Enterprising Investor
9 years ago
Small-Bank Snatchers at BNC, Atlantic Capital (4/16/18)
Integrating its many acquisitions should help BNC Bancorp achieve growth, while Atlantic Capital’s merger with First Security could lead to new business.
By David Englander
Last week’s big rally aside, bank stocks haven’t fared well in 2016. While concerns about the sector persist, consolidation among small banks continues to present opportunities.
One such bank whose shares look attractive is BNC Bancorp (ticker: BNCN). Since 2010, the High Point, N.C.–based company has been on an acquisition binge, rolling up 15 banks, including two deals that will close this year. When all of the recent deals close, BNC will have assets of $7.2 billion, making it the fifth-largest bank headquartered in North Carolina.
At a recent $21.90, the stock isn’t particularly cheap, based on last year’s earnings of $1.47 a share and year-end tangible book value of $10.77 a share. But over the next few years, as BNC Bancorp drives synergies from its acquisitions, its earnings and tangible book value could move up substantially.
Analysts look for earnings growth of 12%, to $1.65 a share, this year and 13%, to $1.86, in 2017. That puts the stock at an inexpensive 11.8 times 2017 estimate. At a more reasonable 14 times, the shares would be worth 20% more.
BNC operates 62 branches in attractive metro markets in North Carolina, South Carolina, and Virginia. Led since 2003 by CEO Richard Callicutt, BNC began to ramp up its growth after receiving backing from private-equity firm Aquiline Capital Partners in 2010.
Notably, Aquiline’s representative on the BNC board is Kennedy Thompson, the former CEO of Wachovia. Aquiline owns about 4% of the bank’s stock and all of its preferred shares.
BNC underwrites real estate and commercial and consumer loans. Last year, commercial real estate and residential mortgages accounted for about 75% of the $4.2 billion loan book. Credit quality has been good.
In 2015, helped by acquisitions, the loan book grew 35%. Organic loan growth, too, has been solid, up 20% in the December quarter on an annualized basis, with commercial real estate showing particular strength.
In 2015, BNC closed on two deals, Virginia-based Valley Financial, and the acquisition of seven branches of CertusHoldings in South Carolina, which altogether brought in more then $1 billion in assets. This year, deals for Southcoast Financial and High Point Bank, in South Carolina and North Carolina, respectively, are expected to close. Those add another $1.3 billion in assets.
Integrating the acquisitions should deliver synergies. Stephens analyst Tyler Stafford estimates that the bank’s efficiency ratio could drop to 50% by 2017 from 59% last year. He expects tangible book value to grow to $13.30 a share. On that metric, the stock trades for an undemanding 1.6 times tangible book, especially considering the bank’s earnings potential.
The discount probably reflects some investor skepticism over whether BNC can deliver on profitability growth. In a December report, Stafford points out that management has a “history of quickly realizing targeted cost saves” in past acquisitions. That bodes well for the bank, which is due to report first-quarter earnings in about a week.
He also notes that the BNC franchise has a “scarcity value,” as there aren’t many banks its size that have a comparable footprint in the Southeast. That could, one day, make BNC an attractive target itself for a larger bank.
ANOTHER SMALL BANK poised to benefit from an acquisition is Atlanta-based Atlantic Capital Bancshares. Last fall, Atlantic Capital completed a $160 million merger with Chattanooga, Tenn.–based First Security Group.
The deal transformed Atlantic Capital (ACBI) from a single-branch privately held commercial bank into a 26-branch operation located throughout northern Georgia and eastern Tennessee. Notably, the bank has a presence in the metro markets of Atlanta, Chattanooga, and Knoxville.
The shares began trading in November. At a recent $14—or at 1.3 times tangible book value—they look inexpensive. They could rise by 15% or more in the next year.
WITH $2.6 BILLION IN ASSETS , Atlantic could have a long runway for growth. Legacy Atlantic and FSG had two distinct business lines. The old Atlantic provided niche services for small businesses, including corporate banking and franchise lending. FSG, on the other hand, was a community bank focused on small-business lending and mortgage banking.
Integrating the offerings across the new footprint could lead to new business and market-share gains. Atlantic is also hiring new loan-production bankers and may expand into new metro markets in the Southeast. Management has targeted growth of $5 billion to $10 billion in assets over the next four years.
From the merger, Atlantic will be able to wring out cost savings as well as keep a significant chunk of FSG’s net operating losses, a deferred tax asset worth about $50 million.
Commercial real estate and business loans represent over 60% of Atlantic’s loan business. The bank, which will report earnings in two weeks, also underwrites residential real estate and consumer loans.
Sandler O’Neill & Partners analyst Stephen Scouten estimates earnings of 67 cents a share this year, growing to $1.09 a share in 2017. He values the shares at $16, based on 1.4 times this year’s estimated tangible book.
The stock is apt to be much higher in a couple of years if management can make progress on its strategy.
http://www.barrons.com/articles/small-bank-growth-bnc-atlantic-capital-1460781743
Enterprising Investor
9 years ago
BNC Bancorp Signs Definitive Agreement To Acquire High Point Bank Corporation (11/16/15)
HIGH POINT, N.C., Nov. 16, 2015 /PRNewswire/ -- BNC Bancorp ("BNC," NASDAQ: BNCN), the holding company for Bank of North Carolina, and High Point Bank Corporation ("HPTB"), the holding company for High Point Bank and Trust Company, have entered into a definitive agreement pursuant to which BNC will acquire all of the common stock of HPTB in a cash and stock transaction valued at approximately $141.3 million, based on the closing price of BNC common stock on November 13, 2015.
HPTB, headquartered in High Point, North Carolina, operates 12 branches in High Point, Jamestown, Kernersville, Greensboro and Winston Salem, North Carolina. As of September 30, 2015, HPTB reported approximately $795 million in assets, $513 million in loans, and $648 million in deposits. Upon completion of the transaction, BNC is expected to have approximately $6.8 billion in assets, $5.1 billion in loans, and $5.6 billion in deposits. The transaction is expected to be immediately accretive to BNC's fully diluted earnings per share in 2016 and 2017.
Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, subject to certain minimum and maximum limits, HPTB shareholders will have the right to receive $300.00 for each share of HPTB common stock, payable, at their election, in cash or in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger.
The transaction, which is subject to regulatory approval, the approval of the shareholders of HPTB, and other customary conditions, is expected to close in the second quarter of 2016.
Commenting on the announcement, Rick Callicutt, President and Chief Executive Officer of BNC, said, "We are pleased to announce the combination of BNC and High Point Bank. The High Point Bank management, Board of Directors, and entire team share our principles and customer-focused approach, and we are pleased to welcome them, their customers and their shareholders to BNC. High Point Bank has a long, rich tradition in High Point and the Triad, and as neighbors and competitors over the years, we have admired their brand of banking and their dedication to their communities. My first bank account was with High Point Bank and as a lifelong member of the High Point community I am excited about the opportunities we have going forward to honor their long heritage and continue to drive progress here in our communities. We also look forward to engaging both their insurance and trust businesses as two new lines of business that we can advance across our three-state footprint. This transaction epitomizes our current strategy of growing within our existing markets both organically and through acquisition, thus further leveraging our infrastructure to produce greater performance for our shareholders, and provide greater resources to our customers."
Mark L. Williamson, President and Chief Executive Officer of HPTB, added, "We are pleased to join forces with BNC to provide enhanced and long-term value to our customers and communities. Our combination with BNC, with combined total assets of approximately $6.8 billion, will provide greater capital resources and operational scale that will allow us to grow together with a diverse product mix and allow our team to continue to support the High Point and Triad communities. With BNC's executive team having deep roots in the High Point community, we know the heritage of High Point Bank is in good hands. In addition, BNC's track record for creating and growing shareholder value will be a major plus for our shareholder base."
Troutman Sanders LLP provided legal counsel to BNC, while Banks Street Partners, LLC served as its financial advisor. Robinson, Bradshaw & Hinson, P.A. provided legal counsel to HPTB, while Sandler O'Neill + Partners LP served as its financial advisor.
INVESTOR PRESENTATION
Further information on the terms of this transaction will be included in a Form 8-K to be filed by BNC with the Securities and Exchange Commission (the "SEC") and will be available at http://www.bncdeliversmore.com/investorpresentation.
ABOUT BNC BANCORP
Headquartered in High Point, North Carolina, BNC Bancorp is the parent company of Bank of North Carolina, a commercial bank providing a complete line of banking and financial services to individuals and businesses through its 64 banking offices in Virginia, North and South Carolina. The Bank's 19 locations in South Carolina and nine locations in Virginia operate as BNC Bank. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is traded and quoted in the NASDAQ Capital Market under the symbol "BNCN." BNC Bancorp's website is www.bncbancorp.com.
FORWARD-LOOKING STATEMENTS
This Current Report contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements usually use words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, including statements related to the expected timing of the closing of the merger, the expected returns and other benefits of the merger, to shareholders, expected improvement in operating efficiency resulting from the merger, estimated expense reductions resulting from the transactions and the timing of achievement of such reductions, the impact on diluted earnings per share and tangible book value, and the effect of the merger on BNC's capital ratios. Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.
Factors that could cause or contribute to such differences include, but are not limited to, the possibility that expected benefits may not materialize in the time frames expected or at all, or may be more costly to achieve; that the merger may not be timely completed, if at all; that prior to completion of the merger or thereafter, the parties' respective businesses may not perform as expected due to transaction-related uncertainties or other factors; that the parties are unable to implement successful integration strategies; that the required regulatory, shareholder, or other closing conditions are not satisfied in a timely manner, or at all; reputational risks and the reaction of the parties' customers to the merger; diversion of management time to merger-related issues; and other factors and risk influences contained in the cautionary language included under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in BNC's Form 10-K for the year ended December 31, 2014 and other documents subsequently filed by BNC with the SEC. Consequently, no forward-looking statement can be guaranteed. Neither BNC nor HPTB undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For any forward-looking statements made in this Current Report on Form 8-K, the exhibits hereto or any related documents, BNC and HPTB claim protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
ADDITIONAL INFORMATION
This communication is being made in respect of the merger involving BNC and HPTB. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the merger, BNC will file with the SEC a registration statement on Form S-4 that will include a proxy statement/prospectus for the shareholders of HPTB. BNC also plans to file other documents with the SEC regarding the merger with HPTB. HPTB will mail the final proxy statement/prospectus to its shareholders. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. The proxy statement/prospectus, as well as other filings containing information about BNC and HPTB, will be available without charge, at the SEC's website (http://www.sec.gov). Copies of the proxy statement/prospectus and other documents filed with the SEC in connection with the merger can also be obtained, when available, without charge, from BNC's website (http://www.bncbancorp.com).
PARTICIPANTS IN THE MERGER SOLICITATION
BNC and HPTB, and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of HPTB in respect of the merger. Information regarding the directors and executive officers of BNC and HPTB and other persons who may be deemed participants in the solicitation of the shareholders of HPTB in connection with the merger will be included in the proxy statement/prospectus for HPTB's special meeting of shareholders, which will be filed by BNC with the SEC. Information about BNC's directors and executive officers can also be found in BNC's definitive proxy statement in connection with its 2015 annual meeting of shareholders, as filed with the SEC on April 14, 2015, and other documents subsequently filed by BNC with the SEC. Information regarding the directors and executive officers of HPTB who may be deemed participants in the solicitation of the shareholders of HPTB in connection with the proposed transaction will be included in the proxy statement/prospectus for HPTB's special meeting of shareholders, which will be filed by BNC with the SEC. Additional information regarding the interests of such participants will be included in the proxy statement/prospectus and other relevant documents regarding the merger filed with the SEC when they become available.
http://www.prnewswire.com/news-releases/bnc-bancorp-signs-definitive-agreement-to-acquire-high-point-bank-corporation-300178944.html
Enterprising Investor
9 years ago
BNC Bancorp Signs Definitive Agreement To Acquire Mt. Pleasant-Based Southcoast Financial Corporation (8/14/15)
HIGH POINT, N.C., Aug. 14, 2015 /PRNewswire/ -- BNC Bancorp ("BNC," NASDAQ: BNCN), the holding company for Bank of North Carolina, and Southcoast Financial Corporation ("Southcoast," NASDAQ: SOCB), the holding company for Southcoast Community Bank, have entered into a definitive agreement pursuant to which BNC will acquire all of the common stock of Southcoast in a stock transaction valued at approximately $95.5 million, based on the closing price of BNC common stock on August 13, 2015.
Southcoast, headquartered in Mt. Pleasant, South Carolina, operates 10 branches in Mt. Pleasant, Charleston, Moncks Corner, Johns Island, Summerville, Goose Creek and North Charleston, South Carolina. As of June 30, 2015, Southcoast reported approximately $506 million in assets, $383 million in loans, and $361 million in deposits. Upon completion of the transaction, BNC is expected to have approximately $6.0 billion in assets, $4.5 billion in loans, and $4.9 billion in deposits. The transaction is expected to be immediately accretive to BNC's fully diluted earnings per share and tangible book value per share, excluding deal costs.
Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, Southcoast shareholders will receive a fixed price of $13.35 for each share of Southcoast common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger (the
"VWAP"), subject to minimum and maximum exchange ratios. If the VWAP immediately prior to the merger is equal to or less than $19.00, then each share of Southcoast common stock will be converted into 0.7026 of a share of BNC common stock. If the VWAP immediately prior to the merger is equal to or more than $22.00, then each share of Southcoast common stock will be converted into 0.6068 of a share of BNC common stock. The transaction, which is subject to regulatory approval, the approval of the shareholders of Southcoast, and other customary conditions, is expected to close in the first quarter of 2016.
