blueharbor bank Reports Fourth Quarter 2024 Net Income
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 (BLHK) ha registrato una forte performance nel Q4 2024, con un reddito netto di 2,11 milioni di dollari (0,70 dollari per azione diluita), in crescita del 40% rispetto al Q4 2023. La banca ha superato i 500 milioni di dollari in attivi, raggiungendo i 506,8 milioni di dollari, con un incremento del 18% rispetto all’anno precedente. Tra i principali indicatori figurano un margine d’interesse netto del 4,09%, un ROA dell'1,72% e un ROE del 15,30%.
La crescita dei prestiti è stata particolarmente forte, con un aumento di 28,7 milioni di dollari (7%) nel Q4 e di 76,0 milioni di dollari (21%) per l’anno. I depositi totali sono aumentati del 18% arrivando a 440,7 milioni di dollari. La qualità degli attivi è rimasta eccellente, senza attivi non performanti. Tuttavia, il reddito netto per l'intero 2024 è diminuito del 5% a 6,79 milioni di dollari rispetto al 2023, mentre il reddito non da interessi è calato del 15% nel Q4 2024.
La banca mantiene solidi livelli di capitale con un rapporto di capitale totale basato sul rischio del 14,2% e prevede una continua crescita nel 2025, grazie a un aumento dell’ottimismo e della spesa dei clienti.
blueharbor bank (BLHK) reportó un sólido desempeño en el Q4 2024, con un ingreso neto de $2.11 millones ($0.70 por acción diluida), un aumento del 40% en comparación con el Q4 2023. El banco superó los $500 millones en activos, alcanzando $506.8 millones, un incremento del 18% interanual. Las métricas clave incluyen un margen de interés neto del 4.09%, un ROA del 1.72% y un ROE del 15.30%.
El crecimiento de préstamos fue particularmente fuerte, aumentando $28.7 millones (7%) en el Q4 y $76.0 millones (21%) durante el año. Los depósitos totales crecieron un 18% hasta alcanzar $440.7 millones. La calidad de los activos se mantuvo excelente, con cero activos no productivos. Sin embargo, el ingreso neto para todo el 2024 disminuyó un 5% a $6.79 millones en comparación con 2023, mientras que el ingreso no por intereses se redujo un 15% en el Q4 2024.
El banco mantiene niveles de capital sólidos con un ratio total de capital basado en riesgo del 14.2% y espera un crecimiento continuo hacia 2025 basado en un aumento en el optimismo y el gasto de los clientes.
blueharbor bank (BLHK)는 2024년 4분기 강력한 실적을 보고하며 순이익이 211만 달러(희석 주당 0.70달러)로 2023년 4분기 대비 40% 증가했습니다. 이 은행은 자산이 5억 달러를 초과하여 5억 680만 달러에 도달하였으며, 이는 전년 대비 18% 증가한 수치입니다. 주요 지표로는 4.09%의 순이자_margin, 1.72%의 ROA, 15.30%의 ROE가 있습니다.
대출 성장률은 특히 강력하여 4분기에 2870만 달러(7%) 증가했으며, 연간으로는 7600만 달러(21%) 증가했습니다. 총 예금은 18% 증가하여 4억 4070만 달러에 달했습니다. 자산 품질은 비수익 자산이 없는 탁월한 상태를 유지했습니다. 그러나 2024년 전체 순이익은 2023년에 비해 5% 감소한 679만 달러였고, 2024년 4분기 비이자 수익은 15% 감소했습니다.
은행은 14.2%의 총 위험 기반 자본 비율로 강력한 자본 수준을 유지하고 있으며, 고객의 낙관주의와 지출 증가를 기반으로 2025년까지 지속적인 성장을 기대하고 있습니다.
blueharbor bank (BLHK) a enregistré une solide performance au T4 2024 avec un revenu net de 2,11 millions de dollars (0,70 dollar par action diluée), en hausse de 40 % par rapport au T4 2023. La banque a dépassé les 500 millions de dollars en actifs, atteignant 506,8 millions de dollars, soit une augmentation de 18 % d'une année sur l'autre. Les indicateurs clés incluent une marge d'intérêt nette de 4,09 %, un ROA de 1,72 % et un ROE de 15,30 %.
