blueharbor bank Reports Fourth Quarter 2024 Net Income
Rhea-AI Summary
blueharbor bank (BLHK) reported strong Q4 2024 performance with net income of $2.11 million ($0.70 per diluted share), up 40% from Q4 2023. The bank surpassed $500 million in assets, reaching $506.8 million, an 18% increase year-over-year. Key metrics include a 4.09% net interest margin, 1.72% ROA, and 15.30% ROE.
Loan growth was particularly strong, increasing $28.7 million (7%) in Q4 and $76.0 million (21%) for the year. Total deposits grew 18% to $440.7 million. Asset quality remained excellent with zero non-performing assets. However, full-year 2024 net income decreased 5% to $6.79 million compared to 2023, while noninterest income declined 15% in Q4 2024.
The bank maintains strong capital levels with a total risk-based capital ratio of 14.2% and expects continued growth into 2025 based on increased customer optimism and spending.
Positive
- Q4 net income increased 40% YoY to $2.11 million
- Strong loan growth of 21% YoY to $432.8 million
- Deposit growth of 18% YoY to $440.7 million
- Net interest income up 29% in Q4 2024
- Excellent asset quality with zero non-performing assets
- Book value increased 10% YoY to $18.63
Negative
- Full-year 2024 net income decreased 5% YoY
- Noninterest income declined 15% in Q4 2024
- Provision for loan losses increased to $711,630 from $233,943 YoY
- Noninterest expenses increased 7% in Q4 and 17.2% for full-year 2024
News Market Reaction 1 Alert
On the day this news was published, BLHK gained 1.19%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Fourth Quarter 2024 Highlights
- Exceeded
$500 million - Return on average assets (ROA) of
1.72% - Return on average equity (ROE) of
15.30% - Net interest margin remained high at
4.09% - Loan growth of
$28.7 million 7% , for the quarter and$76.0 million 21% for the year - Book value of
$18.63 10% over December 31, 2023
blueharbor bank reported net income of
The Bank reported total assets of
Asset quality remained very strong for 2024, with no non-performing assets at December 31, 2024, down from
Capital levels also remained very solid at December 31, 2024, with total risk based capital at
Net interest income was
Net interest income was
Provision for loan losses for the quarter ended December 31, 2024, was
Noninterest income was
Noninterest Expense was
Noninterest Expense was
Jim Marshall, President and Chief Executive Officer, commented, "We are extremely pleased with our performance in the fourth quarter especially with our loan and deposit growth. Loan growth may be a record quarter, and with the majority being booked late within the quarter, so the true interest income benefits will be felt in the first quarter of 2025 and beyond. Optimism appears to be a common theme we are hearing with many customers ramping up spending on plant, equipment, and inventory late in the fourth quarter. We expect this to continue deep into the first half of 2025 and maybe beyond.
Our capital position, credit quality, efficiency, and earnings strength continue to position us for a very nice 2025 and among the strongest and best performing community banks in the country."
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) | |||||||
December 31, | December 31, | |||||||
Balance Sheet Data: | 2024 | 2023 | ||||||
Total Assets | $ 506,756,753 | $ 430,128,638 | ||||||
Total Gross Loans | 432,756,829 | 356,796,709 | ||||||
Allowance for Loan Losses | 4,131,598 | 3,422,010 | ||||||
Total Deposits | 440,733,082 | 374,829,306 | ||||||
Total Shareholders' Equity | 55,189,737 | 49,402,722 | ||||||
(Unaudited) | (Unaudited) | |||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | |||||||
Earnings and Per Share Data: | 2024 | 2023 | 2024 | 2023 | ||||
Interest Income | $ 6,903,439 | $ 5,342,849 | $ 25,570,352 | $ 20,037,716 | ||||
Interest Expense | 2,159,422 | 1,665,379 | 8,232,135 | 4,641,877 | ||||
Net Interest Income | 4,744,017 | 3,677,470 | 17,338,217 | 15,395,839 | ||||
Provision for Loan Losses | 266,446 | 113,463 | 711,630 | 233,943 | ||||
Net Interest Income after | ||||||||
Provision for Loan Losses | 4,477,571 | 3,564,007 | 16,626,587 | 15,161,896 | ||||
Noninterest Income | 573,112 | 675,681 | 2,201,528 | 2,745,324 | ||||
Noninterest Expense | 2,453,365 | 2,300,334 | 10,198,448 | 8,701,281 | ||||
Net Income before Taxes | 2,597,318 | 1,939,354 | 8,629,667 | 9,205,939 | ||||
Income Taxes | 484,567 | 428,582 | 1,842,758 | 2,045,976 | ||||
Net Income | $ 2,112,751 | $ 1,510,772 | $ 6,786,909 | $ 7,159,963 | ||||
Basic Income per Share | $ 0.72 | $ 0.52 | $ 2.31 | $ 2.46 | ||||
Diluted Income per Share | $ 0.70 | $ 0.50 | $ 2.25 | $ 2.36 | ||||
Annualized Performance Ratios: | ||||||||
Return on average assets | 1.72 % | 1.41 % | 1.46 % | 1.72 % | ||||
Return on average equity | 15.30 % | 12.50 % | 12.93 % | 15.44 % | ||||
Efficiency ratio | 46.1 % | 52.8 % | 52.2 % | 48.0 % | ||||
Overhead ratio | 39.6 % | 44.2 % | 46.1 % | 38.7 % | ||||
Net Interest Margin | 4.09 % | 3.67 % | 3.94 % | 3.93 % | ||||
Cost of Funds | 2.88 % | 2.60 % | 2.85 % | 1.91 % | ||||
(Unaudited) | (Unaudited) | |||||||
December 31, | December 31, | |||||||
2024 | 2023 | |||||||
Financial Ratios: | ||||||||
Book Value | $ 18.63 | $ 16.87 | ||||||
Nonperforming Assets to Total Assets Ratio | 0.00 % | 0.01 % | ||||||
Loan to Deposit Ratio | 98.2 % | 95.2 % | ||||||
Tier 1 Leverage Ratio | 12.0 % | 12.4 % | ||||||
Common Equity Tier 1 Risk-Based Capital Ratio | 13.2 % | 14.3 % | ||||||
Tier 1 Risk-Based Capital Ratio | 13.2 % | 14.3 % | ||||||
Total Risk-Based Capital Ratio | 14.2 % | 15.3 % | ||||||
View original content:https://www.prnewswire.com/news-releases/blueharbor-bank-reports-fourth-quarter-2024-net-income-302359950.html
SOURCE blueharbor bank
FAQ
What was BLHK's Q4 2024 earnings per share?
How much did BLHK's total assets grow in 2024?
What was BLHK's loan growth in Q4 2024?
What is BLHK's current net interest margin?
How did BLHK's asset quality perform in 2024?
