BancFirst Corporation Reports Third Quarter Earnings

OKLAHOMA CITY, Oct. 17, 2013 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $14.5 million or $0.93 diluted earnings per share for the third quarter of 2013, compared to net income of $13.9 million or $0.90 diluted earnings per share for the third quarter of 2012.  Net income for the first nine months of 2013 was $40.5 million or $2.61 diluted earnings per share, compared to $39.6 million or $2.57 diluted earnings per share, for the nine months ended September 30, 2012.

The Company's net interest income for the third quarter of 2013 was $40.7 million compared to $40.8 million for the third quarter of 2012. The net interest margin for the quarter was 3.01% versus 3.06% a year ago, as interest rates have remained at historically low levels. The Company's loan loss provision for the third quarter of 2013 was virtually zero, primarily due to reductions in adversely graded loans.  Net charge-offs for the quarter were $110,000, compared to $411,000 for the same period a year ago.  Noninterest income for the quarter totaled $23.7 million compared to $22.1 million for the third quarter of 2012. Noninterest expense was $43.3 million compared to $42.5 million a year ago.

At September 30, 2013, the Company's total assets were $5.9 billion compared to $6.0 billion at December 31, 2012. Loans totaled $3.4 billion, up $116.5 million over December 31, 2012. Deposits totaled $5.3 billion, down $131.4 million due to a temporary influx of deposits at year end 2012 and efforts by the Company to move certain commercial deposits into sweep accounts. The Company's total stockholders' equity was $546.0 million, an increase of $26.4 million or 5.1% over December 31, 2012.

Asset quality remained strong and was little changed from the previous quarters.  Nonperforming and restructured assets edged down to 0.72% of total assets compared to 0.81% at December 31, 2012.  The allowance to total loans was 1.16% compared to 1.19% at year end 2012.

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 92 banking locations serving 50 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)




2013


2013


2013


2012


2012



  3rd Qtr 


2nd Qtr 


  1st Qtr 


  4th Qtr 


  3rd Qtr 


 Condensed Income Statements: 











 Net interest income 

$               40,712


$               40,630


$               40,256


$               42,297


$               40,832


 Provision for loan losses 

(12)


516


300


2,446


233


 Non-interest income:











Trust revenue

2,122


2,015


1,906


1,858


1,927


Service charges on deposits

13,575


12,924


12,336


13,419


11,896


Securities transactions

90


129


122


272


385


Income from sales of loans

560


691


688


698


737


Insurance commissions

3,892


3,045


4,045


3,169


3,661


Cash management

1,620


1,626


1,423


1,092


1,971


Other

1,793


1,303


2,015


1,292


1,539


Total noninterest income 

23,652


21,733


22,535


21,800


22,116













 Non-interest expense:











Salaries and employee benefits

26,094


25,085


25,209


25,264


24,641


Occupancy and fixed assets expense, net

2,768


2,501


2,580


2,776


2,877


Depreciation

2,307


2,358


2,308


2,403


2,253


Amortization of intangible assets

424


424


443


456


457


Data processing services

1,173


1,229


1,185


1,173


1,208


Net expense from other real estate owned

105


643


122


178


200


Marketing and business promotion

1,668


1,456


1,507


1,995


1,998


Deposit insurance

750


742


743


761


745


Other

8,032


8,017


7,847


8,357


8,086


Total noninterest expense 

43,321


42,455


41,944


43,363


42,465


 Income before income taxes 

21,055


19,392


20,547


18,288


20,250


 Income tax expense 

6,564


6,799


7,175


5,982


6,390


 Net income 

$               14,491


$               12,593


$               13,372


$               12,306


$               13,860


 Per Common Share Data: 











 Net income-basic 

$                   0.94


$                   0.83


$                   0.88


$                   0.81


$                   0.91


 Net income-diluted 

0.93


0.82


0.86


0.79


0.90


 Cash dividends declared

0.31


0.29


0.29


0.29


0.29


Common shares outstanding 

15,298,035


15,255,864


15,228,277


15,242,308


15,200,468


Average common shares outstanding -











   Basic

15,287,535


15,232,129


15,238,701


15,224,346


15,174,755


   Diluted

15,594,881


15,479,749


15,482,517


15,482,222


15,447,395


 Performance Ratios: 











 Return on average assets

0.99

%

0.88

%

0.94

%

0.83

%

0.96

%

 Return on average equity

10.62


9.48


10.31


9.47


10.86


 Net interest margin 

3.01


3.08


3.08


3.11


3.06


 Efficiency ratio 

67.31


68.08


66.80


67.65


67.46













 

BancFirst Corporation

Summary Financial Information

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






Nine months ended

September 30,



2013


2012


 Condensed Income Statements: 






 Net interest income 


$             121,598


$             122,518


 Provision for loan losses 


804


654


 Non-interest income:






Trust revenue


6,043


5,457


Service charges on deposits


38,835


33,534


Securities transactions


341


4,643


Income from sales of loans


1,939


2,075


Insurance commissions


10,982


9,457


Cash management


4,669


5,951


Other


5,111


4,800


Total noninterest income 


67,920


65,917








 Non-interest expense:






Salaries and employee benefits


76,388


74,271


Occupancy and fixed assets expense, net


7,849


7,800


Depreciation


6,973


6,610


Amortization of intangible assets


1,291


1,371


Data processing services


3,587


3,649


Net expense from other real estate owned


870


1,369


Marketing and business promotion


4,631


5,332


Deposit insurance


2,235


2,188


Other


23,896


24,475


Total noninterest expense 


127,720


127,065


 Income before income taxes 


60,994


60,716


 Income tax expense 


20,538


21,122


 Net income 


$               40,456


$               39,594


 Per Common Share Data: 






 Net income-basic 


$                   2.65


$                   2.61


 Net income-diluted 


2.61


2.57


 Cash dividends declared


0.89


0.83


Common shares outstanding 


15,298,035


15,200,468


Average common shares outstanding -






   Basic


15,252,967


15,174,755


   Diluted


15,516,335


15,447,395


 Performance Ratios: 






 Return on average assets


0.94

%

0.93

%

 Return on average stockholders' equity


10.14


10.59


 Net interest margin 


3.06


3.13


 Efficiency ratio 


67.39


67.43








 

BancFirst Corporation

Summary Financial Information

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




2013


2013


2013


2012


2012



  3rd Qtr 


2nd Qtr 


  1st Qtr 


  4th Qtr 


  3rd Qtr 


 Balance Sheet Data:






















 Total assets

$        5,926,730


$        5,749,666


$        5,773,926


$        6,022,250


$        5,836,751


 Total loans

3,358,938


3,245,084


3,219,967


3,242,427


3,116,096


 Allowance for loan losses

(38,859)


(38,982)


(38,664)


(38,725)


(37,258)


 Securities

474,640


520,424


565,490


562,542


540,475


 Deposits

5,309,464


5,150,411


5,174,512


5,440,830


5,253,505


 Stockholders' equity

545,973


534,961


527,707


519,567


510,387


 Book value per common share

35.69


35.07


34.65


34.09


33.58


 Tangible book value per common share

32.08


31.42


30.97


30.37


29.82


 Balance Sheet Ratios:











 Average loans to deposits

63.13

%

62.89

%

62.27

%

60.71

%

59.99

%

 Average earning assets to total assets

92.51


92.65


92.79


92.95


92.85


 Average stockholders' equity to average assets

9.29


9.28


9.14


8.81


8.83


Asset Quality Data:











 Past due loans

$                 1,266


$                  850


$                  542


$                  539


$                  731


 Nonaccrual loans

15,094


18,946


20,933


20,549


22,101


 Restructured loans

18,028


17,903


17,792


17,866


17,784


 Total nonperforming and restructured loans

34,388


37,699


39,267


38,954


40,616


 Other real estate owned and repossessed assets

8,428


8,503


9,424


9,567


9,796


 Total nonperforming and restructured assets

42,816


46,202


48,691


48,521


50,412


 Nonperforming and restructured loans to total loans

1.02

%

1.16

%

1.22

%

1.20

%

1.30

%

 Nonperforming and restructured assets to total assets

0.72


0.80


0.84


0.81


0.86


 Allowance to total loans

1.16


1.20


1.20


1.19


1.20


 Allowance to nonperforming and restructured loans

113.00


103.40


98.47


99.41


91.73


 Net charge-offs to average loans

0.00


0.01


0.01


0.03


0.01
























 

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, 2013


September 30, 2013





Interest


Average




Interest


Average



Average


Income/


Yield/


Average


Income/


Yield/



Balance


Expense


Rate


Balance


Expense


Rate


ASSETS













Earning assets:













  Loans

$        3,297,360


$           41,766


5.03%


$        3,251,226


$         124,589


5.12%


  Securities – taxable

453,614


1,097


0.96


497,410


3,745


1.01


  Securities – tax exempt

40,549


438


4.28


42,769


1,452


4.54


  Interest bearing deposits with banks

1,601,947


1,031


0.26


1,560,303


2,980


0.26


     Total earning assets

5,393,470


44,332


3.26


5,351,708


132,766


3.32















Nonearning assets:













  Cash and due from banks

173,030






156,353






  Interest receivable and other assets

302,772






307,092






  Allowance for loan losses

(39,284)






(38,904)






     Total nonearning assets

436,518






424,541






     Total assets

$        5,829,988






$        5,776,249



















LIABILITIES AND STOCKHOLDERS' EQUITY

























Interest-bearing liabilities:













  Transaction deposits                      

$           629,765


$                155


0.10%


$           654,217


$               486


0.10%


  Savings deposits

1,838,186


1,051


0.23


1,803,802


3,143


0.23


  Time deposits

790,106


1,643


0.82


806,530


5,149


0.85


  Short-term borrowings

4,921


1


0.05


4,554


4


0.13


  Long-term borrowings

9,584


52


2.16


9,707


176


2.42


  Junior subordinated debentures

26,804


492


7.29


26,804


1,474


7.35


     Total interest-bearing liabilities

3,299,366


3,394


0.41


3,305,614


10,432


0.42















Interest-free funds:













  Noninterest bearing deposits

1,965,052






1,915,265






  Interest payable and other liabilities

24,107






21,884






  Stockholders' equity

541,463






533,486






     Total interest free-funds

2,530,622






2,470,635






     Total liabilities

       and stockholders' equity

$        5,829,988






$        5,776,249






Net interest income



$           40,938






$         122,334




Net interest spread





2.85%






2.90%


Effect of interest free funds





0.16%






0.16%


Net interest margin





3.01%






3.06%

















 

SOURCE BancFirst



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