La croissance des prêts a été particulièrement forte, augmentant de 28,7 millions de dollars (7 %) au T4 et de 76,0 millions de dollars (21 %) pour l'année. Les dépôts totaux ont augmenté de 18 % pour atteindre 440,7 millions de dollars. La qualité des actifs est restée excellente, sans actifs non productifs. Cependant, le revenu net de l'année complète 2024 a diminué de 5 % à 6,79 millions de dollars par rapport à 2023, tandis que le revenu non d'intérêts a chuté de 15 % au T4 2024.
La banque maintient des niveaux de capital solides avec un ratio de capital total basé sur le risque de 14,2 % et prévoit une croissance continue d'ici 2025 grâce à une plus grande optimisme et aux dépenses des clients.
blueharbor bank (BLHK) berichtete über eine starke Leistung im 4. Quartal 2024 mit einem Nettogewinn von 2,11 Millionen USD (0,70 USD pro verwässerter Aktie), ein Anstieg von 40% im Vergleich zum 4. Quartal 2023. Die Bank überschritt die 500-Millionen-Dollar-Marke bei den Vermögenswerten und erreichte 506,8 Millionen USD, was einem Anstieg von 18% im Jahresvergleich entspricht. Zu den wichtigsten Kennzahlen gehören eine Nettzinsmarge von 4,09%, eine ROA von 1,72% und eine ROE von 15,30%.
Das Kreditwachstum war besonders stark und stieg um 28,7 Millionen USD (7%) im 4. Quartal und 76,0 Millionen USD (21%) im Jahresvergleich. Die gesamten Einlagen wuchsen um 18% auf 440,7 Millionen USD. Die Asset-Qualität blieb exzellent ohne notleidende Vermögenswerte. Der Nettogewinn für das gesamte Jahr 2024 sank jedoch um 5% auf 6,79 Millionen USD im Vergleich zu 2023, während das nichtzinsabhängige Einkommen im 4. Quartal 2024 um 15% zurückging.
Die Bank hält starke Kapitalniveaus mit einer Gesamtrisikokapitalquote von 14,2% und erwartet ein weiteres Wachstum bis 2025 basierend auf steigendem Kundenoptimismus und -ausgaben.
- Q4 net income increased 40% YoY to $2.11 million
- Strong loan growth of 21% YoY to $432.8 million
- Deposit growth of 18% YoY to $440.7 million
- Net interest income up 29% in Q4 2024
- Excellent asset quality with zero non-performing assets
- Book value increased 10% YoY to $18.63
- Full-year 2024 net income decreased 5% YoY
- Noninterest income declined 15% in Q4 2024
- Provision for loan losses increased to $711,630 from $233,943 YoY
- Noninterest expenses increased 7% in Q4 and 17.2% for full-year 2024
Fourth Quarter 2024 Highlights
- Exceeded
$500 million - Return on average assets (ROA) of
1.72% - Return on average equity (ROE) of
15.30% - Net interest margin remained high at
4.09% - Loan growth of
$28.7 million 7% , for the quarter and$76.0 million 21% for the year - Book value of
$18.63 10% over December 31, 2023
blueharbor bank reported net income of
The Bank reported total assets of
Asset quality remained very strong for 2024, with no non-performing assets at December 31, 2024, down from
Capital levels also remained very solid at December 31, 2024, with total risk based capital at
Net interest income was
Net interest income was
Provision for loan losses for the quarter ended December 31, 2024, was
Noninterest income was
Noninterest Expense was
Noninterest Expense was
Jim Marshall, President and Chief Executive Officer, commented, "We are extremely pleased with our performance in the fourth quarter especially with our loan and deposit growth. Loan growth may be a record quarter, and with the majority being booked late within the quarter, so the true interest income benefits will be felt in the first quarter of 2025 and beyond. Optimism appears to be a common theme we are hearing with many customers ramping up spending on plant, equipment, and inventory late in the fourth quarter. We expect this to continue deep into the first half of 2025 and maybe beyond.
