BancFirst Corporation Reports Second Quarter Earnings
OKLAHOMA CITY, July 15, 2021 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $48.2 million, or $1.45 diluted earnings per share, for the second quarter of 2021 compared to net income of $20.7 million, or $0.63 diluted earnings per share, for the second quarter of 2020. Net income for the six months ended June 30, 2021 was $90.7 million, or $2.72 per share, compared to $43.3 million, or $1.31 per share, for the first half of 2020. The Company recorded a net benefit from reversal of provisions for credit losses of $9.9 million for both the second quarter and first half of 2021 compared to a provision for credit losses of $19.3 million for the second quarter of 2020 and $38.9 million for the first half of 2020. Also included in noninterest income and noninterest expense were a purchase gain and acquisition related expenses from the purchase and assumption transaction with The First National Bank and Trust Company of Vinita, Oklahoma, which resulted in a net benefit of approximately $2.0 million.
BancFirst Corporation Executive Chairman David Rainbolt commented, "There has been a 180 degree change in the perception of our economic direction from the second quarter of last year. The massive provisions in 2020 precipitated by the unknown consequences of the pandemic have given way to a stimulus driven economic turnaround both nationally and in Oklahoma. Although some caution remains regarding the sustainability of the recovery and possible effects of virus variants, we would anticipate more modest reserve reversals in the next quarter or two."
The Company's net interest income for the second quarter of 2021 increased to $82.4 million compared to $77.2 million for the second quarter of 2020, due primarily to $11.9 million in fee income from Paycheck Protection Program (PPP) loan forgiveness. The net interest margin for the quarter was 3.32% compared to 3.54% a year ago. Noninterest income for the quarter totaled $44.6 million, compared to $32.1 million last year. The increase in noninterest income was due to the aforementioned purchase gain for The First National Bank and Trust Company of Vinita, Oklahoma, $2.2 million in rental income from other real estate property, and a $2.7 million increase in income from debate card interchange fees. Noninterest expense for the quarter increased to $74.0 million compared to $64.7 million last year, due to approximately $3.4 million related to other real estate property management costs, the aforementioned acquisition related expenses, and $1.3 million in net occupancy and depreciation from the Company's new corporate headquarters. The Company's effective tax rate was 23.4% compared to 18.1% for the second quarter of 2020.
At June 30, 2021, the Company's total assets were $11.0 billion, an increase of $1.8 billion from December 31, 2020. Loans totaled $6.2 billion, a decrease of $241.0 million from December 31, 2020 due primarily to a net decrease of approximately $284 million in PPP loans and approximately $21 million of loans that were sold with the Company's Hugo, Oklahoma branch. Deposits totaled $9.7 billion, an increase of $1.7 billion from December 31, 2020. The increase in assets and deposits was primarily related to PPP and other government stimulus payments. At June 30, 2021, the balance of PPP loans was $368.6 million. The Company's total stockholders' equity was $1.1 billion, an increase of $63.7 million over December 31, 2020. Off-balance sheet sweep accounts totaled $2.6 billion at June 30, 2021 compared to $2.8 billion at December 31, 2020.
Nonaccrual loans represent 0.48% of total loans at June 30, 2021, down from 0.58% at year-end 2020. Net charge-offs for the quarter were 0.06% of average loans, compared to none in the second quarter of 2020. The allowance for credit losses to total loans was 1.35% at June 30, 2021 compared to 1.42% at year-end 2020, and the allowance for credit losses to nonaccrual loans was 281.73% compared to 243.35% at year-end 2020. At June 30, 2021, the Company's nonaccrual loans decreased $7.7 million from year-end 2020, due to resolutions of several loans, which was slightly offset by $7.3 million of nonaccrual loans acquired from The First National Bank and Trust Company of Vinita, Oklahoma. At June 30, 2021, the Company's other real estate owned (OREO) increased $8.0 million from December 31, 2020, and included approximately $4.0 million due to the repossession of one commercial real estate property, $2.4 million from the decommissioning of the Company's previous headquarters, and $2.5 million acquired from The First National Bank and Trust Company of Vinita, Oklahoma.
On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $60 million aggregate principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the "Subordinated Notes") to various institutional accredited investors. The Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. The net proceeds to the Company from the sale of the Subordinated Notes was approximately $59.15 million after deducting commissions and offering expenses. The Company expects to use the proceeds from the sale of the Subordinated Notes for general corporate purposes.
