This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Highlands Bancorp, Inc. Reports Enhanced Results For The Quarter And Year Ended December 31, 2012

Highlands Bancorp, Inc. (OTC BB: HSBK.OB) parent company of Highlands State Bank, reported fourth quarter net income of $1,012,000 in 2012 compared to net income of $798,000 for the same period of 2011. Fourth quarter net income available to common stockholders was $995,000 or $.56 per diluted share in 2012 compared to $770,000 or $.43 per diluted share for the same period in 2011. Net income for the full year 2012 was $1,548,000 compared to $1,534,000 for the full year 2011. Net income available to common stockholders for the full year 2012 was $1,485,000 or $.83 per diluted share compared to $1,192,000 or $.67 per diluted share for the year of 2011. The quarterly and annual results for both 2012 and 2011 were positively impacted by partial reversals of the Company’s valuation allowance on deferred tax assets which resulted in tax benefits of $640,000 or $.36 per share for 2012, and $480,000 or $.27 per share for 2011.

Net interest income increased by $350,000 to $1,989,000 for the fourth quarter of 2012 compared to net interest income of $1,639,000 for the fourth quarter of 2011. For the year ended December 31, 2012, net interest income increased to $7,237,000 from $6,364,000 for 2011 as a result of loan portfolio growth and a lower cost of funds. The provision for loan losses was $373,000 for the quarter and $1,077,000 for the year ended December 31, 2012. In 2011, the Company’s provision totaled $35,000 and $397,000 for the fourth quarter and year respectively. The increase in the provision for loan losses reflects increased loan growth in 2012 over 2011. Loans increased $29.8 million in 2012 compared to $10.7 million in 2011. The increased provisions for 2012 also reflect increased charge-offs for 2012 over 2011. Charge-offs for the year ended December 31, 2012 were $564,000 compared to charge-offs of $73,000 in 2011. Recoveries of previously charged off loans totaled $34,000 in 2012, compared to $66,000 in 2011. The ratio of non-performing loans to total loans declined to 4.18% at year end 2012 from 5.20% at year end 2011.

Stock quotes in this article: HSBK 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs