Market Overview

BNCCORP, INC. Reports First Quarter Net Income Of $2.4 Million, Or $0.68 Per Diluted Share

Share:

BNCCORP, INC. Reports First Quarter Net Income Of $2.4 Million, Or $0.68 Per Diluted Share

PR Newswire

BISMARCK, N.D., April 27, 2018 /PRNewswire/ -- 

BNCCORP Logo (PRNewsfoto/BNCCORP, INC.)

2018 First Quarter Highlights

  • Net income in the 2018 first quarter increased 125.8% to $2.4 million compared to $1.1 million in the first quarter of 2017
  • Net interest income increased by 5.0%, or $327 thousand, in the first quarter of 2018 compared to the first quarter of 2017
  • Non-interest income increased by 23.9%, or $1.1 million, compared to the 2017 first quarter, driven by higher gains on sales of assets
  • Non-interest expenses decreased by $90 thousand, or 0.9%, in the first quarter of 2018, versus the same period in 2017
  • Loans and leases held for investment increased to $435.2 million, rising 5.9% from $410.9 million at March 31, 2017

BNCCORP, INC. (BNC or the Company) (OTCQX Markets: BNCC), which operates community banking and wealth management businesses in North Dakota, Arizona and Minnesota, and has mortgage banking offices in Illinois, Kansas, Missouri, Minnesota, Arizona and North Dakota, today reported financial results for the first quarter ended March 31, 2018.

Net income in the first quarter of 2018 was $2.396 million, compared with $1.061 million in the same period of 2017. First quarter 2018 diluted earnings per share rose to $0.68, compared to $0.30 in the first quarter of 2017. The increase in net income from the year-ago period primarily reflects increases in both net interest income and non-interest income, driven by gains on sales of assets, and relatively stable non-interest expenses.

Net interest income in the 2018 first quarter increased by $327 thousand, or 5.0%, from the same quarter in 2017, due primarily to the growth of loans and leases held for investment and higher yields and balances on investment securities.

Non-interest income in the first quarter of 2018 increased by $1.1 million, or 23.9%, from the same period in 2017, primarily due to higher gains on sales of assets, which increased by $1.3 million

Non-interest expense in the first quarter of 2018 decreased by $90 thousand, or 0.9%, as higher data processing costs were offset by lower mortgage related expenses.

The provision for credit losses was $0 in the first quarters of 2018 and 2017. The ratio of nonperforming assets to total assets decreased to 0.20% at March 31, 2018, from 0.21% at December 31, 2017. The allowance for loan losses was 1.79% of loans and leases held for investment at March 31, 2018, compared to 1.84% at December 31, 2017.

Book value per common share at March 31, 2018 was $21.87 compared to $22.40 at December 31, 2017. Excluding accumulated other comprehensive (loss) or income, book value per common share at March 31, 2018 was $23.05, compared to $22.38 at December 31, 2017 and $21.29 at March 31, 2017.

Management Comments

Timothy J. Franz, BNC President and Chief Executive Officer, said, "We are pleased with the 125.8% increase in net income in the first quarter of 2018 compared to the first quarter of 2017. Our core banking business is strengthening as net interest income continues to increase due to higher average loan balances. It is noteworthy that our pipeline of loans and leases held for investment increased late in the quarter. We are optimistic that recent rate hikes will continue to positively impact interest income as we have more than $245 million of assets indexed primarily to the Wall Street Journal Prime Rate."

Mr. Franz continued, "Credit quality metrics remain very good. We are starting to see more economic activity in the North Dakota regions influenced by energy, while we continue to closely monitor conditions that are challenging the agricultural sector.  Our people are maintaining close relationships with clients, and are ready to help them take advantage of opportunities. Overall, the first quarter 2018 earnings were significantly improved from early 2017, our capital position is strong, and we are poised to continue creating value as 2018 proceeds."

First Quarter 2018 Comparison to First Quarter 2017

Net interest income for the first quarter of 2018 was $6.860 million, an increase of $327 thousand, or 5.0%, from $6.533 million in the same period of 2017. Overall, the net interest margin increased to 3.11% in the first quarter of 2018 from 3.09% in the first quarter of 2017.

