Business

Blueharbor bank reports gains in second quarter

Mooresville-based blueharbor bank reported second-quarter net income rose 8% to $698,480 compared to $647,933 earned during the second quarter of 2018.  For the six months ended June 30, net income was $1.29 million, up 6% from the first half of 2018.

CEO Jim Marshall net income growth for the second quarter of 2019 was driven by a 10% increase in net interest income compared to the second quarter of 2018. “Likewise, despite the intense competition for deposits, we saw a 5 basis point increase in our net interest margin from 3.86% to 3.91%,” Marshall said.

During the first six months of 2019, gross loans grew $13.3 million or 7%, while deposits grew $22.0 million or 12% from year-end 2018.  Shareholders’ equity has grown $1.4 million or 5% and the book value per common share increased from $9.55 at June 30 year over year.

Additionally, there have been no charged-off loan balances in the first six months of 2019.” Mr. Marshall concluded.

Total assets were $236.2 million in assets. The bank has branches in Huntersville, Statesville and Downtown Mooresville.

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