2014

BNCCORP, INC. Reports 2013 Second Quarter Net Income Of $2.5 Million, Or $0.62 Per Diluted Share 2013 Second Quarter Overview

- Net income of $2.5 million is $0.62 per diluted share

- Net interest income increased by $184 thousand, or 4.2%, compared to second quarter 2012

- Non-interest income is $8.4 million, $2.4 million lower than second quarter of 2012

- Non-interest expense decreased by $962 thousand, or 9.6%, compared to second quarter 2012

- Provisions for credit and OREO losses were $0 compared to $1.0 million in the second quarter of 2012

- Total assets were $798.2 million at June 30, 2013, up 14.4% from a year earlier

- Total deposits are $679.1 million at June 30, 2013, increasing by $82.6 million, or 13.9% in one year

- Second quarter annualized return on assets is 1.24% and return on common equity is 16.98%

- Book value per common share is $14.35 at June 30, 2013

BISMARCK, N.D., July 24, 2013 /PRNewswire/ -- BNCCORP, INC. (BNC or the Company) (OTCQB: BNCC), which operates community banking and wealth management businesses in Arizona, Minnesota and North Dakota, and has mortgage banking offices in Illinois, Kansas, Nebraska,  Minnesota, Arizona and North Dakota, today reported net income for the second quarter ended June 30, 2013.  

Net income for the 2013 second quarter was $2.476 million, or $0.62 per diluted share. This compared to net income of $5.030 million, or $1.42 per diluted share, in the second quarter of 2012. The second quarter of 2013 reflects higher net interest income due to asset growth, offset by lower non-interest income as mortgage banking revenues were strong yet reduced partially due to rising interest rates. In addition, non-interest expenses decreased primarily due to lower costs associated with foreclosed assets when compared to the same quarter in 2012.  The provisions for credit losses and OREO valuation allowances declined to $0 in the second quarter of 2013 compared to $1.000 million in the second quarter of 2012. Credit quality improved as nonperforming assets decreased to $13.1 million at June 30, 2013, compared to $15.6 million at December 31, 2012. Also, net income for the 2013 second quarter reflected a substantial increase in income tax versus a year ago, which benefited from a valuation allowance on deferred tax assets.

Gregory K. Cleveland, BNCCORP President and Chief Executive Officer, said, "Our solid second quarter results generated a 1.24% return on assets and a 16.98% return on equity. We are very pleased with the results in the first half of 2013, as we have exceptional liquidity, while credit quality remains acceptable given the turmoil banks have faced in recent years. We have capitalized on the recovery of the housing market in recent periods and as a result our non-interest revenues have been robust. We recognize the current mortgage banking cycle is being challenged as interest rates rise, and in response we intend to focus our growth initiatives on core banking and wealth management in order to have a bigger, stronger and more diverse business base for the longer term."

Mr. Cleveland continued, "Despite relative improvement in the macro-economic conditions, the banking industry remains immersed in an unsettled economy and a demanding regulatory environment. While maintaining status quo is likely to leave many community banks operating from weakness, our subsidiary bank is operating from a position of strength in capital, liquidity, asset quality and profitable operations.  Thus, we believe that we are poised to boldly capture opportunities and be prudently patient in pursuing our growth strategies."

Second Quarter Results

Net interest income for the second quarter of 2013 was $4.583 million, an increase of $184 thousand, or 4.2%, from $4.399 million in the same period of 2012. This increase is the result of growing assets by 14.4% since June 30, 2012. During the second quarter of 2013, the average balance of earning assets was approximately $744.1 million, compared to approximately $643.7 million in the second quarter of 2012. The net interest margin for the second quarter decreased to 2.47%, compared to 2.75% in the same period of 2012. Net interest income has been negatively impacted by the low interest rate environment, which reduced the yield on earning assets to 3.00% in the second quarter of 2013, compared to 3.69% in the second quarter of 2012. Our cost of interest bearing liabilities declined to 0.64% in the current quarter, compared to 1.19% in the same period of 2012.

The provision for loan losses was $0 in the second quarters of 2013 and 2012. The absence of provisions for credit losses reflects stabilized risk in our loan portfolio.

