Fourth-quarter net income at blueharbor bank today rose to $112,509 during the last three months of 2011 compared to net income of $41,923 for the fourth quarter of 2010. The Bank’s net income was $411,954 for the full year in 2011, vs. $186,569 in 2010.

“During 2011, we were pleased to be able to report year over year growth in net income. The fourth quarter of 2011 was the ninth consecutive quarter of positive earnings for blueharbor bank since we turned profitable in the fourth quarter of 2009,” noted Jim Marshall, CEO. Total assets at blueharbor grew to $137.9 million at Dec. 31, vs. $130.3 million at year-end 2010. Gross loans decreased to $93.6 million at Dec. 31, 2011, from $100.3 million at Dec. 31, 2010. Total deposits increased to
$117.4 million at the end of 2011, from $110.7 million at 2010's year end.

“While most economists believe 2012 will continue to be sluggish, in many respects we are beginning to see a slight increase in our lending activity. We stand ready to put our capital to use in our local markets to foster economic growth.” blueharbor bank’s capital position continues to be very strong with a total risk-based capital ratio of 19.0% relative to the FDIC minimum well-capitalized standard of 10.0%. As was the case late quarter, the bank anticipates continued volatility in commercial real estate values due to foreclosures and short sales. Until more of these sales are completed in our markets, blueharbor bank believes real estate valuations may continue to decline and possibly impact future earnings. The bank’s nonperforming assets to total assets ratio increased to 4.99% at year-end 2011, vs. 4.23% at the end of 2010.

“In the fourth quarter of 2011, our online account opening portal went live which allows individuals to open deposit accounts without the need to come into a branch, expanding our ability to reach a larger client base," Marshall said.

The bank reports $137.9 million in assets.