blueharbor bank Reports Second Quarter 2025 Net Income

Rhea-AI Summary

blueharbor bank (OTCQX:BLHK) reported outstanding Q2 2025 financial results, with net income reaching $2.51 million, or $0.83 per diluted share, marking a significant 76% increase from Q2 2024. The bank demonstrated robust growth with total assets reaching $544.3 million, up 18% year-over-year.

Key performance metrics showed exceptional strength, including a 4.28% net interest margin, 1.94% ROA, and 18.06% ROE. Asset quality remained excellent with zero non-performing assets, while maintaining strong capital levels with a 14.1% total risk-based capital ratio. The bank also paid a dividend of $0.25 per share and reported a 15% year-over-year increase in book value to $20.00.

Positive

• None.

Negative

• Total Risk-Based Capital Ratio declined to 14.1% from 14.9% year-over-year
• Loan to Deposit Ratio increased to 98.7%, indicating potentially tighter liquidity

MOORESVILLE, N.C., July 17, 2025 /PRNewswire/ -- blueharbor bank (the "Bank") today reported earnings for the second quarter of 2025.

Second Quarter 2025 Highlights

• Diluted earnings per share increase of 77% over 2^nd quarter 2024
• Return on average assets (ROA) of 1.94%
• Return on average equity (ROE) of 18.06%
• Net interest margin of 4.28%
• Efficiency ratio of 40.61%
• Book value of $20.00, a 15% increase year over year
• Shareholder Equity growth of 7.2% for the 6 months, and 14.6% annualized
• Dividend of $0.25 per share paid

blueharbor bank reported net income of $2,512,699 and $0.83 per diluted share for the second quarter of 2025, an increase of 76%, or $1,083,111, as compared to $1,429,588 and $0.47 per diluted share for the second quarter of 2024.  For the six months ended June 30, 2025, the Bank reported net income of $4,905,646 and $1.63 per diluted share compared to $2,766,196 and $0.92 per diluted share for the same six months in 2024.

The Bank reported total assets of $544.3 million at June 30, 2025, an increase of $37.6 million, or 7%, when compared to $506.8 million at December 31, 2024, and an increase of $81.0 million, or 18%, when compared to June 30, 2024. Gross loans increased $29.4 million, to $462.1 million at June 30, 2025, from $432.8 million at December 31, 2024. When compared to June 30, 2024, gross loans increased $70.8 million, or 18%. Total deposits were $468.1 million at June 30, 2025, an increase of $27.4 million, or 6%, when compared to $440.7 million at December 31, 2024, and an increase of $63.7 million, or 16% when compared to June 30, 2024.

Asset quality remained very strong for the second quarter of 2025, with zero non-performing assets, which is down from 0.01% reported at June 30, 2024.

Capital levels also remained high with total risk-based capital at 14.1%, both common equity tier 1 and tier 1 to risk-weighted assets of 13.1%, and tier 1 leverage ratio of 12.0% for the quarter ended June 30, 2025.

Net interest income was $5,276,207 for the quarter ending June 30, 2025, an increase of $1,068,699, or 25%, from the same period in 2024. The change in net interest income was driven by a $59.7 million increase in average loans outstanding, an 18 basis point increase in the yield on earning assets, and a 22 basis point decrease in cost of funds.

The bank recorded a quarterly provision for credit losses of $236,769 for the first quarter of 2025, compared to a quarterly provision for credit losses of $232,541 for the same period in 2024.  The allowance for loan losses to total loans was 0.95% at June 30, 2025.

Noninterest income was $572,860 for the quarter ended June 30, 2025, a $49,696, or 9%, increase over the $523,164 that was recorded for the quarter ended June 30, 2024. The increase was due partially to the higher service charge fees and debit card income from the increase in the number of deposit accounts over the period. Another factor contributing to the change was an increase in mortgage loan fees.  

Noninterest expense was $2,375,524 for the quarter ended June 30, 2025, compared to $2,663,598 for the quarter ended June 30, 2024. The decrease of $288,074 was due to lower data processing expenses from the change in our core software provider in May 2024.

