BANCFIRST CORP /OK/ - FORM 8-K - EX-99.1

Attached files

file	filename
8-K - BANCFIRST CORP /OK/	v181544_8-k.htm

BancFirst Corporation

101 NORTH BROADWAY

OKLAHOMA CITY, OKLAHOMA 73102

PRESS RELEASE

For Immediate Release: Monday, April 19, 2010

For further information call Joe T. Shockley Jr., Chief Financial Officer (405) 270-1003

or David Rainbolt, Chief Executive Officer at (405) 270-1002

BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS

BancFirst Corporation (NASDAQ GSM:BANF) reported net income of $9.3 million or $0.60 diluted earnings per share for the first quarter of 2010 compared to net income of $7.1 million or $0.46 diluted earnings per share for the same period in 2009.

The Company’s net interest income for the quarter was $33.9 million up $2.1 million from $31.8 million reported a year ago. The increase was attributable to the growth in the Company’s average earning assets which were $4.1 billion, up $573 million compared to the first quarter in 2009. The Company’s net interest margin was 3.38% compared to 3.69% a year ago due to continued low interest rates. The loan loss provision for the quarter was $900,000 down from $3.4 million in the first quarter of 2009. Noninterest income totaled $16.0 million compared to $16.6 million a year ago. The decrease was due to decreased revenues from treasury and cash management services. Noninterest expense for the quarter was $34.9 million up slightly from $34.5 million in the first quarter a year ago. The increase was due to the acquisition and conversion costs of First State Bank, Jones, which totaled $389,000 and higher FDIC costs due to higher levels of deposits and higher deposit insurance premium.

At March 31, 2010, the Company’s total assets were $4.5 billion, up $551 million or 13.9% over the first quarter a year ago. Loans were $2.8 billion down minimally from a year ago. Deposits increased $537 million to $4.0 billion at quarter end 2010. The Company’s equity capital was $437 million, up $21 million or 4.9% over March 31 a year ago. The Company’s equity capital was strong at 9.7% of total assets at quarter end.

David Rainbolt, BancFirst’s CEO, said, “in light of the fact that interest rates remain at historically low levels and the economy continues to struggle, we have got to be satisfied with our first quarter results. Nonperforming loans and assets remain manageable while capital and liquidity are outstanding. We believe we are well-positioned to pursue any opportunity that arises.”

During the first quarter of 2010, First State Bank (Jones) was merged into BancFirst, the Company’s subsidiary bank. First State Bank (Jones) had approximately $43 million in assets, $37 million in deposits, and $5.5 million in equity capital at the time of the merger.

On April 1, 2010, the Company’s insurance agency BancFirst Insurance Services, Inc., formerly known as Wilcox, Jones & McGrath, Inc., completed its acquisition of RBC Agency, Inc., which has offices in Shawnee and Stillwater. BancFirst Insurance Services, Inc. has offices in Oklahoma City, Tulsa, Lawton and Muskogee. Ed McGrath, President of BancFirst Insurance Services, Inc.’s, said, “we are pleased to be working with Will Rosebure while adding offices and customers, which compliment BancFirst’s existing banking markets.”

BancFirst Corporation was again recognized in the top twenty of America’s best banks by Bank Director Magazine. The publication ranks publicly traded financial institutions by profitability, capital adequacy and asset quality. This marks the fourth consecutive year that the Company was listed among the top 20 financial institutions in the nation.

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.

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					$	33,862
Provision for loan losses		896						896
Securities transactions		136						136
Total noninterest income		15,960						15,960
Salaries and employee benefits		19,948						19,948
Total noninterest expense		34,901						34,901
Net income		9,303						9,303
Per Common Share Data:
Net income-basic		0.61						0.61
Net income-diluted		0.60						0.60
Cash dividends declared		0.23						0.23
Common shares outstanding		15,337,050						15,337,050
Average common shares outstanding -
Basic		15,319,111						15,319,111
Diluted		15,628,012						15,628,012
Performance Ratios:
Return on average assets		0.85	%					0.85	%
Return on average equity		8.66						8.66
Net interest margin		3.38						3.38
Efficiency ratio		70.05						70.05

	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
Total loans		2,766,304
Allowance for loan losses		(36,780	)
Securities		430,586
Deposits		4,009,017
Stockholders' equity		436,901
Book value per common share		28.49
Tangible book value per common share		25.78
Balance Sheet Ratios:
Average loans to deposits		70.05	%
Average earning assets to total assets		92.62
Average stockholders' equity to average assets		9.86
Asset Quality Data:
Past due loans	$	589
Nonaccrual loans		37,801
Restructured loans		1,912
Total nonperforming and restructured loans		40,302
Other real estate owned and repossessed assets		10,272
Total nonperforming and restructured assets		50,574
Nonperforming and restructured loans to total loans		1.46	%
Nonperforming and restructured assets to total assets		1.12
Allowance to total loans		1.33
Allowance to nonperforming and restructured loans		91.26
Net charge-offs to average loans		0.07

	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
	March 31, 2010
				Interest		Average
	Average			Income/		Yield/
	Balance			Expense		Rate
ASSETS
Earning assets:
Loans	$	2,755,744		$	37,442		5.51	%
Securities – taxable		387,459			3,010		3.15
Securities - tax exempt		36,704			507		5.60
Interest bearing deposits with banks		916,510			574		0.25
Total earning assets		4,096,417			41,533		4.11

Nonearning assets:
Cash and due from banks		109,758
Interest receivable and other assets		253,165
Allowance for loan losses		(36,419	)
Total nonearning assets		326,504
Total assets	$	4,422,921

LIABILITIES AND
STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Transaction deposits	$	609,443		$	367		0.24	%
Savings deposits		1,326,881			3,073		0.94
Time deposits		859,118			3,484		1.64
Short-term borrowings		763			-		-
Junior subordinated debentures		26,804			489		7.40
Total interest-bearing liabilities		2,823,009			7,413		1.06

Interest-free funds:
Noninterest bearing deposits		1,138,291
Interest payable and other liabilities		25,724
Stockholders’ equity		435,897
Total interest free-funds		1,599,912
Total liabilities and stockholders’ equity	$	4,422,921
Net interest income				$	34,120
Net interest spread							3.05	%
Net interest margin							3.38	%

BANCFIRST CORP /OK/ - FORM 8-K - EX-99.1 - April 19, 2010

Attached files

BANCFIRST CORP /OK/ Reports