Birmingham Bloomfield Bancshares, Inc. Announces Record Results for Period Ended September 30, 2013
(firmenpresse) - BIRMINGHAM, MI -- (Marketwired) -- 10/28/13 -- Birmingham Bloomfield Bancshares, Inc. (OTCQB: BBBI) ("the Company"), the holding company for Bank of Birmingham, today announced unaudited results for the quarter and nine month periods ended September 30, 2013. The Company generated record income on a pre-tax, pre-provision basis as a result of significant growth in earning assets.
The Company reported net income of $268,000 or $0.15 per common share for the third quarter of 2013 compared to net income of $138,000 or $0.08 per common share for the same period of 2012. Net income for the nine month period ended September 30, 2013 was $787,000 or $0.43 per common share compared to $682,000 or $0.38 per common share for the same period last year.
Chief Executive Officer, Rob Farr, issued the results and commented, "The performance produced record earnings on a pre-tax, pre-provision basis, and net income increased 15.3% compared to 2012. Total assets have increased 23.0% on a year over year basis and total loans reached $151.5 million as the end of the third quarter. The growth has translated to an increase in the earnings capacity of the balance sheet and our net interest margin still remains strong despite the competitive pricing environment in our local markets. We continue to focus on opportunities to improve the core profitability of the Bank and increase franchise value."
Results of Operation
The Company reported net interest income of $1.752 million for the third quarter of 2013, a 16.3% increase relative to the same quarter of 2012. Net interest margin for the quarter was 4.36% compared to 4.50% for the most recent linked quarter and 4.65% for the third quarter of 2012. The margin compression is a result of the changing product mix of the balance sheet and competitive pricing environment. Net interest income for the first nine months of 2013 increased 13.0% to $4.967 million relative to the same period of 2012. The improvement was the result of portfolio loan growth and a modest reduction in total funding costs.
The Company provided $180,000 in provision expense during the third quarter of 2013, a decrease of $150,000 compared to the same period last year. Total provision expense for the year to date period ending September 30, 2013 was $280,000, compared to $400,000 for the nine month period in 2012. The current year provision expense was specifically related to new loan volume. Net loan charges offs for the year to date period totaled $336,000.
Total non-interest income for the third quarter of 2013 was $210,000, compared to $300,000 for the same period of 2012. The decrease was a function of reduced loan volume related to commercial SBA and residential mortgage loans sold in the secondary market. Total non-interest income for the year to date period ending September 30, 2013 was $610,000, a decrease of $286,000 from the prior period. The reduction in revenue was a result of a decline in mortgage and SBA loan activity. In addition, the Company recognized a $150,000 gain in 2012 related to the sale of an ORE property.
Total non-interest expense for the third quarter of 2013 was $1.358 million, compared to $1.394 million for the most recent linked quarter and $1.248 million for the same period of 2012. The quarter over quarter decline in expenses for 2013 was a result of focused efforts by the Company to improve efficiency and lower the operating cost burden. Year to date non-interest expense for 2013 was $4.054 million, an increase of $251,000 relative to 2012. The increase in expenses are a result of the Company's growth, specifically hiring new personnel, expanding infrastructure capacity and investments in new products and applications.
Balance Sheet
Total assets as of September 30, 2013 were $182.7 million, an increase of 23.0% from the prior year and 19.6% from December 31, 2012. The growth was a result of improved market penetration due to focused business development efforts and expanded product options. Total portfolio loans reached $151.5 million at the end of the current quarter, an increase of $13.5 million from the most recent linked quarter and 27.9% or $33.1 million from September 30, 2012. The increase was primarily concentrated in commercial real estate, mortgage related loans and commercial leases. The asset quality of the Company remains solid, total non-performing loans have declined and the allowance for loan loss was 1.31% of total portfolio loans as the end of the period. Total deposits as of September 30, 2013 were $163.8 million, an increase of 24.9% from the prior year. 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 8.71% and remains a 5-Star rated institution from Bauer Financial.
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: 28.10.2013 - 20:09 Uhr
Sprache: Deutsch
News-ID 310005
Anzahl Zeichen: 0
contact information:
Town:
BIRMINGHAM, MI
Kategorie:
Commercial & Investment Banking
Diese Pressemitteilung wurde bisher 305 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Birmingham Bloomfield Bancshares, Inc. Announces Record Results for Period Ended September 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).