Interest income increased $702 thousand, or 9.6%, to $8.016 million in the first quarter of 2018, compared to $7.314 million in the first quarter of 2017. This increase is the result of higher balances and yields on taxable investments and higher average balances of loans and leases held for investment. The yield on average interest earning assets was 3.63% in the first quarter of 2018 and 3.45% in the first quarter of 2017. The average balance of interest earning assets increased by $37.0 million. The average balance of loans and leases held for investment increased by $13.9 million, yielding $273 thousand of additional interest income, while the average balance of mortgage loans held for sale was largely unchanged from the same period of 2017. The average balance of investment securities was $31.4 million higher in the first quarter of 2018 than in the first quarter of 2017, yielding $430 thousand in additional interest income. The average balance of cash held at the Federal Reserve decreased by $8.1 million when comparing the two periods, and yielded an additional $8 thousand of interest income in the first quarter of 2018.

Interest expense in the first quarter of 2018 was $1.156 million, an increase of $375 thousand from the same period in 2017. The cost of interest bearing liabilities was 0.66% in the current quarter compared to 0.47% in the same period of 2017. Interest expense increased on deposits, driven largely by increased volume and cost of consumer certificates of deposit and money market accounts. The cost of core deposits in the first quarter of 2018 and 2017 was 0.39% and 0.26%, respectively. The Company paid down FHLB short-term advances outstanding in the first quarter 2018 and, alternatively, obtained $30.0 million of brokered certificates of deposit as a more attractive source of funding than comparable FHLB advances.

Provision for credit losses was $0 in the first quarters of 2018 and 2017.

Non-interest income for the first quarter of 2018 was $5.881 million, an increase of $1.134 million, or 23.9%, from $4.747 million in the first quarter of 2017. Gains on sales of assets $1.269 million higher in the first quarter of 2018 compared to the same period of 2017.  Mortgage banking revenues of $2.501 million in the first quarter of 2018 were fundamentally unchanged compared to $2.504 million in the first quarter of 2017.

Non-interest expense for the first quarter of 2018 decreased $90 thousand, to $9.768 million, from $9.858 million in the first quarter of 2017. Salaries and employee benefits expense was flat comparing the first quarters of 2018 and 2017. Professional services expense decreased compared to first quarter of 2017 by $263 thousand, or 25.0%, primarily due to reduced mortgage banking volumes and reduced legal fees. Marketing and promotion expenses increased $149 thousand, or 20.5%, largely attributed to increased competition for mortgage lead generation marketing. Other expense decreased by $58 thousand largely due to mortgage cost reduction efforts.

In the first quarter of 2018, income tax expense was $577 thousand, compared to $361 thousand in the first quarter of 2017. The effective tax rate was 19.4% in the first quarter of 2018, compared to 25.4% in the same period of 2017. The decrease in the effective tax rate is primarily due to the enactment of federal tax legislation effective January 1, 2018 that reduced the federal tax rate to 21%.  The impact of the tax rate change was partially offset by the reduction in non-taxable income resulting from the first quarter 2018 sale of certain tax exempt municipal bonds resulting in a $2.1 million gain.

Net income was $2.396 million, or $0.68 per diluted share in the first quarter of 2018. Net income in the first quarter of 2017 was $1.061 million, or $0.30 per diluted share.

Assets, Liabilities and Equity

Total assets were $996.1 million at March 31, 2018, an increase of $50.0 million, or 5.3%, compared to $946.1 million at December 31, 2017. Loans and leases held for investment aggregated $435.2 million at March 31, 2018, an increase of $6.9 million, or 1.6%, since December 31, 2017 and an increase of $24.3 million, or 5.9%, since March 31, 2017. Loans and leases held for sale as of March 31, 2018 were down $12.4 million from December 31, 2017. Investments increased $29.1 million from year-end 2017.

Total deposits were $870.1 million at March 31, 2018, compared to $817.8 million at December 31, 2017. Total deposits include $30.0 million of brokered deposits that were acquired as an attractive alternative relative to comparable FHLB advances. At March 31, 2018, core deposits, which include recurring customer repurchase agreement balances, increased by $22.8 million to $858.7 million, or 2.7%, from $835.8 million as of December 31, 2017. We have grown core deposits steadily in recent periods, but believe certain amounts held in deposit accounts at March 31, 2018 are likely to be temporary increases in core deposits.

