BNCCORP, INC. Reports 2012 First Quarter Net Income Of $1.568 Million, Or $0.37 Per Diluted Share
2012 First Quarter Overview
- Net income increased by $995 thousand, driven by higher non-interest income
- Nonperforming assets are $14.5 million, a decrease of $1.8 million, or 11%, in the first quarter
- Allowance for loan losses is 210% of nonperforming loans at March 31, 2012
- Regulatory capital ratio of Bank for Tier 1 leverage ratio is 9.60% and total risk based capital is 19.21%
BISMARCK, N.D., April 25, 2012 /PRNewswire/ -- BNCCORP, INC. (BNC or the Company) (OTC Markets: BNCC), which operates community banking and wealth management businesses in Arizona, Minnesota and North Dakota, and has mortgage banking offices in Illinois, Kansas, Nebraska, Missouri, Minnesota, Arizona and North Dakota, today reported financial results for the first quarter ended March 31, 2012.
Net income for the 2012 first quarter was $1.568 million, or $0.37 per diluted share. This compared to net income of $573 thousand, or $0.07 per diluted share, in the first quarter of 2011. The 2012 first quarter results reflect higher non-interest income, partially offset by lower net interest income when compared to the first quarter of 2011. Non-interest expenses, excluding the cost of OREO valuation allowances, were essentially flat quarter to quarter. Provisions for credit losses and OREO valuation allowances were $800 thousand in the first quarters of 2012 and 2011. Credit quality improved as nonperforming assets were $14.5 million at March 31, 2012 compared to $16.3 million at December 31, 2011 and $32.4 million at March 31, 2011.
Gregory K. Cleveland, BNCCORP President and Chief Executive Officer, said, "We are generally pleased with the first quarter results. However, we remain concerned about the level of debt being managed by households and governments and the impact this debt has on macro-economic conditions. As a result, we will continue to be cautiously opportunistic and remain focused on serving our communities while prudently managing capital, liquidity and credit quality."
Mr. Cleveland continued, "We are waiting for the Federal Reserve Bank to complete its review of our proposed capital offering and anticipate approval in the second or third quarter. Once the offering is completed, our tangible common equity will improve to a more satisfactory level and we will have more flexibility as we manage capital."
First Quarter Results
Net interest income for the first quarter of 2012 was $4.645 million, a decrease of $515 thousand, or 10%, from $5.160 million in the same period of 2011. The reduction in net interest income was influenced by reduced assets and the continuing low interest rate environment. During the first quarter of 2012 the average balance of earning assets was approximately $622.0 million, compared to approximately $695.5 million in the first quarter of the prior year. Part of this decrease was due to the sale of $65.7 million of loans in March 2011. The net interest margin for the current quarter decreased to 3.00%, compared to 3.01% in the same period of 2011. The yield on earning assets was approximately 3.96% in the first quarter of 2012, compared to 4.03% in the first quarter of 2011, while the cost of interest bearing liabilities was 1.19% in the current quarter, compared to 1.26% in the same period of 2011. Net interest income in the first quarter of 2012 was also reduced by $157 thousand as deferred costs on $20 million of brokered deposits were expensed when we exercised our option to call the deposits in order to replace them with lower cost deposits.
The provision for credit losses was $100 thousand in the first quarter of 2012, compared to $600 thousand in the 2011 period. Nonperforming loans have decreased $1.2 million, or 18.7%, to $5.0 million at March 31, 2012, from $6.2 million at December 31, 2011.
Non-interest income for the first quarter of 2012 was $5.697 million, an increase of $1.661 million, or 41.2% from $4.036 million in the same period of 2011. Mortgage banking revenues, which aggregated $4.247 million, increased by $2.184 million, or 106%, from the first quarter of 2011. Low interest rates create conditions that favor mortgage banking. In the near term, we expect mortgage banking revenues to be elevated. Over a longer horizon, the strength of mortgage banking is less certain due to a problematic housing market and the lack of clarity regarding government's role in housing. There were $0 gains on sales of investment securities during the recent quarter, compared to $361 thousand in the first quarter of 2011. The opportunity to sell assets at attractive prices can vary significantly from period to period. The 2012 first quarter included gains on sales of SBA loans of $338 thousand, compared to $488 thousand in the same period of 2011. The secondary market for SBA loans is currently acquisitive and loans can be sold for attractive prices.