Commenting on the announcement, Rick Callicutt, President and Chief Executive Officer of BNC, said, "We are pleased to announce the combination of BNC and Southcoast. This partnership will allow us to expand our presence in one of the fastest growing and most dynamic regions in the Southeast, the Charleston and Mt. Pleasant, South Carolina markets. We are most excited about Wayne Pearson and his team joining BNC. Our combined companies will be well positioned for further growth in the Charleston and Mt. Pleasant markets with approximately $800 million in assets and a top-five deposit market share in the Charleston-North Charleston, SC MSA. The similar culture and core values of Southcoast and BNC will allow us to accelerate the integration, deepen existing customer relationships, and focus on expansion in these highly-sought after markets. The Southcoast team has built a bank that aligns with our vision of a high performing community bank that creates value for all of its stakeholders while 'Delivering More' than our customers expect."
Callicutt continued, "The addition of Southcoast's 10 offices, along with our upcoming acquisition of seven branches of CertusBank, N.A. in the Upstate Region, will allow BNC to grow our South Carolina franchise by approximately 17 office locations in the two fastest growing areas in the state."
Wayne Pearson, Chairman and Chief Executive Officer of Southcoast, added, "We are pleased to join forces with BNC to provide enhanced and long-term value to our customers and communities. Our combination with BNC, with combined total assets of approximately $6.0 billion, will provide greater capital resources and operational scale that will allow us to grow with the robust Charleston and Mt. Pleasant economies and capture additional market share. In addition, BNC's track record for creating and growing shareholder value will be a major plus for the Southcoast shareholder base."
Troutman Sanders LLP provided legal counsel to BNC, while FIG Partners, LLC served as financial advisor to BNC and Sandler O'Neill + Partners LP served as a special advisor to BNC. Haynsworth Sinkler Boyd, P.A. provided legal counsel to Southcoast, while Banks Street Partners, LLC served as financial advisor to Southcoast.
INVESTOR PRESENTATION
Further information on the terms of this transaction will be included in a Form 8-K to be filed by BNC with the Securities and Exchange Commission (the "SEC").
ABOUT BNC BANCORP
Headquartered in High Point, North Carolina, BNC Bancorp is the parent company of Bank of North Carolina, a commercial bank with total assets in excess of $5.0 billion. Bank of North Carolina provides a complete line of banking and financial services to individuals and businesses through its 57 banking offices in Virginia, North and South Carolina. The Bank currently has 12 locations in South Carolina and nine locations in Virginia that operate as BNC Bank. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is traded and quoted in the NASDAQ Capital Market under the symbol "BNCN." BNC Bancorp's website is www.bncbancorp.com.
http://www.prnewswire.com/news-releases/bnc-bancorp-signs-definitive-agreement-to-acquire-mt-pleasant-based-southcoast-financial-corporation-300128691.html
Enterprising Investor
9 years ago
BNC Bancorp Completes Merger with Valley Financial Corporation (7/01/15)
Expands Bank of North Carolina's Presence into Southwest Virginia
HIGH POINT, N.C. and ROANOKE, Va., July 1, 2015 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN), the parent company of Bank of North Carolina ("BNC" or the "Bank"), today announced the successful completion of its merger with Valley Financial Corporation ("Valley," NASDAQ: VYFC), the parent company of Valley Bank ("Valley Bank"), thereby expanding BNC's presence into Southwest Virginia and the Greater Roanoke MSA.
BNC previously announced its plans to acquire Valley and Valley Bank on November 17, 2014. As of March 31, 2015, Valley had total assets of $854 million, total loans of $628 million and deposits of $683 million. The nine banking offices of Valley Bank will be operated as branches of BNC under the name of Valley Bank until system conversions are completed.
Rick Callicutt, President and CEO of BNC, commented: "We are very pleased to complete this merger with Valley in a timely manner. The opportunity to expand our franchise into the Commonwealth of Virginia with a sizable presence in the Roanoke MSA is exciting for our company and for our shareholders. We look forward to 'Delivering More' to each of their customers and growing our presence in Roanoke and Southwest Virginia in the future."
Ellis Gutshall, President and CEO of Valley, commented: "We are very excited to join forces with BNC. Over the past seven months Rick and his team have welcomed our employees with open arms as we worked hand in hand to plan a successful integration, and it's been quite clear that 'Delivering More' is how they approach all that they do. Our customers will continue to see the same friendly, local employees they have come to know and trust, and our Roanoke community will benefit from the increased resources of the combined franchise."
Based on the terms of the merger agreement and the 20-day volume weighted average price of BNC common stock as of June 29, 2015 being above $18.50, each share of Valley common stock shall be converted into 1.1081 shares of BNC Bancorp common stock.
Womble Carlyle Sandridge & Rice, LLP provided legal counsel to BNC, while Banks Street Partners, LLC served as financial advisor to BNC. Sandler O'Neill + Partners, LP served as financial advisor to Valley, while Williams Mullen provided legal counsel to Valley.
Forward Looking Statements
The press release contains forward-looking statements relating to the financial condition and business of BNC Bancorp and its subsidiary, Bank of North Carolina. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of BNC Bancorp, and the information available to management at the time that this press release was prepared. Factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following that may diminish the expected benefits of the merger: (i) general economic or business conditions in Southwest Virginia; (ii) greater than expected costs or difficulties related to the integration of Valley Bank; (iii) unexpected deposit attrition, customer loss or revenue loss following the merger with Valley, and (iv) the failure to retain or hire key personnel. Additional factors affecting BNC Bancorp and Bank of North Carolina are discussed in BNC Bancorp's filings with the Securities and Exchange Commission (the "SEC"), including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. You may review BNC's SEC filings at www.sec.gov. BNC Bancorp does not undertake a duty to update any forward-looking statements made in this press release.
About BNC Bancorp and Bank of North Carolina
BNC Bancorp is the parent company of Bank of North Carolina, an approximately $5.0 billion-asset commercial bank. Bank of North Carolina provides banking and financial services to individuals and businesses through its 57 banking offices in North and South Carolina, and Virginia. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is quoted in the NASDAQ Capital Market under the symbol "BNCN."
About Valley Financial Corporation and Valley Bank
Valley Financial Corporation is the holding company for Valley Bank, which opened in 1995 and engages in a general commercial and retail banking business in the Roanoke Valley, emphasizing the needs of small businesses, professional concerns and individuals. Valley Bank currently operates from nine full-service offices. Additionally, Valley Bank operates its wealth management subsidiary, Valley Wealth Management Services, Inc., and its mortgage office in Roanoke. The common stock of Valley Financial Corporation is traded on the NASDAQ Capital Market under the symbol "VYFC."
http://www.prnewswire.com/news-releases/bnc-bancorp-completes-merger-with-valley-financial-corporation-300107394.html
Enterprising Investor
9 years ago
BNC Bancorp Announces Acquisition Of CertusBank, N.A. Branches (6/01/15)
HIGH POINT, N.C., June 1, 2015 /PRNewswire/ -- BNC Bancorp ("BNC," NASDAQ: BNCN), the parent company for Bank of North Carolina (the "Bank"), today announced that the Bank has entered into a definitive agreement with CertusBank, N.A., a national bank ("Certus"), pursuant to which the Bank has agreed to purchase, and Certus has agreed to sell, approximately $284 million in customer deposits, approximately $210 million in loans, and seven branch offices of Certus' South Carolina banking operation. The Bank is paying a premium of 2.75% with respect to the assumed deposits. The branches are located in the Greenville, Spartanburg, Easley, Greer and Mauldin communities. The transaction is expected to be immediately accretive to BNC's fully diluted earnings per share, excluding deal costs.
Commenting on the announcement, Rick Callicutt, President and Chief Executive Officer of BNC, said, "I'd like to personally welcome Certus' customers and employees to the BNC family. South Carolina is a very important part of our Company and we look forward to 'Delivering More' to each and every one of our new customers.
The Upstate Region is one of the fastest growing and most dynamic regions in the Southeast and one where further expansion has been a high priority for us. With this addition, BNC further expands our concentration in the highest growth markets in the Carolinas: Greenville, Charleston, Charlotte, and the Triangle and Piedmont Regions of North Carolina."
Len Davenport, recently named President and Chief Executive Officer of Certus, said, "I'd like to thank our customers who have entrusted us with their relationship. Our teammates have provided the highest levels of service to our customers each and every day. We are confident it will continue with BNC."
The consummation of the transaction is subject to customary closing conditions, including receipt of all necessary regulatory approvals, and is expected to be completed in the fourth quarter of 2015.
Troutman Sanders LLP provided legal counsel to BNC, while Banks Street Partners, LLC served as financial advisor to BNC. Nelson Mullins Riley & Scarborough LLP provided legal counsel to Certus, while Sandler O'Neill + Partners LP served as financial advisor to Certus.
INVESTOR PRESENTATION
Further information on the terms of this transaction will be included in a Form 8-K to be filed by BNC with the Securities and Exchange Commission and will be available at http://www.bncdeliversmore.com/investorpresentation.
ABOUT BNC BANCORP
Headquartered in High Point, NC, BNC Bancorp is the parent company of Bank of North Carolina, a commercial bank with $4.17 billion in assets. Bank of North Carolina provides a complete line of banking and financial services to individuals and businesses through its 47 banking offices in North and South Carolina, which will increase to 60 banking offices, to include Virginia after completion of the pending acquisition of Valley Bank, which is expected to close in the third quarter of 2015. The Bank's 12 locations in South Carolina operate as BNC Bank. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is traded and quoted in the NASDAQ Capital Market under the symbol "BNCN." BNC Bancorp's website is www.bncbancorp.com.
http://www.prnewswire.com/news-releases/bnc-bancorp-announces-acquisition-of-certusbank-na-branches-300091490.html
Enterprising Investor
10 years ago
BNC Bancorp Signs Definitive Agreement to Acquire Roanoke-Based Valley Financial Corporation (11/17/14)
HIGH POINT, N.C. and ROANOKE, Va., Nov. 17, 2014 (GLOBE NEWSWIRE) -- BNC Bancorp ("BNC") (Nasdaq:BNCN), the holding company for Bank of North Carolina, and Valley Financial Corporation ("Valley") (Nasdaq:VYFC), the holding company for Valley Bank, have entered into a definitive agreement pursuant to which BNC will acquire all of the common stock of Valley in a stock transaction valued at approximately $101.3 million, based on the closing price of BNC common stock on November 14, 2014.
Valley, headquartered in Roanoke, Virginia, operates nine branches in Roanoke and Salem. As of September 30, 2014, Valley reported approximately $857 million in assets, $607 million in loans, $682 million in deposits and $57.2 million in tangible common equity. Upon completion of the transaction, BNC is expected to have approximately $5.0 billion in assets, $3.6 billion in loans, and $4.0 billion in deposits. The transaction is expected to be immediately accretive to BNC's fully diluted earnings per share, excluding deal costs.
Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, Valley shareholders will receive a fixed price of $20.50 for each share of Valley common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger, subject to minimum and maximum exchange ratios. If the VWAP immediately prior to the merger is greater than or equal to $18.50 then each share of Valley common stock shall be converted into 1.1081 shares of BNC common stock (the "Minimum Exchange Ratio"). If the VWAP immediately prior to the merger is less than $14.25, then each share of Valley common stock shall be converted into 1.4386 shares of BNC common stock (the "Maximum Exchange Ratio"). The transaction, which is subject to regulatory approval, the approval of the shareholders of Valley and BNC, and other customary conditions, is expected to close in the second quarter of 2015.
Commenting on the announcement, Rick Callicutt, President and Chief Executive Officer of BNC, said, "We are pleased to announce the combination of BNC and Valley, the leading community bank in the Roanoke market. This partnership will allow us to enter the Commonwealth of Virginia with a sizable presence in the Roanoke MSA and a top 4 deposit market share. We are most excited about Ellis Gutshall and his team joining BNC to continue to expand the most formidable community bank in the Roanoke Valley. Our combined companies will be well positioned for further expansion in Virginia. The similar culture and core values of Valley and BNC will allow us to accelerate the integration, deepen existing customer relationships, and focus on growth in Southwest Virginia. The Valley team has built a bank that aligns with our vision of a high performing community bank that creates value for all of its stakeholders while "Delivering More" than our customers expect."
Ellis Gutshall, President and Chief Executive Officer of Valley, added, "We are pleased to join forces with BNC Bancorp to provide enhanced and long-term value to our customers and communities. Our combination with BNC, with combined total assets of approximately $5.0 billion, will provide greater capital resources and operational scale that will allow us to grow with the robust Roanoke economy and capture additional market share. In addition, BNC's track record for creating and growing shareholder value will be a major plus for the Valley shareholder base."
Womble Carlyle Sandridge & Rice, LLP provided legal counsel to BNC, while Banks Street Partners, LLC served as financial advisor to BNC. Sandler O'Neill + Partners, LP served as financial advisor to Valley and has rendered a fairness opinion to its Board of Directors in connection with this transaction. Williams Mullen provided legal counsel to Valley.
INVESTOR PRESENTATION
Further information on the terms of this transaction will be included in a Form 8-K to be filed by each of BNC and Valley with the Securities and Exchange Commission ("SEC") and will be available at http://www.bncdeliversmore.com/investorpresentation.
ABOUT BNC BANCORP
Headquartered in High Point, NC, BNC Bancorp is the parent company of Bank of North Carolina, a commercial bank with $5.0 billion in assets (following completion of the acquisition of Valley). Bank of North Carolina provides a complete line of banking and financial services to individuals and businesses through its 48 banking offices in North and South Carolina, which will increase to 60 banking offices, to include Virginia after completion of the pending acquisitions of Harbor Bank Group, Inc. and Valley. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is traded and quoted in the NASDAQ Capital Market under the symbol "BNCN."
