BNCCORP INC - BNCC STOCK NEWS

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.

BNCCORP, INC. (BNC) reported a 46.3% increase in net income during the fourth quarter of 2023, with a special, one-time cash dividend of $2.25 per share declared for shareholders. The company's net interest margin and yields on loans held for investment improved, but non-performing assets and non-interest expenses increased. The Mortgage Banking segment reported a net income of $84 thousand for the quarter, compared to a net loss of $1.7 million in the same period of 2022.

BNCCORP, INC. (BNC) reported net income of $2.2 million for the quarter, compared to $3.1 million in the same period last year. The Mortgage Banking segment reported a net loss of $400 thousand. Net interest margin decreased to 3.57% from 3.66% in the previous year. Loans held for investment balances increased by $24.0 million. Non-performing assets remained unchanged at $1.4 million. Tangible book value per common share increased to $28.71 from $28.19.

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.