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| 8-K - BANCFIRST CORP /OK/ | v219139_8k.htm |
BancFirst Corporation Reports First Quarter Earnings
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 | % | ||||||||||||
CONTACT: Joe T. Shockley Jr., chief financial officer, +1-405-270-1003, or David Rainbolt, chief executive officer, +1-405-270-1002, both of BancFirst Corporation