Friday, January 24, 2014

BNC Bancorp doubles net income in 2013

The parent company of Bank of North Carolina reported Friday net income for shareholders of $16.2 million for the year 2013, more than double what it earned the year before.

Net income at BNC Bancorp fell 35 percent in the fourth quarter as it completed its acquisition of Randolph Bank and Trust, a deal that expanded the bank's presence in the Triad. A year ago in the fourth quarter, BNC actually reported a gain as it acquired First Trust Bank at less than market value.

But the full year reflected a significant decrease in nonperforming assets and improvement in several profitability ratios. The company's stock was also the top performer among bank stocks in the Southeast.

"The fourth quarter and all of 2013 were pivotal in solidifying the core earnings power of our organization," CEO Richard Callicut said in a statement.

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