Highlands Bankshares, Inc. reported unaudited earnings results for the first quarter ended March 31, 2016. The company reported net income of $530,000, or $0.05 per diluted share, for the quarter ended March 31, 2016, compared with a net income of $580,000, or $0.06 per diluted share, for the quarter ended March 31, 2015. Total interest income was $5,936,000 compared to $5,792,000 for the first quarter of 2015. Net interest income was $4,891,000 compared to $4,637,000 for the first quarter of 2015. Net interest income after provision for loan losses was $4,667,000 compared to $4,537,000 for the first quarter of 2015. Income before income taxes was $721,000 compared to $757,000 for the first quarter of 2015. Return on average assets and return on average equity were 0.34% and 3.87%, respectively, for the first quarter of 2016 compared to return on average assets and return on average equity were 0.38% and 4.37%, respectively, for the first quarter of 2015. Book value per share was $6.02 per share at March 31, 2016 compared to $5.91 per share at March 31, 2015.

Net loan charge-offs in the first quarter of 2016 were $54,000.