blueharbor bank Reports First Quarter 2024 Net Income

Noninterest expense was $2,384,066 for the quarter ended March 31, 2024, compared to $2,054,513 for the quarter ended March 31, 2023. The increase of $329,553 was partially due to higher salaries and employee benefits for the addition of two commercial lenders. Data processing expenses also increased during the period due to a greater number of customers and accounts.

Jim Marshall, President and Chief Executive Officer, commented, "Our balance sheet growth was acceptable given the cumulative effect rising interest rates are having on the economy. The credit portfolio continues to perform very nicely given those headwinds. Net interest margins are beginning to expand again with cost of funds stabilizing and asset yields increasing."

blueharbor bank is headquartered in Mooresville with a branch in Statesville 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.

Non-GAAP Financial Measures:
This press release contains certain financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Such non-GAAP financial measures include pre-tax annualized return on assets (ROA), pre-tax annualized return on equity (ROE) and efficiency ratio. Management uses these non-GAAP financial measures to assess the performance of blueharbor bank's core business. Management believes that these non-GAAP financial measures provide meaningful additional information about blueharbor bank to assist investors in evaluating operating results. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant charges for credit costs and other factors. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies.

Summary Selected Financial Data
	(Unaudited)		(Audited)		(Unaudited)
	March 31,		December 31,		March 31,
Balance Sheet Data:	2024		2023		2023
Total Assets	$         453,519,552		$         430,128,637		$         415,594,195
Total Gross Loans	371,403,724		356,796,709		339,058,274
Allowance for Loan Losses	3,542,165		3,422,010		3,229,013
Total Deposits	396,463,888		374,829,306		365,112,143
Total Shareholders' Equity	50,733,678		49,402,722		45,255,721
	(Unaudited)
	Three Months Ended
	March 31,
Earnings and Per Share Data:	2024		2023
Interest Income	$             5,665,697		$             4,596,887
Interest Expense	1,900,879		508,631
Net Interest Income	3,764,818		4,088,256
Provision for Loan Losses	120,155		40,945
Net Interest Income after
Provision for Loan Losses	3,644,663		4,047,311
Noninterest Income	479,250		701,488
Noninterest Expense	2,384,066		2,054,513
Net Income before Taxes	1,739,847		2,694,286
Income Taxes	403,239		601,799
Net Income	$             1,336,608		$             2,092,487
Basic Income per Share	$                       0.46		$                       0.72
Diluted Income per Share	$                       0.44		$                       0.69
Annualized Performance Ratios:
Return on average assets	1.22 %		2.08 %
Return on average equity	10.72 %		19.40 %
Efficiency ratio	56.2 %		42.9 %
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