Attached files
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| 8-K - FORM 8-K - Birmingham Bloomfield Bancshares | d245663d8k.htm |
EXHIBIT 99.1
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Birmingham Bloomfield Bancshares, Inc. 33583 Woodward Avenue Birmingham, MI 48009 248-723-7200 |
October 18, 2011
| For Immediate Release: | Contact: | Robert M. Farr | ||
| Chief Executive Officer | ||||
| Birmingham Bloomfield Bancshares, Inc. | ||||
| 248-283-6430 |
Birmingham Bloomfield Bancshares, Inc.
Announces Third Quarter Results
BIRMINGHAM, MI - Birmingham Bloomfield Bancshares, Inc. (OTC Bulletin Board: BBBI.OB) (“the Company”), the holding company for Bank of Birmingham, today announced results for the three and nine month periods ending September 30, 2011. The performance produced record earnings and represents the sixth consecutive quarter of profitability.
The Company reported net income of $109,000 or $0.06 per common share for the third quarter of 2011 compared to net income of $50,000 or $0.03 per common share for the same period of 2010. Net income for the nine month period ended September 30, 2011 was $785,000 or $0.44 per common share compared to $117,000 or $0.06 per common share for the same period last year.
Results of Operation
The Company reported net interest income of $1.281 million for the third quarter of 2011, a 9.5% increase relative to the same quarter of 2010 and a 2.4% increase compared to the most recent linked quarter. The improvement is a direct result of loan growth and lower cumulative funding costs. Net interest margin for the three month period ended September 30, 2011 was 4.44%, marginally lower than the second quarter of 2011 as the Company experienced mild rate compression due to lower asset yields and a change in the mix of the balance sheet. Net interest income for the first nine months of 2011 was $3.792 million, an increase of 19.0% relative to the same period of 2010. The increase in core revenue is a result of earning asset growth and a reduction in deposit expense. Net interest margin for the year to date period ended September 30, 2011 was 4.48% compared to 4.19% for the same period of 2010.
The Company provided $105,000 in provision expense during the third quarter of 2011, a decrease of $151,000 from the same period last year. Total provision expense for the year to date period ending September 30, 2011 was $159,000, compared to $545,000 for same period of 2010. The decrease in provision expense is attributable to the limited number of classified assets and reduction in charge off activity. Net charge offs in 2011 totaled $108,000, compared to $296,000 for the same period last year.
The Company continues to generate significant revenue from non-interest income sources. Net-interest income for the third quarter of 2011 was $319,000, compared to $24,000 for the same quarter in 2010. Total non-interest income for the year to date period ending September 30, 2011
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Birmingham Bloomfield Bancshares, Inc. 33583 Woodward Avenue Birmingham, MI 48009 248-723-7200 |
was $924,000 a significant increase relative to the $88,000 reported for the same period last year. The increase for both periods presented is the result of revenue from SBA loan sales and mortgage banking activity; new products offered by the Company in 2011. Income from the sale of residential mortgages in the secondary market totaled $108,000 and $167,000 for the three and nine month periods respectively. The Company also continues to participate in the Small Business Administrative loan program to generate additional revenue. In 2011, the Company earned $186,000 and $687,000, respectively on sales of SBA loans for the quarter and year to date periods presented.
Total non-interest expense for the third quarter of 2011 was $1.317 million, an increase of $477,000 compared to the prior year. Year to date non-interest expense for 2011 totaled $3.607 million, compared to $2.467 million for the same period last year. The increase in expenses are the result of costs associated with developing the mortgage division, expanding office space at the main branch location, hiring additional personnel to accommodate anticipated growth and engaging professionals to assist the Company with strategic initiatives.
Balance Sheet
Total assets as of September 30, 2011 were $124.743 million, a 5.2% increase from the period ended June 30, 2011, and a 13.1% increase from December 31, 2010. The balance sheet growth is a result of successfully attracting core deposits to fund new loan volume. Although the current lending market remains soft, quality opportunities are available. The Company continues to focus on generating organic growth in our primary markets by offering a variety of products and providing exceptional customer service.
