1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 24, 2000 BANCFIRST OHIO CORP. (Exact name of registrant as specified in its charter) Ohio 0-18840 31-1294136 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 422 Main Street, P.O. Box 4658 Zanesville, Ohio 43702 (Address of principal executive offices, with zip code) Registrant's telephone number, including area code: (740) 452-8444 2 ITEM 5. OTHER EVENTS. On April 24, 2000, the Company reported earnings for the quarter ended March 31, 2000. A copy of the press release that was issued by the Company on April 24, 2000 is attached hereto as Exhibit A and incorporated herein by this reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 24th day of April, 2000. BANCFIRST OHIO CORP. By: /s/ Kim M. Taylor --------------------------------- Kim M. Taylor, Chief Financial Officer 3 EXHIBIT A N E W S R E L E A S E BANCFIRST OHIO CORP. 422 MAIN STREET ZANESVILLE, OH 43701 CONTACT: KIM TAYLOR (740) 588-6795 APRIL 24, 2000 - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE: BANCFIRST OHIO CORP. REPORTS FIRST QUARTER 2000 EARNINGS -------------------------------------------------------- BancFirst Ohio Corp. today announced earnings of $3,074,000, or $.41 per diluted share, for the quarter ended March 31, 2000 compared to $2,841,000, or $.36 per diluted share, for the comparable period in 1999. The per share results for the 2000 quarter represent a 14% increase over the 1999 period. The Company's annualized returns on average assets and average equity were .96% and 15.52%, respectively, for the first quarter of 2000 compared to .97% and 13.02%, respectively, in 1999. Tangible earnings (net income excluding the effects of amortization of goodwill and other intangibles) were $3,368,000, or $.45 per diluted share, for the first quarter of 2000 compared to $3,123,000, or $.40 per diluted share, for the same period a year ago, representing annualized returns on average tangible equity of 20.14% and 16.50%, respectively. Net interest income for the 2000 quarter was $9,611,000, an increase of $210,000 over net interest income for the first quarter of 1999. This increase resulted from an $85.8 million increase in average earning assets and a 27 basis point increase in the average yield on earning assets, offset in part by a 40 basis point increase in the cost of funds. The net interest margin for the first quarter of 2000 was 3.30% compared to 3.51% for the prior year period. Non-interest income for the first quarter of 2000 was $2,973,000, an increase of $690,000, or 30%, from the prior year quarter. This increase was primarily attributed to increases in trust income, financial planning fees, loan servicing income and earnings on bank-owned life insurance. Non-interest expense increased 7% to $7,685,000 in the first quarter of 2000 compared to $7,177,000 in 1999, 4 primarily reflecting costs associated with additional loan production and fee income generating activities. At March 31, 2000, the Company's allowance for possible loan losses was $7.8 million compared to $6.7 million at March 31, 1999. The allowance represented .88% of total loans at March 31, 2000 compared to .85% at March 31, 1999. Annualized net charge-offs as a percent of average loans were .06% in the first quarter of 2000 compared to .15% for the same period a year ago and .10% for the year ended December 31, 1999. BANCFIRST OHIO CORP. IS A $1.3 BILLION BANK HOLDING COMPANY BASED IN ZANESVILLE, OHIO. IT IS A SINGLE BANK HOLDING COMPANY, WITH THE FIRST NATIONAL BANK OF ZANESVILLE AS ITS WHOLLY-OWNED SUBSIDIARY. THE BANK OPERATES AS FIRST NATIONAL BANK IN MUSKINGUM COUNTY, OHIO AND AS BANK FIRST NATIONAL, A DIVISION OF THE FIRST NATIONAL BANK OF ZANESVILLE IN ALL OTHER AREAS. IT HAS NINE FULL SERVICE BANKING OFFICES IN MUSKINGUM COUNTY, SIX IN LICKING COUNTY, FIVE IN FRANKLIN COUNTY AND TWO BANKING LOCATIONS IN THE DAYTON AREA. THE BANK ALSO HAS BUSINESS LENDING CENTERS IN COLUMBUS, CLEVELAND, DAYTON, CINCINNATI, LOUISVILLE, DETROIT AND INDIANAPOLIS AND OFFERS COMPLETE TRUST SERVICES THROUGH FIRST FINANCIAL SERVICES GROUP, N.A. AND FINANCIAL PLANNING SERVICES THROUGH CHORNYAK & ASSOCIATES, INC., SUBSIDIARIES OF FIRST NATIONAL BANK. BANCFIRST OHIO CORP.'S INTERNET WEB SITE CAN BE FOUND AT HTTP://WWW.BANCFIRSTOHIO.COM. 5 BANCFIRST OHIO CORP. FINANCIAL HIGHLIGHTS (amounts in thousands, except per share data) Three Months Ended March 31 2000 1999 ---- ---- Operating Summary: Interest Income $24,055 $21,371 Interest Expense 14,444 11,970 ------- ------- Net Interest Income 9,611 9,401 Provision for Loan Losses 450 350 Trust Income 650 566 Customer Service Fees 528 530 Gain on Sales of Loans 615 604 Investment Securities Gains -- 124 Other Income 1,180 459 ------- ------- Total Non-interest Income 2,973 2,283 ------- ------- Salaries and Benefits 4,417 4,054 Net Occupancy Expense 527 410 Amortization of Intangibles 351 339 Other 2,390 2,374 ------- ------- Total Non-interest Expense 7,685 7,177 ------- ------- Income Before Taxes 4,449 4,157 Federal Income Taxes 1,375 1,316 ------- ------- Net Income $ 3,074 $ 2,841 ======= ======= Basic and diluted earnings per share $ 0.41 $ 0.36 Average Shares Outstanding: Basic 7,560 7,881 Diluted 7,574 7,893 Actual Shares Outstanding 7,467 7,858 6 Balance Sheet Data: Total Assets $1,321,036 $1,175,380 Loans 881,911 786,985 Allowance for Possible Loan Losses 7,761 6,701 Securities 350,050 318,216 Deposits 807,367 788,584 Borrowings 423,098 290,250 Shareholders' Equity 79,086 88,255 Average Total Assets 1,284,702 1,182,544 Average Earning Assets 1,199,697 1,113,869 Average Shareholders' Equity 79,684 88,499 Performance Ratios: Return on Average Assets 0.96% 0.97% Return on Average Equity 15.52% 13.02% Net Interest Margin 3.30% 3.51% Non-interest Income to Average Assets 0.93% 0.74% Non-interest Expense to Average Assets (1) 2.30% 2.35% Efficiency Ratio 57.19% 57.96% (1) Excludes amortization expense.