blueharbor Bank Reports Second Quarter 2025 Earnings
On July 17, 2025, blueharbor bank, headquartered in Mooresville, North Carolina, unveiled its impressive financial performance for the second quarter of 2025. The bank highlighted a remarkable 77% increase in diluted earnings per share compared to the same period in the prior year, marking its resilience and growth in the competitive banking sector.
Financial Highlights
For the second quarter, the bank reported a net income of
$2,512,699 or
$0.83 per diluted share, an impressive increase from
$1,429,588 or
$0.47 per diluted share in Q2 2024. Additionally, the year-to-date performance for the first half ending June 30, 2025, shows a net income of
$4,905,646 and
$1.63 per diluted share, up from
$2,766,196 or
$0.92 per diluted share the previous year.
The bank’s total assets have surged to
$544.3 million, a significant increase of
$37.6 million or
7% since the end of 2024. This marks an annual increase of
18% when compared to total assets of
$463.3 million on June 30, 2024.
Total deposits at the bank reached
$468.1 million, reflecting a solid
6% increase from
$440.7 million at the end of 2024, and a substantial
16% hike compared to
$404.4 million recorded last year.
Growth in Loans and Asset Quality
Gross loans also demonstrated strong growth, increasing by
$29.4 million to
$462.1 million since December 31, 2024. When compared to
June 30, 2024, this represents an
18% annual increase.
The bank’s asset quality remains impressive, with no non-performing assets, showing a positive decline from
0.01% reported last year. The capital ratios also signal a strong financial foundation, with total risk-based capital at
14.1% and a Tier 1 leverage ratio of
12.0% for the quarter.
Income Results and Operational Efficiency
For the quarter, net interest income amounted to
$5,276,207, a
25% increase over the same period last year, primarily driven by a
$59.7 million increase in average loans outstanding and improved yields on earning assets.
The bank's efficiency continued to improve, achieving an efficiency ratio of
40.61%, a notable decrease from previous ratios indicating effective cost management. Furthermore, the bank's non-interest expenses decreased to
$2,375,524, down from
$2,663,598 in Q2 2024, largely due to reduced data processing expenses.
Leadership Comments
Jim Marshall, the President and Chief Executive Officer of blueharbor bank, expressed his pride in the bank’s performance, attributing this success to the dedicated team and the strong relationships they have built with customers. He emphasized that the bank's commitment to customer service has led to significant referrals, ensuring sustainable growth.
As blueharbor bank continues its trajectory of success, it maintains a strong focus on customer relationships, operational excellence, and strategic growth. The full financial details and further information can be found on their website
www.blueharborbank.com.
In summary, blueharbor bank's robust financial health in Q2 2025 reflects strategic initiatives and a firm commitment to providing excellent service. The bank looks forward to continuing this momentum in the coming quarters and is well-positioned to navigate the evolving financial landscape.