#USA #financial results #Mooresville #blueharbor bank

blueharbor bank's Successful Fourth Quarter 2024 Financial Outcomes

blueharbor bank, headquartered in Mooresville, North Carolina, recently released its financial results for the fourth quarter of 2024, showcasing remarkable achievements that highlight the bank's robust performance. During this period, blueharbor bank exceeded $500 million in total assets, achieving a notable return on average assets (ROA) of 1.72% and an impressive return on average equity (ROE) of 15.30%.

One of the standout features of the bank's quarterly performance was its high net interest margin, which stood at 4.09%. The bank also experienced significant loan growth, totaling $28.7 million, or 7%, for the quarter and an even more impressive $76.0 million, or 21%, for the year. The book value per share increased by 10% to reach $18.63, further demonstrating the bank's strong financial health.

In terms of net income, blueharbor bank reported $2,112,751, translating to $0.70 per diluted share for the fourth quarter of 2024, an impressive 40% increase compared to the $1,510,772 and $0.50 per diluted share reported for the same quarter in the previous year. For the entire year, the bank's net income reached $6,786,909, a decrease of 5% from the previous year, which had $7,159,963 in net income.

As of December 31, 2024, blueharbor bank's total assets were recorded at approximately $506.8 million, reflecting an increase of $76.7 million, or 18%, from the previous year. The total deposits also witnessed substantial growth, reaching $440.7 million, which represents an increase of $65.9 million, or 18%. Furthermore, the bank's total shareholders' equity stands at $55.2 million, a notable rise of $5.8 million, or 12%, from the previous year.

The bank's asset quality remained exceptionally strong, with no non-performing assets reported as of December 31, 2024, which is an improvement from the non-performing loans ratio of 0.01% reported in the previous year. The capital levels also appeared solid, with total risk-based capital standing at 14.2% as of December 31, 2024, showcasing the bank's ability to withstand financial pressures.

Net interest income for the quarter ending December 31, 2024, amounted to $4,744,017, which reflects a significant increase of $1,066,547, or 29%, from the same quarter in the previous year. This increase can be attributed to a $63.4 million surge in average interest-earning assets, coupled with a 63 basis point rise in the yield on those assets. Annual net interest income also experienced growth, reaching $17,338,217, which is a 13% rise from the previous year.

Despite the impressive figures, the bank reported an increase in provisions for loan losses. For the quarter ending December 31, 2024, provisions rose to $266,446 from $113,463 during the same period in 2023. On an annual basis, this figure increased to $711,630 compared to $233,943 in 2023.

Noninterest income, however, saw a decrease, amounting to $573,112 for the fourth quarter, which is down by $102,569 or 15% compared to the same quarter in 2023. This trend continued through the year, with noninterest income totaling $2,201,528 compared to $2,745,324 in 2023, reflecting a decrease of $543,796.

Noninterest expense also increased by 7% to $2,453,364 for the fourth quarter, largely driven by higher salaries and employee benefits due to an increase in staff. This annual expense also rose, totaling $10,198,448 compared to $8,701,281 in the previous year.

Jim Marshall, the President and CEO of blueharbor bank, expressed pride in the bank's performance, especially in the realm of loan and deposit growth, calling the loan growth impressive and suggesting that the benefits of these figures will be felt mainly in the first quarter of 2025. He remarked on the overall optimism among customers regarding spending on equipment and inventory, indicating that this trend may continue well into the next year.

In conclusion, blueharbor bank's narrative during the fourth quarter of 2024 presents a picture of a strong, community-focused institution capable of maintaining growth and navigating the financial landscape effectively. With a positive outlook for the upcoming year, the bank continues to establish its presence as one of the strongest and best-performing community banks in the United States. For more information, visit blueharborbank.com or view its stock on the OTCQX Market under the symbol "BLHK."