OppFi's $130M Bid Defines BNCC's Final Chapter

BNCCORP enters its Q1 2026 earnings release — scheduled for May 1 — with something far more consequential than a quarterly beat-or-miss hanging over it: a definitive $130 million acquisition agreement, signed today, that puts a ceiling on the stock and reframes everything else.

OppFi announced this morning it has agreed to acquire BNCCORP and its BNC National Bank subsidiary for approximately $130 million, with the deal also eliminating OppFi's Up-C corporate structure. The announcement rewrites the investment case. At a market cap of roughly $123 million and a share price of $34.73, the deal price implies only a slim premium to where the stock already trades. A shareholder class-action investigation was also disclosed today — a standard response to M&A announcements — though it adds a layer of headline risk ahead of the close.

The lending market reflects how thoroughly short sellers have stepped back. Availability in the borrow pool is effectively unlimited — the availability-to-short-interest ratio is at 9,999%, a figure that simply means there are almost no shares being borrowed at all. That conclusion is corroborated by the utilisation data: after touching a modest 0.27% in late March and early April, it has sat at zero every session for the past two weeks. Short interest itself has collapsed — down more than 82% over the past month, to a handful of shares — and the ORTEX short score of 26.8 places this firmly outside any meaningful short-selling thesis. Cost to borrow is 2.47%, unremarkable for a micro-cap community bank.

The fundamental picture had been quietly improving before the deal arrived. For full-year 2025, net interest income rose to $34.2 million from $31.1 million a year earlier. Net income of $8.8 million was up from $7.9 million. Diluted EPS from continuing operations came in at $2.48, versus $2.23 in 2024. The Q4 print was more mixed — net income dipped slightly year-on-year and EPS edged down a penny — but the annual trajectory was clearly upward. BNCCORP's history of special dividends (including an $8-per-share payout in early 2021 and a $6 special in late 2021) has long signalled a management team willing to return capital, and the OppFi deal looks like the logical continuation of that shareholder-friendly posture.

The one number that stands out in the factor scores is the utilisation rank at the 90th percentile — meaning the availability picture is extremely loose by historical standards, consistent with a stock where there is simply no bearish thesis left to express through the borrow market. The ORTEX short score rank of 82 out of 100 reinforces that framing: relatively high, but driven by the dramatic unwinding of what was once a larger short position, not by any fresh pressure building.

What to watch next is whether the May 1 Q1 earnings release surfaces anything — revenue, capital ratios, loan quality — that could complicate regulatory approval of the OppFi deal, and how quickly the M&A investigation noise either resolves or escalates into something with procedural weight.