The asset quality of the Company remains strong. Nonperforming assets at the end of the quarter totaled $298,000 and the allowance for loan loss represented 1.46% of total loans. At September 30, 2011 the Company’s book value was $4.65 and the subsidiary bank continues to be classified as well capitalized based on regulatory guidelines.
Chief Executive Officer, Rob Farr issued the results and commented, “The Company reported our sixth consecutive quarter of profitability and record earnings for the first nine months of 2011. Our margin remains very strong despite the current rate environment and we achieved a Return on Average Assets before preferred dividends of 1.08% for the year to date period. We have been successful in diversifying our revenue and growing the balance sheet despite a depressed market. The strategic initiatives we established at the beginning of the year are having a material impact on the performance of the Company and provide a strong foundation for the future of the franchise. We are excited about our prospects as we move forward and believe we are in a good position to take advantage of future opportunities.”
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;
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Birmingham Bloomfield Bancshares, Inc. 33583 Woodward Avenue Birmingham, MI 48009 248-723-7200 |
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 Howe Barnes Hoefer and Arnett (acquired by Raymond James), Chicago; Monroe Securities, Chicago; Hill, Thompson, Magid & Co; Jersey City, New Jersey; and Hudson Securities, Inc., Jersey City, New Jersey.
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 included in the Corporation’s filings with the Securities and Exchange Commission, available free via EDGAR. The Corporation assumes no responsibility to update forward-looking statements.
(Unaudited Consolidated Financial Statements Follow)
Birmingham Bloomfield Bancshares, Inc.
Consolidated Balance Sheet (Unaudited)
| September 30, 2011 |
December 31, 2010 |
September 30, 2010 |
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| ASSETS |
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| Cash and due from banks |
$ | 15,212,448 | $ | 5,300,368 | $ | 11,661,891 | ||||||
| Federal funds sold |
— | 65,936 | 50,299 | |||||||||
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| Total cash and cash equivalents |
15,212,448 | 5,366,304 | 11,712,190 | |||||||||
| Securities available-for-sale |
4,182,261 | 3,200,002 | 3,801,572 | |||||||||
| Securities held-to-maturity |
— | — | — | |||||||||
| Federal Home Loan Bank Stock |
169,900 | 160,200 | 162,100 | |||||||||
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| Total securities |
4,352,161 | 3,360,202 | 3,963,672 | |||||||||
| Loans held for Sale |
1,232,221 | 322,500 | — | |||||||||
| Portfolio loans |
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| Consumer loans |
1,165,438 | 1,054,573 | 1,048,882 | |||||||||
| Mortgage loans |
10,641,099 | 11,335,007 | 11,203,167 | |||||||||
| Commercial loans |
90,773,268 | 87,989,098 | 82,032,057 | |||||||||
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| Total loans |
102,579,805 | 100,378,678 | 94,284,106 | |||||||||
| Less: Allowance for loan loss |
1,499,350 | 1,448,096 | 1,424,006 | |||||||||
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| Net loans |
101,080,455 | 98,930,582 | 92,860,100 | |||||||||
| Premises and equipment, net |
1,446,008 | 1,359,510 | 1,366,918 | |||||||||
| Accrued interest receivable and other assets |
