BNCCORP, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 24, 2014 at 12:00 pm
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BNCCORP, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net interest income of $6,013,000 compared to $4,660,000 a year ago. Income before income taxes was $2,547,000 compared to $5,353,000 a year ago. Net income available to common shareholders was $1,540,000 or $0.44 per diluted common share compared to $4,608,000 or $1.34 per diluted common share a year ago. Return on average common stockholders' equity was 12.29% compared to 46.28% a year ago. Return on average assets was 0.90% compared to 2.67% a year ago. Results for the fourth quarter of 2013 include lower non-interest income largely due to a decrease in mortgage banking revenues. This was partially offset by significantly higher net interest income, income on SBIC investments and lower non-interest expenses when compared to the prior year fourth quarter.
For the year, the company reported net interest income of $19,845,000 compared to $18,471,000 a year ago. Income before income taxes was $12,449,000 compared to $21,344,000 a year ago. Net income available to common shareholders was $7,307,000 or $2.11 per diluted common share compared to $25,162,000 or $7.52 per diluted common share a year ago. Return on average common stockholders' equity was 15.15% compared to 90.04% a year ago. Return on average assets was 1.07% compared to 3.74% a year ago.
BNCCORP, INC. is a bank holding company of BNC National Bank (the Bank). The Bank is engaged in 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. The Company operates through two segments: Community Banking and Holding Company. The Community Banking segment provides products and services, such as personal loans, commercial real estate loans, SBA loans, business and personal checking, cash management, as well as trust and wealth management services, and retirement plan administration. These products and services are supported through Web and mobile-based applications. It earns interest primarily on loans and debt securities, bank card fees, loan fees, services charges on deposits, and fees on wealth management services. The Holding Company segment consists of management fees charged to the community banking services.