Non-interest expense increased by $649 thousand, or 8.1%, to $8.672 million in the first quarter of 2012 compared to $8.023 million in the same period of 2011. Other real estate costs increased by $507 thousand, or 158%, as valuation adjustments on foreclosed assets increased to $700 thousand in the first quarter of 2012, compared to $200 thousand in the first quarter of 2011. Professional fees increased by $236 thousand, or 32.0%, due to higher volume in mortgage banking activities and costs incurred to litigate a third-party fraud that occurred in 2010 and other disputes. Other expenses increased due to higher costs in mortgage banking and increases in the cost of insurance, partially offset by reductions in other expenses. Compensation costs decreased by $300 thousand, or 7.5%, due to management's efforts to control costs. Occupancy costs also decreased by $91 thousand, or 15.5%, after the relocation of certain operations to smaller and less expensive locations and the sale of one branch in the first quarter of 2011. Regulatory costs decreased by $223 thousand, or 43.2%, reflecting lower deposit balances resulting from our branch sale in early 2011, which decreased depository premiums paid by BNC to the FDIC to insure its deposits.
Tax expense was $2 thousand during the first quarter of 2012 as we recognized exposure for miscellaneous tax liabilities. The Company has net operating loss carry-forwards aggregating $5.066 million for federal tax purposes. The Company virtually has a full valuation allowance for deferred tax assets and tax loss carry-forwards. No tax expense was recognized during the first quarter of 2011.
Net income available to common shareholders was $1.210 million, or $0.37 per diluted share, for the first quarter of 2012 after accounting for dividends accrued on preferred stock and the amortization of issuance discounts on preferred stock. These costs aggregated $358 thousand in the first quarter of 2012 and $339 thousand in the same period of 2011. Net income available to common shareholders in the first quarter of 2011 was $234 thousand, or $0.07 per diluted share.
Fraud Loss on Assets Serviced by Others
As previously reported, the Company discovered fraudulent activity in April of 2010 by an external company that was servicing residential mortgage loans for BNC. Subsequently, the Company and its advisors have been diligently addressing this matter. Our internal and external investigations have confirmed that this fraudulent activity was limited to this external servicing company and that no bank employees were involved in, or were aware of, this wrongful conduct by the servicing company.
In 2010, we submitted claims under our fidelity insurance policies seeking to recover the insured portion of these losses. The policies together provide for total coverage of $15 million. However, in the fourth quarter of 2010, our insurance carriers commenced a declaratory judgment action against the Company in an Arizona federal court seeking a judicial determination that the losses associated with the servicing fraud are not covered by the policies. We have subsequently countersued the insurance carriers for failure to honor the policies and for acting in bad faith. We intend to vigorously pursue our claims to recover amounts due under the insurance policies and for losses incurred as a result of the carriers acting in bad faith. While management believes we have strong claims, there can be no assurances as to the outcome of this litigation, or if we will recover all or any portion of the insured amounts.
The Company is providing adjusted earnings in addition to reported results prepared in accordance with generally accepted accounting principles in order to present financial information without the impact of the fraud loss on assets serviced by others. The following table reconciles the net income available to common shareholders as prepared in accordance with generally accepted accounting principles to our determination of adjusted earnings:
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||||||
March 31, 2012 |
March 31, 2011 |
|||||||||||||||||||||||||||
Amount |
Diluted per share(1) |
Amount |
Diluted per share(1) |
|||||||||||||||||||||||||
Net income available to common shareholders |
$ |
1,210 |
$ |
0.37 |
$ |
234 |
$ |
0.07 |
||||||||||||||||||||
Legal and professional fees associated with the fraud loss on assets serviced by others |
229 |
0.06 |
157 |
0.05 |
||||||||||||||||||||||||
Adjusted earnings |
$ |
1,439 |
$ |
0.43 |
$ |
91 |
$ |
0.12 |
||||||||||||||||||||
(1) Per share amounts represent amounts available to common shareholders.
Assets, Liabilities and Equity
Total assets were $691.3 million at March 31, 2012, an increase of $26.1 million, or 3.9%, compared to $665.2 million at December 31, 2011. Cash and investment securities have increased by $52.1 million since December 31, 2011 as we are emphasizing liquidity. The investment portfolio has net unrealized gains aggregating $4.668 million as of March 31, 2012. Loans held for investment decreased by $18.6 million as we have implemented measures to reduce our exposure to credit risk and concentrations within certain segments of our loan portfolio. Loans held for sale have decreased by $6.7 million since 2011 as investors have been able to reduce their back log.
