OKLAHOMA CITY, April 16, 2012 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $14.0 million or $0.91 diluted earnings per share for the first quarter of 2012 compared to net income of $11.4 million or $0.72 diluted earnings per share for the first quarter of 2011. Included in this quarter's financial results are a $4.5 million pretax securities gain, partially offset by merger related expenses and other non-operating costs totaling $2.5 million. The Company's core operating net income for the first quarter would be approximately $12.7 million or 11.5% over the first quarter of 2011 without the items described above.
The Company's net interest income for the first quarter of 2012 was $40.8 million, up $3.5 million or 9.5% from the first quarter of 2011. The increase was attributable to the increase in the Company's average loans which were $3.0 billion, up $233.1 million from the prior year. The Company's average earning assets totaled $5.2 billion as a result of internal growth combined with the acquisition made in July 2011. The Company's net interest margin for the quarter was 3.18% compared to 3.21% a year ago as interest rates remain at historically low levels. The loan loss provision for the first quarter of 2012 was $173,000, down from $788,000 a year ago. Nonperforming and restructured assets were 0.92% of total assets, up from 0.71% at December 31, 2011. Net charge-offs for the quarter were 0.03% of average loans compared to 0.08% for the quarter ended December 31, 2011. Noninterest income totaled $23.4 million, up from $17.7 million reported last year. The increase in revenues were primarily from the sale of an investment by Council Oak Investment Corporation, a wholly-owned subsidiary of BancFirst, and increased revenues from trust, commercial deposit revenues, insurance commissions and treasury management services. Noninterest expense for the quarter was $42.0 million up from $36.4 million in the first quarter of 2011. Included in this quarter's noninterest expense were $1.6 million in merger related costs and approximately $500,000 of expenses related to the sale of the previously mentioned investment. Additionally, this quarter included $1.7 million of expenses related to the July 2011 bank acquisition.
At March 31, 2012, the Company's total assets were $5.7 billion, up $129.2 million or 2.3% over December 31, 2011. Loans totaled $3.0 billion, up $35.9 million or 1.2% over December 31, 2011. Deposits increased $115.1 million from year end to $5.2 billion at March 31, 2012. The Company's equity capital was $492.0 million, an increase of $8.9 million or 1.8% over December 31, 2011.
David Rainbolt, BancFirst CEO, said "While our first quarter results were good, it is very difficult to excel in this rate environment. Asset quality is stout as is liquidity, so we are currently very comfortable with our balance sheet."
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)
|
||||||||||
2012 |
||||||||||
Year- |
||||||||||
Q1 |
Q2 |
Q3 |
Q4 |
To-Date |
||||||
Income Statement Data: |
||||||||||
Net interest income |
$ 40,817 |
$ 40,817 |
||||||||
Provision for |
173 |
173 |
||||||||
Securities transactions |
4,032 |
4,032 |
||||||||
Total noninterest income |
23,437 |
23,437 |
||||||||
Salaries and employee |
24,800 |
24,800 |
||||||||
Total noninterest |
42,037 |
42,037 |
||||||||
Net income |
14,005 |
14,005 |
||||||||
Per Common Share Data: |
||||||||||
Net income-basic |
0.93 |
0.93 |
||||||||
Net income-diluted |
0.91 |
0.91 |
||||||||
Cash dividends declared |
0.27 |
0.27 |
||||||||
Common shares outstanding |
15,145,280 |
15,145,280 |
||||||||
Average common |
||||||||||
Basic |
15,129,868 |
15,129,868 |
||||||||
Diluted |
15,410,773 |
15,410,773 |
||||||||
Performance Ratios: |
||||||||||
Return on average |
1.00% |
1.00% |
||||||||
Return on average |
11.45 |
11.45 |
||||||||
Net interest margin |
3.18 |
3.18 |
||||||||
Efficiency ratio |
65.42 |
65.42 |
||||||||
2011 |
||||||||||
Year- |
||||||||||
Q1 |
Q2 |
Q3 |
Q4 |
To-Date |
||||||
Income Statement Data: |
||||||||||
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: |
||||||||||
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 |
|||||
Average common shares outstanding - |
||||||||||
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 |
|||||
Performance Ratios: |
||||||||||
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 |
|||||
BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share data - Unaudited)
|
||||||||
2012 |
||||||||
Q1 |
Q2 |
Q3 |
Q4 |
|||||
Balance Sheet Data: |
||||||||
Total assets |
$ 5,737,994 |
|||||||
Total loans |
3,049,376 |
|||||||
Allowance for loan losses |
(37,633) |
|||||||
