Huron Valley State Bank Reports Strong Growth and Income Gains for Q1 2014

As of 03/31/2014:

• Q1 pretax net income $188,000 or $0.23 per share (Prior year $123,000 or .15 per share)
• After tax return on average equity (ROAE) was 4.71%
• Return on average assets (ROAA) was 0.52%
• Total assets $92,285,000 (Prior year $83,997,000 an increase of 10%)
• Total loans $76.000,000 (26% increase from previous year)
• Retail deposits $81,865,000 (10% increase from previous year)
• One loan past due 30 days or more

Milford, Michigan – Huron Valley State Bank reported the above financials demonstrating continued strong growth and income gains for the 1st Quarter of 2014. Contributing to this is primarily loan and retail deposit growth. Loans had a 26% increase from the previous year, and 8.5% from the last quarter. Deposits had a 10% increase from the previous year. Asset quality remains favorable, and the bank is on target to reach its asset goal later this 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 smaller to medium sized businesses and hire additional staff for the mortgage lending team.

"I am pleased with our first quarter progress and our outlook for the balance of the year, especially being on target for our asset goal" said Jack Shubitowski, the bank's President and CEO. "Our loan growth is a significant contributor. While others are leaving the mortgage industry, Huron Valley State Bank saw an opportunity to enter the mortgage market. As for business banking, our team has strengthened the business pipeline to position us as a proven commercial lender in the marketplace."

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.