On May 20, 2021, the Company completed the purchase and assumption transaction with The First National Bank and Trust Company of Vinita, Oklahoma to purchase certain of its assets and assume its deposits and certain other obligations. The First National Bank and Trust Company of Vinita had banking locations in Vinita and Grove, Oklahoma. These banking locations became branches of BancFirst. The Company purchased approximately $284 million in total assets, $195 million in loans, and $256 million in deposits.
BancFirst Corporation CEO David Harlow commented, "The story for the quarter and for the first six months of the year is the reversal of loan loss reserve compared to significant provisions in the first half of 2020 in addition to the continued realization of PPP loan fees as a result of ongoing PPP loan forgiveness. Our margin (absent non-recurring PPP loan fees) continues to be under pressure as government stimulus driven deposit growth has far outstripped loan growth. Our challenge for the remainder of 2021 and into 2022 will be to sustain the trajectory of non-interest income growth while generating loan growth in the emerging post-pandemic economy."
BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates two subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 106 banking locations serving 58 communities across Oklahoma, and Pegasus Bank, with 3 banking locations in Dallas, TX. More information can be found at www.bancfirst.bank.
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) | ||||||||||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | ||||||||||||||||
2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | ||||||||||||||||
Condensed Income Statements: | ||||||||||||||||||||
Net interest income | $ | 82,363 | $ | 77,206 | $ | 79,535 | $ | 75,852 | $ | 77,208 | ||||||||||
(Benefit from) provision for credit losses | (9,949) | — | 4,992 | 18,740 | 19,333 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Trust revenue | 3,264 | 3,102 | 2,976 | 3,131 | 3,368 | |||||||||||||||
Service charges on deposits | 20,524 | 19,100 | 19,796 | 19,078 | 16,760 | |||||||||||||||
Securities transactions | 172 | 95 | 156 | — | (595) | |||||||||||||||
Income from sales of loans | 2,133 | 2,010 | 1,852 | 1,873 | 1,561 | |||||||||||||||
Insurance commissions | 5,015 | 5,989 | 5,680 | 5,197 | 4,443 | |||||||||||||||
Cash management | 3,068 | 3,003 | 3,135 | 3,701 | 4,255 | |||||||||||||||
Other | 10,442 | 6,636 | 1,825 | 1,595 | 2,290 | |||||||||||||||
Total noninterest income | 44,618 | 39,935 | 35,420 | 34,575 | 32,082 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and employee benefits | 41,992 | 39,577 | 40,750 | 41,995 | 42,226 | |||||||||||||||
Occupancy expense, net | 4,528 | 4,348 | 4,533 | 4,503 | 3,839 | |||||||||||||||
Depreciation | 4,133 | 3,877 | 3,779 | 3,795 | 3,544 | |||||||||||||||
Amortization of intangible assets | 809 | 793 | 915 | 968 | 968 | |||||||||||||||
Data processing services | 1,660 | 1,678 | 1,763 | 1,669 | 1,629 | |||||||||||||||
Net expense from other real estate owned | 3,357 | 1,510 | 420 | 196 | (12) | |||||||||||||||
Marketing and business promotion | 1,648 | 1,879 | 1,671 | 1,485 | 1,485 | |||||||||||||||
Deposit insurance | 766 | 876 | 857 | 723 | 365 | |||||||||||||||
Other | 15,130 | 10,425 | 10,923 | 10,749 | 10,607 | |||||||||||||||
Total noninterest expense | 74,023 | 64,963 | 65,611 | 66,083 | 64,651 | |||||||||||||||
Income before income taxes | 62,907 | 52,178 | 44,352 | 25,604 | 25,306 | |||||||||||||||
Income tax expense | 14,715 | 9,658 | 8,994 | 4,714 | 4,576 | |||||||||||||||
Net income | $ | 48,192 | $ | 42,520 | $ | 35,358 | $ | 20,890 | $ | 20,730 | ||||||||||
Per Common Share Data: | ||||||||||||||||||||
