BNC Bancorp in Thomasville, N.C., reported record earnings Tuesday for the first quarter due mainly to an increase in earning assets from a recent acquisition.
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The $985 million-asset BNC said that its net income rose 69.7%, to $1.92 million, on a 54.3% increase in loans, to $805.5 million. The loan growth was due mainly to the purchase last July of the $148 million-asset SterlingSouth Bank and Trust Co. in Greensboro, N.C. However, BNC's loan book also grew organically, 16.1% at an annual rate.
Though its net interest margin declined to 3.79%, from 4.07% a year earlier, the drop was offset by a 46.6% increase in noninterest-bearing deposits and a 51.3% rise in fee income.
