BancFirst Corporation Reports Second Quarter Earnings
OKLAHOMA CITY, July 17, 2012 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $11.7 million or $0.76 diluted earnings per share for the second quarter of 2012 and $25.7 million or $1.67 diluted earnings per share for the six months ended June 30, 2012. These results compared to net income of $10.1 million or $0.65 diluted earnings per share for the second quarter of 2011 and $21.5 million or $1.37 diluted earnings per share for the six months ended June 30, 2011.
The Company's net interest income for the second quarter of 2012 was $40.9 million, up $2.9 million or 7.5% from the second quarter in 2011. The increase was attributable to growth in the Company's average loans which totaled $3.1 billion, up $251.6 million from the prior year. The Company's average earning assets rose to $5.3 billion as a result of internal growth combined with the acquisition made in July 2011. The Company's net interest margin for the second quarter of 2012 was 3.14% versus 3.17% a year ago as interest rates remain at historically low levels. The Company's loan loss provision for the second quarter was $248,000 down from $2.0 million for the same period in 2011. Nonperforming and restructured assets were 0.89% of total assets compared to 0.92% at March 31, 2012 and 0.71% at December 31, 2011. Net charge-offs were 0.03% compared to 0.15% for the same period a year ago. Noninterest income totaled $20.4 million which was up $685,000 from a year ago. Excluding security gains, core noninterest income increased $1.8 million or 9.7% from the prior year. The increases in revenues resulted primarily from growth in trust services, commercial deposit revenues, insurance commissions and treasury management services. Noninterest expense for the second quarter was $42.6 million compared to $39.6 million a year ago. The increase in noninterest expense is related to the acquisition made in July 2011 and net expense on other real estate of $922,000.
At June 30, 2012, the Company's total assets were $5.7 billion, up $62.9 million or 1.1% over December 31, 2011. Loans totaled $3.1 billion, up $51.9 million or 1.7% over December 31, 2011. Deposits were $5.1 billion, up $61.9 million over year end 2011. The Company's equity capital was $499.6 million, an increase of $16.5 million or 3.4% over December 31, 2011.
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 | $ | 40,869 | $ | 81,686 | |||||||||
Provision for loan losses | 173 | 248 | 421 | ||||||||||||
Securities transactions | 4,032 | 226 | 4,258 | ||||||||||||
Total noninterest income | 23,437 | 20,364 | 43,801 | ||||||||||||
Salaries and employee benefits | 24,800 | 24,830 | 49,630 | ||||||||||||
Total noninterest expense | 42,037 | 42,563 | 84,600 | ||||||||||||
Net income | 14,005 | 11,729 | 25,734 | ||||||||||||
Per Common Share Data: | |||||||||||||||
Net income-basic | 0.93 | 0.77 | 1.70 | ||||||||||||
Net income-diluted | 0.91 | 0.76 | 1.67 | ||||||||||||
Cash dividends declared | 0.27 | 0.27 | 0.54 | ||||||||||||
Common shares outstanding | 15,145,280 | 15,153,991 | 15,153,991 | ||||||||||||
Average common shares outstanding - | |||||||||||||||
Basic | 15,129,868 | 15,155,525 | 15,145,066 | ||||||||||||
Diluted | 15,410,773 | 15,426,796 | 15,421,674 | ||||||||||||
Performance Ratios: | |||||||||||||||
Return on average assets | 1.00 | % | 0.83 | % | 0.91 | % | |||||||||
Return on average equity | 11.45 | 9.46 | 10.44 | ||||||||||||
Net interest margin | 3.18 | 3.14 | 3.16 | ||||||||||||
Efficiency ratio | 65.42 | 69.51 | 67.42 | ||||||||||||
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 | $ | 5,671,711 | ||||||||
Total loans | 3,049,376 | 3,065,439 | ||||||||||
Allowance for loan losses | (37,633) | (37,436) | ||||||||||
Securities | 573,801 | 575,034 | ||||||||||
Deposits | 5,152,856 | 5,099,648 | ||||||||||
Stockholders' equity | 491,957 | 499,561 | ||||||||||
Book value per common share | 32.48 | 32.97 | ||||||||||
Tangible book value per common share | 28.64 | 29.16 | ||||||||||
Balance Sheet Ratios: | ||||||||||||
Average loans to deposits | 59.99 | % | 60.35 | % | ||||||||
