The Banc Corporation Announces 75% Increase in First Quarter Earnings

Apr 26, 2001, 01:00 ET from The Banc Corporation

    BIRMINGHAM, Ala., April 26 /PRNewswire/ --
 The Banc Corporation (Nasdaq:   TBNC) today announced record earnings for the
 first quarter of 2001.  Net income increased 75.1% to $1.6 million, or $.11
 per share on both a basic and diluted basis compared to $902,000 for the first
 quarter of 2000.  Per share earnings in the first quarter of 2000 were $.06.
 Total interest income for The Banc Corporation increased 35.6% to $22.6
 million in the first quarter of 2001 from $16.6 million in the first quarter
 of 2000.  Net interest income increased 14.3% to $9.6 million in the first
 quarter of 2001 from $8.4 million in the first quarter of 2000, while
 noninterest expense increased 7.8%, from $7.9 million in the first quarter of
 2000 to $8.5 million in the first quarter of 2001.
     At March 31, 2001, The Banc Corporation had total assets of $1.14 billion
 compared with $1.03 billion at December 31, 2000, an increase of 11.0%.  Loans
 increased 5.7% to $854.6 million at March 31, 2001 from $808.1 million at
 December 31, 2000.  Deposits increased 8.8% to $900.2 million at March 31,
 2001 from $827.3 million at December 31, 2000.  Stockholders' equity for The
 Banc Corporation increased to $77.0 million, or $5.36 per share at March 31,
 2001 from $74.9 million at December 31, 2000.
     James A. Taylor, Chairman of the Board and Chief Executive Officer of The
 Banc Corporation said, "We are very excited with the way 2001 has begun.  We
 continue to experience significant internal growth on the loan and deposit
 side, but even greater growth on the earnings side.  In the past 15 months,
 from internal growth alone, our total assets have increased $317 million, and
 our earnings are up 75% quarter to quarter.  Also, on April 20, we completed
 the final phase of our data processing and systems integration.  As of today,
 all of our banks are on one computer system and our customers can access their
 accounts and other important information at any of our 29 offices in Alabama
 and Florida."
     The Banc Corporation is a financial holding company headquartered in
 Birmingham, Alabama.  The principal subsidiary of The Banc Corporation is The
 Bank, an Alabama commercial banking organization headquartered in Birmingham,
 Alabama.  The Bank currently has a total of twenty-nine locations, twenty-two
 locations throughout the state of Alabama, four locations along Florida's
 emerald coast and three locations in the northern Florida panhandle.  The
 Florida division of The Bank operates as Emerald Coast Bank and C&L Bank.
 Statements in this document that are not historical facts are hereby
 identified as "forward looking statements" for the purpose of the safe harbor
 provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A
 of the Securities Act of 1933.  The Banc Corporation cautions that such
 "forward looking statements," wherever they occur in this document or in other
 statements attributable to The Banc Corporation are necessarily estimates
 reflecting the best judgment of The Banc Corporation's senior management and
 involve a number of risks and uncertainties that could cause actual results to
 differ materially from those suggested by the "forward looking statements."
 Such "forward looking statements" should, therefore, be considered in light of
 various important factors set forth from time to time in The Banc
 Corporation's reports and registration statements filed with the SEC.
     The Banc Corporation disclaims any intent or obligation to update "forward
 looking statements."
     More information on The Banc Corporation and its subsidiaries may be
 obtained over the Internet, http://www.thebankmybank.com or by calling
 1-877-326-BANK (2265).
 
 
                              THE BANC CORPORATION
                              FINANCIAL HIGHLIGHTS
                 (Amounts in Thousands, Except Per Share Data)
 
 
                                                       Three Months Ended
                                                              March 31,
                                                         2001         2000
     Total interest income                            $22,561        $16,649
     Total interest expense                            12,925          8,284
     Net interest income                                9,636          8,365
     Provision for loan losses                            795            888
     Noninterest income                                 2,230          1,647
     Noninterest expense                                8,466          7,851
     Distributions on trust preferred securities          398            ---
     Net income                                         1,579            902
 
     Net income per share
       Basic                                             $.11           $.06
       Diluted                                            .11            .06
 
 
 
                                                       As of         As of
                                                     March 31,     December 31,
                                                       2001           2000
 
     Total loans                                     $854,568       $808,145
     Allowance for loan losses                          9,551          8,959
     Total assets                                   1,142,483      1,029,215
     Total deposits                                   900,195        827,304
     Total liabilities                              1,050,521        939,340
     Guaranteed preferred beneficial interests
      in the Corporation's subordinated debentures     15,000         15,000
     Stockholders' equity                              76,962         74,875
 
