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

Non-interest income increased by $29,000 for the quarter and $38,000 for the year ended December 31, 2012 compared to similar periods of 2011 as a result of increased insufficient fund, loan prepayment penalty, wire transfer, and escrow agent fees, partially offset by lower gains from sales of investment securities. Non-interest expenses declined by $13,000 for the fourth quarter of 2012 compared to the same period in 2011 due to lower rent expense, fixed asset depreciation, audit, consulting, loan, and OREO costs. Non-interest expenses increased by $377,000 for the year ended December 31, 2012 compared to 2011 primarily due to higher employee salary and benefit costs resulting from additions made to staff, and from increases in data processing, board of directors fees, and OREO costs.

Total assets at Highlands State Bank were $193.1 million on December 31, 2012, an increase of $27.1 million from $166.0 million on December 31, 2011. Deposits increased $25.9 million from $141.0 on December 31, 2011 to $166.9 million on December 31, 2012. Net loans outstanding increased to $160.5 million as of December 31, 2012 from $131.3 million the previous year end. The allowance for loan and lease losses increased $547,000 to $2.6 million at the end of 2012 compared to $2.1 million on December 31, 2011.

Forward-Looking Statements

This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.

Highlands State Bank
Financial Highlights
(Dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011

Net interest income

$ 1,989 $ 1,639 $ 7,237 $ 6,364

Provision for loan losses

373 35 1,077 397

Non-interest income

138 109 512 474

Non-interest expense

  1,382     1,395     5,764     5,387  

Net income before income taxes

372 318 908 1,054

Income tax benefit

  640     480     640     480  

Net income

1,012 798 1,548 1,534

Preferred stock dividends and accretion

  (17 )   (28 )   (63 )   (342 )

Net income available to

common stockholders

$ 995   $ 770   $ 1,485   $ 1,192  
Net income available to

common stockholders:

Basic and diluted

$ 0.56   $ 0.43   $ 0.83   $ 0.67  
Weighted average common shares

Basic and diluted

  1,788,262     1,788,262     1,788,262     1,788,262  


12/31/2012   12/31/2011
Total loans $ 163,165 $ 133,390
Allowance for loan losses 2,630 2,083
Investment securities 11,903 15,291
Total Assets 193,109 165,987
Total Deposits 166,882 141,047
Stockholders' Equity 19,982 18,513
Book value per common share $ 7.34 $ 6.52
Tangible book value per common share $ 6.89 $ 6.07
Non-accrual loans $ 4,920 $ 4,929
Loans past due 90 days and

still accruing

- 959
Troubled debt restructurings currently

in compliance with new terms

1,893 1,054
OREO property 3,143 3,170
Allowance for loan losses to total loans 1.61 % 1.56 %
Non-performing loans to total loans 4.18 % 5.20 %

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