1,419,754 | 995,438 | 1,351,593 | |||||||||
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| TOTAL ASSETS |
$ | 124,743,047 | $ | 110,334,536 | $ | 111,254,473 | ||||||
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| LIABILITIES |
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| Deposits |
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| Noninterest-bearing |
$ | 15,830,438 | $ | 14,190,295 | $ | 12,708,760 | ||||||
| Interest-bearing |
95,340,302 | 83,060,199 | 87,288,547 | |||||||||
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| Total deposits |
111,170,740 | 97,250,494 | 99,997,307 | |||||||||
| Short term borrowings |
— | 1,469,095 | — | |||||||||
| Accrued interest payable, taxes and other liabilities |
516,351 | 629,422 | 358,610 | |||||||||
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| Total liabilities |
111,687,091 | 99,349,011 | 100,355,917 | |||||||||
| SHAREHOLDERS’ EQUITY |
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| Senior preferred stock A |
— | 1,635,000 | 1,635,000 | |||||||||
| Discount on senior preferred stock A |
— | (61,027 | ) | (65,474 | ) | |||||||
| Warrant preferred stock B |
— | 82,000 | 82,000 | |||||||||
| Premium on warrant preferred stock B |
— | 6,634 | 7,117 | |||||||||
| Senior preferred stock C |
— | 1,744,000 | 1,744,000 | |||||||||
| Discount on senior preferred stock C |
— | — | — | |||||||||
| Senior preferred stock D |
4,621,000 | — | — | |||||||||
| Common Stock, no par value |
17,066,618 | 17,034,330 | 17,034,330 | |||||||||
| Authorized – 4,500,000 shares, Issued and outstanding – 1,812,662 |
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| 1,800,000 and 1,800,000 shares respectively |
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| Accumulated other comprehensive income |
152,009 | 112,908 | 150,965 | |||||||||
| Additional paid in capital |
— | — | — | |||||||||
| Additional paid in capital - share based payments |
493,154 | 493,154 | 493,154 | |||||||||
| Accumulated deficit |
(9,276,825 | ) | (10,061,474 | ) | (10,182,536 | ) | ||||||
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| Total shareholders’ equity |
13,055,956 | 10,985,525 | 10,898,556 | |||||||||
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| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 124,743,047 | $ | 110,334,536 | $ | 111,254,473 | ||||||
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| — | — | — | ||||||||||
| Book value per share |
$ | 4.65 | $ | 4.21 | $ | 4.16 | ||||||
Birmingham Bloomfield Bancshares, Inc.
Consolidated Statement of Income (Unaudited)
| For the three months ended September 30, |
For the nine months ended September 30, |
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| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Interest Income |
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| Interest and fees on loans |
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| Commercial loans |
$ | 1,419,136 | $ | 1,330,539 | $ | 4,234,101 | $ | 3,696,518 | ||||||||
| Installment loans |
16,621 | 13,270 | 43,168 | 32,195 | ||||||||||||
| Mortgage loans |
21,335 | 20,201 | 56,504 | 56,070 | ||||||||||||
| Home Equity loans |
94,114 | 94,064 | 289,706 | 272,625 | ||||||||||||
| Late charges and fees |
3,460 | 2,953 | 21,240 | 16,515 | ||||||||||||
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| Total loan interest and fee income |
1,554,666 | 1,461,027 | 4,644,719 | 4,073,923 | ||||||||||||
| Interest bearing deposits |
