Businessweek

BlueHarbor Bank announced earnings results for the fourth quarter and year ended December 31, 2012. The Bank reported net income of $159,677, or $0.08 per share, for the fourth quarter of 2012, compared to $73,171, or $0.04 per share, for the fourth quarter of 2011. For the quarter, net interest income was $1,217,039 and net income before taxes was $271,381 against net interest income of $1,111,758 and net income before taxes of $153,970 a year ago. For the year ended December 31, 2012, the bank reported net income of $430,796, or $0.23 per share, compared to $293,940, or $0.15 per share, for the year ended December 31, 2011. For the full year, net interest income was $4,597,713 and net income before taxes was $741,309 against net interest income of $4,360,596 and net income before taxes of $592,663 a year ago.

BlueHarbor Bank’s common stock has been deleted from OTC Bulletin Board (OTCBB) effective July 23, 2012 on account of its ineligibility for quotation on OTCBB due to quoting inactivity under SEC Rule 15c2-11.

BlueHarbor Bank announced earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income of $112,509 compared to net income of $41,923 for the fourth quarter of 2010. Interest income was $1,371,414 compared to $1,456,478 for the same period a year ago. Net interest income was $1,111,758 compared to $1,094,667 for the same period a year ago. Net interest income after provision for loan loses was $858,531 compared to $744,675 for the same period a year ago. Net income before taxes was $193,308 compared to $68,227 for the same period a year ago. Basic and diluted income per share was $0.06 compared to $0.02 for the same period a year ago. For the full year, net income was $411,954 compared to $186,569 for year ended December 31, 2010. Total deposits increased to $117.4 million from $110.7 million at December 31, 2010. Interest income was $5,572,035 compared to $5,771,865 for the same period a year ago. Net interest income was $4,360,596 compared to $4,101,727 for the same period a year ago. Net interest income after provision for loan loses was $3,914,075 compared to $3,145,760 for the same period a year ago. Net income before taxes was $710,677 compared to $303,631 for the same period a year ago. Basic and diluted income per share was $0.22 compared to $0.10 for the same period a year ago.

BlueHarbor Bank announced that it has appointed Christopher Nichols a principal officer with the titles of senior vice president and senior commercial lending officer, effective January 13, 2012. Nichols has worked in the banking industry for more than 20 years with more than 15 years in commercial banking. He previously served as vice president and commercial loan officer at Mount Airy, N.C.

BlueHarbor Bank reported earnings results for the third quarter and nine months ended September 30, 2011. For the quarter, the company's interest income was $1,360,763 compared to $1,475,885 a year ago. Net interest income was $1,060,957 compared to $1,078,745 a year ago. Net income before taxes was $347,860 compared to $111,786 a year ago. Net income was $207,576 or $0.11 per basic and diluted share compared to $68,688 or $0.04 per basic and diluted share a year ago. The increase in net income was driven by improved net interest margin through the bank's continued efforts to decrease its cost of liabilities. In addition, during the third quarter of 2011 the bank recovered some loan loss provision that was allocated in the second quarter of 2011 on assets that were successfully resolved in the third quarter of 2011. For the nine months, the company's interest income was $4,200,621 compared to $4,315,387 a year ago. Net interest income was $3,248,838 compared to $3,007,060 a year ago. Net income before taxes was $517,369 compared to $235,403 a year ago. Net income was $299,445 or $0.16 per basic and diluted share compared to $144,646 or $0.08 per basic and diluted share a year ago.