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blueharbor bank (BLHK) is a community-oriented financial institution headquartered in Mooresville, North Carolina. The bank offers a wide range of banking services including personal and business banking, loans, mortgages, and wealth management. Established with a mission to provide exceptional banking services, blueharbor bank has expanded its reach with a branch in Statesville and loan production offices in Belmont and Morehead City, ensuring it meets diverse financial needs across its operational regions.
In terms of financial performance, blueharbor bank has shown robust growth and stability. As of June 30, 2023, the bank reported net income of $1,889,135 for the second quarter, an 18% increase from the same period in 2022. For the six months ended June 30, 2023, net income surged by 39% to $3,981,622. The bank’s total assets reached $422.8 million, marking a 4% increase from the end of 2022. As of September 30, 2023, the total assets grew further to $428.9 million.
blueharbor bank’s loan portfolio has also expanded, with gross loans increasing by $5.8 million to $341.3 million as of June 30, 2023, and further to $345.6 million by September 30, 2023. Additionally, total deposits grew to $376.6 million by the end of the third quarter in 2023. The bank’s asset quality remains exemplary, with non-performing assets constituting only 0.01% of total assets as of September 30, 2023.
Capital levels are solid, with total risk-based capital at 15.3% and a tier 1 leverage ratio of 12.1% as of the third quarter in 2023. Despite the economic challenges, blueharbor bank has maintained a strong return on equity (ROE) and return on average assets (ROA). The bank's net interest income and net interest margin have faced some pressure due to rising interest costs, but strategic efforts are in place to stabilize these metrics.
CEO Jim Marshall has expressed confidence in the bank's continued growth, highlighting the institution's strong credit quality and prudent underwriting standards. The bank’s focus on maintaining high credit standards and leveraging market opportunities has been key to its sustained performance.
blueharbor bank is dedicated to serving its community with a personal touch, reinforcing its status as a reliable financial partner for individuals and businesses alike. For more information, visit blueharbor bank’s website.
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
blueharbor bank reported a net income of $2,046,022 and $0.68 per diluted share for Q4 2022, marking a 66% increase year-over-year.
For 2022, net income reached $6,903,187, a 43% growth from 2021. Total assets dipped to $406.4 million, while gross loans surged by 17% to $335.5 million.
Despite a 2% decrease in total deposits, noninterest-bearing deposits rose by 13%. The bank's asset quality remained strong, with non-performing assets at 0.02% of total assets.
Net interest income increased by 40% for Q4 and 33% for the year.
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