Non-interest income for the second quarter of 2013 was $8.352 million, a decrease of $2.401 million, or 22.3% from $10.753 million in the same period of 2012. Second quarter mortgage banking revenues aggregated $6.744 million, compared to $9.393 million in the second quarter of 2012. While revenues from mortgage banking remain healthy, they decreased in second quarter of 2013 due to the recent increase in interest rates, especially compared to the second quarter of 2012 when mortgage banking revenues were exceptionally high. We are optimistic that mortgage banking operations can continue to generate healthy profits in the near term as mortgage rates remain attractive in historical terms. Over a longer horizon, mortgage banking volume may not be sustained at current levels as interest rates will inevitably rise further. There were $0 of gains on sales of investment securities during the recent quarter, compared to $98 thousand in the second quarter of 2012. The opportunity to sell assets at attractive prices can vary significantly from period to period based on market conditions. The 2013 second quarter included gains on sales of SBA loans of $352 thousand, compared to $281 thousand in the same period of 2012. While gains on sales of loans can vary significantly, the secondary market for SBA loans is currently acquisitive and loans can be sold for attractive prices. Bank fees and service charges were $674 thousand in the second quarter of 2013, an increase of 19.3% compared to the second quarter of 2012. These fees are growing as we continue to grow deposits and open new accounts.

Non-interest expense decreased by $962 thousand, or 9.6%, to $9.059 million in the second quarter of 2013 compared to $10.021 million in the same period of 2012.  This decrease primarily relates to reduced valuation adjustments on foreclosed assets, which were $0 in the second quarter of 2013 compared to $1.000 million in the same quarter of 2012. In the aggregate, all other non-interest expenses were essentially flat in the second quarter when compared to the second quarter of 2012.

In the second quarter of 2013, we recorded tax expense of $1.400 million which resulted in an effective tax rate of 36.12% for the quarter. A tax expense of $101 thousand was recognized during the second quarter of 2012. The provision for income taxes was low in 2012 because of the reversal of the valuation allowance on deferred tax assets.

Net income available to common shareholders was $2.149 million, or $0.62 per diluted share, for the second quarter of 2013 after accounting for dividends accrued on preferred stock and the amortization of issuance discounts on preferred stock. These costs aggregated $327 thousand in the second quarter of 2013 and $362 thousand in the same period of 2012. Net income available to common shareholders in the second quarter of 2012 was $4.668 million, or $1.42 per diluted share.

Six Months Ended June 30, 2013

Net interest income in the first half of 2013 was $9.216 million, an increase of $172 thousand or 1.9%, from $9.044 million in the first half of 2012. The positive impact on net interest income from the growth in assets was partially offset by the negative impact of low interest rates. During the first six months of 2013, the average balance of earning assets was approximately $732.2 million, compared to approximately $632.9 million in the same period of the prior year. The net interest margin in the recent six month period decreased to 2.54%, compared to 2.87% in the same period of 2012. The yield on earning assets was 3.09% in the six month period ended June 30, 2013, compared to 3.82% in the same period of 2012. The cost of interest bearing liabilities was 0.67% in the first half of 2013, compared to 1.19% in the first half of 2012.

The provision for credit losses was $700 thousand in the first six months of 2013, compared to $100 thousand in the first six months of 2012. Nonperforming loans decreased $329 thousand to $10.2 million at June 30, 2013 from $10.5 million at December 31, 2012.

Non-interest income for the first six months of 2013 was $19.676 million, an increase of $3.226 million, or 19.6% from $16.450 million in the same period of 2012. Non-interest income was significantly influenced by mortgage banking revenues in the first six months of 2013, which aggregated $14.991 million, an increase of $1.351 million, or 9.9%, compared to the first six months of 2012. Gains on sales of investments were higher in the first half of 2013 aggregating $1.210 million, compared to $98 thousand in the same period of 2012. Gains on sales of SBA loans were $1.107 million in the first six months of 2013, compared to $619 thousand in the same period of 2012. We also experienced an increase in bank fees and service charges of $163 thousand, or 14.5% in the first half of 2013, reflecting growth in deposits and new accounts.