Total deposits were $599.8 million at March 31, 2012, increasing by $23.5 million from 2011 year-end. This increase relates primarily to growth in our North Dakota branches and funds held in escrow related to the pending issuance of common stock.
Total equity was $43.7 million at March 31, 2012 and $41.9 million at December 31, 2011. The book value per common share was $6.95 as of March 31, 2012, compared to $6.42 as of December 31, 2011. Excluding unrealized gains and losses on the investment portfolio, the book value per common share was $6.07 as of March 31, 2012, compared to $5.64 as of December 31, 2011. At March 31, 20112 the tangible common equity as a percent of assets was approximately 3.31%.
On February 16, 2012 we announced a capital offering which is expected to generate up to $17.020 million of gross proceeds on the sale of 9.2 million shares at $1.85 per share. The sale of shares is subject to regulatory approval. We expect the sale to be consummated in the second or third quarter of 2012. Assuming the sale was completed as of March 31, 2012, the pro forma book value per diluted common share would be approximately $3.08. Excluding unrealized gains and losses on the investment portfolio, the pro forma book value per diluted common share would be $2.85 as of March 31, 2012. At March 31, 2012 the pro forma tangible common equity as a percent of assets would be approximately 5.60%.
Trust assets under supervision were $231.7 million at March 31, 2012, compared to $228.9 million at December 31, 2011.
Regulatory Capital
Banks and their bank holding companies operate under separate regulatory capital requirements.
At March 31, 2012, BNCCORP's tier 1 leverage ratio was 7.76%, the tier 1 risk-based capital ratio was 14.53%, and the total risk-based capital ratio was 18.33%.
At March 31, 2012, BNC National Bank had a tier 1 leverage ratio of 9.60%, a tier 1 risk-based capital ratio of 17.94%, and a total risk-based capital ratio of 19.21%.
As previously disclosed, our holding company entered into a memorandum of understanding with the Federal Reserve Bank (the Fed) in 2010 that restricts payments related to the company's common stock, preferred stock and debt without prior written permission from the Fed. At March 31, 2012 we have accrued dividends and interest payable which aggregates $6.2 million.
Asset Quality
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 strengthen its credit metrics.
Nonperforming assets declined to $14.5 million at March 31, 2012, from $16.3 million at December 31, 2011 and $32.4 million at March 31, 2011. The ratio of total nonperforming assets to total assets was 2.09% at March 31, 2012, 2.45% at December 31, 2011 and 4.73% at March 31, 2011. The provision for credit losses and other real estate costs was $800 thousand in the first quarter of 2012 and the first quarter of 2011.
Nonperforming loans declined to $5.0 million at March 31, 2012, from $6.2 million at December 31, 2011 and $19.8 million at March 31, 2011. The ratio of the allowance for credit losses to total nonperforming loans as of March 31, 2012 was 210%, compared with 172% at December 31, 2011 and 71% at March 31, 2011. The provision for credit losses decreased to $100 thousand in the first quarter of 2012, compared to $600 thousand the first quarter of 2011 due to the decline of problem loans.
The allowance for credit losses was $10.5 million at March 31, 2012, $10.6 million at December 31, 2011 and $14.2 million at March 31, 2011. The allowance for credit losses as a percentage of total loans at March 31, 2012 was 3.13%, compared with 2.94% at December 31, 2011 and 4.10% at March 31, 2011. The allowance for credit losses as a percentage of loans and leases held for investment at March 31, 2012 was 3.84%, compared with 3.63% at December 31, 2011 and 4.38% at March 31, 2011.
At March 31, 2012, BNC had $21.1 million of classified loans, $5.0 million of loans on non-accrual and $9.4 million of other real estate owned. At December 31, 2011, BNC had $24.2 million of classified loans, $6.2 million of loans on non-accrual and $10.1 million of other real estate owned. At March 31, 2011, BNC had $43.3 million of classified loans, $19.5 million of loans on non-accrual and $12.5 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 14 locations in Illinois, Kansas, Nebraska, Missouri, Minnesota, Arizona and North Dakota.
This news release may contain "forward-looking statements" within the meaning 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", or other expressions. We caution readers that these forward-looking statements, including, without limitation, those relating to our future business prospects, revenues, working capital, liquidity, capital needs, interest costs and income, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors. These factors include, but are not limited to: 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.
