Exhibit 99.1
BancFirst Corporation Reports 2003 Earnings
OKLAHOMA CITY, Jan. 22 /PRNewswire-FirstCall/ -- BancFirst Corporation
(Nasdaq: BANF) today reported its earnings results for 2003 of $31.9 million
or diluted earnings per share of $4.00. The 2003 results compare with
$33.6 million or $4.06 diluted earnings per share in 2002. The continued
compression of the net interest margin along with higher expenses in 2003
impacted this year's results. However, the Company's stock buyback program
improved earnings per share on slightly lower net income.
For the fourth quarter, net interest income increased $1.0 million to
$28.4 million compared with the same period in 2002. The loan loss provision
was $1.4 million versus $1.7 million for the same period a year ago.
Noninterest income of $11.6 million was $200,000 below the amount reported in
the fourth quarter of 2002. Noninterest expenses in 2003 increased to
$26.4 million from $24.6 million in the fourth quarter for the prior year.
The current environment of historically low interest rates has negatively
affected the Company's net interest margin. In a low rate environment, the
value of the Company's noninterest-bearing funds is reduced, causing a
decrease in the Company's net interest margin.
Total assets of the Company reached $2.92 billion at December 31, 2003
compared to $2.8 billion at year end 2002. Total loans increased
$132.4 million to $1.95 billion from a year ago of which $70.0 million, net of
acquisitions, came in the fourth quarter. Total deposits of $2.6 billion
increased $157.0 million from the fourth quarter of 2002. Stockholders'
equity increased to $255.4 million at December 31, 2003. During the fourth
quarter, the Company completed its acquisitions of Lincoln National Bank with
branches in Oklahoma City and Del City, and two branches from Gold Bank in
Hobart and Lone Wolf.
The Company's principal subsidiary bank, BancFirst, is Oklahoma's largest
state-chartered bank with 86 banking locations serving 42 communities across
Oklahoma.
This press release may include forward-looking statements (within the
meaning of the Private Securities Litigation Reform Act of 1995) with respect
to earnings, credit quality, corporate objectives, interest rates and other
financial and business matters. 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 data)
2003
Year-
Q1 Q2 Q3 Q4 To-Date
Income Statement
Data:
Net interest
income $26,740 $27,037 $27,006 $28,350 $109,132
Provision for
loan losses 783 1,062 524 1,354 3,722
Securities
transactions 617 2,462 --- 204 3,283
Total
noninterest
income 11,780 13,976 11,464 11,574 48,793
Salaries and
employee
benefits 14,015 14,366 14,552 14,393 57,326
Total
noninterest
expense 24,589 27,363 27,028 26,390 105,370
Net income 8,598 8,072 7,391 7,821 31,882
Per Common
Share Data:
Net income-
basic 1.09 1.04 0.95 1.00 4.07
Net income-
diluted 1.07 1.02 0.93 0.98 4.00
Cash dividends
declared 0.22 0.22 0.25 0.25 0.94
Common shares
outstanding 7,808,281 7,803,239 7,815,364 7,822,637 7,822,637
Average common
shares
outstanding-
Basic 7,916,890 7,796,999 7,809,366 7,820,450 7,835,589
Diluted 8,026,820 7,935,549 7,956,424 7,976,872 7,972,875
Performance
Ratios:
Return on
average
assets 1.25% 1.13% 1.04% 1.07% 1.12%
Return on
average equity 13.92 13.12 11.73 12.21 12.74
Net interest
margin 4.32 4.21 4.22 4.32 4.27
Efficiency
ratio 63.83 66.72 70.26 67.70 66.72
2002
Year-
Q1 Q2 Q3 Q4 To-Date
Income Statement
Data:
Net interest
income $26,564 $27,102 $28,057 $27,413 $109,330
Provision for
loan losses 964 1,396 1,263 1,654 5,276
Securities
transactions --- --- 37 254 291
Total noninterest
income 10,224 11,419 11,948 11,816 45,212
Salaries and
employee
benefits 13,905 14,151 14,112 13,952 56,119
Total
noninterest
expense 23,629 24,779 25,375 24,596 98,380
Net income 7,922 8,386 8,860 8,394 33,562
Per Common
Share Data:
Net income-
basic 0.97 1.03 1.09 1.03 4.12
Net income-
diluted 0.96 1.02 1.07 1.02 4.06
Cash dividends
declared 0.18 0.20 0.20 0.22 0.80
Common shares
outstanding 8,182,741 8,101,504 8,113,576 8,136,852 8,136,852
Average common
shares
outstanding-
Basic 8,204,798 8,112,475 8,106,765 8,126,941 8,136,762
Diluted 8,288,127 8,234,294 8,244,754 8,267,407 8,260,163
Performance
Ratios:
Return on
average assets 1.18% 1.23% 1.28% 1.20% 1.22%
Return on
average equity 14.26 14.87 14.76 13.50 14.33
Net interest
margin 4.47 4.50 4.51 4.36 4.45
Efficiency
ratio 64.23 64.33 63.43 62.70 63.66
BancFirst Corporation