Non-interest expense decreased by $237 thousand, or 1.3%, to $18.456 million in the first six months of 2013, compared to $18.693 million in the same period of 2012. The valuation adjustments on foreclosed assets were $0 in the first half of 2013 compared to $1.700 million in the first half of 2012. This decrease was partially offset by compensation costs which increased by $1.162 million, or 14.2%, primarily due to higher volume in mortgage banking, additional banking and mortgage banking producers, and incentives accrued for producers. Increases in marketing expenses, data processing and occupancy in the first half of 2013 reflect larger banking and mortgage banking operations.

During the six month period ended June 30, 2013, we recorded tax expense of $3.475 million which resulted in an effective tax rate of 35.69%. A tax expense of $103 thousand was recognized during the six month period ended June 30, 2012. The provision for income taxes was lower in 2012 because of the reversal of the valuation allowance on deferred tax assets.

Net income available to common shareholders was $5.610 million, or $1.62 per diluted share, for the six months ended June 30, 2013 after accounting for dividends accrued on preferred stock and the amortization of issuance discounts on preferred stock. These costs aggregated $651 thousand in the first six months of 2013 and $720 thousand in the same period of 2012. Net income available to common shareholders for the six months ended June 30, 2012 was $5.878 million, or $1.78 per diluted share.

Assets, Liabilities and Equity

Total assets were $798.2 million at June 30, 2013, an increase of $27.4 million, or 3.6%, compared to $770.8 million at December 31, 2012 and an increase of $100.2 million, or 14.4%, since June 30, 2012. The increases in recent periods have been funded primarily by growing deposits in North Dakota as this region is experiencing exceptional prosperity. Cash and investment securities have increased by $47.9 million since December 31, 2012 as we continue to emphasize liquidity. The investment portfolio had net unrealized losses aggregating $3.322 million as of June 30, 2013, compared to net unrealized gains of $6.480 million as of December 31, 2012. The value of investment securities decreased due to the spike in interest rates in the latter part of the second quarter.  This increase in interest rates provides an opportunity to invest earning assets at higher rates than been available in the last few years. 

Although loans held for investment decreased by $8.0 million versus December 31, 2012, we have implemented measures to increase our loan portfolio with the objective of achieving loan growth later in 2013. In North Dakota, our loans held for investment grew $15.0 million since June 30, 2012. Loans held for sale have decreased by $11.1 million since December 31, 2012 as we sold more mortgage banking loans than we funded in the first half of 2013.

Total deposits were $679.1 million at June 30, 2013, increasing by $29.5 million from 2012 year-end, and increasing by $82.6 million, or 13.9% since June 30, 2012. This increase relates primarily to growth in our North Dakota branches.

Book value per common share was $14.35 as of June 30, 2013, compared to $14.49 as of December 31, 2012 and $8.44 at June 30, 2012.

At June 30, 2013, tangible common equity of BNC National Bank was 10.67% of total Bank assets.

Trust assets under supervision increased to $237.4 million at June 30, 2013, compared to $211.5 million at December 31, 2012 as our recent focus on growing wealth management operations is beginning to show results.

Capital

Banks and their bank holding companies operate under separate regulatory capital requirements.

At June 30, 2013, BNCCORP's tier 1 leverage ratio was 11.26%, the tier 1 risk-based capital ratio was 22.39%, and the total risk-based capital ratio was 24.01%.

At June 30, 2013, BNC National Bank had a tier 1 leverage ratio of 10.70%, a tier 1 risk-based capital ratio of 21.63%, and a total risk-based capital ratio of 22.90%.

At June 30, 2013, BNCCORP's tangible common equity as a percent of assets was 5.93% compared to 6.21% at December 31, 2012 and 3.99% at June 30, 2012. Common shareholder equity at June 30, 2013 was $47.4 million and we had preferred stock and subordinated debentures outstanding which aggregated $43.4 million at June 30, 2013.

In July of 2013, the Federal Reserve issued new regulatory capital standards for community banks which incorporate some of the capital requirements addressed in the Basel III framework and begin to be effective January 1, 2015. Although we believe we are compliant with the fully phased in standards, we have not completed our assessment of the proposed standards. The Company routinely evaluates the need to raise capital to comply with regulatory capital standards and for other corporate purposes. In addition to the new capital standards the regulatory environment for banking entities is increasingly complicated and cumbersome and the regulatory influence will burden earnings for the foreseeable future.

