Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BNC BANCORP | v444275_8k.htm |
| EX-99.2 - EXHIBIT 99.2 - BNC BANCORP | v444275_ex99-2.htm |
Exhibit 99.1
UNAUDITED CONSOLIDATED FINANCIAL INFORMATION
The following unaudited consolidated financial information of Valley is presented to show the historical financial condition and results of operations of Valley as of and for the periods indicated. Certain information and certain footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted pursuant to such rules and regulations. However, management believes that the disclosures are adequate to make the information presented not misleading.
The unaudited consolidated financial information should be read together with Valley’s audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2014, included in Valley’s Annual Report on Form 10-K for the year ended December 31, 2014 and Valley’s unaudited consolidated financial statements and accompanying notes as of and for the three months ended March 31, 2015, included in Valley’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.
Unaudited Consolidated Balance Sheet of Valley Financial Corporation
| June 30, 2015 | December 31, 2014 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 5,844 | $ | 10,316 | ||||
| Interest-earning deposits in other banks | 7,419 | 42,835 | ||||||
| Investment securities available-for -sale | 152,125 | 177,737 | ||||||
| Loans | 627,706 | 618,272 | ||||||
| Allowance for loan losses | (3,700 | ) | (6,500 | ) | ||||
| Net loans | 624,006 | 611,772 | ||||||
| Premises and equipment, net | 8,934 | 9,298 | ||||||
| Other real estate owned | 8,114 | 12,308 | ||||||
| Investment in bank-owned life insurance | 19,885 | 19,543 | ||||||
| Other assets | 18,012 | 17,590 | ||||||
| Total assets | $ | 844,339 | $ | 901,399 | ||||
| Liabilities and shareholders' equity | ||||||||
| Deposits: | ||||||||
| Non-interest bearing | $ | 110,960 | $ | 27,082 | ||||
| Interest-bearing | 535,093 | 689,943 | ||||||
| Total deposits | 646,053 | 717,025 | ||||||
| Short-term borrowings | 85,791 | 59,778 | ||||||
| Long-term debt | 55,296 | 55,356 | ||||||
| Accrued expenses and other liabilities | 971 | 9,000 | ||||||
| Total liabilities | 788,111 | 841,159 | ||||||
| Shareholders' equity | ||||||||
| Common stock | 24,974 | 23,987 | ||||||
| Retained earnings | 32,065 | 36,725 | ||||||
| Accumulated other comprehensive loss | (811 | ) | (472 | ) | ||||
| Total shareholders' equity | 56,228 | 60,240 | ||||||
| Total liabilities and shareholders' equity | $ | 844,339 | $ | 901,399 | ||||
Unaudited Consolidated Statements of Income of Valley Financial Corporation
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Interest income | ||||||||||||||||
| Loans, including fees | $ | 7,198 | $ | 6,931 | $ | 14,192 | $ | 13,709 | ||||||||
| Investment securities taxable | 597 | 991 | 1,441 | 2,029 | ||||||||||||
| Investment securities tax-exempt | 122 | 183 | 258 | 372 | ||||||||||||
| Interest-earning balances and other | 109 | 10 | 115 | 13 | ||||||||||||
| Total interest income | 8,026 | 8,115 | 16,006 | 16,123 | ||||||||||||
| Interest expense | ||||||||||||||||
| Deposits | 554 | 578 | 1,118 | 1,142 | ||||||||||||
| Borrowings | 546 | 539 | 1,088 | 1,073 | ||||||||||||
| Total interest expense | 1,100 | 1,117 | 2,206 | 2,215 | ||||||||||||
| Net interest income | 6,926 | 6,998 | 13,800 | 13,908 | ||||||||||||
| Provision for loan losses | 106 | 1,039 | 91 | 1,557 | ||||||||||||
