Officials with the bank say 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 blueharbor 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. Offsetting these increases were property valuation write-downs experienced in the third quarter of 2011 on some bank owned foreclosed properties.
"From June 30, 2011, to Sept. 30, 2011, our non-interest bearing deposits increased 14.6 percent," says blueharbor bank President and CEO Jim Marshall. "We believe this increase was driven by customers looking for a bank that values their relationship and won't charge them for use of their debit card.
"We continue to focus on the things we can control like operating expenses and cost of liabilities. For year to date 2011 compared to 2010, we experienced a decline of 2.7 percent in total interest and fee income while conversely, we have seen an eight percent increase in net interest income driven by our lower interest expense on liabilities."
The bank's capital position continues to be very strong, with a total risk-based capital ratio of 18.8 percent relative to the FDIC minimum well-capitalized standard of 10 percent.
Bank officials say they anticipate further volatility in its local and state economies in the quarters to come. Commercial real estate values continue to be impacted by the foreclosure and short sale prices, which often become the comparable sales prices used by appraisers to set market valuations. Until much more of this activity is resolved, blueharbor bank anticipates real estate valuations may continue to decline and possibly impact future earnings.
The bank's non-performing assets to total assets ratio improved to 4.64 percent at the end of the third quarter, from the second quarter's finish at 5.42 percent. However, that reflects a year-over-year increase from 3.41 percent in third quarter 2010.
blueharbor bank, with $137 million in assets, is located in Mooresville with a second branch in Huntersville. For more information, visit www.blueharborbank.com.
Wade agency joins international group
A global trade association has named JJ Wade & Associates of Davidson to serve as its exclusive member in the Carolinas.
JJ Wade & Associates is an independent insurance agency with a long-term focus in serving clients in the technology and life science industries and the venture capital firms that fund them. The agency was recently named by Charlotte Business Journal as one of the top 10 independent insurance agencies in the greater Charlotte area.
Officials with TechAssure Association, a worldwide group of regionally exclusive, privately held, entrepreneurial insurance and risk advisors, recently welcomed JJ Wade & Associates to the fold.
"North Carolina is an important area of focus for TechAssure and we are pleased to add a firm with the commitment and creativity of JJ Wade & Associates," says John Love, executive director. "Their focus on outstanding client service, and to developing innovative methods of managing the risks faced by companies with technology-based products and services, makes JJ Wade an excellent addition to our global network of specialist brokers."
TechAssure members serve more than 5,000 companies in the technology, life sciences, venture capital, clean tech and media industries and are collectively one of the 10 largest insurance intermediaries in the world for technology-based companies. JJ Wade & Associates will serve as the exclusive member of TechAssure in the Carolinas, offering an array of products and approaches for managing risk. To learn more, visit www.jjwadeinsurance.com.
Realty services for luxury market
A new program for luxury buyers and sellers was recently launched by Lake Norman Realty Inc., dubbed Lake Norman Realty Luxury.
"After substantial real estate market changes in 2011, we've witnessed a demand for extended and specialized services to address the needs of the luxury real estate market," says company president Abigail Jennings. In addition to representing Leading Real Estate Companies of the World, Lake Norman Realty is now the sole representative for Who's Who of Luxury Real Estate for both the Charlotte and Lake Norman real estate markets.
The firm's luxury services are offered exclusively through Lake Norman Realty's Luxury Brokers, a group of professionals meeting prerequisites of training, experience and presentation, with each broker well-versed in the nuances of luxury properties and transactions. In addition to extensive international marketing, the firm's new luxury division says it will deliver distinctly different and innovative concierge marketing solutions to help find buyers for their luxury listing portfolio. For more information on Lake Norman Realty Luxury, visit www.LNRLuxury.com or call 800-315-3655.
New practice opens in Morrison Plantation
Dr. Steven J. Melonakos held a grand opening for his new dental practice this week in Mooresville's Morrison Plantation community. A graduate of UNC-Chapel Hill School of Dentistry, Melonakos and his wife, Janet, are new to Mooresville and are expecting the birth of their first child.
Plantation Dental will provide comprehensive general dental care, including fillings, crowns and bridges, whitening, partials and dentures, extractions, root canals and emergency visits. New patients are welcome. The practice is at 130 Plantation Ridge Drive, Suite 201, with office hours Monday through Friday, 8 a.m. to 5 p.m. For more information or to schedule an appointment, call 704-660-5800 or visit www.plantationdentaloffice.com.
Arigo and Slovak join LNRMC medical staff
The practice of Lake Norman OB-GYN in Mooresville has added Dr. Laura Arigo to its group of doctors and midwives.
Dr. Arigo graduated from Albert Einstein College of Medicine in Bronx, N.Y., and completed her residency in obstetrics and gynecology at Winthrop University Hospital in Mineola, N.Y. She is board-eligible in obstetrics and gynecology. To schedule an appointment with Dr. Arigo, call Lake Norman OB-GYN at 704-663-1282.
In addition, Dr. Derek Slovak has joined the practice of Carolina Foot and Ankle in Mooresville. Dr. Slovak received his Doctor of Podiatric Medicine degree at Rosalind Franklin University School of Medicine in North Chicago, Ill., and completed his residency in podiatric medicine and surgery at INOVA Fairfax Hospital in Falls Church, Va. He is board-eligible in podiatric surgery. For more information or to schedule an appointment, call 704-235-0474.
LNRMC volunteers receive top rating
Lake Norman Regional Medical Center's Volunteer Auxiliary received the Five Star Award from the North Carolina Hospital Volunteers (NCHV) at the organization's 25th annual education conference.
The NCHV Five Star Award is presented to hospital auxiliaries who meet a series of qualifications regarding their service and activities at their respective hospitals. These criteria include coordinating health-related community service programs, adding new volunteer members, representing their hospital at the biennial NCHV Legislative Day in Raleigh, submitting an entry for the NCHV state project award and sending delegates to the NCHV Annual Conference.
— Staff
