BNCCORP, INC. REPORTS FIRST QUARTER NET INCOME OF $1.8 MILLION, OR $0.50 PER DILUTED SHARE
BNCCORP reported a solid first quarter 2025 performance with net income of $1.8 million, or $0.50 per diluted share, showing a 1.4% increase from the previous year. The company maintained stable operations with an efficiency ratio of 73.95% and improved loan yields to 5.78%.
Key highlights include:
- Total loans held for investment reached $699.3 million, up 3.2% year-over-year
- Net interest margin held steady at 3.49%
- Total deposits increased to $848.8 million
- Strong capital position with tangible book value per share at $27.62
The bank, operating in North Dakota and Arizona, maintained strong credit quality with an allowance for credit losses at 1.33%. Despite economic uncertainties, BNCCORP demonstrated resilience through disciplined lending, cost-effective deposit growth, and careful risk management. The company's deposit base remains stable, with approximately 71% of customer deposits secured by insurance and protection programs.
BNCCORP ha riportato una solida performance nel primo trimestre del 2025 con un utile netto di 1,8 milioni di dollari, pari a 0,50 dollari per azione diluita, mostrando un incremento dell'1,4% rispetto all'anno precedente. L'azienda ha mantenuto operazioni stabili con un indice di efficienza del 73,95% e ha migliorato i rendimenti dei prestiti al 5,78%.
I punti salienti includono:
- Prestiti totali detenuti per investimento pari a 699,3 milioni di dollari, in aumento del 3,2% su base annua
- Margine di interesse netto stabile al 3,49%
- Depositi totali aumentati a 848,8 milioni di dollari
- Solida posizione patrimoniale con valore contabile tangibile per azione a 27,62 dollari
La banca, operante in North Dakota e Arizona, ha mantenuto un'elevata qualità del credito con un accantonamento per perdite su crediti pari all'1,33%. Nonostante le incertezze economiche, BNCCORP ha dimostrato resilienza attraverso un'attenta erogazione del credito, una crescita dei depositi efficiente in termini di costi e una gestione prudente del rischio. La base di depositi della società rimane stabile, con circa il 71% dei depositi dei clienti garantiti da programmi di assicurazione e protezione.
BNCCORP reportó un sólido desempeño en el primer trimestre de 2025 con un ingreso neto de $1.8 millones, o $0.50 por acción diluida, mostrando un aumento del 1.4% respecto al año anterior. La compañía mantuvo operaciones estables con una tasa de eficiencia del 73.95% y mejoró los rendimientos de los préstamos al 5.78%.
Aspectos destacados incluyen:
- Préstamos totales para inversión alcanzaron $699.3 millones, un aumento del 3.2% interanual
- Margen neto de interés se mantuvo estable en 3.49%
- Depósitos totales aumentaron a $848.8 millones
- Fuerte posición de capital con valor tangible en libros por acción de $27.62
El banco, que opera en Dakota del Norte y Arizona, mantuvo una alta calidad crediticia con una provisión para pérdidas crediticias del 1.33%. A pesar de las incertidumbres económicas, BNCCORP demostró resiliencia mediante una concesión disciplinada de préstamos, un crecimiento rentable de depósitos y una gestión cuidadosa del riesgo. La base de depósitos de la empresa sigue siendo estable, con aproximadamente el 71% de los depósitos de clientes asegurados por programas de protección y seguro.
BNCCORP는 2025년 1분기에 순이익 180만 달러, 희석 주당 순이익 0.50달러를 기록하며 전년 대비 1.4% 증가한 견고한 실적을 보고했습니다. 회사는 효율성 비율 73.95%로 안정적인 운영을 유지했으며 대출 수익률을 5.78%로 개선했습니다.
주요 내용은 다음과 같습니다:
- 투자용 총 대출금이 6억 9930만 달러로 전년 대비 3.2% 증가
- 순이자마진은 3.49%로 안정 유지
- 총 예금액이 8억 4880만 달러로 증가
- 주당 유형 장부가치가 27.62달러로 강한 자본 상태 유지
노스다코타와 애리조나에서 운영되는 이 은행은 대손충당금 비율 1.33%로 높은 신용 품질을 유지했습니다. 경제적 불확실성에도 불구하고 BNCCORP는 신중한 대출, 비용 효율적인 예금 성장 및 신중한 리스크 관리로 회복력을 보여주었습니다. 회사의 예금 기반은 약 71%가 보험 및 보호 프로그램으로 보장되어 안정적입니다.
BNCCORP a annoncé une solide performance pour le premier trimestre 2025 avec un bénéfice net de 1,8 million de dollars, soit 0,50 dollar par action diluée, enregistrant une hausse de 1,4 % par rapport à l'année précédente. La société a maintenu des opérations stables avec un ratio d'efficacité de 73,95 % et a amélioré les rendements des prêts à 5,78 %.
Points clés :
- Prêts totaux détenus pour investissement atteignant 699,3 millions de dollars, en hausse de 3,2 % sur un an
- Marge nette d'intérêt stable à 3,49 %
- Dépôts totaux en augmentation à 848,8 millions de dollars
- Position de capital solide avec une valeur comptable tangible par action de 27,62 dollars
La banque, opérant dans le Dakota du Nord et l'Arizona, a maintenu une forte qualité de crédit avec une provision pour pertes sur créances de 1,33 %. Malgré les incertitudes économiques, BNCCORP a démontré sa résilience grâce à un prêt discipliné, une croissance des dépôts rentable et une gestion prudente des risques. La base de dépôts de l'entreprise reste stable, avec environ 71 % des dépôts clients garantis par des programmes d'assurance et de protection.
BNCCORP meldete eine solide Leistung im ersten Quartal 2025 mit einem Nettogewinn von 1,8 Millionen US-Dollar bzw. 0,50 US-Dollar je verwässerter Aktie, was einer Steigerung von 1,4 % gegenüber dem Vorjahr entspricht. Das Unternehmen hielt stabile Geschäftstätigkeiten mit einer Effizienzquote von 73,95 % aufrecht und verbesserte die Darlehensrenditen auf 5,78 %.
Wichtige Highlights sind:
- Gesamtdarlehen für Investitionen erreichten 699,3 Millionen US-Dollar, ein Anstieg von 3,2 % im Jahresvergleich
- Nettozinsspanne blieb stabil bei 3,49 %
- Gesamteinlagen stiegen auf 848,8 Millionen US-Dollar
- Starke Kapitalposition mit einem materiellen Buchwert je Aktie von 27,62 US-Dollar
Die Bank, die in North Dakota und Arizona tätig ist, hielt eine hohe Kreditqualität mit einer Rückstellung für Kreditausfälle von 1,33 % aufrecht. Trotz wirtschaftlicher Unsicherheiten zeigte BNCCORP Widerstandsfähigkeit durch diszipliniertes Kreditvergabeverhalten, kosteneffizientes Wachstum der Einlagen und sorgfältiges Risikomanagement. Die Einlagenbasis des Unternehmens bleibt stabil, wobei etwa 71 % der Kundeneinlagen durch Versicherungs- und Schutzprogramme abgesichert sind.
- Net income increased 1.4% to $1.8M in Q1 2025 vs Q1 2024
- Loan yield improved to 5.78% from 5.51% year-over-year
- Total loans grew 3.2% YoY to $699.3M
- Net interest margin maintained at 3.49% despite industry pressure
- Strong capital ratios with Tier 1 leverage at 12.57%
- Total deposits increased by $11.3M to $848.8M
- 71% of customer deposits secured by insurance and protection programs
- Non-interest income declined from $1.5M to $1.4M YoY
- Off-balance sheet deposits decreased from $38.9M to $18.1M YoY
- Nonperforming assets increased to $7.3M from $6.3M QoQ
- Special mention loans increased to $14.0M from $12.2M QoQ
- Significant exposure to hotel industry with $90.2M in loans
- Geographic concentration risk with 78% of loans in North Dakota and Arizona
- Potential vulnerability to oil price fluctuations affecting North Dakota economy
Highlights
- Net income during the first quarter of 2025 increased
$24 thousand 1.4% , to$1.8 million $0.50 $1.7 million $0.49 - The efficiency ratio remained constant at
73.95% in the first quarter of 2025 versus73.50% in the first quarter of 2024. - Yield on loans held for investment improved to
5.78% for the first quarter of 2025 compared to5.51% in the first quarter of 2024. - Loans held for investment increased
$542 thousand 0.1% , to$699.3 million $698.7 million $21.4 million 3.2% , from$677.9 million - The ratio of loans held for investment-to-deposits decreased to
82.4% at March 31, 2025 from83.4% at December 31, 2024. - Allowance for credit losses as of March 31, 2025, increased to
1.33% of loans held for investment compared to1.32% as of December 31, 2024.