Net income-basic | $ | 1.47 | $ | 1.30 | $ | 1.08 | $ | 0.64 | $ | 0.64 | ||||||||||
Net income-diluted | 1.45 | 1.27 | 1.06 | 0.63 | 0.63 | |||||||||||||||
Cash dividends declared | 0.34 | 0.34 | 0.34 | 0.34 | 0.32 | |||||||||||||||
Common shares outstanding | 32,784,513 | 32,771,013 | 32,719,852 | 32,679,191 | 32,662,691 | |||||||||||||||
Average common shares outstanding - | ||||||||||||||||||||
Basic | 32,779,227 | 32,756,852 | 32,690,296 | 32,668,789 | 32,651,262 | |||||||||||||||
Diluted | 33,405,923 | 33,408,116 | 33,275,550 | 33,168,938 | 33,075,493 | |||||||||||||||
Performance Ratios: | ||||||||||||||||||||
Return on average assets | 1.79 | % | 1.69 | % | 1.45 | % | 0.86 | % | 0.88 | % | ||||||||||
Return on average stockholders' equity | 17.42 | 15.90 | 13.25 | 7.89 | 7.99 | |||||||||||||||
Net interest margin | 3.32 | 3.36 | 3.54 | 3.40 | 3.54 | |||||||||||||||
Efficiency ratio | 58.29 | 55.46 | 57.08 | 59.84 | 59.16 | |||||||||||||||
BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share and share data - Unaudited) | ||||||||
Six months ended | ||||||||
June 30, | ||||||||
2021 | 2020 | |||||||
Condensed Income Statements: | ||||||||
Net interest income | $ | 159,569 | $ | 151,281 | ||||
(Benefit from) provision for credit losses | (9,949) | 38,916 | ||||||
Non-interest income: | ||||||||
Trust revenue | 6,366 | 7,023 | ||||||
Service charges on deposits | 39,624 | 35,564 | ||||||
Securities transactions | 267 | (545) | ||||||
Income from sales of loans | 4,143 | 2,342 | ||||||
Insurance commissions | 11,004 | 10,119 | ||||||
Cash management | 6,071 | 8,575 | ||||||
Other | 17,078 | 4,149 | ||||||
Total noninterest income | 84,553 | 67,227 | ||||||
Non-interest expense: | ||||||||
Salaries and employee benefits | 81,569 | 81,982 | ||||||
Occupancy expense, net | 8,876 | 7,385 | ||||||
Depreciation | 8,010 | 7,035 | ||||||
Amortization of intangible assets | 1,602 | 1,932 | ||||||
Data processing services | 3,338 | 3,321 | ||||||
Net expense from other real estate owned | 4,867 | (2,147) | ||||||
Marketing and business promotion | 3,527 | 3,840 | ||||||
Deposit insurance | 1,642 | 501 | ||||||
Other | 25,555 | 22,187 | ||||||
Total noninterest expense | 138,986 | 126,036 | ||||||
Income before income taxes | 115,085 | 53,556 | ||||||
Income tax expense | 24,373 | 10,218 | ||||||
Net income | $ | 90,712 | $ | 43,338 | ||||
Per Common Share Data: | ||||||||
Net income-basic | $ | 2.77 | $ | 1.33 | ||||
Net income-diluted | 2.72 | 1.31 | ||||||
Cash dividends declared | 0.68 | 0.64 | ||||||
Common shares outstanding | 32,784,513 | 32,662,691 | ||||||
Average common shares outstanding - | ||||||||
Basic | 32,768,102 | 32,665,425 | ||||||
Diluted | 33,407,693 | 33,197,391 | ||||||
Performance Ratios: | ||||||||
Return on average assets | 1.74 | % | 0.97 | % | ||||
Return on average stockholders' equity | 16.67 | 8.42 | ||||||
Net interest margin | 3.34 | 3.68 | ||||||
Efficiency ratio | 56.93 | 57.68 | ||||||
BancFirst Corporation | |||||||||||||||||||||
Summary Financial Information | |||||||||||||||||||||
(Dollars in thousands, except per share and share data - Unaudited) | |||||||||||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | |||||||||||||||||
2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | |||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||
Total assets | $ | 11,015,287 | $ | 10,549,305 | $ | 9,212,357 | $ | 9,618,868 | $ | 9,612,453 | |||||||||||
Interest-bearing deposits with banks | 4,475,941 | 2,788,316 | 1,336,394 | 1,609,462 | 1,583,116 | ||||||||||||||||
Debt securities | 563,771 | 520,543 | 555,196 | 596,941 | 608,031 | ||||||||||||||||
Total loans | 6,207,262 | 6,380,108 | 6,448,225 | 6,660,694 | 6,696,856 | ||||||||||||||||