Jim Marshall, President and Chief Executive Officer, commented, "We are very proud and pleased with our solid performance for the quarter and first half of 2025. I would like to commend our team for the outstanding deep relationships they have developed with our customers, and to our customers that continually refer their friends to us because of the level of service and professionalism they receive here at blueharbor."

blueharbor bank is headquartered in Mooresville with branches in Statesville and Mount Airy and loan production offices in Belmont and Hickory.  blueharbor bank's website is www.blueharborbank.com and our common stock is quoted on the OTCQX Market under the symbol "BLHK."

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)		(Unaudited)
	June 30,		December 31,		June 30,
Balance Sheet Data:	2025		2024		2024
Total Assets	$    544,335,216		$    506,756,753		$    463,313,580
Total Gross Loans	462,122,604		432,756,829		391,336,334
Allowance for Loan Losses	4,367,773		4,131,598		3,787,206
Total Deposits	468,098,141		440,733,082		404,429,345
Total Shareholders' Equity	59,180,455		55,189,737		51,878,068
	(Unaudited)				(Unaudited)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
Earnings and Per Share Data:	2025		2024		2025		2024
Interest Income	$        7,351,605		$        6,249,732		$      14,317,358		$    11,915,430
Interest Expense	2,075,398		2,042,224		4,162,835		3,943,104
Net Interest Income	5,276,207		4,207,508		10,154,523		7,972,326
Provision for Loan Losses	236,769		232,541		223,393		352,695
Net Interest Income after
Provision for Loan Losses	5,039,438		3,974,967		9,931,130		7,619,631
Noninterest Income	572,860		523,164		1,109,950		1,002,414
Noninterest Expense	2,375,524		2,663,598		4,738,159		5,047,665
Net Income before Taxes	3,236,774		1,834,533		6,302,921		3,574,380
Income Taxes	724,075		404,945		1,397,275		808,184
Net Income	$        2,512,699		$        1,429,588		$        4,905,646		$      2,766,196
Basic Income per Share	$                 0.85		$                 0.48		$                 1.67		$               0.94
Diluted Income per Share	$                 0.83		$                 0.47		$                 1.63		$               0.92
Annualized Performance Ratios:
Return on average assets	1.94 %		1.25 %		1.94 %		1.23 %
Return on average equity	18.06 %		11.13 %		17.63 %		10.93 %
Efficiency ratio	40.61 %		56.30 %		42.1 %		56.2 %
Overhead ratio	34.17 %		50.87 %		35.7 %		50.7 %
Net Interest Margin	4.28 %		3.89 %		4.22 %		3.77 %
Cost of Funds	2.62 %		2.84 %		2.66 %		2.82 %
	(Unaudited)		(Unaudited)
	June 30,		June 30,
	2025		2024
Financial Ratios:
Book Value	$               20.00		$               17.43
Nonperforming Assets to Total Assets Ratio	0.00 %		0.01 %
Loan to Deposit Ratio	98.7 %		98.2 %
Tier 1 Leverage Ratio	12.0 %		12.0 %
Common Equity Tier 1 Risk-Based Capital Ratio	13.1 %		13.8 %
Tier 1 Risk-Based Capital Ratio	13.1 %		13.8 %
Total Risk-Based Capital Ratio	14.1 %		14.9 %

 

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SOURCE blueharbor bank

FAQ

What was blueharbor bank's (BLHK) earnings per share in Q2 2025?

blueharbor bank reported diluted earnings of $0.83 per share in Q2 2025, a 77% increase from $0.47 in Q2 2024.

How much did BLHK's total assets grow in Q2 2025?

BLHK's total assets grew to $544.3 million, an increase of $81.0 million or 18% compared to Q2 2024.

What was blueharbor bank's net interest margin in Q2 2025?

The bank's net interest margin was 4.28%, an increase of 18 basis points compared to Q2 2024.

How much dividend did BLHK pay in Q2 2025?

blueharbor bank paid a dividend of $0.25 per share in Q2 2025.

What was BLHK's asset quality in Q2 2025?

The bank reported zero non-performing assets, improving from 0.01% in Q2 2024, demonstrating excellent asset quality.

How much did blueharbor bank's deposits grow year-over-year?

Total deposits increased by $63.7 million or 16% to $468.1 million compared to Q2 2024.