Second Consecutive Quarter of Record Earnings at BNC Financial Group
NEW CANAAN, Conn.--(BUSINESS WIRE)-- BNC Financial Group saw its second consecutive quarter of record earnings at June 30, 2013. It was the Company's strongest quarter ever, with net income of $1.47 million, a 45% increase over the first quarter of 2013. Year-to-date net income for the Company was $2.48 million, a 255% increase over June 30, 2012. Assets were $654 million, a 24% increase year-over-year.
BNC Financial Group is the bank holding company that has The Bank of New Canaan, its division, Stamford First Bank, and The Bank of Fairfield as its subsidiaries. Following recent regulatory approvals by the State and FDIC, The Company will rebrand its three banks to become Bankwell in September. The holding company will be Bankwell Financial Group.
CEO Peyton R. Patterson notes, "Our record performance reflected a continuation of strong deposit and loan momentum, as well as favorable revenue gains resulting from several new initiatives. Our credit quality remains excellent and our Net Interest Margin continues to be an industry standout at 4.04%."
Ms. Patterson added, "Key to our strategic focus in 2013 is revenue diversification, as evidenced by the significant increase in non-interest income to $1.8 million, representing 13% of total revenue, versus 2% in 2012."
Loans were $575 million at the end of the second quarter, up 27% over June 30, 2012. BNC Financial Group continued to top the list of banks with the highest small business loan growth at the end of the first quarter of 2013, as noted in a recent Small Business Lending Fund report from The U.S. Treasury Department. Established by the Small Business Jobs Act of 2010, the Small Business Lending Fund is a dedicated fund that provides capital to qualified community banks in order to encourage small business lending.
Deposits were $519 million at the end of the quarter, with steady performance reported across all three of the banks' markets, and the greatest growth in the banks' newest markets of Fairfield and Stamford. The Company currently has five branches and a Loan Production Office, and is acquiring The Wilton Bank later this year. The acquisition will add $75 million to the Company's balance sheet.
On an individual basis, The Bank of New Canaan's total assets increased by 21% to $483 million year-over-year. Deposits increased by 22% to $380 million, and loan growth grew 26% to $425 million. The Bank's net income at June 30, 2013 was $2.6 million, a 130% increase year over year. These results include the bank's division, Stamford First Bank.
The Bank of Fairfield showed total assets of $170 million at June 30, 2013, a 33% increase year-over-year. Loans outstanding increased 29% to $150 million, and deposits grew to $148 million, a 38% increase. Net income was $553 thousand.
For more information about any information in this press release, interested parties can contact Peyton R. Patterson, CEO or Ernie Verrico, CFO of BNC Financial Group at (203) 972-3838. Additional information can be found on the bank websites: www.bankofnewcanaan.com; www.thebankoffairfield.com and www.stamfordfirstbank.com.
This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.
BNC Financial Group
Peyton R. Patterson, 203-972-3838
Ernie Verrico, 203-972-3838
KEYWORDS: United States North America Connecticut
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