BancFirst Announces Record First Quarter Earnings

Apr 19, 2001, 01:00 ET from BancFirst Corporation

    OKLAHOMA CITY, April 19 /PRNewswire/ --
 BancFirst Corporation (Nasdaq: BANF) today reported record net income for the
 first quarter of $7.15 million, compared to $6.16 million in the first quarter
 of 2000.  Diluted earnings per share for the quarter was $0.85, a 13% increase
 over $0.75 per share for the first quarter of 2000.
     For the first quarter of 2001, net interest income of $26.1 million
 increased $1.4 million despite a decrease in the net interest margin from
 4.76% to 4.59%.  Average earning assets increased to $2.35 billion from
 $2.11 billion a year ago.  Noninterest income for the first quarter increased
 to $8.41 million from $7.26 million for the first quarter of 2000.
 Noninterest expenses totaled $23.2 million compared to $21.0 million for the
 first quarter of 2000.  The provision for loan losses of $332,000 decreased
 $957,000.
     The Company's assets totaled $2.68 billion at March 31, 2001, compared to
 $2.38 billion at March 31, 2000.  Total loans were $1.68 billion, up
 $187 million from $1.49 billion at the end of the first quarter of 2000.
 Deposits totaled $2.35 billion, up $232 million from $2.12 billion for the
 first quarter of 2000.  Stockholders' equity increased 22.9% to $206 million
 from $168 million at the end of the first quarter of 2000.
     The Company completed its acquisition of 75% of the outstanding stock of
 Century Life Assurance Company on January 2, 2001.  The Company's principal
 subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with
 $2.52 billion in total assets and 74 banking locations serving 40 communities
 across Oklahoma.
 
 
                             BancFirst Corporation
                         Summary Financial Information
                 (Dollars in thousands, except per share data)
 
                                                 2001
                                                                       Year-
                             Q1         Q2         Q3        Q4       To-Date
      Income Statement Data:
      Net interest income $26,140                                    $26,140
      Provision for loan
       losses                 332                                        332
      Noninterest income    8,406                                      8,406
      Noninterest expense  23,161                                     23,161
      Net income            7,151                                      7,151
      Per Common Share Data:
      Net income-basic       0.86                                       0.86
      Net income-diluted     0.85                                       0.85
      Cash dividends
       declared              0.18                                       0.18
      Common shares
       outstanding      8,322,169                                  8,322,169
      Average common
       shares outstanding -
        Basic           8,322,035                                  8,322,035
        Diluted         8,430,241                                  8,430,241
      Performance Ratios:
      Return on average
       assets                1.11%                                      1.11%
      Return on average
       equity               14.54                                      14.54
      Net interest margin    4.59                                       4.59
      Efficiency ratio      67.04                                      67.04
 
                                                  2000
                                                                      Year-
                              Q1        Q2        Q3         Q4      To-Date
      Income Statement Data:
      Net interest income $24,662    $25,529    $25,630    $26,512 $ 102,335
      Provision for loan
       losses               1,289      1,180        840        735     4,045
      Noninterest income    7,258      7,213      7,703      7,729    29,902
      Noninterest expense  20,987     21,301     22,021     23,416    87,724
      Net income            6,157      6,383      6,956      6,720    26,217
      Per Common Share Data:
      Net income-basic       0.76       0.79       0.86       0.81      3.22
      Net income-diluted     0.75       0.78       0.85       0.80      3.19
      Cash dividends
       declared              0.16       0.16       0.16       0.18      0.66
      Common shares
       outstanding      8,098,195  8,075,108  8,073,730  8,326,638 8,326,638
      Average common
       shares outstanding -
        Basic           8,105,168  8,082,470  8,074,223  8,327,727 8,147,690
        Diluted         8,177,645  8,148,742  8,150,563  8,425,667 8,224,174
      Performance Ratios:
      Return on average
       assets                1.06%       1.08%     1.16%      1.08%     1.10%
      Return on average
       equity               14.88      15.05      15.61      13.98     14.89
      Net interest margin    4.76       4.87       4.85       4.77      4.84
      Efficiency ratio      65.75      65.06      66.06      68.39     66.34
 
 
                             BancFirst Corporation
                         Summary Financial Information
                                  (Continued)
 
                                                   2001
                                 Q1          Q2           Q3          Q4
      Balance Sheet Data:
      Total assets          $2,676,354
      Total loans            1,677,812
      Allowance for loan
       losses                   25,321
      Securities               548,741
      Deposits               2,347,479
      Stockholders' equity     206,362
      Book value per common
       share                     24.80
      Tangible book value
       per common share          21.88
      Balance Sheet Ratios:
      Average loans to
       deposits                  72.83%
      Allowance for loan
       losses to total loans      1.51
      Average stockholders'
       equity to average
       assets                     7.64
 
