Highlands Bankshares, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. The company reported net income of $610,000 or $0.06 per diluted share, for the quarter ended March 31, 2018, compared with net income of $1.0 million, or $0.10 per diluted share, for the quarter ended March 31, 2017. Total interest income was $5,863,000 against $5,681,000 a year ago. Net interest income was $5,036,000 against $4,650,000 a year ago. Income before income taxes was $780,000 against $1,471,000 a year ago. Annualized return on average assets was 0.41% against loss of 0.68% a year ago. Annualized return on average equity was 4.49% against 7.59% a year ago. Book value per common share was $5.19 against $5.85 a year ago. Book value per share on combined common and preferred was $5.67 against $5.34 a year ago.

Net charge-offs in the first quarter of 2018 were $127,000, or 0.12% annualized of average loans held for investment.