Exhibit 99.1
BancFirst Corporation Reports First Quarter Earnings
OKLAHOMA CITY, April 20 /PRNewswire-FirstCall/ -- BancFirst Corporation
(Nasdaq: BANF) today reported net income for the first quarter of 2004 of
$8.2 million, compared to $8.6 million for the first quarter of 2003. Diluted
earnings per share for the quarter were $1.03, compared to $1.07 per share for
2003. The decrease in net income was primarily due to continued margin
compression from historically low interest rates coupled with higher operating
costs. Net interest income for the first quarter of 2004 was $27.9 million,
compared to $26.7 million in 2003. The net interest margin for the first
quarter of 2004 was 4.20%, compared to 4.32% for the first quarter of 2003.
Provision for loan losses in the first quarter of 2004 was $720,000 versus
$783,000 in the same period of 2003. Noninterest expense increased
$1.60 million to $26.2 million. The increase is mainly due to higher
personnel costs partly related to the Gold Bank and Lincoln Bank acquisitions
consummated in the fourth quarter of 2003.
The Company's assets totaled $3.05 billion at March 31, 2004, up from
$2.84 billion at March 31, 2003. Total loans increased $121 million to
$1.94 billion, from $1.82 billion at the end of the first quarter of 2003.
Nonperforming assets at the end of the first quarter totaled $20.2 million,
compared to $20.8 million a year earlier. Deposits grew $195 million to
$2.67 billion at March 31, 2004, from $2.48 billion at the same date in 2003.
Stockholders' equity increased to $264 million, from $243 million a year
earlier.
BancFirst Corporation is an Oklahoma based financial services holding
company with over $3.0 billion in total assets. The company's principal
subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with 84
banking locations serving 43 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)
2004
Year-
Q1 Q2 Q3 Q4 To-Date
Income Statement Data:
Net interest income $27,920 $27,920
Provision for loan
losses 720 720
Securities
transactions --- ---
Total noninterest
income 11,702 11,702
Salaries and employee
benefits 15,805 15,805
Total noninterest
expense 26,191 26,191
Net income 8,191 8,191
Per Common Share Data:
Net income-basic 1.05 1.05
Net income-diluted 1.03 1.03
Cash dividends
declared 0.25 0.25
Common shares
outstanding 7,830,040 7,830,040
Average common
shares
outstanding -
Basic 7,825,530 7,825,530
Diluted 7,977,779 7,977,779
Performance Ratios:
Return on average
assets 1.10% 1.10%
Return on average
equity 12.19 12.19
Net interest margin 4.20 4.20
Efficiency ratio 66.10 66.10
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
BancFirst Corporation
Summary Financial Information
(Continued)
2004
Q1 Q2 Q3 Q4
Balance Sheet Data:
Total assets $3,051,815
Total loans 1,940,883
Allowance for loan losses (26,403)
Securities 581,059
Deposits 2,673,020
Stockholders' equity 263,563
Book value per common share 33.66
Tangible book value per common
share 29.52
Balance Sheet Ratios:
Average loans to deposits 74.06%
Average earning assets to total
assets 90.59
Average stockholders' equity to
average assets 9.05
Asset Quality Data:
Past due loans $2,266
Nonaccrual loans 13,663
Restructured loans 428
Total nonperforming and
restructured loans 16,357
Other real estate owned and
repossessed assets 3,796
Total nonperforming and
restructured assets 20,153
Asset Quality Ratios:
Nonperforming and restructured
loans to total loans 0.84%
Nonperforming and restructured
assets to total assets 0.66
Allowance to total loans 1.36
Allowance to nonperforming and
restructured loans 161.42
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
BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands)
Three Months Ended
March 31, 2004
Interest Average
Average Income/ Yield/
Balance Expense Rate
ASSETS
Earning assets:
Loans $1,936,740 $28,680 5.96%
Securities - taxable 527,526 5,081 3.87
Securities - tax
exempt 37,515 601 6.44
Federal funds sold 203,345 490 0.97
Total earning assets 2,705,126 34,852 5.18
Nonearning assets:
Cash and due from banks 127,096
Interest receivable
and other assets 180,472
Allowance for loan losses (26,167)
Total nonearning
assets 281,401
Total assets $2,986,528
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing
liabilities:
Transaction deposits $436,734 $ 317 0.29%
Savings deposits 726,863 1,886 1.04
Time deposits 757,755 3,368 1.79
Short-term borrowings 29,301 79 1.09
Long-term borrowings 10,045 157 6.28
Junior subordinated
debentures 34,652 801 9.30
Total
interest-bearing
liabilities 1,995,351 6,608 1.33
Interest-free funds:
Noninterest bearing
deposits 693,914
Interest payable and
other liabilities 27,033
Stockholders' equity 270,230
Total interest
free-funds 991,177
Total liabilities
and stockholders'
equity $2,986,528
Net interest income $28,244
Net interest spread 3.85%
Net interest margin 4.20%
SOURCE BancFirst
-0- 04/20/2004
/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