Management Commentary
"Our first-quarter results demonstrate the consistency and resilience of our strategy," said Daniel J. Collins, BNC's President and Chief Executive Officer. "Despite an upswing in economic uncertainty and increased competitive pressure on deposit costs, we delivered stable earnings, maintained strong capital and liquidity levels, and preserved credit quality."
"Loan yields improved year-over-year, and deposit growth contributed to a modest increase in total available funding, which helps position us to deploy capital prudently in any economic scenario. We're particularly pleased that we maintained our net interest margin of
"As we move forward, we remain committed to the strategic principles that helped us deliver a strong quarter: disciplined lending, cost-effective deposit growth, and careful risk management. These enduring values are the source of our financial strength and help us deliver consistent performance through a range of economic conditions."
2025 Versus 2024 First Quarter Comparison
The Company reported net income of
First quarter interest income increased
Consolidated interest expense in the first quarter of 2025 was
Net interest income for the first quarter of 2025 was
Non-interest income during the first quarter of 2025 was
Non-interest expense during the first quarter of 2025 decreased
In the first quarter of 2025, consolidated income tax expense was
Tangible book value per common share on March 31, 2025 was
Assets and Liabilities
Total assets were
Total deposits increased
The following table provides additional detail on the Company's total deposit relationships:
As of | |||||||||
(In thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||
Deposits: | |||||||||
Non-interest-bearing | $ | 169,503 | $ | 172,456 | $ | 170,976 | |||
Interest-bearing – | |||||||||
Savings, interest checking and money market | 582,239 | 579,608 | 565,151 | ||||||
Time deposits | 97,105 | 85,436 | 69,984 | ||||||
Total on balance sheet deposits | 848,847 | 837,500 | 806,111 | ||||||
Off-balance sheet deposits (1) | 18,133 | 18,531 | 38,875 | ||||||
Total available deposits | $ | 866,980 | $ | 856,031 | $ | 844,986 | |||
(1) | The off-balance sheet deposits above do not include off-balance sheet time deposits that can be brought back on the balance sheet at various future maturity dates. As of March 31, 2025, the Company managed off-balance sheet time deposit balances of | |||||||||
The Company remains highly focused on meeting the needs of its customers and ensuring deposit rates reflect changing market conditions. The Company estimates that deposit insurance and other deposit protection programs secure approximately
Trust assets under administration decreased
Asset Quality
The allowance for credit losses was
Past due loans of 31-89 days decreased to
The Company continues to monitor the evolving significant macroeconomic and geopolitical environment for possible impacts to the loan portfolio. As of March 31, 2025, classified loans were
BNC's loans held for investment are geographically concentrated in
The
The
The following table approximately describes the Company's concentrations by industry:
Loans Held for Investment by Industry Sector | |||||||||||
(in thousands) | March 31, 2025 | December 31, 2024 | |||||||||
Non-owner Occupied Commercial Real estate – not otherwise categorized | $ | 191,419 | 27 | % | $ | 192,741 | 28 | % | |||
Consumer, not otherwise categorized | 98,118 | 14 | 99,243 | 14 | |||||||
Hotels | 90,247 | 13 | 86,863 | 12 | |||||||
Healthcare and social assistance | 35,043 | 5 | 32,447 | 5 | |||||||
Agriculture, forestry, fishing and hunting | 30,644 | 5 | 36,763 | 5 | |||||||
Retail trade | 30,356 | 4 | 34,186 | 5 | |||||||
Transportation and warehousing | 29,779 | 4 | 31,124 | 5 | |||||||
Non-hotel accommodation and food service | 29,015 | 4 | 27,288 | 4 | |||||||
Art, entertainment and recreation | 27,405 | 4 | 27,747 | 4 | |||||||
Mining, oil and gas extraction | 22,961 | 3 | 23,685 | 4 | |||||||
Manufacturing | 17,619 | 3 | 15,333 | 2 | |||||||
Construction contractors | 17,295 | 3 | 13,938 | 2 | |||||||
Real estate and rental and leasing support services | 15,676 | 2 | 15,385 | 2 | |||||||
Other service | 15,652 | 2 | 14,325 | 2 | |||||||
Educational services | 13,511 | 2 | 13,595 | 2 | |||||||
Professional, scientific, and technical services | 9,877 | 2 | 9,854 | 1 | |||||||
Finance and insurance | 8,308 | 1 | 8,586 | 1 | |||||||
Public administration | 7,012 | 1 | 7,357 | 1 | |||||||
All other | 8,395 | 1 | 7,322 | 1 | |||||||
Total gross loans held for investment | $ | 698,332 | 100 | % | $ | 697,782 | 100 | % | |||
Capital
Banks and bank holding companies operate under separate regulatory capital requirements. As of March 31, 2025, the Company's capital ratios exceeded all regulatory capital thresholds, including the capital conservation buffer.
