KCBD, NewsChannel 11 Lubbock |BancFirst Corporation Reports Third Quarter Earnings
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OKLAHOMA CITY, Oct. 20 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) reported net income of $9.4 million of $0.60 per diluted earnings per share for the third quarter of 2009. These results compare to net income of $11.0 million or $0.70 diluted earnings per share for the same period in 2008. Net income for the first nine months of 2009 was $22.8 million or $1.46 per diluted earnings per share compared to $36.3 million or $2.33 per diluted earnings per share for the same period a year ago. Last year's reported results included several one-time gains that totaled $9.1 million or $5.9 million after-tax.
Net interest income for the third quarter was $33.0 million compared to $35.3 million for the same period in 2008. The Company's net interest margin for the quarter was 3.27% versus 4.03% a year ago. The lower interest rate environment in 2009 compared to a year ago has caused the Company's net interest margin to decline. The Company's loan loss provision for the third quarter was $1.0 million compared to $2.3 million for the same period a year ago. Nonperforming loans at quarter end represented 1.76% of total loans, while net charge-offs year-to-date totaled 0.37% of total loans compared to 0.81% and 0.14%, respectively, for the same period in 2008. Noninterest income was $17.0 million for the quarter compared to $17.8 million a year ago. Cash management revenues were down due to lower investment sweep balances. Noninterest expense of $35.5 million was up 3.4% from the operating expenses a year ago due to higher deposit insurance premiums. The Company's effective tax rate was 30.5% for the quarter compared to 33.4% a year ago due to additional tax credits.
David Rainbolt, BancFirst Corporation CEO stated, "In light of the current economic environment, earnings for the quarter were respectable. Going forward earnings will likely continue to be somewhat variable as long as the economy is in flux."
At September 30, 2009 the Company's total assets were $4.3 billion, an increase of 13% over a year ago. At quarter end, loans were $2.7 billion and deposits totaled $3.8 billion. Deposits increased $471 million or 14% from September 30, 2008. The Company's liquidity remains strong with an average loan-to-deposit ratio for the quarter of 70.8% and overnight investments of more than $900 million. Additionally, the Company has no brokered deposits and no borrowings from the Federal Home Loan Bank. At quarter end stockholder's equity was $425.6 million or 9.8% of total assets. The Company's capital ratios exceed federal "well capitalized" guidelines.
David Rainbolt, BancFirst Corporation CEO observed, "Our strong capital and liquidity positions should enable us to look at expansion opportunities in the next several years."
The Company recently announced it has entered into an agreement to purchase First Jones Bancorporation and its subsidiary bank, First State Bank, Jones, Oklahoma. First State Bank has $40 million in total assets and equity capital of $4.6 million. The transaction is subject to regulatory approval and is expected to be completed before year end 2009.
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 88 banking locations serving 44 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)
2009
----------------------------------------------------
Year-
Q1 Q2 Q3 Q4 To-Date
-------- -------- -------- -------- -------
Income Statement
Data:
Net interest income $ 31,753 $ 32,546 $ 32,952 $ 97,251
Provision for loan
losses 3,365 4,851 998 9,214
Securities
transactions 339 (37) 20 322
Total noninterest
income 16,622 17,043 17,039 50,704
Salaries and
employee benefits 20,117 19,896 19,938 59,951
Total noninterest
expense 34,529 35,218 35,481 105,228
Net income 7,125 6,260 9,390 22,775
Per Common Share
Data:
Net income-basic 0.47 0.41 0.61 1.49
Net income-diluted 0.46 0.40 0.60 1.46
Cash dividends
declared 0.22 0.22 0.23 0.67
Common shares
outstanding 15,291,641 15,301,641 15,302,891 15,302,891
Average common
shares
outstanding -
Basic 15,291,636 15,298,075 15,302,199 15,297,342
Diluted 15,579,090 15,604,279 15,585,955 15,591,151
Performance Ratios:
Return on
average assets 0.75% 0.61% 0.86% 0.74%
Return on
average equity 6.92 5.95 8.77 7.22
Net interest margin 3.69 3.44 3.27 3.45
Efficiency ratio 71.38 71.02 70.97 71.12
2008
----------------------------------------------------
Year-
Q1 Q2 Q3 Q4 To-Date
-------- -------- -------- -------- -------
Income Statement
Data:
Net interest income $ 35,387 $ 34,774 $ 35,251 $ 33,695 $ 139,107
Provision for
loan losses 1,780 3,539 2,270 3,087 10,676
Securities
transactions 28 6,121 776 13 6,938
Total noninterest
income 17,241 23,330 17,784 16,030 74,385
Salaries and
employee benefits 20,189 20,366 20,038 19,293 79,886
Total noninterest
expense 32,928 33,596 34,307 34,175 135,006
Net income 11,594 13,737 10,958 8,069 44,358
Per Common Share
Data:
Net income-basic 0.76 0.91 0.72 0.53 2.91
Net income-diluted 0.74 0.89 0.70 0.52 2.85
Cash dividends
declared 0.20 0.20 0.22 0.22 0.84
Common shares
outstanding 15,183,483 15,186,632 15,242,061 15,281,141 15,281,141