Summary Financial Information
(Continued)
2003
Q1 Q2 Q3 Q4
Balance Sheet Data:
Total assets $2,838,292 $2,848,332 $2,820,045 $2,921,433
Total loans 1,819,602 1,797,364 1,801,010 1,947,223
Allowance for loan
losses 24,694 25,004 24,890 26,148
Securities 545,991 530,644 525,520 564,735
Deposits 2,477,755 2,502,304 2,485,459 2,585,690
Stockholders' equity 242,574 249,314 250,932 255,372
Book value per common
share 31.07 31.95 32.11 32.64
Tangible book value
per common share 28.31 29.21 29.38 28.51
Balance Sheet Ratios:
Average loans to deposits 75.12% 72.29% 72.60% 73.37%
Average earning assets
to total assets 91.13 91.43 91.21 91.19
Average stockholders'
equity to average
assets 8.96 8.65 8.87 8.78
Asset Quality Data:
Past due loans $2,469 $1,521 $1,880 $2,674
Nonaccrual loans 14,412 13,756 13,757 13,381
Restructured loans 640 503 480 559
Total nonperforming and
restructured loans 17,521 15,780 16,117 16,614
Other real estate owned
and repossessed assets 3,254 2,934 2,696 3,939
Total nonperforming and
restructured assets 20,775 18,714 18,813 20,553
Asset Quality Ratios:
Nonperforming and
restructured loans to
total loans 0.96% 0.88% 0.89% 0.85%
Nonperforming and
restructured assets to
total assets 0.73 0.66 0.67 0.70
Allowance to total loans 1.36 1.39 1.38 1.34
Allowance to nonperforming
and restructured loans 140.94 158.45 154.43 157.39
2002
Q1 Q2 Q3 Q4
Balance Sheet Data:
Total assets $2,748,882 $2,713,431 $2,808,503 $2,796,862
Total loans 1,745,173 1,761,158 1,785,927 1,814,862
Allowance for loan
losses 24,058 24,730 23,707 24,367
Securities 559,513 567,466 565,085 565,225
Deposits 2,378,101 2,367,533 2,445,620 2,428,648
Stockholders' equity 222,371 231,339 244,286 251,508
Book value per
common share 27.17 28.55 30.11 30.91
Tangible book value
per common share 24.48 25.85 27.42 28.25
Balance Sheet Ratios:
Average loans to
deposits 73.29% 74.07% 73.90% 74.30%
Average earning assets
to total assets 90.38 90.59 91.17 91.18
Average stockholders'
equity to average
assets 8.25 8.30 8.67 8.88
Asset Quality Data:
Past due loans $1,495 $796 $1,484 $2,515
Nonaccrual loans 13,193 13,806 10,603 10,899
Restructured loans 694 1,011 1,117 497
Total nonperforming and
restructured loans 15,382 15,613 13,204 13,911
Other real estate owned
and repossessed assets 3,758 3,718 3,337 2,819
Total nonperforming and
restructured assets 19,140 19,331 16,541 16,730
Asset Quality Ratios:
Nonperforming and
restructured loans to
total loans 0.88% 0.89% 0.74% 0.77%
Nonperforming and
restructured assets to
total assets 0.70 0.71 0.59 0.60
Allowance to total loans 1.38 1.40 1.33 1.34
Allowance to nonperforming
and restructured loans 156.40 158.39 179.54 175.16
BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
Three Months Ended Year Ended
December 31, 2003 December 31, 2003
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
ASSETS
Earning assets:
Loans $1,868,742 $28,975 6.15% $1,822,895 $115,676 6.35%
Securities -
taxable 512,825 5,260 4.07 504,429 21,959 4.35
Securities -
tax exempt 40,095 631 6.24 38,016 2,463 6.48
Federal funds
sold 216,540 535 0.98 226,182 2,421 1.07
Total earning
assets 2,638,202 35,400 5.32 2,591,522 142,518 5.50
Nonearning
assets:
Cash and due
from banks 118,758 120,166
Interest
receivable
and other
assets 161,971 153,596
Allowance for
loan losses (25,865) (24,956)
Total
nonearning
assets 254,864 248,779
Total
assets $2,893,066 $2,840,301
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Interest-
bearing
liabilities:
Transaction
deposits $400,304 312 0.31% $382,885 1,576 0.41%
Savings
deposits 720,775 1,872 1.03 709,332 9,246 1.30
Time deposits 746,445 3,634 1.93 767,597 17,078 2.22
Short-term
borrowings 30,461 85 1.11 27,460 305 1.11
Long-term
borrowings 11,378 179 6.24 21,745 1,263 5.81
9.65% Capital
Securities 25,000 612 9.71 25,000 2,447 9.79
Total
interest-
bearing
liabilities 1,934,363 6,694 1.37 1,934,019 31,915 1.65
Interest-free
funds:
Demand deposits 679,326 625,972
Interest payable
and other
liabilities 25,296 29,985
Stockholders'
equity 254,081 250,325
Total
interest
free funds 958,703 906,282
Total
liabilities
and
stockholders'
equity $2,893,066 $2,840,301
Net interest
income $28,706 $110,603
Net interest
spread 3.95% 3.85%
Net interest margin 4.32% 4.27%
SOURCE BancFirst
-0- 01/22/2004
/CONTACT: Joe T. Shockley, Chief Financial Officer, +1-405-270-1003, or
David Rainbolt, Chief Executive Officer, +1-405-270-1002, both of BancFirst/
(BANF)
CO: BancFirst Corporation
ST: Oklahoma
IN: FIN
SU: ERN