Sunday - September 22, 2019
BNC Bancorp reverses 4th quarter 2010 loss
Written by David Horn   
Tuesday, 31 January 2012 11:36

(HIGH POINT) -- BNC Bancorp, parent company for Bank of North Carolina reported fourth quarter net income of $1.4 million, or $0.13 per share.  Income available to common shareholders was $797,000, or $0.08 per diluted share, an increase compared to a loss of $6.7 million, or $0.61 per diluted share during the same period of 2010.

For the year ended December 31, 2011, net income was $6.9 million, or $0.64 per share.  Income available to common shareholders was $4.5 million, or $0.45 per diluted share, a decrease compared to the $5.5 million, or $0.61 per diluted share, reported for the year-ended December 31, 2010.

"We are proud of the Company's many achievements in 2011, as our management team has continued to go above and beyond even my highest expectations," said W. Swope Montgomery, Jr., President and CEO. "We have either announced or closed three strategically important acquisitions during the year; recruited and built state of the art mortgage and SBA platforms; grew non-covered loans by over 15%; expanded our presence in both Raleigh and Charlotte, the two highest growth markets in North Carolina; added exceptional executive level talent to our internal infrastructure; and most importantly, reported positive trends in delinquency indicators, non-performing assets, and credit quality metrics."

Included in the financial results for the years ended December 31, 2011 and 2010 are $7.8 million and $19.3 million, respectively, of acquisition gains from FDIC-assisted transactions. In the fourth quarter of 2011, BNC incurred $723,000 of one-time expenses associated with merger and acquisition activities, which reduced after-tax diluted earnings per share by $0.07.

 
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