ABOUT VALLEY FINANCIAL CORPORATION
Valley Financial Corporation is the holding company for Valley Bank, which opened in 1995 and engages in a general commercial and retail banking business in the Roanoke Valley, emphasizing the needs of small businesses, professional concerns and individuals. Valley Bank currently operates from nine full-service offices. Additionally, Valley Bank operates its wealth management subsidiary, Valley Wealth Management Services, Inc., and its mortgage office in Roanoke. The common stock of Valley Financial Corporation is traded on the NASDAQ Capital Market under the symbol VYFC.
http://globenewswire.com/news-release/2014/11/17/683780/10108543/en/BNC-Bancorp-Signs-Definitive-Agreement-to-Acquire-Roanoke-Based-Valley-Financial-Corporation.html#sthash.GnrfMNQC.dpuf
Enterprising Investor
10 years ago
BNC Bancorp Announces Earnings for Second Quarter 2014 (7/24/14)
HIGH POINT, N.C., July 24, 2014 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN) ("Company"), parent company for Bank of North Carolina ("Bank"), today reported financial results for the quarter and six months ended June 30, 2014.
Operating earnings for the quarter ended June 30, 2014 totaled $8.4 million, or $0.29 per diluted share, an increase of 22.5% compared to $6.9 million, or $0.25 per diluted share, for the quarter ended March 31, 2014, and an increase of 99.1% from operating earnings of $4.2 million, or $0.16 per diluted share, for the quarter ended June 30, 2013. Operating earnings exclude transaction-related expenses, acquisition-related gains, one-time income and expense items, and gain (loss) on sale of investment securities.
Net income for the quarter ended June 30, 2014 was $6.1 million, or $0.21 per diluted share, a decrease of 5.4% compared to net income of $6.5 million, or $0.24 per diluted share, for the quarter ended March 31, 2014, and an increase of 48.3% from net income available to common shareholders of $4.1 million, or $0.16 per diluted share, for the quarter ended June 30, 2013. The decrease in net income from first quarter 2014 is primarily due to a $2.8 million increase in transaction-related expenses incurred during the second quarter.
Operating earnings for the six months ended June 30, 2014 totaled $15.3 million, or $0.54 per diluted share, an increase of 83.5% compared to operating earnings of $8.3 million, or $0.31 per diluted share, for the six months ended June 30, 2013.
Net income for the six months ended June 30, 2014 was $12.6 million, or $0.45 per diluted share, an increase of 60.0% from net income available to common shareholders of $7.9 million, or $0.30 per diluted share, for the six months ended June 30, 2013.
During the second quarter of 2014, the Company completed the previously announced acquisitions of South Street Financial Corporation in Albemarle, North Carolina ("South Street") and Community First Financial Group, Inc. in Chapel Hill, North Carolina ("Community First"), respectively. The acquisition of South Street closed on April 1, 2014 and the acquisition of Community First was completed on June 1, 2014. As a result, average fully-diluted common shares outstanding increased from 27.5 million for the first quarter of 2014 to 29.0 million for the second quarter of 2014.
Total assets at June 30, 2014 were $3.68 billion, an increase of 13.8% as compared to total assets of $3.23 billion at December 31, 2013.
Highlights for Second Quarter 2014:
•Completed acquisitions of South Street and Community First, adding greater depth in the Charlotte and Triangle regions of North Carolina;
•Signed Agreement and Plan of Merger with Harbor Bank Group, Inc., the holding company for Harbor National Bank, which has approximately $306 million is assets and expands the Company's presence in the attractive Charleston and Mount Pleasant, South Carolina areas;
•Net income of $6.1 million, an increase of 48.3% compared to second quarter of 2013;
•Diluted earnings per share of $0.21, compared to $0.16 per diluted share for second quarter of 2013;
•Return on tangible common equity ratio of 9.21%, compared to 7.70% for second quarter 2013;
•Operating earnings of $8.4 million, compared to $4.2 million for second quarter of 2013;
•Operating earnings per diluted share of $0.29, compared to $0.16 per diluted share for second quarter 2013;
•Operating return on average assets of 0.95%, compared to 0.58% for second quarter of 2013; and
•Operating return on tangible common equity ratio of 12.43%, compared to 7.85% for second quarter 2013.
Richard D. Callicutt II, President and CEO, stated, "I am delighted to report another strong quarter highlighted by the continued ramp in our operating earnings per share, which excludes transaction-related expenses, to $0.29, up from $0.25 in the previous quarter. In addition to growing trends in profitability, growth within the franchise was another major highlight for the second quarter as we closed two acquisitions which provided greater market penetration in the attractive Charlotte and Triangle regions of North Carolina, and announced an agreement to acquire Harbor National in the dynamic Charleston, South Carolina market. While acquisitions are a key part of our strategic initiative to gain market share in the high growth markets in the Carolinas, we are just as focused and proud of the organic growth obtained during the quarter. 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."
Mr. Callicutt continued, "While our mortgage area showed improvement compared to the first quarter, we did not realize as much of an increase in revenues as expected. We see encouraging signs for the third quarter, with the addition of originators from Community First, and a growing level of applications taken and loans closings.
I want to once again, thank our team for their tireless efforts in the integration of the South Street and Community First employees and customers into our BNC family. While many view the system conversion as the cornerstone of integration success, we know that it's about our culture and gaining these new employees' and customers' trust and loyalty of the Cardinal and BNC brand."
Operating Results
Fully-taxable equivalent ("FTE") net interest income for the second quarter of 2014 was $35.8 million, an increase of 9.6% from $32.7 million for the first quarter of 2014, and an increase of 27.8% from $28.0 million for the second quarter of 2013. FTE net interest margin was 4.54% for the second quarter of 2014, a decrease of 7 basis points from 4.61% for the first quarter of 2014, and an increase of 22 basis points from 4.32% for the second quarter of 2013. The decrease in net interest margin from the first quarter of 2014 was primarily due to a $0.5 million decrease in fair value accretion recorded on the acquired loan portfolio.
FTE net interest income for the six months ended June 30, 2014 was $68.5 million, an increase of 23.5% from $55.5 million for the six months ended June 30, 2013. FTE net interest margin was 4.57% for the six months ended June 30, 2014, an increase of 31 basis points from 4.26% for the comparable period of 2013.
Average interest-earning assets were $3.17 billion for the second quarter of 2014, an increase of 9.9% from $2.88 billion for the first quarter of 2014, and an increase of 21.6% from $2.60 billion for the second quarter of 2013. Average interest-earning assets were $3.02 billion for the six months ended June 30, 2014, an increase of 15.1% from $2.63 billion for the first six months of 2013.
Average interest-bearing liabilities were $2.78 billion for the second quarter of 2014, an increase of 9.0% from $2.55 billion for the first quarter of 2014, and an increase of 17.8% from $2.36 billion for the second quarter of 2013. Average interest-bearing liabilities were $2.67 billion for the six months ended June 30, 2014, an increase of 11.7% from $2.39 billion for the six months ended June 30, 2013.
The above increases were primarily due to the acquisitions of South Street and Community First during the second quarter of 2014, as well as the acquisition of Randolph Bank & Trust ("Randolph") during the fourth quarter of 2013.
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Enterprising Investor
10 years ago
BNC Bancorp Signs Definitive Agreement To Acquire Charleston-Based Harbor Bank Group, Inc. (6/05/14)
HIGH POINT, N.C., June 5, 2014 /PRNewswire/ -- BNC Bancorp ("BNC" or the "Company," NASDAQ: BNCN), the holding company for Bank of North Carolina, today announced it has entered into a definitive agreement to acquire all of the common stock of Harbor Bank Group, Inc. ("Harbor"), the holding company for Harbor National Bank, in a stock transaction valued at approximately $50.6 million, based on the closing price of BNC common stock on June 4, 2014.
Harbor, headquartered in Charleston, South Carolina, is the holding company for Harbor National Bank, which operates four branches in Charleston and Mount Pleasant. As of March 31, 2014, Harbor reported approximately $306 million in assets, $253 million in loans, $250 million in deposits and $33 million in tangible common equity. Upon completion of the transaction, BNC is expected to have approximately $4.0 billion in assets, $3.0 billion in loans, and $3.4 billion in deposits. The transaction is expected to be immediately accretive to BNC Bancorp's fully diluted earnings per share, excluding deal costs.
Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, Harbor's shareholders will receive 0.950 shares of the Company's common stock for each share of Harbor common stock owned, resulting in the issuance of a total of approximately 2,977,000 shares in the exchange. The transaction, which is subject to regulatory approval, the approval of the shareholders of Harbor and other customary conditions, is expected to close in the fourth quarter of 2014.
Commenting on the announcement, Rick Callicutt, President and Chief Executive Officer of BNC, said, "We are pleased to announce the agreement to acquire Harbor, one of the leading community banks in the Charleston, SC market. This will greatly increase our presence in the Charleston MSA moving us into the top ten in deposit market share. We are most excited about Charlie Rivers and his team joining BNC to create a formidable community bank in a very important growth market in South Carolina. The Harbor team has spent their entire careers in the Charleston market, which has allowed them to build a great bank that consistently outperforms its peer group. Charlie and his team will be a crucial part of our goal of creating a meaningful community bank option for South Carolina businesses and families."
Charlie Rivers, President of Harbor, added, "We are pleased to join forces with BNC Bancorp to provide enhanced and long-term value to our customers and communities. Our combination with BNC, with combined total assets of more than $4.0 billion, will provide greater capital resources and operational scale that will allow us to grow with the robust Charleston economy and capture additional market share."
Womble Carlyle Sandridge & Rice, LLP provided legal counsel to BNC Bancorp. Banks Street Partners, LLC served as financial advisor to Harbor and has rendered a fairness opinion to its Board of Directors in connection with this transaction. Bryan Cave, LLP provided legal counsel to Harbor.
INVESTOR PRESENTATION
Further information on the terms of this transaction will be included in a Form 8-K to be filed by BNC with the Securities and Exchange Commission ("SEC") and is available at http://www.bncdeliversmore.com/investorpresentation.
ABOUT BNC BANCORP
Headquartered in High Point, NC, BNC Bancorp is the parent company of Bank of North Carolina, a commercial bank with $4.0 billion in assets (subsequent to the acquisition of Harbor). Bank of North Carolina provides a complete line of banking and financial services to individuals and businesses through its 48 banking offices in North and South Carolina, which will increase to 52 banking offices after the acquisition of Harbor. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is traded and quoted in the NASDAQ Capital Market under the symbol "BNCN."
ABOUT HARBOR BANK GROUP, INC.
Harbor Bank Group, Inc., headquartered in Charleston, South Carolina, is the holding company for Harbor National Bank, which provides a full range of commercial and consumer banking services from four banking offices located in Charleston and Mount Pleasant. Harbor also provides mortgage banking services from offices in Greenville, Hilton Head and Charleston.
http://www.prnewswire.com/news-releases/bnc-bancorp-signs-definitive-agreement-to-acquire-charleston-based-harbor-bank-group-inc-261962621.html
Enterprising Investor
10 years ago
BNC Bancorp Completes Merger With Community First Financial Group (6/02/14)
Merger Expands Bank of North Carolina's Presence in the Raleigh-Durham-Chapel Hill Area of North Carolina
HIGH POINT, N.C. and CHAPEL HILL, N.C., June 2, 2014 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN), the parent company of Bank of North Carolina ("BNC" or "the Bank"), today announced the successful completion of its merger with Community First Financial Group, Inc. ("Community First"), the parent company of Harrington Bank, FSB ("Harrington"), thereby expanding BNC's presence in the Raleigh-Durham-Chapel Hill Area of North Carolina.
BNC previously announced its plans to acquire Community First and Harrington on December 18, 2013. As of March 31, 2014, Harrington had total assets of $225.0 million, total loans of $165.4 million and deposits of $194.7 million. The former branches of Harrington will be operated as branches of BNC under the name of Harrington until system conversions are completed in September, 2014.
In connection with the merger, the common shareholders of Community First have elected to receive 0.4069 shares of BNC common stock, or $5.90 in cash, for each share of Community First common stock owned by them, subject to allocation and pro rata procedures to ensure 75% of Community First common shares receive BNC common stock in the transaction. A total of 1,190,856 shares of BNC common stock and cash aggregating $5.76 million will be paid to Community First shareholders in the merger. Immediately prior to the merger, the shares of preferred stock of Community First were redeemed for $850,000 in the aggregate. Based on the closing price of BNC common stock on May 30, 2014, the aggregate deal value for common shareholders of Community First is approximately $26.0 million.
As a result of the transaction, BNC has acquired three branches in Chapel Hill and will have approximately $510 million in loans and $336 million in deposits in the Raleigh-Durham-Chapel Hill area of North Carolina.
Commenting on the transaction, Rick Callicutt, the President and Chief Executive Officer of BNC, noted: "Harrington Bank is a critical addition to our goal of creating a billion dollar footprint in the Raleigh, Durham, and Chapel Hill region of North Carolina. Larry Loeser and the Harrington Bank team have done an outstanding job of developing valuable and trusted relationships in Chapel Hill and surrounding communities. This partnership will give our combined team more resources to bring a wider range of products and services to the residents and businesses of Chapel Hill and the surrounding Triangle market."
