Highlands Bankshares Inc. Reports Unaudited Consolidated Earnings Results for the Nine Months Ended September 30, 2012; Announces Quarterly Dividend, Payable on November 16, 2012
November 12, 2012
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Highlands Bankshares Inc. reported unaudited consolidated earnings results for the nine months ended September 30, 2012. For the period, the company reported net interest income of $12,383,000 compared to $12,363,000 a year ago. Net interest income after provision for loan losses was $10,853,000 compared to $9,378,000 a year ago. Income before provision for income taxes was $3,054,000 compared to $1,727,000 a year ago. Net income was $2,014,000 or $1.51 per share of common stock compared to $1,131,000 or $0.85 per share of common stock a year ago. Return on average assets increased to 0.68%, as compared to 0.37% in the same period of 2011. The return on average equity increased to 6.49% during the first nine months of 2012, as compared to 3.70% in the same period of 2011.
The company announced that during its October meeting, the board of directors approved a quarterly dividend of $0.10 per share to shareholders of record October 31, 2012 payable November 16, 2012.
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.
Highlands Bankshares Inc. Reports Unaudited Consolidated Earnings Results for the Nine Months Ended September 30, 2012; Announces Quarterly Dividend, Payable on November 16, 2012