blueharbor bank Reports Third Quarter 2022 Net Income

Rhea-AI Summary

blueharbor bank reported a net income of $1,992,441 ($0.66 per diluted share) for Q3 2022, a 45% increase from Q3 2021. Year-to-date, net income reached $4,857,165 ($1.60 per diluted share), up 35%. Total assets grew to $418.6 million, and gross loans increased by $37.5 million to $323.8 million. Non-performing assets comprised only 0.02% of total assets, with strong capital levels reported. Net interest income rose 31% to $3,844,390, while noninterest income increased to $677,684. However, noninterest expenses also grew by 10% year-over-year.

Positive

• Net income increased by 45% in Q3 2022 compared to Q3 2021.
• Total assets grew by 2% year-to-date.
• Gross loans increased by 17% year-over-year.
• Non-performing assets remained low at 0.02% of total assets.
• Net interest income rose 31% from the previous year.

Negative

• Noninterest expenses increased by 10% year-over-year.

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MOORESVILLE, N.C., Oct. 25, 2022 /PRNewswire/ -- blueharbor bank (the "Bank") today reported net income of $1,992,441 and $0.66 per diluted share for the third quarter of 2022, an increase of 45% or $616,604 as compared to $1,375,837 and $0.46 per diluted share for the third quarter of 2021.  For the nine months ended September 30, 2022, the Bank reported net income of $4,857,165 and $1.60 per diluted share, an increase of 35% or $1,259,739 as compared to $3,597,426 and $1.19 per diluted share for the same nine months in 2021.

The Bank reported total assets of $418.6 million at September 30, 2022, an increase of $7.8 million, or 2%, when compared to $410.8 million at December 31, 2021, and an increase of $10.7 million, or 3%, when compared to September 30, 2021. Gross loans increased $37.5 million, to $323.8 million at September 30, 2022, from $286.3 million at December 31, 2021. When compared to September 30, 2021, gross loans increased $47.4 million, or 17%. Total deposits were $373.8 million at September 30, 2022, an increase of $7.1 million, or 2%, when compared to $366.7 million at December 31, 2021, and an increase of $8.8 million, or 2% when compared to September 30, 2021.

Asset quality remained very strong with total non-performing assets representing only 0.02% of total assets at September 30, 2022. This ratio is the same as the ratio reported December 31, 2021.

Capital levels also remained very solid at the end of the third quarter with total risk-based capital at 13.9%, both common equity tier 1 and tier 1 to risk-weighted assets of 13.0%, and tier 1 leverage ratio of 10.6%.

Net interest income was $3,844,390 for the quarter ending September 30, 2022, an increase of $897,407, or 31%, from the same period in 2021. The change in net interest income was influenced by a shift in the mix of interest earning assets from lower yielding overnight funds to higher yielding loans.

For the quarter ending September 30, 2022, no provision for loan losses was recorded, and recovery of loan losses of ($138,358) was recorded in the quarter ended September 30, 2021.  The allowance for loan losses to total loans was 0.95% at September 30, 2022.

Noninterest income was $677,684 for the quarter ended September 30, 2022, an increase of $73,407 over $604,277 that was recorded for the quarter ended September 30, 2021.

Noninterest expense was $1,957,963 for the quarter ended September 30, 2022, compared to $1,785,377 for the quarter ended September 30, 2021. The increase of $172,586 was due to increases in salary, benefit expenses and data processing fees.

Jim Marshall, President and Chief Executive Officer, commented, "We are very pleased with our quarterly and year to date results.  Our new relocated office on Tradd Street in Statesville is opening accounts at a very nice pace which is what we anticipated.  Credit quality continues to perform nicely in the face of rising costs and inflationary pressures."

blueharbor bank is headquartered in Mooresville with additional branches in Huntersville and Statesville and loan production offices in Belmont and Morehead City.  blueharbor bank's website is www.blueharborbank.com and our common stock is quoted on the Pink 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)
		September 30,		December 31,		September 30,
Balance Sheet Data:		2022		2021		2021
Total Assets		$   418,577,683		$   410,808,535		$   407,862,246
Total Gross Loans		323,819,194		286,275,297		276,416,816
Allowance for Loan Losses		3,061,110		2,862,753		2,761,570
Total Deposits		373,814,510		366,731,922		364,970,587
Total Shareholders' Equity		40,313,648		39,990,927		38,920,840
		(Unaudited)				(Unaudited)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
Earnings and Per Share Data:		2022		2021		2022		2021
Interest Income		$       3,974,576		$       3,012,892		$     10,493,661		$  8,507,712
Interest Expense		130,186		204,267		389,834		734,581
Net Interest Income		3,844,390		2,808,625		10,103,827		7,773,131
Provision for Loan Losses		-		(138,358)		173,357		(138,358)
Net Interest Income after
Provision for Loan Losses		3,844,390		2,946,983		9,930,470		7,911,489
Noninterest Income		677,684		604,277		2,082,015		1,822,224
Noninterest Expense		1,957,963		1,785,377		5,765,340		5,126,178
Net Income before Taxes		2,564,111		1,765,883		6,247,145		4,607,535
Income Taxes		571,670		390,046		1,389,980		1,010,109
Net Income		$       1,992,441		$       1,375,837		$       4,857,165		$  3,597,426
Basic Income per Share		$                  0.68		$                  0.47		$                  1.67		$            1.23
Diluted Income per Share		$                  0.66		$                  0.46		$                  1.60		$            1.19
Annualized Performance Ratios:
Return on average assets		1.90 %		1.36 %		1.52 %		1.31 %
Return on average equity		19.46 %		14.20 %		16.17 %		12.96 %
Efficiency ratio		43.3 %		52.3 %		47.3 %		53.4 %
Overhead ratio		33.3 %		42.1 %		36.5 %		42.5 %
		(Unaudited)		(Unaudited)
		September 30,		September 30,
		2022		2021
Financial Ratios:
Book Value		$                13.75		$                13.29
Texas Ratio		0.19 %		1.82 %
Nonperforming Assets to Total Assets Ratio		0.02 %		0.19 %
Tier 1 Leverage Ratio		10.6 %		9.6 %
Common Equity Tier 1 Risk-Based Capital Ratio		13.0 %		13.2 %
Tier 1 Risk-Based Capital Ratio		13.0 %		13.2 %
Total Risk-Based Capital Ratio		13.9 %		14.2 %

 

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SOURCE blueharbor bank

FAQ

What was blueharbor bank's net income for Q3 2022?

blueharbor bank reported a net income of $1,992,441 for Q3 2022.

How much did net income increase for blueharbor bank year-to-date in 2022?

Net income for blueharbor bank increased by 35% year-to-date in 2022.

What is the gross loan amount reported by blueharbor bank as of September 30, 2022?

The gross loan amount reported was $323.8 million as of September 30, 2022.

What percentage of blueharbor bank's total assets are non-performing?

Non-performing assets represent only 0.02% of total assets.

What was blueharbor bank's net interest income for Q3 2022?

The net interest income for Q3 2022 was $3,844,390.