blueharbor bank Reports Third Quarter 2025 Net Income

Rhea-AI Summary

blueharbor bank (OTCQX: BLHK) reported third quarter 2025 net income of $2.85M and diluted EPS of $0.95, up materially year-over-year and sequentially. Key metrics: ROA 2.08%, ROE 18.54%, net interest margin 4.46%, and an efficiency ratio of 37.76%.

Total assets were $571.8M (+13% vs Dec 31, 2024), gross loans $496.0M (+23% YoY), and deposits $497.7M (+17% YoY). Asset quality showed zero nonperforming assets and allowance for loan losses of $4.68M (0.94% of loans). Capital: total risk-based capital 13.9%, CET1 12.9%, tier 1 leverage 12.0%.

Positive

• Net income +49% YoY to $2.85M for Q3 2025
• Diluted EPS $0.95, up 51% sequentially
• Gross loans +23% YoY to $496.0M
• Deposits +17% YoY to $497.7M
• Net interest income +26% YoY to $5.82M
• Efficiency ratio improved to 37.76% from 51.40%

Negative

• Provision for loan losses rose to $303,935 from $92,488 (Q3 2024)
• Common equity tier 1 ratio declined to 12.9% from 13.6% (Sept 2024)

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

Third Quarter 2025 Highlights

• Return on average assets (ROA) of 2.08%
• Return on average equity (ROE) of 18.54%
• Diluted income per share of $0.95, a 51% increase over previous quarter
• Net interest margin expansion over second quarter 2025 of 18 basis points to 4.46%
• Loan growth of $63.2 million, or 20% annualized, for the first nine months of 2025
• Deposit growth of $57.0 million, or 17% annualized, for the first nine months of 2025
• Efficiency ratio of 37.76% for the third quarter of 2025
• Book value of $21.14, an increase of 16% over third quarter 2024

blueharbor bank reported net income of $2,852,118 and $0.95 per diluted share for the third quarter of 2025 compared to $1,907,961 and $0.63 per diluted share for the third quarter of 2024.  For the nine months ended September 30, 2025, the Bank reported net income of $7,757,764 and $2.58 per diluted share compared to $4,674,158 and $1.55 per diluted share for the same nine months in 2024.

The Bank reported total assets of $571.8 million at September 30, 2025, an increase of $65.0 million, or 13%, when compared to $506.8 million at December 31, 2024, and an increase of $85.7 million, or 18%, when compared to September 30, 2024. Gross loans increased $63.2 million, to $496.0 million at September 30, 2025, from $432.8 million at December 31, 2024. When compared to September 30, 2024, gross loans increased $91.9 million, or 23%. Total deposits were $497.7 million at September 30, 2025, an increase of $57.0 million, or 13%, when compared to $440.7 million at December 31, 2024, and an increase of $73.4 million, or 17% when compared to September 30, 2024.

Asset quality remained very strong for the third quarter of 2025, with zero non-performing assets.

Capital levels also remained 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 12.9%, and tier 1 leverage ratio of 12.0%.

Net interest income was $5,824,939 for the quarter ending September 30, 2025, an increase of $1.2 million, or 26%, from the same period in 2024. The change in net interest income was due primarily to loan growth for the period.

For the quarter ending September 30, 2025, $303,935 in provision for credit losses was recorded. This is an increase of $211,447 from the provision for credit losses of $92,488 that was recorded in the quarter ended September 30, 2024.  The increase in provision was attributable to the loan growth during the third quarter of 2025 as compared to the third quarter of 2024. The allowance for loan losses to total loans was 0.94% at September 30, 2025.

Noninterest income was $571,390 for the quarter ending September 30, 2025, a decrease of $54,612, or 9%, from the same period in 2024. The noninterest expense was $2,415,247 for the quarter ended September 30, 2025, compared to $2,697,419 for the quarter ended September 30, 2024. The decrease of $282,172 was due in part to lower data processing expenses from the change in our core software provider in May 2024.

