Highlights
Net income during the fourth quarter of 2024 increased $106 thousand or 4.9%, to $2.3 million, or $0.64 per diluted share, from $2.2 million, or $0.60 per diluted share, in the 2023 period.
During the fourth quarter, the Company announced a $4.00 per share special cash dividend.
Fourth quarter 2024 return on average assets of 0.96% compared to 0.91% in the 2023 period.
The efficiency ratio improved to 66.68% in the fourth quarter of 2024 versus 70.03% in the fourth quarter of 2023.
For the quarter, the Community Banking segment reported net income of $2.5 million, or $0.71 per diluted share, compared to net income of $2.4 million, or $0.66 per diluted share, in the same period of 2023.
Yield on loans held for investment was 5.73% for the fourth quarter of 2024 compared to 5.47% in the fourth quarter of 2023.
Loans held for investment increased $29.9 million, or 4.5%, to $698.7 million at December 31, 2024 from $668.8 million at December 31, 2023.
The ratio of loans held for investment-to-deposits increased to 83.4% at December 31, 2024 from 79.9% at December 31, 2023.
Allowance for credit losses as of December 31, 2024, decreased to 1.32% of loans held for investment compared to 1.39% as of December 31, 2023.
BISMARCK, N.D., Jan. 31, 2025 /PRNewswire/ — BNCCORP, INC. (BNC or the Company) (OTCQX Markets: BNCC), which operates community banking and wealth management businesses in North Dakota and Arizona, today reported financial results for the fourth quarter and full year ended December 31, 2024.
Management Commentary
“Our quarterly and full-year results are testaments to the validity of our strategic approach and our ability to execute on that strategy,” said Daniel J. Collins, BNC’s President and Chief Executive Officer. “The Company again delivered consistent earnings while maintaining a strong balance sheet that made it possible to reward shareholders through the declaration of a $4 per share special cash dividend in the fourth quarter paid in the first quarter of 2025.”
“After experiencing elevated loan pay-offs during the third quarter, the fourth quarter saw a return to the steady growth of the first two quarters of the year. The 2.5% loan growth in the fourth quarter translated into 4.5% growth for the full year. This growth occurred even as we continued to increase loan yields. Building quality loan relationships while maintaining deposits at responsible liquidity and cost levels has resulted in a net interest margin of 3.57% for the fourth quarter 2024 compared to 3.60% in 2023.
“Our continued focus on our core strength – our community banking – helped produce consistent earnings of $1.7 million, $1.9 million, and $2.1 million and $2.3 million sequentially in the four quarters of 2024 even in the face of economic uncertainty.
“As we enter 2025, our focus remains on steady growth, disciplined lending, prudent expense control, and strong risk management. Focusing on these fundamentals helps us maintain a sound financial posture and supports our ability to execute with quality and consistency.”
2024 Versus 2023 Fourth Quarter Comparison
|
SEGMENT DATA |
For the Quarter Ended December 31, 2024 |
||||||||||||||
|
(in thousands) |
Community Banking |
Mortgage Banking (a) |
Holding Company |
Intercompany Eliminations |
BNCCORP Consolidated |
||||||||||
|
Net interest income (expense) |
$ |
8,146 |
$ |
– |
$ |
(223) |
$ |
– |
$ |
7,923 |
|||||
|
Provision for credit losses |
280 |
– |
– |
– |
280 |
||||||||||
|
Non-interest income |
1,537 |
– |
557 |
(621) |
1,473 |
||||||||||
|
Non-interest expense |
6,181 |
– |
705 |
(621) |
6,265 |
||||||||||
|
Income (loss) before taxes |
3,222 |
– |
(371) |
– |
2,851 |
||||||||||
|
Income tax expense (benefit) |
713 |
– |
(119) |
– |
594 |
||||||||||
|
Net income (loss) |
$ |
2,509 |
$ |
– |
$ |
(252) |
$ |
– |
$ |
2,257 |
|||||
|
For the Quarter Ended December 31, 2023 |
|||||||||||||||
|
Community Banking |
Mortgage Banking |
Holding Company |
Intercompany Eliminations |
BNCCORP Consolidated |
|||||||||||
|
Net interest income (expense) |
$ |
8,098 |
$ |
95 |
$ |
(227) |
$ |
– |
$ |
7,966 |
|||||
|
Provision for credit losses |
180 |
– |
– |
– |
180 |
||||||||||
|
Non-interest income |
1,599 |
3 |
504 |
(563) |
1,543 |
||||||||||
|
Non-interest expense |
6,522 |
(13) |
713 |
(563) |
6,659 |
||||||||||
|
Income (loss) before taxes |
2,995 |
111 |
(436) |
– |
2,670 |
||||||||||
|
Income tax expense (benefit) |
636 |
27 |
(144) |
– |
519 |
||||||||||
|
Net income (loss) |
$ |
2,359 |
$ |
84 |
$ |
(292) |
$ |
– |
$ |
2,151 |
|||||
|
(a) The Company divested the mortgage banking segment in 2023. |
|||||||||||||||
The Community Banking Segment reported net income of $2.5 million, or $0.71 per diluted share, for the quarter compared to $2.4 million, or $0.66 per diluted share, in the fourth quarter of 2023. Interest expense increased by $440 thousand when compared to the 2023 period due to Federal Reserve rate increases and a $10.0 million increase in average interest-bearing deposits compared to the prior year period. The increase in interest expense was offset by $487 thousand of interest income from loan growth and increased yields on earning assets. The Community Banking Segment reported $62 thousand in lower non-interest income primarily due to a $93 thousand decrease in off-balance sheet deposit income and $18 thousand less in interchange income that was partially offset by higher wealth management revenue. Non-interest expense decreased by $341 thousand in the 2024 period primarily due to lower salary and benefit expense of $127 thousand and a reversal of $150 thousand from the mortgage obligation reserve, leaving $218 thousand of reserves at December 31, 2024. The Company reduced expenses in a number of categories, reductions were partially offset by slightly higher data processing fees and increased depreciation expense during the current period. The Company has lowered the number of its full-time equivalent employees by 5.6% since December 31, 2023.
Consolidated net interest income for the fourth quarter of 2024 was $7.9 million, a decrease of $43 thousand, or 0.5%, from $8.0 million in the fourth quarter of 2023. Net interest margin was 3.57% in the fourth quarter of 2024 compared to 3.60% reported in the prior year period. The increase in interest-bearing cash and loans held for investment was more than offset by a lower volume of debt securities and a meaningful increase in the cost of deposits.
