blueharbor bank Reports Second Quarter 2026 Net Income

Rhea-AI Summary

blueharbor bank (OTCQX: BLHK) reported second quarter 2026 net income of $3.52 million, or $1.16 diluted EPS, up 40% from $2.51 million, or $0.83, in Q2 2025. ROA was 2.31%, ROE 20.75%, net interest margin 4.36%, and the efficiency ratio 34.67%.

For the first six months of 2026, net income was $6.85 million, or $2.27 diluted EPS, versus $4.91 million and $1.63 a year earlier. Total assets reached $628.4 million, up 4% from year-end 2025 and 15% year over year. Gross loans were $537.1 million and total deposits $551.2 million, rising 16% and 18% year over year, respectively. Book value per share increased 15% to $23.08.

Asset quality showed zero non-performing assets for the seventh consecutive quarter. Capital ratios remained high, with total risk-based capital at 14.1% and a tier 1 leverage ratio of 11.8%. Net interest income grew 21% to $6.39 million, while noninterest income rose 5% and noninterest expense increased modestly by $49,645.

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Positive

• Diluted EPS +40% YoY to $1.16 in Q2 2026
• Net income +40% YoY to $3.52 million in Q2 2026
• Six‑month net income $6.85 million vs. $4.91 million in 2025
• Loans +16% YoY to $537.1 million at June 30, 2026
• Deposits +18% YoY to $551.2 million at June 30, 2026
• Zero non-performing assets for seven consecutive quarters

Negative

• Noninterest expense up $49,645 YoY to $2.43 million in Q2 2026
• Provision for credit losses of $34,324 recorded in Q2 2026

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MOORESVILLE, N.C., June 10, 2026 /PRNewswire/ -- blueharbor bank (the "Bank") today reported earnings for the second quarter of 2026.

Second Quarter 2026 Highlights

• Diluted earnings per share increase of 40% over 2^nd quarter 2025
• Return on average assets (ROA) of 2.31%
• Return on average equity (ROE) of 20.75%
• Net interest margin of 4.36%
• Efficiency ratio of 34.67%
• Book value of $23.08, a 15% increase year over year

blueharbor bank reported net income of $3,521,941 and $1.16 per diluted share for the second quarter of 2026, an increase of 40%, or $1,009,242, as compared to $2,512,699 and $0.83 per diluted share for the second quarter of 2025.  For the six months ended June 30, 2026, the Bank reported net income of $6,854,110 and $2.27 per diluted share compared to $4,905,646 and $1.63 per diluted share for the same six months in 2025.

The Bank reported total assets of $628.4 million at June 30, 2026, an increase of $21.6 million, or 4%, when compared to $606.8 million at December 31, 2025, and an increase of $83.9 million, or 15%, when compared to June 30, 2025. Gross loans increased $15.6 million, to $537.1 million at June 30, 2026, from $521.5 million at December 31, 2025. When compared to June 30, 2025, gross loans increased $74.9 million, or 16%. Total deposits were $551.2 million at June 30, 2026, an increase of $17.6 million, or 3%, when compared to $533.6 million at December 31, 2025, and an increase of $83.1 million, or 18% when compared to June 30, 2025.

Asset quality remained very strong for the second quarter of 2026, with zero non-performing assets for the seventh consecutive quarter.

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 11.8% for the quarter ended June 30, 2026.

Net interest income was $6,391,815 for the quarter ending June 30, 2026, an increase of $1,115,608, or 21%, from the same period in 2025. The change in net interest income was driven by a $90.5 million increase in average loans outstanding and a 10 basis point increase in the yield on loans.

The bank recorded a quarterly provision for credit losses of $34,324 for the second quarter of 2026, compared to a quarterly provision for credit losses of $236,769 for the same period in 2025.  The allowance for loan losses to total loans was 0.94% at June 30, 2026. The decrease in the provision is due to a lower increase in loans in second quarter 2026 than in second quarter 2025.

Noninterest income was $603,095 for the quarter ended June 30, 2026, a $30,235, or 5%, increase over the $572,860 that was recorded for the quarter ended June 30, 2025. The increase was due to the higher service charges and debit card income from the increase in the number of deposit accounts over the period.

Noninterest expense was $2,425,169 for the quarter ended June 30, 2026, compared to $2,375,524 for the quarter ended June 30, 2025. The increase of $49,645 was primarily due to an increase in the provision for unfunded commitments.

Jim Marshall, President and Chief Executive Officer, commented, "We are pleased with our very solid performance for the second quarter and first half of 2026. Our team continues to strengthen our valued  relationships every day, which supports our consistent results."

