BIRMINGHAM, MI--(Marketwired - Jul 22, 2013) - Birmingham Bloomfield Bancshares, Inc. (
The Company reported net income of $232,000 or $0.13 per common share for the second quarter of 2013 compared to net income of $208,000 or $0.11 per common share for the same period of 2012. Net income for the six month period ended June 30, 2013 was $519,000 or $0.28 per common share compared to $544,000 or $0.30 per common share for the same period last year.
Chief Executive Officer, Rob Farr, issued the results and commented, "We were able to increase total revenue during the first six months of 2013 as a result of our ability to generate quality loan growth in the portfolio. This produced a pre-tax, pre-provision return on average assets of 1.17%. We were also able to maintain a favorable margin of 4.53% despite the growth and current rate environment. Our focus is on continuing to profitably grow the institution and deliver value for our shareholders."
Results of Operation
The Company reported net interest income of $1.638 million for the second quarter of 2013, a 9.5% increase relative to the same quarter of 2012. Net interest margin for the quarter was 4.50% compared to 4.56% for the most recent linked quarter and 4.91% for the second quarter of 2012. The margin compression was a result of the competitive pricing environment and evolving product mix of the balance sheet. Net interest income for the first six months of 2013 increased 11.3% to $3.215 million compared to the same period of 2012. The improvement was the result of portfolio loan growth and a reduction in total funding costs.
The Company provided $90,000 in provision expense during the second quarter of 2013, an increase of $40,000 compared to the same period last year. Total provision expense for the year to date period ending June 30, 2013 was $100,000, compared to $70,000 for the six month period in 2012. The increase in provision expense is attributable to the new loan volume and additional reserve requirements on collaterally deficient impaired loans. There have been no charge offs recorded during 2013.
Total non-interest income for the second quarter of 2013 was $215,000, compared to $112,000 for the same period of 2012. The additional revenue is a function of an increase in the volume of SBA loans and residential mortgages sold in the secondary market. Total non-interest income for the year to date period ending June 30, 2013 was $399,000, a decrease of $196,000 from the prior period. The reduction is a result of a decline in mortgage activity and a substantial gain recorded on the sale of an ORE property in the first quarter of 2012.
Total non-interest expense for the second quarter of 2013 was $1.394 million, compared to $1.216 million in 2012. Year to date non-interest expense for 2013 was $2.696 million, an increase of $141,000 relative to the same period in 2012. The increase in expenses were the result of hiring new personnel to accommodate growth of the institution, infrastructure expansion, investment in new operating systems and products, and additional resources dedicated to business marketing efforts to improve franchise recognition.
Balance Sheet
Total assets as of June 30, 2013 were $164.6 million, an increase of 17.7% from the prior year and 7.7% from December 31, 2012. The growth was a result of focused business development efforts and the expansion of product options. Total portfolio loans reached $138.0 million at the end of the second quarter, an increase of $8.4 million from March 31, 2013 and 22.1% or $24.9 million from June 30, 2012. The increase was concentrated in commercial real estate, mortgage related loans and commercial leases. The asset quality of the Company remains solid; no loan charge offs have been recorded in 2013 and the allowance for loan loss was 1.55% of total portfolio loans as the end of the period. Total deposits as of June 30, 2013 were $146.1 million, an increase of 19.2% from the same period in 2012. The growth was a function of our expanded presence in the community, targeted marketing programs and increased activity in the wholesale market. The Bank continues to be classified as well capitalized based on regulatory guidelines with a Tier 1 ratio of 9.21%.