On a consolidated basis, fourth-quarter interest income increased $394 thousand, or 3.4%, from $11.5 million in the 2023 period to $11.9 million in 2024. The 5.36% average yield on interest-earning assets in the quarter improved from the 5.19% in the fourth quarter of 2023 because of a $14.0 million increase in cash and cash equivalents and a $13.2 million quarter-over-quarter increase in the average balance of loans held for investment. Those increases were partially offset by lower debt securities. The weighted average interest rate on loans held for investment originated in the fourth quarter of 2024 was 7.32%, compared to 7.40% during the fourth quarter of 2023.
Consolidated interest expense in the fourth quarter of 2024 was $4.0 million, an increase of $437 thousand from the 2023 period. As a result, the cost of core deposits in the fourth quarter of 2024 rose modestly to 1.83% versus 1.60% in the fourth quarter of 2023.
The consolidated average balance of deposits decreased by $2.3 million compared to the fourth quarter of 2023. The cost of interest-bearing liabilities was 2.42% during the fourth quarter of 2024, compared to 2.18% in the same period of 2023. The Company has managed its overall cost of deposits at levels well below the prevailing brokered deposit rates offered by national brokerage firms even while staying focused on maintaining strong liquidity levels.
As of December 31, 2024, nonperforming assets were $6.3 million, representing a ratio of nonperforming assets to total assets of 0.65%, an increase from the $3.4 million in nonperforming assets, a 0.35% ratio of nonperforming assets to total assets, held on December 31, 2023. At December 31, 2024, $5.4 million of the $6.3 million in nonperforming loans were SBA loans supported by material government guarantees. When excluding the loan balances covered by government guarantees, the Company’s non-forming assets to total assets ratio was 0.22% on December 31, 2024. The Company recorded a $280 thousand provision for credit losses in the fourth quarter of 2024 compared to a $180 thousand provision in the fourth quarter of 2023. The allowance for credit losses decreased to 1.32% of loans held for investment as of December 31, 2024 compared to 1.39% on December 31, 2023. During the fourth quarter of 2024, the Company charged-off loan balances on longer-term workout credits that were fully reserved through the allowance for credit losses.
Non-interest income for the Community Banking Segment during the fourth quarter of 2024 was $1.5 million, compared to $1.6 million in the 2023 fourth quarter. Bank charges and service fees were $128 thousand lower quarter-over-quarter primarily due to lower deposits held in one-way sell positions. Using an associated banking network, the Company generates fee income on deposits not otherwise deployed by placing those deposits with other financial institutions to meet their liquidity needs. The deposits can be reclaimed for future liquidity use by the Company at any time. Fees derived from the movement of deposits off the balance sheet can fluctuate significantly based on our customers’ excess funding needs. As of December 31, 2024, off-balance sheet deposits were $18.5 million compared to $34.8 million as of December 31, 2023.
Non-interest expense for the Community Banking Segment during the fourth quarter of 2024 decreased $341 thousand, or 5.2%, year-over-year, primarily due to $127 thousand lower salary and benefit expense and a reversal of $150 thousand from the mortgage obligation reserve. The Company reported increased data processing and depreciation expense, but these increases were more than offset by lower expenses in other categories compared to the same period of 2023.
In the fourth quarter of 2024, consolidated income tax expense was $594 thousand, compared to $519 thousand in the fourth quarter of 2023. The effective tax rate was 20.8% in the fourth quarter of 2024, compared to 19.4% in the same period of 2023.
Tangible book value per common share on December 31, 2024, was $26.60, compared to $30.38 at December 31, 2023. The decrease in tangible book value per common share was driven by increased earnings that were offset by the change in accumulated other comprehensive income, the $2.25 dividend declared on February 2, 2024, the $4.00 dividend declared on December 18, 2024, and the repurchase of 50,000 shares of the Company’s common stock during the first quarter of 2024 at a total cost of $1.2 million, or approximately $23.25 per share. The Company’s tangible common equity capital ratio was 9.68% as of December 31, 2024, compared to 11.19% on December 31, 2023.
2024 Versus 2023 Year-End Comparison
|
SEGMENT DATA |
For the Twelve Months Ended December 31, 2024 |
||||||||||||||
|
(in thousands) |
Community Banking |
Mortgage Banking (a) |
Holding Company |
Intercompany Eliminations |
BNCCORP Consolidated |
||||||||||
|
Net interest income (expense) |
$ |
31,997 |
$ |
– |
$ |
(939) |
$ |
– |
$ |
31,058 |
|||||
|
Provision for credit losses |
635 |
– |
– |
– |
635 |
||||||||||
|
Non-interest income |
6,196 |
– |
2,288 |
(2,591) |
5,893 |
||||||||||
|
Non-interest expense |
25,645 |
– |
2,998 |
(2,591) |
26,052 |
||||||||||
|
Income (loss) before taxes |
11,913 |
– |
(1,649) |
– |
10,264 |
||||||||||
|
Income tax expense (benefit) |
2,755 |
– |
(419) |
2,336 |
|||||||||||
|
Net income (loss) |
$ |
9,158 |
$ |
– |
$ |
(1,230) |
$ |
– |
$ |
7,928 |
|||||
|
For the Twelve Months Ended December 31, 2023 |
|||||||||||||||
|
Community Banking |
Mortgage Banking |
Holding Company |
Intercompany Eliminations |
BNCCORP Consolidated |
|||||||||||
|
Net interest income (expense) |
$ |
32,617 |
$ |
568 |
$ |
(875) |
$ |
– |
$ |
32,310 |
|||||
|
Provision for credit losses |
815 |
– |
– |
– |
815 |
||||||||||
|
Non-interest income |
7,354 |
3,641 |
2,134 |
(3,125) |
10,004 |
||||||||||
|
Non-interest expense |
25,590 |
8,768 |
2,950 |
(3,125) |
34,183 |
||||||||||
|
Income (loss) before taxes |
13,566 |
(4,559) |
(1,691) |
– |
7,316 |
||||||||||
|
Income tax expense (benefit) |
3,181 |
(1,131) |
(439) |
– |
1,611 |
||||||||||
|
Net income (loss) |
$ |
10,385 |
$ |
(3,428) |
$ |
(1,252) |
$ |
– |
$ |
5,705 |
|||||
|
(a) The Company divested the mortgage banking segment in 2023. |
|||||||||||||||
The Community Banking Segment reported net income of $9.2 million, or $2.58 per diluted share, in 2024 compared to $10.4 million, or $2.90 per diluted share in 2023. Interest expense increased by $4.4 million when compared to 2023 because of rate changes made by the Federal Reserve in addition to the $14.1 million increase in average interest bearing deposits when compared to the prior year period. The increase in interest expense during 2024 was partially offset by $3.7 million higher interest income from loan growth and increased yields on earning assets. In 2024, the Community Banking Segment reported $1.2 million lower non-interest income compared to 2023 primarily due to a $513 thousand decrease in off-balance sheet deposit income and $662 thousand less in management fee income from the Mortgage Segment that was partially offset by higher SBIC and BOLI revenues when compared to 2023. Non-interest expense was slightly higher in the 2024 period due to significant inflationary pressures on salaries and benefits, increased data processing fees, regulatory and other expense that were partially offset by lower professional services, marketing expense, and office supplies and postage compared to the same period in 2023. As noted above, the Company has lowered the number of its full-time equivalent employees by 5.6% since December 31, 2023.
