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BNCCORP, INC. reports developments in its community banking and wealth management businesses in North Dakota and Arizona. The company’s updates center on quarterly and annual earnings, net interest income and margin, loan and deposit trends, efficiency measures, credit quality, allowance for credit losses, liquidity, and capital levels.
Recurring BNCC news also includes capital-management actions such as special cash dividends, as well as governance, shareholder, and capital-structure disclosures. Its operating commentary is tied to a relationship-driven banking model, customer demand across its markets, and credit administration within its loan portfolio.
BNCCORP, INC. (OTCQX Markets: BNCC) reported a significant rise in net income for the second quarter of 2024, reaching $1.9 million or $0.53 per diluted share, up from $574 thousand or $0.16 per share in the same period of 2023. The net interest margin improved to 3.58%, and the efficiency ratio slightly improved to 72.86%. The Community Banking segment reported net income of $2.2 million.
However, net interest income fell by 5.5% to $7.6 million from $8.0 million in the second quarter of 2023. Loans held for investment increased $18.2 million to $687 million. Interest expense rose by $973 thousand due to Federal Reserve rate hikes. Non-interest income for the Community Banking segment dropped by $401 thousand.
Nonperforming assets decreased to $3.1 million. Deposits decreased by $44.8 million to $792.4 million. Consolidated expenses increased by $319 thousand year-over-year.
BNCCORP, INC. reported a first-quarter net income of $1.7 million, showing an 18.1% increase from the previous year. The company's return on assets improved, with notable growth in community banking operations. Despite challenges like inflation, the company took strategic actions like declaring a special dividend and repurchasing shares to enhance shareholder value. Loans held for investment increased, but net interest income declined due to higher interest expenses. The Company's focus on credit quality, asset performance, and strong capital ratios reflects a sound financial position.
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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.