MOORESVILLE, N.C., Jan. 29, 2026 /PRNewswire/ -- blueharbor bank (the "Bank") today reported earnings for the fourth quarter of 2025.
Fourth Quarter 2025 Highlights
- Exceeded $600 million in assets.
- Return on average assets (ROA) of 2.18%
- Return on average equity (ROE) of 19.84%
- Net interest margin remained high at 4.30%
- Efficiency ratio of 35.66%
- Loan growth of $25.5 million, or 5%, for the quarter and $88.8 million, or 21% for the year
- Book value of $22.06, an increase of 18% over December 31, 2024
blueharbor bank reported net income of $3,224,028 and $1.07 per diluted share for the fourth quarter of 2025, an increase of 53% or $1,111,277 as compared to $2,112,751 and $0.70 per diluted share for the fourth quarter of 2024. For the twelve months ended December 31, 2025, the Bank is reporting net income of $10,981,792 and $3.65 per diluted share, an increase of 62% or $4,194,883 as compared to $6,786,909 and $2.25 per diluted share for the same twelve months in 2024.
The Bank reported total assets of $606.8 million at December 31, 2025, an increase of $100.0 million, or 20%, when compared to $506.8 million at December 31, 2024. Gross loans increased $88.8 million, or 21%, to $521.5 million at December 31, 2025, from $432.8 million at December 31, 2024. Total deposits were $533.6 million at December 31, 2025, an increase of $92.8 million, or 21%, when compared to $440.7 million at December 31, 2024. Total shareholders' equity was $65.3 million at December 31, 2025, an increase of $10.1 million, or 18%, when compared to $55.2 million at December 31, 2024.
Asset quality remained very strong for 2025, with no non-performing assets at December 31, 2025.
Capital levels also remained very solid at December 31, 2025, with total risk based capital at 13.8%, both common equity tier 1 and tier 1 to risk-weighted assets of 12.8%, and tier 1 leverage ratio of 11.6%.
Net interest income was $6,073,374 for the quarter ending December 31, 2025, an increase of $1,329,357 or 28%, from the same period in 2024. The change in net interest income was driven by a $42.6 million increase in average interest earning assets.
Net interest income was $22,052,835 for the twelve months ending December 31, 2025, an increase of $4,714,618, or 27%, from the same period in 2024. The increase was due to loan growth and greater yields on interest earning assets.
Provision for loan losses for the quarter ended December 31, 2025, was $252,665 compared to $266,446 for the same period in 2024. Provision for loan losses for the year ended December 31, 2025, was $779,993 compared to $711,630 recorded for the year ended December 31, 2024. The allowance for loan losses to total loans was 0.95% at December 31, 2025.
Noninterest income was $606,193 for the quarter ended December 31, 2025, compared to $573,112 for the quarter ended December 31, 2024, an increase of $33,081, or 6%. Noninterest income was $2,287,533 for the year ended December 31, 2025, an increase of $86,005 over $2,201,528 that was recorded for the year ended December 31, 2024.
Noninterest Expense was $2,382,019 for the quarter ended December 31, 2025, compared to $2,453,365 for the quarter ended December 31, 2024, a decrease of $71,346, or 3%. Noninterest Expense was $9,535,424 for the year ended December 31, 2025, compared to $10,198,448 for the year ended December 31, 2024. The decrease of $663,024 was due to lower data processing fees due to the change of our core processing provider in May 2024.
Jim Marshall, President and Chief Executive Officer, commented, "We once again are very pleased to present very strong results for the 4th quarter and full year 2025. Asset quality is pristine and profitability and growth all continue to perform nicely. As always, we give many thanks to our customers and employees that make blueharbor the special bank that it is today."
blueharbor bank is headquartered in Mooresville with branches in Statesville and Mount Airy and loan production offices in Belmont and Hickory. blueharbor bank's website is www.blueharborbank.com and our common stock is quoted on the OTCQX Market under the symbol "BLHK."
Summary Selected Financial Data Schedule attached below.
Forward-Looking Statement:
This press release contains forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward-looking statements. These statements reflect management's current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. As such, actual results and outcomes may materially differ from what may be expressed or forecast in such forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit levels, loan demand and asset quality, including real estate and other collateral values; changes in banking regulations and accounting principles, policies or guidelines; and the impact of competition from traditional or new sources. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. blueharbor bank takes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this press release.
Summary Selected Financial Data
(Unaudited) (Audited)
December 31, December 31,
Balance Sheet Data: 2025 2024
Total Assets $606,805,842 $506,756,753
Total Gross Loans 521,514,072 432,756,829
Allowance for Loan Losses 4,937,508 4,131,598
Total Deposits 533,574,744 440,733,082
Total Shareholders' Equity 65,292,096 55,189,737
(Unaudited)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Earnings and Per Share Data: 2025 2024 2025 2024
Interest Income $8,467,344 $6,903,439 $30,814,218 $25,570,352
Interest Expense 2,393,970 2,159,422 8,761,383 8,232,135
Net Interest Income 6,073,374 4,744,017 22,052,835 17,338,217
Provision for Loan Losses 252,665 266,446 779,993 711,630
Net Interest Income after
Provision for Loan Losses 5,820,709 4,477,571 21,272,842 16,626,587
Noninterest Income 606,193 573,112 2,287,533 2,201,528
Noninterest Expense 2,382,019 2,453,365 9,535,424 10,198,448
Net Income before Taxes 4,044,883 2,597,318 14,024,951 8,629,667
Income Taxes 820,855 484,567 3,043,159 1,842,758
Net Income $3,224,028 $2,112,751 $10,981,792 $6,786,909
Basic Income per Share $1.10 $0.72 $3.74 $2.31
Diluted Income per Share $1.07 $0.70 $3.65 $2.25
Annualized Performance Ratios:
---
Return on average assets 2.18 % 1.72 % 2.04 % 1.46 %
Return on average equity 19.84 % 15.30 % 18.27 % 12.93 %
Efficiency ratio 35.66 % 46.14 % 39.2 % 52.2 %
Overhead ratio 29.24 % 39.63 % 32.9 % 46.1 %
Net Interest Margin 4.30 % 4.09 % 4.30 % 3.94 %
Cost of Funds 2.65 % 2.88 % 2.65 % 2.85 %
(Unaudited) (Unaudited)
December 31, December 31,
2025 2024
Financial Ratios:
---
Book Value $22.06 $18.63
Texas Ratio 0.00 % 0.00 %
Nonperforming Assets to Total Assets Ratio 0.00 % 0.00 %
Loan to Deposit Ratio 97.7 % 98.2 %
Tier 1 Leverage Ratio 11.6 % 12.0 %
Common Equity Tier 1 Risk-Based Capital Ratio 12.8 % 13.1 %
Tier 1 Risk-Based Capital Ratio 12.8 % 13.1 %
Total Risk-Based Capital Ratio 13.8 % 14.1 %
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SOURCE blueharbor bank
Jim Marshall, President and Chief Executive Officer, blueharbor bank, (704) 662-7700