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Overview of Blueharbor Bank
Blueharbor Bank (OTCQX: BLHK) is a community-centric financial institution headquartered in Mooresville, North Carolina. Operating with a commitment to personalized service, the bank serves local businesses and individuals through its branches in Statesville and Mount Airy, as well as loan production offices in Belmont and Hickory. Blueharbor Bank emphasizes a high-touch, relationship-based approach to banking, positioning itself as a trusted partner for financial solutions within its regional footprint.
Core Business and Revenue Model
At its core, Blueharbor Bank provides a comprehensive suite of financial products and services, including commercial and personal loans, deposit accounts, and wealth management solutions. The bank generates revenue primarily through net interest income derived from loans, complemented by noninterest income such as fees from banking services. Its strategic focus on loan growth is evident in its consistent expansion of gross loans, which has been a key driver of its financial performance.
Market Position and Industry Context
Operating in the competitive community banking sector, Blueharbor Bank distinguishes itself through its localized expertise and personalized customer service. Its geographic focus allows it to build deep relationships with clients, particularly small to medium-sized enterprises (SMEs) and retail customers. The bank's strong asset quality, with non-performing assets consistently near zero, underscores its prudent risk management and commitment to financial stability.
Operational Strengths and Differentiation
Blueharbor Bank's operational strengths lie in its robust capital levels, efficient cost management, and strategic loan growth. The bank maintains a healthy net interest margin, supported by disciplined asset-liability management. Its emphasis on community banking principles—such as accessibility, responsiveness, and tailored financial solutions—sets it apart from larger regional and national competitors. Additionally, its proactive approach to expanding its presence, as seen with its entry into Mount Airy, reflects its growth-oriented strategy.
Challenges and Strategic Outlook
Like many financial institutions, Blueharbor Bank faces challenges from rising interest costs and increased competition from fintech disruptors. However, its ability to adapt by improving asset yields and maintaining strong credit quality positions it well for sustained growth. The bank's focus on enhancing shareholder value, as evidenced by its share repurchase program, further demonstrates its commitment to long-term stability and profitability.
Commitment to Community and Trust
Blueharbor Bank's dedication to serving its community is a cornerstone of its identity. By fostering strong relationships and delivering tailored financial solutions, it has earned a reputation for trustworthiness and reliability. Its consistent financial performance, coupled with a forward-thinking approach to growth, solidifies its standing as a leading community bank in its region.
blueharbor bank (BLHK) reported strong Q4 2024 performance with net income of $2.11 million ($0.70 per diluted share), up 40% from Q4 2023. The bank surpassed $500 million in assets, reaching $506.8 million, an 18% increase year-over-year. Key metrics include a 4.09% net interest margin, 1.72% ROA, and 15.30% ROE.
Loan growth was particularly strong, increasing $28.7 million (7%) in Q4 and $76.0 million (21%) for the year. Total deposits grew 18% to $440.7 million. Asset quality remained excellent with zero non-performing assets. However, full-year 2024 net income decreased 5% to $6.79 million compared to 2023, while noninterest income declined 15% in Q4 2024.
The bank maintains strong capital levels with a total risk-based capital ratio of 14.2% and expects continued growth into 2025 based on increased customer optimism and spending.
blueharbor bank (OTCQX-BLHK) has announced a special dividend of $0.20 per share, demonstrating strong capital and earnings performance. The dividend will be paid on December 13, 2024, to shareholders of record as of December 3, 2024. Management indicated potential consideration of additional special dividends in the future, though no firm decisions have been made.
blueharbor bank reported strong Q3 2024 performance with net income of $1.91 million and diluted EPS of $0.63, up 34% from previous quarter. The bank achieved significant growth with total assets reaching $486.0 million, a 13% increase year-over-year. Notable metrics include ROA of 1.60%, ROE of 14.27%, and net interest margin expansion of 22 basis points to 4.11%. Loan portfolio grew by $47.3 million (18% annualized) and deposits increased by $49.6 million (18% annualized) in the first nine months of 2024. Asset quality remained strong with non-performing assets at just 0.00% of total assets. The bank also expanded its presence by opening a new full-service branch in Mount Airy.
blueharbor bank (BLHK) reported Q2 2024 net income of $1,429,588 ($0.47 per diluted share), down from $1,889,135 ($0.62 per diluted share) in Q2 2023. Key highlights include:
- 11% year-over-year increase in book value
- Net interest margin expansion of 25 basis points to 3.89% over Q1 2024
- 19.5% annualized loan growth in H1 2024
- 15.9% annualized deposit growth in H1 2024
- 27% increase in interest income over Q2 2023
- 9% growth in net interest income over Q2 2023
Total assets reached $463.3 million, up 10% year-over-year. The bank maintained strong asset quality with non-performing assets at 0.01% of total assets. Capital levels remained solid with a total risk-based capital ratio of 14.9%.
blueharbor bank (OTCQX: BLHK) announced a special dividend of $0.20 per share, payable on July 5, 2024, to shareholders of record as of June 27, 2024. President and CEO Jim Marshall highlighted the bank's strong capital and earnings as key factors enabling this dividend. He also hinted at the possibility of future special dividends.
blueharbor bank reported a net income of $1,336,608 and $0.44 per diluted share for the first quarter of 2024, a decrease of 36% compared to the same period in 2023. Total assets and gross loans increased, while capital levels and asset quality remained strong. However, net interest income decreased, with a significant increase in the cost of funds. The bank saw an increase in provision for credit losses and a decrease in noninterest income. Noninterest expenses rose due to higher salaries and employee benefits.
blueharbor bank reported a robust net income of
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