blueharbor bank Reports Third Quarter 2024 Net Income
Rhea-AI Summary
blueharbor bank reported strong Q3 2024 performance with net income of $1.91 million and diluted EPS of $0.63, up 34% from previous quarter. The bank achieved significant growth with total assets reaching $486.0 million, a 13% increase year-over-year. Notable metrics include ROA of 1.60%, ROE of 14.27%, and net interest margin expansion of 22 basis points to 4.11%. Loan portfolio grew by $47.3 million (18% annualized) and deposits increased by $49.6 million (18% annualized) in the first nine months of 2024. Asset quality remained strong with non-performing assets at just 0.00% of total assets. The bank also expanded its presence by opening a new full-service branch in Mount Airy.
Positive
- Net income reached $1.91 million with EPS of $0.63, up 34% QoQ
- Strong ROA of 1.60% and ROE of 14.27%
- Net interest margin expanded by 22 basis points to 4.11%
- Loan growth of 18% annualized ($47.3 million)
- Deposit growth of 18% annualized ($49.6 million)
- Book value increased 14% YoY to $18.29
- Excellent asset quality with non-performing assets at 0.00%
- Solid capital levels with total risk-based capital at 14.6%
Negative
- Nine-month net income decreased YoY from $5.65M to $4.67M
- Nine-month EPS declined from $1.85 to $1.55 YoY
- Increased provision for loan losses by $21,146 YoY
- Noninterest expense increased by $471,185 YoY
News Market Reaction – BLHK
On the day this news was published, BLHK declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Third Quarter 2024 Highlights
- Opened a full-service branch in
Mount Airy . - Return on average assets (ROA) of
1.60% - Return on average equity (ROE) of
14.27% on very high capital levels - Diluted income per share of
$0.63 34% increase over previous quarter - Net interest margin expansion over second quarter 2024 of 22 basis points to
4.11% - Loan growth of
$47.3 million 18% annualized, for the first nine months of 2024 - Deposit growth of
$49.6 million 18% annualized, for the first nine months of 2024 - Net Interest Income growth of
$853,000 23% , over third quarter 2023 - Book value of
$18.29 14% over third quarter 2023
blueharbor bank reported net income of
The Bank reported total assets of
Asset quality remained very strong with total non-performing assets decreasing from
Capital levels also remained solid at the end of the third quarter with total risk-based capital at
Net interest income was
For the quarter ending September 30, 2024,
Noninterest expense was
Jim Marshall, President and Chief Executive Officer, commented, "The third quarter was a very good one for us on many fronts. Loan and deposit growth are on a very high pace that we expect to continue. Our earnings and net interest income continue to right size after the historic rapid increase in funding costs experienced over the last two years. Book value per share increased nicely at
We are excited to bring our common sense, high touch relationship approach to
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) | (Unaudited) | ||||||
September 30, | December 31, | September 30, | ||||||
Balance Sheet Data: | 2024 | 2023 | 2023 | |||||
Total Assets | $ 486,032,938 | $ 430,128,638 | $ 428,920,778 | |||||
Total Gross Loans | 404,071,821 | 356,796,709 | 345,591,068 | |||||
Allowance for Loan Losses | 3,879,694 | 3,422,010 | 3,308,547 | |||||
Total Deposits | 424,358,688 | 374,829,306 | 376,568,658 | |||||
Total Shareholders' Equity | 54,307,979 | 49,402,722 | 46,997,856 | |||||
(Unaudited) | (Unaudited) | |||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
Earnings and Per Share Data: | 2024 | 2023 | 2024 | 2023 | ||||
Interest Income | $ 6,751,483 | $ 5,180,789 | $ 18,666,913 | $ 14,694,867 | ||||
Interest Expense | 2,129,610 | 1,411,636 | 6,072,714 | 2,976,499 | ||||
Net Interest Income | 4,621,873 | 3,769,153 | 12,594,199 | 11,718,368 | ||||
Provision for Loan Losses | 92,488 | 71,342 | 445,183 | 120,479 | ||||
Net Interest Income after | ||||||||
Provision for Loan Losses | 4,529,385 | 3,697,811 | 12,149,016 | 11,597,889 | ||||
Noninterest Income | 626,002 | 671,331 | 1,628,416 | 2,069,642 | ||||
Noninterest Expense | 2,697,419 | 2,226,234 | 7,745,083 | 6,400,946 | ||||
Net Income before Taxes | 2,457,968 | 2,142,908 | 6,032,349 | 7,266,585 | ||||
Income Taxes | 550,007 | 475,338 | 1,358,191 | 1,617,394 | ||||
Net Income | $ 1,907,961 | $ 1,667,570 | $ 4,674,158 | $ 5,649,191 | ||||
Basic Income per Share | $ 0.65 | $ 0.57 | $ 1.59 | $ 1.93 | ||||
Diluted Income per Share | $ 0.63 | $ 0.55 | $ 1.55 | $ 1.85 | ||||
Annualized Performance Ratios: | ||||||||
Return on average assets | 1.60 % | 1.57 % | 1.36 % | 1.82 % | ||||
Return on average equity | 14.27 % | 13.93 % | 12.08 % | 16.48 % | ||||
Efficiency ratio | 51.4 % | 50.1 % | 54.5 % | 46.4 % | ||||
Overhead ratio | 44.8 % | 41.3 % | 48.6 % | 37.0 % | ||||
Net Interest Margin | 4.11 % | 3.77 % | 3.89 % | 4.02 % | ||||
Cost of Funds | 2.87 % | 2.26 % | 2.83 % | 1.67 % | ||||
(Unaudited) | (Unaudited) | |||||||
September 30, | September 30, | |||||||
2024 | 2023 | |||||||
Financial Ratios: | ||||||||
Book Value | $ 18.29 | $ 16.07 | ||||||
Nonperforming Assets to Total Assets Ratio | 0.00 % | 0.01 % | ||||||
Loan to Deposit Ratio | 95.2 % | 95.2 % | ||||||
Tier 1 Leverage Ratio | 12.0 % | 12.0 % | ||||||
Common Equity Tier 1 Risk-Based Capital Ratio | 13.6 % | 14.3 % | ||||||
Tier 1 Risk-Based Capital Ratio | 13.6 % | 14.3 % | ||||||
Total Risk-Based Capital Ratio | 14.6 % | 15.3 % | ||||||
View original content:https://www.prnewswire.com/news-releases/blueharbor-bank-reports-third-quarter-2024-net-income-302285408.html
SOURCE blueharbor bank
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