Exhibit 99.1
BANCFIRST CORPORATION REPORTS THIRD QUARTER RESULTS
OKLAHOMA CITY, Oct. 19 /PRNewswire-FirstCall/ -- BancFirst Corporation
(Nasdaq: BANF) reported net income for the third quarter of 2006 of $12.7
million or $0.79 diluted earnings per share. This is a $3.5 million increase
over the third quarter a year ago of $9.2 million or $0.58 diluted earnings per
share. Net income for the first nine months of 2006 was $35.8 million or $2.23
diluted earnings per share versus $31.3 million, or $1.96 diluted earnings per
share for the same period in 2005.
Net interest income for the quarter was $36.4 million, an increase of $3.4
million, or 10.2% over a year ago. The company's earning assets were $3.1
billion, an increase of $293.6 million, or 10.6% over September 30, 2005. Loans
were up $65.8 million from the third quarter of 2005. The growth in loans and
earning assets was supported by core deposit growth of $286.7 million. The loan
loss provision was $315,000 down $558,000 from the same period a year ago.
Nonperforming and restructured assets, 0.38% of assets, and third quarter net
charge-offs, 0.01% of loans, remain at historically low levels. Noninterest
income totaled $15.5 million, an increase of $615,000 or 4.1% over the third
quarter of 2005. The increase is due to growth in revenues from Trust,
electronic banking services, and securities gains from venture capital
activities. Noninterest expenses were $31.6 million, a decrease of $1.6 million
or 4.9%. Noninterest expense for the third quarter of 2005 included a one time
write-off of a $3 million receivable. Net of this write-off, expenses increased
$1.4 million or 4.5% and was due to growth and expansion of the branch delivery
system.
The Company is expanding its branch delivery system, primarily in the
metropolitan areas of Oklahoma City and Tulsa. A new branch in south Oklahoma
City, 134th and May Avenue, opened in August. Construction of new branches are
underway in eastern Oklahoma County and in south Tulsa which are expected to
open in late 2006 or early 2007.
The Company also completed the acquisition of First Bartlesville Bank,
Bartlesville, Oklahoma effective August 4, 2006. First Bartlesville Bank had
total assets of $45.3 million and deposits of $39.4 million as of September 30.
First Bartlesville Bank will be merged into BancFirst in early December 2006.
BancFirst and Pickard Limited Partnership have entered into an agreement to
sell their ownership in Century Life Assurance Company, 75% and 25%,
respectively, to American Underwriters Life Insurance Company. Pickard Limited
Partnership is an affiliate of BancFirst Corporation. The transaction is
expected to be completed in the fourth quarter, subject to regulatory approvals.
The sale will result in an after-tax gain approximating $400,000 to $600,000,
and will not have a significant impact on its results of operations for 2007.
