BNC Bancorp has reported a net income of $626,000 for the fourth quarter ended December 31, 2008, a decrease of 59.7% compared to $1.55 million for the same quarter of 2007.
For the fourth quarter of 2008, diluted earnings per share were $0.07, a decrease of 68.2% compared to $0.22 in the same quarter of 2007. Net income attributable to common shareholders was $483,000 in the fourth quarter of 2008, a decrease of 68.9% compared to $1.55 million in the same quarter of 2007.
Net income for the year ended December 31, 2008 was $3.99 million, a decrease of 46.4% compared to $7.44 million in 2007. Diluted earnings per share for 2008 were $0.52, a decrease of 50.5% compared to $1.05 in 2007.
Swope Montgomery, Jr, president and CEO of BNC Bancorp, said: During the fourth quarter our company earned $0.07 per common share, maintained our non-performing assets at manageable levels, increased our capital through our participation in the capital purchase programme, effectively and profitably leveraged a portion of this new capital, initiated a builder participation programme to help spur housing activity in our local markets and significantly improved our liquidity ratios.
