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| 8-K - FORM 8-K - BANCFIRST CORP /OK/ | v245600_8k.htm |
BancFirst Corporation Reports Fourth Quarter Earnings
OKLAHOMA CITY, Jan. 17, 2012 /PRNewswire/ -- For the fourth quarter of 2011, BancFirst Corporation (NASDAQ GS: BANF) reported net income of $11.6 million, an increase of 14.0% over the $10.2 million earned in the same period a year ago. Diluted earnings per share for the quarter were $0.75 compared to $0.65 in the prior year. Net income for the year ended December 31, 2011 was $45.6 million compared to $42.3 million, up 7.8% over the prior year. Diluted earnings per share for 2011 were $2.93 compared to $2.70 earned in 2010.
The Company's net interest income for the fourth quarter of 2011 was $41.4 million, an increase of $4.2 million or 11.4% compared to the same period a year ago. The increase was driven by the higher level of average earning assets which totaled $5.1 billion in the fourth quarter of this year, up $584 million over the fourth quarter of 2010. The net interest margin was 3.24% down slightly from a year ago. The Company's loan loss provision was $829,000 compared to $718,000 in the fourth quarter of 2010. Nonperforming and restructured assets declined to 0.71% of total assets compared to 1.01% a year ago. Net charge offs were 0.08% compared to 0.09% for the same period in 2010, well below the industry average. Noninterest income totaled $19.4 million up from $18.8 million a year ago. The increase was attributable to acquisitions made in December 2010 and July 2011. The growth was in commercial deposit revenues, insurance commissions and treasury management services. Noninterest expense for the fourth quarter was $41.4 million compared to $39.3 million for the same period last year primarily driven by acquisitions and conversion costs of $742,000 in the fourth quarter of 2011.
At December 31, 2011, the Company's total assets were $5.6 billion, an increase of $549 million or 10.8% compared to the prior year. Loans totaled $3.0 billion, up from $2.8 billion at December 31, 2010. Deposits increased $534 million to $5.0 billion at year end 2011. The Company's equity capital was $483 million, an increase of $24.4 million compared to December 31, 2010.
David Rainbolt, BancFirst Corporation CEO stated, "While not a record year, it was certainly a solid one. Oklahoma was the right place to be in 2011 from an economic point of view. We also have made great progress in assimilating acquisitions made over the last couple of years."
The Company was recently recognized by Forbes magazine as the 19th strongest bank among the 100 largest publicly traded banks. BancFirst was the only Oklahoma bank in the top 25. The ranking considered data regarding asset quality, capital adequacy and profitability.
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 93 banking locations serving 51 communities across Oklahoma. More information can be found at www.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 | |||||||||
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| Year- |
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
| To-Date |
|
Income Statement Data: |
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|
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|
|
|
Net interest income | $ 37,289 |
| $ 38,006 |
| $ 40,218 |
| $ 41,384 |
| $ 156,897 |
|
Provision for loan losses | 788 |
| 2,013 |
| 885 |
| 829 |
| 4,515 |
|
Securities transactions | 8 |
| 1,316 |
| 50 |
| 224 |
| 1,598 |
|
Total noninterest income | 17,730 |
| 19,679 |
| 20,117 |
| 19,435 |
| 76,961 |
|
Salaries and employee benefits | 21,812 |
| 22,558 |
| 23,845 |
| 24,016 |
| 92,231 |
|
Total noninterest expense | 36,397 |
| 39,610 |
| 41,259 |
| 41,380 |
| 158,646 |
|
Net income | 11,355 |
| 10,115 |
| 12,553 |
| 11,598 |
| 45,621 |
|
Per Common Share Data: |
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|
Net income-basic | 0.74 |
| 0.66 |
| 0.82 |
| 0.77 |
| 2.99 |
|
Net income-diluted | 0.72 |
| 0.65 |
| 0.81 |
| 0.75 |
| 2.93 |
|
Cash dividends declared | 0.25 |
| 0.25 |
| 0.27 |
| 0.27 |
| 1.04 |
|
Common shares outstanding | 15,390,357 |
| 15,273,181 |
| 15,125,541 |
| 15,117,430 |
| 15,117,430 |
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Average common shares outstanding - |
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Basic | 15,375,644 |
| 15,364,738 |
| 15,210,090 |
| 15,122,368 |
| 15,267,357 |
|
Diluted | 15,679,298 |
| 15,651,953 |
| 15,471,659 |
| 15,389,289 |
| 15,550,131 |
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Performance Ratios: |
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Return on average assets | 0.89% |
| 0.77% |
| 0.91% |
| 0.84% |
| 0.85% |
|
Return on average equity | 9.90 |
| 8.59 |
| 10.50 |
| 9.59 |
| 9.65 |
|
Net interest margin | 3.21 |
| 3.17 |
| 3.20 |
| 3.24 |
| 3.20 |
|
Efficiency ratio | 66.15 |
| 68.67 |
| 68.38 |
| 68.04 |
| 67.84 |
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| 2010 | |||||||||
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| Year- |
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
| To-Date |
|
Income Statement Data: |
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Net interest income | $ 33,860 |
| $ 35,668 |
| $ 36,071 |
| $ 37,158 |
| $ 142,757 |
|
Provision for loan losses | 896 |
| 871 |
| 469 |
| 718 |
| 2,954 |
|
Securities transactions | 136 |
| (150) |
| 333 |
| 5 |
| 324 |
|
Total noninterest income | 15,962 |
