Petersburg, WV – Highlands Bankshares, Inc. (OTC: HBSI) announced unaudited earnings of $1,495,000 for the first six month period ended June 30, 2019. This represents a decrease of 21.73% from the $1,910,000 earned during the same period in 2018. On a per share basis, net income was $1.12 for the first six months of 2019, compared to earnings of $1.43 per share for the six months ended June 30, 2018.
On July 11, 2019, the Board of Directors declared a quarterly dividend of $0.45 per share to be paid on August 5, 2019 to all shareholders of record as of July 28, 2019. Based upon the current market price and annualizing the dividends paid to shareholders this quarter, Highlands’ current dividend yield is 4.43%.
John Van Meter, Chairman and Chief Executive Officer of the holding company, stated “Highlands recorded lower than anticipated income to start the year as a result of the banks booking one-time expenses. 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 5 quarters.”
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, and offers insurance services through its wholly-owned subsidiary HBI Life Insurance Company.