April 6. blueharbor bank reported net income of $577,973, or $0.19 per diluted share, for the first quarter of 2018, compared to $353,906, or $0.12 per diluted share, for the first quarter of 2017.  Jim Marshall, president and CEO said the 63 percent gain in net income growth for the first quarter of 2018 is the result of “our continued focus on being good stewards of our shareholders’ equity by adding high quality earnings assets on the books while still keeping an eye on expenses.” A focus on expense control helped the efficiency ratio in the first quarter 2018 improve to 61.6 percent from 64.4 percent in the prior year.

“We also continue to maintain very good asset quality results as evidenced by our Texas Ratio of 3.9 percent at March 31, 2018, down from 5.4 percent in the prior year. In addition, our nonperforming assets as a percentage of total assets is running very low at 0.51 percent compared to 0.78 percent last year,” Marshall said.

Return on assets in the first quarter increased to 1.15 percent from 0.81 percent in the prior year. Return on equity increased to 9.27 percent in the first quarter 2018 from 6 percent in the prior year. The Mooresville-based bank has $206.0 million in assets.