Last $17.49 USD
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Volume 19.9K
As of 8:10 PM 12/26/14 All times are local (Market data is delayed by at least 15 minutes).

bnc bancorp (BNCN) Key Developments

BNC Bancorp Enters Credit Agreement with Synovus Bank

BNC Bancorp entered into a credit agreement with Synovus Bank. The Credit Agreement provides for a 364-day revolving credit facility in an aggregate principal amount of up to $15,000,000 at any time outstanding and matures on November 13, 2015. Although the Credit Agreement is unsecured, the Company has agreed not to pledge the stock of its wholly-owned banking subsidiary, Bank of North Carolina. Borrowings under the Credit Agreement bear interest in an amount equal to the greater of 3.25% per annum and the higher of: (x) the prevailing rate of interest, on a per annum basis, described in the Eastern Edition of The Wall Street Journal as the prime lending rate, as in effect from time to time, and (y) the Federal Funds Rate, as in effect from time to time, plus one-half of 1% per annum, as described in further detail in the Credit Agreement. The representations, warranties and covenants contained in the Credit Agreement were made solely for purposes of such documents and as of specific dates, were made solely for the benefit of the parties to the applicable documents, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Credit Agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to shareholders. Shareholders are not third-party beneficiaries under the Credit Agreement and should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the Company or any of its subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Credit Agreement which subsequent information may or may not be fully reflected in the Company's public disclosures.

BNC Bancorp Presents at Sandler O'Neill + Partners, L.P. 2014 East Coast Financial Services Conference, Nov-13-2014

BNC Bancorp Presents at Sandler O'Neill + Partners, L.P. 2014 East Coast Financial Services Conference, Nov-13-2014 . Venue: Naples, Florida, United States.

BNC Bancorp Announces Quarterly Cash Dividend, Payable on November 28, 2014

On October 20, 2014, the Board of Directors of BNC Bancorp announced the declaration of a quarterly dividend on its common stock of $0.05 per share. This dividend is payable on November 28, 2014 to shareholders of record as of November 14, 2014. The $0.05 per share dividend rate is the same as the rate declared in previous quarters.

BNC Bancorp Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Announces Net Charge-Off Losses

BNC Bancorp reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net interest income of $36,140,000 compared to $26,636,000 a year ago. Net interest income after provision for loan losses was $34,836,000 compared to $23,286,000 a year ago. Income before income tax expense was $11,315,000 compared to $6,680,000 a year ago. Net income was $8,268,000 or $0.28 per basic and diluted share compared to net income of $5,030,000 or $0.19 per basic and diluted share a year ago. Operating earnings per diluted share were $0.33 compared to $0.19 a year ago. Return on average assets was 0.89% compared to 0.68% a year ago. Return on average common equity was 10.03% compared to 7.81% a year ago. Return on average tangible common equity was 13.03% compared to 9.19% a year ago. Operating earnings were $9,698,000 compared to $5,068,000 a year ago. Annualized operating return on average assets was 1.04%, compared to 0.68% for third quarter of 2013. Annualized operating return on tangible common equity ratio was 15.17% compared to 9.26% for third quarter 2013. Operating tangible net income available to common shareholders was $10,133,000 compared to $5,228,000 a year ago. For the nine months period, the company reported net interest income of $100,755,000 compared to $78,735,000 a year ago. Net interest income after provision for loan losses was $94,750,000 compared to $68,982,000 a year ago. Income before income tax expense was $27,876,000 compared to $17,305,000 a year ago. Net income attributable to common shareholders was $20,885,000 or $0.73 per basic and diluted share compared to net income attributable to common shareholders of $12,916,000 or $0.49 per basic and diluted share a year ago. Operating earnings per diluted share were $0.87 compared to $0.51 a year ago. Tangible common book value per share was $9.12 as on September 30, 2014. Return on average assets was 0.80% compared to 0.59% a year ago. Return on average common equity was 8.90% compared to 6.82% a year ago. Return on average tangible common equity was 11.13% compared to 8.09% a year ago. Operating return on average assets was 0.96% compared to 0.61% a year ago. Operating earnings were $24,958,000 compared to $13,384,000 a year ago. Operating earnings exclude transaction-related expenses, acquisition-related gains, one-time income and expense items, and gain (loss) on sale of investment securities. The increase in net income is primarily due to the significant increase in interest-earning assets and reduced cost for interest-bearing liabilities, which were partially offset by an increase in non-interest expense due to the acquisitions of South Street Financial Corporation and Community First Financial Group Inc. respectively, during the nine months ended September 30, 2014. Operating return on average tangible common equity was 13.19% compared to 8.37% a year ago. Operating tangible net income available to common shareholders was $25,979,000 compared to $13,864,000 a year ago. The company incurred $0.5 million in net charge-off losses, which represented 0.07% of average loans, for the third quarter of 2014.

BNC Bancorp Issues Sub Debt to Pay Off Synovus Loan

BNC Bancorp announced that the company is planning to issue $60 million in subordinated notes to pay off a loan from another bank. The will issue 5.5% fixed-to-floating rate notes due Oct. 1, 2024. BNC originally planned to issue $50 million in notes but increased the offering due to demand.

 

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Price/Earnings 20.5x
Price/Sales 3.6x
Price/Book 1.6x
Price/Cash Flow 21.4x
TEV/Sales 0.7x
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