Commenting on the merger, Larry Loeser, President and Chief Executive Officer of Community First and Harrington Bank, stated: "We are pleased to be joining BNC and the Bank of North Carolina team. We believe the merger provides significant value to our shareholders and will offer our customers the benefit of banking locations throughout the Carolinas. Our customers and the communities we serve will also benefit from the broader range of products and services offered by the Bank of North Carolina. We are also pleased that our employees will be joining a larger company with the resources and reputation that Bank of North Carolina has worked hard to achieve."
For the merger, BNC Bancorp and its subsidiary, Bank of North Carolina, were advised by Sandler O'Neill & Partners, LLP, New York, NY, as financial advisor, and Womble Carlyle Sandridge & Rice, LLP, Atlanta, GA, as legal advisor. Community First was advised in this transaction by Banks Street Partners, LLC, Atlanta, GA, as financial advisor, and Barnes & Thornburg, LLP, Indianapolis, IN, as legal advisor.
Forward Looking Statements
The press release contains forward-looking statements relating to the financial condition and business of BNC and its subsidiary, Bank of North Carolina. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of BNC, and the information available to management at the time that this press release was prepared. Factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following that may diminish the expected benefits of the merger: (i) general economic or business conditions in the Greensboro-High Point and Raleigh-Durham-Chapel Hill MSAs; (ii) greater than expected costs or difficulties related to the integration of Harrington Bank; (iii) unexpected deposit attrition, customer loss or revenue loss following the merger with Community First, and (iv) the failure to retain or hire key personnel. Additional factors affecting BNC and Bank of North Carolina are discussed in BNC's filings with the Securities and Exchange Commission (the "SEC"), including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. You may review BNC's SEC filings at www.sec.gov. BNC does not undertake a duty to update any forward-looking statements made in this press release.
About BNC Bancorp and Bank of North Carolina
BNC Bancorp is the parent company of Bank of North Carolina, an approximately $3.7 billion-asset commercial bank with the Community First acquisition. Bank of North Carolina provides banking and financial services to individuals and businesses through its 48 full-service banking offices in North and South Carolina. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is quoted in the NASDAQ Capital Market under the symbol "BNCN."
http://www.prnewswire.com/news-releases/bnc-bancorp-completes-merger-with-community-first-financial-group-261503681.html
Enterprising Investor
11 years ago
BNC Bancorp CEO Rick Callicutt Discusses Recent Transaction Announcements
BNC Announces Two Merger Transactions, Further Expanding Bank of North Carolina's Presence in the Charlotte and Triangle Areas of North Carolina
HIGH POINT, N.C., Dec. 18, 2013 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN), the parent company of Bank of North Carolina ("BNC" or "the Bank"), today announced that it has signed an Agreement and Plan of Merger with both South Street Financial Corporation, the parent company of Home Savings Bank, FSB in Albemarle, North Carolina ("South Street"), and Community First Financial Group, Inc. ("Community First"), the parent company of Harrington Bank, FSB in Chapel Hill, North Carolina. These two transactions provide approximately $275 million and $228 million in assets in the Metro-Charlotte market and the Raleigh-Durham-Chapel Hill market, respectively.
Commenting on these two transactions, BNC Bancorp President and CEO, Rick Callicutt, said, "The acquisition announcement this morning of both Home Savings Bank and Harrington Bank continue to demonstrate Bank of North Carolina's commitment to growing shareholder and franchise value in the Carolinas. Each of these opportunities provides access to a larger base of very loyal customers that will enjoy a wider range of financial products and services while maintaining a culture of delivering service at a level that has separated the BNC franchise from our competitors.
Both companies are important additions with different dynamics that address BNC's long term strategy of building one of the premier franchises in the Carolinas and Virginia. These acquisitions provide a means to put the organization more on balance relative to core funding and asset diversification. A strategy that is important to the longer term earnings growth of our combined companies."
Callicutt continued, "The depth of our infrastructure combined with our experienced project management staff will support both transactions from now through the core conversion process, product training and employee development. We have had in-depth conversations with our regulatory partners and feel confident that we will be able to achieve necessary approvals for each transaction. Current capital levels and earnings power built into BNC will provide the necessary capital to support both acquisitions, as well as planned organic growth, now and into the foreseeable future. We plan to have both organizations fully integrated by the end of the third quarter of 2014, with the combinations expected to drive an additional 12%+ in earnings per share in 2015."
Closing of the mergers, which are subject to regulatory approval, customary closing conditions and the approval of both South Street and Community First shareholders, is expected to occur in the second quarter of 2014. Further information on the terms of these pending transactions will be included in a Form 8-K to be filed by BNC Bancorp with the Securities and Exchange Commission ("SEC") and is available at http://www.bncdeliversmore.com/investorpresentation.
BNC Bancorp and its subsidiary, Bank of North Carolina, were advised by Sandler O'Neill & Partners, LLP, New York, NY, in connection with the Community First transaction and Sandler O'Neill & Partners, LLP provided strategic advice on both transactions. Banks Street Partners, LLC, Atlanta, GA, served as financial advisor to BNC Bancorp in connection with the South Street transaction. Womble Carlyle Sandridge & Rice, LLP, Atlanta, GA, served as legal advisor to BNC Bancorp on both the Community First and South Street transactions.
Forward Looking Statements
The press release contains forward-looking statements relating to the financial condition and business of BNC and its subsidiary, Bank of North Carolina. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of BNC, and the information available to management at the time that this press release was prepared. Factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following that may diminish the expected benefits of the merger: (i) ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval by South Street and Community First shareholders, on the expected terms and schedule; (ii) general economic or business conditions in the Greensboro-High Point, Raleigh-Durham-Chapel Hill and Charlotte MSAs; (iii) greater than expected costs or difficulties related to the integration of each subsidiary bank; (iv) unexpected deposit attrition, customer loss or revenue loss following the mergers, and (v) the failure to retain or hire key personnel. Additional factors affecting BNC and Bank of North Carolina are discussed in BNC's filings with the SEC, including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. You may review BNC's SEC filings at www.sec.gov. BNC does not undertake a duty to update any forward-looking statements made in this press release.
About BNC Bancorp and Bank of North Carolina
BNC Bancorp is the parent company of Bank of North Carolina, a commercial bank with approximately $3.7 billion in assets after the combination of the two institutions highlighted above. Bank of North Carolina currently provides banking and financial services to individuals and businesses through its 39 full-service banking offices in North and South Carolina, which will grow to 46 after the combination of Home Savings and Harrington Bank. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is quoted in the NASDAQ Capital Market under the symbol "BNCN."
About South Street
South Street is headquartered in Albemarle, N.C. Through Home Savings Bank, South Street provides a full range of banking services to customers in Stanly County, N.C. and the surrounding counties. Its philosophy is to serve the customers in its communities as a local community bank and to meet their home mortgage, small business and personal retail banking needs. For more information, visit www.homesavingsbank.org.
About Community First
Community First is headquartered in Chapel Hill, N.C. Through Harrington Bank, Community First provides a full range of banking services to customers in Chapel Hill and Durham, NC and the surrounding communities. Its philosophy is to serve the customers in its communities as a local community bank and to meet their home mortgage, small business and personal retail banking needs. For more information, visit www.harringtonbank.com.
Additional Information
In connection with each proposed merger, BNC Bancorp will file with the SEC a Registration Statements on Form S-4 that will include a Proxy Statement of Community First or South Street and a Prospectus of BNC Bancorp, as well as other relevant documents concerning each proposed transaction. SHAREHOLDERS ARE STRONGLY URGED TO READ THE REGISTRATION STATEMENTS AND THE PROXY STATEMENT/PROSPECTUS REGARDING EACH PROPOSED MERGER WHEN EACH BECOMES AVAILABLE AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING EACH PROPOSED MERGER. A free copy of each Proxy Statement/Prospectus, as well as other filings containing information about BNC Bancorp, may be obtained after their filing at the SEC's Internet site (http://www.sec.gov) in addition, free copies of documents filed by BNC Bancorp with the SEC may be obtained on the BNC Bancorp website at www.bncbancorp.com.
BNC Bancorp and each of Community First and South Street and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from each of Community First's, and South Street's shareholders in connection with each respective transaction. Information about the directors and executive officers of BNC Bancorp and each of Community First and South Street and information about other persons who may be deemed participants in each solicitation will be included in each respective proxy Statement/Prospectus. Information about BNC Bancorp's executive officers and directors can be found in BNC Bancorp's definitive proxy statement in connection with its 2013 Annual Meeting of Shareholders filed with the SEC on April 16, 2013. Additional information regarding the interests of those persons and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding each proposed merger when each becomes available. You may obtain free copies of each document as described in the preceding paragraph.
SOURCE BNC Bancorp
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Enterprising Investor
11 years ago
BNC Bancorp and Community First Financial Group Announce Definitive Merger Agreement (12/18/13)
Merger Expands Bank of North Carolina's Presence in the Raleigh-Durham-Chapel Hill Area of North Carolina
HIGH POINT, N.C. and CHAPEL HILL, N.C., Dec. 18, 2013 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN), the parent company of Bank of North Carolina ("BNC" or "the Bank"), today announced that it has signed an Agreement and Plan of Merger ("Agreement") with Community First Financial Group, Inc. ("Community First"), the parent company of Harrington Bank, FSB ("Harrington Bank"). Harrington Bank is a federal savings bank with approximately $228.5 million in assets serving consumers, small businesses and professionals in the Chapel Hill and Durham areas of North Carolina.
The Agreement provides that the common shareholders of Community First may elect to receive 0.4069 shares of BNC common stock, or $5.90 in cash, for each share of Community First common stock owned by them, subject to allocation and pro rata procedures to ensure 75% of Community First common shares (or 2,926,655 shares) receive BNC common stock in the transaction. Shares of preferred stock of Community First will be redeemed for $850,000 in the aggregate. Based on the closing price of BNC common stock on December 17, 2013, the aggregate deal value for common shareholders of Community First is approximately $24.2 million.
As a result of the transaction, BNC will acquire three branches in Chapel Hill, North Carolina, as well as approximately $179.0 million in loans and $198.8 million in deposits. Upon closing, BNC will have approximately $520 million in loans and $385 million in deposits in the Raleigh-Durham-Chapel Hill area of North Carolina.
Commenting on the transaction, Rick Callicutt, the President and Chief Executive Officer of BNC, noted: "Harrington Bank is a critical addition to our goal of creating a billion dollar footprint in the Raleigh, Durham, and Chapel Hill region of North Carolina. Larry Loeser and the Harrington Bank team have done an outstanding job of developing valuable and trusted relationships in Chapel Hill and surrounding communities. This partnership will give our combined team more resources to bring a wider range of products and services to the residents and businesses of Chapel Hill and the surrounding Triangle market."
Commenting on the merger, Larry Loeser, President and Chief Executive Officer of Community First and Harrington Bank, stated: "We are pleased to be joining BNC and Bank of North Carolina team. We believe the merger will provide significant value to our shareholders and will offer our customers the benefit of convenient banking locations throughout the Carolinas. Our customers and the communities we serve will also benefit from the broader range of products and services offered by Bank of North Carolina. We are also pleased that our employees will be joining a larger company with the resources and reputation that Bank of North Carolina has worked hard to achieve."
Closing of the merger, which is subject to regulatory approval, customary closing conditions and the approval of Community First shareholders, is expected to occur in the second quarter of 2014. Further information on the financial metrics and strategic rationale of this transaction are included in a Form 8-K to be filed with the Securities and Exchange Commission ("SEC") by BNC Bancorp.
For the merger, BNC Bancorp and its subsidiary, Bank of North Carolina, were advised by Sandler O'Neill & Partners, LLP, New York, NY, as financial advisor, and Womble Carlyle Sandridge & Rice, LLP, Atlanta, GA. Community First was advised in this transaction by Banks Street Partners, LLC, Atlanta, GA, as financial advisor, and Barnes & Thornburg, LLP, Indianapolis, IN, as legal advisor.
Forward Looking Statements
The press release contains forward-looking statements relating to the financial condition and business of BNC and its subsidiary, Bank of North Carolina. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of BNC, and the information available to management at the time that this press release was prepared. Factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following that may diminish the expected benefits of the merger: (i) ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval by Community First shareholders, on the expected terms and schedule; (ii) general economic or business conditions in the Greensboro-High Point and Raleigh-Durham-Chapel Hill MSAs; (iii) greater than expected costs or difficulties related to the integration of Harrington Bank; (iv) unexpected deposit attrition, customer loss or revenue loss following the merger with Community First, and (v) the failure to retain or hire key personnel. Additional factors affecting BNC and Bank of North Carolina are discussed in BNC's filings with the SEC, including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. You may review BNC's SEC filings at www.sec.gov. BNC does not undertake a duty to update any forward-looking statements made in this press release.
Additional Information
In connection with the proposed merger, BNC Bancorp will file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of Community First and a Prospectus of BNC Bancorp, as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS ARE STRONGLY URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER WHEN THEY BECOME AVAILABLE AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER. A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about BNC Bancorp, may be obtained after their filing at the SEC's Internet site (http://www.sec.gov). In addition, free copies of documents filed by BNC Bancorp with the SEC may be obtained on the BNC Bancorp website at www.bncbancorp.com.
BNC Bancorp and Community First and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Community First's shareholders in connection with this transaction. Information about the directors and executive officers of BNC Bancorp and Community First and information about other persons who may be deemed participants in this solicitation will be included in the Proxy Statement/Prospectus. Information about BNC Bancorp's executive officers and directors can be found in BNC Bancorp's definitive proxy statement in connection with its 2013 Annual Meeting of Shareholders filed with the SEC on April 16, 2013. Additional information regarding the interests of those persons and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available. You may obtain free copies of this document as described in the preceding paragraph.
