Second-quarter net at blueharbor fell as new Statesville branch opens


July 10. Mooresville-based blueharbor bank says net income during the second quarter ended June 30 was $174,743, compared to $302,076 during the same period last year. For the first six months of this year, the bank reported net income of $353,220, compared to $545,593, for the six months ended June 30, 2014. For detailed results click here.

CEO Jim Marshall said income levels were in line with expectations in light of the bank’s expansion into the Statesville market. “The office opened a couple months later than we anticipated so we had those fixed expenses without the earning assets to complement. We are very pleased with our reception in Statesville and traction is gaining each month with solid loan and deposit relationships,” Marshall said.

Gross loans increased 9 percent, from $112.2 million at the end of last year, to $122.3 million at June 30. Total deposits have increased 5.6 percent  to $113.0 million during the same time period.

“The local market outlook from our perspective continues to look favorable with housing and new construction showing nice improvements. Our new business pipeline is promising and is continually supplemented by referrals from satisfied customers and shareholders and for that we are appreciative,” Marshall said.

The bank, with $144.4 million in assets, has branches in Huntersville and Statesville as well as a loan production office in Gastonia.


No comments yet.

Post a Comment