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Highlands Bankshares, Inc. Announces Year to Date 2023 Results

Mountain Media, LLC by Mountain Media, LLC
November 20, 2023
in Featured, Headlines, Local Stories, Top Stories
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Highlands Bankshares, Inc. (OTC: HBSI) announces results of operations for the year to date 2023.

Highlands Bankshares, Inc., the parent company of The Grant County Bank and Capon Valley Bank, posted year to date 2023 earnings of $2,390,000 or $1.79 per share of common stock outstanding (EPS),

compared to $3,276,000 or $2.45 EPS for the same period of 2022.

On October 10, 2023, 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 October 27, 2023 and was paid on or

about November 3, 2023. Based upon the current market price and annualizing the dividends paid to

shareholders this quarter, Highlands’ current dividend yield is 4.75%

Return on average assets (ROAA) decreased in 2023 to 0.59%, as compared to 0.85% in the same period

of 2022. The return on average equity (ROAE) decreased to 6.01% at September 30, 2023, as compared

to 8.24% at September 30, 2022.

Total assets, as of September 30, 2023, increased $15,699,000 to $543,121,000 compared to December

31, 2022. Total liabilities increased $17,678,000 as of September 30, 2023 to $490,077,000 compared to

December 31, 2022 as a result of deposit growth.

Shareholders’ Equity at September 30, 2023 was $53,044,000 or $39.68 per outstanding share, compared

to December 31, 2022 of $55,023,000 or $41.16 per outstanding share.

Jack H. Walters, Chairman and Chief Executive Officer of the holding company, stated, “2023 has been a

challenging year for financial institutions as the impact of higher rates and increased competition for

deposits has pressured net interest margins. On the positive side, loan growth has been steady across all

segments and the increased income earned has helped offset higher deposit costs. Provisions for loan

losses have also increased compared to the prior year due to loan growth as well as our anticipation of

weaker economic conditions in the future. We continue to be well capitalized and are proud of our

history of providing superior banking products and service to our local communities for over 100 years.”

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.

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