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Birmingham Bloomfield Bancshares, Inc. Announces Results for Period Ending December 31, 2013

BIRMINGHAM, MI -- (Marketwired) -- 01/17/14 -- Birmingham Bloomfield Bancshares, Inc. (OTCBB: BBBI) ("the Company"), the holding company for Bank of Birmingham, today announced unaudited results for the quarter and year to date periods ended December 31, 2013. The performance delivered record earnings and substantial earning asset growth.

The Company reported net income of $421,000 or $0.23 per common share for the fourth quarter of 2013 compared to net income of $337,000 or $0.18 per common share for the same period of 2012. Net income for the year to date period ended December 31, 2013 was $1,207,000 or $0.66 per common share compared to $1,019,000 or $0.56 per common share for the same period last year. The full year results represent record earnings for the Company and an increase in net income of 18.5% relative to 2012.

Chief Executive Officer, Rob Farr, issued the results and commented, "We are excited to announce another record year for the Company. The performance was driven by improved profit margins, growth in earnings assets and an increase in core revenue. The Company delivered a Return on Average Common Equity of 9.69% and a pre-tax, pre-provision ROA of 1.21%. Book value reached $7.41 at year end and per share earnings increased 17.8% year over year. We are proud of our performance and it is a reflection of our core believe in delivering superior bank service and meaningful solutions to our customers through the dedication and performance of our experienced staff. We look forward to the opportunities in 2014 and continuing to create value for our shareholders."

Results of Operation

The Company reported net interest income of $1.823 million for the fourth quarter of 2013, an 18.1% increase relative to the same quarter of 2012. The improvement was the result of portfolio loan growth. Net interest margin for the quarter was 4.24% compared to 4.36% for the most recent linked quarter and 4.59% for the fourth quarter of 2012. Net interest income for the full year of 2013 was $6.791 million, an increase of $851,000 compared to the same period of 2012. Net interest margin for the year to date period ended December 31, 2013 was 4.40% compared to 4.73% in 2012. The margin compression experienced by the Company is a result of the evolving product mix of the balance sheet, competitive pricing conditions and challenging rate environment.

The Company reversed $120,000 in provision expense during the fourth quarter of 2013, as collateral values on impaired loans improved. Total provision expense for the year to date period ending December 31, 2013 was $160,000, compared to $470,000 for the twelve month period in 2012. The net reduction in provision expense is attributable to improved market values and a reduction in problem credits requiring a valuation reserve. The Company charged off $336,000 in impaired loans during 2013.

Total non-interest income for the fourth quarter of 2013 was $252,000, compared to $210,000 for the most recent linked quarter and $348,000 for the same period of 2012. Total non-interest income for the year to date period ending December 31, 2013 was $862,000, compared to $1.243 million for the prior year. The decrease was a function of reduced loan volume related to commercial SBA and residential mortgage loans sold in the secondary market In addition, the Company recognized a gain on the sale of an ORE property in 2012 totaling $150,000.

Total non-interest expense for the fourth quarter of 2013 was $1.543 million, compared to $1.296 million for the same quarter of 2012. Year to date non-interest expense for 2013 was $5.597 million, an increase of $498,000 relative to the same period in 2012. The increase in expenses were the result of hiring new personnel to accommodate growth, infrastructure expansion, investment in new technology and providing additional resources for business marketing effort.

Balance Sheet

Total assets as of December 31, 2013 were $188.7 million, a 23.5% increase from December 31, 2012. The net growth in total assets was the result of an increase in loan and deposit balances. Total portfolio loans reached $158.8 million in 2013, an increase of $30.6 million from the prior year. The growth was primarily concentrated in commercial, lease and mortgage related loans. The new loan activity was achieved by expanding loan product options and focusing on the credit needs of our local market. The asset quality of the Company remains strong and the allowance for loan loss was 1.18% of the portfolio. Total deposits as of December 31, 2013 were $169.6 million, an increase of 25.7% from the same period in 2012. The Bank continues to be classified as well capitalized based on regulatory guidelines and the Tier 1 ratio was 8.40% for the quarter.

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 included in the Company's filings with the Securities and Exchange Commission, available free via EDGAR. The Company assumes no responsibility to update forward-looking statements.

