blueharbor bank reported a decrease in net income for the first quarter of 2024 compared to the same period in 2023. The Bank's net income was $1,336,608 and $0.44 per diluted share, a decrease of 36% from the previous year. Despite the decrease, the Bank's total assets saw an increase of $37.9 million, reaching $453.5 million at the end of March 2024.
In a statement, Jim Marshall, President and Chief Executive Officer of blueharbor bank, noted, "Our balance sheet growth was acceptable given the cumulative effect rising interest rates are having on the economy. The credit portfolio continues to perform very nicely given those headwinds."
The Bank's asset quality remained strong, with total non-performing assets representing only 0.01% of total assets. Additionally, capital levels remained solid, with various ratios indicating a healthy financial position.
Net interest income for the first quarter of 2024 decreased by 8% compared to the same period in 2023, primarily due to an increase in the cost of funds. Despite this increase, the bank was able to maintain a net interest margin of 3.64%.
The bank recorded a higher provision for credit losses in the first quarter of 2024, reflecting the growth in loans compared to the previous year. Noninterest income saw a decrease, mainly attributed to lower income from fund investments. Noninterest expenses increased, partially due to higher salaries and employee benefits.
blueharbor bank, headquartered in Mooresville, also has branches in Statesville and loan production offices in Belmont and Hickory. Their common stock is quoted on the OTCQX Market under the symbol "BLHK."
The press release also included forward-looking statements cautioning about the uncertainties and risks that could impact the Bank's future performance. Additionally, the release contained non-GAAP financial measures, providing additional information about blueharbor bank's performance.
Overall, blueharbor bank's first quarter results reflected a mix of challenges and strengths in a dynamic economic environment.