4,940 | 9,967 | 15,291 | 21,283 | ||||||||||||
| Federal Funds Sold |
— | 51 | 13 | 1,299 | ||||||||||||
| Interest on investment securities |
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| Taxable |
22,064 | 35,215 | 74,786 | 101,270 | ||||||||||||
| Tax-exempt |
408 | — | 408 | — | ||||||||||||
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| Total investment income |
22,472 | 35,215 | 75,194 | 101,270 | ||||||||||||
| Total interest income |
1,582,078 | 1,506,260 | 4,735,217 | 4,197,775 | ||||||||||||
| Interest Expense |
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| Interest on deposits |
301,195 | 336,660 | 929,127 | 1,012,639 | ||||||||||||
| Interest on borrowed funds |
— | — | 14,509 | — | ||||||||||||
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| Total interest expense |
301,195 | 336,660 | 943,636 | 1,012,639 | ||||||||||||
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| Net Interest Income |
1,280,883 | 1,169,600 | 3,791,581 | 3,185,136 | ||||||||||||
| Provision for loan losses |
105,000 | 255,652 | 159,000 | 544,949 | ||||||||||||
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| Net Interest Income After Provision for Loan Losses |
1,175,883 | 913,948 | 3,632,581 | 2,640,187 | ||||||||||||
| Non-interest Income |
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| Service charge income |
15,208 | 14,576 | 39,369 | 36,654 | ||||||||||||
| Mortgage banking activities |
108,384 | — | 167,145 | — | ||||||||||||
| SBA loan sales |
186,151 | — | 686,884 | — | ||||||||||||
| Other income |
8,808 | 9,896 | 30,426 | 51,718 | ||||||||||||
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| Total non-interest income |
318,551 | 24,472 | 923,824 | 88,372 | ||||||||||||
| Non-interest Expense |
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| Salaries and employee benefits |
729,641 | 400,185 | 1,955,026 | 1,157,192 | ||||||||||||
| Occupancy expense |
145,294 | 109,796 | 388,979 | 330,271 | ||||||||||||
| Equipment expense |
55,722 | 33,601 | 133,310 | 103,670 | ||||||||||||
| Advertising |
29,276 | 24,727 | 110,019 | 76,967 | ||||||||||||
| Data Processing |
57,379 | 56,870 | 166,952 | 162,000 | ||||||||||||
| Professional fees |
105,963 | 81,234 | 363,403 | 247,622 | ||||||||||||
| Loan origination expense |
37,223 | 18,346 | 86,273 | 58,601 | ||||||||||||
| Other expense |
156,963 | 115,721 | 403,434 | 330,405 | ||||||||||||
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| Total non-interest expense |
1,317,461 | 840,480 | 3,607,396 | 2,466,728 | ||||||||||||
| Net Income Before Income Taxes |
176,973 | 97,940 | 949,009 | 261,831 | ||||||||||||
| Income tax expense |
— | — | — | — | ||||||||||||
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| Net Income |
176,973 | 97,940 | 949,009 | 261,831 | ||||||||||||
| Dividend and accretion on preferred stock |
67,995 | 48,273 | 164,360 | 144,931 | ||||||||||||
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| Net Income applicable to common shareholders |
$ | 108,978 | $ | 49,667 | $ | 784,649 | $ | 116,900 | ||||||||
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| Income per share - basic |
$ | 0.06 | $ | 0.03 | $ | 0.44 | $ | 0.06 | ||||||||
Birmingham Bloomfield Bancshares, Inc.
Financial Summary and Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
| Year to Date | ||||||||||||||||
| September 30, | Change | |||||||||||||||
| 2011 | 2010 | Amount | Percentage | |||||||||||||
| INCOME STATEMENT |
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| Interest Income |
