BNC Bancorp Announces 19 Percent Increase In Diluted Earnings Per Share For 2009
THOMASVILLE, N.C., Feb. 18 /PRNewswire-FirstCall/ -- BNC Bancorp (Nasdaq: BNCN) announced today financial results of the fourth quarter and year ended December 31, 2009. For the fourth quarter, net income available to common shareholders totaled $1.29 million, or $0.18 per diluted common share, an increase of 167% compared to net income available to common shareholders of $483,000, or $0.07 per diluted common share, for the fourth quarter of 2008.
For the year ended December 31, 2009, net income available to common shareholders totaled $4.55 million, or $0.62 per diluted common share, as compared to $3.85 million, or $0.52 per diluted common share, reported for 2008, an increase of 19%. For the year ended December 31, 2009, the Company reported net gains on sales of investment securities in the amount of $3.61 million, which partially offset the increases of FDIC assessments and provision for loan losses in the amounts of $2.20 million and $8.68 million, respectively, when compared to the same period in 2008. Additionally, the Company reported dividends and accretion on the preferred stock investment by the Treasury in the amount of $1.98 million for the year ended 2009, an increase of $1.84 million when compared to the year ended 2008.
Total assets as of December 31, 2009 were $1.63 billion, an increase of 4% compared with $1.57 billion as of December 31, 2008. Total loans on December 31, 2009 were $1.08 billion, an increase of 7% from the $1.01 billion reported as of December 31, 2008. Investment securities decreased $56.1 million, or 13%, when compared to the $422.6 million outstanding at the end of 2008. Deposits increased 18% over the same one-year period.Commenting on the results, W. Swope Montgomery, Jr., President and CEO, noted, "In this challenging environment, we felt it was prudent to delay our earnings release until the completion of our annual regulatory examination. While no bank is immune to challenges in the credit portfolio, we believe that 2009 was a very successful year for our Company, in terms of operating results, managing asset quality, and building our infrastructure to meet the demands of the current environment and to support expected growth in the future. We have invested significant resources in the credit department during 2009 that have better prepared our Company to identify and manage problem credits with an emphasis towards minimizing losses over both the short and long-term. This additional depth helps position our Company not only to provide the necessary enhanced oversight and credit review during this economic downturn, but puts the strength in the field to provide the service required for growth and expansion we expect of our franchise over the next several years. These changes have resulted in the addition of nine new seasoned credit and special assets professionals and a greater level of interconnectivity between the loan officers and the credit administration area." Mr. Montgomery continued, "The growth of core deposits is another area that has been a major point of emphasis of our Company in 2009. During the year, we either created or enhanced our capabilities in the areas of retail banking, treasury and corporate cash management, private banking, and wealth management. Each of these areas have benefited from significant investments in people, systems, training and marketing to better acquire and service a growing customer and potential customer base in each of our markets."
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