Charleston’s Harbor National Bank said its first-quarter profit jumped 84 precent from the same period a year ago, helped by demand for mortgages.
The lender said it earned $506,383 for the first three months of the year. Its Mount Pleasant-based mortgage division accounted for $120,000 in net income for the quarter, said Charles F. Rivers III, CEO of Harbor National.
The bank said its total assets increased 11.1 percent to $283.1 million, loans grew 9.3 percent to $224.4 million, and deposits rose 11.4 percent $235.7 million.
“The commercial market continues to improve and we are making loans to benefit continued growth in the community,” Rivers said in a statement.
The seven-year-old bank also said it’s studying locations in Summerville for its fifth branch. Its other offices are in downtown Charleston, James Island, Mount Pleasant and West Ashley.