                                                   2000
                                 Q1          Q2           Q3          Q4
      Balance Sheet Data:
      Total assets          $2,378,184   $2,346,780  $2,376,467   $2,570,255
      Total loans            1,490,850    1,542,682   1,566,445    1,666,338
      Allowance for loan
       losses                   23,566       24,302      24,076       25,380
      Securities               591,931      579,503     565,609      560,551
      Deposits               2,115,329    2,073,791   2,089,872    2,267,397
      Stockholders' equity     167,977      172,310     180,259      196,958
      Book value per common
       share                     20.74        21.34       22.33        23.65
      Tangible book value
       per common share          17.86        18.55       19.63        20.63
      Balance Sheet Ratios:
      Average loans to
       deposits                  70.07%       72.05%      75.10%       74.96%
      Allowance for loan
       losses to total loans      1.58         1.58        1.54         1.52
      Average stockholders'
       equity to average
       assets                     7.09         7.17        7.45         7.72
 
 
                             BancFirst Corporation
                      Consolidated Average Balance Sheets
                          And Interest Margin Analysis
                            Taxable Equivalent Basis
 
                                                      Three Months Ended
                                                        March 31, 2001
                                                   Average          Average
                                                   Balance        Yield/Rate
                                                    (Dollars in thousands)
 
      ASSETS
      Earning assets:
        Loans                                   $1,670,297            9.31%
        Securities                                 552,952            6.33
        Federal funds sold                         125,978            5.41
          Total earning assets                   2,349,227            8.40
      Nonearning assets:
        Cash and due from banks                    142,330
        Interest receivable and other assets       144,191
        Allowance for loan losses                  (25,405)
          Total nonearning assets                  261,116
          Total assets                          $2,610,343
 
      LIABILITIES AND
       STOCKHOLDERS' EQUITY
      Interest-bearing liabilities:
        Interest-bearing deposits               $1,797,229            4.64%
        Short-term borrowings                       34,359            5.45
        Long-term borrowings                        26,115            6.34
        9.65% Capital Securities                    25,000            9.93
          Total interest-bearing liabilities     1,882,703            4.75
      Interest-free funds:
        Noninterest-bearing deposits               496,302
        Interest payable and other liabilities      31,920
        Stockholders' equity                       199,418
          Total interest-free funds                727,640
          Total liabilities and stockholders'
           equity                               $2,610,343
      Net interest spread                                             3.65%
      Net interest margin                                             4.59%
 
 

SOURCE BancFirst Corporation
    OKLAHOMA CITY, April 19 /PRNewswire/ --
 BancFirst Corporation (Nasdaq: BANF) today reported record net income for the
 first quarter of $7.15 million, compared to $6.16 million in the first quarter
 of 2000.  Diluted earnings per share for the quarter was $0.85, a 13% increase
 over $0.75 per share for the first quarter of 2000.
     For the first quarter of 2001, net interest income of $26.1 million
 increased $1.4 million despite a decrease in the net interest margin from
 4.76% to 4.59%.  Average earning assets increased to $2.35 billion from
 $2.11 billion a year ago.  Noninterest income for the first quarter increased
 to $8.41 million from $7.26 million for the first quarter of 2000.
 Noninterest expenses totaled $23.2 million compared to $21.0 million for the
 first quarter of 2000.  The provision for loan losses of $332,000 decreased
 $957,000.
     The Company's assets totaled $2.68 billion at March 31, 2001, compared to
 $2.38 billion at March 31, 2000.  Total loans were $1.68 billion, up
 $187 million from $1.49 billion at the end of the first quarter of 2000.
 Deposits totaled $2.35 billion, up $232 million from $2.12 billion for the
 first quarter of 2000.  Stockholders' equity increased 22.9% to $206 million
 from $168 million at the end of the first quarter of 2000.
     The Company completed its acquisition of 75% of the outstanding stock of
 Century Life Assurance Company on January 2, 2001.  The Company's principal
 subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with
 $2.52 billion in total assets and 74 banking locations serving 40 communities
 across Oklahoma.
 
 
                             BancFirst Corporation
                         Summary Financial Information
                 (Dollars in thousands, except per share data)
 
                                                 2001
                                                                       Year-
                             Q1         Q2         Q3        Q4       To-Date
      Income Statement Data:
      Net interest income $26,140                                    $26,140
      Provision for loan
       losses                 332                                        332
      Noninterest income    8,406                                      8,406
      Noninterest expense  23,161                                     23,161
      Net income            7,151                                      7,151
      Per Common Share Data:
      Net income-basic       0.86                                       0.86
      Net income-diluted     0.85                                       0.85
      Cash dividends
       declared              0.18                                       0.18
      Common shares
       outstanding      8,322,169                                  8,322,169
      Average common
       shares outstanding -
        Basic           8,322,035                                  8,322,035
        Diluted         8,430,241                                  8,430,241
      Performance Ratios:
      Return on average
       assets                1.11%                                      1.11%
      Return on average
       equity               14.54                                      14.54
      Net interest margin    4.59                                       4.59
      Efficiency ratio      67.04                                      67.04
 
