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2Q net at blue harbor up 17%

July 23. Mooresville-based blue harbor bank reported net income of $817,060 and $0.27 per diluted share for the second quarter of 2020, a 17% from the second quarter of 2019.

For the six months ended June 30, the net income rose 17 percent to $1,516,150, up from $1,294,880 during the first six months in 2019.

The bank reported total assets of $285.4 million at June 30, up 21% from one year ago.

‚ÄúDespite the effects of the COVID-19 pandemic and decline in asset earning yields, we continued to see gains in net interest income at the midpoint of the year,” CEO Jim Marshall said.

MARSHALL

The bank increased provisions for loan losses as economic qualitative factors such as unemployment levels, loan delinquencies, etc. are monitored at the state and local levels.

“Given all the economic uncertainty since mid-March, we continue to experience nice growth in assets and earnings,” Marshall said.

To read the full report, click here.

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