Jan. 27. Mooresville-based blueharbor bank reported net income of $383,632, or $0.13 per diluted share, for the fourth quarter of 2016, compared to $261,213, or $0.09 per diluted share, for the same quarter in 2015. For the year ended Dec. 31, 2016, the bank reported net income of $1,227,567, or $0.41 per diluted share, compared to $925,207, or $0.33 per diluted share, for the year ended December 31, 2015. The fourth-quarter increase in net represents a 46 percent increase.
The bank reported total assets growth of 12.3 percent to $174.3 million in 2016 driven by loan growth of 17.3 percent to $147.3 million.
CEO Jim Marshall said the bank had an excellent year in many regards. “Quality loan growth was up nicely and our expense control complemented a record earnings year for us. blueharbor wealth advisors assets under management are beginning to make a meaningful impact for us too,” he said.
Asset quality is in “very good shape” and regulatory capital levels continue to exceed most banks in North Carolina, he said.
“Our markets continue to experience nice growth relative to other pockets in North Carolina and the Southeast and we expect this to continue into 2017,” he said.