Bnccorp Stock Price, News & Analysis

BNCCORP, INC. (OTC-PINK:BNCC) announced a definitive agreement for its subsidiary, BNC National Bank, to sell certain assets and liabilities of its mortgage division to First Federal Bank. This strategic decision aims to exit the residential mortgage origination business, allowing BNC Bank to concentrate on core banking services. The transaction, expected to close in Q2 2023, will not disclose specific terms. Regions impacted include Overland Park, Moline, Bismarck, and Glendale. Despite prior efforts to improve profitability amid challenging market conditions, the board concluded that exiting this sector is in the best interest of stakeholders. BNC Bank will continue facilitating residential loans for its bank and wealth management customers post-sale.

BNCCORP, INC. (OTC: BNCC) reported a fourth-quarter net income of $1.5 million, or $0.41 per diluted share, down from $3.3 million, or $0.92 per share in Q4 2021. The Community Banking segment generated a net income of $3.5 million, while the Mortgage Banking segment faced a net loss of $1.7 million. Mortgage revenue plummeted to $1.1 million versus $5.7 million in the prior year. However, net interest margin increased to 3.94% from 2.88%. Loan origination grew by $86.9 million, marking a 16.4% rise in loans held for investment, now at $616.5 million. Non-performing assets decreased to $1.4 million, and the allowance for credit losses was at 1.43% as of December 31, 2022.

BNCCORP reported a net income of $2.0 million or $0.56 per diluted share for Q2 2022, down from $4.2 million or $1.17 per share in Q2 2021. This decline was attributed to reduced mortgage revenues, which fell to $3.8 million from $7.8 million year-over-year. The return on assets and equity also declined to 0.85% and 7.25%, respectively. Non-interest expenses decreased by 8.9% to $11.1 million. The company's tangible common equity ratio was 11.04%, with total assets at $918.7 million.

BNCCORP, INC. (OTCQX: BNCC) has declared a special cash dividend of $1.75 per share, payable on June 21, 2022, to shareholders of record as of June 1, 2022. The total payment will amount to approximately $6.3 million. Chairman Michael Vekich highlighted that this decision reflects the company's capital management strategy, indicating confidence in its financial stability despite challenging economic conditions. This one-time dividend aims to return excess capital to shareholders while maintaining liquidity for business operations.

BNC reported a net income of $3.3 million for Q4 2021, down from $12.4 million in Q4 2020. Full-year net income was $22 million, down from $44.6 million in 2020. Mortgage revenue decreased to $5.7 million in Q4 2021, compared to $22.3 million in Q4 2020. Return on assets fell to 2.00% from 4.21%, while return on equity dropped to 17.87% from 38.84%. Tangible book value per share declined to $32.35 from $33.39. However, nonperforming assets improved to 0.16% of total assets, with a decrease in allowance for credit losses.

BNCCORP, INC. (OTCQX: BNCC) has declared a special cash dividend of $6.00 per share, to be paid on December 15, 2021. The record date for this dividend is November 24, 2021, with an estimated total payout of $21.6 million. This marks the company's second special cash dividend in 2021, emphasizing its strong capital management strategy, which prioritizes returning capital to shareholders while maintaining liquidity. Chairman Michael Vekich expressed confidence in the company’s financial robustness amidst ongoing economic challenges.

BNCCORP reported a net income of $4.7 million, or $1.32 per diluted share, in Q3 2021, down from $13.7 million or $3.84 per diluted share in Q3 2020. This decline is primarily attributed to a drop in mortgage revenue to $8.2 million, significantly lower than the previous year's $23.9 million. Return on assets decreased to 1.75% from 4.99%, while return on equity fell to 14.62% from 44.88%. The company declared a $6.00 special dividend, marking its second in 2021, payable on December 15, 2021.

BNCCORP reported a net income of $4.2 million ($1.17 per diluted share) for Q2 2021, down from $14.2 million ($3.97 per diluted share) in Q2 2020. Key metrics include a return on assets of 1.45% and a return on equity of 13.44%. Mortgage revenue decreased to $7.8 million from $25.1 million year-over-year. Despite this, tangible book value per share rose to $37.00, and the tangible common equity capital ratio increased to 12.75%. Nonperforming assets remained stable at $2.6 million, while total assets decreased to $1.0 billion by June 30, 2021.