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 Raymond James, Chicago; 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)
| Birmingham Bloomfield Bancshares, Inc. | |||||||||||||||
| Consolidated Balance Sheet (Unaudited) | |||||||||||||||
| June 30, | December 31, | June 30, | |||||||||||||
| 2013 | 2012 | 2012 | |||||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 18,372,322 | $ | 15,539,072 | $ | 17,114,837 | |||||||||
| Federal funds sold | - | - | - | ||||||||||||
| Total cash and cash equivalents | 18,372,322 | 15,539,072 | 17,114,837 | ||||||||||||
| Securities available-for-sale | 3,541,775 | 3,725,923 | 3,932,096 | ||||||||||||
| Securities held-to-maturity | - | - | - | ||||||||||||
| Federal Home Loan Bank Stock | 248,000 | 218,100 | 218,100 | ||||||||||||
| Total securities | 3,789,775 | 3,944,023 | 4,150,196 | ||||||||||||
| Loans held for sale | - | - | - | ||||||||||||
| Portfolio loans | |||||||||||||||
| Consumer loans | 1,735,911 | 1,801,991 | 1,163,050 | ||||||||||||
| Mortgage loans | 18,504,377 | 16,203,001 | 14,503,119 | ||||||||||||
| Commercial leases | 8,273,245 | 1,346,177 | - | ||||||||||||
| Commercial loans | 109,503,076 | 108,926,273 | 97,408,101 | ||||||||||||
| Total loans | 138,016,609 | 128,277,442 | 113,074,270 | ||||||||||||
| Less: Allowance for loan loss | 2,144,350 | 2,044,350 | 1,644,350 | ||||||||||||
| Net loans | 135,872,259 | 126,233,092 | 111,429,920 | ||||||||||||
| Premises and equipment, net | 1,203,236 | 1,277,802 | 1,327,169 | ||||||||||||
| Bank owned life insurance | 2,219,779 | 2,182,513 | 2,141,791 | ||||||||||||
| Accrued interest receivable and other assets | 3,130,773 | 3,596,576 | 3,687,380 | ||||||||||||
| TOTAL ASSETS | $ | 164,588,144 | $ | 152,773,078 | $ | 139,851,293 | |||||||||
| LIABILITIES | |||||||||||||||
| Deposits | |||||||||||||||
| Noninterest-bearing | $ | 27,541,806 | $ | 23,947,132 | $ | 20,714,602 | |||||||||
| Interest-bearing | 118,629,567 | 110,955,051 | 101,935,329 | ||||||||||||
| Total deposits | 146,171,373 | 134,902,183 | 122,649,931 | ||||||||||||
| Short term borrowings | - | - | - | ||||||||||||
| Accrued interest payable, taxes and other liabilities | 871,046 | 867,356 | 655,566 | ||||||||||||
| Total liabilities | 147,042,419 | 135,769,539 | 123,305,497 | ||||||||||||
| SHAREHOLDERS' EQUITY | |||||||||||||||
| Senior preferred stock, series D | 4,621,000 | 4,621,000 | 4,621,000 | ||||||||||||
| Common Stock, no par value | 17,163,818 | 17,105,618 | 17,105,618 | ||||||||||||
| Authorized - 9,000,000 shares, Issued and outstanding - 1,836,662 | |||||||||||||||
| 1,824,662 and 1,824,662 shares respectively | |||||||||||||||
| Accumulated other comprehensive income | 41,450 | 76,066 | 93,209 | ||||||||||||
| Additional paid in capital - share based payments | 493,154 | 493,154 | 493,154 | ||||||||||||
| Accumulated deficit | (4,773,697 | ) | (5,292,299 | ) | (5,767,185 | ) | |||||||||
| Total shareholders' equity | 17,545,725 | 17,003,539 | 16,545,796 | ||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 164,588,144 | $ | 152,773,078 | $ | 139,851,293 | |||||||||
| Book value per share | $ | 7.04 | $ | 6.79 | $ | 6.54 | |||||||||