At September 30, 2006 BancFirst Corporation had total assets of $3.4
billion, an increase of $347 million or 11.3% over a year ago. Loans totaled
$2.3 billion and deposits were $3.0 billion. The Company's stockholders equity
was $335 million, or 9.79% 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 $ 35,753 36,404 $ 106,758
Provision for loan
losses 681 917 315 1,913
Securities transactions --- 139 246 385
Total noninterest
income 13,409 14,732 15,501 43,642
Salaries and employee
benefits 17,618 17,346 17,741 52,705
Total noninterest
expense 30,292 30,826 31,609 92,727
Net income 10,881 12,209 12,740 35,830
Per Common Share Data:
Net income-basic 0.69 0.78 0.81 2.28
Net income-diluted 0.68 0.76 0.79 2.23
Cash dividends
declared 0.16 0.16 0.18 0.50
Common shares
outstanding 15,687,840 15,716,195 15,742,171 15,742,171
Average common
shares outstanding -
Basic 15,666,676 15,702,060 15,732,307 15,700,588
Diluted 16,045,822 16,080,423 16,112,809 16,078,441
Performance Ratios:
Return on average
assets 1.33% 1.46% 1.50% 1.43%
Return on average
equity 14.03 15.49 15.44 15.00
Net interest margin 4.77 4.78 4.77 4.78
Efficiency ratio 63.09 61.06 60.90 61.65
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 $ 3,389,689 $ 3,424,495
Total loans 2,306,317 2,339,959 2,332,838
Allowance for
loan losses (27,789) (28,227) (28,988)
Securities 428,222 434,696 422,650
Deposits 2,934,980 2,954,960 2,967,056
Stockholders' equity 310,698 320,430 335,148
Book value per
common share 19.81 20.39 21.29
Tangible book value
per common share 17.35 17.95 18.75
Balance Sheet Ratios:
Average loans to deposits 80.39% 79.13% 79.27%
Average earning assets
to total assets 89.55 90.16 90.36
Average stockholders'
equity to average assets 9.50 9.46 9.70
Asset Quality Data:
Past due loans $ 1,204 $ 612 $ 727
Nonaccrual loans 8,238 7,244 8,960
Restructured loans 720 727 782
Total nonperforming and
restructured loans 10,162 8,583 10,469
Other real estate owned
and repossessed assets 2,075 2,657 2,548
Total nonperforming and
restructured assets 12,237 11,240 13,017
Nonperforming and
restructured loans to
total loans 0.40% 0.37% 0.45%
Nonperforming and
restructured assets to
total assets 0.36 0.33 0.38
Allowance to total loans 1.20 1.21 1.24
Allowance to nonperforming
and restructured loans 303.31 328.88 276.91
Net charge-offs to
average loans 0.07 0.08 0.01
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 Nine Months Ended
September 30, 2006 September 30, 2006
------------------------------------------- ---------------------------------------
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
----------- ----------- ----------- ----------- ----------- -----------
ASSETS
Earning assets:
Loans $ 2,327,339 $ 46,567 7.94% $ 2,317,309 $ 133,149 7.68%
Securities
- taxable 390,196 4,311 4.38 394,892 13,143 4.45
Securities
- tax exempt 38,936 589 6.00 39,339 1,785 6.07
Federal funds sold 294,195 3,777 5.09 262,692 9,454 4.81
Total earning assets 3,050,666 55,244 7.18 3,014,232 157,531 6.99
Nonearning assets:
Cash and due from banks 157,572 166,689
Interest receivable and
other assets 196,614 195,277
Allowance for
loan losses (28,644) (28,028)
Total nonearning assets 325,542 333,938
Total assets $ 3,376,208 $ 3,348,170
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Transaction deposits $ 417,193 $ 896 0.85% $ 431,366 $ 2,536 0.79%
Savings deposits 896,269 8,245 3.65 870,010 21,573 3.32
Time deposits 747,694 7,831 4.16 735,258 20,958 3.81
Short-term borrowings 30,832 407 5.24 36,632 1,296 4.73
Long-term borrowings 2,281 35 6.09 2,950 134 6.07
Junior subordinated
debentures 51,804 1,103 8.45 51,804 2,206 8.54
Total interest-bearing
liabilities 2,146,073 18,517 3.42 2,128,020 49,806 3.13
Interest-free funds:
Noninterest bearing deposits 874,766 875,008
Interest payable and other
liabilities 27,993 25,695
Stockholders' equity 327,376 319,447
Total interest free-funds 1,230,135 1,220,150
Total liabilities and
stockholders' equity $ 3,376,208 $ 3,348,170
Net interest income $ 36,727 $ 107,725
Net interest spread 3.76% 3.86%
Net interest margin 4.77% 4.78%
SOURCE BancFirst
-0- 10/19/2006
/CONTACT: Joe T. Shockley, Chief Financial Officer, +1-405-270-1003, or
David Rainbolt, Chief Executive Officer, +1-405-270-1002, both of BancFirst/
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(BANF)