Petersburg, WV – Highlands Bankshares, Inc. (OTC: HBSI) announced unaudited earnings of $672,000 for the first three month period ended March 31, 2019. This represents a decrease of 31.71% from the $984,000 earned during the same period in 2018. On a per share basis, net income was $0.50 for the first three months of 2019, compared to earnings of $0.74 per share for the three months ended March 31, 2018.
On April 9, 2019, the Board of Directors declared a quarterly dividend of $0.45 per share to be paid on May 3, 2019 to all shareholders of record as of April 26, 2019. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.08%.
John Van Meter, Chairman and Chief Executive Officer of the holding company, stated “During the first quarter of 2019, both subsidiary banks booked one-time expenses that resulted in lower net income than anticipated. Our strong capital position has allowed us to maintain the dividend level that we paid during the previous 4 quarters. Our market price remains strong recording a price to book ratio of 110.2%.”
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.