| Birmingham Bloomfield Bancshares, Inc. | |||||||||||||||
| Consolidated Statement of Income (Unaudited) | |||||||||||||||
| For the three months ended | For the six months ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||
| Interest Income | |||||||||||||||
| Interest and fees on loans | |||||||||||||||
| Commercial loans | $ | 1,500,743 | $ | 1,487,391 | $ | 3,019,992 | $ | 2,915,068 | |||||||
| Commercial leases | 95,439 | - | 126,054 | - | |||||||||||
| Installment loans | 29,673 | 16,221 | 59,295 | 34,278 | |||||||||||
| Mortgage loans | 100,329 | 61,775 | 186,922 | 111,493 | |||||||||||
| Home Equity loans | 88,241 | 93,516 | 172,494 | 187,738 | |||||||||||
| Late charges and fees | 14,954 | 31,611 | 26,184 | 34,254 | |||||||||||
| Total loan interest and fee income | 1,829,379 | 1,690,514 | 3,590,941 | 3,282,831 | |||||||||||
| Interest bearing deposits | 7,859 | 3,176 | 14,976 | 6,590 | |||||||||||
| Federal Funds Sold | - | - | - | - | |||||||||||
| Interest on investment securities | |||||||||||||||
| Taxable | 21,529 | 24,252 | 43,704 | 48,940 | |||||||||||
| Tax-exempt | 969 | 1,000 | 1,945 | 2,008 | |||||||||||
| Total investment income | 22,498 | 25,252 | 45,649 | 50,948 | |||||||||||
| Total interest income | 1,859,736 | 1,718,942 | 3,651,566 | 3,340,369 | |||||||||||
| Interest Expense | |||||||||||||||
| Interest on deposits | 221,987 | 223,390 | 436,610 | 450,947 | |||||||||||
| Interest on borrowed funds | - | - | - | 64 | |||||||||||
| Total interest expense | 221,987 | 223,390 | 436,610 | 451,011 | |||||||||||
| Net Interest Income | 1,637,749 | 1,495,552 | 3,214,956 | 2,889,358 | |||||||||||
| Provision for loan losses | 90,000 | 50,000 | 100,000 | 70,000 | |||||||||||
| Net Interest Income After Provision for Loan Losses | 1,547,749 | 1,445,552 | 3,114,956 | 2,819,358 | |||||||||||
| Non-interest Income | |||||||||||||||
| Service charge income | 18,504 | 20,499 | 36,920 | 39,297 | |||||||||||
| Mortgage banking activities | 56,572 | 34,039 | 109,188 | 196,867 | |||||||||||
| SBA loan sales | 109,589 | 26,958 | 194,561 | 148,749 | |||||||||||
| Other income | 30,156 | 30,130 | 58,690 | 210,702 | |||||||||||
| Total non-interest income | 214,821 | 111,626 | 399,359 | 595,615 | |||||||||||
| Non-interest Expense | |||||||||||||||
| Salaries and employee benefits | 776,617 | 640,169 | 1,493,170 | 1,401,839 | |||||||||||
| Occupancy expense | 121,133 | 114,936 | 248,046 | 234,667 | |||||||||||
| Equipment expense | 53,004 | 51,127 | 107,851 | 100,279 | |||||||||||
| Advertising | 59,079 | 47,874 | 110,012 | 90,468 | |||||||||||
| Data Processing | 63,258 | 58,039 | 124,705 | 117,041 | |||||||||||
| Professional fees | 144,222 | 159,267 | 281,938 | 276,301 | |||||||||||
| Loan origination expense | 29,974 | 38,044 | 58,706 | 107,056 | |||||||||||
| Regulatory Assessments | 32,626 | 23,715 | 63,867 | 48,975 | |||||||||||
| Other expense | 114,090 | 83,059 | 207,721 | 178,099 | |||||||||||
| Total non-interest expense | 1,394,003 | 1,216,230 | 2,696,016 | 2,554,725 | |||||||||||
| Net Income Before Income Taxes | 368,567 | 340,948 | 818,299 | 860,248 | |||||||||||
