blueharbor bank has released its first quarter 2025 earnings report, revealing a solid start to the year with a 79% increase in net income and a 5% increase in book value.
Key Highlights
- Diluted earnings per share increased by 80% over the first quarter 2024
- Return on average assets (ROA) reached 1.93%
- Return on average equity (ROE) was 17.21%
- Gross loans increased by $63.6 million to $435.0 million
- Net interest margin remained high at 4.16%
- Efficiency ratio was 43.63%
The bank reported net income of $2,392,947 and $0.79 per diluted share for the first quarter of 2025, an increase of 79%, or $1,056,339, as compared to $1,336,608 and $0.44 per diluted share for the first quarter of 2024.
| Assets | $522.3 million | (15% increase from 2024) |
| Gross Loans | $435.0 million | (18% increase from 2024) |
| Total Deposits | $457.5 million | (15% increase from 2024) |
Asset quality remained very strong for the first quarter of 2025, with no non-performing assets, which is down from 0.01% reported at March 31, 2024.
Capital Levels
- Total risk-based capital was 14.5%
- Common equity tier 1 and tier 1 to risk-weighted assets were both 13.5%
- Tier 1 leverage ratio was 12.1%
The bank recorded a quarterly reduction in the provision for credit losses of ($13,377) for the first quarter of 2025, compared to a quarterly provision for credit losses of $120,155 for the same period in 2024.
Net Interest Income
- Net interest income was $4,878,315 for the quarter ending March 31, 2025
- The change in net interest income was driven by a $68.4 million increase in average loans outstanding and a 46 basis point increase in the yield on earning assets
Noninterest income was $537,090 for the quarter ended March 31, 2025, a $57,840, or 12%, increase over the $479,250 that was recorded for the quarter ended March 31, 2024.
Noninterest Expense
- Noninterest expense was $2,362,635 for the quarter ending March 31, 2025
- The decrease of $21,431 was due to lower data processing expenses from the change in our core software provider in May 2024
Jim Marshall, President and Chief Executive Officer, commented, “We continue to be pleased with our performance through the first quarter of 2025 despite increasing uncertainties surrounding the economy. Our credit quality remains solid as we maintain close contact with our customer base.”
About blueharbor bank
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
A schedule attached to this press release provides a summary of selected financial data.
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. 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.
Non-GAAP Financial Measures
This press release contains certain financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such non-GAAP financial measures include pre-tax annualized return on assets (ROA), pre-tax annualized return on equity (ROE) and efficiency ratio. Management uses these non-GAAP financial measures to assess the performance of blueharbor bank’s core business. Management believes that these non-GAAP financial measures provide meaningful additional information about blueharbor bank to assist investors in evaluating operating results. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant charges for credit costs and other factors. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies.
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