A summary of the Company's and the Bank's capital ratios is presented below:
March 31, 2025 | December 31, 2024 | |||
BNCCORP, INC. (Consolidated) | ||||
Tier 1 leverage | 12.57 % | 12.75 % | ||
Common equity tier 1 risk based capital | 12.65 % | 12.36 % | ||
Tier 1 risk based capital | 14.52 % | 14.22 % | ||
Total risk based capital | 15.66 % | 15.35 % | ||
Tangible common equity | 10.06 % | 9.68 % | ||
BNC National Bank | ||||
Tier 1 leverage | 11.74 % | 11.89 % | ||
Common equity tier 1 risk based capital | 13.56 % | 13.25 % | ||
Tier 1 risk based capital | 13.56 % | 13.25 % | ||
Total risk based capital | 14.70 % | 14.38 % | ||
Tangible common equity | 10.88 % | 10.49 % |
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 the Bank's 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.
The Company regularly evaluates the sufficiency of its capital to ensure compliance with regulatory capital standards and to serve as a source of strength for the Bank. The Company manages capital by assessing the composition of capital and the amounts available for growth, risk, or other purposes.
The Company made an election at the adoption of
Share Repurchases
In December 2020, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of up to 175,000 shares of BNCCORP, INC. outstanding common stock. During the first quarter of 2024, the Company repurchased 50,000 shares of common stock for a total cost of
About BNCCORP, INC.
BNCCORP, INC., headquartered in
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", "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 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 future pandemics 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; risks associated with our acquisition and growth strategies; and other risks, including the potential impact of the imposition of tariffs or retaliatory tariffs, 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 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.
FOR FURTHER INFORMATION:
WEBSITE: www.bnccorp.com
(Financial tables attached)
BNCCORP, INC. | |||||||||
For the Quarter Ended, | |||||||||
(In thousands, except per share data) | March 31, | December 31, | March 31, | ||||||
INCOME STATEMENT | |||||||||
Interest income | $ | 12,000 | $ | 11,883 | $ | 11,677 | |||
Interest expense | 4,149 | 3,960 | 3,818 | ||||||
Net interest income | 7,851 | 7,923 | 7,859 | ||||||
Provision for credit losses | 100 | 280 | 215 | ||||||
Net interest income after provision for credit losses | 7,751 | 7,643 | 7,644 | ||||||
Non-interest income | |||||||||
Bank charges and service fees | 668 | 695 | 793 | ||||||
Wealth management revenues | 521 | 526 | 498 | ||||||
Gains on sales of loans, net | (1) | 12 | - | ||||||
Other | 196 | 240 | 247 | ||||||
Total non-interest income | 1,384 | 1,473 | 1,538 | ||||||
Non-interest expense | |||||||||
Salaries and employee benefits | 4,088 | 3,624 | 4,043 | ||||||
Professional services | 262 | 326 | 255 | ||||||
Data processing fees | 823 | 809 | 845 | ||||||
Marketing and promotion | 183 | 219 | 188 | ||||||
Occupancy | 399 | 401 | 390 | ||||||
Regulatory costs | 132 | 130 | 135 | ||||||
Depreciation and amortization | 273 | 271 | 266 | ||||||
Office supplies and postage | 93 | 83 | 96 | ||||||
Other | 576 | 402 | 689 | ||||||
