Birmingham Bloomfield Bancshares, Inc. Announces Unaudited Results for Period Ended June 30, 2013
(firmenpresse) - BIRMINGHAM, MI -- (Marketwired) -- 07/22/13 -- Birmingham Bloomfield Bancshares, Inc. (OTCQB: BBBI) ("the Company"), the holding company for Bank of Birmingham, today announced unaudited results for the quarter and six month periods ended June 30, 2013. The Company generated an increase in total revenue and recorded solid asset growth.
The Company reported net income of $232,000 or $0.13 per common share for the second quarter of 2013 compared to net income of $208,000 or $0.11 per common share for the same period of 2012. Net income for the six month period ended June 30, 2013 was $519,000 or $0.28 per common share compared to $544,000 or $0.30 per common share for the same period last year.
Chief Executive Officer, Rob Farr, issued the results and commented, "We were able to increase total revenue during the first six months of 2013 as a result of our ability to generate quality loan growth in the portfolio. This produced a pre-tax, pre-provision return on average assets of 1.17%. We were also able to maintain a favorable margin of 4.53% despite the growth and current rate environment. Our focus is on continuing to profitably grow the institution and deliver value for our shareholders."
Results of Operation
The Company reported net interest income of $1.638 million for the second quarter of 2013, a 9.5% increase relative to the same quarter of 2012. Net interest margin for the quarter was 4.50% compared to 4.56% for the most recent linked quarter and 4.91% for the second quarter of 2012. The margin compression was a result of the competitive pricing environment and evolving product mix of the balance sheet. Net interest income for the first six months of 2013 increased 11.3% to $3.215 million compared to the same period of 2012. The improvement was the result of portfolio loan growth and a reduction in total funding costs.
The Company provided $90,000 in provision expense during the second quarter of 2013, an increase of $40,000 compared to the same period last year. Total provision expense for the year to date period ending June 30, 2013 was $100,000, compared to $70,000 for the six month period in 2012. The increase in provision expense is attributable to the new loan volume and additional reserve requirements on collaterally deficient impaired loans. There have been no charge offs recorded during 2013.
Total non-interest income for the second quarter of 2013 was $215,000, compared to $112,000 for the same period of 2012. The additional revenue is a function of an increase in the volume of SBA loans and residential mortgages sold in the secondary market. Total non-interest income for the year to date period ending June 30, 2013 was $399,000, a decrease of $196,000 from the prior period. The reduction is a result of a decline in mortgage activity and a substantial gain recorded on the sale of an ORE property in the first quarter of 2012.
Total non-interest expense for the second quarter of 2013 was $1.394 million, compared to $1.216 million in 2012. Year to date non-interest expense for 2013 was $2.696 million, an increase of $141,000 relative to the same period in 2012. The increase in expenses were the result of hiring new personnel to accommodate growth of the institution, infrastructure expansion, investment in new operating systems and products, and additional resources dedicated to business marketing efforts to improve franchise recognition.
Balance Sheet
Total assets as of June 30, 2013 were $164.6 million, an increase of 17.7% from the prior year and 7.7% from December 31, 2012. The growth was a result of focused business development efforts and the expansion of product options. Total portfolio loans reached $138.0 million at the end of the second quarter, an increase of $8.4 million from March 31, 2013 and 22.1% or $24.9 million from June 30, 2012. The increase was concentrated in commercial real estate, mortgage related loans and commercial leases. The asset quality of the Company remains solid; no loan charge offs have been recorded in 2013 and the allowance for loan loss was 1.55% of total portfolio loans as the end of the period. Total deposits as of June 30, 2013 were $146.1 million, an increase of 19.2% from the same period in 2012. The growth was a function of our expanded presence in the community, targeted marketing programs and increased activity in the wholesale market. The Bank continues to be classified as well capitalized based on regulatory guidelines with a Tier 1 ratio of 9.21%.
Birmingham Bloomfield Bancshares, Inc. is the holding company for Bank of Birmingham, a full-service community bank serving Oakland County. Bank of Birmingham is dedicated to providing financial services to small and medium sized businesses; their owners and employees; professionals; and individuals who work or reside in the Oakland County market area. Every Bank of Birmingham customer has a relationship manager who serves a single point of contact empowered to provide all the bank's services. Birmingham Bloomfield Bancshares, Inc. marketmakers include Raymond James, Chicago; Monroe Securities, Chicago; Boenning & Scattergood, Philadelphia; Stockcross Financial Services.
Forward-Looking Statements
This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include: changes in interest rates and interest-rate relationships; changes in the national and local economy; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulations; changes in tax laws; changes in prices, levies, and assessments; our ability to successfully integrate acquisitions into our existing operations, and the availability of new acquisitions, joint ventures and alliance opportunities; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and other factors. The Company assumes no responsibility to update forward-looking statements.
(Unaudited Consolidated Financial Statements Follow)
Contact:
Robert M. Farr
Chief Executive Officer
Birmingham Bloomfield Bancshares, Inc.
248-283-6430
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 22.07.2013 - 18:02 Uhr
Sprache: Deutsch
News-ID 280512
Anzahl Zeichen: 0
contact information:
Town:
BIRMINGHAM, MI
Kategorie:
Commercial & Investment Banking
Diese Pressemitteilung wurde bisher 292 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Birmingham Bloomfield Bancshares, Inc. Announces Unaudited Results for Period Ended June 30, 2013"
steht unter der journalistisch-redaktionellen Verantwortung von
Birmingham Bloomfield Bancshares, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
