BancFirst Corporation Reports Fourth Quarter Earnings

Jan 19, 2010, 17:58 ET from BancFirst

OKLAHOMA CITY, Jan. 19 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) reported net income of $9.8 million or $0.63 per diluted earnings per share for the fourth quarter and $32.6 million or $2.09 per diluted earnings per share for the year ended December 31, 2009.  The results compare to $8.1 million or $0.52 per diluted earnings per share and $44.4 million or $2.85 per diluted earnings per share for the fourth quarter and year ended December 31, 2008, respectively. 

For the fourth quarter of 2009, the Company's net interest income was $34.1 million, up slightly from $33.7 million in the fourth quarter a year ago. The Company's net interest margin decreased to 3.35% for the fourth quarter of 2009 compared to 3.85% in the same quarter a year ago. However, average earning assets increased to $4.1 billion up from $3.5 billion in the same period in 2008. The Company's loan loss provision was $1.2 million the fourth quarter compared to $3.1 million in the same period in 2008. Noninterest income totaled $16.2 million for the quarter virtually the same compared to the fourth quarter a year ago.  Noninterest expense for the quarter was $33.9 million, down from $34.2 million in the fourth quarter of 2008.

At December 31, 2009, nonperforming loans equaled 1.13% of total assets up from 0.72% a year ago. Net charge-offs were 0.12% of loans for the fourth quarter and 0.30% for the year 2009, below industry peer levels. At year-end 2009, total assets of the Company reached $4.4 billion, an increase of $549 million over the prior year end.  Loans totaled $2.7 billion, virtually unchanged from December 31, 2008, while deposits increased to $3.9 billion, up $551 million or 16.3% over the prior year.  The Company's equity capital was $430.8 million or 9.8% of total assets.  

On December 8, 2009, the Company completed the acquisition of First Jones Bancorporation and its subsidiary bank, First State Bank, Jones, Oklahoma. First State Bank has total assets of approximately $41 million.  The bank will be merged into BancFirst in March 2010.  

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 88 banking locations serving 44 communities across Oklahoma.

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)

2009

 Year-  

 Q1  

 Q2  

 Q3  

 Q4  

 To-Date  

Income Statement Data:  

Net interest income  

$31,753

$32,546

$32,952

$34,070

$131,321

Provision for loan losses  

3,365

4,851

998

1,175

10,389

Securities transactions

339

(37)

20

14

336

Total noninterest income  

16,622

17,043

17,039

16,160

66,864

Salaries and employee benefits

20,117

19,896

19,938

19,068

79,019

Total noninterest expense  

34,529

35,218

35,481

33,889

139,117

Net income  

7,125

6,260

9,390

9,834

32,609

Per Common Share Data:  

Net income-basic  

0.47

0.41

0.61

0.64

2.13

Net income-diluted  

0.46

0.40

0.60

0.63

2.09

Cash dividends declared

0.22

0.22

0.23

0.23

0.90

Common shares outstanding  

15,291,641

15,301,641

15,302,891

15,308,741

15,308,741

Average common shares outstanding -

  Basic

15,291,636

15,298,075

15,302,199

15,307,019

15,299,781

  Diluted

15,579,090

15,604,279

15,585,955

15,600,964

15,593,789

Performance Ratios:  

Return on average assets

0.75

%

0.61

%

0.86

%

0.89

%

0.78

%

Return on average equity

6.92

5.95

8.77

9.06

7.70

Net interest margin  

3.69

3.44

3.27

3.35

3.42

Efficiency ratio  

71.38

71.02

70.97

67.47

70.20

2008

Year-

Q1

Q2

Q3

Q4

To-Date

Income Statement Data:  

Net interest income  

$35,387

$34,774

$35,251

$33,695

$139,107

Provision for loan losses  

1,780

3,539

2,270

3,087

10,676

Securities transactions

28

6,121

776

13

6,938

Total noninterest income  

17,241

23,330

17,784

16,030

74,385

Salaries and employee benefits

20,189

20,366

20,038

19,293

79,886

Total noninterest expense  

32,928

33,596

34,307

34,175

135,006

Net income  

11,594

13,737

10,958

8,069

44,358

Per Common Share Data:  

Net income-basic  

0.76

0.91

0.72

0.53

2.91

Net income-diluted  

0.74

0.89

0.70

0.52

2.85

Cash dividends declared  

0.20

0.20

0.22

0.22

0.84

Common shares outstanding  

15,183,483

15,186,632

15,242,061

15,281,141

15,281,141

Average common shares outstanding -

 Basic

15,208,049

15,185,763

15,217,546

15,263,507

15,218,835

 Diluted

15,562,570

15,548,687

15,589,215

15,606,950

15,578,463

Performance Ratios:  

Return on average assets

1.26

%

1.46

%

1.13

%

0.84

%

1.17

%

Return on average equity  

12.24

14.14

11.04

7.94

11.30

Net interest margin  

4.24

4.08

4.03

3.85

4.05

Efficiency ratio  

62.57

57.82

64.69

68.73

63.24

BancFirst Corporation

Summary Financial Information

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

2009

Q1

Q2

Q3

Q4

Balance Sheet Data:

Total assets

$3,958,155

$4,269,325 

$4,322,103 

$4,416,209 

Total loans

2,808,499

2,738,238 

2,713,169 

2,738,654 

Allowance for loan losses

(36,765)

(39,334)

(36,016)

(36,383)

