blueharbor bank reports net income for second quarter

Posted at 1:53 PM on Jul 28, 2017

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Special to SVLfreenews.com

MOORESVILLE – blueharbor bank has reported a 55.6 percent increase in second quarter net income and a 38.2 percent increase in year-to-date net income over the prior year results. The bank reported net income of $423,851, or 14 cents per diluted share, for the second quarter of 2017, compared to $284,352, or 9 cents per diluted share, for the second quarter of 2016. For the six-months ended June 30, 2017, the bank reported net income of $777,757, or 26 cents per diluted share, compared to $562,859, or 19 cents per diluted share, for the six-months ended June 30, 2016. The bank reported year-to-date total assets growth of 10.3 percent to $192.2 million primarily driven by the year-to-date loan growth of 12.6 percent to $165.8 million.

President and Chief Executive Officer Jim Marshall noted: "Our continuing strategy of solid and controlled growth coupled with expense management once again produced strong financial results for the bank. As we build our asset base and keep expenses in check, our performance ratios continue to outpace may of our peers."

"Year-to-date, our ROA has been strong at 0.86 percent in 2017, compared to 0.66 percent in 2016. In addition, our expense controls have resulted in an efficiency ratio of 61.7 percent year-to-date in 2017, compared to 70.4 percent in the prior year," Marshall added.

"As we look forward to the remainder of 2017, we believe we are positioned well for continued growth, including heavy doses of blueharbor brand of banking with deep personal relationships influenced by common sense decision making and world class tech savvy products resulting in wins for all including the communities we serve," he concluded.

About blueharbor bank

blueharbor bank, with $192.2 million in assets, is headquartered in Mooresville with additional branches in Huntersville and Statesville and a loan production office in Charlotte. blueharbor bank's website is www.blueharborbank.com and our common stock is quoted on the OTC Bulletin Board under the symbol "BLHK." The blueharbor wealth advisors website is www.blueharborwealthadvisors.com.

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