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MOORESVILLE, N.C., Oct. 17, 2025 – blueharbor bank (OTC: BLHK) today unveiled its Q3 2025 earnings, showcasing a robust financial performance driven by strategic growth in lending and efficient operational management. The bank’s strong profitability metrics outpaced the prior year, signaling a continued trajectory of success in a dynamic economic environment.
Key Performance Indicators:
- Profitability: The Bank reported a Return on Average Assets (ROA) of 2.08% and a Return on Average Equity (ROE) of 18.54%, outpacing many of its regional peers. This level of profitability reflects efficient asset utilization and strong capital management.
- Earnings Per Share: Diluted income per share surged to $0.95, a 51% increase compared to the previous quarter. This considerable growth highlights the bank’s success in translating revenue into bottom-line profits for shareholders.
- Net Interest Margin: A notable net interest margin expansion of 18 basis points over Q2 2025 led to a margin of 4.46%. This suggests that blueharbor bank is effectively managing its funding costs and optimizing yields from its earning assets amid interest rate fluctuations.
- Growth Metrics: Loan growth reached $63.2 million, equating to a 20% annualized increase for the first nine months of 2025. Deposit growth mirrored this trend, rising by $57.0 million, or 17% annualized, showcasing the bank’s ability to attract and retain customer deposits while strategically expanding its loan portfolio.
- Efficiency: The bank’s efficiency ratio stood at 37.76% for the third quarter, indicating a high degree of operational streamlining and cost control. A low efficiency ratio typically translates into better profitability and shareholder value.
- Book Value: Book value climbed to $21.14, representing a 16% increase compared to Q3 2024, highlighting appreciation of assets and strengthening of the balance sheet.
blueharbor bank reported a net income of $2,852,118, with diluted earnings per share (EPS) at $0.95 for Q3 2025. This is a noteworthy increase compared to Q3 2024, which saw a net income of $1,907,961 and diluted EPS of $0.63. Over the first nine months of 2025, the bank achieved a net income of $7,757,764, translating to $2.58 per diluted share, compared to $4,674,158 and $1.55 per diluted share for the same period in 2024. This growth in earnings is particularly encouraging, reflecting the bank’s effectiveness in capitalizing on market opportunities.
As of September 30, 2025, the bank’s total assets stood at $571.8 million, marking a considerable increase of $65.0 million (13%) from $506.8 million at the end of 2024, and an even more substantial rise of $85.7 million (18%) compared to September 30, 2024. The loan portfolio saw an impressive surge of $63.2 million, reaching $496.0 million, compared to $432.8 million at the close of 2024. When viewed against September 30, 2024, gross loans have expanded by an impressive $91.9 million, or 23%. Total deposits were $497.7 million at September 30, 2025, up by $57.0 million (13%) from $440.7 million at December 31, 2024, and $73.4 million (17%) compared to September 30, 2024.
Asset Quality & Capital Adequacy
The bank’s asset quality remained exceptionally strong, with zero non-performing assets, reflecting a disciplined approach to credit risk management and robust underwriting standards. Such high asset quality is a significant differentiator in the current banking landscape.
Capital levels at blueharbor bank also remained solid. The bank posted a total risk-based capital ratio of 13.9%, demonstrating a substantial buffer above regulatory requirements. Complementing this benchmark were a common equity tier 1 and Tier 1 to risk-weighted assets ratio of 12.9%, coupled with a stable tier 1 leverage ratio of 12.0%. These capital ratios position blueharbor bank favorably to absorb unforeseen losses and capitalize on future growth opportunities.
Net interest income for Q3 2025 was $5,824,939, an increase of $1.2 million, or 26%, from the same period in 2024. This increase was primarily driven by successful loan growth throughout the period, suggesting effective market penetration and healthy demand for the bank’s lending products.
A provision for credit losses amounting to $303,935 was recorded for the quarter ending September 30, 2025, marking an increase of $211,447 from the $92,488 provision recorded in the same quarter of the previous year. The heightened provision was linked to loan growth during Q3 2025, compared to Q3 2024. The allowance for loan losses to total loans was 0.94% at September 30, 2025. This increase is in line with prudent risk management practices.
Noninterest income totaled $571,390 for the quarter ending September 30, 2025, a decrease of $54,612, or 9%, from the same period in 2024. Noninterest expense stood at $2,415,247 for the quarter ended September 30, 2025, compared to $2,697,419 for the quarter ended September 30, 2024. The $282,172 decrease was, in part, due to lower data processing expenses following the change in core software provider in May 2024. The decline in noninterest expense due to technological upgrades and infrastructure changes, indicating forward-thinking management.
“Our team’s commitment is the cornerstone of blueharbor bank’s continued success. We are deeply grateful for their dedication and appreciate the strong relationships we’ve built with our customers,” stated Jim Marshall, President and CEO. “We continue to prioritize asset quality, growth, and profitability in a balanced strategic approach.”
About blueharbor bank:
blueharbor bank operates with its headquarters in Mooresville, North Carolina, with additional branches in Statesville and Mount Airy, plus loan production offices in Belmont and Hickory.
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 %
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