Securities

439,220

417,738 

391,627 

417,286 

Deposits

3,471,518

3,782,822 

3,831,823 

3,929,016 

Stockholders' equity

416,381

419,202 

425,638 

430,824 

Book value per common share

27.23

27.40 

27.81 

28.14 

Tangible book value per common share

24.51

24.69 

25.12 

25.41 

Balance Sheet Ratios:

Average loans to deposits

83.29

%

79.67 

%

70.39 

%

69.54 

%

Average earning assets to total assets

91.51

92.08 

92.97 

93.01 

Average stockholders' equity to average assets

10.85

10.52 

9.79 

9.84 

Asset Quality Data:

Past due loans

$867

$ 21,530 

$ 9,941 

$ 853 

Nonaccrual loans

25,255

24,186 

37,319 

37,133 

Restructured loans

353

1,115 

561 

1,970 

Total nonperforming and restructured loans

26,475

46,831 

47,821 

39,956 

Other real estate owned and repossessed assets

5,576

11,543 

10,587 

9,881 

Total nonperforming and restructured assets

32,051

58,374 

58,408 

49,837 

Nonperforming and restructured loans to total loans

0.94

%

1.68 

%

1.76 

%

1.46 

%

Nonperforming and restructured assets to total assets

0.81

1.35 

1.35 

1.13 

Allowance to total loans

1.31

1.44 

1.33 

1.33 

Allowance to nonperforming and restructured loans

138.87

83.99 

75.31 

91.06 

Net charge-offs to average loans

0.13

0.33 

0.63 

0.12 

2008

Q1

Q2

Q3

Q4

Balance Sheet Data:

Total assets

$3,786,111

$3,842,364 

$3,825,518 

$3,867,204 

Total loans

2,500,849

2,608,913 

2,730,409 

2,757,854 

Allowance for loan losses

(30,193)

(33,512)

(33,862)

(34,290)

Securities

462,832

448,350 

462,595 

455,568 

Deposits

3,302,103

3,369,912 

3,361,233 

3,377,608 

Stockholders' equity

386,177

387,181 

397,648 

413,791 

Book value per common share

25.43

25.49 

26.09 

27.08 

Tangible book value per common share

22.65

22.73 

23.35 

24.34 

Balance Sheet Ratios:

Average loans to deposits

76.91

%

77.19 

%

78.85 

%

82.23 

%

Average earning assets to total assets

91.27

90.91 

91.10 

91.63 

Average stockholders' equity to average assets

10.27

10.30 

10.25 

10.55 

Asset Quality Data:

Past due loans

$643

$ 2,043 

$892 

$ 1,346 

Nonaccrual loans

11,892

11,070 

20,229 

21,359 

Restructured loans

864

833 

940 

1,022 

Total nonperforming and restructured loans

13,399

13,946 

22,061 

23,727 

Other real estate owned and repossessed assets

2,074

2,311 

3,423 

3,997 

Total nonperforming and restructured assets

15,473

16,257 

25,484 

27,724 

Nonperforming and restructured loans to total loans

0.54

%

0.53 

%

0.81 

%

0.86 

%

Nonperforming and restructured assets to total assets

0.41

0.42 

0.67 

0.72 

Allowance to total loans

1.21

1.28 

1.24 

1.24 

Allowance to nonperforming and restructured loans

225.34

240.30 

153.50 

144.52 

Net charge-offs to average loans

0.12

0.03 

0.28 

0.38 

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

Three Months Ended

Twelve Months Ended

December 31, 2009

December 31, 2009

Interest

Average

Interest

Average

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS

Earning assets:

 Loans

$2,701,707 

$ 38,381 

5.64 

%

$ 2,749,544 

$ 153,059 

5.57 

%

 Securities – taxable

355,631 

3,079 

3.43 

379,702 

13,436 

3.54 

 Securities - tax exempt

35,861 

507 

5.61 

38,081 

2,151 

5.65 

 Interest bearing deposits with banks

967,586 

643 

0.26 

695,167 

2,241 

0.32 

    Total earning assets

4,060,785 

42,610 

4.16 

3,862,494 

170,887 

4.42 

Nonearning assets:

 Cash and due from banks

108,219 

113,207 

 Interest receivable and other assets

232,811 

233,885 

 Allowance for loan losses

(36,081)

(36,607)

    Total nonearning assets

304,949 

310,485 

    Total assets

$ 4,365,734 

$ 4,172,979 

LIABILITIES AND

 STOCKHOLDERS' EQUITY

Interest-bearing liabilities:

 Transaction deposits           

$528,816 

$ 325 

0.24 

%

$518,914 

$ 1,218 

0.23 

%

 Savings deposits

1,351,087 

3,359 

0.99 

1,228,697 

15,513 

1.26 

 Time deposits

877,225 

4,101 

1.85 

885,403 

19,777 

2.23 

 Short-term borrowings

1,103 

2,883 

11 

0.38 

 Junior subordinated debentures

26,804 

493 

7.30 

26,804 

1,966 

7.33 

    Total interest-bearing liabilities

2,785,035 

8,278 

1.18 

2,662,701 

38,485 

1.45 

Interest-free funds:

 Noninterest bearing deposits

1,122,045 

1,054,291 

 Interest payable and other liabilities

28,155 

32,239 

 Stockholders' equity

430,499 

423,748 

    Total interest free-funds

1,580,699 

1,510,278 

    Total liabilities

      and stockholders' equity

$ 4,365,734 

$ 4,172,979 

Net interest income

$ 34,332 

$ 132,402 

Net interest spread

2.98 

%

2.97 

%

Net interest margin

3.35 

%

3.42 

%

SOURCE BancFirst