Total non-interest expense | 6,829 | 6,265 | 6,907 | ||||||
Income before taxes | 2,306 | 2,851 | 2,275 | ||||||
Income tax expense | 542 | 594 | 535 | ||||||
Net income | $ | 1,764 | $ | 2,257 | $ | 1,740 | |||
WEIGHTED AVERAGE SHARES | |||||||||
Common shares outstanding (a) | 3,540,080 | 3,538,667 | 3,581,466 | ||||||
Dilutive effect of share-based compensation | 969 | 611 | 5,517 | ||||||
Adjusted weighted average shares (b) | 3,541,049 | 3,539,278 | 3,586,983 | ||||||
EARNINGS PER SHARE DATA | |||||||||
Basic earnings per common share | $ | 0.50 | $ | 0.64 | $ | 0.49 | |||
Diluted earnings per common share | $ | 0.50 | $ | 0.64 | $ | 0.49 | |||
(a) | Denominator for basic earnings per common share |
(b) | Denominator for diluted earnings per common share |
BNCCORP, INC. | |||||||||
As of | |||||||||
(In thousands, except share, per-share and full-time equivalent data) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||
BALANCE SHEET DATA | |||||||||
Cash and cash equivalents | $ | 102,854 | $ | 100,815 | $ | 73,598 | |||
Debt securities available for sale | 127,824 | 129,522 | 139,484 | ||||||
FRB and FHLB stock | 2,386 | 2,387 | 2,387 | ||||||
Loans held for investment | 699,266 | 698,724 | 677,870 | ||||||
Allowance for credit losses | (9,311) | (9,223) | (9,463) | ||||||
Net loans held for investment | 689,955 | 689,501 | 668,407 | ||||||
Premises and equipment, net | 10,624 | 10,893 | 10,836 | ||||||
Operating lease right of use asset | 527 | 618 | 855 | ||||||
Accrued interest receivable | 3,979 | 4,108 | 4,371 | ||||||
Other | 28,426 | 28,837 | 28,316 | ||||||
Total assets | $ | 966,575 | $ | 966,681 | $ | 928,254 | |||
Deposits: | |||||||||
Non-interest-bearing | $ | 169,503 | $ | 172,456 | $ | 170,976 | |||
Interest-bearing – | |||||||||
Savings, interest checking and money market | 582,239 | 579,608 | 565,151 | ||||||
Time deposits | 97,105 | 85,436 | 69,984 | ||||||
Total deposits | 848,847 | 837,500 | 806,111 | ||||||
Guaranteed preferred beneficial interest in Company's subordinated debentures | 15,464 | 15,464 | 15,464 | ||||||
Accrued interest payable | 1,336 | 1,248 | 1,167 | ||||||
Accrued expenses | 1,481 | 2,832 | 2,597 | ||||||
Operating lease liabilities | 600 | 700 | 961 | ||||||
Dividends payable | - | 14,304 | - | ||||||
Other | 1,531 | 966 | 1,557 | ||||||
Total liabilities | 869,259 | 873,014 | 827,857 | ||||||
Common stock | 37 | 36 | 36 | ||||||
Capital surplus – common stock | 27,103 | 26,904 | 26,800 | ||||||
Retained earnings | 80,431 | 78,667 | 86,783 | ||||||
Treasury stock | (2,667) | (2,696) | (2,686) | ||||||
Accumulated other comprehensive income, net | (7,588) | (9,244) | (10,536) | ||||||
Total stockholders' equity | 97,316 | 93,667 | 100,397 | ||||||
Total liabilities and stockholders' equity | $ | 966,575 | $ | 966,681 | $ | 928,254 | |||
OTHER SELECTED DATA | |||||||||
Trust assets under administration | $ | 422,887 | $ | 427,994 | $ | 408,891 | |||
Core deposits (1) | $ | 848,847 | $ | 837,500 | $ | 806,111 | |||
Tangible book value per common share (2) | $ | 27.62 | $ | 26.60 | $ | 28.51 | |||
Tangible book value per common share excluding accumulated other comprehensive income, net | $ | 29.77 | $ | 29.22 | $ | 31.50 | |||
Full time equivalent employees | 138 | 136 | 140 | ||||||
