BNC Bancorp in High Point, N.C., on Friday posted a profitable first quarter while stating that remains interested in making bank acquisitions.

The $2.16 billion-asset company reported an earnings increase of 3.5% from a year earlier, to $917,000.

W. Swope Montgomery Jr., the company's president and chief executive, said in a press release that results "are still significantly below an acceptable level for our company."

Montgomery added that, after its annual regulatory examination, BNC remains interested in traditional bank deals and buying failed banks. The company also plans to expand its mortgage operations in several markets in the Carolinas.

BNC, which received financial backing from the private-equity firm Aquiline Capital Partners LLC late last year, already has one failed-bank acquisition under its belt. It bought Beach First National Bank in Myrtle Beach, S.C., in April 2010.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.