(Unaudited Consolidated Financial Statements Follow)


                   Birmingham Bloomfield Bancshares, Inc.
                   Consolidated Balance Sheet (Unaudited)



                                                December 31,   December 31,
                                                    2013           2012
                                               -------------  -------------
ASSETS
    Cash and due from banks                    $  22,585,199  $  15,539,072
    Federal funds sold                                     -              -
                                               -------------  -------------
  Total cash and cash equivalents                 22,585,199     15,539,072

    Securities available-for-sale                  2,626,716      3,725,923
    Securities held-to-maturity                            -              -
    Federal Home Loan Bank Stock                     248,000        218,100
                                               -------------  -------------
  Total securities                                 2,874,716      3,944,023

  Loans held for sale                                      -              -

  Portfolio loans
    Consumer loans                                 1,697,269      1,801,991
    Mortgage loans                                21,615,166     16,203,001
    Commercial leases                             13,719,232      1,346,177
    Commercial loans                             121,796,101    108,926,273
                                               -------------  -------------
  Total loans                                    158,827,768    128,277,442
    Less: Allowance for loan loss                  1,868,587      2,044,350
                                               -------------  -------------
  Net loans                                      156,959,181    126,233,092

    Premises and equipment, net                    1,224,764      1,277,802
    Bank owned life insurance                      2,256,410      2,182,513
    Deferred Tax Asset                             1,687,277      2,306,762
    Accrued interest receivable and other
     assets                                        1,091,237      1,289,814
                                               -------------  -------------

  TOTAL ASSETS                                 $ 188,678,784  $ 152,773,078
                                               =============  =============



LIABILITIES
  Deposits
    Noninterest-bearing                        $  39,235,022  $  23,947,132
    Interest-bearing                             130,376,667    110,955,051
                                               -------------  -------------
  Total deposits                                 169,611,689    134,902,183

    Short term borrowings                                  -              -
    Accrued interest payable, taxes and other
     liabilities                                     842,164        867,356
                                               -------------  -------------
  Total liabilities                              170,453,853    135,769,539

SHAREHOLDERS' EQUITY
    Senior preferred stock, series D               4,621,000      4,621,000
    Common Stock, no par value                    17,163,818     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            31,813         76,066
    Additional paid in capital - share based
     payments                                        493,154        493,154
    Accumulated deficit                           (4,084,854)    (5,292,299)
                                               -------------  -------------
  Total shareholders' equity                      18,224,931     17,003,539
                                               -------------  -------------

  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 188,678,784  $ 152,773,078
                                               =============  =============

Book value per share                           $        7.41  $        6.79



                   Birmingham Bloomfield Bancshares, Inc.
                Consolidated Statement of Income (Unaudited)

                              For the three months     For the nine months
                                      ended                   ended
                            ------------------------ -----------------------
                                  December 31,             December 31,
                            ------------------------ -----------------------
                                2013         2012        2013        2012
                            -----------  ----------- ----------- -----------
Interest Income
  Interest and fees on
   loans
    Commercial loans        $ 1,668,979  $ 1,516,114 $ 6,301,192 $ 5,938,254
    Commercial leases           150,702        5,723     410,947       5,723
    Installment loans            26,863       22,447     111,683      75,083
    Mortgage loans              114,917       85,839     405,945     266,934
    Home Equity loans            88,405       85,124     348,000     363,494
    Late charges and fees         5,831       23,303      38,049      85,786
                            -----------  ----------- ----------- -----------
  Total loan interest and
   fee income                 2,055,697    1,738,550   7,615,816   6,735,274

    Interest bearing
     deposits                    10,288        7,572      33,741      21,479
    Federal Funds Sold                -            -           -           -

    Interest on investment
     securities
      Taxable                    18,019       23,424      81,414      95,673
      Tax-exempt                    953          985       3,859       3,985
                            -----------  ----------- ----------- -----------
  Total investment income        18,972       24,409      85,273      99,658

  Total interest income       2,084,957    1,770,532   7,734,830   6,856,412

Interest Expense
    Interest on deposits        261,538      227,006     944,277     916,561
    Interest on borrowed
     funds                            -            -           -          64
                            -----------  ----------- ----------- -----------
  Total interest expense        261,538      227,006     944,277     916,625
                            -----------  ----------- ----------- -----------

  Net Interest Income         1,823,420    1,543,526   6,790,554   5,939,787
    Provision for loan
     losses                    (120,000)      70,000     160,000     470,000
                            -----------  ----------- ----------- -----------
  Net Interest Income After
   Provision for Loan
   Losses                     1,943,420    1,473,526   6,630,554   5,469,787

Non-interest Income
    Service charge income        23,490       19,912      78,972      78,622
    Mortgage banking
     activities                  22,955       81,525     182,142     355,557
    SBA loan sales              174,975      215,618     480,610     537,466
    Other income                 30,734       30,603     120,170     271,336
                            -----------  ----------- ----------- -----------
  Total non-interest income     252,154      347,658     861,894   1,242,981

