BNC Bancorp, the parent company for Bank of North Carolina, reported stagnant net income for the first quarter, according to a filing with the Securities and Exchange Commission.
Net income was $14.4 million for the quarter, or 28 cents per diluted share, unchanged from net income reported in the same quarter one year ago.
BNC reported an operating net income of $22.8 million, or 44 cents per diluted share, up nearly 49 percent from the $15.36 million recorded this quarter last year.
The results nearly matched Wall Street analysts’ average expectations of 45 cents per share.
“During the quarter, after adjusting for all the transaction-related expenses, operating earnings increased a healthy 48.4 percent from year ago levels, while operating earnings per share increased 15.8% to $0.44,” said Richard Callicutt II, president and chief executive officer.
In January, BNC announced it was being sold to Pinnacle Financial Partners Inc. of Nashville, Tennessee, for $1.9 billion.
Under the terms of the merger agreement, BNC shareholders will receive 0.5235 shares of Pinnacle common stock for every BNC share. Based on Pinnacle’s most recent dividend, BNC shareholders will receive an approximate 47 percent increase to their current quarterly dividend, once the transaction is completed.
“We believe this partnership will create one of the highest performing regional banks in the U.S., and reward both sets of shareholders as we implement the best of each company across one of the most geographically appealing footprints in our industry,” said Callicutt. “To date we have received all necessary regulatory approvals providing further evidence of the good-standing and financial health of both companies.”
The transaction is expected to close at the end of the second quarter or beginning of the third quarter, pending shareholder approval and other customary closing conditions.
BNC Bancorp is the parent company of Bank of North Carolina. Headquartered in High Point, North Carolina, BNC is a commercial bank with total assets of $7.58 billion. BNC Bancorp has 76 offices in Virginia, North Carolina and South Carolina.
BNC Bancorp is traded on the NASDAQ under the symbol BNCN. BNC shares closed at $33.85 per share, down 5 cents, or 0.15 percent.
