blueharbor bank Reports Third Quarter 2024 Net Income
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 ha riportato un forte risultato per il terzo trimestre del 2024 con un utile netto di 1,91 milioni di dollari e un utile per azione diluito di 0,63 dollari, in aumento del 34% rispetto al trimestre precedente. La banca ha raggiunto una crescita significativa con attivi totali pari a 486,0 milioni di dollari, un incremento del 13% rispetto all’anno precedente. Tra i principali indicatori ci sono un ROA dell'1,60%, un ROE del 14,27% e un'espansione del margine di interesse netto di 22 punti base all’4,11%. Il portafoglio prestiti è cresciuto di 47,3 milioni di dollari (18% annualizzato) e i depositi sono aumentati di 49,6 milioni di dollari (18% annualizzato) nei primi nove mesi del 2024. La qualità degli attivi è rimasta forte con attivi non performanti pari allo 0,00% degli attivi totali. Inoltre, la banca ha ampliato la sua presenza aprendo una nuova filiale a servizio completo a Mount Airy.
blueharbor bank reportó un sólido desempeño en el tercer trimestre de 2024 con ingresos netos de 1,91 millones de dólares y un EPS diluido de 0,63 dólares, un aumento del 34% respecto al trimestre anterior. El banco logró un crecimiento significativo con activos totales alcanzando 486,0 millones de dólares, un incremento del 13% interanual. Las métricas notables incluyen un ROA del 1,60%, un ROE del 14,27% y una expansión del margen de interés neto de 22 puntos básicos a 4,11%. La cartera de préstamos creció en 47,3 millones de dólares (18% anualizado) y los depósitos aumentaron en 49,6 millones de dólares (18% anualizado) en los primeros nueve meses de 2024. La calidad de los activos se mantuvo fuerte con activos no productivos en solo el 0,00% de los activos totales. El banco también amplió su presencia abriendo una nueva sucursal de servicio completo en Mount Airy.
blueharbor bank는 2024년 3분기에 191만 달러의 순이익과 주당순이익(EPS) 0.63달러로 강력한 실적을 보고했습니다. 이는 이전 분기보다 34% 증가한 수치입니다. 은행은 총 자산이 4억 8600만 달러에 이르며 전년 대비 13% 증가하는 등 상당한 성장을 달성했습니다. 주목할 만한 지표로는 1.60%의 총자산수익률(ROA), 14.27%의 자기자본이익률(ROE), 4.11%로 22bp 확대된 순이자마진(NIM)이 있습니다. 대출 포트폴리오는 4730만 달러(연율 18%) 증가하였고, 예금은 4960만 달러(연율 18%) 증가하였습니다. 2024년 첫 아홉 달 동안 비수익 자산은 총 자산의 0.00%에 불과해 자산 품질이 견고했습니다. 또한, 자연을 주제로 한 새로운 풀 서비스 지점을 Mount Airy에 열며 존재감을 넓혔습니다.
blueharbor bank a annoncé de solides performances pour le troisième trimestre 2024 avec un bénéfice net de 1,91 million de dollars et un BPA dilué de 0,63 dollar, en hausse de 34 % par rapport au trimestre précédent. La banque a connu une croissance significative avec un actif total atteignant 486,0 millions de dollars, soit une augmentation de 13 % par rapport à l'année précédente. Parmi les indicateurs notables, on trouve un ROA de 1,60 %, un ROE de 14,27 % et une expansion de la marge d'intérêt nette de 22 points de base à 4,11 %. Le portefeuille de prêts a augmenté de 47,3 millions de dollars (18 % annualisé) et les dépôts ont augmenté de 49,6 millions de dollars (18 % annualisé) au cours des neuf premiers mois de 2024. La qualité des actifs est restée forte avec des actifs non performants représentant seulement 0,00 % des actifs totaux. La banque a également élargi sa présence en ouvrant une nouvelle agence à service complet à Mount Airy.
blueharbor bank hat im dritten Quartal 2024 eine starke Leistung mit einem Nettoergebnis von 1,91 Millionen Dollar und einem verwässerten EPS von 0,63 Dollar vermeldet, was einem Anstieg von 34% im Vergleich zum Vorquartal entspricht. Die Bank erzielte ein signifikantes Wachstum mit einem Gesamtvermögen von 486,0 Millionen Dollar, einem Anstieg von 13% im Jahresvergleich. Zu den bemerkenswerten Kennzahlen gehören eine ROA von 1,60%, eine ROE von 14,27% und eine Ausweitung der Nettozinsmarge um 22 Basispunkte auf 4,11%. Das Kreditportfolio wuchs um 47,3 Millionen Dollar (annualisiert 18%) und die Einlagen erhöhten sich um 49,6 Millionen Dollar (annualisiert 18%) in den ersten neun Monaten des Jahres 2024. Die Vermögensqualität blieb stark bei nur 0,00% notleidenden Krediten im Verhältnis zu den Gesamtvermögen. Die Bank erweiterte zudem ihre Präsenz, indem sie eine neue vollwertige Filiale in Mount Airy eröffnete.
