BancFirst Corporation Reports Third Quarter Earnings

OKLAHOMA CITY, Oct. 16, 2012 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $13.9 million or $0.90 diluted earnings per share for the third quarter of 2012, a 10.4% increase over the $12.6 million or $0.81 diluted earnings per share for the third quarter of 2011.  Net income for the first nine months of 2012 was $39.6 million or $2.57 diluted earnings per share compared to net income of $34.0 million or $2.18 diluted earnings per share for the nine months ended September 30, 2011.

For the third quarter of 2012 the Company's net interest income was $40.8 million, up slightly from the same period in 2011. Average earning assets grew $280 million from a year ago to $5.3 billion.  The Company's net interest margin for the third quarter of 2012 was 3.06% versus 3.20% a year ago as interest rates remain at historically low levels. The Company's loan loss provision for the third quarter was $233,000 down from $885,000 for the same period in 2011.  Nonperforming and restructured assets were 0.86% of total assets compared to 0.88% a year ago.  Net charge-offs were 0.05% compared to 0.07% for the same period a year ago.  For the third quarter of 2012 noninterest income totaled $22.1 million, which was up $2.0 million from last year. The increases in revenues resulted primarily from growth in trust services, commercial deposit revenues, insurance commissions, treasury management services and income on mortgage loan sales.  Noninterest expense for the third quarter was $42.5 million compared to $41.3 million a year ago, up 2.9%. In light of the additional tax credits realized in the quarter, the Company made a one-time contribution of $500,000 to its foundation which will help defray future contributions to community organizations.  The Company's effective tax rate was 31.6% for the third quarter of 2012 due to largely nonrecurring tax benefits realized from tax credit investments made in 2011 and 2012. 

David Rainbolt, BancFirst CEO, said "While interest rates remain low, noninterest income becomes more important. We are pleased with the growth in all areas of noninterest income, but are especially pleased with the growth and momentum in our insurance agency, BancFirst Insurance Services. We have an outstanding team of professionals, led by President Ed McGrath, serving our customers throughout Oklahoma."

At September 30, 2012, the Company's total assets were $5.8 billion, up $227.9 million or 4.1% from December 31, 2011. Loans outstanding of $3.1 billion were up $102.6 million over December 31, 2011. Deposits were $5.3 billion, $215.8 above year-end 2011. The Company's equity capital rose to $510.4 million, an increase of $27.3 million or 5.7% over December 31, 2011.

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










  Year- 



  Q1 


  Q2 


  Q3 


  Q4 


  To-Date 


 Income Statement Data: 











 Net interest income 

$               40,817


$               40,869


$               40,832




$             122,518


 Provision for loan losses 

173


248


233




654


 Securities transactions

4,032


226


385




4,643


 Total noninterest income 

23,437


20,364


22,116




65,917


 Salaries and employee benefits

24,800


24,830


24,641




74,271


 Total noninterest expense 

42,037


42,563


42,465




127,065


 Net income 

14,005


11,729


13,860




39,594


 Per Common Share Data: 











 Net income-basic 

0.93


0.77


0.91




2.61


 Net income-diluted 

0.91


0.76


0.90




2.57


 Cash dividends declared

0.27


0.27


0.29




0.83


 Common shares outstanding 

15,145,280


15,153,991


15,200,468




15,200,468


 Average common shares outstanding -











   Basic

15,129,868


15,155,525


15,174,755




15,155,035


   Diluted

15,410,773


15,426,796


15,447,395




15,431,098


 Performance Ratios: 











 Return on average assets

1.00

%

0.83

%

0.96

%



0.93

%

 Return on average equity

11.45


9.46


10.86




10.59


 Net interest margin 

3.18


3.14


3.06




3.13


 Efficiency ratio 

65.42


69.51


67.46




67.43














2011










  Year- 



  Q1 


  Q2 


  Q3 


  Q4 


  To-Date 


 Income Statement Data: 











 Net interest income 

$               37,289


$               38,006


$               40,218


$               41,384


$             156,897


 Provision for loan losses 

788


2,013


885


829


4,515


 Securities transactions

8


1,316


50


224


1,598


 Total noninterest income 

17,730


19,679


20,117


19,435


76,961


 Salaries and employee benefits

21,812


22,558


23,845


24,016


92,231


 Total noninterest expense 

36,397


39,610


41,259


41,380


158,646


 Net income 

11,355


10,115


12,553


11,598


45,621


 Per Common Share Data: 











 Net income-basic 

0.74


0.66


0.82


0.77


2.99


 Net income-diluted 

0.72


0.65


0.81


0.75


2.93


 Cash dividends declared 

0.25


0.25


0.27


0.27


1.04


 Common shares outstanding 

15,390,357


15,273,181


15,125,541


15,117,430


15,117,430


 Average common shares outstanding -











  Basic

15,375,644


15,364,738


15,210,090


15,122,368


15,267,357


  Diluted

15,679,298


15,651,953


15,471,659


15,389,289


15,550,131


 Performance Ratios: 











 Return on average assets

0.89

%

0.77

%

0.91

%

0.84

%

0.85

%

 Return on average equity 

9.90


8.59


10.50


9.59


9.65


 Net interest margin 

3.21


3.17


3.20


3.24


3.20


 Efficiency ratio 

66.15


68.67


68.38


68.04


67.84



 

 

BancFirst Corporation

Summary Financial Information

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




2012


 Q1


 Q2


 Q3


 Q4


 Balance Sheet Data:









 Total assets

$          5,737,994


$          5,671,711


$          5,836,751




 Total loans

3,049,376


3,065,439


3,116,096




 Allowance for loan losses

(37,633)