(Financial tables attached)
BNCCORP, INC. CONSOLIDATED FINANCIAL DATA (Unaudited) |
||||||
For the Quarter Ended March 31, |
||||||
(In thousands, except per share data) |
2012 |
2011 |
||||
SELECTED INCOME STATEMENT DATA |
||||||
Interest income |
$ 6,131 |
$ 6,907 |
||||
Interest expense |
1,486 |
1,747 |
||||
Net interest income |
4,645 |
5,160 |
||||
Provision for credit losses |
100 |
600 |
||||
Non-interest income |
5,697 |
4,036 |
||||
Non-interest expense |
8,672 |
8,023 |
||||
Income before income taxes |
1,570 |
573 |
||||
Income tax expense |
2 |
- |
||||
Net income |
$ 1,568 |
$ 573 |
||||
Preferred stock costs |
(358) |
(339) |
||||
Net income available to common shareholders |
$ 1,210 |
$ 234 |
||||
EARNINGS PER SHARE DATA |
||||||
Basic earnings per common share |
$ 0.37 |
$ 0.07 |
||||
Diluted earnings per common share |
$ 0.37 |
$ 0.07 |
BNCCORP, INC. CONSOLIDATED FINANCIAL DATA (Unaudited) |
||||||
For the Quarter Ended March 31, |
||||||
(In thousands, except share data) |
2012 |
2011 |
||||
ANALYSIS OF NON-INTEREST INCOME |
||||||
Bank charges and service fees |
$ |
563 |
$ |
560 |
||
Wealth management revenues |
351 |
385 |
||||
Mortgage banking revenues |
4,247 |
2,063 |
||||
Gains on sales of loans, net |
338 |
488 |
||||
Gains on sales of securities, net |
- |
361 |
||||
Other |
198 |
179 |
||||
Total non-interest income |
$ |
5,697 |
$ |
4,036 |
||
ANALYSIS OF NON-INTEREST EXPENSE |
||||||
Salaries and employee benefits |
$ |
3,713 |
$ |
4,013 |
||
Professional services |
973 |
737 |
||||
Other real estate costs |
828 |
321 |
||||
Data processing fees |
669 |
685 |
||||
Occupancy |
495 |
586 |
||||
Marketing and promotion |
406 |
314 |
||||
Regulatory costs |
293 |
516 |
||||
Depreciation and amortization |
278 |
297 |
||||
Office supplies and postage |
180 |
145 |
||||
Other |
837 |
409 |
||||
Total non-interest expense |
$ |
8,672 |
$ |
8,023 |
||
WEIGHTED AVERAGE SHARES |
||||||
Common shares outstanding (a) |
3,291,907 |
3,283,839 |
||||
Incremental shares from assumed conversion of options and contingent shares |
20,298 |
- |
||||
Adjusted weighted average shares (b) |
3,312,205 |
3,283,839 |
||||
(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) |
March 31, 2012 |
December 31, 2011 |
March 31, 2011 |
||||||
SELECTED BALANCE SHEET DATA |
|||||||||
Total assets |
$ |
691,303 |
$ |
665,158 |
$ |
683,646 |
|||
Participating interests in mortgage loans |
- |
- |
1,705 |
||||||
Loans held for sale-mortgage banking |
61,907 |
68,622 |
20,141 |
||||||
Loans and leases held for investment |
274,655 |
293,211 |
323,713 |
||||||
Total loans |
336,562 |
361,833 |
345,559 |
||||||
Allowance for credit losses |
(10,547) |
(10,630) |
(14,176) |
||||||
Investment securities available for sale |
254,588 |
242,630 |
213,556 |
||||||
Other real estate, net |
9,445 |
10,145 |
12,506 |
||||||
Earning assets |
633,557 |
604,151 |
626,909 |
||||||
Total deposits |
599,762 |
576,255 |
602,643 |
||||||
Core deposits |
538,873 |
516,436 |
535,719 |
||||||
Other borrowings |
33,022 |
31,062 |
38,150 |
||||||
Cash and cash equivalents |
59,428 |
19,296 |
86,188 |
||||||
OTHER SELECTED DATA |
|||||||||
Net unrealized gains in investment portfolio, pretax |
$ |
4,668 |
$ |
4,145 |
$ |
546 |
|||
Trust assets under supervision |
$ |
231,747 |
$ |
228,932 |