About BNC Bancorp and Bank of North Carolina
BNC Bancorp is the parent company of Bank of North Carolina, an approximately $3.2 billion-asset commercial bank. Bank of North Carolina provides banking and financial services to individuals and businesses through its 39 full-service banking offices in North and South Carolina. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is quoted in the NASDAQ Capital Market under the symbol "BNCN."
About Community First
Community First is headquartered in Chapel Hill, N.C. Through Harrington Bank, Community First provides a full range of banking services to customers in Chapel Hill, NC and the surrounding communities. Its philosophy is to serve the customers in its communities as a local community bank and to meet their home mortgage, small business and personal retail banking needs. For more information, visit www.harringtonbank.com.
SOURCE BNC Bancorp
http://www.prnewswire.com/news-releases/bnc-bancorp-and-community-first-financial-group-announce-definitive-merger-agreement-236365571.html
Enterprising Investor
11 years ago
BNC Bancorp and South Street Financial Corp. Announce Definitive Merger Agreement (12/18/13)
Merger Expands Bank of North Carolina's Presence in the Charlotte Area of North Carolina
HIGH POINT, N.C. and ALBEMARLE, N.C., Dec. 18, 2013 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN), the parent company of Bank of North Carolina ("BNC" or "the Bank"), today announced that it has signed an Agreement and Plan of Merger ("Agreement") with South Street Financial Corp. ("South Street"), the parent company of Home Savings Bank of Albemarle, SSB ("Home Savings"). Home Savings is a North Carolina savings bank with $274.1 million in assets serving consumer, small businesses and professionals in the Albemarle area of North Carolina.
The Agreement provides for the common shareholders of South Street to elect to receive cash in an amount of $8.85 per share or between 0.6000 and 0.6941 shares of BNC common stock, depending on the closing price of BNC common stock prior to closing of the merger, for an aggregate deal value for common shareholders of approximately $23.7 million, based on the closing price of BNC common stock on December 17, 2013. Eighty percent of the total consideration received by the South Street common shareholders will be BNC voting common stock and the remainder will be cash. As a result of the transaction, BNC will acquire two branches in Albemarle, North Carolina and one each in Locust and Oakboro, North Carolina as well as $195.5 million in loans and $238.1 million in deposits. Upon closing, BNC will have approximately $865 million in loans and $725 million in deposits in the Charlotte MSA.
"Home Savings Bank enjoys a long rich successful history of service to Stanly and surrounding counties. Ron Swanner, the Board of Directors, and employees have been tremendous supporters of the families and small businesses while creating value for their shareholders. Our companies share the same core values of trust and service that are critical to operating a successful, vibrant organization. We look forward to the opportunity to bring a wide range of financial services to the customers and citizens of Albemarle, Oakboro and Locust," said Rick Callicutt, President and CEO of BNC Bancorp and BNC.
Commenting on the merger, Ron Swanner, Chairman and Chief Executive Officer of South Street and Home Savings Bank, stated: "We are pleased to be joining with BNC and the Bank of North Carolina. We believe the merger will provide significant value to our shareholders and as they are one of the best managed, most profitable and fastest growing banks in the southeast. Our customers and the communities we serve will also benefit from the broader range of products and services offered by the Bank of North Carolina and their convenient branch network throughout the Carolinas. We are also pleased that our employees will be joining a larger company with more opportunities for advancement."
Closing of the merger, which is subject to regulatory approval, customary closing conditions and the approval of South Street shareholders, is expected to occur in the second quarter of 2014. Further information on the financial metrics and strategic rationale of this transaction are included in a Form 8-K to be filed with the Securities and Exchange Commission ("SEC") by BNC Bancorp.
For the merger, BNC Bancorp and its subsidiary, Bank of North Carolina, were advised by Banks Street Partners, LLC, as financial advisor and Womble Carlyle Sandridge & Rice, LLP as legal advisor, both in Atlanta. South Street was advised in this transaction by Raymond James & Associates, Inc. as financial advisor and Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P. as legal advisor.
Forward Looking Statements
The press release contains forward-looking statements relating to the financial condition and business of BNC and its subsidiary, Bank of North Carolina. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of BNC, and the information available to management at the time that this press release was prepared. Factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following that may diminish the expected benefits of the merger: (i) ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval by South Street shareholders, on the expected terms and schedule; (ii) general economic or business conditions in the Greensboro-High Point and Charlotte MSAs; (iii) greater than expected costs or difficulties related to the integration of Home Savings; (iv) unexpected deposit attrition, customer loss or revenue loss following the merger with South Street, and (v) the failure to retain or hire key personnel. Additional factors affecting BNC and Bank of North Carolina are discussed in BNC's filings with the SEC, including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. You may review BNC's SEC filings at www.sec.gov. BNC does not undertake a duty to update any forward-looking statements made in this press release.
Additional Information
In connection with the proposed merger, BNC Bancorp will file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of South Street and a Prospectus of BNC Bancorp, as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS ARE STRONGLY URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER WHEN THEY BECOME AVAILABLE AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER. A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about BNC Bancorp, may be obtained after their filing at the SEC's Internet site (http://www.sec.gov). In addition, free copies of documents filed by BNC Bancorp with the SEC may be obtained on the BNC Bancorp website at www.bncbancorp.com.
BNC Bancorp and South Street and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from South Street's shareholders in connection with this transaction. Information about the directors and executive officers of BNC Bancorp and South Street and information about other persons who may be deemed participants in this solicitation will be included in the Proxy Statement/Prospectus. Information about BNC Bancorp's executive officers and directors can be found in BNC Bancorp's definitive proxy statement in connection with its 2013 Annual Meeting of Shareholders filed with the SEC on April 16, 2013. Additional information regarding the interests of those persons and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available. You may obtain free copies of this document as described in the preceding paragraph.
About BNC Bancorp and Bank of North Carolina
BNC Bancorp is the parent company of Bank of North Carolina, an approximately $3.2 billion-asset commercial bank. Bank of North Carolina provides banking and financial services to individuals and businesses through its 39 full-service banking offices in North and South Carolina. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is quoted in the NASDAQ Capital Market under the symbol "BNCN."
About South Street
South Street is headquartered in Albemarle, N.C. Through Home Savings Bank, South Street provides a full range of banking services to customers in Stanly County, N.C. and the surrounding counties. Its philosophy is to serve the customers in its communities as a local community bank and to meet their home mortgage, small business and personal retail banking needs. For more information, visit www.homesavingsbank.org.
SOURCE BNC Bancorp
http://www.prnewswire.com/news-releases/bnc-bancorp-and-south-street-financial-corp-announce-definitive-merger-agreement-236365001.html
Enterprising Investor
11 years ago
BNC Bancorp Announces Increase in Earnings for Second Quarter 2013 (7/25/13)
HIGH POINT, N.C., July 25, 2013 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN) ("Company"), parent company for Bank of North Carolina ("Bank"), today reported financial results for the quarter ended June 30, 2013.
For the quarter ended June 30, 2013, net income totaled $4.7 million, an increase of $2.4 million, or 103.7%, compared to net income of $2.3 million for the second quarter of 2012. Net income available to common shareholders for the quarter ended June 30, 2013 was $4.1 million, or $0.16 per diluted share, an increase of $2.4 million, or 144.7%, compared to net income available to common shareholders of $1.7 million, or $0.13 per diluted share, for the second quarter of 2012. Included in the financial results for the second quarter of 2012 was $7.7 million of bargain purchase gain the Company recorded on the acquisition of Carolina Federal Savings Bank ("Carolina Federal").
For the six months ended June 30, 2013, net income totaled $8.9 million, an increase of $4.9 million, or 122.8%, when compared to net income of $4.0 million for the six months ended June 30, 2012. Net income available to common shareholders for the six months ended June 30, 2013 was $7.9 million, or $0.30 per diluted share, an increase of $5.1 million, or 180.2%, compared to net income available to common shareholders of $2.8 million, or $0.24 per diluted share, for the six months ended June 30, 2012. As stated above, the financial results for the six months ended June 30, 2012 include $7.7 million of bargain purchase gain the Company recorded on the acquisition of Carolina Federal.
Average common shares outstanding increased significantly from June 30, 2012 as a result of the $72.5 million capital raise in the second quarter of 2012 and the acquisitions of both KeySource Financial ("KeySource") and First Trust Bank ("First Trust") during the second half of 2012. For the quarters ended June 30, 2013 and 2012, average fully-diluted shares outstanding were 26.5 million and 13.6 million, respectively.
Total assets at June 30, 2013 were $2.93 billion, an increase of $486.8 million, or 19.9%, compared to total assets of $2.44 billion at June 30, 2012. The increase was due to continued growth in our North Carolina franchise, along with the acquisition and integration of First Trust, KeySource, and, to a lesser extent, two branches that were acquired from The Bank of Hampton Roads ("BHR") during the second half of 2012.
Total assets at June 30, 2013 decreased by $154.2 million, or 5.0%, as compared to total assets of $3.08 billion at December 31, 2012. As part of the KeySource and First Trust acquisitions, management's intention was to utilize excess liquidity and the acquired securities portfolios to repay wholesale and non-core deposits as they matured. The Company has been successful at reducing this inefficient component of the acquired balance sheets, and thus has experienced a decline in total assets during the first half of 2013. This deleveraging has helped the Company execute on its strategic initiative to improve capital ratios and net interest margin.
Highlights for Quarter Ended June 30, 2013:
•Announced agreement to acquire Randolph Bank and Trust Company ("Randolph"), a commercial bank with $302 million in assets serving small businesses and professionals in the Piedmont-Triad area of North Carolina;
•Redemption of all Series A Preferred Stock with non-dilutive term loan;
•Richard D. Callicutt II was named President and Chief Executive Officer, upon the planned retirement of founding President and CEO, W. Swope Montgomery, Jr.;
•Diluted earnings per share of $0.16, an increase of 23.1% compared to the second quarter of 2012;
•Net income available to common shareholders of $4.1 million, an increase of 144.7% compared to the second quarter of 2012;
•Fully taxable-equivalent net interest margin increased to 4.32%, compared to 3.71% for the second quarter of 2012;
•Fully taxable-equivalent net interest margin, before hedging costs, increased to 4.68%, compared to 4.08% for the second quarter of 2012; and
•Tangible common equity ratio of 7.69% at June 30, 2013, compared to 3.84% at June 30, 2012.
Richard D. Callicutt II, President and CEO, stated, "First, I want to thank my dear friend and founding CEO, Swope Montgomery, who retired in June, for his leadership of our Company for the past 22 years. He has slowly given me the reigns over the past ten years as he groomed me for this important transition as his successor. I am thrilled he will remain involved as our Vice-Chairman, and I look forward to working with him and our Board to take this Company to even greater heights."
"I am pleased to report another strong quarter, with earnings per share of $0.16 on a GAAP basis, and $0.17 on a Non-GAAP or core basis. We continue to see credit metrics improve, our non-acquired loan portfolio grow at a double-digit rate, our mortgage department remains healthy and growing despite an industry-wide slowdown in refinancing activity, and we remain diligent in our pursuit of integration efficiencies and cost savings associated with our recent completed acquisitions. The recently announced agreement to acquire Asheboro based Randolph Bank & Trust is another step in our strategic initiative to expand within our existing markets and provide further leverage of our support infrastructure, enhance overall operating efficiency, and create meaningful earnings accretion for our shareholders.
Our net interest margin, with and without fair value accretion, is up significantly from year ago levels, due to an aggressive re-pricing of deposit accounts and a more efficient earning asset base. With the Charlotte and Triangle real estate markets recovering more rapidly than anticipated, the resolutions of purchase credit impaired loans above carrying value is continuing to result in elevated fair value accretion, adding further to net interest margin.
Also, during the quarter we closed on a $30.0 million term loan at the holding company level and used the proceeds to redeem $31.3 million of Series A preferred stock. This transaction had minimal impact on Bank-level capital ratios, and will save the Company approximately $1.0 million after-tax annually from current levels," said Rick Callicutt.
Operating Results
Fully taxable-equivalent ("FTE") net interest income for the second quarter of 2013 was $28.0 million, an increase of $500,000, or 2.1%, from $27.5 million for the first quarter of 2013, and an increase of $8.4 million, or 42.8%, from $19.6 million for the second quarter of 2012. FTE net interest margin was 4.32% for the second quarter of 2013, an increase of 12 basis points from 4.20% for the first quarter of 2013, and an increase of 61 basis points from 3.71% for the second quarter of 2012.
FTE net interest income for the six months ended June 30, 2013 was $55.5 million, an increase of $15.9 million, or 40.1%, from $39.6 million for the six months ended June 30, 2012. FTE net interest margin was 4.26% for the first six months of 2013, an increase of 51 basis points from 3.75% for the comparable period of 2012.
Average interest-earning assets were $2.60 billion for the second quarter of 2013, a decrease of $46.0 million, or 1.7%, from $2.65 billion during the first quarter of 2013, and an increase of $479.3 million, or 22.6%, from $2.12 billion for the second quarter of 2012. The decrease from the first quarter of 2013 was a continued reduction in interest-earning balances at other financial institutions, as the Company continued repaid wholesale and certain high cost deposits as they mature. Average interest-earning assets were $2.63 billion for the six months ended June 30, 2013, an increase of $505.5 million, or 23.8%, from $2.12 billion for the six months ended June 30, 2012. The increase in average interest-earning assets from 2012 is primarily due to the interest-earning assets acquired from First Trust, KeySource and, to a lesser extent, BHR during the second half of 2012.
