BNC Bancorp (BNCN, Financial) filed Quarterly Report for the period ended 2010-06-30.
Bnc Bancorp has a market cap of $72.3 million; its shares were traded at around $9.85 with a P/E ratio of 17.5 and P/S ratio of 0.8. The dividend yield of Bnc Bancorp stocks is 0.5%. Bnc Bancorp had an annual average earning growth of 8.5% over the past 10 years.
For the first six months of 2010, the Company recorded net income available to common shareholders of $12.1 million, compared to $1.8 million for the first six months of 2009. The $10.3 million increase was primarily associated with the Beach First acquisition. The annualized return on average assets was 1.38% for first six months of 2010, compared to 0.23% during same period of 2009. Earnings per diluted share for the first six months of 2010 totaled $1.61, an increase of $1.36 per share, compared to $0.25 per share for the same period of 2009.
The Companys net income during the second quarter of 2010 was significantly impacted by a higher level of net charge-offs and nonperforming assets due to the ongoing recession and continued high unemployment. Net charge-offs for the second quarter of 2010 were $4.4 million, or 1.23% of average loans, compared to $2.4 million, or 0.98% of average loans in the second quarter of 2009. As a percentage of average loans not covered by loss share agreements, net charge-offs for the second quarter of 2010 were 1.59%, up from the 0.98% in the second quarter of 2009. Nonperforming assets not covered by loss sharing agreements amounted to $32.2 million at June 30, 2010, an increase from the $18.9 million at June 30, 2009. At June 30, 2010, there were $78.8 million of nonperforming assets covered by loss share agreements. Net charge-offs for the six-month period ended June 30, 2010 totaled $7.2 million, an increase from the $4.1 million for the same 2009 period. Of the overall increase in net-charge of $3.1 million, $2.9 million was reflected in the commercial loan categories.
Total assets at June 30, 2010 increased $562.1 million, or 35.1% compared to June 30, 2009. Period-end loans increased $454.1 million, or 44.7%, from the same prior year period. Period-end deposits increased $492.2 million, or 36.7% from June 30, 2009. The Company remains well-capitalized with total equity of $164.1 million at June 30, 2010, an increase of $40.3 million, or 32.6% from June 30, 2009. The significant increases were associated with the acquisition of Beach First and the $35.0 million private placement of our common stock and Series B Preferred Stock in June 2010.
Net interest income for the second quarter of 2010 increased by $4.0 million, or 34.6%, to $15.6 million when compared to the second quarter of 2009. Net interest income on a fully taxable equivalent basis was $16.9 million for the second quarter of 2010, compared to $12.7 million for the second quarter of 2009. The net interest margin on a fully taxable equivalent basis was 3.62%, an increase of 23 basis points when compared to 3.39% for the second quarter of 2009. The improvement in the net interest margin was primarily due to the reduction in the average rates for outstanding time deposits and borrowings from period to period, as well as the favorable mix of yields and rates on the acquired interest-earning assets and interest-bearing liabilities from Beach First.
Net interest income for the first six months of 2010 increased by $5.1 million, or 23.4%, to $27.1 million when compared to the same period of 2009. Net interest income on a fully taxable equivalent basis was $29.7 million for the first six months of 2010, compared to $24.1 million for the first six months of 2009. The net interest margin on a fully taxable equivalent basis was 3.55%, an increase of 31 basis points when compared to 3.24% for the first six months of 2009. The improvement in the net interest margin was primarily due to the reduction in the average rates for outstanding time deposits and borrowings from period to period, as well as the favorable mix of yields and rates on the acquired interest-earning assets and interest-bearing liabilities from Beach First.
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Bnc Bancorp has a market cap of $72.3 million; its shares were traded at around $9.85 with a P/E ratio of 17.5 and P/S ratio of 0.8. The dividend yield of Bnc Bancorp stocks is 0.5%. Bnc Bancorp had an annual average earning growth of 8.5% over the past 10 years.