Average common
shares
outstanding -
Basic 15,208,049 15,185,763 15,217,546 15,263,507 15,218,835
Diluted 15,562,570 15,548,687 15,589,215 15,606,950 15,578,463
Performance Ratios:
Return on average
assets 1.26% 1.46% 1.13% 0.84% 1.17%
Return on average
equity 12.24 14.14 11.04 7.94 11.30
Net interest margin 4.24 4.08 4.03 3.85 4.05
Efficiency ratio 62.57 57.82 64.69 68.73 63.24
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share data - Unaudited)
2009
--------------------------------------------
Q1 Q2 Q3 Q4
---------- ---------- ---------- ----------
Balance Sheet Data:
Total assets $3,958,155 $4,269,325 $4,322,103
Total loans 2,808,499 2,738,238 2,713,169
Allowance for loan losses (36,765) (39,334) (36,016)
Securities 439,220 417,738 391,627
Deposits 3,471,518 3,782,822 3,831,823
Stockholders' equity 416,381 419,202 425,638
Book value per common share 27.23 27.40 27.81
Tangible book value per
common share 24.51 24.69 25.12
Balance Sheet Ratios:
Average loans to deposits 83.29% 79.67% 70.39%
Average earning assets
to total assets 91.51 92.08 92.97
Average stockholders'
equity to average assets 10.85 10.52 9.79
Asset Quality Data:
Past due loans $867 $21,530 $9,941
Nonaccrual loans 25,255 24,186 37,319
Restructured loans 353 1,115 561
Total nonperforming and
restructured loans 26,475 46,831 47,821
Other real estate owned
and repossessed assets 5,576 11,543 10,587
Total nonperforming and
restructured assets 32,051 58,374 58,408
Nonperforming and
restructured loans to
total loans 0.94% 1.68% 1.76%
Nonperforming and restructured
assets to total assets 0.81 1.35 1.35
Allowance to total loans 1.31 1.44 1.33
Allowance to nonperforming
and restructured loans 138.87 83.99 75.31
Net charge-offs to
average loans 0.13 0.33 0.63
2008
--------------------------------------------
Q1 Q2 Q3 Q4
---------- ---------- ---------- ----------
Balance Sheet Data:
Total assets $3,786,111 $3,842,364 $3,825,518 $3,867,204
Total loans 2,500,849 2,608,913 2,730,409 2,757,854
Allowance for loan losses (30,193) (33,512) (33,862) (34,290)
Securities 462,832 448,350 462,595 455,568
Deposits 3,302,103 3,369,912 3,361,233 3,377,608
Stockholders' equity 386,177 387,181 397,648 413,791
Book value per common share 25.43 25.49 26.09 27.08
Tangible book value per
common share 22.65 22.73 23.35 24.34
Balance Sheet Ratios:
Average loans to deposits 76.91% 77.19% 78.85% 82.23%
Average earning assets
to total assets 91.27 90.91 91.10 91.63
Average stockholders'
equity to average assets 10.27 10.30 10.25 10.55
Asset Quality Data:
Past due loans $643 $2,043 $892 $1,346
Nonaccrual loans 11,892 11,070 20,229 21,359
Restructured loans 864 833 940 1,022
Total nonperforming and
restructured loans 13,399 13,946 22,061 23,727
Other real estate owned
and repossessed assets 2,074 2,311 3,423 3,997
Total nonperforming and
restructured assets 15,473 16,257 25,484 27,724
Nonperforming and
restructured loans to
total loans 0.54% 0.53% 0.81% 0.86%
Nonperforming and
restructured assets to
total assets 0.41 0.42 0.67 0.72
Allowance to total loans 1.21 1.28 1.24 1.24
Allowance to nonperforming
and restructured loans 225.34 240.30 153.50 144.52
Net charge-offs to
average loans 0.12 0.03 0.28 0.38
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, 2009 September 30, 2009
------------------- ------------------
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
------- -------- ------- ------- -------- -------
ASSETS
Earning assets:
Loans $2,709,421 $37,783 5.53% $2,765,665 $114,678 5.54%
Securities
- taxable 363,763 3,267 3.56 387,814 10,357 3.57
Securities
- tax exempt 36,102 508 5.58 38,829 1,644 5.66
Interest
bearing
deposits
with banks 921,711 702 0.30 603,363 1,598 0.35
--------- ------- --------- -------
Total earning
assets 4,030,997 42,260 4.16 3,795,671 128,277 4.52
--------- ------- --------- -------
Nonearning assets:
Cash and due
from banks 107,829 114,888
Interest
receivable
and other
assets 236,238 234,247
Allowance for
loan losses (39,370) (36,784)
-------- --------
Total
nonearning
assets 304,697 312,351
-------- --------
Total assets $4,355,694 $4,108,022
========== ==========
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Interest-
bearing
liabilities:
Transaction
deposits $375,863 $352 0.37% $375,011 $893 0.32%
Savings
deposits 1,291,694 3,419 1.05 1,187,452 12,154 1.37
Time deposits 910,662 4,785 2.08 888,159 15,675 2.36
Short-term
borrowings 634 - - 3,483 11 0.42
Junior
subordinated
debentures 26,804 491 7.27 26,804 1,474 7.35
--------- ------- --------- -------
Total interest
-bearing
liabilities 2,605,657 9,047 1.38 2,480,909 30,207 1.63
--------- ------- --------- -------
Interest-free
funds:
Noninterest
bearing
deposits 1,271,062 1,172,024
Interest
payable and
other
liabilities 34,401 33,616
Stockholders'
equity 424,574 421,473
-------- --------
Total
interest
free-funds 1,730,037 1,627,113
--------- ---------
Total
liabilities
and
stockholders'
equity $4,335,694 $4,108,022
========== ==========
Net interest
income $33,213 $98,070
======= =======
Net interest
spread 2.78% 2.89%
===== =====
Net interest
margin 3.27% 3.45%
===== =====
SOURCE BancFirst
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