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BancFirst Corporation Reports First Quarter Earnings

BancFirst Corp. logo. (PRNewsFoto) (PRNewsFoto/BANCFIRST)

News provided by

BancFirst

Apr 19, 2011, 05:00 ET

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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

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