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blueharbor bank Reports Third Quarter 2025 Net Income

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October 17, 2025 10:42 AM EDT

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 %





 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/blueharbor-bank-reports-third-quarter-2025-net-income-302587691.html

SOURCE blueharbor bank


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