| Income tax expense | 124,990 | 111,298 | 276,592 | 282,651 | |||||||||||
| Net Income | 243,577 | 229,650 | 541,707 | 577,597 | |||||||||||
| Dividend and accretion on preferred stock | 11,552 | 21,831 | 23,105 | 33,384 | |||||||||||
| Net Income applicable to common shareholders | $ | 232,025 | $ | 207,819 | $ | 518,602 | $ | 544,213 | |||||||
| Income per share - basic | $ | 0.13 | $ | 0.11 | $ | 0.28 | $ | 0.30 | |||||||
| Birmingham Bloomfield Bancshares, Inc. | |||||||||||||||||
| Financial Summary and Selected Ratios (Unaudited) | |||||||||||||||||
| (Dollars in thousands except per share data) | |||||||||||||||||
| Year to Date | |||||||||||||||||
| June 30, | Change | ||||||||||||||||
| 2013 | 2012 | Amount | Percentage | ||||||||||||||
| INCOME STATEMENT | |||||||||||||||||
| Interest Income | $ | 3,652 | $ | 3,340 | $ | 311 | 9.3 | % | |||||||||
| Interest Expense | 437 | 451 | (14 | ) | -3.2 | % | |||||||||||
| Net Interest Income | 3,215 | 2,889 | 326 | 11.3 | % | ||||||||||||
| Provision for loan loss | 100 | 70 | 30 | 42.9 | % | ||||||||||||
| Non-interest income | 399 | 596 | (196 | ) | -33.0 | % | |||||||||||
| Non-interest expense | 2,696 | 2,555 | 141 | 5.5 | % | ||||||||||||
| Net Income before Income Taxes | 818 | 860 | (42 | ) | -4.9 | % | |||||||||||
| Income tax expense | 277 | 283 | (6 | ) | -2.1 | % | |||||||||||
| Net Income | 542 | 578 | (36 | ) | -6.2 | % | |||||||||||
| Dividend and accretion on preferred stock | 23 | 33 | (10 | ) | -30.8 | % | |||||||||||
| Net Income - common shareholders | $ | 519 | $ | 544 | $ | (26 | ) | -4.7 | % | ||||||||
| Income per share - basic & diluted | $ | 0.28 | $ | 0.30 | $ | (0.02 | ) | -5.3 | % | ||||||||
| BALANCE SHEET DATA | |||||||||||||||||
| Total assets | 164,588 | 139,851 | 24,737 | 17.7 | % | ||||||||||||
| Average Assets | 157,636 | 130,437 | 27,199 | 20.9 | % | ||||||||||||
| Total loans | 138,017 | 113,074 | 24,942 | 22.1 | % | ||||||||||||
| Allowance for loan loss (ALLL) | 2,144 | 1,644 | 500 | 30.4 | % | ||||||||||||
| Total deposits | 146,171 | 122,650 | 23,521 | 19.2 | % | ||||||||||||
| Other borrowings | - | - | - | 0.0 | % | ||||||||||||
| Shareholders' equity | 17,546 | 16,546 | 1,000 | 6.0 | % | ||||||||||||
| Average Equity | 17,270 | 16,308 | 962 | 5.9 | % | ||||||||||||
| ASSET QUALITY | |||||||||||||||||
| Other real estate owned (OREO) | - | - | - | 0.0 | % | ||||||||||||
| Net charge-offs | - | - | - | 0.0 | % | ||||||||||||
| Non-accrual loans | 732 | - | 732 | 0.0 | % | ||||||||||||
| (2) | Non-performing assets (NPA) | 732 | - | 732 | 0.0 | % | |||||||||||
| Non-accrual loans / total loans | 0.53 | % | 0.00 | % | 0.53 | % | 0.0 | % | |||||||||
| Allowance for loan loss / total loans | 1.55 | % | 1.45 | % | 0.10 | % | 6.8 | % | |||||||||
| PERFORMANCE MEASUREMENTS | |||||||||||||||||
| Net interest margin (tax equivalent) | 4.53 | % | 4.86 | % | -0.33 | % | -6.8 | % | |||||||||
| (1) | Return on average assets (annualized) | 0.69 | % | 0.89 | % | -0.20 | % | -22.5 | % | ||||||||
| (3) | Return on average assets (annualized) | 1.17 | % | 1.43 | % | -0.26 | % | -18.2 | % | ||||||||
| (1) | Return on average common equity (annualized) | 8.64 | % | 9.94 | % | -1.30 | % | -13.1 | % | ||||||||
| (3) | Return on average common equity (annualized) | 14.64 | % | 16.01 | % | -1.37 | % | -8.6 | % | ||||||||
| Efficiency ratio | 74.6 | % | 73.3 | % | 1.29 | % | 1.8 | % | |||||||||
| Total loans / Total deposits | 94.4 | % | 92.2 | % | 2.23 | % | 2.4 | % | |||||||||
| Tier 1 Leverage Ratio (Bank only) | 9.21 | % | 9.82 | % | -0.61 | % | -6.21 | % | |||||||||
| Equity / Assets | 10.66 | % | 11.83 | % | -1.17 | % | -9.9 | % | |||||||||
| Tangible common equity / Total assets | 7.85 | % | 8.53 | % | -0.67 | % | -7.9 | % | |||||||||
| Book value per share | $ | 7.04 | $ | 6.54 | $ | 0.50 | 7.7 | % | |||||||||
| Stock price | $ | 4.30 | $ | 3.30 | $ | 1.00 | 30.3 | % | |||||||||
| Stock price / book value (%) | 61.1 | % | 50.5 | % | 10.61 | % | 21.0 | % | |||||||||
| Income per share - basic & diluted | $ | 0.28 | $ | 0.30 | $ | (0.02 | ) | -5.3 | % | ||||||||
| Income per share - basic & diluted (LTM) | $ | 0.54 | $ | 2.00 | $ | (1.46 | ) | -73.0 | % | ||||||||
| Price to earnings ratio (P/E) | 7.5x | 5.5x | 2.0x | 37.5 | % | ||||||||||||
| Shares outstanding | 1,836,662 | 1,824,662 | 12,000 | 0.7 | % | ||||||||||||
| Average shares outstanding | 1,824,861 | 1,814,442 | 10,419 | 0.6 | % | ||||||||||||
| (1) | Amount is computed on net income before preferred dividends. | ||||||||||||||||
| (2) | Non-performing assets includes non-accrual loans and other real estate owned. | ||||||||||||||||
| (3) | Amount is computed on pre-tax, pre-provision earnings before preferred dividends | ||||||||||||||||
| Birmingham Bloomfield Bancshares, Inc. | ||||||||||||||||||||||
| Financial Summary and Selected Ratios (Unaudited) | ||||||||||||||||||||||
| (Dollars in thousands except per share data) | ||||||||||||||||||||||
| Quarter Ended | ||||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||
| 2013 | 2013 | 2012 | 2012 | 2012 | ||||||||||||||||||
| INCOME STATEMENT | ||||||||||||||||||||||
| Interest Income | $ | 1,860 | $ | 1,792 | $ | 1,771 | $ | 1,746 | $ | 1,719 | ||||||||||||
| Interest Expense | 222 | 215 | 227 | 239 | 223 | |||||||||||||||||
| Net Interest Income | 1,638 | 1,577 | 1,544 | 1,507 | 1,496 | |||||||||||||||||
| Provision for loan loss | 90 | 10 | 70 | 330 | 50 | |||||||||||||||||
| Non-interest income | 215 | 185 | 348 | 300 | 112 | |||||||||||||||||
| Non-interest expense | 1,394 | 1,302 | 1,296 | 1,248 | 1,216 | |||||||||||||||||
| Net Income before Income Taxes | 369 | 450 | 526 | 228 | 341 | |||||||||||||||||
| Income tax expense | 125 | 152 | 177 | 79 | 111 | |||||||||||||||||
| Net Income | 244 | 298 | 348 | 150 | 230 | |||||||||||||||||
| Dividend and accretion on preferred stock | 12 | 12 | 12 | 12 | 22 | |||||||||||||||||
| Net Income applicable to common shareholders | $ | 232 | $ | 287 | $ | 337 | $ | 138 | $ | 208 | ||||||||||||
| Income per share - basic & diluted | $ | 0.13 | $ | 0.16 | $ | 0.18 | $ | 0.08 | $ | 0.11 | ||||||||||||
| BALANCE SHEET DATA | ||||||||||||||||||||||
| Total assets | 164,588 | 156,985 | 152,773 | 148,497 | 139,851 | |||||||||||||||||
| Average Assets | 160,953 | 154,282 | 154,452 | 146,057 | 134,375 | |||||||||||||||||