The table below shows total deposits since 2014:


















March 31,



December 31,



December 31,



December 31,



December 31,

(In Thousands)


2018



2017



2016



2015



2014
















ND Bakken Branches

$

174,804


$

168,981


$

178,677


$

190,670


$

178,565

ND Non-Bakken Branches


450,650



435,255



384,476



388,630



433,129

Total ND Branches


625,454



604,236



563,153



579,300



611,694

Brokered Deposits


30,000



-



-



33,363



53,955

Other


214,647



213,570



189,474



167,786



145,582

Total Deposits

$

870,101


$

817,806


$

752,627


$

780,449


$

811,231

Trust assets under management or administration increased 14.3%, or $40.0 million, to $319.5 million at March 31, 2018, compared to $279.5 million at March 31, 2017 as we have been able to capture wealth generated by commercial customers and convert new customers to BNC's wealth management services.

Capital

Banks and bank holding companies operate under separate regulatory capital requirements.

At March 31, 2018, our capital ratios exceeded all regulatory capital thresholds, including thresholds that incorporate fully phased-in conservation buffers.


A summary of our capital ratios at March 31, 2018 and December 31, 2017 is presented below:



March 31,
2018


December 31,

2017

BNCCORP, INC (Consolidated)





   Tier 1 leverage


9.97%


9.53%

   Total risk based capital


20.38%


19.98%

   Common equity tier 1 risk based capital


14.56%


14.15%

   Tier 1 risk based capital


17.30%


16.90%

   Tangible common equity


7.60%


8.18%






BNC National Bank





   Tier 1 leverage


10.09%


9.62%

   Total risk based capital


18.77%


18.31%

   Common equity tier 1 risk based capital


17.51%


17.06%

   Tier 1 risk based capital


17.51%


17.06%

The Common Equity Tier 1 ratio, which is generally a comparison of a bank's core equity capital to its total risk weighted assets, is a measure of the current risk profile of our asset base from a regulatory perspective. The Tier 1 leverage ratio, which is based on average assets, does not consider the mix of risk-weighted assets. In recent periods, regulators have required Tier 1 leverage ratios that significantly exceed "Well Capitalized" ratio levels. As a result, management believes the Bank's Tier 1 leverage ratio is our most restrictive capital measurement and we are managing the Tier 1 leverage ratio to levels significantly above the "Well Capitalized" ratio threshold.

In addition to regulatory risk based capital standards, we believe that regulators and investors also monitor the capital ratio of tangible common equity to total period end assets.

The Company routinely evaluates the sufficiency of its capital in order to ensure compliance with regulatory capital standards and to provide a source of strength for the Bank. We manage capital by assessing the composition of capital and the amounts available for growth, risk or other purposes.

Book value per common share of the Company was $21.87 as of March 31, 2018, compared to $22.40 at December 31, 2017. Book value per common share, excluding accumulated other comprehensive (loss) or income, was $23.05 as of March 31, 2018, compared to $22.38 at December 31, 2017 and $21.29 at March 31, 2017.

Asset Quality

The allowance for credit losses was $7.8 million at March 31, 2018, compared to $7.9 million at December 31, 2017. The allowance for credit losses as a percentage of total loans at March 31, 2018 was 1.70%, compared to 1.69% at December 31, 2017. The allowance as a percentage of loans and leases held for investment at March 31, 2018 was 1.79%, and at December 31, 2017 was 1.84%.

Nonperforming assets were $2.0 million at March 31, 2018 and December 31, 2017. The ratio of nonperforming assets to total assets was 0.20% at March 31, 2018 and 0.21% at December 31, 2017. Nonperforming loans were $2.0 million at March 31, 2018 and December 31, 2017.

At March 31, 2018 and December 31, 2017, BNC had $11.0 million of classified loans, $2.0 million of loans on non-accrual, no other real estate owned, and no repossessed assets. BNC had $1.6 million of potentially problematic loans, which are risk rated "watch list", at March 31, 2018, compared with $1.7 million as of December 31, 2017.

In recent periods, economic activity in western North Dakota was affected by challenging conditions in the agricultural and energy industries. The areas near Dickinson, Williston and Minot were particularly adversely affected by the economic conditions. Agricultural economies in North Dakota are being threatened by drought conditions. While economic conditions are currently improving in regions of North Dakota influenced by energy prices, prolonged periods of lower commodity prices could have an adverse impact on our loan portfolio.

