BancFirst Corporation Reports First Quarter Earnings

News provided by

BancFirst

Apr 19, 2011, 05:00 ET

OKLAHOMA CITY, April 19, 2011 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $11.4 million or $0.72 diluted earnings per share for the first quarter of 2011 compared to net income of $9.3 million or $0.60 diluted earnings per share for the first quarter of 2010. 

(Logo:  http://photos.prnewswire.com/prnh/20040818/BANFLOGO)

The Company's net interest income for the first quarter of 2011 was $37.3 million, up $3.4 million or 10.1% from the first quarter of 2010. The increase was attributable to the increase in the Company's average earning assets which were $4.8 billion, up $668 million from the prior year. The increase in the Company's average earning assets is due to the Company's internal growth combined with the acquisitions made in 2010, which added approximately $310 million in earning assets. The Company's net interest margin for the quarter was 3.21% compared to 3.38% a year ago as interest rates remain at historically low levels. The loan loss provision for the first quarter of 2011 was $788,000, down from $896,000 a year ago. Nonperforming loans were 0.99% of total assets, down from 1.46% at March 31, 2010.  Net charge-offs for the quarter were 0.06% of loans compared to 0.07% for the same period a year ago.  Noninterest income totaled $17.7 million, an increase of 11.1% over the $16.0 million reported a year ago. The increased revenues were from commercial deposit revenues, insurance commissions and treasury management services.  Noninterest expense for the quarter was $36.4 million up from $34.9 million in the first quarter of 2010. The increase was due to the acquisitions made in the later part of 2010, partially offset by a gain on the sale of other real estate of $980,000.

At March 31, 2011, the Company's total assets were $5.2 billion, up $731 million or 16.2% over March 31, 2010. Loans totaled $2.8 billion, virtually unchanged from the same period in 2010. Deposits increased $657 million to $4.7 billion at March 31, 2011. The Company's equity capital was $467 million, an increase of $30 million or 6.8% over March 31, 2010.

David Rainbolt, BancFirst, CEO, said "Acquisitions continue to be an opportunity for us in the current market.  BancFirst has great liquidity, a strong capital position and sound asset quality which allows us to continue to pursue good banks and bankers in desirable Oklahoma communities."

On April 7, 2011, the Company announced it had entered into an agreement to acquire FBC Financial Corporation and its subsidiary bank, 1st Bank Oklahoma with banking locations in Claremore, Tulsa, Verdigris and Inola, Oklahoma. 1st Bank Oklahoma has approximately $256 million in total assets, $117 million in loans, $187 million in deposits and $24 million in equity capital.  The transaction is scheduled to be completed during July 2011, and is subject to regulatory approval. 

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 89 banking locations serving 50 communities across Oklahoma. More information can be found at 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)

2011









Year-

Q1

Q2

Q3

Q4

To-Date

Income Statement Data:  









Net interest income  

$                 37,290






$             37,290

Provision for loan losses  

788






788

Securities transactions

8






8

Total noninterest income  

17,729






17,729

Salaries and employee benefits

21,812






21,812

Total noninterest expense  

36,397






36,397

Net income  

11,355






11,355

Per Common Share Data:  









Net income-basic  

0.74






0.74

Net income-diluted  

0.72






0.72

Cash dividends declared

0.25






0.25

Common shares outstanding  

15,390,357






15,390,357

Average common shares outstanding -











    Basic

15,375,644






15,375,644

    Diluted

15,679,297






15,679,297

Performance Ratios:  









Return on average assets

0.89

%





0.89

%

Return on average equity

9.90






9.90

Net interest margin  

3.21






3.21

Efficiency ratio  

66.15






66.15












2010









Year-

Q1

Q2

Q3

Q4

To-Date

Income Statement Data:  









Net interest income  

$                 33,862

$             35,670

$            36,072

$             37,172

$           142,776

Provision for loan losses  

896

871

469

718

2,954

Securities transactions

136

(150)

333

5

324

Total noninterest income  

15,960

17,010

18,162

18,787

69,919

Salaries and employee benefits

19,948

19,710

20,692

22,009

82,359

Total noninterest expense  

34,901

34,505

35,389

39,300

144,095

Net income  

9,303

11,042

11,787

10,177

42,309

Per Common Share Data:  









Net income-basic  

0.61

0.72

0.77

0.66

2.76

Net income-diluted  

0.60

0.71

0.75

0.65

2.70

Cash dividends declared  

0.23

0.23

0.25

0.25

0.96

Common shares outstanding  

15,337,050

15,346,800

15,358,672

15,368,717

15,368,717

Average common shares outstanding -











    Basic

15,319,111

15,344,374

15,356,366

15,362,388

15,348,102

    Diluted

15,628,012

15,652,621

15,645,086

15,665,196

15,651,312

Performance Ratios:  









