Exhibit 99.1
BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS
OKLAHOMA CITY, April 27 /PRNewswire-FirstCall/ -- BancFirst Corporation
(Nasdaq: BANF) reported net income of $10.9 million or $0.68 diluted earnings
per share for the first quarter of 2006. These results were unchanged from
results reported for the first quarter a year ago. However, last year's results
included $325,000 (after tax) of additional federal tax credits.
Net interest income was $34.6 million, an increase of $2.9 million, or 9.1%
over the first quarter of 2005. The Company's net interest margin improved to
4.77%, up from 4.67% a year ago. The increase is a result of the loan growth of
$159 million from first quarter in 2005, combined with rising interest rates.
The loan loss provision was $681,000 down $111,000 from the same period a year
ago. Nonperforming loans and net charge-offs remain at historically low levels.
Noninterest income totaled $13.4 million, an increase of $1.1 million or 8.6%.
Noninterest expenses were $30.3 million, an increase of $3.3 million. The
increase in noninterest expense is due primarily to expansion, marketing and the
acquisition of Park State Bank, Nicoma Park. For the first quarter of 2006, the
Company's tax expense was $6.2 million up from $5.4 million a year ago due
largely to federal tax credits on certain loan transactions in 2005. The
effective tax rate rose to 36.1% from 33.1% last year.
The Company reported it was again recognized by Mergent's Dividend Achievers
for 2006 as a company that has successfully delivered dividend increases to
shareholders for 10 or more consecutive years. Just 3% of U.S. publicly listed
companies met the criteria to be recognized as a Dividend Achiever. Last year
marks the thirteenth consecutive year that BancFirst has had dividend increases
of 10% or more.
At March 31, 2006 the Company had total assets of $3.4 billion. Loans
totaled $2.3 billion and deposits were $2.9 billion. The Company's stockholders
equity was $311 million, or 9.25% of total assets.
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 85 banking locations serving 47 communities
across Oklahoma.
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)
2006
------------------------------------------------------------ Year-
Q1 Q2 Q3 Q4 To-Date
------------ ------------ ------------ ------------ ------------
Income Statement Data:
Net interest income $ 34,601 $ 34,601
Provision for loan
losses 681 681
Securities transactions --- ---
Total noninterest
income 13,409 13,409
Salaries and employee
benefits 17,618 17,618
Total noninterest
expense 30,292 30,292
Net income 10,881 10,881
Per Common Share Data:
Net income-basic 0.69 0.69
Net income-diluted 0.68 0.68
Cash dividends
declared 0.16 0.16
Common shares
outstanding 15,687,840 15,687,840
Average common
shares outstanding -
Basic 15,666,676 15,666,676
Diluted 16,045,822 16,045,822
Performance Ratios:
Return on average
assets 1.33% 1.33%
Return on average
equity 14.03 14.03
Net interest margin 4.77 4.77
Efficiency ratio 63.09 63.09
2005
------------------------------------------------------------ Year-
Q1 Q2 Q3 Q4 To-Date
------------ ------------ ------------ ------------ ------------
Income Statement Data:
Net interest income $ 31,706 $ 32,941 $ 33,028 $ 33,776 $ 131,451
Provision for loan
losses 792 1,302 873 1,640 4,607
Securities transactions --- 81 1 114 196
Total noninterest
income 12,348 13,764 14,886 13,285 54,284
Salaries and employee
benefits 16,277 15,904 16,757 15,606 64,544
Total noninterest
expense 26,978 28,441 33,251 28,495 117,165
Net income 10,887 11,198 9,216 11,534 42,835
Per Common Share Data:
Net income-basic 0.69 0.72 0.59 0.74 2.74
Net income-diluted 0.68 0.70 0.58 0.72 2.68
Cash dividends declared 0.14 0.14 0.16 0.16 0.60
Common shares
outstanding 15,576,497 15,603,294 15,630,270 15,637,030 15,637,030
Average common
shares
outstanding -
Basic 15,657,832 15,592,088 15,617,426 15,634,384 15,621,264
Diluted 16,019,242 15,961,110 16,011,786 16,010,554 15,996,218
Performance Ratios:
Return on average
assets 1.44% 1.48% 1.19% 1.45% 1.39%
Return on average
equity 15.70 15.98 12.46 15.34 14.80