Consolidated net interest income in 2024 was $31.1 million, a decrease of $1.2 million, or 3.9%, from $32.3 million in 2023. Net interest margin was 3.54% in 2024 compared to 3.70% reported in the prior year. The increase in interest-bearing cash and loans held for investment at higher yields was more than offset by a lower volume of debt securities and loans held for sale and a significant increase in the cost of deposits.
On a consolidated basis, 2024 interest income increased $3.2 million, or 7.3%, from $43.3 million to $46.5 million. The 5.30% average yield on interest-earning assets in 2024 was higher than the 4.96% average yield in 2023 because of a $36.3 million year-over-year increase in the average balance of loans held for investment at higher yields and higher yields and balances of cash and cash equivalents. Those increases were partially offset by lower average balances of debt securities and loans held for sale.
Consolidated interest expense in 2024 was $15.4 million, an increase of $4.4 million from the 2023 period. As a result, the cost of core deposits in 2024 rose to 1.79% versus 1.24% in 2023.
The average balance of deposits increased by $1.5 million compared to 2023. The cost of all interest-bearing liabilities was 2.39% during 2024, compared to 1.74% in 2023. The Company has managed its overall cost of deposits at levels well below the prevailing brokered deposit rates offered by national brokerage firms even while staying focused on maintaining strong liquidity levels.
Non-interest income for the Community Banking Segment in 2024 was $6.2 million, compared to $7.4 million in 2023. Bank charges and service fees were $625 thousand lower period-over-period primarily due to lower deposits held in one-way sell positions and lower interchange income. Fees derived from the movement of deposits off the balance sheet can fluctuate significantly based on our customers’ excess funding needs. As of December 31, 2024, off-balance sheet deposits amounted to $18.5 million compared to $34.8 million as of December 31, 2023. Consolidated other income in 2024 increased by $203 thousand compared to 2023 because of a reduction of $113 thousand on losses on sale of fixed assets when compared to the 2023 period along with higher SBIC and BOLI revenue recorded in 2024.
Non-interest expense for the Community Banking Segment in 2024 increased $55 thousand, or 0.2%, year-over-year. The modest increase is a result of expense management efforts that have been largely offset by inflationary pressures on salaries and benefits and data processing expenses.
In 2024, consolidated income tax expense was $2.3 million, compared to $1.6 million in 2023. The effective tax rate was 22.8% in 2024, compared to 22.0% in 2023.
Assets and Liabilities
At the consolidated level, total assets were $966.7 million at December 31, 2024 versus $968.2 million at December 31, 2023. Total loans held for investment were $698.7 million on December 31, 2024 compared to $668.8 million on December 31, 2023. Debt securities decreased $30.3 million from year-end 2023, primarily due to normal amortization, while cash and cash equivalent balances totaled $100.8 million on December 31, 2024 compared to $102.5 million on December 31, 2023.
Total deposits increased $297 thousand to $837.5 million as of December 31, 2024, from a balance of $837.2 million on December 31, 2023. The Company also maintains off-balance sheet transactional deposits accounts and off-balance sheet time deposit accounts. Off-balance sheet deposits can fluctuate significantly as customers’ cash sources or uses change. The Company remains committed to cultivating new deposit relationships and prioritizing liquidity.
The following table provides additional detail to the Company’s total deposit relationships:
|
As of |
|||||||||
|
(In thousands) |
December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
||||||
|
Deposits: |
|||||||||
|
Non-interest-bearing |
$ |
172,456 |
$ |
174,620 |
$ |
184,442 |
|||
|
Interest-bearing – |
|||||||||
|
Savings, interest checking and money market |
579,608 |
540,910 |
582,855 |
||||||
|
Time deposits |
85,436 |
80,297 |
69,906 |
||||||
|
Total on balance sheet deposits |
837,500 |
795,827 |
837,203 |
||||||
|
Off-balance sheet deposits (1) |
18,531 |
20,087 |
34,792 |
||||||
|
Total available deposits |
$ |
856,031 |
$ |
815,914 |
$ |
871,995 |
|||
|
(1) |
The off-balance sheet deposits above do not include off-balance sheet time deposits that can be brought back on the balance sheet at various future maturity dates. As of December 31, 2024, the Company managed off-balance sheet time deposit balances of $13.9 million, compared to $20.1 million time deposit balances as of September 30, 2024 and $18.7 million time deposit balances as of December 31, 2023. |
The Company remains highly focused on meeting the needs of its customers and ensuring deposit rates reflect changing market conditions. The Company estimates that deposit insurance and other deposit protection programs secure approximately 69% of its customers’ deposit balances. This fact, combined with our strong balance sheet and sustained management focus on the Company’s relationship-focused culture, has contributed to the Company’s ability to maintain a significant deposit base.
Off-balance sheet accounts are primarily utilized to accommodate larger business customers with significant deposits who require daily access to funds and desire FDIC insurance coverage. These off-balance sheet deposits were $34.8 million at year-end 2023 and decreased to $18.5 million at December 31, 2024. Off-balance sheet deposits can fluctuate greatly as customers’ needs and objectives evolve. The Company earns non-interest income through the associated banking network for the utilization of these funds.