Company Update

Michael O'Rourke retired from the BNCCORP, INC. Board of Directors effective April 1, 2018.  Upon Mr. O'Rourke's retirement, the Board of Directors reduced the size of the Board to five members.  Mr. O'Rourke joined the Board in 2008 and during the intervening ten years made significant contributions to the success of the Company.  Notably, during Mr. O'Rourke's tenure as director, the book value per share of BNCCORP, INC. stock nearly doubled between year-end 2009 at $11.24 per share and year-end 2017 at $22.40 per share.  The Board of Directors and employees of BNC thank Mr. O'Rourke for the skills and knowledge he brought to BNC and for his dedicated service.

BNCCORP, INC., headquartered in Bismarck, N.D., is a registered bank holding company dedicated to providing banking and wealth management services to businesses and consumers in its local markets. The Company operates community banking and wealth management businesses in North Dakota, Arizona and Minnesota from 15 locations. BNC also conducts mortgage banking from 13 offices in Illinois, Kansas, Missouri, Minnesota, Arizona and North Dakota.

This news release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of BNC. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management are generally identifiable by the use of words such as "expect", "believe", "anticipate", "plan", "intend", "estimate", "may", "will", "would", "could", "should", "future" and other expressions relating to future periods. Examples of forward-looking statements include, among others, statements we make regarding our belief that we have exceptional liquidity, our expectations regarding future market conditions and our ability to capture opportunities and pursue growth strategies, our expected operating results such as revenue growth and earnings and our expectations of the effects of the regulatory environment on our earnings for the foreseeable future. Forward-looking statements are neither historical facts nor assurances of future performance. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to: the impact of current and future regulation; the risks of loans and investments, including dependence on local and regional economic conditions; competition for our customers from other providers of financial services; possible adverse effects of changes in interest rates, including the effects of such changes on mortgage banking revenues and derivative contracts and associated accounting consequences; risks associated with our acquisition and growth strategies; and other risks which are difficult to predict and many of which are beyond our control. In addition, all statements in this news release, including forward-looking statements, speak only of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

This press release contains references to financial measures which are not defined in GAAP. Such non-GAAP financial measures include adjusted earnings, adjusted earnings per share, which exclude the impact of items related to tax reform, and the tangible common equity to total period end assets ratio. These non-GAAP financial measures have been included as the Company believes they are helpful for investors to analyze and evaluate the Company's financial condition.

 (Financial tables attached)

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)




For the Quarter Ended,

(In thousands, except per share data)


March 31,

2018


December 31,

2017


March 31,

2017

SELECTED INCOME STATEMENT DATA










Interest income


$

8,016


$

8,009


$

7,314

Interest expense



1,156



973



781

Net interest income



6,860



7,036



6,533

Provision for credit losses



-



100



-

Non-interest income



5,881



4,415



4,747

Non-interest expense



9,768



9,551



9,858

Income before income taxes



2,973



1,800



1,422

Income tax expense



577



1,471



361

Net income (GAAP)



2,396



329



1,061











Revaluation of net deferred tax assets



-



1,208



-

Losses on sales of securities sold, net of tax



-



307



-











Adjusted Earnings (non-GAAP) (1)


$

2,396


$

1,844


$

1,061

EARNINGS PER SHARE DATA










Basic earnings per common share


$

0.69


$

0.09


$

0.31

Diluted earnings per common share


$

0.68


$

0.09


$

0.30











ADJUSTED EARNINGS PER SHARE DATA (1)










Basic earnings per common share (non-GAAP)


$

0.69


$

0.53


$

0.31

Diluted earnings per common share (non-GAAP)


$

0.68


$

0.52


$

0.30



(1)

Adjusted earnings, a non-GAAP measure, is provided for the December 31, 2017 results in addition to reported results prepared in accordance with U.S. generally accepted accounting principles ("GAAP") in order to present financial information without the impact of actions linked to federal tax legislation effective January 1, 2018.

