BNCCORP, Inc. (BNCC)

[norweger1979]

BNCCORP, INC. Reports First Quarter Net Income Of $1.1 Million, Or $0.30 Per Diluted Share, Assets Top $1 Billion And Deposits Surge

BISMARCK, N.D., April 28, 2017


2017 First Quarter Highlights

-- Net income in the 2017 first quarter was $1.1 million, compared to $1.4 million in the first quarter of 2016


-- Total assets grew to $1.0 billion at March 31, 2017 as deposits grew $135 million, or 18%, in the first quarter of 2017


-- Loans held for investment increased $12 million, or 3.1%, to $411 million at March 31, 2017 from a year ago


-- Non-performing assets were 0.29% of total assets as of March 31, 2017


-- Book value per share at March 31, 2017 was $21.84 compared to $21.47 at December 31, 2016


-- Book value per common share (excluding OCI) rose to $21.29 at March 31, 2017 from $19.26 at March 31, 2016


BNCCORP, INC. (BNC or the Company) (OTCQX Markets: BNCC),which operates community banking and wealth management businesses in North Dakota, Arizona and Minnesota, and has mortgage banking offices in Illinois, Kansas, Missouri, Minnesota, Arizona and North Dakota, today reported financial results for the first quarter ended March 31, 2017.

Net income in the 2017 first quarter was $1.061 million, a decrease of $354 thousand versus $1.415 million in the same period of 2016. First quarter 2017 diluted earnings per share was $0.30, compared to $0.40 in the first quarter of 2016. The comparison between the first quarters of 2017 and 2016 mainly reflected decreased non-interest income, largely due to lower mortgage revenue resulting predominantly from the effects of higher interest rates on the mortgage refinance market, partially offset by higher net interest income.

Net interest income in the 2017 first quarter increased by $257 thousand, or 4.1%, from the same quarter in 2016, due to the growth of loans held for investment, higher yields on earning assets, reduced interest expense, and improved net interest margin.

Non-interest income in the first quarter of 2017 decreased by $904 thousand, or 16.0%, from the same period in 2016, as higher wealth management revenue and gains on sales of assets were offset by lower mortgage revenues.

Non-interest expense in the first quarter of 2017 was essentially flat when compared to the first quarter of the prior year.

The provision for credit losses was $0 in the first quarters of 2017 and 2016. The ratio of nonperforming assets to total assets was unchanged at 0.29% at March 31, 2017 and December 31, 2016. The allowance for loan losses was 1.96% of loans held for investment at March 31, 2017, compared to 2.00% at December 31, 2016.

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http://www.bnccorp.com/54304/mirror/