Huron Valley State Bank Maintains 5 Star Rating from Bauer Financial Reports Strong Growth and Income Gains for Q4 2013
As of 12/31/2013:
- Q4 pretax net income $269,000 or $0.33 per share (Prior year $170,000 or .21 per share)
- Full year pre-tax net income of $797,000 or $0.97 per diluted share (Prior year $602,000 or .73)
- After tax return on average equity (ROAE) was 5.35%
- Return on average assets (ROAA) was 0.62%
- Total assets $91,808,000 (Prior year $79,277,000 an increase of 16%)
- Total loans $70.035,000 (25% increase from previous year)
- Retail deposits $81,559,000 (17% increase from previous year)
- Zero loans past due 30 days or more
Milford, Michigan – 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.
Loans in particular had a 25% increase in growth from last year, primarily due to increased efficiencies in operations and some strategic additions to the lending team. In 2012 the bank opened its Loan Office in downtown Milford, centralizing all loan operations and lending staff in one location. In addition, Huron Valley State Bank hired Sue Bowen, Vice President of Mortgage Lending to develop and direct a full service residential mortgage program.
"We are pleased with the solid performance through the fourth quarter of 2013," said Jack Shubitowski, the bank's President and CEO. "This growth would not have been possible without the continued support and commitment of our customers and shareholders."
Headquartered in Milford, Huron Valley State Bank offers a full range of checking and savings accounts, certificates of deposit, consumer loans, commercial loans and other financial services. The Milford branch is located at 130 S. Milford Rd. in Milford. Call (248) 684-9626. The Highland branch is located at 2920 E. Highland Rd. in Highland. Call (248) 887-9900.