Tuesday, January 29, 2013

BlueHarbor reports profit, stock dividend and buyback

Mooresville's BlueHarbor Bank reported Tuesday a 2012 profit of $430,796 -- up 47 percent from the year  before. The bank also announced a stock dividend and a commitment to share repurchases.

The bank's loan book grew over the course of the year and it set aside less for bad loans.

The stock dividend of 20 percent will be payable March 5 to shareholders as of Feb. 15. CEO Jim Marshall  called it a "thank you to our shareholders who have been with us during some challenging business times," according to a statement.

BlueHarbor also said it would buy back $250,000 of its own stock over the course of 2013, or about 2.5 percent of the 1.9 million shares outstanding.