BNCCORP, INC. ANNOUNCES SPECIAL $4.00 PER SHARE CASH DIVIDEND

Rhea-AI Summary

BNCCORP (BNCC) has announced a special, one-time cash dividend of $4.00 per share of common stock, payable on January 14, 2025, to shareholders of record on December 30, 2024. The total dividend distribution will amount to approximately $14.4 million.

The company's Chairman, Michael Vekich, stated that this special dividend aligns with their capital management strategy of returning excess capital to shareholders while maintaining adequate reserves for business operations and strategic investments. BNC operates community banking and wealth management services across 11 locations in North Dakota and Arizona.

Positive

• Special dividend of $4.00 per share, totaling $14.4 million distribution to shareholders
• Strong financial position allowing significant capital return to shareholders
• Maintains sufficient capital for business operations and strategic investments

Negative

• Large cash distribution may reduce available capital for future growth opportunities

BISMARCK, N.D., Dec. 18, 2024 /PRNewswire/ -- BNCCORP, INC. (BNC or the Company) (OTCQX Markets: BNCC) today announced that its Board of Directors has declared a special, one-time cash dividend of $4.00 per share of BNCCORP, INC. common stock. The dividend is payable on January 14, 2025, to holders of record on December 30, 2024. The aggregate payment to be made in connection with the dividend will be approximately $14.4 million.

BNC Chairman Michael Vekich said, "The special cash dividend reflects our capital management philosophy that includes the return of capital to shareholders in excess of what is invested to maintain our businesses, deployed for profitable investments, or retained as a capital reserve and liquidity buffer for the Company and BNC National Bank. The special dividend also demonstrates our continuing confidence in our financial strength and our strategic approach that makes BNC an attractive financial partner in a competitive banking environment."

About BNCCORP, INC
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 and Arizona, from 11 locations.

This news release contains "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, capital allocation, return of capital to shareholders 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 identifiable by the use of words such as "expect", "believe", "anticipate", "at the present time". "plan", "optimistic", "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 expectations regarding future capital allocation and return of capital to shareholders, 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 or the current pandemic 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 future pandemics, 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; 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.

FOR FURTHER INFORMATION:
WEBSITE: www.bnccorp.com

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SOURCE BNCCORP, INC.

FAQ

When will BNCC pay the $4.00 special dividend?

BNCC will pay the special dividend on January 14, 2025, to shareholders of record as of December 30, 2024.

What is the total amount of BNCC's special dividend distribution?

The total dividend distribution will be approximately $14.4 million.

Who is eligible for BNCC's special dividend payment?

Shareholders who hold BNCC stock as of the record date, December 30, 2024, are eligible for the dividend payment.

How many locations does BNCC operate across North Dakota and Arizona?

BNCC operates from 11 locations across North Dakota and Arizona, providing community banking and wealth management services.

What is the purpose of BNCC's special dividend distribution?

The special dividend reflects BNCC's capital management philosophy of returning excess capital to shareholders while maintaining sufficient reserves for operations and investments.