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blueharbor bank reports fourth quarter 2017 net income

Feb. 9 – Mooresville-based blueharbor bank reported net income of $26,277, or $0.01 per diluted share, for the fourth quarter of 2017, compared to $383,632, or $0.13 per diluted share during the fourth quarter of 2016.

For the year ending Dec. 31, 2017, the bank reported net income of $1,327,828 or $0.44 per diluted share, compared to $1,227,567 or $0.41 per diluted share for the year ending Dec. 31, 2016.

Financial results in 2017 were impacted in the fourth quarter by the one‐time decrease to the deferred tax asset of $435,486 due to the passage of The Tax Cuts and Jobs Act. The Tax Act reduced the bank’s federal tax rate from 34% to 21% which will result in lower income taxes going forward, but caused a one‐time increase in income tax expense of $435,486.

Excluding this one‐time adjustment, net income for the fourth quarter of 2017 was $461,763, a 20.4% increase over fourth quarter 2016. For the full year 2017, net income excluding the one‐time adjustment was $1,763,314, a 43.6% increase over the full year 2016 results.

“We are very pleased with our year‐to‐date asset growth of 17.2% bringing us for the first time over the $200 million threshold,” said CEO Jim Marshall. “We continue to strive to grow the bank in a safe and prudent manner by adding quality loans and investments. Our loans increased $24.5 million, or 16.6%, in 2017 growing to $171.7 million. While our earnings were impacted by the one‐time charge from the passage of the Tax Act, we believe we will be able to recoup those expenses quickly with lower income tax expense in 2018 and beyond.”

 

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