Non-interest Expense
    Salaries and employee
     benefits                   776,331      631,181   3,044,573   2,686,254
    Occupancy expense           130,575      124,336     498,979     481,140
    Equipment expense            48,820       50,886     207,556     201,115
    Advertising                  81,036      100,618     239,506     272,798
    Data Processing              97,333       79,730     298,921     259,949
    Professional fees           113,882      125,918     514,365     504,547
    Loan origination
     expense                    132,161       40,312     230,467     195,459
    Regulatory Assessments       39,178       31,377     139,669     105,622
    Other expense               123,490      111,165     422,473     391,528
                            -----------  ----------- ----------- -----------
  Total non-interest
   expense                    1,542,807    1,295,523   5,596,510   5,098,412

  Net Income Before Income
   Taxes                        652,767      525,661   1,895,938   1,614,356
    Income tax expense          220,313      177,417     642,282     538,768
                            -----------  ----------- ----------- -----------
  Net Income                    432,454      348,244   1,253,656   1,075,588
    Dividend on preferred
     stock                       11,552       11,553      46,210      56,489
                            -----------  ----------- ----------- -----------
  Net Income applicable to
   common shareholders      $   420,902  $   336,691 $ 1,207,446 $ 1,019,099
                            ===========  =========== =========== ===========

Income per share - basic    $      0.23  $      0.18 $      0.66 $      0.56



                   Birmingham Bloomfield Bancshares, Inc.
             Financial Summary and Selected Ratios (Unaudited)
                (Dollars in thousands except per share data)

                                              Year to Date
                             ----------------------------------------------
                                  December 31,               Change
                             ----------------------  ----------------------
                                2013        2012       Amount    Percentage
                             ----------  ----------  ----------  ----------
INCOME STATEMENT
     Interest Income         $    7,735  $    6,856  $      878        12.8%
     Interest Expense               944         917          28         3.0%
                             ----------  ----------  ----------
   Net Interest Income            6,791       5,940         851        14.3%
     Provision for loan loss        160         470        (310)      -66.0%
     Non-interest income            862       1,243        (381)      -30.7%
     Non-interest expense         5,597       5,098         498         9.8%
                             ----------  ----------  ----------
   Net Income before Income
    Taxes                         1,896       1,614         282        17.4%
     Income tax expense             642         539         104        19.2%
                             ----------  ----------  ----------
   Net Income                     1,254       1,076         178        16.6%
     Dividend on preferred
      stock                          46          56         (10)      -18.2%
                             ----------  ----------  ----------
   Net Income - common
    shareholders             $    1,207  $    1,019  $      188        18.5%
                             ==========  ==========  ==========

   Income per share - basic
    & diluted                $     0.66  $     0.56  $     0.10        17.8%
                             ==========  ==========  ==========

BALANCE SHEET DATA
   Total assets                 188,679     152,773      35,906        23.5%
   Average Assets               170,554     140,400      30,154        21.5%
   Total loans                  158,828     128,277      30,550        23.8%
   Allowance for loan loss
    (ALLL)                        1,869       2,044        (176)       -8.6%
   Total deposits               169,612     134,902      34,710        25.7%
   Other borrowings                   -           -           -         0.0%
   Shareholders' equity          18,225      17,004       1,221         7.2%
   Average Equity                17,599      16,543       1,056         6.4%

ASSET QUALITY
   Other real estate owned
    (OREO)                            -           -           -         0.0%
   Net charge-offs                  336           -         336         0.0%
   Non-accrual loans                229         764        (535)      -70.0%
(2)Non-performing assets
    (NPA)                           229         764        (535)      -70.0%
   Non-accrual loans / total
    loans                          0.14%       0.60%      -0.45%      -75.8%
   Allowance for loan loss /
    total loans                    1.18%       1.59%      -0.42%      -26.2%

PERFORMANCE MEASUREMENTS
   Net interest margin (tax
    equivalent)                    4.40%       4.73%      -0.33%       -7.0%
(1)Return on average assets
    (annualized)                   0.74%       0.77%      -0.03%       -3.9%
(3)Return on average assets
    (annualized)                   1.21%       1.48%      -0.27%      -18.2%
(1)Return on average common
    equity (annualized)            9.69%       9.02%       0.67%        7.4%
(3)Return on average common
    equity (annualized)           15.89%      17.48%      -1.59%       -9.1%
   Efficiency ratio                73.1%       71.0%       2.15%        3.0%
   Total loans / Total
    deposits                       93.6%       95.1%      -1.45%       -1.5%
   Tier 1 Leverage Ratio
    (Bank only)                    8.40%       9.03%      -0.63%      -6.98%
   Equity / Assets                 9.66%      11.13%      -1.47%      -13.2%
   Tangible common equity /
    Total assets                   7.21%       8.11%      -0.90%      -11.0%