| 17,012 |
| 18,163 |
| 18,801 |
| 69,938 |
|
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 |
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Per Common Share Data: |
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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 |
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Average common shares outstanding - |
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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 |
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Performance Ratios: |
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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 |
| 70.23 |
| 67.75 |
|
BancFirst Corporation | ||||||||||
Summary Financial Information | ||||||||||
(Dollars in thousands, except per share data - Unaudited)
| ||||||||||
| 2011 | |||||||||
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| |
Balance Sheet Data: |
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| |
Total assets | $ 5,239,658 |
| $ 5,267,445 |
| $ 5,472,306 |
| $ 5,608,825 |
|
| |
Total loans | 2,796,390 |
| 2,861,844 |
| 2,984,114 |
| 3,013,498 |
|
| |
Allowance for loan losses | (36,136) |
| (37,092) |
| (37,456) |
| (37,656) |
|
| |
Securities | 681,159 |
| 580,059 |
| 607,046 |
| 614,977 |
|
| |
Deposits | 4,666,199 |
| 4,701,999 |
| 4,887,332 |
| 5,037,735 |
|
| |
Stockholders' equity | 466,827 |
| 470,397 |
| 474,396 |
| 483,041 |
|
| |
Book value per common share | 30.33 |
| 30.80 |
| 31.36 |
| 31.95 |
|
| |
Tangible book value per common share | 26.71 |
| 27.17 |
| 27.52 |
| 28.07 |
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Balance Sheet Ratios: |
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Average loans to deposits | 60.83% |
| 60.16% |
| 60.58% |
| 60.97% |
|
| |
Average earning assets to total assets | 92.49 |
| 92.49 |
| 92.22 |
| 92.76 |
|
| |
Average stockholders' equity to average assets | 9.03 |
| 8.98 |
| 8.67 |
| 8.73 |
|
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Asset Quality Data: |
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Past due loans | $ 3,016 |
| $ 1,166 |
| $ 1,413 |
| $ 822 |
|
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Nonaccrual loans | 24,391 |
| 22,469 |
| 29,039 |
| 21,187 |
|
| |
Restructured loans | 316 |
| 344 |
| 1,059 |
| 1,041 |
|
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Total nonperforming and restructured loans | 27,723 |
| 23,979 |
| 31,511 |
| 23,050 |
|
| |
Other real estate owned and repossessed assets | 15,974 |
| 15,501 |
| 16,723 |
| 16,640 |
|
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Total nonperforming and restructured assets | 43,697 |
| 39,480 |
| 48,234 |
| 39,690 |
|
| |
Nonperforming and restructured loans to total loans | 0.99% |
| 0.84% |
| 1.06% |
| 0.76% |
|
| |
Nonperforming and restructured assets to total assets | 0.83 |
| 0.75 |
| 0.88 |
| 0.71 |
|
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Allowance to total loans | 1.29 |
| 1.30 |
| 1.26 |
| 1.25 |
|
| |
Allowance to nonperforming and restructured loans | 130.35 |
| 154.68 |
| 118.87 |
| 163.37 |
|
| |
Net charge-offs to average loans | 0.06 |
| 0.15 |
| 0.07 |
| 0.08 |
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| 2010 | |||||||||
| Q1 |
| Q2 |
| Q3 |
| Q4 |
|
| |
Balance Sheet Data: |
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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 | 429,585 |
| 579,315 |
| 578,837 |
| 743,803 |
|
| |
Deposits | 4,009,017 |
| 4,117,360 |
| 4,082,568 |
| 4,503,754 |
|
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Stockholders' equity | 436,901 |
| 445,592 |
| 453,869 |
| 458,594 |
|
| |
Book value per common share | 28.49 |
| 29.03 |
| 29.55 |
| 29.84 |
|
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Tangible book value per common share | 25.78 |
| 26.19 |
| 26.72 |
| 26.19 |
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Balance Sheet Ratios: |
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Average loans to deposits | 70.05% |
| 68.89% |
| 68.70% |
| 63.14% |
|
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Average earning assets to total assets | 92.62 |
| 92.76 |
| 92.83 |
| 92.75 |
|
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Average stockholders' equity to average assets | 9.86 |
| 9.77 |
| 9.92 |
| 9.44 |
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Asset Quality Data: |
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Past due loans | $ 589 |
| $ 1,911 |
| $ 563 |
| $ 1,096 |
|
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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 |
|
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Total nonperforming and restructured assets | 50,574 |
| 51,664 |
| 48,124 |
| 51,270 |
|
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Nonperforming and restructured loans to total loans | 1.46% |
| 1.50% |
| 0.97% |
| 1.00% |
|
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Nonperforming and restructured assets to total assets | 1.12 |
| 1.12 |
| 1.05 |
| 1.01 |
|
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Allowance to total loans | 1.33 |
| 1.32 |
| 1.29 |
| 1.27 |
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Allowance to nonperforming and restructured loans | 91.26 |
| 88.28 |
| 134.01 |
| 127.25 |
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Net charge-offs to average loans | 0.07 |
| 0.09 |
| 0.26 |
