Thursday, July 18, 2013

BlueHarbor Bank reports 111 percent rise in Q2 profit

Mooresville-based BlueHarbor Bank logged a 111 percent increase in second-quarter profit from the same quarter last year, as its expenses fell and it set aside less money for bad loans.

Although loans rose, deposits fell for the bank, even though other, bigger banks -- Bank of America, BB&T, Wells Fargo -- have grown deposits from a year ago.

BlueHarbor, which has only two branches, had earnings of $315,011, or 14 cents per share, up from $149,243, or 7 cents per share, a year ago.

“We are pleased to report that the second quarter of 2013 is the 15th consecutive quarter of positive earnings for BlueHarbor Bank," Jim Marshall, president and CEO, said. "We are especially pleased that our earnings for the first six months of 2013 exceeded our earnings for all of 2012.”

The bank's deposits fell to $105.3 million from $114.8 million in the second quarter of last year. Loans grew to $104 million from $91.3 million. Assets dropped to $134 million from $136.9 million.

The bank's main branch is in Mooresville. Its other branch is in Huntersville.