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20.07.2016 22:05
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PR Newswire
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BNC Bancorp Announces Earnings for Second Quarter 2016
Tageszeitungen (Symbolbild).
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PR Newswire
HIGH POINT, N.C., July 20, 2016
HIGH POINT, N.C., July 20, 2016 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN) ("Company"), parent company for Bank of North Carolina ("Bank"), today reported financial results for the three and six months ended June 30, 2016. Highlights for the quarter include the following:
- Solid earnings and returns
- GAAP net income of $14.6 million for second quarter of 2016, or $0.35 per diluted share;
- Operating earnings of $17.0 million for second quarter of 2016, or $0.41 per diluted share;
- Return on average assets of 1.00%;
- Operating return on average assets of 1.16%;
- Return on average tangible common equity of 13.29%; and
- Operating return on average tangible common equity of 15.36%.
- Originated loans increased by $315.9 million, or 11.1%, during the second quarter
- Loan originations of $627 million during the second quarter of 2016, as compared to $401 million during the first quarter of 2016; and
- Gross loans increased by $574.5 million to $4.81 billion at June 30, 2016.
- Asset quality ratios remain strong
- Completed acquisition and successful system conversion of Southcoast Financial Corporation
- Further expands the Company's presence in the attractive Charleston, South Carolina market.
- Further expands the Company's presence in the attractive Charleston, South Carolina market.
- Terminated all loss-sharing arrangements with the Federal Deposit Insurance Corporation
- Received net payment of $2.1 million and recorded a one-time pre-tax gain of $0.1 million.
Financial Performance
| | | Three Months Ended | | Six Months Ended | |||||||||||
| INCOME SUMMARY | | Jun. | | Mar. 31, | | Dec. 31, | | Sept. 30, | | Jun. 30, | | Jun. 30, | | Jun. 30, | |
| Interest income | | (Dollars in thousands) | |||||||||||||
| | Interest and fees on loans | | $51,978 | | $50,302 | | $50,762 | | $48,050 | | $40,494 | | $102,280 | | $79,914 |
| | Investment securities | | 6,202 | | 5,965 | | 5,336 | | 5,101 | | 4,421 | | 12,167 | | 8,768 |
| | Other | | 228 | | 214 | | 141 | | 162 | | 132 | | 442 | | 252 |
| Total interest income | | 58,408 | | 56,481 | | 56,239 | | 53,313 | | 45,047 | | 114,889 | | 88,934 | |
| Interest expense | | | | | | | | | | | | | | | |
| | Interest on deposits | | 6,704 | | 6,241 | | 5,851 | | 5,265 | | 4,888 | | 12,945 | | 9,330 |
| | Interest on borrowings | | 1,774 | | 1,750 | | 1,648 | | 1,789 | | 1,426 | | 3,524 | | 2,801 |
| Total interest expense | | 8,478 | | 7,991 | | 7,499 | | 7,054 | | 6,314 | | 16,469 | | 12,131 | |
| Net interest income | | 49,930 | | 48,490 | | 48,740 | | 46,259 | | 38,733 | | 98,420 | | 76,803 | |
| | Provision for loan losses | | 698 | | 647 | | 1,287 | | 198 | | 301 | | 1,345 | | 411 |
| Net interest income | | 49,232 | | 47,843 | | 47,453 | | 46,061 | | 38,432 | | 97,075 | | 76,392 | |
| Non-interest income Werbung Mehr Nachrichten zur BNC Bancorp Aktie kostenlos abonnieren
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