April 27. Mooresville-based blueharbor bank reported net income of $278,507, or $0.09 per diluted share, for the first quarter of 2016, compared to $178,476, or $0.06 per diluted share, for the first quarter of 2015. Jim Marshall, president and CEO, said the 56 percent increase was driven primarily by increased net interest income from the impact of a larger balance sheet in 2016. Loans grew 12.9 percent to $14.5 million during the same period. “We funded this loan growth with deposits from our local communities as they increased $23.8 million (21.6 percent) over the same period,” Marshall said. “We are pleased that we have been able to grow our balance sheet with high quality assets and have not sacrificed credit quality just to grow. Our Texas Ratio of impaired assets is at 5.04 percent at March 31, 2016, well below are peers. Our strong capital position gives us adequate capital to continue to grow in a prudent manner and our pipeline of new business opportunities is very solid.”
blueharbor bank, with $159.6 million in assets, is headquartered in Mooresville with branches in Huntersville and Statesville with a loan production offices in Charlotte. blueharbor bank’s website is www.blueharborbank.com and our common stock is quoted on the OTC Bulletin Board under the symbol “BLHK.”