Highlands Bankshares, Inc. (OTC: HBSI) announces results of operations for the first quarter of 2019.
Highlands Bankshares, Inc., the parent company of The Grant County Bank and Capon Valley Bank, posted first quarter 2019 earnings of $672,000 or $0.50 per share of common stock outstanding (EPS), compared to $984,000 or $0.74 EPS for the same period of 2018.
On April 9, 2019, 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 April 26, 2019 and was paid on or about May 3, 2019. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.00%
Return on average assets (ROAA) decreased in 2019 to 0.65%, as compared to 0.97% in the same period of 2018. The return on average equity (ROAE) decreased to 5.09% at March 31, 2019, as compared to 7.67% at December 31, 2018.
Total assets, as of March 31, 2019, increased $3,825,000 to $417,018,000 compared to December 31, 2018. Total liabilities increased $3,589,000 as of March 31, 2019 to $363,502,000 compared to December 31, 2018 as a result of the need to fund loan growth.
Shareholders’ Equity at March 31, 2019 was $53,516,000 or $40.03 per outstanding share, compared to December 31, 2018 of $53,280,000 or $39.85 per outstanding share.
John Van Meter, Chairman and Chief Executive Officer of the holding company, stated, “Although our year is off to a slow start as a result of both subsidiary banks booking one-time expenses that resulted in lower net income than anticipated, we are optimistic we will regain momentum in the remaining quarters of 2019. We maintained the same dividend level that we paid during the previous 4 quarters because of our strong capital position. Our market price remains strong recording a price to book ratio of 112.3%.”
“Customers and relationships will drive the banking industry in the future. We continue to focus on ensuring that we meet the needs of our customers in an evolving banking environment and on positioning Highlands to be the best banking company possible.”
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 twelve banking locations in West Virginia and Virginia and offer credit insurance through its wholly-owned subsidiary, HBI Life Insurance Company.