SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 26, 2006
HIGHLANDS BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
West Virginia 0-16761 55-0650793
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(State or other jurisdiction of (Commission File Number) (I.R.S.Employer
incorporation or organization) Identification No.)
P. O. Box 929
Petersburg, West Virginia 26847
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (304) 257-4111
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Page 2
Item 2.02 Results of Operations and Financial Condition
On April 26, 2006, Highlands Bankshares, Inc. issued a press
release announcing results for the quarter ended March 31, 2006. A
copy of the press release is being furnished as Exhibit to this report
and is incorporated by reference into this item 99.1.
Item 9.01 Financial Statements and Exhibits
(a) Exhibits
99.1 Press release issued April 26, 2006
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
HIGHLAND BANKSHARES, INC.
(Registrant)
/s/ R. ALAN MILLER
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R. Alan Miller
Finance Officer
April 26, 2006
HIGHLANDS BANKSHARES ANNOUNCES FIRST QUARTER RESULTS
Highlands Bankshares, Inc. (OTCBB: HBSI) announces its
results of operations for the first quarter of 2006.
Highlands Bankshares' operations for the first quarter of
2006 produced net income of $1,004,000. This compares to
income of $849,000 for the first quarter of 2005, an
increase of 18.26%. Return on Average Assets (ROAA) for the
first quarter of 2006 was 1.21% and Return on Average Equity
(ROAE) was 11.78%. This compares to an ROAA for the first
quarter of 2005 of 1.13% and an ROAE of 10.70% for 2005's
first three months.
Assets have increased .66% since December 31, 2005 and at
March 31, 2006 totaled $339,787,000. Shareholders' Equity at
March 31, 2006 was $34,642,000, an increase of 1.91% from
December 31, 2005.
During the quarter Highlands paid dividends to its
shareholders of 23 cents per share.
Commenting on the results, Butch Porter, Highlands'
President and Chief Executive Officer, said, "I am pleased
to announce that net income for the first quarter of 2006
increased more than 18% from a year ago. Through recent
years, the first quarter has typically been a low earning
quarter for Highlands. Therefore it is very gratifying that
net income for the first quarter of 2006 topped one million
dollars for the second time ever and represents such a
strong increase over the first quarter of last year."
Highlands Bankshares Inc. is a financial holding company
operating eleven banking locations in West Virginia and
Virginia through its two wholly owned subsidiary banks, The
Grant County Bank and Capon Valley Bank, and insurance
services through its wholly owned subsidiary HBI Life
Insurance Company.
Certain statements in this release may constitute "forward-
looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that include projections,
predictions, expectations or beliefs about future events or
results or otherwise are not statements of historical fact.
Although the Company believes that its expectations with
respect to certain forward-looking statements are based upon
reasonable assumptions within the bounds of its existing
knowledge of its business and operations, there can be no
assurance that actual results, performance or achievements
of the Company will not differ materially from any future
results, performance or achievements expressed or implied by
such forward-looking statements. The Company does not update
any forward-looking statements that may be made from time to
time by or on behalf of the Company.