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blueharbor bank reported a net income of $1,336,608 and $0.44 per diluted share for the first quarter of 2024, a decrease of 36% compared to the same period in 2023. Total assets and gross loans increased, while capital levels and asset quality remained strong. However, net interest income decreased, with a significant increase in the cost of funds. The bank saw an increase in provision for credit losses and a decrease in noninterest income. Noninterest expenses rose due to higher salaries and employee benefits.
