BNC Bancorp (BNCN) in High Point, N.C., reported lower third-quarter income because of costs related to recent acquisitions.
The $2.7 billion-asset company posted earnings of $788,000, down 57% from a year earlier. Excluding one-time transaction related expenses, income totaled $2.6 million, up 4% from a year earlier.
BNC recorded $1.9 million in expenses associated with acquisition activities and exiting the Troubled Asset Relief Program, the company said Monday. During the quarter, the company
It also repurchased a stock warrant issued to the Treasury Department under Tarp. Treasury
Net interest income totaled $19.8, up 17% year over year. Noninterest income rose almost 37%, to $5.3 million, from a year earlier as mortgage fees tripled, to $1.8 million.
Noninterest expense climbed more than 38%, to $20.4 million, year over year, as salaries and employee benefits increased because of acquisitions made since the fourth quarter of 2011, the company said. Insurance and professional services costs increased almost 220%, to $2.1 million year over year.