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PR Newswire
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BancFirst Corporation Reports First Quarter Earnings

OKLAHOMA CITY, April 16, 2012 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $14.0 million or $0.91 diluted earnings per share for the first quarter of 2012 compared to net income of $11.4 million or $0.72 diluted earnings per share for the first quarter of 2011. Included in this quarter's financial results are a $4.5 million pretax securities gain, partially offset by merger related expenses and other non-operating costs totaling $2.5 million. The Company's core operating net income for the first quarter would be approximately $12.7 million or 11.5% over the first quarter of 2011 without the items described above.

The Company's net interest income for the first quarter of 2012 was $40.8 million, up $3.5 million or 9.5% from the first quarter of 2011. The increase was attributable to the increase in the Company's average loans which were $3.0 billion, up $233.1 million from the prior year. The Company's average earning assets totaled $5.2 billion as a result of internal growth combined with the acquisition made in July 2011.The Company's net interest margin for the quarter was 3.18% compared to 3.21% a year ago as interest rates remain at historically low levels. The loan loss provision for the first quarter of 2012 was $173,000, down from $788,000 a year ago. Nonperforming and restructured assets were 0.92% of total assets, up from 0.71% at December 31, 2011. Net charge-offs for the quarter were 0.03% of average loans compared to 0.08% for the quarter ended December 31, 2011. Noninterest income totaled $23.4 million, up from $17.7 million reported last year. The increase in revenues were primarily from the sale of an investment by Council Oak Investment Corporation, a wholly-owned subsidiary of BancFirst, and increased revenues from trust, commercial deposit revenues, insurance commissions and treasury management services. Noninterest expense for the quarter was $42.0 million up from $36.4 million in the first quarter of 2011. Included in this quarter's noninterest expense were $1.6 million in merger related costs and approximately $500,000 of expenses related to the sale of the previously mentioned investment. Additionally, this quarter included $1.7 million of expenses related to the July 2011 bank acquisition.

At March 31, 2012, the Company's total assets were $5.7 billion, up $129.2 million or 2.3% over December 31, 2011. Loans totaled $3.0 billion, up $35.9 million or 1.2% over December 31, 2011. Deposits increased $115.1 million from year end to $5.2 billion at March 31, 2012. The Company's equity capital was $492.0 million, an increase of $8.9 million or 1.8% over December 31, 2011.

David Rainbolt, BancFirst CEO, said "While our first quarter results were good, it is very difficult to excel in this rate environment. Asset quality is stout as is liquidity, so we are currently very comfortable with our balance sheet."

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 93 banking locations serving 51 communities across Oklahoma. More information can be found at www.bancfirst.com.

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)


2012










Year-



Q1


Q2


Q3


Q4


To-Date


Income Statement Data:











Net interest income

$ 40,817








$ 40,817


Provision for
loanlosses

173








173


Securities transactions

4,032








4,032


Total noninterest income

23,437








23,437


Salaries and employee
benefits

24,800








24,800


Total noninterest
expense

42,037








42,037


Net income

14,005








14,005


Per Common Share Data:











Net income-basic

0.93








0.93


Net income-diluted

0.91








0.91


Cash dividends declared

0.27








0.27


Common shares outstanding

15,145,280








15,145,280


Average common
shares outstanding -











Basic

15,129,868








15,129,868


Diluted

15,410,773








15,410,773


Performance Ratios:











Return on average
assets

1.00%








1.00%


Return on average
equity

11.45








11.45


Net interest margin

3.18








3.18


Efficiency ratio

65.42








65.42














2011










Year-



Q1


Q2


Q3


Q4


To-Date


Income Statement Data:











Net interest income

$ 37,289


$ 38,006


$ 40,218


$ 41,384


$ 156,897


Provision for loan losses

788


2,013


885


829


4,515


Securities transactions

8


1,316


50


224


1,598


Total noninterest income

17,730


19,679


20,117


19,435


76,961


Salaries and employee benefits

21,812


22,558


23,845


24,016


92,231


Total noninterest expense

36,397


39,610


41,259


41,380


158,646


Net income

11,355


10,115


12,553


11,598


45,621


Per Common Share Data:











Net income-basic

0.74


0.66


0.82


0.77


2.99


Net income-diluted

0.72


0.65


0.81


0.75


2.93


Cash dividends declared

0.25


0.25


0.27


0.27


1.04


Common shares outstanding

15,390,357


15,273,181


15,125,541


15,117,430


15,117,430


Average common shares outstanding -











Basic

15,375,644


15,364,738


15,210,090


15,122,368


15,267,357


Diluted

15,679,298


15,651,953


15,471,659


15,389,289


15,550,131


Performance Ratios:











Return on average assets

0.89%


0.77%


0.91%


0.84%


0.85%


Return on average equity

9.90


8.59


10.50


9.59


9.65


Net interest margin

3.21


3.17


3.20


3.24


3.20


Efficiency ratio

66.15


68.67


68.38


68.04


67.84













BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share data - Unaudited)


2012


Q1


Q2


Q3


Q4


Balance Sheet Data:









Total assets

$ 5,737,994








Total loans

3,049,376








Allowance for loan losses

(37,633)








Securities

573,801








Deposits

5,152,856








Stockholders' equity

491,957








Book value per common share

32.48








Tangible book value per common share

28.64








Balance Sheet Ratios:









Average loans to deposits

59.99%








Average earning assets to total assets

92.51








Average stockholders' equity to average assets

8.73








Asset Quality Data:









Past due loans

$ 1,150








Nonaccrual loans

20,721








Restructured loans

18,483








Total nonperforming and restructured loans

40,354








Other real estate owned and repossessed
assets

12,408








Total nonperforming and restructured assets

52,762








Nonperforming and restructured loans to total
loans

1.32%








Nonperforming and restructured assets to total
assets

0.92








Allowance to total loans

1.23








Allowance to nonperforming and restructured
loans

93.26








Net charge-offs to average loans

0.03









2011


Q1


Q2


Q3


Q4


Balance Sheet Data:









Total assets

$ 5,239,658


$ 5,267,445


$ 5,472,306


$ 5,608,825


Total loans

2,796,390


2,861,844


2,984,114


3,013,498


Allowance for loan losses

(36,136)


(37,092)


(37,456)


(37,656)


Securities

681,159


580,059


607,046


614,977


Deposits

4,666,199


4,701,999


4,887,332


5,037,735


Stockholders' equity

466,827


470,397


474,396


483,041


Book value per common share

30.33


30.80


31.36


31.95


Tangible book value per common share

26.71


27.17


27.52


28.07


Balance Sheet Ratios:









Average loans to deposits

60.83%


60.16%


60.58%


60.97%


Average earning assets to total assets

92.49


92.49


92.22


92.76


Average stockholders' equity to average assets

9.03


8.98


8.67


8.73


Asset Quality Data:









Past due loans

$ 3,016


$ 1,166


$ 1,413


$ 798


Nonaccrual loans

24,391


22,469


29,039


21,187


Restructured loans

316


344


1,059


1,041


Total nonperforming and restructured loans

27,723


23,979


31,511


23,026


Other real estate owned and repossessed assets

15,974


15,501


16,723


16,640


Total nonperforming and restructured assets

43,697


39,480


48,234


39,666


Nonperforming and restructured loans to total
loans

0.99%


0.84%


1.06%


0.76%


Nonperforming and restructured assets
to totalassets

0.83


0.75


0.88


0.71


Allowance to total loans

1.29


1.30


1.26


1.25


Allowance to nonperforming and restructured
loans

130.35


154.68


118.87


163.54


Net charge-offs to average loans

0.06


0.15


0.07


0.08



BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)




Three Months Ended





March 31, 2012





Average


Income/


Yield/





Balance


Expense


Rate


ASSETS









Earning assets:










Loans





$ 3,026,473


$ 42,062


5.57%

Securities - taxable


539,563


2,408


1.79


Securities - tax exempt


53,277


652


4.91


Interest bearing deposits with banks


1,580,975


974


0.25


Total earning assets


5,200,288


46,096


3.56










Nonearning assets:








Cash and due from banks


145,970






Interest receivable and other assets


312,429






Allowance for loan losses


(37,663)






Total nonearning assets


420,736






Total assets


$ 5,621,024














LIABILITIES AND








STOCKHOLDERS' EQUITY








Interest-bearing liabilities:








Transaction deposits


$ 741,786


$ 274


0.15%


Savings deposits


1,706,102


1,543


0.36


Time deposits


892,134


2,432


1.09


Short-term borrowings


7,891


8


0.41


Long-term borrowings


14,451


105


2.91


Junior subordinated debentures


36,083


586


6.51


Total interest-bearing liabilities


3,398,447


4,948


0.58










Interest-free funds:








Noninterest bearing deposits


1,705,026






Interest payable and other liabilities


26,789






Stockholders' equity


490,762






Total interest free-funds


2,222,577






Total liabilities

and stockholders' equity


$ 5,621,024






Net interest income




$ 41,148




Net interest spread






2.98%


Net interest margin






3.18%

















SOURCE BancFirst

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