 
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SOURCE The Banc Corporation
    BIRMINGHAM, Ala., April 26 /PRNewswire/ --
 The Banc Corporation (Nasdaq:   TBNC) today announced record earnings for the
 first quarter of 2001.  Net income increased 75.1% to $1.6 million, or $.11
 per share on both a basic and diluted basis compared to $902,000 for the first
 quarter of 2000.  Per share earnings in the first quarter of 2000 were $.06.
 Total interest income for The Banc Corporation increased 35.6% to $22.6
 million in the first quarter of 2001 from $16.6 million in the first quarter
 of 2000.  Net interest income increased 14.3% to $9.6 million in the first
 quarter of 2001 from $8.4 million in the first quarter of 2000, while
 noninterest expense increased 7.8%, from $7.9 million in the first quarter of
 2000 to $8.5 million in the first quarter of 2001.
     At March 31, 2001, The Banc Corporation had total assets of $1.14 billion
 compared with $1.03 billion at December 31, 2000, an increase of 11.0%.  Loans
 increased 5.7% to $854.6 million at March 31, 2001 from $808.1 million at
 December 31, 2000.  Deposits increased 8.8% to $900.2 million at March 31,
 2001 from $827.3 million at December 31, 2000.  Stockholders' equity for The
 Banc Corporation increased to $77.0 million, or $5.36 per share at March 31,
 2001 from $74.9 million at December 31, 2000.
     James A. Taylor, Chairman of the Board and Chief Executive Officer of The
 Banc Corporation said, "We are very excited with the way 2001 has begun.  We
 continue to experience significant internal growth on the loan and deposit
 side, but even greater growth on the earnings side.  In the past 15 months,
 from internal growth alone, our total assets have increased $317 million, and
 our earnings are up 75% quarter to quarter.  Also, on April 20, we completed
 the final phase of our data processing and systems integration.  As of today,
 all of our banks are on one computer system and our customers can access their
 accounts and other important information at any of our 29 offices in Alabama
 and Florida."
     The Banc Corporation is a financial holding company headquartered in
 Birmingham, Alabama.  The principal subsidiary of The Banc Corporation is The
 Bank, an Alabama commercial banking organization headquartered in Birmingham,
 Alabama.  The Bank currently has a total of twenty-nine locations, twenty-two
 locations throughout the state of Alabama, four locations along Florida's
 emerald coast and three locations in the northern Florida panhandle.  The
 Florida division of The Bank operates as Emerald Coast Bank and C&L Bank.
 Statements in this document that are not historical facts are hereby
 identified as "forward looking statements" for the purpose of the safe harbor
 provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A
 of the Securities Act of 1933.  The Banc Corporation cautions that such
 "forward looking statements," wherever they occur in this document or in other
 statements attributable to The Banc Corporation are necessarily estimates
 reflecting the best judgment of The Banc Corporation's senior management and
 involve a number of risks and uncertainties that could cause actual results to
 differ materially from those suggested by the "forward looking statements."
 Such "forward looking statements" should, therefore, be considered in light of
 various important factors set forth from time to time in The Banc
 Corporation's reports and registration statements filed with the SEC.
     The Banc Corporation disclaims any intent or obligation to update "forward
 looking statements."
     More information on The Banc Corporation and its subsidiaries may be
 obtained over the Internet, http://www.thebankmybank.com or by calling
 1-877-326-BANK (2265).
 
 
                              THE BANC CORPORATION
                              FINANCIAL HIGHLIGHTS
                 (Amounts in Thousands, Except Per Share Data)
 
 
                                                       Three Months Ended
                                                              March 31,
                                                         2001         2000
     Total interest income                            $22,561        $16,649
     Total interest expense                            12,925          8,284
     Net interest income                                9,636          8,365
     Provision for loan losses                            795            888
     Noninterest income                                 2,230          1,647
     Noninterest expense                                8,466          7,851
     Distributions on trust preferred securities          398            ---
     Net income                                         1,579            902
 
     Net income per share
       Basic                                             $.11           $.06
       Diluted                                            .11            .06
 
 
 
                                                       As of         As of
                                                     March 31,     December 31,
                                                       2001           2000
 
     Total loans                                     $854,568       $808,145
     Allowance for loan losses                          9,551          8,959
     Total assets                                   1,142,483      1,029,215
     Total deposits                                   900,195        827,304
     Total liabilities                              1,050,521        939,340
     Guaranteed preferred beneficial interests
      in the Corporation's subordinated debentures     15,000         15,000
     Stockholders' equity                              76,962         74,875
 
 
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 SOURCE  The Banc Corporation