Trust assets under administration increased 10.1%, or $39.2 million, to $428.0 million at December 31, 2024, from $388.8 million at December 31, 2023. During 2024, the Company benefited from material market value increases in trust assets as well as the acquisition of new assets under administration.
Asset Quality
The allowance for credit losses was $9.2 million as of December 31, 2024, versus $9.3 million on December 31, 2023. The allowance as a percentage of loans held for investment on December 31, 2024 decreased from 1.39% as of December 31, 2023 to 1.32% at current quarter end.
Past due loans for a period of 31-89 days decreased to $1.2 million as of December 31, 2024, compared to $4.8 million as of December 31, 2023. Nonperforming assets were $6.3 million on December 31, 2024, compared to $3.4 million on December 31, 2023. The increase in nonperforming assets is primarily due to the movement of one large 90% guaranteed SBA loan to non-accrual status. The ratio of nonperforming assets-to-total-assets was 0.65% at December 31, 2024 versus 0.35% at December 31, 2023. At December 31, 2024, $5.4 million, or 86%, of the $6.3 million in nonperforming loans were SBA loans supported by material government guarantees. When excluding the loan balances covered by government guarantees, the Company’s non-performing assets to total assets ratio was 0.22% on December 31, 2024. As of December 31, 2024, the Company did not hold any other real estate and held $33 thousand in repossessed assets. As of December 31, 2023, the Company did not hold any other real estate and held $33 thousand in repossessed assets.
As of December 31, 2024, classified loans were $4.7 million compared to year-end 2023 where the Company held $5.3 million of classified loans. As of December 31, 2024 and December 31, 2023, the Company had $12.2 million and $2.4 million, respectively, of potentially problematic loans, which are risk-rated as “special mention”.
Significant macroeconomic and geopolitical factors are present and evolving; the Company continues to monitor the possible impact of these factors on the performance of the loan portfolio.
BNC’s loans held for investment are geographically concentrated in North Dakota and Arizona, comprising 56% and 23%, respectively, of the Company’s total loans held for investment portfolio.
The North Dakota economy is influenced by the energy and agriculture industries. Changes in energy supply and demand have recently caused an increase in oil prices to the benefit of the oil industry and ancillary services. Potential risks to North Dakota’s energy industry include the possibility of adverse national legislation and changes in economic conditions that reduce energy production. Depending on the severity of their impact, these factors could present potential challenges to credit quality in North Dakota.
The Arizona economy continues to diversify, but continues to be influenced by the leisure and travel industries. Positive trends in both industries have been noted, but an extended slowdown in these industries may negatively impact credit quality in Arizona. While the Company’s portfolio includes various sized loans spread over a large number of industry sectors, it has meaningful concentrations of loans to the hospitality and commercial real estate industries.
The following table approximately describes the Company’s concentrations by industry:
|
Loans Held for Investment by Industry Sector |
|||||||||||
|
(in thousands) |
December 31, 2024 |
December 31, 2023 |
|||||||||
|
Non-owner Occupied Commercial Real estate – not otherwise categorized |
$ |
192,741 |
28 |
% |
$ |
198,428 |
30 |
% |
|||
|
Consumer, not otherwise categorized |
99,243 |
14 |
99,702 |
15 |
|||||||
|
Hotels |
86,863 |
12 |
83,985 |
13 |
|||||||
|
Agriculture, forestry, fishing and hunting |
36,763 |
5 |
33,503 |
5 |
|||||||
|
Retail trade |
34,186 |
5 |
35,827 |
5 |
|||||||
|
Healthcare and social assistance |
32,447 |
5 |
32,011 |
5 |
|||||||
|
Transportation and warehousing |
31,124 |
5 |
27,905 |
4 |
|||||||
|
Art, entertainment and recreation |
27,747 |
4 |
27,507 |
4 |
|||||||
|
Non-hotel accommodation and food service |
27,288 |
4 |
24,637 |
4 |
|||||||
|
Mining, oil and gas extraction |
23,685 |
4 |
22,149 |
3 |
|||||||
|
Real estate and rental and leasing support services |
15,385 |
2 |
9,804 |
2 |
|||||||
|
Manufacturing |
15,333 |
2 |
7,801 |
1 |
|||||||
|
Other service |
14,325 |
2 |
11,940 |
2 |
|||||||
|
Construction contractors |
13,938 |
2 |
16,082 |
2 |
|||||||
|
Educational services |
13,595 |
2 |
4,246 |
1 |
|||||||
|
Professional, scientific, and technical services |
9,854 |
1 |
9,570 |
1 |
|||||||
|
Finance and insurance |
8,586 |
1 |
6,781 |
1 |
|||||||
|
Public administration |
7,357 |
1 |
7,837 |
1 |
|||||||
|
All other |
7,322 |
1 |
8,051 |
1 |
|||||||
|
Gross loans held for investment |
$ |
697,782 |
100 |
% |
$ |
667,766 |
100 |
% |
|||
The Company’s loans to the hospitality industry have shown signs of improved credit quality that are reflected by improved hotel occupancy and restaurant utilization trends. Hotel operators in BNC’s loan portfolio are reporting positive trends and, in some cases, stronger balance sheets. Despite these positive indications, labor shortages limit the ability of the industry to fully capitalize on these trends and the potential for inflationary impacts on travel and leisure activities continue to be closely monitored. As of December 31, 2024, the Company’s loans related to office space were 3.30% of loans held for investment, and are primarily concentrated in North Dakota, with only 0.76% within the Arizona market.
Capital
Banks and bank holding companies operate under separate regulatory capital requirements. As of December 31, 2024, the Company’s capital ratios exceeded all regulatory capital thresholds, including the capital conservation buffer.
