CEO Jay Forgotson has announced that BNC Financial Group, Inc., the holding company for The Bank of New Canaan, its division, Stamford First Bank and The Bank of Fairfield, achieved record earnings in 2011, with a consolidated profit of $2.2 million, an increase of 335 percent over 2010.
Notes Forgotson, “Despite another year of economic challenges, high unemployment and low interest rates, we experienced significant increases in our deposits and exceptional loan growth resulting from our visibility and superior level of service. Our financial achievement is particularly gratifying because of the financial support that we have been able to provide to the local economy through small business lending.”
Added Forgotson, “During 2011, The Bank of New Canaan was named the “#1 Community Bank in Connecticut” by the Commercial Record. The Bank had an excellent year and saw solid growth, great credit quality and strong profitability”.
Some of The Bank of New Canaan’s financial highlights, which include results for Stamford First Bank, for year-end 2011, are as follows:
- YTD net income was $2.8 million, a 126 percent increase over 2010.
- Gross loans increased by $53 million over 2010, or 24 percent.
- The Bank’s net interest margin remained strong at 4.21 percent
In recapping the Bank’s successful year, Forgotson notes, “We believe that our overall steady growth reflects our continued ability to balance the financing that we provide to the community with an expertise in delivering consistently high quality loans on a timely basis. While loan growth is an important component of our success, we are also proud of the relationships that we continue to develop, and are grateful to the community for their continued support.”
More information about The Bank of New Canaan can be found at www.bankofnewcanaan.com.