(37,436)


(37,258)




 Securities

573,801


575,034


540,475




 Deposits

5,152,856


5,099,648


5,253,505




 Stockholders' equity

491,957


499,561


510,387




 Book value per common share

32.48


32.97


33.58




 Tangible book value per common share

28.64


29.16


29.82




 Balance Sheet Ratios:









 Average loans to deposits

59.99

%

60.35

%

59.99

%



 Average earning assets to total assets

92.51


92.60


92.85




 Average stockholders' equity to average assets

8.73


8.77


8.83




 Asset Quality Data:









 Past due loans

$                 1,150


$                 1,403


$                    731




 Nonaccrual loans

20,721


20,702


22,101




 Restructured loans

18,483


18,089


17,784




 Total nonperforming and restructured loans

40,354


40,194


40,616




 Other real estate owned and repossessed assets

12,408


10,223


9,796




 Total nonperforming and restructured assets

52,762


50,417


50,412




 Nonperforming and restructured loans to total loans

1.32

%

1.31

%

1.30

%



 Nonperforming and restructured assets to total assets

0.92


0.89


0.86




 Allowance to total loans

1.23


1.22


1.20




 Allowance to nonperforming and restructured loans

93.26


93.14


91.73




 Net charge-offs to average loans

0.03


0.06


0.05





2011


Q1


Q2


Q3


Q4


 Balance Sheet Data:









 Total assets

$          5,239,658


$          5,267,445


$          5,472,306


$        5,608,825


 Total loans

2,796,390


2,861,844


2,984,114


3,013,498


 Allowance for loan losses

(36,136)


(37,092)


(37,456)


(37,656)


 Securities

681,159


580,059


607,046


614,977


 Deposits

4,666,199


4,701,999


4,887,332


5,037,735


 Stockholders' equity

466,827


470,397


474,396


483,041


 Book value per common share

30.33


30.80


31.36


31.95


 Tangible book value per common share

26.71


27.17


27.52


28.07


 Balance Sheet Ratios:









 Average loans to deposits

60.83

%

60.16

%

60.58

%

60.97

%

 Average earning assets to total assets

92.49


92.49


92.22


92.76


 Average stockholders' equity to average assets

9.03


8.98


8.67


8.73


 Asset Quality Data:









 Past due loans

$                 3,016


$                 1,166


$                 1,413


$                  798


 Nonaccrual loans

24,391


22,469


29,039


21,187


 Restructured loans

316


344


1,059


1,041


 Total nonperforming and restructured loans

27,723


23,979


31,511


23,026


 Other real estate owned and repossessed assets

15,974


15,501


16,723


16,640


 Total nonperforming and restructured assets

43,697


39,480


48,234


39,666


 Nonperforming and restructured loans to total loans

0.99

%

0.84

%

1.06

%

0.76

%

 Nonperforming and restructured assets to total assets

0.83


0.75


0.88


0.71


 Allowance to total loans

1.29


1.30


1.26


1.25


 Allowance to nonperforming and restructured loans

130.35


154.68


118.87


163.54


Net charge-offs to average loans

0.06


0.15


0.07


0.08



 

 

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)








Three Months Ended


Nine Months Ended




September 30, 2012


September 30, 2012






Interest


Average




Interest


Average




Average


Income/


Yield/


Average


Income/


Yield/




Balance


Expense


Rate


Balance


Expense


Rate



ASSETS














Earning assets:




























  Loans

 

$ 3,093,928


 

$ 42,112


 

5.40

 

%

 

$ 3,064,584


 

$ 126,126


 

5.48

 

%


  Securities – taxable

516,187


1,681


1.29


523,953


6,174


1.57



  Securities – tax exempt

47,649


563


4.69


50,874


1,847


4.84



  Interest bearing deposits with banks

1,667,921


1,071


0.25


1,620,688


3,105


0.26



     Total earning assets

5,325,685


45,427


3.38


5,260,099


137,252


3.48

















Nonearning assets:














  Cash and due from banks

141,353






144,471







  Interest receivable and other assets

306,079






309,874







  Allowance for loan losses

(37,533)






(37,610)







     Total nonearning assets

409,899






416,735







     Total assets

$        5,735,584






$        5,676,834





















LIABILITIES AND














  STOCKHOLDERS' EQUITY














Interest-bearing liabilities:














  Transaction deposits                      

$           693,616


$                224


0.13

%

$           718,997


$               758


0.14

%


  Savings deposits

1,783,662


1,412


0.31


1,737,242


4,356


0.33



  Time deposits

854,967


2,093


0.97


871,749


6,747


1.03



  Short-term borrowings

6,521


7


0.43


7,255


23


0.42



  Long-term borrowings

11,282


84


2.95


12,832


280


2.91



  Junior subordinated debentures

26,804


492


7.28


32,504


1,643


6.73



     Total interest-bearing liabilities

3,376,852


4,312


0.51


3,380,579


13,807


0.54

















Interest-free funds:














  Noninterest bearing deposits

1,825,053






1,770,283







  Interest payable and other liabilities

27,404






27,749







  Stockholders' equity

506,275






498,223







     Total interest free-funds

2,358,732






2,296,255







     Total liabilities

       and stockholders' equity

$        5,735,584






$        5,676,834







Net interest income



$           41,115






$         123,445





Net interest spread





2.87

%





2.94

%


Net interest margin





3.06

%





3.13

%





























 

SOURCE BancFirst



RELATED LINKS
http://www.www.bancfirst.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.