Asset Quality

In recent years, challenging economic conditions have led to elevated credit risk throughout the banking industry. As a result, the Company is carefully monitoring asset quality and taking what it believes to be prudent and appropriate action to reduce credit risk.

Nonperforming assets were $13.1 million at June 30, 2013, down from $15.6 million at December 31, 2012. The ratio of total nonperforming assets to total assets was 1.65% at June 30, 2013 and 2.03% at December 31, 2012. The provision for credit losses and other real estate costs was $0 in the second quarter of 2013 and $1.000 million in the second quarter of 2012.

Nonperforming loans were $10.2 million at June 30, 2013 down from $10.5 million at December 31, 2012. The ratio of the allowance for credit losses to total nonperforming loans as of June 30, 2013 was 97% compared to 96% at December 31, 2012. The provision for credit losses in the second quarters of 2013, and 2012 were $0.

The allowance for credit losses was $9.9 million at June 30, 2013, compared to $10.1 million at December 31, 2012. The allowance for credit losses as a percentage of total loans at June 30, 2013 was 2.71%, compared to 2.62% at December 31, 2012. The allowance for credit losses as a percentage of loans and leases held for investment at June 30, 2013 was 3.52%, compared to 3.49% at December 31, 2012.

At June 30, 2013, BNC had $13.1 million of classified loans, $10.2 million of loans on non-accrual and $3.0 million of other real estate owned. At December 31, 2012, BNC had $13.6 million of classified loans, $10.5 million of loans on non-accrual and $5.1 million of other real estate owned. At June 30, 2012, BNC had $14.0 million of classified loans, $4.9 million of loans on non-accrual and $7.9 million of other real estate owned.

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 Arizona, Minnesota and North Dakota from 14 locations. BNC also conducts mortgage banking from 11 offices in Illinois, Kansas, Nebraska, Minnesota, Arizona and North Dakota. 

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", "plan", "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 belief that we have exceptional liquidity, 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 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 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 mortgage banking revenues and 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.

(Financial tables attached)

 

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)








For the Quarter

Ended June 30,


For the Six Months

Ended June 30,

(In thousands, except per share data)


2013


2012


2013


2012

SELECTED INCOME STATEMENT DATA













Interest income


$

5,560


$

5,904


$

11,209


$

12,035

Interest expense



977



1,505



1,993



2,991

Net interest income



4,583



4,399



9,216



9,044

Provision for credit losses



-



-



700



100

Non-interest income



8,352



10,753



19,676



16,450

Non-interest expense



9,059



10,021



18,456



18,693

Income before income taxes



3,876



5,131



9,736



6,701

Income tax expense



1,400



101



3,475



103

Net income



2,476



5,030



6,261



6,598

Preferred stock costs



(327)



(362)



(651)



(720)

Net income available to common shareholders


$

2,149


$

4,668


$

5,610


$

5,878



























EARNINGS PER SHARE DATA


























Basic earnings per common share


$

0.65


$

1.42


$

1.70


$

1.79

Diluted earnings per common share


$

0.62


$

1.42


$

1.62


$

1.78

 

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)








For the Quarter

Ended June 30,


For the Six Months

Ended June 30,

(In thousands, except share data)


2013


2012


2013


2012

ANALYSIS OF NON-INTEREST INCOME













Bank charges and service fees


$

674


$

565


$

1,291


$

1,128

Wealth management revenues



313



295



633



646

Mortgage banking revenues



6,744



9,393



14,991



13,640

Gains on sales of loans, net



352



281



1,107



619

Gains on sales of securities, net



-



98



1,210



98

Other



269



121



444



319

Total non-interest income


$

8,352


$

10,753


$

19,676


$

16,450

ANALYSIS OF NON-INTEREST EXPENSE













Salaries and employee benefits


$

4,319


$

4,479


$

9,354


$

8,192

Professional services



1,053



1,098



2,022



2,071

Data processing fees



781



712



1,501



1,381

Marketing and promotion



700



560



1,209



966

Occupancy



650



467



1,168



962

Regulatory costs



210



304



534



597

Depreciation and amortization



312



280



617



558

Office supplies and postage



167



160



322



340

Other real estate costs



49



1,112



126



1,940

Other



818



849



1,603



1,686

Total non-interest expense


$

9,059


$

10,021


$

18,456


$

18,693

WEIGHTED AVERAGE SHARES













Common shares outstanding (a)