Return on average assets

0.85

%

0.98

%

1.03

%

0.83

%

0.92

%

Return on average equity  

8.66

10.01

10.34

8.79

9.45

Net interest margin  

3.38

3.44

3.40

3.29

3.37

Efficiency ratio  

70.05

65.50

65.25

70.24

67.75












BancFirst Corporation

Summary Financial Information

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

2011

Q1


Q2


Q3


Q4


Balance Sheet Data:









Total assets

$        5,239,658






Total loans

2,796,390






Allowance for loan losses

(36,136)






Securities

684,228






Deposits

4,666,199






Stockholders' equity

466,827






Book value per common share

30.33






Tangible book value per common share

26.71






Balance Sheet Ratios:









Average loans to deposits

60.83

%





Average earning assets to total assets

92.49






Average stockholders' equity to average assets

9.03






Asset Quality Data:









Past due loans

$               3,016






Nonaccrual loans

24,391






Restructured loans

316






Total nonperforming and restructured loans

27,723






Other real estate owned and repossessed assets

15,974






Total nonperforming and restructured assets

43,697






Nonperforming and restructured loans to total loans

0.99

%





Nonperforming and restructured assets to total assets

0.83






Allowance to total loans

1.29






Allowance to nonperforming and restructured loans

130.35






Net charge-offs to average loans

0.06







2010

Q1


Q2


Q3


Q4


Balance Sheet Data:









Total assets

$        4,508,789

$          4,628,022

$        4,599,182

$        5,060,249

Total loans

2,766,304

2,793,346

2,756,118

2,811,964

Allowance for loan losses

(36,780)

(37,002)

(35,681)

(35,745)

Securities

430,586

580,317

579,839

746,343

Deposits

4,009,017

4,117,360

4,082,568

4,503,754

Stockholders' equity

436,901

445,592

453,869

458,594

Book value per common share

28.49

29.03

29.55

29.84

Tangible book value per common share

25.78

26.19

26.72

26.19

Balance Sheet Ratios:









Average loans to deposits

70.05

%

68.89

%

68.70

%

63.14

%

Average earning assets to total assets

92.62

92.76

92.83

92.75

Average stockholders' equity to average assets

9.86

9.77

9.92

9.44

Asset Quality Data:









Past due loans

$                  589

$                 1,911

$                  563

$               1,096

Nonaccrual loans

37,801

38,328

25,684

26,701

Restructured loans

1,912

1,677

378

294

Total nonperforming and restructured loans

40,302

41,916

26,625

28,091

Other real estate owned and repossessed assets

10,272

9,748

21,499

23,179

Total nonperforming and restructured assets

50,574

51,664

48,124

51,270

Nonperforming and restructured loans to total loans

1.46

%

1.50

%

0.97

%

1.00

%

Nonperforming and restructured assets to total assets

1.12

1.12

1.05

1.01

Allowance to total loans

1.33

1.32

1.29

1.27

Allowance to nonperforming and restructured loans

91.26

88.28

134.01

127.25

Net charge-offs to average loans

0.07

0.09

0.26

0.09

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)




Three Months Ended




March 31, 2011










Interest

Average










Average

Income/

Yield/










Balance

Expense

Rate


ASSETS












Earning assets:












   Loans






$ 2,793,378

$   39,350

5.71

%

   Securities – taxable






618,709

3,627

2.38

   Securities – tax exempt






79,273

969

4.96

   Interest bearing deposits with banks






1,272,987

796

0.25

       Total earning assets






4,764,347

44,742

3.81














Nonearning assets:












   Cash and due from banks






137,393




   Interest receivable and other assets






285,353




   Allowance for loan losses






(35,930)




       Total nonearning assets






386,816




       Total assets






$ 5,151,163


















LIABILITIES AND












   STOCKHOLDERS' EQUITY












Interest-bearing liabilities:












   Transaction deposits






$    712,074

$       412

0.23

%

   Savings deposits






1,603,653

2,849

0.72

   Time deposits






915,971

2,984

1.32

   Short-term borrowings






6,603

4

0.25

   Long-term borrowings






33,719

246

2.96

   Junior subordinated debentures






28,866

525

7.38

       Total interest-bearing liabilities






3,300,886

7,020

0.86














Interest-free funds:












   Noninterest bearing deposits






1,360,631




   Interest payable and other liabilities






24,458




   Stockholders' equity






465,188




       Total interest free-funds






1,850,277




       Total liabilities and stockholders' equity






$ 5,151,163




Net interest income








$   37,722


Net interest spread










2.95

%

Net interest margin










3.21

%

SOURCE BancFirst