$ | 4,735 | $ | 4,198 | $ | 537 | 12.8 | % | ||||||||
| Interest Expense |
944 | 1,013 | (69 | ) | -6.8 | % | ||||||||||
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| Net Interest Income |
3,792 | 3,185 | 606 | 19.0 | % | |||||||||||
| Provision for loan loss |
159 | 545 | (386 | ) | -70.8 | % | ||||||||||
| Non-interest income |
924 | 88 | 835 | 945.4 | % | |||||||||||
| Non-interest expense |
3,607 | 2,467 | 1,141 | 46.2 | % | |||||||||||
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| Net Income before Income Taxes |
949 | 262 | 687 | 262.5 | % | |||||||||||
| Income tax expense |
— | — | — | 0.0 | % | |||||||||||
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| Net Income |
949 | 262 | 687 | 262.5 | % | |||||||||||
| Dividend and accretion on preferred stock |
164 | 145 | 19 | 13.4 | % | |||||||||||
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| Net Income - common shareholders |
$ | 785 | $ | 117 | $ | 668 | 571.2 | % | ||||||||
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| Income per share - basic & diluted |
$ | 0.44 | $ | 0.06 | $ | 0.37 | 571.0 | % | ||||||||
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| BALANCE SHEET DATA |
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| Total assets |
124,743 | 111,254 | 13,489 | 12.1 | % | |||||||||||
| Average Assets |
118,010 | 104,903 | 13,107 | 12.5 | % | |||||||||||
| Total loans |
102,580 | 94,284 | 8,296 | 8.8 | % | |||||||||||
| Allowance for loan loss (ALLL) |
1,499 | 1,424 | 75 | 5.3 | % | |||||||||||
| Total deposits |
111,171 | 99,997 | 11,173 | 11.2 | % | |||||||||||
| Other borrowings |
— | — | — | 0.0 | % | |||||||||||
| Shareholders’ equity |
13,056 | 10,899 | 2,157 | 19.8 | % | |||||||||||
| Average Equity |
11,728 | 10,785 | 943 | 8.7 | % | |||||||||||
| ASSET QUALITY |
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| Other real estate owned (OREO) |
298 | — | 298 | 0.0 | % | |||||||||||
| Net charge-offs |
108 | 296 | (188 | ) | -63.5 | % | ||||||||||
| Non-accrual loans |
— | 298 | (298 | ) | -100.0 | % | ||||||||||
| (2) Non-performing assets (NPA) |
298 | 298 | (0 | ) | -0.1 | % | ||||||||||
| Non-accrual loans / total loans |
0.00 | % | 0.32 | % | -0.32 | % | -100.0 | % | ||||||||
| Allowance for loan loss / total loans |
1.46 | % | 1.51 | % | -0.05 | % | -3.2 | % | ||||||||
| PERFORMANCE MEASUREMENTS |
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| Net interest margin (tax equivalent) |
4.48 | % | 4.19 | % | 0.29 | % | 6.9 | % | ||||||||
| (1) Return on average assets (annualized) |
1.08 | % | 0.33 | % | 0.75 | % | 223.6 | % | ||||||||
| (1) Return on average common equity (annualized) |
15.80 | % | 4.74 | % | 11.06 | % | 233.5 | % | ||||||||
| Efficiency ratio |
76.50 | % | 75.35 | % | 1.15 | % | 1.5 | % | ||||||||
| Tier 1 Leverage Ratio (Bank only) |
9.22 | % | 8.19 | % | 1.03 | % | 12.58 | % | ||||||||
| Equity / Assets |
10.47 | % | 9.80 | % | 0.67 | % | 6.8 | % | ||||||||
| Total loans / Total deposits |
92.3 | % | 94.3 | % | -2.01 | % | -2.1 | % | ||||||||
| Book value per share |
$ | 4.65 | $ | 4.16 | $ | 0.49 | 11.7 | % | ||||||||
| Income (loss) per share - basic & diluted |
$ | 0.44 | $ | 0.06 | $ | 0.37 | 571.0 | % | ||||||||
| Shares outstanding |
1,812,662 | 1,800,000 | 12,662 | 0.7 | % | |||||||||||
| (1) | Amount is computed on net income before preferred dividends. |
| (2) | Non-performing assets includes non-accrual loans and other real estate owned. |
Birmingham Bloomfield Bancshares, Inc.