Net interest margin 4.67 4.81 4.79 4.77 4.76
Efficiency ratio 61.24 60.89 69.40 60.55 63.08
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share data - Unaudited)
2006
---------------------------------------------------------
Q1 Q2 Q3 Q4
------------ ------------ ------------ ------------
Balance Sheet Data:
Total assets $ 3,357,717
Total loans 2,306,317
Allowance for loan
losses (27,789)
Securities 428,222
Deposits 2,934,980
Stockholders' equity 310,698
Book value per common
share 19.81
Tangible book value per
common share 17.35
Balance Sheet Ratios:
Average loans to deposits 80.39%
Average earning assets
to total assets 89.55
Average stockholders'
equity to average assets 9.50
Asset Quality Data:
Past due loans $ 1,204
Nonaccrual loans 8,238
Restructured loans 720
Total nonperforming and
restructured loans 10,162
Other real estate owned
and repossessed assets 2,075
Total nonperforming and
restructured assets 12,237
Nonperforming and
restructured loans to
total loans 0.40%
Nonperforming and
restructured assets to
total assets 0.36
Allowance to total loans 1.20
Allowance to nonperforming
and restructured loans 303.31
Net charge-offs to
average loans 0.07
2005
---------------------------------------------------------
Q1 Q2 Q3 Q4
------------ ------------ ------------ ------------
Balance Sheet Data:
Total assets $ 3,068,215 $ 3,061,822 $ 3,077,497 $ 3,223,030
Total loans 2,147,543 2,222,834 2,267,082 2,317,426
Allowance for
loan losses (26,256) (27,148) (26,866) (27,517)
Securities 531,331 523,025 484,837 456,222
Deposits 2,674,914 2,638,373 2,680,351 2,804,519
Stockholders' equity 277,629 289,218 294,232 302,349
Book value per
common share 17.83 18.54 18.83 19.34
Tangible book value
per common share 15.51 16.24 16.55 16.87
Balance Sheet Ratios:
Average loans to
deposits 79.21% 80.52% 84.72% 83.91%
Average earning assets
to total assets 90.62 90.40 89.98 89.94
Average stockholders'
equity to average assets 9.17 9.21 9.57 9.47
Asset Quality Data:
Past due loans $ 1,691 $ 1,789 $ 2,339 $ 1,455
Nonaccrual loans 8,863 8,425 7,101 7,344
Restructured loans 544 792 736 581
Total nonperforming and
restructured loans 11,098 11,006 10,176 9,380
Other real estate owned
and repossessed assets 2,150 1,433 2,692 2,262
Total nonperforming and
restructured assets 13,248 12,439 12,868 11,642
Nonperforming and
restructured loans
to total loans 0.52% 0.50% 0.45% 0.40%
Nonperforming and
restructured assets
to total assets 0.43 0.41 0.42 0.36
Allowance to total loans 1.22 1.22 1.19 1.19
Allowance to nonperforming
and restructured loans 236.59 246.67 264.01 293.36
Net charge-offs to
average loans 0.05 0.06 0.21 0.11
BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended
March 31, 2006
------------------------------------------
Interest Average
Average Income/ Yield/
Balance Expense Rate
------------ ------------ ------------
ASSETS
Earning assets:
Loans $ 2,312,905 $ 42,247 7.41%
Securities - taxable 405,477 4,530 4.53
Securities - tax exempt 40,479 609 6.10
Federal funds sold 206,665 2,224 4.36
Total earning assets 2,965,526 49,610 6.78
Nonearning assets:
Cash and due from banks 175,536
Interest receivable and
other assets 198,152
Allowance for loan losses (27,576)
Total nonearning assets 346,112
Total assets $ 3,311,638
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Transaction deposits $ 441,381 $ 780 0.72%
Savings deposits 842,582 6,129 2.95
Time deposits 722,660 6,188 3.47
Short-term borrowings 40,410 430 4.32
Long-term borrowings 3,668 55 6.08
Junior subordinated
debentures 51,804 1,103 8.64
Total interest-bearing
liabilities 2,102,505 14,685 2.83
Interest-free funds:
Noninterest bearing
deposits 870,417
Interest payable and
other liabilities 24,094
Stockholders' equity 314,622
Total interest
free-funds 1,209,133
Total liabilities
and stockholders'
equity $ 3,311,638
Net interest income $ 34,925
Net interest spread 3.95%
Net interest margin 4.77%
SOURCE BancFirst
-0- 04/27/2006
/CONTACT: Joe T. Shockley, Chief Financial Officer, +1-405-270-1003, or
David Rainbolt, Chief Executive Officer, +1-405-270-1002, both of BancFirst
Corporation/
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