Allowance for credit losses | (83,963) | (90,860) | (91,366) | (106,126) | (89,500) | ||||||||||||||||
Deposits | 9,728,389 | 9,371,940 | 8,064,704 | 8,495,891 | 8,486,671 | ||||||||||||||||
Stockholders' equity | 1,131,591 | 1,094,671 | 1,067,885 | 1,043,752 | 1,034,199 | ||||||||||||||||
Book value per common share | 34.52 | 33.40 | 32.64 | 31.94 | 31.66 | ||||||||||||||||
Tangible book value per common share (non-GAAP)(1) | 29.35 | 28.27 | 27.47 | 26.74 | 26.43 | ||||||||||||||||
Balance Sheet Ratios: | |||||||||||||||||||||
Average loans to deposits | 65.36 | % | 70.84 | % | 77.02 | % | 78.55 | % | 79.78 | % | |||||||||||
Average earning assets to total assets | 92.01 | 91.54 | 91.82 | 91.99 | 92.23 | ||||||||||||||||
Average stockholders' equity to average assets | 10.25 | 10.64 | 10.91 | 10.90 | 10.96 | ||||||||||||||||
Asset Quality Data: | |||||||||||||||||||||
Past due loans | $ | 4,386 | $ | 5,282 | $ | 4,802 | $ | 6,412 | $ | 5,382 | |||||||||||
Nonaccrual loans (5) | 29,802 | 35,326 | 37,545 | 82,385 | 49,477 | ||||||||||||||||
Restructured loans | 7,485 | 7,801 | 7,784 | 2,837 | 3,213 | ||||||||||||||||
Total nonperforming and restructured loans | 41,673 | 48,409 | 50,131 | 91,634 | 58,072 | ||||||||||||||||
Other real estate owned and repossessed assets | 40,183 | 30,320 | 32,480 | 4,939 | 4,948 | ||||||||||||||||
Total nonperforming and restructured assets | 81,856 | 78,729 | 82,611 | 96,573 | 63,020 | ||||||||||||||||
Nonaccrual loans to total loans | 0.48 | % | 0.55 | % | 0.58 | % | 1.24 | % | 0.74 | % | |||||||||||
Nonaccrual loans to total Non-PPP loans (non-GAAP)(3) | 0.51 | 0.62 | 0.65 | 1.41 | 0.84 | ||||||||||||||||
Nonperforming and restructured loans to total loans | 0.67 | 0.76 | 0.78 | 1.38 | 0.87 | ||||||||||||||||
Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)(3) | 0.71 | 0.85 | 0.86 | 1.57 | 0.99 | ||||||||||||||||
Nonperforming and restructured assets to total assets | 0.74 | 0.75 | 0.90 | 1.00 | 0.66 | ||||||||||||||||
Allowance for credit losses to total loans | 1.35 | 1.42 | 1.42 | 1.59 | 1.34 | ||||||||||||||||
Allowance for credit losses to total Non-PPP loans (non-GAAP)(3) | 1.44 | 1.60 | 1.58 | 1.82 | 1.52 | ||||||||||||||||
Allowance for credit losses to nonaccrual loans | 281.73 | 257.20 | 243.35 | 128.82 | 180.89 | ||||||||||||||||
Allowance for credit losses to nonperforming and restructured loans | 201.48 | 187.69 | 182.26 | 115.81 | 154.12 | ||||||||||||||||
Net charge-offs to average loans | 0.06 | 0.01 | 0.30 | 0.03 | 0.00 | ||||||||||||||||
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2): | |||||||||||||||||||||
Stockholders' equity | $ | 1,131,591 | $ | 1,094,671 | $ | 1,067,885 | $ | 1,043,752 | $ | 1,034,199 | |||||||||||
Less goodwill | 149,922 | 149,922 | 149,922 | 149,922 | 149,922 | ||||||||||||||||
Less intangible assets, net | 19,283 | 18,206 | 18,999 | 19,914 | 20,882 | ||||||||||||||||
Tangible stockholders' equity (non-GAAP) | $ | 962,386 | $ | 926,543 | $ | 898,964 | $ | 873,916 | $ | 863,395 | |||||||||||
Common shares outstanding | 32,784,513 | 32,771,013 | 32,719,852 | 32,679,191 | 32,662,691 | ||||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 29.35 | $ | 28.27 | $ | 27.47 | $ | 26.74 | $ | 26.43 | |||||||||||
(1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table. | |||||||||||||||||||||
(2) Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP. | |||||||||||||||||||||
Reconciliation of Non-PPP loan ratios (non-GAAP)(4): | |||||||||||||||||||||
Total loans | $ | 6,207,262 | $ | 6,380,108 | $ | 6,448,225 | $ | 6,660,694 | $ | 6,696,856 | |||||||||||
Less PPP loans | 368,620 | 713,714 | 652,693 | 831,703 | 825,093 | ||||||||||||||||