| 0.09 |
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BancFirst Corporation | |||||||||||||
Consolidated Average Balance Sheets | |||||||||||||
And Interest Margin Analysis | |||||||||||||
Taxable Equivalent Basis | |||||||||||||
(Dollars in thousands - Unaudited)
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| Three Months Ended |
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| Twelve Months Ended |
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| December 31, 2011 |
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| December 31, 2011 |
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| Interest |
| Average |
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| Interest |
| Average |
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| Average |
| Income/ |
| Yield/ |
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| Average |
| Income/ |
| Yield/ |
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| Balance |
| Expense |
| Rate |
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| Balance |
| Expense |
| Rate |
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ASSETS |
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Earning assets: |
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Loans | $ 2,997,395 |
| $ 42,623 |
| 5.64% |
|
| $ 2,893,263 |
| $ 164,484 |
| 5.69% |
|
Securities – taxable | 558,104 |
| 2,930 |
| 2.08 |
|
| 571,193 |
| 12,321 |
| 2.16 |
|
Securities - tax exempt | 55,482 |
| 220 |
| 1.57 |
|
| 69,921 |
| 2,889 |
| 4.13 |
|
Interest bearing deposits with banks | 1,488,623 |
| 953 |
| 0.25 |
|
| 1,410,788 |
| 3,585 |
| 0.25 |
|
Total earning assets | 5,099,604 |
| 46,726 |
| 3.64 |
|
| 4,945,165 |
| 183,279 |
| 3.71 |
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Nonearning assets: |
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Cash and due from banks | 137,404 |
|
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|
|
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| 142,256 |
|
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Interest receivable and other assets | 297,990 |
|
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|
|
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| 295,963 |
|
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Allowance for loan losses | (37,590) |
|
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| (36,729) |
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Total nonearning assets | 397,804 |
|
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| 401,490 |
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Total assets | $ 5,497,408 |
|
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| $ 5,346,655 |
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LIABILITIES AND |
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STOCKHOLDERS' EQUITY |
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Interest-bearing liabilities: |
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Transaction deposits | $ 671,790 |
| $ 279 |
| 0.16% |
|
| $ 709,609 |
| $ 1,423 |
| 0.20% |
|
Savings deposits | 1,562,195 |
| 1,512 |
| 0.38 |
|
| 1,633,555 |
| 8,981 |
| 0.55 |
|
Time deposits | 919,393 |
| 2,690 |
| 1.16 |
|
| 921,984 |
| 11,467 |
| 1.24 |
|
Short-term borrowings | 10,049 |
| 25 |
| 0.99 |
|
| 8,276 |
| 58 |
| 0.70 |
|
Long-term borrowings | 21,545 |
| 49 |
| 0.91 |
|
| 31,826 |
| 882 |
| 2.77 |
|
Junior subordinated debentures | 36,083 |
| 609 |
| 6.70 |
|
| 32,287 |
| 2,184 |
| 6.76 |
|
Total interest-bearing liabilities | $ 3,221,055 |
| $ 5,164 |
| 0.64 |
|
| $ 3,337,537 |
| $ 24,995 |
| 0.75 |
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Interest-free funds: |
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Noninterest bearing deposits | 1,762,953 |
|
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|
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| 1,506,371 |
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Interest payable and other liabilities | 33,506 |
|
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|
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| 29,755 |
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Stockholders' equity | 479,894 |
|
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|
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| 472,992 |
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Total interest free-funds | 2,276,353 |
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|
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| 2,009,118 |
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Total liabilities and stockholders' equity | $ 5,497,408 |
|
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|
|
|
| $ 5,346,655 |
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Net interest income |
|
| $ 41,562 |
|
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|
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| $ 158,284 |
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Net interest spread |
|
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| 3.00% |
|
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|
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| 2.96% |
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Net interest margin |
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| 3.24% |
|
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| 3.20% |
|
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