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.

Huron Valley State Bank reported the above financials demonstrating continued strong growth and income gains for the 3rd Quarter of 2014. Contributing to this is primarily loan and retail deposit growth, along with an increasing net interest margin. Loans increased 26% from the previous year, and 9% in the 3rd quarter alone. Deposits also experienced a 12% increase from the previous year.

Huron Valley State Bank reported the above financials demonstrating strong growth and income gains for the 4th Quarter of 2013. Contributing to this is largely loan and retail deposit growth. This solid performance confirms the Bank's continued 5-Star Rating from Bauer Financial, the nation's leading bank rating and research firm recognizing financial institutions for strength, commitment and expertise.