or $41.16 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 announce another year of profitable operations, a continuation of a competitive dividend to our shareholders, and excellent growth in our loan portfolio. We continue to maintain our focus on supporting our communities, being an exemplary employer, and providing fair returns to shareholders.”
Highlands Bankshares, Inc. is listed on the OTC market under the symbol HBSI (http://www.otcmarkets.com). 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.