blueharbor bank Reports First Quarter 2026 Net Income
Rhea-AI Summary
blueharbor bank (OTCQX: BLHK) reported Q1 2026 net income of $3,332,169 and diluted EPS $1.11, increases of 39% and 41% versus Q1 2025. Key metrics: ROA 2.25%, ROE 20.73%, NIM 4.37%, efficiency ratio 36.40%, and book value $21.89 (+12% YoY).
Total assets were $623.3M (+19% YoY), gross loans $530.3M, deposits $549.6M. No non-performing assets; CET1 12.7%, total risk-based capital 13.7%. A $1.00 special dividend was paid in Q1 2026.
AI-generated analysis. Not financial advice.
Positive
- Net income +39% to $3.33M vs Q1 2025
- Diluted EPS increased 41% to $1.11
- Total assets +19% to $623.3M
- Gross loans +22% to $530.3M
- NIM 4.37% remained high
- Capital strong: CET1 12.7%, total risk-based 13.7%
Negative
- Provision for credit losses rose to $81,660 from a (reduction) of $13,377
- Noninterest expense increased 5% to $2.47M
News Market Reaction – BLHK
On the day this news was published, BLHK gained 1.20%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
First Quarter 2026 Highlights
- Diluted earnings per share increase of
41% over 1st quarter 2025 - Return on average assets (ROA) of
2.25% - Return on average equity (ROE) of
20.73% - Net interest margin remained high at
4.37% - Efficiency ratio of
36.40% - Book value of
$21.89 12% over March 31, 2025
blueharbor bank reported net income of
The Bank reported total assets of
Asset quality remained very strong for the first quarter of 2026, with no non-performing assets.
Capital levels also remained solid with total risk-based capital at
Net interest income was
The bank recorded a quarterly provision for credit losses of
Noninterest income was
Noninterest expense was
Jim Marshall, President and Chief Executive Officer, commented, "I am very proud of the first quarter results we are reporting. Given the turbulence and uncertainty in today's economy, we continue to maintain our standard of quality, profitability, and efficiency we plan for each quarter."
blueharbor bank is headquartered in
Summary Selected Financial Data Schedule attached below.
Forward-Looking Statement:
This press release contains forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward-looking statements. These statements reflect management's current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. As such, actual results and outcomes may materially differ from what may be expressed or forecast in such forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit levels, loan demand and asset quality, including real estate and other collateral values; changes in banking regulations and accounting principles, policies or guidelines; and the impact of competition from traditional or new sources. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. blueharbor bank takes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this press release.
Non-GAAP Financial Measures:
This press release contains certain financial measures determined by methods other than in accordance with accounting principles generally accepted in
Summary Selected Financial Data | ||||||
(Unaudited) | (Audited) | (Unaudited) | ||||
March 31, | December 31, | March 31, | ||||
Balance Sheet Data: | 2026 | 2025 | 2025 | |||
Total Assets | $ 623,330,471 | $ 606,805,842 | $ 522,293,347 | |||
Total Gross Loans | 530,300,293 | 521,514,072 | 434,977,897 | |||
Allowance for Loan Losses | 5,024,985 | 4,937,508 | 4,124,685 | |||
Total Deposits | 549,646,018 | 533,574,744 | 457,470,974 | |||
Total Shareholders' Equity | 65,910,041 | 65,292,096 | 57,720,715 | |||
(Unaudited) | ||||
Three Months Ended | ||||
March 31, | ||||
Earnings and Per Share Data: | 2026 | 2025 | ||
Interest Income | $ 8,576,964 | $ 6,965,753 | ||
Interest Expense | 2,384,064 | 2,087,438 | ||
Net Interest Income | 6,192,900 | 4,878,315 | ||
Provision for Loan Losses | 81,660 | (13,377) | ||
Net Interest Income after | ||||
Provision for Loan Losses | 6,111,240 | 4,891,692 | ||
Noninterest Income | 596,008 | 537,090 | ||
Noninterest Expense | 2,471,336 | 2,362,635 | ||
Net Income before Taxes | 4,235,912 | 3,066,147 | ||
Income Taxes | 903,743 | 673,200 | ||
Net Income | $ 3,332,169 | $ 2,392,947 | ||
Basic Income per Share | $ 1.12 | $ 0.81 | ||
Diluted Income per Share | $ 1.11 | $ 0.79 | ||
Annualized Performance Ratios: | ||||
Return on average assets | 2.25 % | 1.93 % | ||
Return on average equity | 20.73 % | 17.21 % | ||
Efficiency ratio | 36.40 % | 43.63 % | ||
Overhead ratio | 30.28 % | 37.42 % | ||
Net Interest Margin | 4.37 % | 4.16 % | ||
Cost of Funds | 2.60 % | 2.70 % | ||
(Unaudited) | (Unaudited) | |||
March 31, | March 31, | |||
2026 | 2025 | |||
Financial Ratios: | ||||
Book Value | $ 21.89 | $ 19.48 | ||
Nonperforming Assets to Total Assets Ratio | 0.00 % | 0.00 % | ||
Loan to Deposit Ratio | 96.5 % | 95.1 % | ||
Tier 1 Leverage Ratio | 11.4 % | 12.1 % | ||
Common Equity Tier 1 Risk-Based Capital Ratio | 12.7 % | 13.5 % | ||
Tier 1 Risk-Based Capital Ratio | 12.7 % | 13.5 % | ||
Total Risk-Based Capital Ratio | 13.7 % | 14.5 % | ||
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SOURCE blueharbor bank