The Company's average yield on interest-earning assets increased 12 basis points from 5.33% for the first quarter of 2013 to 5.45% for the second quarter of 2013, and increased 19 basis points from 5.26% for the second quarter of 2012. The increase from first quarter of 2013 was due to a significant reduction of interest-bearing deposits with other institutions, consistent with the Company's strategy for deleveraging the balance sheet. The increase from the second quarter of 2012 was due to increased volume of portfolio loans, primarily obtained from the acquisitions of First Trust, KeySource and Carolina Federal, as well as increased level of accretion of yield and fair value discounts on the acquired loan portfolios. Loan accretion during the second quarter of 2013 totaled $3.7 million, an increase from loan accretion of $3.3 million for the first quarter of 2013, and an increase of $2.7 million, or 256.4%, from $1.0 million of accretion recorded in the second quarter of 2012.
The Company's average yield on interest-earning assets was 5.39% for the six months ended June 30, 2013, compared to 5.34% for the comparable period of 2012. The increase from 2012 was due to increased volume of portfolio loans, primarily obtained from the acquisitions of First Trust, KeySource and Carolina Federal, as well as increased level of accretion of yield and fair value discounts on the acquired loan portfolios. Loan accretion during the six months ended June 30, 2013 totaled $7.0 million, an increase of $4.5 million, or 179.9%, from loan accretion of $2.5 million for the six months ended June 30, 2012.
Average interest-bearing liabilities were $2.36 billion for the second quarter of 2013, a decrease of $53.8 million, or 2.2%, from $2.41 billion for the first quarter of 2013, and an increase of $316.6 million, or 15.5%, from $2.04 billion for the second quarter of 2012. The decrease from the first quarter of 2013 was due to the continued repayment of higher rate time and transaction deposits and replacement of these deposits at lower rates, offset by increased borrowings entered into during the second quarter of 2013. Average interest-bearing liabilities were $2.39 billion for the six months ended June 30, 2013, an increase of $317.1 million, or 15.3%, from $2.07 billion for the comparable period of 2012. The increase in average interest-bearing liabilities from 2012 is primarily due to the acquisitions of First Trust, KeySource, and BHR during the second half of 2012.
The Company's average cost of interest-bearing liabilities was 1.25% for the second quarter of 2013, a slight increase from 1.24% for the first quarter of 2013, and a decrease of 35 basis points from 1.60% for the second quarter of 2012. This increase from first quarter of 2013 was due to increased borrowings that were entered into during the second quarter of 2013, offset by the Company's decision to reduce exposure to higher cost deposit products and aggressively reduce deposit rates. The Company continued to experience an increase in cash flow hedging expense, which totaled $2.3 million for the second quarter of 2013, compared to $2.2 million for the first quarter of 2013 and $1.9 million for the second quarter of 2012. Without the cash flow hedging expense, FTE net interest margin for the second quarter of 2013 was 4.68%, compared to 4.54% for the first quarter of 2013 and 4.08% for the second quarter of 2012.
The Company's average cost of interest-bearing liabilities was 1.24% for the six months ended June 30, 2013, a decrease of 38 basis points from 1.62% for the comparable period of 2012. This decrease was primarily due to the Company's decision to reduce exposure to higher cost deposit products and aggressively reduce deposit rates over the past three quarters. Decreases in the average cost of deposits were slightly offset by an increase in cash flow hedging expense, which totaled $4.5 million for the six months ended June 30, 2013, compared to $3.8 million for the comparable period of 2012. Without the cash flow hedging expense, FTE net interest margin for the six months ended June 30, 2013 was 4.61%, compared to 4.11% for the comparable period of 2012.
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Enterprising Investor
11 years ago
BNC Bancorp Announces Definitive Merger Agreement with Randolph Bank & Trust (5/31/13)
Merger Expands Bank of North Carolina's Presence in the Piedmont-Triad Area of Central North Carolina
HIGH POINT, N.C., May 31, 2013 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN), the parent company of Bank of North Carolina ("BNC" or "the Bank"), today announced that it has signed an Agreement and Plan of Merger ("Agreement") with Randolph Bank & Trust Company (OTC: RDBN) ("Randolph Bank & Trust"), a commercial bank with $302 million in assets serving small businesses and professionals in the Piedmont-Triad area of North Carolina.
The Agreement provides for Randolph Bank & Trust common shareholders to receive an amount of cash or shares of BNC common stock equal to $10.00 per share, subject to certain collars, for an aggregate deal value for common shareholders of approximately $10.4 million. Eighty percent of the total consideration received by the Randolph Bank & Trust common shareholders will be BNC voting common stock and the remainder will be cash. As a result of the transaction, BNC will acquire three branches in Asheboro, North Carolina and one each in Burlington, Mebane and Randleman, North Carolina, as well as $168 million in loans and $270 million in deposits. Upon closing, BNC will have approximately $1.0 billion in loans and $1.5 billion in deposits in the Piedmont-Triad area of central North Carolina.
With the transaction announced today, BNC will extend its track record as an active consolidator in the commercial banking industry – a strategy that has supported its growth from a small community bank into a pro forma $3.2 billion asset institution with a trusted brand, an experienced management team and a branch footprint that serves most of the top growth markets throughout the Carolinas. In the last several years, BNC has acquired and fully integrated a number of strategic acquisitions across North and South Carolina, including Beach First National Bank in Myrtle Beach, SC, Blue Ridge Savings Bank in Asheville, Regent Bank in Greenville, SC, KeySource Commercial Bank in Durham and, most recently, First Trust Bank in Charlotte.
"The Randolph Bank & Trust management, Board of Directors, and entire team share our principles and customer-focused approach, and we are pleased to welcome them, their customers and their shareholders to BNC," said Rick Callicutt , President of Bank of North Carolina. "Randolph Bank & Trust has a long, rich tradition in the Randolph and Alamance County markets, and as neighbors and competitors over the years, we have admired their brand of banking and their dedication to their communities. This transaction epitomizes our current strategy of growing within our existing markets both organically and through acquisition, thus further leveraging our infrastructure to produce greater performance for our shareholders."
Michael Whitehead, Jr. , President of Randolph Bank & Trust, said, "Bank of North Carolina is one of the largest and most profitable institutions in the Carolinas and we are delighted to be joining forces with this high growth company. We believe this transaction is in the best interests of all of our key constituents, including our employees, who will have additional opportunities for growth, our customers, who will have access to a wider and stronger array of products, and our shareholders, who will have an opportunity to benefit from being part of a larger, profitable and growing institution."
Commenting on metrics of the transaction, Rick Callicutt said, "This combination should be immediately accretive to BNC's earnings and only minimally dilutive to tangible book value with an expected earn-back period of less than one year. This transaction, expected to close in the third quarter of 2013, further enhances the earnings power of our Company as we focus on our profitability targets for 2014 and beyond."
Closing of the Randolph Bank & Trust merger, which is subject to regulatory approval, customary closing conditions and the approval of Randolph Bank & Trust's shareholders, is expected to occur in the third quarter of 2013. Upon closing, Randolph Bank & Trust preferred shareholders, including the United States Department of the Treasury, will receive cash equal to the liquidation value of their preferred shares totaling approximately $8.7 million.
For the merger, BNC Bancorp and its subsidiary, Bank of North Carolina, were advised by Banks Street Partners, LLC as financial advisor and Womble Carlyle Sandridge & Rice, LLP as legal advisor, both in Atlanta. Randolph Bank & Trust was advised by Sandler O'Neill + Partners, L.P. as financial advisor and Wyrick Robbins Yates & Ponton LLP in Raleigh as legal advisor.
Forward Looking Statements
The press release contains forward-looking statements relating to the financial condition and business of BNC and its subsidiary, Bank of North Carolina. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of BNC, and the information available to management at the time that this press release was prepared. Factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following that may diminish the expected benefits of the merger: (i) ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval by Randolph Bank & Trust shareholders, on the expected terms and schedule; (ii) general economic or business conditions in the Greensboro-High Point and Burlington MSAs; (iii) greater than expected costs or difficulties related to the integration of Randolph Bank & Trust; (iv) unexpected deposit attrition, customer loss or revenue loss following the merger of Randolph Bank & Trust, and (v) the failure to retain or hire key personnel. Additional factors affecting BNC and Bank of North Carolina are discussed in BNC's filings with the Securities and Exchange Commission (the "SEC"), including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. You may review BNC's SEC filings at www.sec.gov. BNC does not undertake a duty to update any forward-looking statements made in this press release.
Additional Information
In connection with the proposed merger, BNC Bancorp will file with the Securities and Exchange Commission a Registration Statement on Form S-4 that will include a Proxy Statement of Randolph Bank & Trust and a Prospectus of BNC Bancorp, as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS ARE STRONGLY URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER WHEN THEY BECOME AVAILABLE AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER. A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about BNC Bancorp, may be obtained after their filing at the SEC's Internet site (http://www.sec.gov). In addition, free copies of documents filed by BNC Bancorp with the SEC may be obtained on the BNC Bancorp website at www.bncbancorp.com. Copies of the reports Randolph Bank & Trust files with the FDIC may be obtained by contacting the FDIC in writing at FDIC, Accounting and Securities Disclosure Section, 550 17th Street, N.W., Washington, DC 20429 or by e-mail at PublicBankReports@fdic.gov. You may also obtain copies of any documents filed with the FDIC by Randolph Bank & Trust, without charge, by directing a request to the President, Randolph Bank & Trust Company, 175 North Fayetteville Street, Asheboro, NC 27203, telephone (336) 625-1000.
BNC Bancorp and Randolph Bank & Trust and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Randolph Bank & Trust's shareholders in connection with this transaction. Information about the directors and executive officers of BNC Bancorp and Randolph Bank & Trust and information about other persons who may be deemed participants in this solicitation will be included in the Proxy Statement/Prospectus. Information about BNC Bancorp's executive officers and directors can be found in BNC Bancorp's definitive proxy statement in connection with its 2013 Annual Meeting of Shareholders filed with the SEC on April 16, 2013. Information about Randolph Bank & Trust's executive officers and directors can be found in Randolph Bank & Trust's definitive proxy statement in connection with its 2013 Annual Meeting of Shareholders filed with the FDIC on April 15, 2013. Additional information regarding the interests of those persons and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available. You may obtain free copies of this document as described in the preceding paragraph.
About BNC Bancorp and Bank of North Carolina
BNC Bancorp is the parent company of Bank of North Carolina, an approximately $2.9 billion-asset commercial bank. Bank of North Carolina provides banking and financial services to individuals and businesses through its 32 full-service banking offices in North and South Carolina. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is quoted in the NASDAQ Capital Market under the symbol "BNCN."
SOURCE BNC Bancorp
http://www.prnewswire.com/news-releases/bnc-bancorp-announces-definitive-merger-agreement-with-randolph-bank--trust-209641811.html
Enterprising Investor
12 years ago
BNC Bancorp Announces Increase in Earnings for First Quarter 2013 (4/29/13)
HIGH POINT, N.C., April 29, 2013 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN) ("Company"), parent company for Bank of North Carolina ("Bank"), today reported financial results for the quarter ended March 31, 2013.
For the quarter ended March 31, 2013, net income totaled $4.3 million, an increase of $2.6 million, or 148.1%, when compared to net income of $1.7 million for the first quarter of 2012. Net income available to common shareholders for the quarter ended March 31, 2013 was $3.8 million, or $0.14 per diluted share, compared to $1.1 million, or $0.11 per diluted share, for the first quarter of 2012.
Total assets at March 31, 2013 were $2.93 billion, an increase of $520.3 million, or 21.6%, compared to $2.41 billion at March 31, 2012. The increase was due to continued growth in our North Carolina franchise, along with the acquisition and integration of First Trust Bank ("First Trust"), KeySource Financial ("KeySource"), Carolina Federal Savings Bank ("Carolina Federal") and, to a lesser extent, two branches that were acquired from The Bank of Hampton Roads ("BHR") during 2012.
Total assets at March 31, 2013 decreased by $154.6 million, or 5.0%, to $2.93 billion, as compared to total assets of $3.08 billion at December 31, 2012. As part of the KeySource and First Trust acquisitions, management's intention was to utilize excess liquidity and the acquired securities portfolios to repay wholesale and non-core deposits as they matured. The Company has been successful at reducing this inefficient component of the acquired balance sheets, and thus has experienced a decline in total assets during the first quarter of 2013 as compared to year end 2012. This deleveraging has helped the Company execute on its strategic initiative to improve capital ratios and net interest margin during the first quarter of 2013.
Included in the financial results for the quarters ended March 31, 2013 and 2012 are $491,000 and $1.6 million, respectively, of net gains from securities and acquisitions and $1.0 million and $847,000, respectively, of transaction-related expenses.
Average common shares outstanding have increased significantly since the first quarter of 2012 as a result of the $72.5 million capital raise in the second quarter of 2012 and the acquisitions of both KeySource and First Trust during the second half of 2012. For the quarters ended March 31, 2013 and 2012, average fully-diluted shares outstanding were 26.5 million and 10.9 million, respectively.
Highlights for 2013:
•Announced redemption of Series A Preferred Stock with non-dilutive term loan;
•Net income available to common shareholders of $3.8 million for the first quarter of 2013, an increase of 233.6% compared to first quarter of 2012;
•Diluted earnings per share for first quarter of 2013 was $0.14, an increase of 27.3% compared to first quarter of 2012;
•Net interest margin increased to a healthy 4.20% for the first quarter of 2013, compared to 3.80% for the first quarter of 2012;
•Net interest margin, before hedging costs, increased to 4.54% for the first quarter of 2013, compared to 4.17% for the first quarter of 2012;
•Successful core conversion of the First Trust customer base, with integration and cost savings on schedule;
•Converted all Series B Convertible Preferred Stock to non-voting common; and
•Tangible common equity ratio of 7.64% at March 31, 2013, compared to 3.73% at March 31, 2012.