A summary of BNC’s capital ratios is presented below:
|
December 31, |
December 31, 2023 |
|||
|
BNCCORP, INC. (Consolidated) |
||||
|
Tier 1 leverage |
12.75 % |
14.52 % |
||
|
Common equity tier 1 risk based capital |
12.36 % |
14.58 % |
||
|
Tier 1 risk based capital |
14.22 % |
16.49 % |
||
|
Total risk based capital |
15.35 % |
17.64 % |
||
|
Tangible common equity |
9.68 % |
11.19 % |
||
|
BNC National Bank |
||||
|
Tier 1 leverage |
11.89 % |
12.54 % |
||
|
Common equity tier 1 risk based capital |
13.25 % |
14.25 % |
||
|
Tier 1 risk based capital |
13.25 % |
14.25 % |
||
|
Total risk based capital |
14.38 % |
15.40 % |
||
|
Tangible common equity |
10.49 % |
10.96 % |
The Common Equity Tier 1 ratio, which is generally a comparison of a bank’s core equity capital to its total risk weighted assets, is a measure of the current risk profile of the Bank’s asset base from a regulatory perspective. The Tier 1 leverage ratio, which is based on average assets, does not consider the mix of risk-weighted assets.
The Company regularly evaluates the sufficiency of its capital to ensure compliance with regulatory capital standards and to serve as a source of strength for the Bank. The Company manages capital by assessing the composition of capital and the amounts available for growth, risk, or other purposes.
The Company made an election at the adoption of BASEL III to exclude changes in accumulated other comprehensive income from the calculation of regulatory ratios.
The decrease in capital ratios was primarily due to the $2.25 one-time special dividend declared and paid in the first quarter of 2024, which paid from cash held at the holding company. Additionally, the Company declared a one-time special cash dividend of $4.00 in December of 2024 that was paid in January of 2025. The $4.00 one-time special cash dividend was funded by proceeds from a dividend by BNC National Bank to the holding company.
Share Repurchases
In December 2020, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to 175,000 shares of BNCCORP, INC. outstanding common stock. During the first quarter of 2024, the Company repurchased 50,000 shares of common stock for a total cost of $1.2 million, or approximately $23.25 per share. No other share repurchases of common stock were made by the Company during 2024. As of December 31, 2024, there was 125,000 shares remaining under the Board of Directors’ current authorized share repurchase program.
About BNCCORP, INC.
BNCCORP, INC., headquartered in Bismarck, N.D., is a registered bank holding company dedicated to providing banking and wealth management services to businesses and consumers in its local markets. The Company operates community banking and wealth management businesses in North Dakota and Arizona from 11 locations.
This news release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of BNC. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management are generally identifiable by the use of words such as “expect”, “believe”, “anticipate”, “at the present time”, “plan”, “optimistic”, “intend”, “estimate”, “may”, “will”, “would”, “could”, “should”, “future” and other expressions relating to future periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations regarding future market conditions and our ability to capture opportunities and pursue growth strategies, our expected operating results such as revenue growth and earnings and our expectations of the effects of the regulatory environment or future pandemics on our earnings for the foreseeable future. Forward-looking statements are neither historical facts nor assurances of future performance. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to: the impact of pandemics, the impact of current and future regulation; the risks of loans and investments, including dependence on local and regional economic conditions; competition for our customers from other providers of financial services; possible adverse effects of changes in interest rates, including the effects of such changes on derivative contracts and associated accounting consequences; risks associated with our acquisition and growth strategies; and other risks which are difficult to predict and many of which are beyond our control. In addition, all statements in this news release, including forward-looking statements, speak only of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
This press release contains references to financial measures, which are not defined in GAAP. Such non-GAAP financial measures include tangible common equity to total period end assets ratio. These non-GAAP financial measures have been included as the Company believes they are helpful for investors to analyze and evaluate the Company’s financial condition.
(Financial tables attached)
|
BNCCORP, INC. |
||||||||||||
|
CONSOLIDATED FINANCIAL DATA |
||||||||||||
|
(Unaudited) |
||||||||||||
|
For the Quarter Ended December 31, |
For the Twelve Months Ended December 31, |
|||||||||||
|
(In thousands, except per share data) |
2024 |
2023 |
2024 |
2023 |
||||||||
|
INCOME STATEMENT |
||||||||||||
|