Total Non-PPP loans (non-GAAP) | $ | 5,838,642 | $ | 5,666,394 | $ | 5,795,532 | $ | 5,828,991 | $ | 5,871,763 | |||||||||||
Nonaccrual loans (5) | 29,802 | 35,326 | 37,545 | 82,385 | 49,477 | ||||||||||||||||
Nonaccrual loans to total Non-PPP loans (non-GAAP) | 0.51 | % | 0.62 | % | 0.65 | % | 1.41 | % | 0.84 | % | |||||||||||
Total nonperforming and restructured loans | 41,673 | 48,409 | 50,131 | 91,634 | 58,072 | ||||||||||||||||
Nonperforming and restructured loans to total Non-PPP loans (non-GAAP) | 0.71 | % | 0.85 | % | 0.86 | % | 1.57 | % | 0.99 | % | |||||||||||
Allowance for credit losses | (83,963) | (90,860) | (91,366) | (106,126) | (89,500) | ||||||||||||||||
Allowance for credit losses to total Non-PPP loans (non-GAAP) | 1.44 | % | 1.60 | % | 1.58 | % | 1.82 | % | 1.52 | % | |||||||||||
(3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | |||||||||||||||||||||
(4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | |||||||||||||||||||||
(5) Government Agencies guarantee approximately $3.5 million of nonaccrual loans at June 30, 2021. | |||||||||||||||||||||
BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited) | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | June 30, 2021 | ||||||||||||||||||||||||
Interest | Average | Interest | Average | ||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Earning assets: | |||||||||||||||||||||||||
Loans | $ | 6,300,418 | $ | 82,598 | 5.26 | % | $ | 6,350,354 | $ | 160,363 | 5.09 | % | |||||||||||||
Securities – taxable | 534,774 | 1,602 | 1.20 | 528,272 | 3,295 | 1.26 | |||||||||||||||||||
Securities – tax exempt | 15,058 | 88 | 2.35 | 17,187 | 177 | 2.08 | |||||||||||||||||||
Interest bearing deposits with banks and FFS | 3,111,009 | 825 | 0.11 | 2,751,005 | 1,420 | 0.10 | |||||||||||||||||||
Total earning assets | 9,961,259 | 85,113 | 3.43 | 9,646,818 | 165,255 | 3.45 | |||||||||||||||||||
Nonearning assets: | |||||||||||||||||||||||||
Cash and due from banks | 274,168 | 271,523 | |||||||||||||||||||||||
Interest receivable and other assets | 684,089 | 683,978 | |||||||||||||||||||||||
Allowance for credit losses | (92,899) | (91,731) | |||||||||||||||||||||||
Total nonearning assets | 865,358 | 863,770 | |||||||||||||||||||||||
Total assets | $ | 10,826,617 | $ | 10,510,588 | |||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||
Transaction deposits | $ | 856,800 | $ | 156 | 0.07 | % | $ | 812,145 | $ | 304 | 0.08 | % | |||||||||||||
Savings deposits | 3,692,119 | 939 | 0.10 | 3,598,589 | 2,045 | 0.11 | |||||||||||||||||||
Time deposits | 657,473 | 908 | 0.55 | 657,704 | 1,976 | 0.61 | |||||||||||||||||||
Short-term borrowings | 2,145 | — | 0.06 | 2,534 | 1 | 0.05 | |||||||||||||||||||
Junior subordinated debentures | 27,454 | 578 | 8.44 | 27,131 | 1,069 | 7.94 | |||||||||||||||||||
Total interest bearing liabilities | 5,235,991 | 2,581 | 0.20 | 5,098,103 | 5,395 | 0.21 | |||||||||||||||||||
Interest free funds: | |||||||||||||||||||||||||
Noninterest bearing deposits | 4,432,892 | 4,270,391 | |||||||||||||||||||||||
Interest payable and other liabilities | 47,868 | 44,713 | |||||||||||||||||||||||
Stockholders' equity | 1,109,866 | 1,097,381 | |||||||||||||||||||||||
Total interest free funds | 5,590,626 | 5,412,485 | |||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 10,826,617 | $ | 10,510,588 | |||||||||||||||||||||
Net interest income | $ | 82,532 | $ | 159,860 | |||||||||||||||||||||
Net interest spread | 3.23 | % | 3.24 | % | |||||||||||||||||||||
Effect of interest free funds | 0.09 | % | 0.10 | % | |||||||||||||||||||||
Net interest margin | 3.32 | % | 3.34 | % | |||||||||||||||||||||
SOURCE BancFirst
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