W. Swope Montgomery, Jr., President and CEO, stated, "While 2012 was a year of strategic growth and diversification, in 2013 we have further enhanced our focus on integration, operating efficiency, and earnings. We continue to actively pursue strategic acquisitions that provide depth in our key markets; however, we are cultivating the investments made over the past several years in growth markets, non-interest income sources, a more diversified deposit base, and an elite-level senior management team into key drivers of financial performance. Our first quarter earnings are evidence that our internal focus on efficiency, integration, and execution are on track.
Our net interest margin, with and without fair value accretion, is up significantly from year ago levels, due to an aggressive repricing of deposit accounts and a more efficient earning asset base. Our mortgage department continues to increase origination volumes and related revenues by double digit rates on a quarter-to-quarter basis, while remaining at or above 55% in purchase volume. Credit metrics, despite the impact of acquisitions on the nominal amounts, continue to show overall positive trends, especially when including the reduction in performing troubled debt restructurings in the first quarter.
With this being the Company's last earnings release before my retirement as CEO, I am very proud of the strength and soundness of our balance sheet, and the upwards momentum of earnings that I pass to my dear friend and very deserving successor, Rick Callicutt, currently our Executive Vice President and Chief Operating Officer. Our Company is in great shape as we head into the future in terms of financial strength, positioning, and leadership."
"We were pleased to announce that after receiving regulatory approval, on April 26, 2013 we closed on a $30 million term loan at the holding company level and used the proceeds to redeem the $31.26 million of Series A preferred stock initially issued under the Capital Purchase Program of the U.S. Treasury. This transaction will have minimal to no impact on Bank-level capital ratios, and will save the Company approximately $1.0 million after-tax annually from current levels and $1.8 million if the preferred stock had stepped up to the 9% coupon on December 5, 2013," said Rick Callicutt.
Operating Results
Fully taxable-equivalent ("FTE") net interest income for the first quarter of 2013 was $27.5 million, an increase of $1.9 million from $25.6 million in the fourth quarter of 2012, and an increase of $7.5 million from $20.0 million in the first quarter of 2012. FTE net interest margin was 4.20% for the first quarter of 2013, an increase of 11 basis points from 4.09% for the fourth quarter of 2012, and an increase of 40 basis points from FTE net interest margin of 3.80% for the first quarter of 2012.
Average interest-earning assets were $2.65 billion for the first quarter of 2013, an increase of $155.2 million from $2.50 billion during the fourth quarter of 2012, and an increase of $537.2 million from $2.11 billion for the first quarter of 2012. The increase from the fourth quarter of 2012 is due to the full quarter impact of the interest-earning assets purchased from First Trust in November 2012, while the increase from first quarter 2012 is primarily due to the interest-earning assets acquired from First Trust, KeySource, BHR and Carolina Federal during 2012.
The Company's average yield on interest-earning assets decreased 5 basis points from 5.38% in the fourth quarter of 2012 to 5.33% in the first quarter of 2013, as compared to 5.43% for the first quarter of 2012. The decrease from the fourth quarter of 2012, as well as the first quarter of 2012, is due to the maturity and replacement of higher yielding investment securities with investment securities with lower yields. Loan accretion during the first quarter of 2013 totaled $3.3 million, an increase of $247,000 from loan accretion of $3.1 million for the fourth quarter of 2012, and an increase of $1.9 million from the first quarter of 2012.
Average interest-bearing liabilities were $2.41 billion for the first quarter of 2013, an increase of $119.1 million from $2.30 billion for the fourth quarter of 2012, and an increase of $317.7 million from $2.10 billion for the first quarter of 2012. The increase from the fourth quarter of 2012 is due to the full quarter impact of the liabilities assumed from First Trust in November 2012, while the increase from first quarter 2012 is primarily due to the acquisition of First Trust, KeySource, BHR and Carolina Federal.
The Company's average cost of interest-bearing liabilities was 1.24% for the first quarter of 2013, a decrease of 17 basis points compared to 1.41% for the fourth quarter of 2012, and a decrease of 40 basis points from 1.64% for the first quarter of 2012. This decrease is due to the Company's decision to reduce exposure to higher cost deposit products and aggressively reduce deposit rates over the past two quarters. Decreases in the average cost of deposits were slightly offset by an increase in cash flow hedging expense, which totaled $2.2 million for the first quarter of 2013, compared to $2.1 million for the fourth quarter of 2012 and $1.9 million for the first quarter of 2012. Without the cash flow hedging expense, FTE net interest margin for the first quarter of 2013 was 4.54%, compared to 4.43% for the fourth quarter of 2012 and 4.17% for the first quarter of 2012.
http://www.prnewswire.com/news-releases-test/bnc-bancorp-announces-increase-in-earnings-for-first-quarter-2013-205227361.html
Enterprising Investor
12 years ago
BNCN Announces Earnings for Fourth Quarter and Full Year 2012 (1/30/13)
HIGH POINT, N.C., Jan. 30, 2013 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN) ("Company"), parent company for Bank of North Carolina ("Bank"), today reported financial results for the fourth quarter and year ended December 31, 2012.
For the quarter ended December 31, 2012 net income totaled $5.0 million, an increase of 261.4%, when compared to net income of $1.4 million for the comparable period in 2011. Net income available to common shareholders for the fourth quarter of 2012 was $4.4 million, or $0.19 per diluted share, compared to $796,000, or $0.08 per diluted share, for the fourth quarter of 2011.
Net income totaled $10.5 million for the full year 2012, an increase of 50.8% compared to $6.9 million for 2011. Net income available to common shareholders was $8.0 million for 2012, or $0.48 per diluted share, an increase of 77.8% compared to the $4.5 million, or $0.45 per diluted share, reported for 2011.
Total assets at December 31, 2012 were $3.08 billion, an increase of $628.9 million, or 25.6%, compared to $2.45 billion at December 31, 2011. The increase was due to continued growth in our North Carolina franchise, along with the acquisition and integration of First Trust Bank ("First Trust"), KeySource Financial ("KeySource"), Carolina Federal Savings Bank ("Carolina Federal") and, to a lesser extent, two branches that were acquired from The Bank of Hampton Roads ("BHR") during 2012.
Included in the financial results for the quarters ended December 31, 2012 and 2011 are $5.0 million and $7.8 million, respectively, of acquisition gains and $1.4 million and $723,000, respectively, of transaction related expenses. Results for the years ended December 31, 2012 and 2011 include $12.7 million and $7.8 million, respectively, of acquisition gains and $5.2 million and $1.1 million, respectively, of transaction related expenses.
Average shares outstanding increased significantly in 2012 due to a common equity raise and stock issued as consideration for both the KeySource and First Trust acquisitions. For the quarters ended December 31, 2012 and 2011, average fully-diluted shares outstanding were 24.3 million and 10.9 million, respectively. For the years ended December 31, 2012 and 2011, average fully-diluted shares were 17.6 million and 10.9 million, respectively.
Highlights for 2012:
• Total assets at year end were $3.08 billion, up from $2.45 billion at the end of 2011.
• Wholesale deposits, as a percentage of total assets, declined from 37% to 27% during 2012.
• Classified assets to capital declined from 76% to 44% during 2012.
• Net interest margin, before hedging costs, remained strong at 4.21% versus 4.19% for 2011.
• The Company continued its history of reporting a profit in every year since 1994.
• Fully-diluted market capitalization increased to $212 million from $79 million.
• Acquired First Trust in Charlotte, expanding our presence in Charlotte by $376 million.
• Acquired KeySource in Durham, expanding our presence in the Triangle by $174 million.
• Acquired Chapel Hill and Cary offices from BHR, increasing our Triangle presence by approximately $30 million.
• Acquired Carolina Federal in Charleston, expanding our Coastal South Carolina presence by $51 million and recognizing a $7.8 million bargain purchase gain.
• Marketed and closed a $72.5 million capital raise to some of the highest quality institutional investors in the financial institution space.
• Through a strategic initiative to close unproductive offices, despite increasing assets by $629 million the Company's branch network increased by one office in 2012.
• Marketed and completed the auction of preferred stock issued under the U.S Treasury Capital Purchase Program to private investors.
• Successfully converted core systems on Blue Ridge, Regent, Carolina Federal, BHR, and KeySource in 2012.
• Added seasoned functional leaders in the areas of: Enterprise Risk Management, Human Resources, and Deposit Operations. All leaders are from quality institutions of $8 billion or larger.
• Mortgage Company finished the year with originations of over $250 million and mortgage fees of $6.2 million.
W. Swope Montgomery, Jr., President and CEO, stated, "We are very proud of our Company's many achievements in 2012, as we continued to make significant progress in fortifying our balance sheet and creating franchise value for our shareholders. Over the past four years we expanded our footprint throughout the Carolinas by acquisition and organic expansion allowing us to significantly grow our core deposit base and reduce our reliance on wholesale sources of funding while creating greater geographic diversity in both loan originations and our loan portfolio mix. Also during the past four years we have raised over $107 million of common equity, the most significant being a $72.5 million raise in June of 2012. Credit quality metrics have continued to improve, evidenced by the reduction of our classified assets to capital ratio to 44% at the end of 2012. Throughout this period we have continued to recruit exceptionally experienced and proven leaders to oversee the various functional areas of our Company, as well as expanded our product and service offerings to include Treasury Management, SBA Lending, and a much more robust mortgage operation.
While our successes have been plentiful, our strategic vision and execution plans are far from finished. The expansions to date have been necessary and strategic, greatly enhancing the soundness and franchise value of our Company, however they have been expensive. While we are pleased to report earnings of $0.19 in the fourth quarter, a net interest margin of 4.09% and significant gains in core non-interest income sources, there is still much work to be done on areas such as operating leverage, efficiency, credit costs, and overall profitability. While we are excited about the results of 2012, we are just as excited about the opportunities to tackle the identified areas that will provide even greater value for our shareholders in the future."
Operating Results
Net interest income for the fourth quarter of 2012 was $24.1 million, an increase of $4.0 million from the $20.1 million earned in the fourth quarter of 2011. Fully taxable-equivalent ("FTE") net interest margin was 4.09% for the fourth quarter of 2012, a decrease of 9 basis points from 4.18% for the comparable period of 2011. This decrease is a result of lower interest rates on interest-earning assets and higher hedging costs, partially offset by lower core funding costs.
Average interest-earning assets were $2.50 billion for the fourth quarter of 2012, an increase of $454.3 million from $2.04 billion for 2011. The Company's average yield on interest-earning assets decreased 42 basis points from 5.80% in the fourth quarter of 2011 to 5.38% in the fourth quarter of 2012. Loan accretion during the fourth quarter of 2012 totaled $3.1 million, which was consistent with the amount recorded during the comparable period of 2011.
Average interest-bearing liabilities were $2.30 billion for the fourth quarter of 2012, an increase of $257.8 million from $2.04 billion for the fourth quarter of 2011. The Company's average cost of interest-bearing liabilities was 1.41% for the fourth quarter of 2012, a decrease of 21 basis points, compared to 1.62% for the fourth quarter of 2011. Decreases in the average cost of deposits were offset by an increase in cash flow hedging expense, which totaled $2.1 million for the fourth quarter of 2012 and $1.7 million for the comparable period of 2011. Without the cash flow hedging expense, net interest margin (FTE) for the fourth quarter of 2012 was 4.43%, compared to 4.51% for the fourth quarter of 2011.
Net interest income for 2012 was $80.6 million, an increase of $10.2 million from the $70.4 million earned in 2011. Fully taxable-equivalent ("FTE") net interest margin was 3.85% for 2012, a decrease of 8 basis points from 3.93% for 2011. This decrease is a result of lower interest rates on interest-earning assets and higher hedging costs, partially offset by lower core funding costs.
Average interest-earning assets were $2.24 billion for 2012, an increase of $308.4 million from $1.94 billion for 2011. During 2012, the Company's average yield on interest-earning assets decreased 32 basis points from 5.63% in 2011 to 5.31%. Loan accretion during 2012 totaled $6.7 million, which was consistent with the amount recorded during 2011.
Average interest-bearing liabilities were $2.13 billion for 2012, an increase of $212.6 million from $1.91 billion for 2011. The Company's average cost of interest-bearing liabilities was 1.55% for 2012, a decrease of 17 basis points, compared to 1.72% for 2011. Decreases in the average cost of deposits were offset by an increase in cash flow hedging expense, which totaled $7.9 million for 2012 and $5.1 million for 2011. Without the cash flow hedging expense, net interest margin (FTE) for 2012 was 4.21%, compared to 4.19% for 2011.
http://www.prnewswire.com/news-releases/bnc-bancorp-announces-earnings-for-fourth-quarter-and-full-year-2012-189001711.html
Enterprising Investor
12 years ago
BNCN Completes Acquisition of First Trust Bank (11/30/12)
HIGH POINT, N.C., Nov. 30, 2012 /PRNewswire/ -- BNC Bancorp (Nasdaq: BNCN) ("BNC") today closed its acquisition of First Trust Bank ("First Trust"), thereby expanding and enhancing the BNC franchise in the attractive Charlotte Metro area.
BNC previously announced its plan to acquire all the capital stock of First Trust on June 4, 2012. As of September 30, 2012, First Trust had assets of $401 million, loans of $195 million and deposits of $334 million. First Trust's branch offices in Charlotte and Mooresville, North Carolina, will continue to operate under the First Trust name until systems are converted in early February.
