blueharbor bank Reports Fourth Quarter 2023 Net Income

Noninterest income was $675,681 for the quarter ended December 31, 2023, compared to $610,617 for the quarter ended December 31, 2022, an increase of $65,064, or 11%. Noninterest income was $2,745,324 for the year ended December 31, 2023, an increase of $52,692 over $2,692,632 that was recorded for the year ended December 31, 2022.    

Noninterest Expense was $2,300,334 for the quarter ended December 31, 2023, compared to $2,002,118 for the quarter ended December 31, 2022. The increase of $298,216, or 15% was due primarily to an increase in salaries and employee benefits for the addition of two employees and an increase in data processing fees due to a greater number of customers and accounts.

Noninterest Expense was $8,701,281 for the year ended December 31, 2023, compared to $7,767,458 for the year ended December 31, 2022.  The increase of $933,823 was due to several factors as follows:

• Increase in salaries and employee benefits for the addition of two employees.
• Increase in data processing fees due to a greater number of customers and accounts.
• Professional fees paid for the Current Expected Credit Loss (CECL) model review and for core contract consulting.
• Increase in regulatory fees due to higher FDIC assessment rates.
• Increase in the reserve for unfunded commitments. This is a reserve that was created with the adoption of the CECL accounting standard in January 2023.

Jim Marshall, President and Chief Executive Officer, commented, "Given all the economic pressure and turmoil in 2023, we continue to be pleased with our performance for the 4^th quarter and the year in whole. Credit quality remains very solid and is performing as expected when underwritten and through our internal and external stress testing. Capital remains very solid and has been increasing nicely during 2023 and our ratios remain in excess of that to be considered well capitalized by our primary regulator, the FDIC. Tangible book value per share has seen a very nice increase in 2023 and is up 16.58%. We have recently added two new commercial lenders to our team that we think will help with loan and deposit growth in 2024. One will be in Hickory, and adjacent Catawba County. The second was the former Market President for Truist in Iredell County, our home county, and will be assisting Mooresville and Statesville.

"Given the growth in deposit pricing, our net interest margin and profitability continue to be impacted. While the rate of impact is decreasing, we expect this to moderate in the first half of 2024. Our philosophy of controlled growth and disciplined strategies remains and further illustrates why we continue to be one of the soundest banks in North Carolina and the country."

blueharbor bank is headquartered in Mooresville with a branch in Statesville 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)
		December 31,		December 31,
Balance Sheet Data:		2023		2022
Total Assets		$  430,128,638		$  406,356,659
Total Gross Loans		356,796,709		335,496,493
Allowance for Loan Losses		3,422,010		3,171,448
Total Deposits		374,829,306		359,486,348
Total Shareholders' Equity		49,402,722		42,490,336
		(Unaudited)				(Unaudited)
		Three Months Ended				Twelve Months Ended
		December 31,				December 31,
Earnings and Per Share Data:		2023		2022		2023		2022
Interest Income		$       5,342,849		$       4,424,179		$  20,037,716		$  14,917,840
Interest Expense		1,665,379		289,276		4,641,877		679,109
Net Interest Income		3,677,470		4,134,903		15,395,839		14,238,731
Provision for Loan Losses		113,463		110,338		233,943		283,696
Net Interest Income after
Provision for Loan Losses		3,564,007		4,024,565		15,161,896		13,955,035
Noninterest Income		675,681		610,617		2,745,324		2,692,632
Noninterest Expense		2,300,334		2,002,118		8,701,281		7,767,458
Net Income before Taxes		1,939,354		2,633,064		9,205,939		8,880,209
Income Taxes		428,582		587,042		2,045,976		1,977,022
Net Income		$       1,510,772 Werbung Mehr Nachrichten zur BLUEHARBOR BANK (NC) Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 11:16 - ARIVA.DE Redaktion BASF-Aktie heute gut behauptet: Aktienwert steigt (49,01 €) 02:00 - PR Newswire BlackRock Sustainable American Income Trust Plc - Total Voting Rights 02:00 - PR Newswire Ashoka WhiteOak Emerging Markets Trust Plc - Quarterly Update - March 2024 Basin Uranium - Es geht los    Der Uran-Superzyklus ist gestartet! weiterlesen» Anzeige wo-site-teaser-box-16791_site-teaser-box_2024-04-29_07%253A00%253A00_2024-04-30_09%253A00%253A59