Financial Summary and Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
| Quarter Ended | ||||||||||||||||||||
| September 30, 2011 |
June 30, 2011 |
March 31, 2011 |
December 31, 2010 |
September 30, 2010 |
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| INCOME STATEMENT |
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| Interest Income |
$ | 1,582 | $ | 1,565 | $ | 1,588 | $ | 1,554 | $ | 1,506 | ||||||||||
| Interest Expense |
301 | 314 | 329 | 327 | 337 | |||||||||||||||
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| Net Interest Income |
1,281 | 1,251 | 1,260 | 1,226 | 1,170 | |||||||||||||||
| Provision for loan loss |
105 | 15 | 39 | 49 | 256 | |||||||||||||||
| Non-interest income |
319 | 280 | 325 | 37 | 24 | |||||||||||||||
| Non-interest expense |
1,317 | 1,207 | 1,083 | 1,046 | 840 | |||||||||||||||
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| Net Income before Income Taxes |
177 | 310 | 462 | 169 | 98 | |||||||||||||||
| Income tax expense |
— | — | — | — | — | |||||||||||||||
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| Net Income |
177 | 310 | 462 | 169 | 98 | |||||||||||||||
| Dividend and accretion on preferred stock |
68 | 48 | 48 | 48 | 48 | |||||||||||||||
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| Net Income applicable to common shareholders |
$ | 109 | $ | 261 | $ | 414 | $ | 121 | $ | 50 | ||||||||||
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| Income per share - basic & diluted |
$ | 0.06 | $ | 0.15 | $ | 0.23 | $ | 0.07 | $ | 0.03 | ||||||||||
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| BALANCE SHEET DATA |
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| Total assets |
124,743 | 118,604 | 116,521 | 110,335 | 111,254 | |||||||||||||||
| Average Assets |
121,526 | 117,002 | 115,435 | 111,366 | 110,091 | |||||||||||||||
| Total loans |
102,580 | 100,079 | 98,205 | 100,379 | 94,284 | |||||||||||||||
| Allowance for loan loss (ALLL) |
1,499 | 1,502 | 1,487 | 1,448 | 1,424 | |||||||||||||||
| Total deposits |
111,171 | 106,305 | 104,588 | 97,250 | 99,997 | |||||||||||||||
| Other borrowings |
— | — | — | 1,469 | — | |||||||||||||||
| Shareholders’ equity |
13,056 | 11,696 | 11,403 | 10,986 | 10,899 | |||||||||||||||
| Average Equity |
12,520 | 11,481 | 11,167 | 10,942 | 10,860 | |||||||||||||||
| ASSET QUALITY |
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| Other real estate owned (OREO) |
298 | 298 | — | — | — | |||||||||||||||
| Net charge-offs |
108 | — | — | 24 | — | |||||||||||||||
| Non-accrual loans |
— | — | 298 | 298 | 298 | |||||||||||||||
| (2) Non-performing assets (NPA) |
298 | 298 | 298 | 298 | 298 | |||||||||||||||
| Non-accrual loans / total loans |
0.00 | % | 0.00 | % | 0.30 | % | 0.30 | % | 0.32 | % | ||||||||||
| Allowance for loan loss / total loans |
1.46 | % | 1.50 | % | 1.51 | % | 1.44 | % | 1.51 | % | ||||||||||
| PERFORMANCE MEASUREMENTS |
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| Net interest margin (tax equivalent) |
4.44 | % | 4.51 | % | 4.49 | % | 4.46 | % | 4.32 | % | ||||||||||
| (1) Return on average assets (annualized) |
0.58 | % | 1.06 | % | 1.62 | % | 0.60 | % | 0.35 | % | ||||||||||
| (1) Return on average common equity (annualized) |
8.49 | % | 15.39 | % | 24.17 | % | 8.89 | % | 5.21 | % | ||||||||||
| Efficiency ratio |
82.37 | % | 78.80 | % | 68.36 | % | 82.78 | % | 70.39 | % | ||||||||||
| Tier 1 Leverage Ratio (Bank only) |
9.22 | % | 8.54 | % | 8.33 | % | 8.15 | % | 8.19 | % | ||||||||||
| Equity / Assets |
10.47 | % | 9.86 | % | 9.79 | % | 9.96 | % | 9.80 | % | ||||||||||
| Total loans / Total deposits |
92.3 | % | 94.1 | % | 93.9 | % | 103.2 | % | 94.3 | % | ||||||||||
| Book value per share |
$ | 4.65 | $ | 4.60 | $ | 4.44 | $ | 4.21 | $ | 4.16 | ||||||||||
| Income (loss) per share - basic & diluted |
$ | 0.06 | $ | 0.15 | $ | 0.23 | $ | 0.07 | $ | 0.03 | ||||||||||
| Shares outstanding |
1,812,662 | 1,800,000 | 1,800,000 | 1,800,000 | 1,800,000 | |||||||||||||||
| (1) | Amount is computed on net income before preferred dividends. |
| (2) | Non-performing assets includes non-accrual loans and other real estate owned. |