MOORESVILLE, N.C., April 21, 2026 /PRNewswire/ -- blueharbor bank (the "Bank") today reported earnings for the first quarter of 2026.
First Quarter 2026 Highlights
- Diluted earnings per share increase of 41% over 1st quarter 2025
- Return on average assets (ROA) of 2.25%
- Return on average equity (ROE) of 20.73%
- Net interest margin remained high at 4.37%
- Efficiency ratio of 36.40%
- Book value of $21.89, an increase of 12% over March 31, 2025
blueharbor bank reported net income of $3,332,169 and $1.11 per diluted share for the first quarter of 2026, an increase of 39%, or $939,222, as compared to $2,392,947 and $0.79 per diluted share for the first quarter of 2025.
The Bank reported total assets of $623.3 million at March 31, 2026, an increase of $101.0 million, or 19%, when compared to $522.3 million at March 31, 2025. Gross loans increased $95.3 million, to $530.3 million at March 31, 2026, from $435.0 million at March 31, 2025. Total deposits were $549.6 million at March 31, 2026, an increase of $92.2 million, or 20%, when compared to $457.4 million at March 31, 2025.
Asset quality remained very strong for the first quarter of 2026, with no non-performing assets.
Capital levels also remained solid with total risk-based capital at 13.7%, both common equity tier 1 and tier 1 to risk-weighted assets of 12.7%, and tier 1 leverage ratio of 11.4% for the quarter ended March 31, 2026. The Bank paid a special dividend of $1.00 per share in the first quarter of 2026.
Net interest income was $6,192,900 for the quarter ending March 31, 2026, an increase of $1,314,585, or 27%, from the same period in 2025. The change in net interest income was driven by a $93.6 million increase in average loans outstanding.
The bank recorded a quarterly provision for credit losses of $81,660 for the first quarter of 2026, compared to a quarterly reduction in the provision for credit losses of ($13,377) for the same period in 2025. The increase in provision was due to higher loan growth in first quarter 2026 than in the first quarter of 2025. The allowance for loan losses to total loans was 0.95% at March 31, 2026.
Noninterest income was $596,008 for the quarter ended March 31, 2026, a $58,918, or 11%, increase over the $537,090 that was recorded for the quarter ended March 31, 2025. The increase was due partially to the higher service charge fees and debit card income from the increase in the number of deposit accounts over the period.
Noninterest expense was $2,471,336 for the quarter ended March 31, 2026, compared to $2,362,635 for the quarter ended March 31, 2025, an increase of $108,701, or 5%.
Jim Marshall, President and Chief Executive Officer, commented, "I am very proud of the first quarter results we are reporting. Given the turbulence and uncertainty in today's economy, we continue to maintain our standard of quality, profitability, and efficiency we plan for each quarter."
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.
Non-GAAP Financial Measures:
This press release contains certain financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Such non-GAAP financial measures include pre-tax annualized return on assets (ROA), pre-tax annualized return on equity (ROE) and efficiency ratio. Management uses these non-GAAP financial measures to assess the performance of blueharbor bank's core business. Management believes that these non-GAAP financial measures provide meaningful additional information about blueharbor bank to assist investors in evaluating operating results. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant charges for credit costs and other factors. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies.
Summary Selected Financial Data | ||||||
(Unaudited) | (Audited) | (Unaudited) | ||||
March 31, | December 31, | March 31, | ||||
Balance Sheet Data: | 2026 | 2025 | 2025 | |||
Total Assets | $ 623,330,471 | $ 606,805,842 | $ 522,293,347 | |||
Total Gross Loans | 530,300,293 | 521,514,072 | 434,977,897 | |||
Allowance for Loan Losses | 5,024,985 | 4,937,508 | 4,124,685 | |||
Total Deposits | 549,646,018 | 533,574,744 | 457,470,974 | |||
Total Shareholders' Equity | 65,910,041 | 65,292,096 | 57,720,715 | |||
(Unaudited) | ||||
Three Months Ended | ||||
March 31, | ||||
Earnings and Per Share Data: | 2026 | 2025 | ||
Interest Income | $ 8,576,964 | $ 6,965,753 | ||
Interest Expense | 2,384,064 | 2,087,438 | ||
Net Interest Income | 6,192,900 | 4,878,315 | ||
Provision for Loan Losses | 81,660 | (13,377) | ||
Net Interest Income after | ||||
Provision for Loan Losses | 6,111,240 | 4,891,692 | ||
Noninterest Income | 596,008 | 537,090 | ||
Noninterest Expense | 2,471,336 | 2,362,635 | ||
Net Income before Taxes | 4,235,912 | 3,066,147 | ||
Income Taxes | 903,743 | 673,200 | ||
Net Income | $ 3,332,169 | $ 2,392,947 | ||
Basic Income per Share | $ 1.12 | $ 0.81 | ||
Diluted Income per Share | $ 1.11 | $ 0.79 | ||
Annualized Performance Ratios: | ||||
Return on average assets | 2.25 % | 1.93 % | ||
Return on average equity | 20.73 % | 17.21 % | ||
Efficiency ratio | 36.40 % | 43.63 % | ||
Overhead ratio | 30.28 % | 37.42 % | ||
Net Interest Margin | 4.37 % | 4.16 % | ||
Cost of Funds | 2.60 % | 2.70 % | ||
(Unaudited) | (Unaudited) | |||
March 31, | March 31, | |||
2026 | 2025 | |||
Financial Ratios: | ||||
Book Value | $ 21.89 | $ 19.48 | ||
Nonperforming Assets to Total Assets Ratio | 0.00 % | 0.00 % | ||
Loan to Deposit Ratio | 96.5 % | 95.1 % | ||
Tier 1 Leverage Ratio | 11.4 % | 12.1 % | ||
Common Equity Tier 1 Risk-Based Capital Ratio | 12.7 % | 13.5 % | ||
Tier 1 Risk-Based Capital Ratio | 12.7 % | 13.5 % | ||
Total Risk-Based Capital Ratio | 13.7 % | 14.5 % | ||
SOURCE blueharbor bank
