Highlands Bankshares, Inc. (OTC: HBSI) announces results of operations for the year end 2020.
Highlands Bankshares, Inc., the parent company of The Grant County Bank and Capon Valley Bank, posted year ended 2020 earnings of $3,341,000 or $2.50 per share of common stock outstanding (EPS), compared to $3,526,000 or $2.64 EPS for the same period of 2019.
On February 9, 2021, the Board of Directors declared a quarterly dividend to shareholders of $0.40 per share. The dividend was payable to all shareholders of record as of February 19, 2021 and was paid on or about February 26, 2021. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.86%.
Return on average assets (ROAA) decreased in 2020 to 0.70%, as compared to 0.84% in the same period of 2019. The return on average equity (ROAE) decreased to 6.02% at December 31, 2020, as compared to 6.62% at December 31, 2019.
Total assets, as of December 31, 2020, increased $56,598,000 to $475,482,000 compared to December 31, 2019. Total liabilities increased $54,926,000 as of December 31, 2020 to $419,138,000 compared to December 31, 2019 as a result of deposit growth.
Shareholders’ Equity at December 31, 2020 was $56,344,000 or $42.15 per outstanding share, compared to December 31, 2019 of $54,672,000 or $40.90 per outstanding share.
John Van Meter, Chairman and Chief Executive Officer of the holding company, stated, “We have emerged from 2020 into a new normal that includes Covid-19 risks, although we are optimistic that a return to somewhat normal social and business activity will be possible by this summer. We will continue to work with businesses and individuals throughout our market areas to support and grow our communities.”
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.