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BNCCORP, INC. (OTCQB:BNCC) is a beaten down, well-capitalized regional bank holding company that operates from 14 locations in Arizona, Minnesota and North Dakota. Even after rising ~450% YTD, shares of this $38.6 million company are extremely undervalued as they trade at a 23.3% discount to book value. And with the results that they have been posting lately, even a 50% reduction in regular quarterly incomes would imply a forward P/E of only 5.85. Anyone like margin of safety?

Before getting into the bank's recent performance, below is a look at the company's risk related ratios, all of which have been improving and all of which are multiples above the minimum requirement and levels considered to be well...

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