- blueharbor bank (BLHK, Financial) reported a 79% increase in Q1 2025 net income, totaling $2.39 million.
- Total assets rose 15% year-over-year, reaching $522.3 million, with deposits also up 15% to $457.5 million.
- The bank maintained strong asset quality with zero non-performing assets for the quarter.
blueharbor bank (BLHK) delivered a robust financial performance in the first quarter of 2025, as net income soared to $2.39 million, translating to $0.79 per diluted share. This marks a significant 79% uplift from the same period in 2024, where the net income was reported at $1.34 million or $0.44 per diluted share.
The bank's total assets surged by 15% to $522.3 million as of March 31, 2025, up from $453.5 million recorded a year earlier. Gross loans increased by $63.6 million to $435.0 million, while deposits experienced a similar growth trajectory, rising to $457.5 million, a 15% year-over-year increase.
Importantly, blueharbor bank maintained a pristine asset quality, reporting zero non-performing assets in Q1 2025, a substantial improvement from the 0.01% recorded in Q1 2024. This underscores the institution's robust credit quality and effective risk management practices.
Financial performance metrics were also impressive, with the Return on Average Assets (ROA) at 1.93% and Return on Average Equity (ROE) climbing to 17.21%, up from 10.72% in the previous year. The net interest margin remained strong at 4.16%, supported by a $1.11 million (30%) increase in net interest income to $4.88 million.
The bank's efficiency ratio improved markedly to 43.63%, reflecting enhanced operational efficiency, while the book value per share rose to $19.48, a 5% increase since December 2024. Although the total risk-based capital ratio slightly declined to 14.5% from 15.3% year-over-year, the bank continues to demonstrate a solid capital position.
