BNCCORP, Inc. (BNCC)

[vpagano]

Lots of noise this quarter and a semi-transitional one (sadly no TARP news), have to dig further into this but one must obviously normalize the data. Focusing on ND is a smart move as asset growth has been strong, 17% annually is huge.

Throw rocks at this thinking, it's very back of envelope:

.487 net income
(1.055) life insurance benefit
.3 quarterly saving from Minnesota closings (1.2 / 4)
1.5 impairment charge on real estate sold

1.23 MM / 3.34 MM shares outstanding = $.35 per share

$.35/share x 4 = $1.42 annualized

$13.30 current price / $1.42 = 9.4x earnings multiple

Couple that w/ BV = $13.30 / $14.75 = 90%BV for 17% asset growth

Pinched NIM's are tough, but that asset growth is a positive.

-Pagz