3,297,352



3,291,907



3,297,352



3,291,907

Incremental shares from assumed conversion of options and contingent shares



170,397



3,340



169,974



11,819

Adjusted weighted average shares (b)



3,467,749



3,295,247



3,467,316



3,303,726



(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)


June 30,

 2013


December 31,

 2012


June 30,

2012











SELECTED BALANCE SHEET DATA










Total assets


$

798,206


$

770,776


$

698,004

Loans held for sale-mortgage banking



84,033



95,095



55,069

Loans and leases held for investment



281,481



289,469



283,841

Total loans



365,514



384,564



338,910

Allowance for credit losses



(9,898)



(10,091)



(10,565)

Investment securities available for sale



342,723



300,549



285,096

Other real estate, net



2,966



5,131



7,932

Earning assets



733,875



698,872



638,181

Total deposits



679,083



649,604



596,470

Core deposits



614,183



584,604



535,560

Other borrowings



42,338



34,130



36,649

Cash and cash equivalents



46,523



40,790



31,727











OTHER SELECTED DATA










Net unrealized gains (losses) in investment portfolio, pretax


$

(3,322)


$

6,480


$

4,917

Trust assets under supervision


$

237,436


$

211,519


$

212,658

Total common stockholders' equity


$

47,376


$

47,842


$

27,874

Book value per common share


$

14.35


$

14.49


$

8.44

Full time equivalent employees



279



272



260

Common shares outstanding



3,300,652



3,300,652



3,301,007











CAPITAL RATIOS










Tier 1 leverage (Consolidated)



11.26%



11.17%



8.43%

Tier 1 risk-based capital (Consolidated)



22.39%



20.49%



15.56%

Total risk-based capital (Consolidated)



24.01%



22.43%



18.84%

Tangible common equity (Consolidated)



5.93%



6.21%



3.99%











Tier 1 leverage (BNC National Bank)



10.70%



10.68%



10.13%

Tier 1 risk-based capital (BNC National Bank)



21.63%



19.80%



18.58%

Total risk-based capital (BNC National Bank)



22.90%



21.06%



19.84%

Tangible capital (BNC National Bank)



10.67%



10.97%



10.84%











 

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)








For the Quarter

Ended June 30,


For the Six Months

Ended June 30,

(In thousands)



2013



2012



2013



2012














AVERAGE BALANCES













Total assets


$

804,031


$

701,840


$

793,501


$

691,660

Loans held for sale-mortgage banking



73,790



48,091



76,181



55,344

Loans and leases held for investment



274,283



278,143



279,696



283,785

Total loans



348,073



326,234



355,877



339,129

Investment securities available for sale



335,061



268,042



319,205



256,262

Earning assets



744,060



643,704



732,226



632,870

Total deposits



683,798



603,443



673,709



597,045

Core deposits



618,826



544,387



608,660



536,708

Total equity



71,740



46,556



70,982



44,953

Cash and cash equivalents



77,607



66,627



74,453



55,096














KEY RATIOS













Return on average common stockholders' equity



16.98%



72.80%



22.61%



48.83%

Return on average assets



1.24%



2.88%



1.59%



1.92%

Net interest margin



2.47%



2.75%



2.54%



2.87%

Efficiency ratio



70.03%



66.14%



63.88%



73.32%

Efficiency ratio, excluding gains on sales of securities and  provisions for real estate losses



70.03%



59.92%



66.67%



66.91%

Efficiency ratio, excluding provisions for real estate losses (BNC National Bank)



67.79%



56.79%



61.50%



63.60%

 

 


BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)






As of

(In thousands)


