Record earnings at BNC Financial Group

The first quarter of 2013 ended with record earnings for BNC Financial Group, the bank holding company that has The Bank of New Canaan, its division, Stamford First Bank, and The Bank of Fairfield as its subsidiaries. At March 31, net income was $1.012 million, the result of strong deposit and loan momentum, as well as favorable revenue gains.

“This positive start to 2013 reflects our keen focus on our five-year strategic plan, which centers around growing the Company, diversifying revenue streams and investing in new lines of business,” Chief Executive Officer Peyton R. Patterson said. “Our goal is to be an industry stand-out, relentless in our efforts to achieve our full potential — for our customers, our communities and our shareholders.”

As a result of  the strong performance by both banks, revenues increased 19%, from $5.8 million to $7.0 million, the result of strong balance sheet growth and an outstanding margin of 4.16%. Assets grew to $631 million, up $127 million or 25% year-over-year. Loans increased $134 million, or 31%, over March 31, 2012, and deposit growth hit record levels, increasing to $480 million for the same time period.

On an individual bank basis, The Bank of New Canaan’s total assets increased by 24% to $476 million. Deposits increased by 17% to $359 million and loan growth was outstanding, increasing by $97 million to $413 million, or 31% over March 31, 2012. The bank’s net income at March 31, 2013 was $1.1 million, an increase of $647 or 132% year-over-year.

The Bank of Fairfield showed total assets of $153 million, a 28% jump from March 31, 2012. Loans outstanding increased by 34% to $145 million and deposits increased 31% to $128 million. Net income was $200 thousand, a $136 thousand positive change from March 31, 2012.

For more information, call Peyton R. Patterson or Ernie Verrico, chief financial officer of BNC Financial Group, at 203-972-3838. Additional information may also be found at bankofnewcanaan.com, thebankoffairfield.com and stamfordfirstbank.com.

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