Bank of NC earnings rise
Lloyd Whittington/Triad Business Journal
High Point-based Bank of North Carolina said its net earnings rose in the second quarter.
BNC Bancorp, the High Point-based parent company of Bank of North Carolina[6], said its net earnings rose[7] in the second quarter by about 48 percent from a year ago to $6.1 million.
Profits for BNC (NASDAQ: BNCN) were down by about 5 percent from the first quarter due to transaction-related expenses for the highly acquisitive bank, which absorbed banks in both Albemarle[8] and Chapel Hil[9] l during the second quarter. Operating income for the quarter, which excludes transaction-related expenses and other one-time and investment income, was at $8.4 million, up about 22.5 percent from the first quarter and about double the level of a year ago.
CEO Rick Callicutt[10] said the recently completed mergers and another one pending[11] in the Charleston, S.C., market are part of an important strategy to expand Bank of NC’s footprint in high-growth areas.
“We are just as focused and proud of the organic growth obtained during the quarter,” he added. “Excluding acquired or covered loans, the originated loan portfolio grew by $100 million, or 5.6% during the quarter, highlighted by significant growth in the HELOC portfolio, as well as commercial growth in both the Triangle and Charlotte markets."
Callicutt noted that mortgage banking revenue did not meet the bank’s expectations during the second quarter, but he said there are positive signs of improvement in the third quarter.
Matt Evans covers technology, entrepreneurship, higher education and financial services. Contact him at 336-370-2916.
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