BNC Bancorp (BNCN) has reported a marginal fall of 0.03 percent in profit for the quarter ended Mar. 31, 2017. The company has earned $14.43 million, or $0.28 a share, compared with $14.44 million or $0.35 a share, a year ago. On an adjusted basis, net profit for the quarter was $22.81 million, when compared with $15.36 million in the last year period.
Revenue during the quarter surged 31.19 percent to $73.21 million from $55.80 million in the previous year period. Net interest income for the quarter rose 23.67 percent over the prior year period to $59.97 million. Non-interest income for the quarter rose 81.69 percent over the last year period to $14.47 million.
BNC Bancorp has made provision of $1.22 million for loan losses during the quarter, up 88.87 percent from $0.65 million in the same period last year.
Net interest margin contracted 15 basis points to 3.81 percent in the quarter from 3.96 percent in the last year period. Efficiency ratio for the quarter deteriorated to 68.86 percent from 59.78 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Richard D. Callicutt, II, President and CEO, stated, "We are extremely pleased to report record operating results for the first quarter of 2017. During the quarter, after adjusting for all the transaction-related expenses, operating earnings increased a healthy 48.4% from year ago levels, while operating earnings per share increased 15.8% to $0.44. Operating return on average assets was a healthy 1.25%, up slightly from the prior quarter, while operating return on average tangible common equity increased slightly to 14.92%.
Assets outpace liabilities growth
Total assets stood at $7,575.34 million as on Mar. 31, 2017, up 32.91 percent compared with $5,699.57 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $5,581.50 million as on Mar. 31, 2017, up 32.72 percent compared with $4,205.61 million on Mar. 31, 2016. Deposits stood at $6,315.89 million as on Mar. 31, 2017, up 32.58 percent compared with $4,763.78 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $1,191.02 million or 18.86 percent of total deposits on Mar. 31, 2017, compared with $794.55 million or 16.68 percent of total deposits on Mar. 31, 2016.
Investments stood at $893 million as on Mar. 31, 2017, up 17.93 percent or $135.75 million from year-ago. Shareholders equity stood at $916.64 million as on Mar. 31, 2017, up 51.87 percent or $313.09 million from year-ago.
Return on average assets moved down 24 basis points to 0.79 percent in the quarter from 1.03 percent in the last year period. At the same time, return on average equity decreased 326 basis points to 6.46 percent in the quarter from 9.72 percent in the last year period.
Nonperforming assets moved down 11.95 percent or $5.94 million to $43.76 million on Mar. 31, 2017 from $49.70 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.58 percent in the quarter, down from 0.87 percent in the last year period.
Book value per share was $17.55 for the quarter, up 18.66 percent or $2.76 compared to $14.79 for the same period last year.
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