| Net interest income after provision for loan losses | 6,820 | 5,959 | 13,709 | 12,351 | ||||||||||||
| Non-interest income | ||||||||||||||||
| Mortgage fees | 251 | 137 | 485 | 229 | ||||||||||||
| Service charges | 578 | 532 | 1,087 | 984 | ||||||||||||
| Earnings on bank-owned life insurance | 173 | 168 | 342 | 333 | ||||||||||||
| Gain on sale of investments securities, net | - | 714 | 329 | 721 | ||||||||||||
| Other | 204 | 509 | 539 | 868 | ||||||||||||
| Total non-interest income | 1,206 | 2,060 | 2,782 | 3,135 | ||||||||||||
| Non-interest expense | ||||||||||||||||
| Salaries and employee benefits | 8,568 | 3,076 | 11,700 | 6,162 | ||||||||||||
| Occupancy and equipment | 787 | 470 | 1,290 | 960 | ||||||||||||
| Data processing and supplies | 1,014 | 415 | 1,444 | 818 | ||||||||||||
| FDIC insurance assessments | 50 | 227 | 282 | 448 | ||||||||||||
| Insurance, professional and other services | 569 | 178 | 785 | 316 | ||||||||||||
| Loan, foreclosure and other real estate owned expenses | 4,731 | 242 | 4,922 | 400 | ||||||||||||
| Other | 1,261 | 928 | 2,099 | 1,765 | ||||||||||||
| Total non-interest expense | 16,980 | 5,536 | 22,522 | 10,869 | ||||||||||||
| (Loss) income before income tax (benefit) expense | (8,954 | ) | 2,483 | (6,031 | ) | 4,617 | ||||||||||
| Income tax (benefit) expense | (2,764 | ) | 739 | (1,767 | ) | 1,357 | ||||||||||
| Net (loss) income | $ | (6,190 | ) | $ | 1,744 | $ | (4,264 | ) | $ | 3,260 | ||||||
| Basic (loss) earnings per share common | $ | (1.25 | ) | $ | 0.36 | $ | (0.86 | ) | $ | 0.68 | ||||||
| Diluted (loss) earnings per common share | $ | (1.25 | ) | $ | 0.36 | $ | (0.86 | ) | $ | 0.67 | ||||||
| Weighted average participating common shares - basic | 4,961,989 | 4,818,209 | 4,947,866 | 4,812,299 | ||||||||||||
| Weighted average participating common shares - diluted | 4,961,989 | 4,871,295 | 4,947,866 | 4,863,181 | ||||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows of Valley Financial Corporation
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||||
| Net cash (used in) provided by operating activities | (9,993 | ) | 11,840 | (7,236 | ) | 14,495 | ||||||||||
| Cash flows from investing activities | ||||||||||||||||
| Purchases of investment securities available-for-sale | (19,157 | ) | (20,053 | ) | - | (42,904 | ) | |||||||||
| Proceeds from maturities and payments of investment securities available-for-sale | 24,657 | 27,093 | 24,657 | 30,581 | ||||||||||||
| Net increase in loans | (2,848 | ) | (18,544 | ) | (12,325 | ) | (34,283 | ) | ||||||||
| Other, net | (45 | ) | 7,720 | (101 | ) | 8,057 | ||||||||||
| Net cash provided by (used in) investing activities | 2,607 | (3,784 | ) | 12,231 | (38,549 | ) | ||||||||||
| Cash flows from financing activities | ||||||||||||||||
| Net (decrease) increase in deposits | (36,542 | ) | 10,144 | (70,972 | ) | 30,840 | ||||||||||
| Net increase (decrease) in borrowings | 40,000 | (5,000 | ) | 25,000 | 15,000 | |||||||||||
| Other, net | 741 | 1,500 | 1,089 | 1,114 | ||||||||||||
| Net cash provided by (used in) financing activities | 4,199 | 6,644 | (44,883 | ) | 46,954 | |||||||||||
| Net (decrease) increase in cash and cash equivalents | (3,187 | ) | 14,700 | (39,888 | ) | 22,900 | ||||||||||
| Cash and cash equivalents, beginning of period | 16,450 | 24,562 | 53,151 | 16,362 | ||||||||||||
| Cash and cash equivalents, end of period | 13,263 | 39,262 | 13,263 | 39,262 | ||||||||||||