Swope Montgomery, President and CEO of BNC, commented: "We are extremely pleased to welcome First Trust customers, shareholders and employees to the Bank of North Carolina family. The completion of this strategic transaction is consistent with our long-term plan to partner with quality organizations, enhance our presence in desirable markets and provide our diverse financial product suite to new customers."
Jim Bolt, Chief Executive Officer of First Trust, commented: "We could not have asked for a better partner than BNC, an organization that truly understands the importance of community banking. Through this merger, we believe we have enhanced both the banking experience for our customers and upside potential for our shareholders."
"The completion of this merger is a product of a lot of effort and great teamwork between the BNC and First Trust organizations," said Rick Callicutt, President of Bank of North Carolina. He continued, "We are excited to work closely with Jim and his talented team of bankers to effectively deliver the BNC platform to new and existing customers throughout Charlotte and the surrounding communities. The Charlotte area represents an attractive, growth-oriented market for us and this merger provides a strong presence in Charlotte and further establishes BNC's position as a Carolinas-focused financial institution."
The deal is valued at approximately $38.1 million based on BNC's closing share price of $8.47, as listed on the Nasdaq Capital Market on November 29th. First Trust shareholders will receive 0.98 shares of BNC voting common stock for each share of First Trust common stock, or cash in the amount of $7.25 per share. Total consideration in the merger will consist of 70% BNC stock and 30% cash.
BNC Bancorp and its subsidiary, Bank of North Carolina, were advised in this transaction by FIG Partners LLC as lead financial advisor, along with Keefe, Bruyette & Woods with Womble Carlyle Sandridge & Rice, LLP in Atlanta as legal advisor. First Trust was advised by Sandler O'Neill & Partners, L.P. as financial advisor and Gaeta & Eveson, P.A. in Raleigh as legal advisor.
Forward Looking Statements
The press release contains forward-looking statements relating to the financial condition and business of BNC and its subsidiary, Bank of North Carolina. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of BNC, and the information available to management at the time that this press release was prepared. Factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following that may diminish the expected benefits of the acquisition: (i) general economic or business conditions in the Charlotte-Gastonia-Rock Hill, NC-SC MSA; (ii) greater than expected costs or difficulties related to the integration of First Trust; (iii) unexpected deposit attrition, customer loss or revenue loss following the merger of First Trust, and (iv) the failure to retain or hire key personnel. Additional factors affecting BNC and Bank of North Carolina are discussed in BNC's filings with the Securities and Exchange Commission (the "SEC"), including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. You may review BNC's SEC filings at www.sec.gov. BNC does not undertake a duty to update any forward-looking statements made in this press release.
About BNC Bancorp and Bank of North Carolina
BNC Bancorp is the parent company of Bank of North Carolina, an approximately $3.1 billion-asset commercial bank. Bank of North Carolina provides banking and financial services to individuals and businesses through its 36 full-service banking offices in North and South Carolina. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's common stock is quoted in the NASDAQ Capital Market under the symbol "BNCN."
SOURCE BNC Bancorp
http://www.prnewswire.com/news-releases/bnc-bancorp-completes-acquisition-of-first-trust-bank-181601031.html
Enterprising Investor
12 years ago
BNCN Announces Increase in Earnings for Second Quarter 2012 (7/30/12)
HIGH POINT, N.C., July 30, 2012 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN) ("Company"), parent company for Bank of North Carolina ("Bank"), today reported financial results for the second quarter of 2012.
For the quarter ended June 30, 2012, net income totaled $2.3 million, an increase of 44% compared to the $1.6 million for the quarter ended June 30, 2011. Net income available to common shareholders was $1.7 million, or $0.13 per diluted share, an increase of 70% compared to the $992,000, or $0.10 per diluted share, reported for the second quarter in 2011. During the three months ended June 30, 2012, the Company incurred $1.1 million of expenses associated with merger and acquisition activities, which reduced after-tax diluted earnings per share by $0.05.
For the six months ended June 30, 2012, net income totaled $4.0 million, an increase of 29% compared to $3.1 million for the six months ended June 30, 2011. Net income available to common shareholders for the six months ended June 30, 2012 was $2.8 million, or $0.24 per diluted share, compared to $1.9 million, or $0.19 per diluted share, for the six months ended June 30, 2011. During the six months ended June 30, 2012, the Company incurred $2.3 million of expenses associated with merger and acquisition activities, which reduced after-tax diluted earnings per share by $0.11.
Total assets at June 30, 2012 were $2.44 billion, an increase of $296.1 million, or 14%, compared to $2.15 billion at June 30, 2011. The increase was due to strong organic growth in our North Carolina franchise, along with the acquisition and integration of Carolina Federal Savings Bank ("Carolina Federal"), Regent Bank of South Carolina ("Regent") and Blue Ridge Saving Bank ("Blue Ridge") during this period.
Highlights for Quarter ended June 30, 2012:
Marketed and closed a $72.5 million private capital raise which converted to common equity as of July 20, 2012
Priced at a 6% discount to the 30 day average trading price
Announced the agreement to acquire First Trust Bank in Charlotte, North Carolina
$438 million in assets; $228 million in loans; and $374 million in deposits
Acquired Carolina Federal Savings Bank in Charleston, South Carolina through a FDIC-assisted transaction
$53 million in deposits; $29 million in performing loans; and no non-performing assets
Announced the agreement to acquire two full-service offices in Cary and Chapel Hill, North Carolina
Completed our annual Safety and Soundness examination
Classified assets declined from $143 million to $116 million
Grew core deposits by $108 million and reduced wholesale funding by $135 million
Net income available to common shareholders increased to $0.13 per diluted share, compared to $0.10 in Q2 of 2011, and $0.11 in Q1 of 2012
Mortgage division closed over $68 million in new loan originations during the quarter, resulting in income and fees of over $1.5 million
Loan pipeline remains strong in each of our newer markets
W. Swope Montgomery, Jr., President and CEO, noted, "The accomplishments during the second quarter will certainly transform our Company and propel us into the future with even greater momentum and financial strength. The closing of the institutionally based $72.5 million capital raise provides much needed capital to continue our strategic and opportunistic expansion plans, as well as increasing our daily trading volume. The announcement of the First Trust acquisition in Charlotte further expands our presence in the fastest growing market in the Carolinas, and creates greater efficiencies in that region. The FDIC assisted transaction of Carolina Federal in the Charleston, SC market was a strategic fit to our coastal franchise and resulted in a $7.7 million one-time financial gain. Also during the quarter we announced the agreement to purchase branches in Cary and Chapel Hill, NC that will expand our presence in the dynamic Triangle market, further complementing our announced acquisition of KeySource Commercial Bank in Durham.
With sizable one-time revenues and expenses in the second quarter, management felt it was prudent to continue to aggressively reserve for potential credit impairments in both the covered and non-covered portfolios. The covered loan portfolio at the South Carolina coast required additional reserves for identified impairments and cash flow variances, particularly in the land category, as new appraisals were obtained on a majority of the troubled portfolio. Despite charge-offs in the non-covered portfolio increasing from prior quarters, the outsized quarterly provision brought our allowance to 1.91% of portfolio loans less fair value loans and 112% of non-covered non-performing loans. Despite the increase in the allowance, we are very pleased that classified assets declined during the quarter from $143 million to $116 million."
Montgomery continued, "We remain confident that the franchise we are building throughout the Carolinas is providing a solid foundation on which to optimize long-term shareholder returns in this new era of banking. Over the past four years the investment in a diversified footprint has been expensive; however, the recovery is taking hold much more quickly in our franchise that is concentrated in the higher growth counties, and the opportunities to leverage our regional and central infrastructure continue to be numerous. The accomplishments during the second quarter resulted in significant progress in executing our strategic plan to be the community bank of choice in the Carolinas."
Additional Operating Highlights from Second Quarter
Since June 2011, total portfolio loans have increased $231.7 million, or 15.2%. At June 30, 2012, the Company's loan portfolio included $284.6 million in loans covered under loss-share agreements and $1.48 billion of non-covered loans. The Company's acquisition of Blue Ridge increased loans covered under loss-share agreements by $65.6 million and the acquisitions of Carolina Federal and Regent increased loans not covered by loss-share agreements by $61.2 million. Loans acquired in connection with these transactions are accounted for under fair value and shown net of any related credit and yield adjustments, from acquisition date.
http://www.prnewswire.com/news-releases/bnc-bancorp-announces-increase-in-earnings-for-second-quarter-2012-164251916.html
Enterprising Investor
12 years ago
BNCN Assumes All Deposits and Purchases Certain Assets of Carolina Federal Savings Bank (6/11/12)
THOMASVILLE, N.C., June 11, 2012 /PRNewswire/ -- Bank of North Carolina ("BNC"), a wholly-owned subsidiary of BNC Bancorp (Nasdaq: BNCN), announced today that it has entered into a Purchase and Assumption Agreement with the Federal Deposit Insurance Corporation ("FDIC") to purchase certain assets and to assume all of the deposits and substantially all other liabilities of Carolina Federal Savings Bank ("Carolina Federal").
On Friday, June 8, Carolina Federal was closed by the Office of the Comptroller of the Currency and the FDIC was named as Receiver. All Carolina Federal locations opened today as branches of Bank of North Carolina, doing business in South Carolina as BNC Bank. All former Carolina Federal depositors will be able to conduct banking business as usual. Carolina Federal customers can continue to access their money by writing checks, using ATMs, debit cards, or the Internet. Checks drawn on Carolina Federal will continue to be accepted. Loan customers should continue to make their payments as usual.
A full integration effort is expected to be completed in the third quarter of 2012.
"Charleston is one of the most dynamic coastal markets in South Carolina and we are excited to extend BNC's footprint into the area," said Rick Callicutt, President of BNC. "This transaction is an important step as we continue to build our presence in South Carolina, and specifically Charleston, which is a vibrant tourist destination seeing meaningful development by major corporations, and has significant opportunities for growth."
Carolina Federal deposit customers will receive a letter providing additional details concerning their accounts and are encouraged to call their local banking office and speak to the same familiar staff, or visit bankofnc.com or call 1-800-262-7175 for additional information.
BNC Bancorp President and CEO, Swope Montgomery, said, "We'd like to welcome Carolina Federal's loyal staff and customers to Bank of North Carolina, and tell customers that we look forward to providing them with a smooth transition and the highest quality banking experience at BNC."
Under the Purchase and Assumption Agreement, Bank of North Carolina purchased approximately $31 million in performing loans and assumed approximately $52 million in local deposits from the FDIC as Receiver of Carolina Federal. BNC's bid excluded approximately $14 million in troubled assets and other real estate that will be retained by the FDIC. There is no loss-share arrangement with the FDIC with respect to this transaction. BNC did not pay a premium to the FDIC to assume the deposits of Carolina Federal. No additional capital was required to fund the transaction and both BNC Bancorp and Bank of North Carolina will remain "well capitalized" on a pro forma basis after the transaction.
Today's announcement follows last week's news that BNC has received binding commitments for a $72.5 million capital raise and has signed an Agreement and Plan of Merger with First Trust Bank. In the last two years, BNC has engaged in a number of additional strategic acquisitions across North and South Carolina, including Beach First National Bank in Myrtle Beach, SC, Blue Ridge Savings Bank in Asheville, Regent Bank in Greensville, SC, KeySource Commercial Bank in Durham and, most recently, the Cary and Chapel Hill branches of Hampton Roads Bankshares, Inc., which is expected to close in the third quarter of 2012.
Bank of North Carolina was advised in the Carolina Federal transaction by BankStreet Partners, LLC and Womble, Carlyle Sandridge & Rice, LLP, both in Atlanta.
About BNC Bancorp and Bank of North Carolina
BNC Bancorp is the parent company of Bank of North Carolina, an approximately $2.5 billion-asset commercial bank. Bank of North Carolina provides banking and financial services to individuals and businesses through its 30 full-service banking offices in North and South Carolina. Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp's stock is quoted in the NASDAQ Capital Market under the symbol "BNCN."
SOURCE Bank of North Carolina
http://www.prnewswire.com/news-releases/bank-of-north-carolina-assumes-all-deposits-and-purchases-certain-assets-of-carolina-federal-savings-bank-158415985.html
Penny Roger$
13 years ago
~ $BNCN ~Multi chart fix and On the house shots of DD!! Version 3.2.3
~ Barchart: http://barchart.com/quotes/stocks/BNCN?
~ OTC Markets: http://www.otcmarkets.com/stock/BNCN/company-info
~ Google Finance: http://www.google.com/finance?q=BNCN
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=BNCN#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=BNCN+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=BNCN
Finviz: http://finviz.com/quote.ashx?t=BNCN
~ BusyStock: http://busystock.com/i.php?s=BNCN&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=BNCN&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=BNCN
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=BNCN
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=BNCN
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=23342&srchyr=2011&SearchStr=BNCN
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=BNCN
~ MarketWatch: http://www.marketwatch.com/investing/stock/BNCN/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=BNCN
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=BNCN
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=BNCN&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=BNCN&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=BNCN&size=l&frequency=60&color=g
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=BNCN
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=BNCN
Check those searches for recent BNCN mentions. If BNCN is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a cBNCNnt list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=25&y=5
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=14
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=28&y=15
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=17
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=12
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=19
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=38&y=6
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=30&y=11
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=&symb=BNCN&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=14
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=14
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=20&y=16
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=46&y=6
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=42&y=20
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=11
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=46&y=11
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=31&y=14
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=15
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=BNCN&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=22&y=15
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* If a symbol changes or adds a D, etc. Message me for an updated version.
Twitter: @MACDgyver ---> BNCN <---
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56Chevy
11 years ago
illegal_alias
11 years ago
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