Highlands Bankshares, Inc. Announces Year to Date 2019 Results

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Highlands Bankshares, Inc. (OTC: HBSI) announces results of operations for the year to date 2019.

Highlands Bankshares, Inc., the parent company of The Grant County Bank and Capon Valley Bank, posted year to date 2019 earnings of $2,431,000 or $1.82 per share of common stock outstanding (EPS), compared to $2,911,000 or $2.18 EPS for the same period of 2018.

On October 8, 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 October 25, 2019 and was paid on or about November 1, 2019. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.44%.

Return on average assets (ROAA) decreased in 2019 to 0.78%, as compared to 0.95% in the same period of 2018. The return on average equity (ROAE) decreased to 6.1% at September 30, 2019, as compared to 7.50% at September 30, 2018.

Total assets, as of September 30, 2019, increased $5,577,000 to $418,770,000 compared to December 31, 2018. Total liabilities increased $4,495,000 as of September 30, 2019 to $364,408,000 compared to December 31, 2018 as a result of deposit growth.

Shareholders’ Equity at September 30, 2019 was $54,362,000 or $40.66 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, “Again this quarter, the company booked expenses related to foreclosed properties and the provision for loan losses providing us lower year over year net income. Given our strong capital position, we are pleased to return additional value to our loyal shareholders by maintaining the same dividend we paid during the previous 6 quarters. We continue to focus on customer service and work hard at deepening existing relationships and identifying potential new 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.