                                                  2000
                                                                      Year-
                              Q1        Q2        Q3         Q4      To-Date
      Income Statement Data:
      Net interest income $24,662    $25,529    $25,630    $26,512 $ 102,335
      Provision for loan
       losses               1,289      1,180        840        735     4,045
      Noninterest income    7,258      7,213      7,703      7,729    29,902
      Noninterest expense  20,987     21,301     22,021     23,416    87,724
      Net income            6,157      6,383      6,956      6,720    26,217
      Per Common Share Data:
      Net income-basic       0.76       0.79       0.86       0.81      3.22
      Net income-diluted     0.75       0.78       0.85       0.80      3.19
      Cash dividends
       declared              0.16       0.16       0.16       0.18      0.66
      Common shares
       outstanding      8,098,195  8,075,108  8,073,730  8,326,638 8,326,638
      Average common
       shares outstanding -
        Basic           8,105,168  8,082,470  8,074,223  8,327,727 8,147,690
        Diluted         8,177,645  8,148,742  8,150,563  8,425,667 8,224,174
      Performance Ratios:
      Return on average
       assets                1.06%       1.08%     1.16%      1.08%     1.10%
      Return on average
       equity               14.88      15.05      15.61      13.98     14.89
      Net interest margin    4.76       4.87       4.85       4.77      4.84
      Efficiency ratio      65.75      65.06      66.06      68.39     66.34
 
 
                             BancFirst Corporation
                         Summary Financial Information
                                  (Continued)
 
                                                   2001
                                 Q1          Q2           Q3          Q4
      Balance Sheet Data:
      Total assets          $2,676,354
      Total loans            1,677,812
      Allowance for loan
       losses                   25,321
      Securities               548,741
      Deposits               2,347,479
      Stockholders' equity     206,362
      Book value per common
       share                     24.80
      Tangible book value
       per common share          21.88
      Balance Sheet Ratios:
      Average loans to
       deposits                  72.83%
      Allowance for loan
       losses to total loans      1.51
      Average stockholders'
       equity to average
       assets                     7.64
 
                                                   2000
                                 Q1          Q2           Q3          Q4
      Balance Sheet Data:
      Total assets          $2,378,184   $2,346,780  $2,376,467   $2,570,255
      Total loans            1,490,850    1,542,682   1,566,445    1,666,338
      Allowance for loan
       losses                   23,566       24,302      24,076       25,380
      Securities               591,931      579,503     565,609      560,551
      Deposits               2,115,329    2,073,791   2,089,872    2,267,397
      Stockholders' equity     167,977      172,310     180,259      196,958
      Book value per common
       share                     20.74        21.34       22.33        23.65
      Tangible book value
       per common share          17.86        18.55       19.63        20.63
      Balance Sheet Ratios:
      Average loans to
       deposits                  70.07%       72.05%      75.10%       74.96%
      Allowance for loan
       losses to total loans      1.58         1.58        1.54         1.52
      Average stockholders'
       equity to average
       assets                     7.09         7.17        7.45         7.72
 
 
                             BancFirst Corporation
                      Consolidated Average Balance Sheets
                          And Interest Margin Analysis
                            Taxable Equivalent Basis
 
                                                      Three Months Ended
                                                        March 31, 2001
                                                   Average          Average
                                                   Balance        Yield/Rate
                                                    (Dollars in thousands)
 
      ASSETS
      Earning assets:
        Loans                                   $1,670,297            9.31%
        Securities                                 552,952            6.33
        Federal funds sold                         125,978            5.41
          Total earning assets                   2,349,227            8.40
      Nonearning assets:
        Cash and due from banks                    142,330
        Interest receivable and other assets       144,191
        Allowance for loan losses                  (25,405)
          Total nonearning assets                  261,116
          Total assets                          $2,610,343
 
      LIABILITIES AND
       STOCKHOLDERS' EQUITY
      Interest-bearing liabilities:
        Interest-bearing deposits               $1,797,229            4.64%
        Short-term borrowings                       34,359            5.45
        Long-term borrowings                        26,115            6.34
        9.65% Capital Securities                    25,000            9.93
          Total interest-bearing liabilities     1,882,703            4.75
      Interest-free funds:
        Noninterest-bearing deposits               496,302
        Interest payable and other liabilities      31,920
        Stockholders' equity                       199,418
          Total interest-free funds                727,640
          Total liabilities and stockholders'
           equity                               $2,610,343
      Net interest spread                                             3.65%
      Net interest margin                                             4.59%
 
 SOURCE  BancFirst Corporation