   Book value per share      $     7.41  $     6.79  $     0.62         9.1%
   Stock price               $     5.13  $     4.60  $     0.53        11.5%
   Stock price / book value
    (%)                            69.3%       67.8%       1.48%        2.2%
   Income per share - basic
    & diluted                $     0.66  $     0.56  $     0.10        17.8%
   Price to earnings ratio
    (P/E) (year to date)           7.8x        8.2x       -0.4x        -5.3%
   Shares outstanding         1,836,662   1,824,662      12,000         0.7%
   Average shares
    outstanding               1,830,810   1,819,580      11,230         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
                     ------------------------------------------------------
                      December   September                        December
                         31,        30,     June 30,   March 31,     31,
                        2013       2013       2013       2013       2012
                     ---------- ---------- ---------- ---------- ----------
INCOME STATEMENT
     Interest Income $    2,085 $    1,998 $    1,860 $    1,792 $    1,771
     Interest
      Expense               262        246        222        215        227
                     ---------- ---------- ---------- ---------- ----------
   Net Interest
    Income                1,823      1,752      1,638      1,577      1,544
     Provision for
      loan loss            (120)       180         90         10         70
     Non-interest
      income                252        210        215        185        348
     Non-interest
      expense             1,543      1,358      1,394      1,302      1,296
                     ---------- ---------- ---------- ---------- ----------
   Net Income before
    Income Taxes            653        425        369        450        526
     Income tax                  145
      expense               220                   125        152        177
                     ---------- ---------- ---------- ---------- ----------
   Net Income               432        279        244        298        348
     Dividend on
      preferred
      stock                  12         12         12         12         12
                     ---------- ---------- ---------- ---------- ----------
   Net Income
    applicable to
    common
    shareholders     $      421 $      268 $      232 $      287 $      337
                     ========== ========== ========== ========== ==========

   Income per share
    - basic &
    diluted          $     0.23 $     0.15 $     0.13 $     0.16 $     0.18
                     ========== ========== ========== ========== ==========

BALANCE SHEET DATA
   Total assets         188,679    182,693    164,588    156,985    152,773
   Average Assets       191,516    175,007    160,953    154,282    154,452
   Total loans          158,828    151,524    138,017    129,638    128,277
   Allowance for
    loan loss (ALLL)      1,869      1,989      2,144      2,054      2,044
   Total deposits       169,612    163,836    146,171    138,992    134,902
   Other borrowings           -          -          -          -          -
   Shareholders'
    equity               18,225     17,809     17,546     17,281     17,004
   Average Equity        18,006     17,682     17,399     17,139     16,822

ASSET QUALITY
   Other real estate
    owned (OREO)              -          -          -          -          -
   Net charge-offs            -        336          -          -          -
   Non-accrual loans        229        316        732        732        764
(2)Non-performing
    assets (NPA)            229        316        732        732        764
   Non-accrual loans
    / total loans          0.14%      0.21%      0.53%      0.56%      0.60%
   Allowance for
    loan loss /
    total loans            1.18%      1.31%      1.55%      1.58%      1.59%

PERFORMANCE
 MEASUREMENTS
   Net interest
    margin (tax
    equivalent)            4.24%      4.36%      4.50%      4.56%      4.59%
(1)Return on average
    assets
    (annualized)           0.90%      0.63%      0.61%      0.78%      0.90%
(3)Return on average
    assets
    (annualized)           1.10%      1.37%      1.14%      1.21%      1.53%
(1)Return on average
    common equity
    (annualized)          12.82%      8.49%      7.65%      9.66%     11.35%
(3)Return on average
    common equity
    (annualized)          15.79%     18.37%     14.39%     14.89%     19.42%
   Efficiency ratio        74.3%      69.2%      75.2%      73.9%      68.5%
   Total loans /
    Total deposits         93.6%      92.5%      94.4%      93.3%      95.1%
   Tier 1 Leverage
    Ratio (Bank
    only)                  8.40%      8.71%      9.21%      9.36%      9.03%
   Equity / Assets         9.66%      9.75%     10.66%     11.01%     11.13%
   Tangible common
    equity / Total
    assets                 7.21%      7.22%      7.85%      8.06%      8.11%

   Book value per
    share            $     7.41 $     7.18 $     7.04 $     6.94 $     6.79
   Stock price       $     5.13 $     5.70 $     4.30 $     4.95 $     4.60
   Stock price /
    book value (%)         69.3%      79.4%      61.1%      71.3%      67.8%
   Income per share
    - basic &
    diluted          $     0.23 $     0.15 $     0.13 $     0.16 $     0.18
   Shares
    outstanding       1,836,662  1,836,662  1,836,662  1,824,662  1,824,662
   Average shares
    outstanding       1,836,662  1,836,662  1,825,058  1,824,662  1,824,662

(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

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SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...