Highlight of Business Operations:
The Companys earnings increased significantly during the second quarter of 2010 compared to the second quarter of 2009 due to the pre-tax gain of $19.3 million ($11.9 million tax-effected) resulting from the acquisition of Beach First. Net income available to common shareholders during the second quarter of 2010 equaled $11.2 million, compared to $934,000 from the same period of 2009. The annualized return on average assets was 2.16% during the second quarter of 2010, compared to 0.35% for second quarter of 2009. Earnings per diluted share for the second quarter of 2010 totaled $1.45, an increase of $1.32 per share, compared to $0.13 per share for the second quarter of 2009.For the first six months of 2010, the Company recorded net income available to common shareholders of $12.1 million, compared to $1.8 million for the first six months of 2009. The $10.3 million increase was primarily associated with the Beach First acquisition. The annualized return on average assets was 1.38% for first six months of 2010, compared to 0.23% during same period of 2009. Earnings per diluted share for the first six months of 2010 totaled $1.61, an increase of $1.36 per share, compared to $0.25 per share for the same period of 2009.
The Companys net income during the second quarter of 2010 was significantly impacted by a higher level of net charge-offs and nonperforming assets due to the ongoing recession and continued high unemployment. Net charge-offs for the second quarter of 2010 were $4.4 million, or 1.23% of average loans, compared to $2.4 million, or 0.98% of average loans in the second quarter of 2009. As a percentage of average loans not covered by loss share agreements, net charge-offs for the second quarter of 2010 were 1.59%, up from the 0.98% in the second quarter of 2009. Nonperforming assets not covered by loss sharing agreements amounted to $32.2 million at June 30, 2010, an increase from the $18.9 million at June 30, 2009. At June 30, 2010, there were $78.8 million of nonperforming assets covered by loss share agreements. Net charge-offs for the six-month period ended June 30, 2010 totaled $7.2 million, an increase from the $4.1 million for the same 2009 period. Of the overall increase in net-charge of $3.1 million, $2.9 million was reflected in the commercial loan categories.
Total assets at June 30, 2010 increased $562.1 million, or 35.1% compared to June 30, 2009. Period-end loans increased $454.1 million, or 44.7%, from the same prior year period. Period-end deposits increased $492.2 million, or 36.7% from June 30, 2009. The Company remains well-capitalized with total equity of $164.1 million at June 30, 2010, an increase of $40.3 million, or 32.6% from June 30, 2009. The significant increases were associated with the acquisition of Beach First and the $35.0 million private placement of our common stock and Series B Preferred Stock in June 2010.
Net interest income for the second quarter of 2010 increased by $4.0 million, or 34.6%, to $15.6 million when compared to the second quarter of 2009. Net interest income on a fully taxable equivalent basis was $16.9 million for the second quarter of 2010, compared to $12.7 million for the second quarter of 2009. The net interest margin on a fully taxable equivalent basis was 3.62%, an increase of 23 basis points when compared to 3.39% for the second quarter of 2009. The improvement in the net interest margin was primarily due to the reduction in the average rates for outstanding time deposits and borrowings from period to period, as well as the favorable mix of yields and rates on the acquired interest-earning assets and interest-bearing liabilities from Beach First.
Net interest income for the first six months of 2010 increased by $5.1 million, or 23.4%, to $27.1 million when compared to the same period of 2009. Net interest income on a fully taxable equivalent basis was $29.7 million for the first six months of 2010, compared to $24.1 million for the first six months of 2009. The net interest margin on a fully taxable equivalent basis was 3.55%, an increase of 31 basis points when compared to 3.24% for the first six months of 2009. The improvement in the net interest margin was primarily due to the reduction in the average rates for outstanding time deposits and borrowings from period to period, as well as the favorable mix of yields and rates on the acquired interest-earning assets and interest-bearing liabilities from Beach First.
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