Interest income |
$ |
11,883 |
$ |
11,489 |
$ |
46,455 |
$ |
43,278 |
||||
|
Interest expense |
3,960 |
3,523 |
15,397 |
10,968 |
||||||||
|
Net interest income |
7,923 |
7,966 |
31,058 |
32,310 |
||||||||
|
Provision for credit losses |
280 |
180 |
635 |
815 |
||||||||
|
Net interest income after provision for credit losses |
7,643 |
7,786 |
30,423 |
31,495 |
||||||||
|
Non-interest income |
||||||||||||
|
Bank charges and service fees |
695 |
823 |
2,990 |
3,615 |
||||||||
|
Wealth management revenues |
526 |
474 |
2,036 |
1,948 |
||||||||
|
Mortgage banking revenues |
– |
4 |
– |
3,771 |
||||||||
|
Gains on sales of loans, net |
12 |
1 |
22 |
16 |
||||||||
|
Gains on sales of debt securities, net |
– |
– |
– |
12 |
||||||||
|
Other |
240 |
241 |
845 |
642 |
||||||||
|
Total non-interest income |
1,473 |
1,543 |
5,893 |
10,004 |
||||||||
|
Non-interest expense |
||||||||||||
|
Salaries and employee benefits |
3,624 |
3,840 |
15,005 |
17,517 |
||||||||
|
Professional services |
326 |
304 |
1,108 |
3,419 |
||||||||
|
Data processing fees |
809 |
807 |
3,414 |
3,722 |
||||||||
|
Marketing and promotion |
219 |
173 |
813 |
3,127 |
||||||||
|
Occupancy |
401 |
409 |
1,556 |
1,785 |
||||||||
|
Regulatory costs |
130 |
136 |
539 |
470 |
||||||||
|
Depreciation and amortization |
271 |
256 |
1,086 |
1,094 |
||||||||
|
Office supplies and postage |
83 |
93 |
364 |
415 |
||||||||
|
Other |
402 |
641 |
2,167 |
2,634 |
||||||||
|
Total non-interest expense |
6,265 |
6,659 |
26,052 |
34,183 |
||||||||
|
Income before taxes |
2,851 |
2,670 |
10,264 |
7,316 |
||||||||
|
Income tax expense |
594 |
519 |
2,336 |
1,611 |
||||||||
|
Net income |
$ |
2,257 |
$ |
2,151 |
$ |
7,928 |
$ |
5,705 |
||||
|
WEIGHTED AVERAGE SHARES |
||||||||||||
|
Common shares outstanding (a) |
3,538,667 |
3,578,029 |
3,545,575 |
3,577,421 |
||||||||
|
Dilutive effect of share-based compensation |
611 |
3,517 |
3,278 |
2,818 |
||||||||
|
Adjusted weighted average shares (b) |
3,539,278 |
3,581,546 |
3,548,853 |
3,580,239 |
||||||||
|
EARNINGS PER SHARE DATA |
||||||||||||
|
Basic earnings per common share |
$ |
0.64 |
$ |
0.60 |
$ |
2.24 |
$ |
1.59 |
||||
|
Diluted earnings per common share |
$ |
0.64 |
$ |
0.60 |
$ |
2.23 |
$ |
1.59 |
||||
|
(a) Denominator for basic earnings per common share |
|
(b) Denominator for diluted earnings per common share |
|
BNCCORP, INC. |
|||||||||
|
CONSOLIDATED FINANCIAL DATA |
|||||||||
|
(Unaudited) |
|||||||||
|
As of |
|||||||||
|
(In thousands, except share, per-share and full-time equivalent data) |
December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
||||||
|
BALANCE SHEET DATA |
|||||||||
|
Cash and cash equivalents |
$ |
100,815 |
$ |
69,210 |
$ |
102,454 |
|||
|
Debt securities available for sale |
129,522 |
135,594 |
159,772 |
||||||
|
FRB and FHLB stock |
2,387 |
2,387 |
2,372 |
||||||
|
Loans held for investment |
698,724 |
683,201 |
668,808 |
||||||
|
Allowance for credit losses |
(9,223) |
(9,531) |
(9,284) |
||||||
|
Net loans held for investment |
689,501 |
673,670 |
659,524 |
||||||
|
Premises and equipment, net |
10,893 |
10,893 |
10,955 |
||||||
|
Operating lease right of use asset |
618 |
708 |
938 |
||||||
|
Accrued interest receivable |
4,108 |
3,951 |
4,206 |
||||||
|
Other |
28,837 |
27,994 |
27,984 |
||||||
|
Total assets |
$ |
966,681 |
$ |
924,407 |
$ |
968,205 |
|||
|
Deposits: |
|||||||||
|
Non-interest-bearing |
$ |
172,456 |
$ |
174,620 |
$ |
184,442 |
|||
|
Interest-bearing – |
|||||||||
|
Savings, interest checking and money market |
579,608 |
540,910 |
582,855 |
||||||
|
Time deposits |
85,436 |
80,297 |
69,906 |
||||||
|
Total deposits |
837,500 |
795,827 |
837,203 |
||||||
|
Guaranteed preferred beneficial interest in Company’s subordinated debentures |
15,464 |
15,464 |
15,464 |
||||||
|
Accrued interest payable |
1,248 |
1,236 |
937 |
||||||
|
Accrued expenses |
2,832 |
2,503 |
4,105 |
||||||
|
Operating lease liabilities |
700 |
799 |
1,048 |
||||||
|
Other |
15,270 |
824 |
1,030 |
||||||
|
Total liabilities |
873,014 |
816,653 |
859,787 |
||||||
|
Common stock |
35 |
35 |
36 |
||||||
|
Capital surplus – common stock |
26,905 |
26,882 |
26,572 |
||||||
|
Retained earnings |
78,667 |
90,714 |
93,186 |
||||||
|
Treasury stock |
(2,696) |
(2,687) |
(1,528) |
||||||
|
Accumulated other comprehensive income, net |
(9,244) |
(7,190) |
(9,848) |
||||||
|
Total stockholders’ equity |
93,667 |
107,754 |
108,418 |
||||||
|
Total liabilities and stockholders’ equity |
$ |
966,681 |
$ |
924,407 |
$ |
968,205 |
|||
|
OTHER SELECTED DATA |
|||||||||
|
Trust assets under administration |
$ |
427,994 |
$ |
426,639 |
$ |
388,829 |
|||
|
Core deposits (1) |
$ |
837,500 |
$ |
795,827 |
$ |
837,203 |
|||
|
Tangible book value per common share (2) |
$ |
26.60 |
$ |
30.60 |
$ |
30.38 |
|||
|
Tangible book value per common share excluding accumulated other comprehensive income, net |
$ |
29.22 |
$ |
32.64 |
$ |
33.13 |
|||
|
Full time equivalent employees |
136 |
137 |
144 |
||||||
|
Common shares outstanding |
3,521,375 |
3,521,710 |
3,569,210 |
||||||
|
