Birmingham Bloomfield Bancshares, Inc. Announces Record Results for Period Ended September 30, 2014
(firmenpresse) - BIRMINGHAM, MI -- (Marketwired) -- 10/14/14 -- Birmingham Bloomfield Bancshares, Inc. (OTCBB: BBBI) ("the Company"), the holding company for Bank of Birmingham, today announced unaudited results for the quarter and nine month periods ended September 30, 2014. The Company generated record earnings for the quarter and continues to experience solid loan growth.
The Company reported net income of $453,000 or $0.24 per common share for the third quarter of 2014 compared to net income of $268,000 or $0.15 per common share for the same period of 2013. Net income for the nine month period ended September 30, 2014 was $1,168,000 or $0.63 per common share compared to $787,000 or $0.43 per common share for the same period last year.
Chief Executive Officer, Rob Farr, issued the results and commented, "The performance represents the best quarter in the Company's history, and net income for the first nine months of the year has increased 48.5% from 2013. Our core operations continue to improve, producing a pre-tax, pre-provision return on average assets 'ROA' of 1.24%. We experienced strong growth in our loan portfolio during the period as we gain momentum in our primary markets by providing quality products and delivering exceptional service to our customers. We remain focused on creating value for our shareholders and continually improving our performance."
Results of Operation
The Company reported net interest income of $1.949 million for the third quarter of 2014, an increase of 11.2% compared to the same quarter of 2013 and a 4.2% increase relative to the second quarter of 2014. Net interest margin for the quarter was 3.83% compared to 3.89% for the most recent linked quarter. The compression is a function of changes in the earning asset mix of the Company's balance sheet and the current rate environment. Net interest income for the first nine months of 2014 was $5.636 million, an increase of 13.5% relative to the same period of 2013. The increase was the direct result of growth in earning assets.
The Company provided $25,000 in provision expense during the third quarter of 2014, compared to $180,000 for the same period last year. Total provision expense for the year to date period ending September 30, 2014 was $25,000, compared to $280,000 for the nine month period in 2013. The current year provision expense was a function of the new loan growth.
Total non-interest income for the third quarter of 2014 was $197,000, compared to $210,000 for the same period of 2013. For the year to date period ending September 30, 2014 total non-interest income was $551,000, a decrease of $58,000 relative to the prior period. The decrease was a result of reduced loan volume related to commercial SBA and residential mortgage loans sold in the secondary market. Service charges on deposit products have increased relative to the prior year due to aggregate growth in the portfolio.
Total non-interest expense for the third quarter of 2014 was $1.408 million, compared to $1.460 million for the most recent linked quarter and $1.458 million for the first quarter of 2014. The positive trend in operating expenses for the year was a result of focused efforts by the Company to improve efficiency and lower the cost burden. Year to date non-interest expense for 2014 was $4.326 million, an increase of $272,000 relative to 2013. The increase in expenses from a year over year perspective are a result of the Company's growth, specifically hiring new personnel and investments in new products and services.
Balance Sheet
Total assets as of September 30, 2014 were $204.7 million, an increase of 12.1% from the prior year and 8.5% from December 31, 2013. Total portfolio loans reached $170.6 million at the end of the third quarter, an increase of $4.6 million from June 30, 2014 and $19.0 million from September 30, 2013. The growth was a result of our expanded presence in the market and diverse product options. The asset quality of the Company remains solid. There have been no charge offs recorded in 2014 and total non-performing loans continue to decline. The allowance for loan loss was 1.11% of total portfolio loans at the end of the period. Total deposits as of September 30, 2014 were $184.3 million, an increase of 8.7% from December 31, 2013. The growth was a function of our focused marketing efforts and customer service based approach. The Bank continues to be classified as well capitalized based on regulatory guidelines and is a recommended institution by 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 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
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Datum: 14.10.2014 - 16:16 Uhr
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News-ID 343919
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Commercial & Investment Banking
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