BNC Bancorp (BNCN, Financial) filed Quarterly Report for the period ended 2010-09-30.
Bnc Bancorp has a market cap of $78.64 million; its shares were traded at around $8.7 with a P/E ratio of 23.51 and P/S ratio of 0.9. The dividend yield of Bnc Bancorp stocks is 0.57%. Bnc Bancorp had an annual average earning growth of 8.5% over the past 10 years.
For the first nine months of 2010, income available to common shareholders was $12.2 million, or $1.39 per diluted share, compared to $3.3 million, or $0.44 per diluted share, for the same period in 2009. The year-to-date results include the impact of the acquisition gains reported during the second quarter of 2010 resulting from the acquisition of Beach First. The annualized return on average assets was 0.93% during the first nine months of 2010, compared to 0.39% for the same period in 2009.
The Companys net income during the third quarter of 2010 was significantly impacted by a higher level of net charge-offs, write downs of other real estate owned (OREO) properties and nonperforming assets due to the ongoing economic downturn and continued high unemployment. Net charge-offs for the third quarter of 2010 were $5.7 million, or 1.56% of average loans, compared to $3.4 million, or 1.27% of average loans in the third quarter of 2009. Nonperforming assets not covered by loss sharing agreements amounted to $36.7 million at September 30, 2010, an increase from the $24.4 million at September 30, 2009. At September 30, 2010, there were $86.8 million of nonperforming assets covered by loss share agreements. Net charge-offs for the nine-month period ended September 30, 2010 totaled $12.9 million, an increase from the $7.5 million for the same 2009 period. Of the overall increase in net charge-offs of $5.4 million, $4.6 million was reflected in the commercial loan categories.
Total assets at September 30, 2010 increased $475.4 million, or 27.9% compared to September 30, 2009. Period-end loans increased $427.9 million, or 40.8%, from the same prior year period. Period-end deposits increased $423.4 million, or 29.6% from September 30, 2009. The Company remains well-capitalized with total equity of $165.5 million at September 30, 2010, an increase of $40.4 million, or 32.4% from September 30, 2009. The significant increases were from the bargain purchase gain 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 third quarter of 2010 increased by $4.7 million, or 38.3%, to $16.8 million when compared to the third quarter of 2009. Net interest income on a fully taxable equivalent basis was $18.2 million for the third quarter of 2010, compared to $13.4 million for the third quarter of 2009. The net interest margin on a fully taxable equivalent basis was 3.76%, an increase of 29 basis points when compared to 3.47% for the third 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 nine months ended September 30, 2010 increased by $9.8 million, or 28.7%, to $44.0 million when compared to the same period of 2009. Net interest income on a fully taxable equivalent basis was $47.9 million for the first nine months of 2010, compared to $37.5 million for the same period of 2009. The net interest margin on a fully taxable equivalent basis was 3.63%, an increase of 28 basis points when compared to 3.35% for the nine months ended September 30, 2009. The improvement in the net interest margin was primarily due to the reduction in the average rates for outstanding time deposits 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 $78.64 million; its shares were traded at around $8.7 with a P/E ratio of 23.51 and P/S ratio of 0.9. The dividend yield of Bnc Bancorp stocks is 0.57%. Bnc Bancorp had an annual average earning growth of 8.5% over the past 10 years.
Highlight of Business Operations:
The Companys net income available to common shareholders for the third quarter ended September 30, 2010 was $69,000, or $0.01 per diluted share, compared to $1.5 million, or $0.20 per diluted share, for the quarter ended September 30, 2009 and $11.2 million, or $1.45 per diluted share, for the quarter ended June 30, 2010. The annualized return on average assets was 0.12% during the third quarter of 2010, compared to 0.47% for third quarter of 2009.For the first nine months of 2010, income available to common shareholders was $12.2 million, or $1.39 per diluted share, compared to $3.3 million, or $0.44 per diluted share, for the same period in 2009. The year-to-date results include the impact of the acquisition gains reported during the second quarter of 2010 resulting from the acquisition of Beach First. The annualized return on average assets was 0.93% during the first nine months of 2010, compared to 0.39% for the same period in 2009.
The Companys net income during the third quarter of 2010 was significantly impacted by a higher level of net charge-offs, write downs of other real estate owned (OREO) properties and nonperforming assets due to the ongoing economic downturn and continued high unemployment. Net charge-offs for the third quarter of 2010 were $5.7 million, or 1.56% of average loans, compared to $3.4 million, or 1.27% of average loans in the third quarter of 2009. Nonperforming assets not covered by loss sharing agreements amounted to $36.7 million at September 30, 2010, an increase from the $24.4 million at September 30, 2009. At September 30, 2010, there were $86.8 million of nonperforming assets covered by loss share agreements. Net charge-offs for the nine-month period ended September 30, 2010 totaled $12.9 million, an increase from the $7.5 million for the same 2009 period. Of the overall increase in net charge-offs of $5.4 million, $4.6 million was reflected in the commercial loan categories.
Total assets at September 30, 2010 increased $475.4 million, or 27.9% compared to September 30, 2009. Period-end loans increased $427.9 million, or 40.8%, from the same prior year period. Period-end deposits increased $423.4 million, or 29.6% from September 30, 2009. The Company remains well-capitalized with total equity of $165.5 million at September 30, 2010, an increase of $40.4 million, or 32.4% from September 30, 2009. The significant increases were from the bargain purchase gain 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 third quarter of 2010 increased by $4.7 million, or 38.3%, to $16.8 million when compared to the third quarter of 2009. Net interest income on a fully taxable equivalent basis was $18.2 million for the third quarter of 2010, compared to $13.4 million for the third quarter of 2009. The net interest margin on a fully taxable equivalent basis was 3.76%, an increase of 29 basis points when compared to 3.47% for the third 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 nine months ended September 30, 2010 increased by $9.8 million, or 28.7%, to $44.0 million when compared to the same period of 2009. Net interest income on a fully taxable equivalent basis was $47.9 million for the first nine months of 2010, compared to $37.5 million for the same period of 2009. The net interest margin on a fully taxable equivalent basis was 3.63%, an increase of 28 basis points when compared to 3.35% for the nine months ended September 30, 2009. The improvement in the net interest margin was primarily due to the reduction in the average rates for outstanding time deposits 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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