(1) Core deposits consist of all deposits and repurchase agreements with customers. |
|
(2) Tangible book value per common share is equal to book value per common share. |
|
BNCCORP, INC. |
|||||||||||||||||||||||||
|
CONSOLIDATED FINANCIAL DATA |
|||||||||||||||||||||||||
|
(Unaudited) |
|||||||||||||||||||||||||
|
AVERAGE BALANCE, YIELD EARNED, AND COST PAID |
For the Quarter Ended December 31, 2024 |
For the Quarter Ended December 31, 2023 |
Quarter-Over-Quarter Comparison |
||||||||||||||||||||||
|
(dollars in thousands) |
Average Balance |
Interest |
Average |
Average |
Interest |
Average |
Change Due to |
||||||||||||||||||
|
Rate |
Volume |
Total |
|||||||||||||||||||||||
|
Assets |
|||||||||||||||||||||||||
|
Interest-bearing due from banks |
$ |
68,370 |
$ |
818 |
4.76 % |
$ |
54,402 |
$ |
754 |
5.50 % |
$ |
(108) |
$ |
172 |
$ |
64 |
|||||||||
|
FRB and FHLB stock |
2,387 |
36 |
5.94 % |
2,852 |
35 |
4.84 % |
5 |
(4) |
1 |
||||||||||||||||
|
Debt securities available for sale |
132,731 |
1,122 |
3.36 % |
156,127 |
1,386 |
3.52 % |
(62) |
(202) |
(264) |
||||||||||||||||
|
Loans held for sale-mortgage banking |
– |
– |
0.00 % |
92 |
17 |
75.14 % |
(9) |
(8) |
(17) |
||||||||||||||||
|
Loans held for investment |
687,626 |
9,907 |
5.73 % |
674,432 |
9,297 |
5.47 % |
445 |
165 |
610 |
||||||||||||||||
|
Allowance for credit losses |
(9,379) |
– |
0.00 % |
(9,136) |
– |
0.00 % |
– |
– |
– |
||||||||||||||||
|
Total |
$ |
881,735 |
$ |
11,883 |
5.36 % |
$ |
878,769 |
$ |
11,489 |
5.19 % |
$ |
271 |
$ |
123 |
$ |
394 |
|||||||||
|
Liabilities |
|||||||||||||||||||||||||
|
Interest checking and money market |
$ |
508,454 |
$ |
2,949 |
2.31 % |
$ |
516,031 |
$ |
2,831 |
2.18 % |
$ |
135 |
$ |
(17) |
$ |
118 |
|||||||||
|
Savings |
43,460 |
12 |
0.11 % |
42,118 |
11 |
0.10 % |
1 |
– |
1 |
||||||||||||||||
|
Time deposits |
83,360 |
756 |
3.61 % |
67,144 |
411 |
2.43 % |
216 |
129 |
345 |
||||||||||||||||
|
Short-term borrowings |
– |
– |
0.00 % |
1 |
– |
0.00 % |
– |
– |
– |
||||||||||||||||
|
Subordinated debentures |
15,464 |
243 |
6.24 % |
15,156 |
270 |
7.08 % |
(33) |
6 |
(27) |
||||||||||||||||
|
Total |
$ |
650,738 |
$ |
3,960 |
2.42 % |
$ |
640,450 |
$ |
3,523 |
2.18 % |
$ |
319 |
$ |
118 |
$ |
437 |
|||||||||
|
Net Interest Income |
$ |
7,923 |
$ |
7,966 |
|||||||||||||||||||||
|
Net Interest Spread |
2.94 % |
3.00 % |
|||||||||||||||||||||||
|
Net Interest Margin |
3.57 % |
3.60 % |
|||||||||||||||||||||||
|
AVERAGE BALANCE, YIELD EARNED, AND COST PAID |
For the Year Ended December 31, 2024 |
For the Year Ended December 31, 2023 |
Year-Over-Year Comparison |
||||||||||||||||||||||
|
(dollars in thousands) |
Average |
Interest |
Average |
Average |
Interest |
Average |
Change Due to |
||||||||||||||||||
|
Rate |
Volume |
Total |
|||||||||||||||||||||||
|
Assets |
|||||||||||||||||||||||||
|
Interest-bearing due from banks |
$ |
64,757 |
$ |
3,414 |
5.27 % |
$ |
40,901 |
$ |
2,107 |
5.15 % |
$ |
50 |
$ |
1,257 |
$ |
1,307 |
|||||||||
|
FRB and FHLB stock |
2,384 |
145 |
6.06 % |
2,951 |
143 |
4.85 % |
25 |
(23) |
2 |
||||||||||||||||
|
Debt securities available for sale |
138,059 |
4,716 |
3.42 % |
165,948 |
5,446 |
3.28 % |
173 |
(903) |
(730) |
||||||||||||||||
|
Loans held for sale-mortgage banking |
– |
– |
0.00 % |
26,743 |
1,531 |
5.72 % |
(766) |
(765) |
(1,531) |
||||||||||||||||
|
Loans held for investment |
680,815 |
38,180 |
5.61 % |
644,536 |
34,051 |
5.28 % |
2,147 |
1,982 |
4,129 |
||||||||||||||||
|
Allowance for credit losses |
(9,384) |
– |
0.00 % |
(8,952) |
– |
0.00 % |
– |
– |
– |
||||||||||||||||
|
Total |
$ |
876,631 |
$ |
46,455 |
5.30 % |
$ |
872,127 |
$ |
43,278 |
4.96 % |
$ |
1,629 |
$ |
1,548 |
$ |
3,177 |
|||||||||
|
Liabilities |
|||||||||||||||||||||||||
|
Interest checking and money market |
$ |
510,928 |
$ |
11,766 |
2.30 % |
$ |
509,434 |
$ |
8,965 |
1.76 % |
$ |
1,887 |
$ |
914 |
$ |
2,801 |
|||||||||
|
Savings |
43,323 |
47 |
0.11 % |
46,746 |
47 |
0.10 % |
3 |
(3) |
– |
||||||||||||||||
|
Time deposits |
75,344 |
2,547 |
3.38 % |
59,273 |
937 |
1.58 % |
1,248 |
362 |
1,610 |
||||||||||||||||
|
Short-term borrowings |
– |
– |
0.00 % |
249 |
5 |
2.01 % |
(3) |
(2) |
(5) |
||||||||||||||||
|
Subordinated debentures |
15,464 |
1,037 |
6.70 % |
15,039 |
1,014 |
6.74 % |
(6) |
29 |
23 |
||||||||||||||||
|
Total |
$ |
645,059 |
$ |
15,397 |
2.39 % |
$ |
630,741 |
$ |
10,968 |
1.74 % |
$ |
3,129 |
$ |
1,300 |
$ |
4,429 |
|||||||||
|
Net Interest Income |
$ |
31,058 |
$ |
32,310 |
|||||||||||||||||||||
|
Net Interest Spread |
2.91 % |
3.22 % |
|||||||||||||||||||||||
|
Net Interest Margin |
3.54 % |
3.70 % |
|||||||||||||||||||||||
|
BNCCORP, INC. |
||||||||||||
|
CONSOLIDATED FINANCIAL DATA |
||||||||||||
|
(Unaudited) |
||||||||||||
|
For the Quarter Ended December 31, |
For the Twelve Months Ended December 31, |
|||||||||||
|
(In thousands) |
2024 |
2023 |
2024 |
2023 |
||||||||
|
OTHER AVERAGE BALANCES |
||||||||||||
|
Total assets |
936,111 |
934,189 |
930,473 |
927,084 |
||||||||
|
Core deposits |
806,517 |
808,782 |
803,179 |
801,786 |
||||||||
|
Total equity |
105,996 |
103,437 |
103,935 |
103,690 |
||||||||