Jim Marshall, President and Chief Executive Officer, commented, "I want to extend my gratitude and appreciation to our team for the work they do each and every day. Their unwavering commitment to our values and culture shines through time and time again. And to our customers for their deep loyal relationships, we are truly appreciative. We have always sought a balanced approach between asset quality, growth, and profitability and are proud to share again and again results that reflect that approach at a high level."

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)
	September 30,		December 31,		September 30,
Balance Sheet Data:	2025		2024		2024
Total Assets	$         571,778,536		$         506,756,753		$         486,032,938
Total Gross Loans	495,988,665		432,756,829		404,071,821
Allowance for Loan Losses	4,678,530		4,131,598		3,879,694
Total Deposits	497,711,376		440,733,082		424,358,688
Total Shareholders' Equity	62,560,472		55,189,737		54,307,979
	(Unaudited)				(Unaudited)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Earnings and Per Share Data:	2025		2024		2025		2024
Interest Income	$             8,029,517		$             6,751,483		$           22,346,875		$           18,666,913
Interest Expense	2,204,578		2,129,610		6,367,413		6,072,714
Net Interest Income	5,824,939		4,621,873		15,979,462		12,594,199
Provision for Loan Losses	303,935		92,488		527,329		445,183
Net Interest Income after
Provision for Loan Losses	5,521,004		4,529,385		15,452,133		12,149,016
Noninterest Income	571,390		626,002		1,681,339		1,628,416
Noninterest Expense	2,415,247		2,697,419		7,153,405		7,745,083
Net Income before Taxes	3,677,147		2,457,968		9,980,067		6,032,349
Income Taxes	825,029		550,007		2,222,303		1,358,191
Net Income	$             2,852,118		$             1,907,961		$             7,757,764		$             4,674,158
Basic Income per Share	$                       0.97		$                       0.65		$                       2.64		$                       1.59
Diluted Income per Share	$                       0.95		$                       0.63		$                       2.58		$                       1.55
Annualized Performance Ratios:
Return on average assets	2.08 %		1.60 %		1.99 %		1.36 %
Return on average equity	18.54 %		14.27 %		17.68 %		12.08 %
Efficiency ratio	37.76 %		51.40 %		40.5 %		54.5 %
Overhead ratio	31.65 %		44.82 %		34.2 %		48.6 %
Net Interest Margin	4.46 %		4.11 %		4.30 %		3.89 %
Cost of Funds	2.64 %		2.87 %		2.65 %		2.83 %
	(Unaudited)		(Unaudited)
	September 30,		September 30,
	2025		2024
Financial Ratios:
Book Value	$                     21.14		$                     18.29
Nonperforming Assets to Total Assets Ratio	0.00 %		0.00 %
Loan to Deposit Ratio	99.7 %		98.2 %
Tier 1 Leverage Ratio	12.0 %		12.0 %
Common Equity Tier 1 Risk-Based Capital Ratio	12.9 %		13.6 %
Tier 1 Risk-Based Capital Ratio	12.9 %		13.6 %
Total Risk-Based Capital Ratio	13.9 %		14.6 %

 

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SOURCE blueharbor bank

FAQ

What were blueharbor bank (BLHK) Q3 2025 earnings and EPS?

blueharbor bank reported Q3 2025 net income of $2.85M and diluted EPS of $0.95.

How did blueharbor bank's loans and deposits change by September 30, 2025 (BLHK)?

Gross loans were $496.0M (up 23% YoY) and total deposits were $497.7M (up 17% YoY).

What is blueharbor bank's (BLHK) net interest margin and NII trend in Q3 2025?

Net interest margin was 4.46% and net interest income rose to $5.82M, a 26% increase YoY.

Is blueharbor bank (BLHK) reporting any nonperforming assets in Q3 2025?

No, blueharbor bank reported zero nonperforming assets at September 30, 2025.

How strong is blueharbor bank's (BLHK) capital position as of Q3 2025?

Total risk-based capital was 13.9%, CET1 was 12.9%, and tier 1 leverage was 12.0%.

What drove blueharbor bank's (BLHK) higher provision for loan losses in Q3 2025?

The provision increased to $303,935, primarily attributed to loan growth during the period.