2014

BancFirst Corporation Reports Fourth Quarter Earnings

OKLAHOMA CITY, Jan. 24, 2013 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $12.3 million for the fourth quarter of 2012, up 6.1% from net income of $11.6 million reported for the fourth quarter of 2011.  Diluted earnings per share was $0.79 compared to $0.75 for the prior year's quarter.  Net income for the year ended December 31, 2012 was $51.9 million, up 13.8% from $45.6 million reported for 2011.  Diluted earnings per share for the year was $3.36 compared to $2.93 for 2011.

Net interest income for the fourth quarter of 2012 was $42.3 million, an increase of $913,000, or 2.2%, compared to the same period of the prior year.  Average earning assets grew $351 million from the previous year to $5.45 billion for the fourth quarter of 2012.  The net interest margin decreased to 3.11% compared to 3.24% for the fourth quarter of 2011, as interest rates remained at historically low levels.  Provision for loan losses for the quarter was $2.45 million versus $829,000 a year ago primarily driven by loan growth.  Net charge-offs to average loans for the fourth quarter of 2012 was 0.03% versus 0.02% for the fourth quarter of 2011.  Nonperforming and restructured assets as a percentage of total assets increased to 0.81% from 0.71% a year ago.  Noninterest income totaled $21.8 million, up 12.2% compared to the same quarter of 2011.   Noninterest expense for the quarter was $43.4 million, up 4.8% from the fourth quarter of 2011.

At December 31, 2012, total assets exceeded $6 billion due to a temporary influx of deposits at year end.  Average total assets for the quarter was $5.86 billion, up 6.7% compared to $5.5 billion for the fourth quarter of 2011.  Total loans grew $229 million, or 7.6%, to end the year at $3.24 billion.  Total deposits ended the year at $5.44 billion.  Average total deposits for the quarter was $5.28 billion, up 7.4% compared to $4.92 billion for the fourth quarter of 2011.  The Company's stockholders' equity totaled $520 million at December 31, 2012, an increase of $36.5 million, or 7.6%, for the year.

David Rainbolt, BancFirst Corporation CEO stated, "Our balance sheet is well-positioned with superior levels of liquidity, asset quality and capital adequacy which puts us in an excellent position to take advantage of any opportunity that may present itself.  However, our country's fiscal dilemma and extreme monetary policy dictate that we move with caution."

BancFirst Corporation is an Oklahoma based financial services holding company.  The Company's principal subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with 93 banking locations serving 51 communities across Oklahoma. More information can be found at www.bancfirst.com.

The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters.  Forward-looking statements include estimates and give management's current expectations or forecasts of future events.  The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time.  Actual results may differ materially from forward-looking statements.

 

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)




2012


2012


2012


2012


2011



  4th Qtr 


  3rd Qtr 


  2nd Qtr 


  1st Qtr 


4th Qtr   


 Condensed Income Statements: 











 Net interest income 

$               42,297


$               40,832


$               40,869


$               40,817


$               41,384


 Provision for loan losses 

2,446


233


248


173


829


 Non-interest income:











Trust revenue

1,858


1,927


1,823


1,707


1,675


Service charges on deposits

13,419


11,896


11,031


10,607


11,096


Securities transactions

272


385


226


4,032


224


Income from sales of loans

698


737


766


572


614


Insurance commissions

3,169


3,661


2,803


2,993


2,654


Cash management

1,092


1,971


2,041


1,939


1,890


Other

1,292


1,539


1,674


1,587


1,282


Total noninterest income 

21,800


22,116


20,364


23,437


19,435













 Non-interest expense:











Salaries and employee benefits

25,264


24,641


24,830


24,800


24,016


Occupancy and fixed assets expense, net

2,776


2,877


2,477


2,446


2,599


Depreciation

2,403


2,253


2,226


2,131


2,104


Amortization of intangible assets

456


457


457


457


457


Data processing services

1,173


1,208


1,158


1,283


1,222


Net expense from other real estate owned

178


200


922


247


124


Marketing and business promotion

1,995


1,998


1,679


1,655


1,811


Deposit insurance

761


745


724


719


698


Other

8,357


8,086


8,090


8,299


8,349


Total noninterest expense 

43,363


42,465


42,563


42,037


41,380


 Income before income taxes 

18,288


20,250


18,422


22,044


18,610


 Income tax expense 

5,982


6,390


6,693


8,039


7,012


 Net income 

12,306


13,860


11,729


14,005


11,598


 Per Common Share Data: 











 Net income-basic 

0.81


0.91


0.77


0.93


0.77


 Net income-diluted 

0.79


0.90


0.76


0.91


0.75


 Cash dividends declared

0.29


0.29


0.27


0.27


0.27


 Common shares outstanding 

15,242,308


15,200,468


15,153,991


15,145,280


15,117,430


 Average common shares outstanding -











   Basic

15,224,346


15,174,755


15,155,525


15,129,868


15,122,368


   Diluted

15,482,222


15,447,395


15,426,796


15,410,773


15,389,289


 Performance Ratios: 











 Return on average assets

0.83

%

0.96

%

0.83

%

1.00

%

0.84

%

 Return on average equity

9.47


10.86


9.46


11.45


9.59


 Net interest margin 

3.11


3.06


3.14


3.18


3.24


 Efficiency ratio 

67.65


67.46


69.51


65.42


68.04













 

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)










Twelve months ended

December 31,





2012


2011


 Condensed Income Statements: 







 Net interest income 



$             164,815


$             156,897


 Provision for loan losses 



3,100


4,515


 Non-interest income:







Trust revenue



7,315


6,672


Service charges on deposits



46,953


42,683


Securities transactions



4,915


1,598


Income from sales of loans



2,773


2,015


Insurance commissions



12,626


10,457


Cash management



7,043


7,430


Other



6,092


6,106


Total noninterest income 



87,717


76,961









 Non-interest expense:







Salaries and employee benefits



99,535


92,231


Occupancy and fixed assets expense, net



10,576


10,128


Depreciation



9,013


8,014


Amortization of intangible assets



1,827


1,668


Data processing services



4,822


4,942


Net expense from other real estate owned



1,547


958


Marketing and business promotion



7,327


6,552


Deposit insurance



2,949


3,674


Other



32,832


30,479


Total noninterest expense 



170,428


158,646


 Income before income taxes 



79,004


70,697


 Income tax expense 



27,104


25,076


 Net income 



$               51,900


$               45,621


 Per Common Share Data: 







 Net income-basic 



$                   3.42


$                   2.99


 Net income-diluted 



3.36


2.93


 Cash dividends declared



1.12


1.04


 Common shares outstanding 



15,242,308


15,117,430


 Average common shares outstanding -







   Basic



15,172,457


15,267,357


   Diluted



15,443,646


15,550,131


 Performance Ratios: 







 Return on average assets



0.91

%

0.85

%

 Return on average stockholders' equity



10.32


9.65


 Net interest margin 



3.13


3.20


 Efficiency ratio 



67.49


67.84









 

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share data - Unaudited)




2012


2012


2012


2012


2011



4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


 Balance Sheet Data:






















 Total assets

$        6,022,250


$        5,836,751


$          5,671,711


$          5,737,994


$        5,608,825


 Total loans

3,242,427


3,116,096


3,065,439


3,049,376


3,013,498


 Allowance for loan losses

(38,725)


(37,258)


(37,436)


(37,633)


(37,656)


 Securities

562,542


540,475


575,034


573,801


614,977


 Deposits

5,440,830


5,253,505


5,099,648


5,152,856


5,037,735


 Stockholders' equity

519,567


510,387


499,561


491,957


483,041


 Book value per common share

34.09


33.58


32.97


32.48


31.95


 Tangible book value per common share

30.37


29.82


29.16


28.64


28.07


 Balance Sheet Ratios:











 Average loans to deposits

60.71

%

59.99

%

60.35

%

59.99

%

60.97

%

 Average earning assets to total assets

92.95


92.85


92.60


92.51


92.76


 Average stockholders' equity to average assets

8.81


8.83


8.77


8.73


8.73


Asset Quality Data:











 Past due loans

$                  539


$                  731


$                 1,403


$                 1,150


$                  798


 Nonaccrual loans

20,549


22,101


20,702


20,721


21,187


 Restructured loans

17,866


17,784


18,089


18,483


1,041


 Total nonperforming and restructured loans

38,954


40,616


40,194


40,354


23,026


 Other real estate owned and repossessed assets

9,567


9,796


10,223


12,408


16,640


 Total nonperforming and restructured assets

48,521


50,412


50,417


52,762


39,666


 Nonperforming and restructured loans to total loans

1.20

%

1.30

%

1.31

%

1.32

%

0.76

%

 Nonperforming and restructured assets to total assets

0.81


0.86


0.89


0.92


0.71


 Allowance to total loans

1.19


1.20


1.22


1.23


1.25


 Allowance to nonperforming and restructured loans

99.41


91.73


93.14


93.26


163.54


 Net charge-offs to average loans

0.03


0.01


0.02


0.01


0.02
























 

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)








Three Months Ended



Twelve Months Ended



December 31, 2012



December 31, 2012





Interest


Average





Interest


Average



Average


Income/


Yield/



Average


Income/


Yield/



Balance


Expense


Rate



Balance


Expense


Rate


ASSETS














Earning assets:














  Loans

$   3,205,034


$       43,384


5.39

%


$  3,099,888


$     169,510


5.47

%

  Securities – taxable

496,700


1,511


1.21



517,103


7,686


1.49


  Securities - tax exempt

46,208


545


4.69



49,701


2,392


4.81


  Interest bearing deposits with banks

1,702,950


1,096


0.26



1,641,366


4,201


0.26


     Total earning assets

5,450,892


46,536


3.40



5,308,058


183,789


3.46
















Nonearning assets:














  Cash and due from banks

146,115







144,884






  Interest receivable and other assets

304,975







308,643






  Allowance for loan losses

(37,714)







(37,636)






     Total nonearning assets

413,376







415,891






     Total assets

$   5,864,268







$  5,723,949




















LIABILITIES AND STOCKHOLDERS' EQUITY














Interest-bearing liabilities:














  Transaction deposits                      

$      694,342


$            208


0.12

%


$     712,800


$           966


0.14

%

  Savings deposits

1,817,162


1,215


0.27



1,757,331


5,571


0.32


  Time deposits

843,008


1,966


0.93



864,524


8,713


1.01


  Short-term borrowings

5,834


5


0.34



6,898


28


0.40


  Long-term borrowings

10,807


80


2.95



12,323


360


2.92


  Junior subordinated debentures

26,804


491


7.29



31,072


2,134


6.87


     Total interest-bearing liabilities

$   3,397,957


$         3,965


0.46



$  3,384,948


$      17,772


0.53
















Interest-free funds:














  Noninterest bearing deposits

1,924,715







1,809,102






  Interest payable and other liabilities

24,731







26,990






  Stockholders' equity

516,865







502,909






     Total interest free-funds

2,466,311







2,339,001






     Total liabilities and stockholders' equity

$   5,864,268







$  5,723,949






Net interest income



$       42,571







$    166,017




Net interest spread





2.93

%






2.94

%

Net interest margin





3.11

%






3.13

%

 

SOURCE BancFirst



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