Common shares outstanding | 3,523,875 | 3,521,375 | 3,521,710 | ||||||
(1) | Core deposits consist of all deposits with customers. |
(2) | Tangible book value per common share is equal to book value per common share. |
BNCCORP, INC. | |||||||||||||||||||||||||
AVERAGE BALANCE, | For the Quarter Ended March 31, 2025 | For the Quarter Ended March 31, 2024 | Quarter-Over-Quarter Comparison | ||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Earned or Paid | Average Yield or Cost | Average Balance | Interest Earned or Paid | Average Yield or Cost | Change Due to | ||||||||||||||||||
Rate | Volume | Total | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest-bearing due from banks | $ | 94,497 | $ | 1,039 | 4.46 % | $ | 85,534 | $ | 1,165 | 5.48 % | $ | (235) | $ | 109 | $ | (126) | |||||||||
FRB and FHLB stock | 2,387 | 35 | 6.00 % | 2,373 | 33 | 5.59 % | 2 | - | 2 | ||||||||||||||||
Debt securities available for sale | 128,144 | 1,014 | 3.21 % | 147,843 | 1,264 | 3.44 % | (84) | (166) | (250) | ||||||||||||||||
Loans held for investment | 695,519 | 9,912 | 5.78 % | 672,036 | 9,215 | 5.51 % | 386 | 311 | 697 | ||||||||||||||||
Allowance for credit losses | (9,218) | - | 0.00 % | (9,282) | - | 0.00 % | - | - | - | ||||||||||||||||
Total | $ | 911,329 | $ | 12,000 | 5.34 % | $ | 898,504 | $ | 11,677 | 5.23 % | $ | 69 | $ | 254 | $ | 323 | |||||||||
Liabilities | |||||||||||||||||||||||||
Interest checking and money market | $ | 544,016 | $ | 3,119 | 2.33 % | $ | 531,236 | $ | 3,034 | 2.30 % | $ | 17 | $ | 68 | $ | 85 | |||||||||
Savings | 43,967 | 11 | 0.11 % | 43,070 | 12 | 0.11 % | (1) | - | (1) | ||||||||||||||||
Time deposits | 92,870 | 797 | 3.48 % | 69,515 | 510 | 2.95 % | 91 | 196 | 287 | ||||||||||||||||
Subordinated debentures | 15,464 | 222 | 5.81 % | 15,464 | 262 | 6.81 % | (40) | - | (40) | ||||||||||||||||
Total | $ | 696,317 | $ | 4,149 | 2.42 % | $ | 659,285 | $ | 3,818 | 2.33 % | $ | 67 | $ | 264 | $ | 331 | |||||||||
Net Interest Income | $ | 7,851 | $ | 7,859 | |||||||||||||||||||||
Net Interest Spread | 2.92 % | 2.90 % | |||||||||||||||||||||||
Net Interest Margin | 3.49 % | 3.52 % | |||||||||||||||||||||||
For the Quarter Ended | |||||||||
(In thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||
OTHER AVERAGE BALANCES | |||||||||
Total assets | $ | 965,440 | $ | 936,111 | $ | 952,223 | |||
Core deposits | 846,986 | 806,517 | 821,664 | ||||||
Total equity | 95,335 | 105,996 | 103,816 | ||||||
KEY RATIOS | |||||||||
Return on average common stockholders' equity (a) | 6.85 % | 7.86 % | 6.12 % | ||||||
Return on average assets (b) | 0.74 % | 0.96 % | 0.74 % | ||||||
Efficiency ratio (Consolidated) | 73.95 % | 66.68 % | 73.50 % | ||||||
Efficiency ratio (Bank) | 70.92 % | 63.87 % | 69.57 % | ||||||
(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 (loss)) 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. | |||||||||
As of | |||||||||
(In thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||
ASSET QUALITY | |||||||||
Loans 90 days or more delinquent and accruing interest | $ | 871 | $ | - | $ | 882 | |||
Non-accrual loans | 6,383 | 6,275 | 2,551 | ||||||
Total nonperforming loans | $ | 7,254 | $ | 6,275 | $ | 3,433 | |||
Repossessed assets, net | - | 33 | 49 | ||||||
