Plan Ledger DOL Form 5500 · updated monthly

Highlands Bankshares, Inc.ESOP

HIGHLANDS BANKSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN · PETERSBURG, WV · plan year 2024

Employer contribution per participant · 2024
$1,005

Highlands Bankshares, Inc.'s 2024 Form 5500 did not separately report plan administrative expenses, which is common where recordkeeping is paid through investment revenue-sharing or a master trust. The plan held $2,281,837 across 137 participant accounts, with employer contributions averaging $1,005 per active participant. See methodology for what Form 5500 does and doesn't capture.

The plan sits in the $1M–$10M size bracket, benchmarked here against 18,840 comparable plans and shown alongside other management of companies employers. By assets it is among the smaller plans on file in West Virginia (234th of 265), and 717th of 786 in management of companies.

Plan summary
Net assets, end of year$2,281,837
Participants with balances137
Active participants104
Employer contributions$104,517
Employee contributions—
Employer contribution per active participant$1,005
Average account balance$16,656
Benefits paid to participants$64,322
Plan auditUnmodified (clean) audit opinion
AuditorBROWN, EDWARDS & COMPANY, L.L.P.
Plan history3
Yearassets · accounts · employer contribution
2024$2.3M · 137 accts · $105K emplr
2023$2.0M · 134 accts · $72K emplr
2022$2.0M · 127 accts · $92K emplr
Employer contributions to the Highlands Bankshares, Inc. plan · 2024
Employer contribution per active participant$1,005
Median for plans this size$1,313
2024$1,005 per active participant
2023$664 per active participant
2022$875 per active participant

Highlands Bankshares, Inc.'s 2024 employer contribution ran below the $1,313 median for plans its size. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.

Administrative cost history3
2024Not separately reported
2023Not separately reported
2022Not separately reported
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Summit Financial Group, Inc. WV$43.0M · 0.20%
Dens Facility Services Inc. MA$2.3M · 0.62%
Capitol Companies, Inc. LA$2.3M · 0.07%
Byler Holdings, LLC PA$2.3M · 0.91%
Maccall Management, LLC UT$2.3M · 0.72%
Ae Financial Services LLC IL$2.2M · 0.50%

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Source: U.S. Department of Labor, Form 5500 series, EIN 550650793 · Verify on EFAST2 · Amounts are as reported by the plan sponsor for the plan year shown.