June 30,

2013


December 31,

2012


June 30,

 2012








ASSET QUALITY










Loans 90 days or more delinquent and still accruing interest


$

12


$

12


$

3

Non-accrual loans



10,171



10,500



4,890

Total nonperforming loans


$

10,183


$

10,512


$

4,893

Other real estate, net



2,966



5,131



7,932

Total nonperforming assets


$

13,149


$

15,643


$

12,825

Allowance for credit losses


$

9,898


$

10,091


$

10,565

Troubled debt restructured loans


$

9,081


$

12,368


$

12,493

Ratio of total nonperforming loans to total loans



2.79%



2.73%



1.44%

Ratio of total nonperforming assets to total assets



1.65%



2.03%



1.84%

Ratio of nonperforming loans to total assets



1.28%



1.36%



0.70%

Ratio of allowance for credit losses to loans and leases held for investment



3.52%



3.49%



3.72%

Ratio of allowance for credit losses to total loans



2.71%



2.62%



3.12%

Ratio of allowance for credit losses to nonperforming loans



97%



96%



216%













For the Quarter


For the Six Months

(In thousands)


Ended June 30,


Ended June 30,



2013


2012


2013


2012

Changes in Nonperforming Loans:













Balance, beginning of period


$

10,270


$

5,013


$

10,512


$

6,169

Additions to nonperforming



12



33



737



34

Charge-offs



(10)



(17)



(904)



(317)

Reclassified back to performing



(7)



-



(7)



(815)

Principal payments received



(58)



(136)



(131)



(178)

Transferred to repossessed assets



(24)



-



(24)



-

Transferred to other real estate owned



-



-



-



-

Balance, end of period


$

10,183


$

4,893


$

10,183


$

4,893

 

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)






(In thousands)


For the Quarter

Ended June 30,


For the Six Months

Ended June 30,



2013


2012


2013


2012

Changes in Allowance for Credit Losses:













Balance, beginning of period


$

9,873


$

10,547


$

10,091


$

10,630

Provision



-



-



700



100

Loans charged off



(23)



(23)



(967)



(326)

Loan recoveries



48



41



74



161

Balance, end of period


$

9,898


$

10,565


$

9,898


$

10,565














Ratio of net charge-offs to average total loans



0.007%



0.006%



(0.251)%



(0.049)%

Ratio of net charge-offs to average total loans, annualized



0.022%



0.022%



(0.502)%



(0.097)%











(In thousands)


For the Quarter

Ended June 30,


For the Six Months

Ended June 30,



2013


2012


2013


2012

Changes in Other Real Estate:













Balance, beginning of period


$

3,336


$

9,445


$

5,131


$

10,145

Transfers from nonperforming loans



-



-



-



-

Real estate sold



(370)



(487)



(2,165)



(487)

Net gains (losses) on sale of assets



-



(26)



-



(26)

Provision



-



(1,000)



-



(1,700)

Balance, end of period


$

2,966


$

7,932


$

2,966


$

7,932












As of

(In thousands)


June 30,

2013


December 31,
2012


June 30,

 2012

Other real estate


$

4,561


$

8,146


$

14,358

Valuation allowance



(1,595)



(3,015)



(6,426)

Other real estate, net


$

2,966


$

5,131


$

7,932

 

 

BNCCORP, INC.

CONSOLIDATED FINANCIAL DATA

(Unaudited)




As of

(In thousands)

June 30, 2013


December 31, 2012

CREDIT CONCENTRATIONS






North Dakota






    Commercial and industrial

$

72,879


$

65,793

    Construction


7,017



10,824

    Agricultural


15,231



15,047

    Land and land development


11,379



12,240

    Owner-occupied commercial real estate


28,037



24,107

    Commercial real estate


20,122



12,644

    Small business administration


2,244



2,428

    Consumer


26,061



25,115

      Subtotal

$

182,970


$

168,198

Arizona






    Commercial and industrial

$

1,496


$

1,421

    Construction


-



-

    Agricultural


-



-

    Land and land development


5,429



5,663

    Owner-occupied commercial real estate


654



667

    Commercial real estate


16,434



16,699

    Small business administration


13,621



12,881

    Consumer


2,568



2,884

      Subtotal

$

40,202


$

40,215

Minnesota






    Commercial and industrial

$

446


$

1,154

    Construction


-



-

    Agricultural


21



24

    Land and land development


869



1,145

    Owner-occupied commercial real estate


-



-

    Commercial real estate


10,909



14,767

    Small business administration


44



62

    Consumer


337



409

      Subtotal

$

12,626


$

17,561

 

SOURCE BNCCORP, INC.



RELATED LINKS
http://www.bnccorp.com

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