 


BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)




For the Quarter Ended

(In thousands, except share data)


March 31,
2018


December 31,

2017


March 31,

2017

ANALYSIS OF NON-INTEREST INCOME










Bank charges and service fees


$

652


$

683


$

688

Wealth management revenues



477



421



461

Mortgage banking revenues



2,501



2,663



2,504

Gains on sales of loans, net



3



41



543

Gains (losses) on sales of investments, net



2,079



(495)



270

Other



169



1,102



281

Total non-interest income


$

5,881


$

4,415


$

4,747

ANALYSIS OF NON-INTEREST EXPENSE










Salaries and employee benefits


$

5,230


$

5,091


$

5,239

Professional services



790



799



1,053

Data processing fees



997



926



880

Marketing and promotion



875



885



726

Occupancy



585



649



620

Regulatory costs



140



157



132

Depreciation and amortization



406



412



400

Office supplies and postage



164



147



167

Other real estate costs



-



(10)



2

Other



581



495



639

Total non-interest expense


$

9,768


$

9,551


$

9,858

WEIGHTED AVERAGE SHARES










Common shares outstanding (a)



3,487,155



3,482,527



3,472,401

Incremental shares from assumed conversion of options and contingent shares



60,272



61,682



68,845

Adjusted weighted average shares (b)



3,547,427



3,544,209



3,541,246



(a)   

Denominator for basic earnings per common share

(b)  

Denominator for diluted earnings per common share

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)




As of

(In thousands, except share, per share and full time equivalent data)


March 31,
2018


December 31,

2017


March 31,

2017

SELECTED BALANCE SHEET DATA










Total assets


$

996,111


$

946,150


$

1,008,491

Loans held for sale-mortgage banking



24,159



36,601



26,050

Loans and leases held for investment



435,224



428,325



410,881

Total loans



459,383



464,926



436,931

Allowance for credit losses



(7,811)



(7,861)



(8,040)

Investment securities available for sale



441,020



411,917



420,316

Other real estate, net and repossessed assets



-



-



214

Earning assets



939,962



886,212



952,062

Total deposits



870,101



817,806



887,600

Core deposits (1)



858,661



835,850



901,417

Other borrowings



43,570



43,054



38,831

Cash and cash equivalents



51,505



25,830



107,876

OTHER SELECTED DATA










Net unrealized (losses) gains in accumulated other comprehensive income


$

(4,091)


$

48


$

1,917

Trust assets under supervision


$

319,525


$

321,274


$

279,489

Total common stockholders' equity


$

75,925


$

77,626


$

75,512

Book value per common share


$

21.87


$

22.40


$

21.84

Book value per common share excluding accumulated  other comprehensive income, net


$

23.05


$

22.38


$

21.29

Full time equivalent employees



250



252



286

Common shares outstanding



3,471,992



3,465,992



3,456,860

CAPITAL RATIOS










Common equity Tier 1 risk-based capital (Consolidated)



14.56%



14.15%



14.05%

Tier 1 leverage (Consolidated)



9.97%



9.53%



9.59%

Tier 1 risk-based capital (Consolidated)



17.30%



16.90%



16.96%

Total risk-based capital (Consolidated)



20.38%



19.98%



20.14%

Tangible common equity (Consolidated)



7.60%



8.18%



7.46%











Common equity Tier 1 risk-based capital (Bank)



17.51%



17.06%



17.53%

Tier 1 leverage (Bank)



10.09%



9.62%



9.92%

Tier 1 risk-based capital (Bank)



17.51%



17.06%



17.53%

Total risk-based capital (Bank)



18.77%



18.31%



18.78%

Tangible common equity (Bank)



9.27%



9.91%



9.21%













(1)

Core deposits consist of all deposits and repurchase agreements with customers and exclude certain brokered certificates of deposit.

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)




For the Quarter
Ended March 31,

(In thousands)



2018



2017

AVERAGE BALANCES







Total assets


$

951,610


$

913,756

Loans held for sale-mortgage banking



23,742



24,233

Loans and leases held for investment



430,048



416,138

Total loans



453,790



440,371

Investment securities available for sale



431,228



399,821

Earning assets



894,224



857,228

Total deposits



819,941



788,047

Core deposits



822,398



800,036

Total equity



77,369



74,599

Cash and cash equivalents



22,792



30,562

KEY RATIOS







Return on average common stockholders' equity (a)



12.25%



5.88%

Return on average assets (b)



1.02%



0.47%

Net interest margin



3.11%



3.09%

Efficiency ratio



76.66%



87.40%

Efficiency ratio (BNC Bank)



73.41%



83.69%



(a)   

Return on average common stockholders' equity is calculated by using net income as the numerator and average common equity (less accumulated other comprehensive income) as the denominator.

