Highlands Bankshares : Reports 2023 First Quarter Earnings and Declares Quarterly Dividend
April 12, 2023 at 09:22 pm
Share
FOR IMMEDIATE RELEASE
April 11, 2023
Highlands Bankshares, Inc.
Reports 2023 First Quarter Earnings
And Declares Quarterly Dividend
Petersburg, WV - Highlands Bankshares, Inc. (OTC: HBSI) announced unaudited earnings of $782,000 for the first three-month period ended March 31, 2023. This represents a decrease of 15% from the $917,000 earned during the same period in 2022. On a per share basis, net income was $0.58 for the first three months of 2023, compared to earnings of $0.68 per share for the three months ended March 31, 2022.
On April 11, 2023, the Board of Directors declared a quarterly dividend of $0.45 per share to be paid on May 4, 2023 to all shareholders of record as of April 27, 2023. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands' current dividend yield is 4.53%.
Jack H. Walters, Chairman and Chief Executive Officer of the holding company, stated "The banking industry has been much in the news of late with the highly publicized failures of a couple of large regional banks. We are pleased that we, along with most other community banks, have a much different business model. The vast majority of our depositors are fully covered by FDIC insurance and our customer base is well diversified. We are proud of being one of the best capitalized bank holding companies in West Virginia, and believe that it provides our shareholders and customers peace of mind during turbulent times. Turning to earnings for the current quarter, Q1 earnings benefited from an improving net interest margin as well as excellent loan growth compared to the year ago period, however this was offset by the write down during the quarter of a corporate bond in our investment portfolio that we determined would ultimately not be collected."
Highlands Bankshares, Inc. operates twelve 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.
Attachments
Original Link
Original Document
Permalink
Disclaimer
Highlands Bankshares Inc. published this content on 11 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2023 20:21:37 UTC.
Highlands Bankshares, Inc. is a bank holding company, which operates through its two wholly owned subsidiary banks, The Grant County Bank and Capon Valley Bank. The Company also offers insurance services through its wholly owned subsidiary, HBI Life Insurance Company. The Grant County Bank operates six branch offices located in the towns of Moorefield, Keyser, Riverton, Harman, Davis and Canaan Valley, West Virginia. Capon Valley Bank operates four offices in Baker and Moorefield, West Virginia, and in Gore and Stephens City, Virginia. The Company owns and operates a total of 12 banking locations throughout seven counties in two states. Both banks offer a range of banking products and services, including online banking and merchant processing services.
HIGHLANDS BANKSHARES, INC. 