Our capital position, credit quality, efficiency, and earnings strength continue to position us for a very nice 2025 and among the strongest and best performing community banks in the country."
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.
Summary Selected Financial Data | ||||||||
(Unaudited) | (Audited) | |||||||
December 31, | December 31, | |||||||
Balance Sheet Data: | 2024 | 2023 | ||||||
Total Assets | $ 506,756,753 | $ 430,128,638 | ||||||
Total Gross Loans | 432,756,829 | 356,796,709 | ||||||
Allowance for Loan Losses | 4,131,598 | 3,422,010 | ||||||
Total Deposits | 440,733,082 | 374,829,306 | ||||||
Total Shareholders' Equity | 55,189,737 | 49,402,722 | ||||||
(Unaudited) | (Unaudited) | |||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | |||||||
Earnings and Per Share Data: | 2024 | 2023 | 2024 | 2023 | ||||
Interest Income | $ 6,903,439 | $ 5,342,849 | $ 25,570,352 | $ 20,037,716 | ||||
Interest Expense | 2,159,422 | 1,665,379 | 8,232,135 | 4,641,877 | ||||
Net Interest Income | 4,744,017 | 3,677,470 | 17,338,217 | 15,395,839 | ||||
Provision for Loan Losses | 266,446 | 113,463 | 711,630 | 233,943 | ||||
Net Interest Income after | ||||||||
Provision for Loan Losses | 4,477,571 | 3,564,007 | 16,626,587 | 15,161,896 | ||||
Noninterest Income | 573,112 | 675,681 | 2,201,528 | 2,745,324 | ||||
Noninterest Expense | 2,453,365 | 2,300,334 | 10,198,448 | 8,701,281 | ||||
Net Income before Taxes | 2,597,318 | 1,939,354 | 8,629,667 | 9,205,939 | ||||
Income Taxes | 484,567 | 428,582 | 1,842,758 | 2,045,976 | ||||
Net Income | $ 2,112,751 | $ 1,510,772 | $ 6,786,909 | $ 7,159,963 | ||||
Basic Income per Share | $ 0.72 | $ 0.52 | $ 2.31 | $ 2.46 | ||||
Diluted Income per Share | $ 0.70 | $ 0.50 | $ 2.25 | $ 2.36 | ||||
Annualized Performance Ratios: | ||||||||
Return on average assets | 1.72 % | 1.41 % | 1.46 % | 1.72 % | ||||
Return on average equity | 15.30 % | 12.50 % | 12.93 % | 15.44 % | ||||
Efficiency ratio | 46.1 % | 52.8 % | 52.2 % | 48.0 % | ||||
Overhead ratio | 39.6 % | 44.2 % | 46.1 % | 38.7 % | ||||
Net Interest Margin | 4.09 % | 3.67 % | 3.94 % | 3.93 % | ||||
Cost of Funds | 2.88 % | 2.60 % | 2.85 % | 1.91 % | ||||
(Unaudited) | (Unaudited) | |||||||
December 31, | December 31, | |||||||
2024 | 2023 | |||||||
Financial Ratios: | ||||||||
Book Value | $ 18.63 | $ 16.87 | ||||||
Nonperforming Assets to Total Assets Ratio | 0.00 % | 0.01 % | ||||||
Loan to Deposit Ratio | 98.2 % | 95.2 % | ||||||
Tier 1 Leverage Ratio | 12.0 % | 12.4 % | ||||||
Common Equity Tier 1 Risk-Based Capital Ratio | 13.2 % | 14.3 % | ||||||
Tier 1 Risk-Based Capital Ratio | 13.2 % | 14.3 % | ||||||
Total Risk-Based Capital Ratio | 14.2 % | 15.3 % | ||||||
View original content:https://www.prnewswire.com/news-releases/blueharbor-bank-reports-fourth-quarter-2024-net-income-302359950.html
SOURCE blueharbor bank
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