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blueharbor reports gain in net income

Second quarter net income at blueharbor bank rose 58 percent  compared to $423,851 earned for the second quarter of 2017. For the six-months ended June 30, 2018, the bank reported net income of $1,225,905, an increase of 58 percent compared to $777,757 for the six-months ended June 30, 2017.

Jim Marshall, CEO, said return on assets year-to-date of 1.21 percent is up 40 percent over the prior year. Return on equity rose 49 percent to 9.68 percent. “We continue to keep an eye on expenses as evidenced by our year-to-date efficiency ratio of 60.2 percent,” he said.

Credit quality at the Mooresville-based bank remains “very solid” and capital levels are above regulatory guidelines for well-capitalized banks. The bank will open a new main office late in the third quarter. “Our temporary home for our first 10.5 years has served us well but it is time to say thank you very much,” he said. The $206.1 million (assets) bank has operated from manufactured units off Williamson Road since its inception. It has additional branches in Huntersville, Statesville and downtown Mooresville.

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