BancFirst Corporation Reports Third Quarter Earnings

Oct 18, 2010, 16:31 ET from BancFirst

OKLAHOMA CITY, Oct. 18 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) reported net income of $11.8 million or $0.75 diluted earnings per share for the third quarter of 2010 compared to net income of $9.4 million or $0.60 diluted earnings per share for the same period in 2009. Net income for the first nine months of 2010 was $32.1 million, up $9.4 million or 41.1% over the $22.8 million of net income in the same period a year ago. Diluted earnings per share through September 30, 2010 were $2.05 compared to $1.46 for the first nine months of 2009.

The Company's net interest income for the quarter was $36.1 million, up $3.1 million from $33.0 million reported a year ago. The increase was attributable to the improvement in the net interest margin combined with the growth in the Company's earning assets. The Company's net interest margin for the quarter was 3.40% up from 3.27% a year ago. The Company's average earning assets were $4.2 billion an increase of $202 million compared to the third quarter in 2009. The loan loss provision for the quarter was $469,000, down from $998,000 a year ago. The Company's nonperforming assets decreased to 1.29% of total assets from 1.35% at September 30, 2009. Noninterest income was $18.2 million, a $1.2 million increase over the same period in 2009. The increase is primarily attributable to an increase in insurance commissions. Noninterest expense for the quarter was $35.4 million, down slightly from $35.5 million in the third quarter a year ago.

At September 30, 2010, the Company's total assets were $4.6 billion, up $277 million or 6.4% over September 30, 2009. Loans were $2.8 billion, up $43 million from September 30, 2009.  Deposits increased $251 million to $4.1 billion at September 30, 2010. The Company's equity capital was $454 million, up $28 million or 6.6% over September 30, 2009. The Company's equity capital was strong at 9.9% of total assets at September 30, 2010.

On October 8, 2010, the Company announced it had completed the acquisition of Union National Bancshares, Inc., and its subsidiary bank, Union Bank of Chandler. The Company also has announced that it has entered into agreements to acquire Exchange Bancshares of Moore, Inc., and its subsidiary bank, Exchange National Bank of Moore, and OK Bancorporation, Inc., and its subsidiary bank, The Okemah National Bank. Both transactions are subject to regulatory approval and are expected to be completed in December 2010. These three transactions will add approximately $350 million in total assets, $174 million in loans and $287 million in deposits by year end.  

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 85 banking locations serving 47 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)


2010











 Year-  



 Q1  


 Q2  


 Q3  


 Q4  


 To-Date  


Income Statement Data:  











Net interest income  

$                 33,862


$             35,670


$            36,072




$           105,604


Provision for loan losses  

896


871


469




2,236


Securities transactions

136


(150)


333




319


Total noninterest income  

15,960


17,010


18,162




51,132


Salaries and employee benefits

19,948


19,710


20,692




60,350


Total noninterest expense  

34,901


34,505


35,389




104,795


Net income  

9,303


11,042


11,787




32,132


Per Common Share Data:  











Net income-basic  

0.61


0.72


0.77




2.09


Net income-diluted  

0.60


0.71


0.75




2.05


Cash dividends declared

0.23


0.23


0.25




0.71


Common shares outstanding  

15,337,050


15,346,800


15,358,672




15,358,672


Average common shares outstanding -











  Basic

15,319,111


15,344,374


15,356,366




15,340,087


  Diluted

15,628,012


15,652,621


15,645,086




15,642,554


Performance Ratios:  











Return on average assets

0.85

%

0.98

%

1.03

%



0.95

%

Return on average equity

8.66


10.01


10.34




9.68


Net interest margin  

3.38


3.44


3.40




3.40


Efficiency ratio  

70.05


65.50


65.25




66.86














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
















BancFirst Corporation

Summary Financial Information

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


2010



Q1


Q2


Q3


Q4


Balance Sheet Data:









Total assets

$        4,508,789


$          4,628,022


$        4,599,182




Total loans

2,766,304


2,793,346


2,756,118




Allowance for loan losses

(36,780)


(37,002)


(35,681)




Securities

430,586


580,317


579,839




Deposits

4,009,017


4,117,360


4,082,568




Stockholders' equity

436,901


445,592


453,869




Book value per common share

28.49


29.03


29.55




Tangible book value per common share

25.78


26.19


26.72




Balance Sheet Ratios:









Average loans to deposits

70.05

%

68.89

%

68.70

%



Average earning assets to total assets

92.62


92.76


92.83




Average stockholders' equity to average assets

9.86


9.77


9.92




Asset Quality Data:









Past due loans

$                  589


$                 1,911


$                  563




Nonaccrual loans

37,801


38,328


25,684




Restructured loans

1,912


1,677


378




Total nonperforming and restructured loans

40,302


41,916


26,625




Other real estate owned and repossessed assets

10,272


9,748


21,499




Total nonperforming and restructured assets

50,574


51,664


48,124




Nonperforming and restructured loans to total loans

1.46

%

1.50

%

0.97

%



Nonperforming and restructured assets to total assets

1.12


1.12


1.05




Allowance to total loans

1.33


1.32


1.29




Allowance to nonperforming and restructured loans

91.26


88.28


134.01




Net charge-offs to average loans

0.07


0.09


0.26





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





BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)


Three Months Ended



Nine Months Ended



September 30, 2010



September 30, 2010





Interest


Average





Interest


Average



Average


Income/


Yield/



Average


Income/


Yield/



Balance


Expense


Rate



Balance


Expense


Rate


ASSETS














Earning assets:














 Loans

$     2,780,674


$   38,972


5.56

%


$   2,770,388


$ 115,205


5.56

%

 Securities – taxable

539,703


3,163


2.33



446,683


9,167


2.74


 Securities - tax exempt

27,948


393


5.58



33,085


1,376


5.56


 Interest bearing deposits with banks

884,429


553


0.25



926,598


1,745


0.25


    Total earning assets

4,232,754


43,081


4.04



4,176,754


127,493


4.08
















Nonearning assets:














 Cash and due from banks

104,373







107,114






 Interest receivable and other assets

259,274







256,538






 Allowance for loan losses

(36,853)







(36,688)






    Total nonearning assets

326,794







326,964






    Total assets

$     4,559,548







$   4,503,718




















LIABILITIES AND














 STOCKHOLDERS' EQUITY














Interest-bearing liabilities:














 Transaction deposits

$        596,290


$        332


0.22

%


$      606,568


$     1,061


0.23

%

 Savings deposits

1,422,735


3,031


0.85



1,371,821


9,112


0.89


 Time deposits

811,634


2,945


1.44



834,912


9,530


1.53


 Short-term borrowings

2,934


1


0.14



1,691


2


0.16


 Junior subordinated debentures

26,804


491


7.27



26,804


1,474


7.35


    Total interest-bearing liabilities

2,860,397


6,800


0.94



2,841,796


21,179


1.00
















Interest-free funds:














 Noninterest bearing deposits

1,217,088







1,190,083






 Interest payable and other liabilities

29,873







28,250






 Stockholders' equity

452,190







443,589






    Total interest free-funds

1,699,151







1,661,922






    Total liabilities

      and stockholders' equity

$     4,559,548







$   4,503,718






Net interest income



$   36,281







$ 106,314




Net interest spread





3.10

%






3.08

%

Net interest margin





3.40

%






3.40

%



SOURCE BancFirst



RELATED LINKS

http://www.bancfirst.com