BNCCORP Q2 net income $14.2 millionChristian Fernsby ▼ | August 3, 2020
BNCCORP, which operates community banking and wealth management businesses in North Dakota, Arizona, and Minnesota, and has mortgage banking offices in Illinois, Kansas, Missouri, Michigan, Arizona, and North Dakota, reported financial results for the second quarter ended June 30, 2020.
BNCCORP The increase in net income from the year ago period
The increase in net income from the year ago period primarily reflected higher net interest income and significantly increased mortgage revenues, partially offset by higher non interest expense and a higher effective tax rate.
Second quarter net interest income increased by $1.4 million, or 20.4%, from the comparable 2019 quarter.
Interest income rose slightly as the impact of loan growth including PPP loan interest income was offset by lower debt securities balances and interest rates.
Interest expense decreased 53.0% as higher average deposit balances were offset by a reduction in the cost of deposits and the redemption of subordinated debt in the fourth quarter 2019. ■