$ |
264,860 |
|||
Total common stockholders' equity |
$ |
22,950 |
$ |
21,180 |
$ |
14,870 |
|||
Book value per common share |
$ |
6.95 |
$ |
6.42 |
$ |
4.50 |
|||
Effect of net unrealized gains on securities available for sale, net of tax, on book value per common share |
$ |
0.88 |
$ |
0.78 |
$ |
0.10 |
|||
Book value per common share, excluding effect of net unrealized gains on securities, net of tax |
$ |
6.07 |
$ |
5.64 |
$ |
4.40 |
|||
Full time equivalent employees |
272 |
261 |
264 |
||||||
Common shares outstanding |
3,301,007 |
3,301,007 |
3,302,926 |
||||||
CAPITAL RATIOS |
|||||||||
Tier 1 leverage (Consolidated) |
7.76% |
7.59% |
6.23% |
||||||
Tier 1 risk-based capital (Consolidated) |
14.53% |
13.71% |
12.24% |
||||||
Total risk-based capital (Consolidated) |
18.33% |
17.56% |
16.79% |
||||||
Tangible common equity (Consolidated) |
3.31% |
3.17% |
2.16% |
||||||
Tier 1 leverage (BNC National Bank) |
9.60% |
9.41% |
7.67% |
||||||
Tier 1 risk-based capital (BNC National Bank) |
17.94% |
16.95% |
15.04% |
||||||
Total risk-based capital (BNC National Bank) |
19.21% |
18.22% |
16.32% |
||||||
Tangible capital (BNC National Bank) |
10.11% |
10.12% |
8.56% |
||||||
BNCCORP, INC. CONSOLIDATED FINANCIAL DATA (Unaudited) |
||||
For the Quarter Ended March 31, |
||||
(In thousands) |
2012 |
2011 |
||
AVERAGE BALANCES |
||||
Total assets |
$ 681,480 |
$ 759,164 |
||
Participating interests in mortgage loans |
- |
1,898 |
||
Loans held for sale-mortgage banking |
62,598 |
15,649 |
||
Loans and leases held for investment |
289,426 |
394,453 |
||
Total loans |
352,024 |
412,000 |
||
Investment securities available for sale |
244,482 |
161,764 |
||
Earning assets |
622,036 |
695,467 |
||
Total deposits |
590,648 |
671,742 |
||
Core deposits |
529,029 |
604,813 |
||
Total equity |
43,351 |
36,799 |
||
Cash and cash equivalents |
43,565 |
145,002 |
||
KEY RATIOS |
||||
Return on average common stockholders' equity |
21.51% |
5.83% |
||
Return on average assets |
0.93% |
0.31% |
||
Net interest margin |
3.00% |
3.01% |
||
Efficiency ratio |
83.85% |
87.24% |
||
Efficiency ratio, excluding gains on sales of securities and provisions for real estate losses |
77.08% |
88.55% |
||
Efficiency ratio, excluding provisions for real estate losses (BNC National Bank) |
73.48% |
81.60% |
BNCCORP, INC. CONSOLIDATED FINANCIAL DATA (Unaudited) |
|||||||||
As of |
|||||||||
(In thousands) |
March 31, 2012 |
December 31, 2011 |
March 31, |
||||||
ASSET QUALITY |
|||||||||
Loans 90 days or more delinquent and still accruing interest |
$ |
1 |
$ |
- |
$ |
370 |
|||
Non-accrual loans |
5,012 |
6,169 |
19,479 |
||||||
Total nonperforming loans |
$ |
5,013 |
$ |
6,169 |
$ |
19,849 |
|||
Other real estate, net |
9,445 |
10,145 |
12,506 |
||||||
Total nonperforming assets |
$ |
14,458 |
$ |
16,314 |
$ |
32,355 |
|||
Allowance for credit losses |
$ |
10,547 |
$ |
10,630 |
$ |
14,176 |
|||
Ratio of total nonperforming loans to total loans |
1.49% |
1.70% |
5.74% |
||||||
Ratio of total nonperforming assets to total assets |
2.09% |
2.45% |
4.73% |
||||||
Ratio of nonperforming loans to total assets |
0.73% |
0.93% |
2.90% |
||||||
Ratio of allowance for credit losses to loans and leases held for investment |
3.84% |
3.63% |
4.38% |
||||||
Ratio of allowance for credit losses to total loans |
