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
CEO
or
Ernie
Verrico, 203-972-3838
CFO
Source: BNC Financial Group