Petersburg, WV – Highlands Bankshares, Inc. (OTC: HBSI) announced unaudited earnings of $873,000 for the first three-month period ended March 31, 2020. This represents an increase of 29.91% from the $672,000 earned during the same period in 2019. On a per share basis, net income was $0.65 for the first three months of 2020, compared to earnings of $0.50 per share for the three months ended March 31, 2019.
On April 14, 2020, the Board of Directors declared a quarterly dividend of $0.45 per share to be paid on May 7, 2020 to all shareholders of record as of April 30, 2020. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 5.45%.
John Van Meter, Chairman and Chief Executive Officer of the holding company, stated “Amid the unprecedented pandemic the world has experienced recently, our banks are focusing on keeping our customers and employees safe and healthy while continuing to serve their needs. The temporary closure of many of our customer businesses is of the utmost concern to us. We are working with customers on an individual basis to navigate thru these times as well as assisting our customers with Small Business Administration (SBA) loans provided by the Federal Government. Community banks have always been pillars in the communities they serve, and we will continue to do so during this difficult time.”
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