3.13% |
2.94% |
4.10% |
||||||
Ratio of allowance for credit losses to nonperforming loans |
210% |
172% |
71% |
||||||
For the Quarter |
||||||
(In thousands) |
Ended March 31, |
|||||
2012 |
2011 |
|||||
Changes in Nonperforming Loans: |
||||||
Balance, beginning of period |
$ |
6,169 |
$ |
17,862 |
||
Additions to nonperforming |
1 |
6,179 |
||||
Charge-offs |
(300) |
(1,292) |
||||
Reclassified back to performing |
(815) |
- |
||||
Principal payment received |
(42) |
(2,900) |
||||
Transferred to other real estate owned |
- |
- |
||||
Balance, end of period |
$ |
5,013 |
$ |
19,849 |
BNCCORP, INC. CONSOLIDATED FINANCIAL DATA (Unaudited) |
||||||
(In thousands) |
For the Quarter Ended March 31, |
|||||
2012 |
2011 |
|||||
Changes in Allowance for Credit Losses: |
||||||
Balance, beginning of period |
$ |
10,630 |
$ |
16,476 |
||
Provision |
100 |
600 |
||||
Loans charged off |
(303) |
(1,299) |
||||
Loan recoveries |
120 |
30 |
||||
Transferred with branch divestiture |
- |
(1,631) |
||||
Balance, end of period |
$ |
10,547 |
$ |
14,176 |
||
Ratio of net charge-offs to average total loans |
(0.052)% |
(0.308)% |
||||
Ratio of net charge-offs to average total loans, annualized |
(0.208)% |
(1.232)% |
||||
(In thousands) |
For the Quarter Ended March 31, |
|||||
2012 |
2011 |
|||||
Changes in Other Real Estate: |
||||||
Balance, beginning of period |
$ |
10,145 |
$ |
12,706 |
||
Transfers from nonperforming loans |
- |
- |
||||
Real estate sold |
- |
- |
||||
Net gains (losses) on sale of assets |
- |
- |
||||
Provision |
(700) |
(200) |
||||
Balance, end of period |
$ |
9,445 |
$ |
12,506 |
(In thousands) |
For the Quarter Ended March 31, |
|||||
2012 |
2011 |
|||||
Other real estate |
$ |
15,531 |
$ |
17,116 |
||
Valuation allowance |
(6,086) |
(4,610) |
||||
Other real estate, net |
$ |
9,445 |
$ |
12,506 |
BNCCORP, INC. CONSOLIDATED FINANCIAL DATA (Unaudited) |
|||||
As of |
|||||
(In thousands) |
March 31, 2012 |
December 31, 2011 |
|||
CREDIT CONCENTRATIONS |
|||||
North Dakota |
|||||
Commercial and industrial |
$ |
55,683 |
$ |
65,986 |
|
Construction |
2,405 |
2,533 |
|||
Agricultural |
12,375 |
13,043 |
|||
Land and land development |
11,117 |
10,579 |
|||
Owner-occupied commercial real estate |
25,177 |
25,526 |
|||
Commercial real estate |
12,661 |
12,100 |
|||
Small business administration |
2,341 |
2,333 |
|||
Consumer |
15,018 |
15,175 |
|||
Subtotal |
$ |
136,777 |
$ |
147,275 |
|
Arizona |
|||||
Commercial and industrial |
$ |
2,994 |
$ |
2,552 |
|
Construction |
- |
- |
|||
Agricultural |
- |
- |
|||
Land and land development |
5,641 |
5,832 |
|||
Owner-occupied commercial real estate |
544 |
550 |
|||
Commercial real estate |
13,739 |
14,070 |
|||
Small business administration |
9,116 |
7,085 |
|||
Consumer |
2,407 |
2,813 |
|||
Subtotal |
$ |
34,441 |
$ |
32,902 |
|
Minnesota |
|||||
Commercial and industrial |
$ |
1,272 |
$ |
1,316 |
|
Construction |
2,091 |
2,090 |
|||
Agricultural |
28 |
28 |
|||
Land and land development |
1,638 |
1,649 |
|||
Owner-occupied commercial real estate |
- |
- |
|||
Commercial real estate |
14,579 |
14,665 |
|||
Small business administration |
51 |
77 |
|||
Consumer |
825 |
893 |
|||
Subtotal |
$ |
20,484 |
$ |
20,718 |
SOURCE BNCCORP, INC.
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