- Net income reached $1.91 million with EPS of $0.63, up 34% QoQ
- Strong ROA of 1.60% and ROE of 14.27%
- Net interest margin expanded by 22 basis points to 4.11%
- Loan growth of 18% annualized ($47.3 million)
- Deposit growth of 18% annualized ($49.6 million)
- Book value increased 14% YoY to $18.29
- Excellent asset quality with non-performing assets at 0.00%
- Solid capital levels with total risk-based capital at 14.6%
- Nine-month net income decreased YoY from $5.65M to $4.67M
- Nine-month EPS declined from $1.85 to $1.55 YoY
- Increased provision for loan losses by $21,146 YoY
- Noninterest expense increased by $471,185 YoY
Third Quarter 2024 Highlights
- Opened a full-service branch in
Mount Airy . - Return on average assets (ROA) of
1.60% - Return on average equity (ROE) of
14.27% on very high capital levels - Diluted income per share of
$0.63 34% increase over previous quarter - Net interest margin expansion over second quarter 2024 of 22 basis points to
4.11% - Loan growth of
$47.3 million 18% annualized, for the first nine months of 2024 - Deposit growth of
$49.6 million 18% annualized, for the first nine months of 2024 - Net Interest Income growth of
$853,000 23% , over third quarter 2023 - Book value of
$18.29 14% over third quarter 2023
blueharbor bank reported net income of
The Bank reported total assets of
Asset quality remained very strong with total non-performing assets decreasing from
Capital levels also remained solid at the end of the third quarter with total risk-based capital at
Net interest income was
For the quarter ending September 30, 2024,
Noninterest expense was
Jim Marshall, President and Chief Executive Officer, commented, "The third quarter was a very good one for us on many fronts. Loan and deposit growth are on a very high pace that we expect to continue. Our earnings and net interest income continue to right size after the historic rapid increase in funding costs experienced over the last two years. Book value per share increased nicely at
We are excited to bring our common sense, high touch relationship approach to
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) | (Unaudited) | ||||||
September 30, | December 31, | September 30, | ||||||
Balance Sheet Data: | 2024 | 2023 | 2023 | |||||
Total Assets | $ 486,032,938 | $ 430,128,638 | $ 428,920,778 | |||||
Total Gross Loans | 404,071,821 | 356,796,709 | 345,591,068 | |||||
Allowance for Loan Losses | 3,879,694 | 3,422,010 | 3,308,547 | |||||
Total Deposits | 424,358,688 | 374,829,306 | 376,568,658 | |||||
Total Shareholders' Equity | 54,307,979 | 49,402,722 | 46,997,856 | |||||
(Unaudited) | (Unaudited) | |||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
Earnings and Per Share Data: | 2024 | 2023 | 2024 | 2023 | ||||
Interest Income | $ 6,751,483 | $ 5,180,789 | $ 18,666,913 | $ 14,694,867 | ||||
Interest Expense | 2,129,610 | 1,411,636 | 6,072,714 | 2,976,499 | ||||
Net Interest Income | 4,621,873 | 3,769,153 | 12,594,199 | 11,718,368 | ||||
Provision for Loan Losses | 92,488 | 71,342 | 445,183 | 120,479 | ||||
Net Interest Income after | ||||||||
Provision for Loan Losses | 4,529,385 | 3,697,811 | 12,149,016 | 11,597,889 | ||||
Noninterest Income | 626,002 | 671,331 | 1,628,416 | 2,069,642 | ||||
Noninterest Expense | 2,697,419 | 2,226,234 | 7,745,083 | 6,400,946 | ||||
Net Income before Taxes | 2,457,968 | 2,142,908 | 6,032,349 | 7,266,585 | ||||
Income Taxes | 550,007 | 475,338 | 1,358,191 | 1,617,394 | ||||
Net Income | $ 1,907,961 | $ 1,667,570 | $ 4,674,158 | $ 5,649,191 | ||||
Basic Income per Share | $ 0.65 | $ 0.57 | $ 1.59 | $ 1.93 | ||||
Diluted Income per Share | $ 0.63 | $ 0.55 | $ 1.55 | $ 1.85 | ||||
Annualized Performance Ratios: | ||||||||
Return on average assets | 1.60 % | 1.57 % | 1.36 % | 1.82 % | ||||
Return on average equity | 14.27 % | 13.93 % | 12.08 % | 16.48 % | ||||
Efficiency ratio | 51.4 % | 50.1 % | 54.5 % | 46.4 % | ||||
Overhead ratio | 44.8 % | 41.3 % | 48.6 % | 37.0 % | ||||
Net Interest Margin | 4.11 % | 3.77 % | 3.89 % | 4.02 % | ||||
Cost of Funds | 2.87 % | 2.26 % | 2.83 % | 1.67 % | ||||
(Unaudited) | (Unaudited) | |||||||
September 30, | September 30, | |||||||
2024 | 2023 | |||||||
Financial Ratios: | ||||||||
Book Value | $ 18.29 | $ 16.07 | ||||||
Nonperforming Assets to Total Assets Ratio | 0.00 % | 0.01 % | ||||||
Loan to Deposit Ratio | 95.2 % | 95.2 % | ||||||
Tier 1 Leverage Ratio | 12.0 % | 12.0 % | ||||||
Common Equity Tier 1 Risk-Based Capital Ratio | 13.6 % | 14.3 % | ||||||
Tier 1 Risk-Based Capital Ratio | 13.6 % | 14.3 % | ||||||
Total Risk-Based Capital Ratio | 14.6 % | 15.3 % | ||||||
View original content:https://www.prnewswire.com/news-releases/blueharbor-bank-reports-third-quarter-2024-net-income-302285408.html
SOURCE blueharbor bank
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