BNC Buyback Approved

BNC Mortgage Inc. said Wednesday its directors have authorized the company to buy back up to $1 million worth of common stock from time to time on the open market.

“We believe that the value of the company is not reflected in the current market price of our common stock,” President Kelly W. Monahan said.

The Irvine finance company’s stock dropped 13 cents Wednesday to $4.50, near its 52-week low. Last April, the shares hit a high of $14.13. Through Tuesday, the company had repurchased 516,729 shares at an average price of $5.81 per share.