Highlands Bankshares, Inc. reported unaudited earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported total interest income of $5.681 million compared to $5.936 million a year ago. Net interest income was of $4.650 million compared to $4.891 million a year ago. Income before income taxes were of $1.471 million compared to $0.721 million a year ago. Net income was $1.032 million or $0.10 per diluted share compared to $0.530 million or $0.05 per diluted share a year ago. Book value per common share was $5.85 compared to $6.02 a year ago. Return on average assets was 0.67% compared to 0.34% a year ago. Return on average equity was 7.59% compared to 3.87% a year ago.

Net loan charge-offs for the first quarter of 2017 were $116,000 or 0.11% annualized to end of period loans below the Company's established target of 0.30%.