blueharbor bank Reports Second Quarter 2022 Net Income

MOORESVILLE, N.C., July 19, 2022 /PRNewswire/ -- blueharbor bank (the "Bank") today reported net income of $1,597,991 and $0.53 per diluted share for the second quarter of 2022, an increase of 50% or $533,677 as compared to $1,064,314 and $0.35 per diluted share for the second quarter of 2021.  For the six months ended June 30, 2022, the Bank reported net income of $2,864,724 and $0.94 per diluted share, an increase of 29% or $643,135 as compared to $2,221,589 and $0.73 per diluted share for the same six months in 2021.

The Bank reported total assets of $423.1 million at June 30, 2022, an increase of $12.3 million, or 3%, when compared to $410.8 million at December 31, 2021, and an increase of $33.2 million, or 9%, when compared to June 30, 2021. Gross loans increased $25.1 million, to $311.4 million at June 30, 2022, from $286.3 million at December 31, 2021. When compared to June 30, 2021, gross loans increased $47.4 million, or 18%. Organic loan growth was $26.7 million, or 19% annualized, for the six months ending June 30, 2022, when excluding Paycheck Protection Program ("PPP") loans. Total deposits were $379.5 million at June 30, 2022, an increase of $12.8 million, or 3%, when compared to $366.7 million at December 31, 2021, and an increase of $30.9 million, or 9% when compared to June 30, 2021.

Asset quality remained very strong with total non-performing assets representing only 0.02% of total assets at June 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 second quarter with total risk-based capital at 13.6%, both common equity tier 1 and tier 1 to risk-weighted assets of 12.7%, and tier 1 leverage ratio of 9.7%.

Net interest income, a key metric we follow closely, was $3,304,115 for the quarter ending June 30, 2022, an increase of $842,207, or 34%, from the same period in 2021. The change in net interest income was due to loan growth, increase in yield on earning assets, and decrease in our cost of funds over the past 12 months.

For the Quarter ending June 30, 2022, $22,123 in provision for loan losses was recorded, and no provision for loan losses was recorded in the quarter ended June 30, 2021.  The allowance for loan losses to total loans was 0.98% at June 30, 2022.

Noninterest income was $713,435 for the quarter ended June 30, 2022, an increase of $134,267 over $579,168 that was recorded for the quarter ended June 30, 2021.

Noninterest expense was $1,941,414 for the quarter ended June 30, 2022 compared to $1,680,185 for the quarter ended June 30, 2021. The increase of $261,229 was due to increases in salary and benefit expenses and data processing fees.

Jim Marshall, President and Chief Executive Officer, commented, "Our deposit and loan customers appear to be in very nice shape heading into the second half of the year. Loan demand remains steady with nice increases over 2021 numbers. We, however, continue to be watchful and guarded given the rapid rise in borrowing costs and inflationary expenses and the resulting effect on all our customers.

Two additional bright spots are that North Carolina is now ranked as the #1 most business-friendly state in the U.S. and Iredell County continues to grow at an unprecedented rate. Nice recognition also continues to come our way as American Banker Magazine recently ranked us in the top 200 Community Banks in the U.S."

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.

SOURCE blueharbor bank

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED