#United States #Financial Performance #Mooresville #Earnings Growth #blueharbor bank

blueharbor bank Reports Q1 2025 Earnings

blueharbor bank, headquartered in Mooresville, North Carolina, has released its financial results for the first quarter of 2025, revealing impressive growth in earnings and overall performance. The Bank reported a net income of $2,392,947, translating to $0.79 per diluted share, marking a remarkable increase of 79% compared to the same quarter in the previous year, which saw net income standing at $1,336,608 or $0.44 per diluted share.

Key Highlights

In its latest earnings report, the bank noted several significant metrics:

• - Earnings per Share Growth: Diluted earnings per share soared by 80% year-on-year.
• - Strong Returns: The return on average assets (ROA) was recorded at 1.93%, while the return on average equity (ROE) reached 17.21%.
• - Asset Quality: No non-performing assets were noted, which improved from 0.01% a year ago.
• - Net Interest Margin: The bank's net interest margin held steady at 4.16%.
• - Increased Deposits: Total deposits increased by 15% year-on-year, reaching $457.5 million.

This impressive performance is attributed to a significant rise in average loans, which grew by $68.4 million, propelling the total loans to $435 million. The efficiency ratio of 43.63% also indicates that the bank is managing its expenses effectively relative to its income.

Financial Performance Overview

Jim Marshall, President and Chief Executive Officer of blueharbor bank, expressed satisfaction with the results, acknowledging the challenges posed by economic uncertainties. He emphasized that the bank’s steady contact with its customers has helped maintain strong credit quality. The net interest income for the quarter was $4,878,315, increasing by 30% from last year's figure, driven by the higher loan volumes and interest rates, which positively impacted yield from earning assets.

Interestingly, blueharbor bank also reported a reduction in its provision for credit losses to $13,377, compared to $120,155 in Q1 2024. This change aligns with the decrease in loan growth alongside enhanced quality in the asset portfolio.

Noninterest Income and Expenses

In terms of noninterest income, blueharbor bank posted earnings of $537,090, showing a 12% increment over the previous year's result of $479,250. This positive trend in noninterest income was supported by increased service charge fees and surge in mortgage loan fees thanks to higher deposit account activity.

On the expense side, the bank managed to slightly decrease its noninterest expense to $2,362,635 from $2,384,066 year-over-year, primarily due to lower data processing costs stemming from a transition to a new core software provider last May.

Conclusion

With total assets growing to $522.3 million from $453.5 million year-over-year, reaching a solid position within the financial market, blueharbor bank continues to be a strong player in its sector. The bank's remarkable financial performance in Q1 of 2025 not only reflects effective management strategies but also sets a confident tone for future operations despite the prevailing economic uncertainties. Investors can look towards blueharbor bank as a resilient entity, continually showcasing impressive growth in a dynamic financial landscape.

For more information, please visit blueharbor bank’s website.