Total nonperforming assets | $ | 7,254 | $ | 6,308 | $ | 3,482 | |||
Allowance for credit losses | $ | 9,311 | $ | 9,223 | $ | 9,463 | |||
Ratio of total nonperforming loans to total loans | 1.04 % | 0.90 % | 0.51 % | ||||||
Ratio of total nonperforming assets to total assets | 0.75 % | 0.65 % | 0.38 % | ||||||
Ratio of nonperforming loans to total assets | 0.75 % | 0.65 % | 0.37 % | ||||||
Ratio of allowance for credit losses to total loans | 1.33 % | 1.32 % | 1.40 % | ||||||
Ratio of allowance for credit losses to nonperforming loans | 128 % | 147 % | 276 % | ||||||
For the Quarter Ended | |||||||||
(In thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||
CHANGES IN NONPERFORMING LOANS | |||||||||
Balance, beginning of period | $ | 6,275 | $ | 5,873 | $ | 3,351 | |||
Additions to nonperforming | 1,035 | 1,119 | 966 | ||||||
Charge-offs | - | (562) | (1) | ||||||
Reclassified back to performing | (8) | - | (832) | ||||||
Principal payments received | (24) | (155) | (33) | ||||||
Transferred to repossessed assets | (24) | - | (18) | ||||||
Balance, end of period | $ | 7,254 | $ | 6,275 | $ | 3,433 | |||
BNCCORP, INC. | |||||||||
For the Quarter Ended | |||||||||
(In thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||
CHANGES IN ALLOWANCE FOR CREDIT LOSSES | |||||||||
Balance, beginning of period | $ | 9,388 | $ | 9,666 | $ | 9,459 | |||
Provision | 100 | 280 | 215 | ||||||
Loans charged off | (47) | (563) | (55) | ||||||
Loan recoveries | 5 | 5 | 4 | ||||||
Balance, end of period | $ | 9,446 | $ | 9,388 | $ | 9,623 | |||
Components: | |||||||||
Allowance for loan losses | $ | 9,311 | $ | 9,223 | $ | 9,463 | |||
Allowance for unfunded commitments | $ | 135 | $ | 165 | $ | 160 | |||
Ratio of net charge-offs to average total loans | (0.006) % | (0.081) % | (0.008) % | ||||||
Ratio of net charge-offs to average total loans, annualized | (0.024) % | (0.325) % | (0.030) % | ||||||
As of | |||||||||
(In thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||
CREDIT CONCENTRATIONS | |||||||||
Commercial and industrial | $ | 66,274 | $ | 69,391 | $ | 61,700 | |||
Construction | 1,177 | 1,056 | 3,187 | ||||||
Agricultural | 33,320 | 39,301 | 34,013 | ||||||
Land and land development | 7,986 | 7,803 | 8,042 | ||||||
Owner-occupied commercial real estate | 39,033 | 38,393 | 35,872 | ||||||
Commercial real estate | 118,240 | 121,985 | 135,325 | ||||||
Small business administration | 19,425 | 19,658 | 19,036 | ||||||
Consumer | 91,573 | 92,645 | 88,043 | ||||||
Subtotal gross loans held for investment | $ | 377,028 | $ | 390,232 | $ | 385,218 | |||
Consolidated | |||||||||
Commercial and industrial | $ | 105,369 | $ | 107,778 | $ | 94,357 | |||
Construction | 11,615 | 5,903 | 14,447 | ||||||
Agricultural | 36,115 | 42,103 | 36,514 | ||||||
Land and land development | 9,374 | 11,243 | 10,165 | ||||||
Owner-occupied commercial real estate | 85,673 | 81,560 | 86,237 | ||||||
Commercial real estate | 243,820 | 244,364 | 251,370 | ||||||
Small business administration | 87,432 | 84,799 | 72,120 | ||||||
Consumer | 118,934 | 120,032 | 111,584 | ||||||
Total gross loans held for investment | $ | 698,332 | $ | 697,782 | $ | 676,794 | |||
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SOURCE BNCCORP, INC.
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