(b)  

Return on average assets is calculated by using net income as the numerator and average total assets as the denominator.

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)




As of

(In thousands)


March 31,

2018


December 31,

2017


March 31,

2017

ASSET QUALITY










Loans 90 days or more delinquent and still accruing interest


$

-


$

26


$

65

Non-accrual loans



1,950



1,952



2,607

Total nonperforming loans


$

1,950


$

1.978


$

2,672

Other real estate, net and repossessed assets



-



-



214

Total nonperforming assets


$

1,950


$

1,978


$

2,886

Allowance for credit losses


$

7,811


$

7,861


$

8,040

Troubled debt restructured loans


$

1,891


$

1,908


$

2,137

Ratio of total nonperforming loans to total loans



0.42%



0.43%



0.61%

Ratio of total nonperforming assets to total assets



0.20%



0.21%



0.29%

Ratio of nonperforming loans to total assets



0.20%



0.21%



0.26%

Ratio of allowance for credit losses to loans and leases held for investment                



1.79%



1.84%



1.96%

Ratio of allowance for credit losses to total loans



1.70%



1.69%



1.84%

Ratio of allowance for credit losses to nonperforming loans



401%



397%



301%

 



For the Quarter
Ended March 31,

(In thousands)


2018


2017

Changes in Nonperforming Loans:







Balance, beginning of period


$

1,978


$

2,445

Additions to nonperforming



66



557

Charge-offs



(31)



(206)

Reclassified back to performing



(26)



-

Principal payments received



(37)



(124)

Balance, end of period


$

1,950


$

2,672

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)




For the Quarter
Ended March 31,

(In thousands)


2018


2017

Changes in Allowance for Credit Losses:







Balance, beginning of period


$

7,861


$

8,285

Provision



-



-

Loans charged off



(57)



(253)

Loan recoveries



7



8

Balance, end of period


$

7,811


$

8,040








Ratio of net charge-offs to average total loans



(0.011)%



(0.056)%

Ratio of net charge-offs to average total loans, annualized



(0.044)%



(0.223)%

 



For the Quarter
Ended March 31,

(In thousands)


2018


2017

Changes in Other Real Estate:







Balance, beginning of period


$

-


$

214

Real estate sold



-



-

Net gains on sale of assets



-



-

Provision



-



-

Balance, end of period


$

-


$

214

 




As of

(In thousands)


March 31,

2018


December 31,

2017


March 31,

2017

Other Real Estate:










Other real estate


$

-


$

-


$

954

Valuation allowance



-



-



(740)

Other real estate, net


$

-


$

-


$

214

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)



As of

(In thousands)


March 31,
2018


December 31,
2017


March 31,
2017

CREDIT CONCENTRATIONS










North Dakota










Commercial and industrial


$

35,630


$

36,590


$

38,106

Construction



6,303



4,747



4,679

Agricultural



23,610



23,004



17,969

Land and land development



8,186



8,494



9,360

Owner-occupied commercial real estate



42,465



44,173



44,891

Commercial real estate



108,888



108,191



104,985

Small business administration



4,608



4,558



4,440

Consumer



56,925



56,318



46,945

Subtotal loans held for investment


$

286,615


$

286,075


$

271,375

Consolidated










Commercial and industrial


$

53,135


$

51,524


$

51,233

Construction



13,605



13,167



11,467

Agricultural



24,220



23,773



18,596

Land and land development



13,704



14,168



15,685

Owner-occupied commercial real estate



50,549



50,872



48,218

Commercial real estate



178,070



177,429



174,726

Small business administration



28,163



25,064



28,332

Consumer



73,271



71,876



62,310

Total loans held for investment


$

434,717


$

427,873


$

410,567

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/bnccorp-inc-reports-first-quarter-net-income-of-2-4-million-or-0-68-per-diluted-share-300637830.html

SOURCE BNCCORP, INC.

View Comments and Join the Discussion!