Highlands Bankshares Inc. Announces Earnings Results for the First Quarter Ended March 31, 2012
May 15, 2012 at 07:17 pm IST
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Highlands Bankshares Inc. announced earnings results for the first quarter ended March 31, 2012. The company posted first quarter 2012 earnings of $697,000 or $0.52 per share of common stock outstanding (EPS), compared to $552,000 or $0.41 EPS for the same period of 2011, an increase of $145,000 or $0.11 EPS. Net interest income, on a fully taxable equivalent basis, increased 3.37% for the first three months of 2012, as compared to the same period in 2011. The increase 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 (ROAA) increased during the first three months of 2012 to 0.69%, as compared to 0.55% in the same period of 2011. Likewise, the return on average equity (ROAE) increased to 6.83% during the first three months of 2012, as compared to 5.44% in the same period of 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.