Birmingham Bloomfield Bancshares, Inc. Announces Record Results for Period Ended September 30, 2013
The Company reported net income of $268,000 or $0.15 per common share for the third quarter of 2013 compared to net income of $138,000 or $0.08 per common share for the same period of 2012. Net income for the nine month period ended September 30, 2013 was $787,000 or $0.43 per common share compared to $682,000 or $0.38 per common share for the same period last year.
Chief Executive Officer, Rob Farr, issued the results and commented, "The performance produced record earnings on a pre-tax, pre-provision basis, and net income increased 15.3% compared to 2012. Total assets have increased 23.0% on a year over year basis and total loans reached $151.5 million as the end of the third quarter. The growth has translated to an increase in the earnings capacity of the balance sheet and our net interest margin still remains strong despite the competitive pricing environment in our local markets. We continue to focus on opportunities to improve the core profitability of the Bank and increase franchise value."
