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blueharbor bank reports recurring bank earnings, capital, credit-quality and dividend developments for its OTCQX-quoted common stock, BLHK.
The North Carolina bank is headquartered in Mooresville, with branches in Statesville and Mount Airy and loan production offices in Belmont and Hickory. Company updates focus on net income, diluted earnings per share, return metrics, net interest margin, efficiency ratio, book value, loan growth, deposit-account activity, noninterest income from service charges, debit card income and mortgage loan fees, regulatory capital ratios, non-performing assets and special cash dividends.
blueharbor bank reported a significant net income of $1,597,991 for Q2 2022, marking a 50% increase compared to Q2 2021. For the first half of 2022, net income reached $2,864,724, up 29% year-over-year. Total assets expanded to $423.1 million, reflecting a 3% increase since year-end 2021. Gross loans also rose to $311.4 million, revealing an 18% increase from June 2021. Despite a rise in noninterest expense to $1,941,414, the bank remains capitalized with total risk-based capital at 13.6%.
blueharbor bank (OTC-PINK: BLHK) reported a net income of $1,266,733 ($0.42 per diluted share) for Q1 2022, up 9% from $1,157,275 ($0.38) in Q1 2021. The bank's total assets reached $443.4 million, rising 8% from $410.8 million. Gross loans increased to $301.4 million, with organic loan growth at 24%. Total deposits also grew by 9% to $399.4 million. Despite strong asset quality and solid capital levels, the bank noted potential challenges due to inflation and rising interest rates.
blueharbor bank reported a net income of $1,232,123 or $0.41 per diluted share for Q4 2021, up 19% from $1,036,335 in Q4 2020. Full-year net income rose 45% to $4,829,549, or $1.60 per share. Total assets increased 27% to $410.8 million, while loans grew 20% to $286.3 million. Non-performing assets dropped to 0.02% of total assets. However, noninterest expenses also rose by 25% for the quarter.