blueharbor bank Reports Third Quarter 2023 Net Income

Noninterest expense was $2,226,234 for the quarter ended September 30, 2023, compared to $1,957,963 for the quarter ended September 30, 2022. The increase of $268,271 was due to several factors as follows:

• 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. In the third quarter of 2023, there was a larger increase in this fund due to increase in construction and other lines of credits originated during the quarter.

Jim Marshall, President and Chief Executive Officer, commented, "We continue to be pleased with our performance through the third quarter of 2023. We may be nearing the end of historic rate increases by the Federal Reserve that have negatively impacted our cost of funds and our net interest margin. As new loans are priced our net interest margin should continue to stabilize and improve.

"Our credit quality continues to be a bright spot for us led by a stellar low past due loan percentage of zero most quarters. We did take advantage of stock repurchase opportunities recently that we feel was a good use of capital given our slower than normal loan growth and high capital levels. We do have several commercial and consumer construction lines of credit that should start to fund in the next quarter and boast our outstanding loan volumes."

blueharbor bank is headquartered in Mooresville with a branch in 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 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:	2023		2022		2022
Total Assets	$         428,920,778		$         406,356,659		$         418,577,683
Total Gross Loans	345,591,068		335,496,493		323,819,194
Allowance for Loan Losses	3,308,547		3,171,448		3,061,110
Total Deposits	376,568,658		359,486,348		373,814,510
Total Shareholders' Equity	46,997,856		42,490,336		40,313,648
	(Unaudited)				(Unaudited)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Earnings and Per Share Data:	2023		2022		2023		2022
Interest Income	$              5,180,789		$              3,974,576		$           14,694,867		$           10,493,661
Interest Expense	1,411,636		130,186		2,976,499		389,834
Net Interest Income	3,769,153		3,844,390		11,718,368		10,103,827
Provision for Loan Losses	71,342		-		120,479		173,357
Net Interest Income after
Provision for Loan Losses	3,697,811		3,844,390		11,597,889		9,930,470
Noninterest Income	671,331		677,684		2,069,642		2,082,015
Noninterest Expense	2,226,234		1,957,963		6,400,946		5,765,340
Net Income before Taxes	2,142,908		2,564,111		7,266,585		6,247,145 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 10:05 - ARIVA.DE Redaktion Kaum Veränderung: TecDAX kommt nicht vom Fleck (3.333 Pkt.) 07:10 - Mining Investor Die nächste Tenbagger-Story!?: Basin Uranium: Es geht los! Der Uran-Superzyklus ist gestartet! 04:37 - PR Newswire Norges Bank - Form 8.3 - Darktrace plc 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