|
KEY RATIOS |
||||||||||||
|
Return on average common stockholders’ equity (a) |
7.86 % |
7.26 % |
6.97 % |
4.94 % |
||||||||
|
Return on average assets (b) |
0.96 % |
0.91 % |
0.85 % |
0.62 % |
||||||||
|
Efficiency ratio (Consolidated) |
66.68 % |
70.03 % |
70.50 % |
80.78 % |
||||||||
|
Efficiency ratio (Bank) |
63.87 % |
66.49 % |
67.18 % |
77.43 % |
||||||||
|
(a) |
Return on average common stockholders’ equity is calculated by using net income as the numerator and average common equity (less accumulated other comprehensive income (loss)) as the denominator. |
|
(b) |
Return on average assets is calculated by using net income as the numerator and average total assets as the denominator. |
|
BNCCORP, INC. |
|||||||||
|
CONSOLIDATED FINANCIAL DATA |
|||||||||
|
(Unaudited) |
|||||||||
|
As of |
|||||||||
|
(In thousands) |
December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
||||||
|
ASSET QUALITY |
|||||||||
|
Loans 90 days or more delinquent and accruing interest |
$ |
– |
$ |
– |
$ |
832 |
|||
|
Non-accrual loans |
6,275 |
5,873 |
2,519 |
||||||
|
Total nonperforming loans |
$ |
6,275 |
$ |
5,873 |
$ |
3,351 |
|||
|
Repossessed assets, net |
33 |
48 |
33 |
||||||
|
Total nonperforming assets |
$ |
6,308 |
$ |
5,921 |
$ |
3,384 |
|||
|
Allowance for credit losses |
$ |
9,223 |
$ |
9,531 |
$ |
9,284 |
|||
|
Ratio of total nonperforming loans to total loans |
0.90 % |
0.86 % |
0.50 % |
||||||
|
Ratio of total nonperforming assets to total assets |
0.65 % |
0.64 % |
0.35 % |
||||||
|
Ratio of nonperforming loans to total assets |
0.65 % |
0.64 % |
0.35 % |
||||||
|
Ratio of allowance for credit losses to loans held for investment |
1.32 % |
1.40 % |
1.39 % |
||||||
|
Ratio of allowance for credit losses to total loans |
1.32 % |
1.40 % |
1.39 % |
||||||
|
Ratio of allowance for credit losses to nonperforming loans |
147 % |
162 % |
277 % |
||||||
|
For the Quarter Ended December 31, |
For the Twelve Months Ended December 31, |
|||||||||||
|
(In thousands) |
2024 |
2023 |
2024 |
2023 |
||||||||
|
Changes in Nonperforming Loans: |
||||||||||||
|
Balance, beginning of period |
$ |
5,873 |
$ |
1,405 |
$ |
3,351 |
$ |
1,355 |
||||
|
Additions to nonperforming |
1,119 |
2,036 |
5,981 |
2,393 |
||||||||
|
Charge-offs |
(562) |
(50) |
(606) |
(145) |
||||||||
|
Reclassified back to performing |
– |
– |
(1,716) |
(1) |
||||||||
|
Principal payments received |
(155) |
(35) |
(666) |
(200) |
||||||||
|
Transferred to repossessed assets |
– |
(5) |
(69) |
(51) |
||||||||
|
Balance, end of period |
$ |
6,275 |
$ |
3,351 |
$ |
6,275 |
$ |
3,351 |
||||
|
BNCCORP, INC. |
||||||||||||
|
CONSOLIDATED FINANCIAL DATA |
||||||||||||
|
(Unaudited) |
||||||||||||
|
For the Quarter Ended December 31, |
For the Twelve Months Ended December 31, |
|||||||||||
|
(In thousands) |
2024 |
2023 |
2024 |
2023 |
||||||||
|
Changes in Allowance for Credit Losses: |
||||||||||||
|
Balance, beginning of period |
$ |
9,666 |
$ |
9,343 |
$ |
9,459 |
$ |
8,831 |
||||
|
Cumulative effect of CECL adoption |
– |
– |
– |
125 |
||||||||
|
Provision |
280 |
180 |
635 |
815 |
||||||||
|
Loans charged off |
(563) |
(100) |
(746) |
(368) |
||||||||
|
Loan recoveries |
5 |
36 |
40 |
56 |
||||||||
|
Balance, end of period |
$ |
9,388 |
$ |
9,459 |
$ |
9,388 |
$ |
9,459 |
||||
|
Components: |
||||||||||||
|
Allowance for loan losses |
$ |
9,223 |
$ |
9,284 |
$ |
9,223 |
$ |
9,284 |
||||
|
Allowance for unfunded commitments |
$ |
165 |
$ |
175 |
$ |
165 |
$ |
175 |
||||
|
Ratio of net charge-offs to average total loans |
(0.081) % |
(0.009) % |
(0.104) % |
(0.046) % |
||||||||
|
Ratio of net charge-offs to average total loans, annualized |
(0.325) % |
(0.038) % |
(0.104) % |
(0.046) % |
||||||||
|
As of |
|||||||||
|
(In thousands) |
December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
||||||
|
CREDIT CONCENTRATIONS |
|||||||||
|
North Dakota |
|||||||||
|
Commercial and industrial |
$ |
69,391 |
$ |
61,823 |
$ |
62,019 |
|||
|
Construction |
1,056 |
1,074 |
5,247 |
||||||
|
Agricultural |
39,301 |
42,067 |
35,220 |
||||||
|
Land and land development |
7,803 |
8,033 |
7,992 |
||||||
|
Owner-occupied commercial real estate |
38,393 |
37,545 |
35,260 |
||||||
|
Commercial real estate |
121,985 |
127,513 |
135,858 |
||||||
|
Small business administration |
19,658 |
18,782 |
18,046 |
||||||
|
Consumer |
92,645 |
91,320 |
88,066 |
||||||
|
Subtotal gross loans held for investment |
$ |
390,232 |
$ |
388,157 |
$ |
387,708 |
|||
|
Consolidated |
|||||||||
|
Commercial and industrial |
$ |
107,778 |
$ |
98,990 |
$ |
93,949 |
|||
|
Construction |
5,903 |
4,821 |
21,648 |
||||||
|
Agricultural |
42,103 |
44,834 |
37,720 |
||||||
|
Land and land development |
11,243 |
10,378 |
8,416 |
||||||
|
Owner-occupied commercial real estate |
81,560 |
79,991 |
84,386 |
||||||
|
Commercial real estate |
244,364 |
248,737 |
245,939 |
||||||
|
Small business administration |
84,799 |
76,977 |
63,836 |
||||||
|
Consumer |
120,032 |
117,343 |
111,872 |
||||||
|
Total gross loans held for investment |
$ |
697,782 |
$ |
682,071 |
$ |
667,766 |
|||
SOURCE BNCCORP, INC.
