Highlands Bankshares Inc. Reports Earnings Results for the Full Year Ended December 31, 2011
March 30, 2012 at 10:58 am
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Highlands Bankshares Inc. reported earnings results for the full year ended December 31, 2011. For the period, the company has reported earnings of $1,392,000 or $1.04 per share of common stock outstanding (EPS) compared to $1,592,000 or $1.19 EPS for the same period of 2010, a decrease of $200,000 or $0.15 EPS. The company's net interest income, on a fully taxable equivalent basis, decreased 0.97% from 2010 to 2011. The decrease in net interest income was driven by changes in average rates earned on assets and paid on interest bearing liabilities and by changes in the relative mix of earning assets and interest bearing liabilities. Return on average assets declined from 0.38% in 2010 to 0.34% in 2011. Likewise, the return on average equity declined from 4.00% in 2010 to 3.41% in 2011.
Highlands Bankshares, Inc. is a bank holding company, which operates through its two wholly owned subsidiary banks, The Grant County Bank and Capon Valley Bank. The Company also offers insurance services through its wholly owned subsidiary, HBI Life Insurance Company. The Grant County Bank operates six branch offices located in the towns of Moorefield, Keyser, Riverton, Harman, Davis and Canaan Valley, West Virginia. Capon Valley Bank operates four offices in Baker and Moorefield, West Virginia, and in Gore and Stephens City, Virginia. The Company owns and operates a total of 12 banking locations throughout seven counties in two states. Both banks offer a range of banking products and services, including online banking and merchant processing services.