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:	2026		2025		2025
Total Assets	$           628,381,363		$           606,805,842		$           544,453,521
Total Gross Loans	537,064,738		521,514,072		462,122,604
Allowance for Loan Losses	5,065,191		4,937,508		4,367,773
Total Deposits	551,192,009		533,574,744		468,098,141
Total Shareholders' Equity	69,622,879		65,292,096		59,180,454
	(Unaudited)				(Unaudited)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
Earnings and Per Share Data:	2026		2025		2026		2025
Interest Income	$                 8,862,840		$                 7,351,605		$              17,439,803		$              14,317,358
Interest Expense	2,471,025		2,075,398		4,855,089		4,162,835
Net Interest Income	6,391,815		5,276,207		12,584,714		10,154,523
Provision for Loan Losses	34,324		236,769		115,984		223,393
Net Interest Income after
Provision for Loan Losses	6,357,491		5,039,438		12,468,730		9,931,130
Noninterest Income	603,095		572,860		1,199,103		1,109,950
Noninterest Expense	2,425,169		2,375,524		4,896,503		4,738,159
Net Income before Taxes	4,535,417		3,236,774		8,771,330		6,302,921
Income Taxes	1,013,476		724,075		1,917,220		1,397,275
Net Income	$                 3,521,941		$                 2,512,699		$                 6,854,110		$                 4,905,646
Basic Income per Share	$                          1.17		$                          0.85		$                          2.30		$                          1.67
Diluted Income per Share	$                          1.16		$                          0.83		$                          2.27		$                          1.63
Annualized Performance Ratios:
Return on average assets	2.31 %		1.94 %		2.28 %		1.94 %
Return on average equity	20.75 %		18.06 %		20.57 %		17.63 %
Efficiency ratio	34.67 %		40.61 %		35.5 %		42.1 %
Overhead ratio	28.51 %		34.17 %		29.4 %		35.7 %
Net Interest Margin	4.36 %		4.28 %		4.36 %		4.22 %
Cost of Funds	2.61 %		2.62 %		2.61 %		2.66 %
	(Unaudited)		(Unaudited)
	June 30,		June 30,
	2026		2025
Financial Ratios:
Book Value	$                           23.08		$                           20.00
Nonperforming Assets to Total Assets Ratio	0.00 %		0.00 %
Loan to Deposit Ratio	97.4 %		98.7 %
Tier 1 Leverage Ratio	11.8 %		12.0 %
Common Equity Tier 1 Risk-Based Capital Ratio	13.1 %		13.1 %
Tier 1 Risk-Based Capital Ratio	13.1 %		13.1 %
Total Risk-Based Capital Ratio	14.1 %		14.1 %

 

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SOURCE blueharbor bank

FAQ

How did blueharbor bank (BLHK) perform financially in Q2 2026?

blueharbor bank reported Q2 2026 net income of $3.52 million, up 40% year over year. According to blueharbor bank, diluted EPS rose to $1.16, with ROA of 2.31%, ROE of 20.75%, and a net interest margin of 4.36%.

What drove net income and EPS growth for BLHK in the second quarter of 2026?

Net income and EPS growth were mainly driven by higher net interest income. According to blueharbor bank, net interest income rose 21% to $6.39 million, supported by a $90.5 million increase in average loans and a 10 basis point increase in loan yields.

How did blueharbor bank's loans and deposits change by June 30, 2026?

Loans and deposits both increased significantly year over year. According to blueharbor bank, gross loans reached $537.1 million (up 16%), while total deposits rose to $551.2 million (up 18%) as of June 30, 2026, compared to June 30, 2025.

What were blueharbor bank's key capital ratios at June 30, 2026?

Capital ratios remained high at quarter-end. According to blueharbor bank, total risk-based capital was 14.1%, common equity tier 1 and tier 1 to risk-weighted assets were each 13.1%, and the tier 1 leverage ratio stood at 11.8% for the quarter ended June 30, 2026.

How strong was blueharbor bank's asset quality in Q2 2026?

Asset quality was reported as very strong in Q2 2026. According to blueharbor bank, there were zero non-performing assets for the seventh consecutive quarter, and the allowance for loan losses to total loans was 0.94% at June 30, 2026.

What was blueharbor bank's book value per share at June 30, 2026?

Book value per share increased meaningfully year over year. According to blueharbor bank, book value reached $23.08 at June 30, 2026, representing a 15% increase compared with the level reported one year earlier.

How did blueharbor bank's noninterest income and expenses change in Q2 2026?

Noninterest income and expenses both rose slightly in Q2 2026. According to blueharbor bank, noninterest income increased 5% to $603,095, while noninterest expense edged up by $49,645 to $2.43 million, primarily from a higher provision for unfunded commitments.