| Total loans | 138,017 | 129,638 | 128,277 | 118,440 | 113,074 | |||||||||||||||||
| Allowance for loan loss (ALLL) | 2,144 | 2,054 | 2,044 | 1,974 | 1,644 | |||||||||||||||||
| Total deposits | 146,171 | 138,992 | 134,902 | 131,147 | 122,650 | |||||||||||||||||
| Other borrowings | - | - | - | - | - | |||||||||||||||||
| Shareholders' equity | 17,546 | 17,281 | 17,004 | 16,682 | 16,546 | |||||||||||||||||
| Average Equity | 17,399 | 17,139 | 16,822 | 16,728 | 16,410 | |||||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||||
| Other real estate owned (OREO) | - | - | - | - | - | |||||||||||||||||
| Net charge-offs | - | - | - | - | - | |||||||||||||||||
| Non-accrual loans | 732 | 732 | 764 | 708 | - | |||||||||||||||||
| (2) | Non-performing assets (NPA) | 732 | 732 | 764 | 708 | - | ||||||||||||||||
| Non-accrual loans / total loans | 0.53 | % | 0.56 | % | 0.60 | % | 0.60 | % | 0.00 | % | ||||||||||||
| Allowance for loan loss / total loans | 1.55 | % | 1.58 | % | 1.59 | % | 1.67 | % | 1.45 | % | ||||||||||||
| PERFORMANCE MEASUREMENTS | ||||||||||||||||||||||
| Net interest margin (tax equivalent) | 4.50 | % | 4.56 | % | 4.59 | % | 4.65 | % | 4.91 | % | ||||||||||||
| (1) | Return on average assets (annualized) | 0.61 | % | 0.78 | % | 0.90 | % | 0.41 | % | 0.69 | % | |||||||||||
| (3) | Return on average assets (annualized) | 1.14 | % | 1.21 | % | 1.53 | % | 1.52 | % | 1.17 | % | |||||||||||
| (1) | Return on average common equity (annualized) | 7.65 | % | 9.66 | % | 11.35 | % | 4.92 | % | 7.84 | % | |||||||||||
| (3) | Return on average common equity (annualized) | 14.39 | % | 14.89 | % | 19.42 | % | 18.35 | % | 13.34 | % | |||||||||||
| Efficiency ratio | 75.2 | % | 73.9 | % | 68.5 | % | 69.1 | % | 75.7 | % | ||||||||||||
| Total loans / Total deposits | 94.4 | % | 93.3 | % | 95.1 | % | 90.3 | % | 92.2 | % | ||||||||||||
| Tier 1 Leverage Ratio (Bank only) | 9.21 | % | 9.36 | % | 9.03 | % | 9.20 | % | 9.82 | % | ||||||||||||
| Equity / Assets | 10.66 | % | 11.01 | % | 11.13 | % | 11.23 | % | 11.83 | % | ||||||||||||
| Tangible common equity / Total assets | 7.85 | % | 8.06 | % | 8.11 | % | 8.12 | % | 8.53 | % | ||||||||||||
| Book value per share | $ | 7.04 | $ | 6.94 | $ | 6.79 | $ | 6.61 | $ | 6.54 | ||||||||||||
| Stock price | $ | 4.30 | $ | 4.95 | $ | 4.60 | $ | 4.55 | $ | 3.30 | ||||||||||||
| Stock price / book value (%) | 61.1 | % | 71.3 | % | 67.8 | % | 68.8 | % | 50.5 | % | ||||||||||||
| Income per share - basic & diluted | $ | 0.13 | $ | 0.16 | $ | 0.18 | $ | 0.08 | $ | 0.11 | ||||||||||||
| Shares outstanding | 1,836,662 | 1,824,662 | 1,824,662 | 1,824,662 | 1,824,662 | |||||||||||||||||
| Average shares outstanding | 1,825,058 | 1,824,662 | 1,824,662 | 1,824,662 | 1,816,222 | |||||||||||||||||
| (1) | Amount is computed on net income before preferred dividends. | |||||||||||||||||||||
| (2) | Non-performing assets includes non-accrual loans and other real estate owned. | |||||||||||||||||||||
| (3) | Amount is computed on pre-tax, pre-provision earnings before preferred dividends | |||||||||||||||||||||
Contact: Robert M. Farr Chief Executive Officer Birmingham Bloomfield Bancshares, Inc. 248-283-6430
