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blueharbor reports 3Q net

Mooresville-based blueharbor bank reported net income of $281,076, or $0.09 per diluted share, for the third quarter of 2016, compared to $310,775, or $0.11 per diluted share, for the third quarter of 2015. For the nine months ended Sept. 30, the bank reported net income of $843,935, or $0.28 per diluted share, compared to $663,994, or $0.24 per diluted share, for the first nine months of 2015.

Third-quarter 2016 earnings were impacted by a $100,000 write-down in value of blueharbor’s piece of bank owned real estate.

“We continue to show strong earnings growth in 2016 with net income increasing 27 percent year-to-date from 2015 to 2016. This increase has primarily been driven by the impact of the growth in gross loans which have increased $15.0 million, or 12.0 percent, so far this year.

Total assets increased $13.9 million, or 9 percent, during 2016. “Our message of putting your deposits to work in our local communities and common sense banking continues to resonate with our clients with total deposits increasing $10.1 million, or 7.7 percent, over the same period,” Marshall said.The $169.2 million asset bank has branches in Huntersville and Statesville and a loan production office in Charlotte.

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