Huron Valley Bancorp : Huro Valley Bancorp, Inc. Announces Q4 2022 Results

FOR IMMEDIATE RELEASE	Sheri Miles
	Public Relations Director
	248-684-9626

Huron Valley Bancorp, Inc. Reports Q4 and Full-Year Results for 2022

Milford, Michigan - Huron Valley Bancorp, Inc., (HVLM) the parent company for Huron Valley State Bank, announced earnings for the fourth quarter and full-year ending December 31, 2022. Earnings for the 4th quarter totaled $693,000, an increase of $109,000 from the $584,000 earned during the three months ended December 31, 2021. Earnings per share was $0.80 during the quarter, up $0.13 from the $0.67 earned during the 4th quarter of 2021. Net income for the year 2022 was $1,986,000 or $2.29 per share, down slightly from 2021's net income of $2,046,000 or $2.36 per share. Income was favorably impacted by an increase in net interest income of $838,000 over the previous year, due largely to rising interest rates, and offset by an increase in operating expenses of $943,000, including compensation expense as we added to our team in key areas and increased staff for our new Plymouth office. Other income measures include Return on Equity (ROE) of 10.94% for 2022, compared with 11.51% for 2021, and Return on Assets (ROA) of 0.84%, down from 0.96% for the previous year.

Over the past three years we have experienced significant growth in deposits increasing over 50% during that time. Total deposits were $207,639,000 at December 31, 2022, with over 48% of total deposits in non-interesting bearing checking accounts, and total deposits were down 4.7% from the previous year. Total assets finished the year at $228,137,000, down $9,005,000 or 3.8% from December 31, 2021. Net loans increased to $148,213,000, representing a 7.2% net increase including the final Paycheck Protection Program Loan (PPP) paydowns, and a 12.9% increase excluding PPP activity. The Bank's cash position was $52,228,000 as of December 31, 2022, and the securities portfolio was $21,947,000 representing less than 10% of total assets.

130 South Milford Road, Milford, MI 48381

248.684.9626

"The bank has a well-diversified loan portfolio, excellent asset quality, strong liquidity, and is well capitalized and well positioned to continue to serve our customers and community", said Jack J. Shubitowski, President and CEO of Huron Valley Bancorp, Inc.". "Rising interest rates have worked to our advantage, and maintaining a strong cash position has provided the bank with good flexibility in the current rate environment.".

The bank has once again been recognized as a superior 5-Star rated bank by BauerFinancial, Inc. of Coral Gables, Florida, the nation's leading bank rating and research firm. To earn this rating Huron Valley State Bank must report strong capital levels and have a solid loan portfolio with negligible levels of delinquent loans. Its 5-Star Superior rating of Huron Valley State Bank denotes the highest level of strength and performance that a bank can receive.

Certain statements in this announcement contain forward-looking statements that are based on management's expectations, estimates, projections and Assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates," and variations of these words and similar expressions are intended to identify forward-looking statements. Forwarding looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.

All forward looking statements speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to the company or any person acting on the Corporation's behalf are qualified by the cautionary statements in this press release. The Corporation does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

Headquartered in Milford, Huron Valley Bancorp, Inc. is the parent company of Huron Valley State Bank. The 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 [phone]. The Highland branch is located at 2920 E. Highland Rd. in Highland. Call [phone]. The common stock of Huron Valley Bancorp, Inc. is listed on the NASDAQ Global Market System under the symbol "HVLM"

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130 South Milford Road, Milford, MI 48381

248.684.9626