Huron Valley Bancorp, Inc had a strong third quarter with net income of $348,000 or $0.41 per share. For the nine months ending 9/30/17 net income was $930,000 reflecting a 28% increase in earnings over the previous year. The continued strong earnings trend is reflected in higher ROAE and ROAA numbers for the quarter and year-to-date as well. Earnings per share for the nine months ending 9/30/17 is $1.08 compared to $0.85 in the same timeframe of 2016. The Bancorp’s total assets ended the quarter at $140,821,000, an increase of 12% from Q3 2016. Loan activity remains good with core growth of 9.0% from one year earlier, and 4.8% year-to date.

Huron Valley Bancorp, Inc. (NASDAQ: HVLM),The holding company for Huron Valley State Bank, announces the purchase of 49% of its stock from its largest shareholder John H. Welker, and the simultaneous sale of the shares to twenty individual accredited investors. Terms of the sale were not disclosed. Mr. Welker was one of the Bank’s founding members and has served as director since that time. As part of the transaction Mr. Welker has resigned his position as director of the holding company and Bank but will remain a valued friend of the organization. “Mr. Welker was largely responsible for establishing the bank in 2005 and has been a strong advocate for community banking. I greatly appreciate all of the support and guidance Mr. Welker has provided over the last eleven years” said Jack Shubitowski, President and CEO.

Third quarter net income was $280,000 or $0.34 per share, compared to $231,000 or $0.28 per share for Q3 2015. Year-to-date net income for 2016 was $724,000 or $0.88 per share, compared with 2015's $734,000 or $0.89 per share. The slight decrease in year-to-date net income is the result of increased expenses related to the repayment of the SBLF Preferred Stock in January 2016 and ongoing interest expense associated with the new debt, and stock transaction-related expenses. In addition, net interest margin is down based on the prevailing lower interest rate market over the last 12 months, yet it still remains above 4.0%. The significant increase in return on average equity (ROAE) of 11.38% for the quarter, reflects lower capital in 2016 due to the repayment of the SBLF Preferred Stock.

Jack J. Shubitowski, President and CEO of Huron Valley Bancorp, Inc. (HVLM), the holding company for Huron Valley State Bank, announced that the Board of Directors has declared a dividend of eight cents (.08) per share, representing a 33% increase over last year's dividend of six cents (.06) per share. The dividend is payable March 16, 2016 to shareholders of record as of February 16, 2016. The Board, in declaring this dividend, has indicated that the bank has demonstrated consistent growth and strong profitability.

Milford, MI based Huron Valley Bancorp, Inc., the holding company for Huron Valley State Bank, announced that it has redeemed all of the 2,597 outstanding shares of Senior Non-Cumulative Perpetual Preferred Stock Series A, that had been issued to the United States Department of Treasury, pursuant to the Treasury's Small Business Lending Fund ("SBLF") program. The aggregate redemption price of the Preferred Stock was approximately $2.6 million, including accrued dividends, and was repaid with proceeds borrowed from a financial institution. The decision to redeem the stock was influenced by the scheduled increase in dividend rate at the 4 ½ year anniversary of our participation in the program.