Average earning assets to total assets | 92.51 | 92.60 | ||||||||||
Average stockholders' equity to average assets | 8.73 | 8.77 | ||||||||||
Asset Quality Data: | ||||||||||||
Past due loans | $ | 1,150 | $ | 1,403 | ||||||||
Nonaccrual loans | 20,721 | 20,702 | ||||||||||
Restructured loans | 18,483 | 18,089 | ||||||||||
Total nonperforming and restructured loans | 40,354 | 40,194 | ||||||||||
Other real estate owned and repossessed assets | 12,408 | 10,223 | ||||||||||
Total nonperforming and restructured assets | 52,762 | 50,417 | ||||||||||
Nonperforming and restructured loans to total loans | 1.32 | % | 1.31 | % | ||||||||
Nonperforming and restructured assets to total assets | 0.92 | 0.89 | ||||||||||
Allowance to total loans | 1.23 | 1.22 | ||||||||||
Allowance to nonperforming and restructured loans | 93.26 | 93.14 | ||||||||||
Net charge-offs to average loans | 0.03 | 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 | $ | 822 | ||||
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 | 23,050 | ||||||||
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 | 39,690 | ||||||||
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 | ||||||||
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 |
BancFirst Corporation | ||||||||||||||||||||||||||
Consolidated Average Balance Sheets | ||||||||||||||||||||||||||
And Interest Margin Analysis | ||||||||||||||||||||||||||
Taxable Equivalent Basis | ||||||||||||||||||||||||||
(Dollars in thousands - Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2012 | June 30, 2012 | |||||||||||||||||||||||||
Interest | Average | Interest | Average | |||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||||||
Loans | $ | 3,073,027 | $ | 41,952 | 5.48 | % | $ | 3,049,750 | $ | 84,014 | 5.52 | % | ||||||||||||||
Securities – taxable | 516,195 | 2,087 | 1.62 | 527,879 | 4,494 | 1.71 | ||||||||||||||||||||
Securities – tax exempt | 51,731 | 632 | 4.90 | 52,504 | 1,284 | 4.90 | ||||||||||||||||||||
Interest bearing deposits with banks | 1,612,649 | 1,061 | 0.26 | 1,596,812 | 2,034 | 0.26 | ||||||||||||||||||||
Total earning assets | 5,253,602 | 45,732 | 3.49 | 5,226,945 | 91,826 | 3.52 | ||||||||||||||||||||
Nonearning assets: | ||||||||||||||||||||||||||
Cash and due from banks | 146,124 | 146,047 | ||||||||||||||||||||||||
Interest receivable and other assets | 311,157 | 311,793 | ||||||||||||||||||||||||
Allowance for loan losses | (37,635) | (37,649) | ||||||||||||||||||||||||
Total nonearning assets | 419,646 | 420,191 | ||||||||||||||||||||||||
Total assets | $ | 5,673,248 | $ | 5,647,136 | ||||||||||||||||||||||
LIABILITIES AND | ||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||||||
Transaction deposits | $ | 721,868 | $ | 260 | 0.14 | % | $ | 731,827 | $ | 534 | 0.15 | % | ||||||||||||||
Savings deposits | 1,721,452 | 1,401 | 0.33 | 1,713,777 | 2,944 | 0.34 | ||||||||||||||||||||
Time deposits | 868,330 | 2,222 | 1.03 | 880,232 | 4,654 | 1.06 | ||||||||||||||||||||
Short-term borrowings | 7,361 | 8 | 0.44 | 7,626 | 16 | 0.42 | ||||||||||||||||||||
Long-term borrowings | 12,783 | 91 | 2.86 | 13,617 | 196 | 2.89 | ||||||||||||||||||||
Junior subordinated debentures | 34,691 | 565 | 6.53 | 35,387 | 1,151 | 6.52 | ||||||||||||||||||||
Total interest bearing liabilities | 3,366,485 | 4,547 | 0.54 | 3,382,466 | 9,495 | 0.56 | ||||||||||||||||||||
Interest free funds: | ||||||||||||||||||||||||||
Noninterest bearing deposits | 1,780,168 | 1,742,597 | ||||||||||||||||||||||||
Interest payable and other liabilities | 29,051 | 27,920 | ||||||||||||||||||||||||
Stockholders' equity | 497,544 | 494,153 | ||||||||||||||||||||||||
Total interest free funds | 2,306,763 | 2,264,670 | ||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 5,673,248 | $ | 5,647,136 | ||||||||||||||||||||||
Net interest income | $ | 41,185 | $ | 82,331 | ||||||||||||||||||||||
Net interest spread | 2.95 | % | 2.96 | % | ||||||||||||||||||||||
Net interest margin | 3.14 | % | 3.16 | % | ||||||||||||||||||||||
CONTACT: Joe T. Shockley Jr., chief financial officer, +1-405-270-1003, or David Rainbolt, chief executive officer, both of BancFirst Corporation, at +1-405-270-1002