Bank News

Huron Valley State Bank Reports Strong Growth and Income Gains for Q3 2014

As of 09/30/2014:

  • Q3 net income $210,000 or $0.25 per share, (Prior year Q3 2013 was $163,000 or $0.20 per share)
  • Year to date 2014 net income $486,000 (Prior year was $348,000)
  • After tax return on average equity (ROAE) was 6.27% year to date, 7.90% for the quarter
  • Return on average assets (ROAA) was 0.70% year to date, 0.88% for the quarter
  • Total assets $97,879,000 (13% increase from the previous year)
  • Total loans $84,220,000 (26% increase from previous year)
  • Total deposits $85,814,000 (12% increase from previous year)
  • Efficiency ratio at 70.89% year to date, 66.58% for the quarter
  • Net interest margin at 4.13% year to date, 4.29% for the quarter
  • Past due loans over 30 days at 0.89%
  • Continued 5 star rating from BauerFinancial, Inc.

Milford, Michigan – 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.

The loan growth is due to a combination of factors including increased efficiencies in operations, strategic additions to the lending team, and focused sales strategies for small business and residential lending. Looking ahead, the bank is actively investigating niche products to attract small to medium sized businesses and plans to hire additional staff for the mortgage lending team.

Also, the bank has once again been recognized as a superior 5-Star rated bank by BauerFinancial, Inc. of Coral Gables, Florida, the nation's leading bank rating and research firm. To earn this rating Huron Valley State Bank must report strong capital levels and have a solid loan portfolio with negligible levels of delinquent loans. Its 5-Star Superior rating on Huron Valley State Bank denotes the highest level of strength and performance that a bank can receive.

"I am pleased with our 3rd quarter results and to have once again earned this distinction from BauerFinancial," said Jack Shubitowski, the bank's President and CEO. "The strong commercial and residential mortgage activity has led to impressive growth for the quarter. The growth, coupled with continued expense control, has resulted in a 38% increase in net income year to date. We are proud to say we have grown organically, by serving our community, which has made us the successful community bank that we are today".

Certain statements in this announcement contain forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates," and variations of these words and similar expressions are intended to identify forward-looking statements. Forwarding looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.

All forward looking statements speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to the company or any person acting on the Corporation's behalf are qualified by the cautionary statements in this press release. The Corporation does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

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.

Awarded June 2014

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