Securities |
573,801 |
|||||||
Deposits |
5,152,856 |
|||||||
Stockholders' equity |
491,957 |
|||||||
Book value per common share |
32.48 |
|||||||
Tangible book value per common share |
28.64 |
|||||||
Balance Sheet Ratios: |
||||||||
Average loans to deposits |
59.99% |
|||||||
Average earning assets to total assets |
92.51 |
|||||||
Average stockholders' equity to average assets |
8.73 |
|||||||
Asset Quality Data: |
||||||||
Past due loans |
$ 1,150 |
|||||||
Nonaccrual loans |
20,721 |
|||||||
Restructured loans |
18,483 |
|||||||
Total nonperforming and restructured loans |
40,354 |
|||||||
Other real estate owned and repossessed |
12,408 |
|||||||
Total nonperforming and restructured assets |
52,762 |
|||||||
Nonperforming and restructured loans to total |
1.32%
|
|||||||
Nonperforming and restructured assets to total |
0.92 |
|||||||
Allowance to total loans |
1.23 |
|||||||
Allowance to nonperforming and restructured |
93.26 |
|||||||
Net charge-offs to average loans |
0.03 |
|||||||
2011 |
||||||||
Q1 |
Q2 |
Q3 |
Q4 |
|||||
Balance Sheet Data: |
||||||||
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 |
||||
Balance Sheet Ratios: |
||||||||
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 |
||||
Asset Quality Data: |
||||||||
Past due loans |
$ 3,016 |
$ 1,166 |
$ 1,413 |
$ 798 |
||||
Nonaccrual loans |
24,391 |
22,469 |
29,039 |
21,187 |
||||
Restructured loans |
316 |
344 |
1,059 |
1,041 |
||||
Total nonperforming and restructured loans |
27,723 |
23,979 |
31,511 |
23,026 |
||||
Other real estate owned and repossessed assets |
15,974 |
15,501 |
16,723 |
16,640 |
||||
Total nonperforming and restructured assets |
43,697 |
39,480 |
48,234 |
39,666 |
||||
Nonperforming and restructured loans to total |
0.99% |
0.84% |
1.06% |
0.76% |
||||
Nonperforming and restructured assets |
0.83 |
0.75 |
0.88 |
0.71 |
||||
Allowance to total loans |
1.29 |
1.30 |
1.26 |
1.25 |
||||
Allowance to nonperforming and restructured |
130.35 |
154.68 |
118.87 |
163.54 |
||||
Net charge-offs to average loans |
0.06 |
0.15 |
0.07 |
0.08 |
BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited)
|
||||||||||||||||||||||||||||||||
Three Months Ended |
||||||||||||||||||||||||||||||||
March 31, 2012 |
||||||||||||||||||||||||||||||||
Average |
Income/ |
Yield/ |
||||||||||||||||||||||||||||||
Balance |
Expense |
Rate |
||||||||||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||||||
Earning assets: |
||||||||||||||||||||||||||||||||
Loans |
$ 3,026,473 |
$ 42,062 |
5.57% |
|||||||||||||||||||||||||||||
Securities – taxable |
539,563 |
2,408 |
1.79 |
|||||||||||||||||||||||||||||
Securities – tax exempt |
53,277 |
652 |
4.91 |
|||||||||||||||||||||||||||||
Interest bearing deposits with banks |
1,580,975 |
974 |
0.25 |
|||||||||||||||||||||||||||||
Total earning assets |
5,200,288 |
46,096 |
3.56 |
|||||||||||||||||||||||||||||
Nonearning assets: |
||||||||||||||||||||||||||||||||
Cash and due from banks |
145,970 |
|||||||||||||||||||||||||||||||
Interest receivable and other assets |
312,429 |
|||||||||||||||||||||||||||||||
Allowance for loan losses |
(37,663) |
|||||||||||||||||||||||||||||||
Total nonearning assets |
420,736 |
|||||||||||||||||||||||||||||||
Total assets |
$ 5,621,024 |
|||||||||||||||||||||||||||||||
LIABILITIES AND |
||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY |
||||||||||||||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||||||||||
Transaction deposits |
$ 741,786 |
$ 274 |
0.15% |
|||||||||||||||||||||||||||||
Savings deposits |
1,706,102 |
1,543 |
0.36 |
|||||||||||||||||||||||||||||
Time deposits |
892,134 |
2,432 |
1.09 |
|||||||||||||||||||||||||||||
Short-term borrowings |
7,891 |
8 |
0.41 |
|||||||||||||||||||||||||||||
Long-term borrowings |
14,451 |
105 |
2.91 |
|||||||||||||||||||||||||||||
Junior subordinated debentures |
36,083 |
586 |
6.51 |
|||||||||||||||||||||||||||||
Total interest-bearing liabilities |
3,398,447 |
4,948 |
0.58 |
|||||||||||||||||||||||||||||
Interest-free funds: |
||||||||||||||||||||||||||||||||
Noninterest bearing deposits |
1,705,026 |
|||||||||||||||||||||||||||||||
Interest payable and other liabilities |
26,789 |
|||||||||||||||||||||||||||||||
Stockholders' equity |
490,762 |
|||||||||||||||||||||||||||||||
Total interest free-funds |
2,222,577 |
|||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity |
$ 5,621,024 |
|||||||||||||||||||||||||||||||
Net interest income |
$ 41,148 |
|||||||||||||||||||||||||||||||
Net interest spread |
2.98% |
|||||||||||||||||||||||||||||||
Net interest margin |
3.18% |
|||||||||||||||||||||||||||||||
SOURCE BancFirst
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