Highlands Bankshares, Inc. (OTC: HBSI) announces results of operations for the year to date 2021.
Highlands Bankshares, Inc., the parent company of The Grant County Bank and Capon Valley Bank, posted year to date 2021 earnings of $2,335,000 or $1.74 per share of common stock outstanding (EPS), compared to $1,539,000 or $1.15 EPS for the same period of 2020.
On July 13, 2021, the Board of Directors declared a quarterly dividend to shareholders of $0.42 per share. The dividend was payable to all shareholders of record as of July 30, 2021 and was paid on or about August 6, 2021. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.22%
Return on average assets (ROAA) increased in 2021 to 0.91%, as compared to 0.70% in the same period of 2020. The return on average equity (ROAE) increased to 8.15% at June 30, 2021, as compared to 5.57% at June 30, 2020.
Total assets, as of June 30, 2021, increased $38,415,000 to $513,897,000 compared to December 31, 2020. Total liabilities increased $37,457,000 as of June 30, 2021 to $456,595,000 compared to December 31, 2020 as a result of deposit growth.
Shareholders’ Equity at June 30, 2021 was $57,302,000 or $42.86 per outstanding share, compared to December 31, 2020 of $55,528,000 or $41.54 per outstanding share.
Jack H. Walters, Chairman and Chief Executive Officer of the holding company, stated, “We are very pleased to deliver stronger operating results for our shareholders for the first half of 2021 compared to the same period in 2020. We are extremely proud of our entire team, who have stepped up to meet the challenges of the last 18 months. We have been working on deploying excess liquidity through increased lending activity and other short-term investments. We remain optimistic as COVID-19 restrictions have been lifted resulting in increase business for our commercial customers. With the suppression of interest rates at the federal level, net interest margin compression, felt industry wide, offset by efficiencies, reductions in expenses associated with foreclosed properties, and origination fees received on the Small Business Administration’s Payroll Protection Program loans, have delivered the improved performance compared to the same period in 2020. We remain committed to the communities we serve and will continue to focus on creating new relationships within the community while strengthening our current relationships.”
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.