OKLAHOMA CITY, Jan. 16 /PRNewswire-FirstCall/ -- BancFirst Corporation reported net income of $8.1 million or $0.52 per diluted earnings per share for the fourth quarter and $44.4 million or $2.85 per diluted earnings per share for the year ended December 31, 2008. The results compare to $11.6 million or $0.75 per diluted earnings per share and $53.1 million or $3.33 per diluted earnings per share for the fourth quarter end year ended December 31, 2007, respectively. The 2008 results were impacted by lower net interest margins due to historically low interest rate levels, and higher loan provisions as a result of the slowing economy throughout 2008.
For the fourth quarter of 2008, the Company's net interest income was $33.7 million, down from $37.5 million in the fourth quarter a year ago. The Company's net interest margin was 3.85% for the fourth quarter of 2008 compared to 4.54% in the same quarter a year ago. Total earning assets increased to $3.5 billion up from $3.3 billion in the same period in 2007. The Company's loan loss provision was $3.1 million in the fourth quarter compared to $980,000 in the same period in 2007. The increase in this quarter's loan loss provision was primarily related to one large nonperforming commercial real estate loan. Loans grew by $27.4 million during the fourth quarter and are up $270.8 million from year end 2007. At December 31, 2008, nonperforming loans equaled 0.72% of total assets up from 0.40% a year ago. Net charge-offs were 0.38% of loans for the fourth quarter and 0.21% for the year 2008, below industry peer levels. Noninterest income totaled $16.0 million for the quarter, an increase of 5.3% over the same period a year ago. The increase is mainly attributable to growth in service charges on deposits, and cash management and treasury services. Noninterest expense for the quarter was $34.2 million, virtually unchanged from the fourth quarter of 2007.
David Rainbolt, BancFirst Corporation CEO stated that "With our capital strength, strong liquidity and overall asset quality, we feel we are well positioned to weather the challenges in 2009. Our goal is to be in position to take advantage of any opportunities that arise in the future."
At December 31, 2008, total assets of the Company reached $3.9 billion, an increase of $124.2 million over the prior year end. Loans totaled $2.8 billion, which is an increase of 10.9% over December 31, 2007, while deposits increased to $3.4 billion, up $89.1 million or 2.7% over the prior year. The Company's equity capital was $413.8 million, or 10.7% 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 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) 2008 Q1 Q2 Q3 Q4 Year-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 2007 Q1 Q2 Q3 Q4 Year-To-Date Income Statement Data: Net income $36,374 $37,437 $36,969 $37,506 $148,286 Provision for loan losses (31) 132 2,248 980 3,329 Securities transactions 227 339 7,723 48 8,337 Total noninterest income 13,882 15,235 26,790 15,231 71,138 Salaries and employee benefits 18,790 18,937 19,513 19,574 76,814 Total noninterest expense 33,421 31,618 35,167 34,240 134,446 Net income 11,123 13,402 16,944 11,624 53,093 Per Common Share Data: Net income- basic 0.71 0.85 1.08 0.76 3.41 Net income- diluted 0.69 0.83 1.06 0.75 3.33 Cash dividends declared 0.18 0.18 0.20 0.20 0.76 Common shares outstanding 15,721,936 15,724,536 15,201,459 15,217,233 15,217,233 Average common shares outstanding - Basic 15,750,333 15,723,483 15,620,336 15,209,373 15,574,521 Diluted 16,113,434 16,056,768 15,951,069 15,575,630 15,944,622 Performance Ratios: Return on average assets 1.31% 1.51% 1.88% 1.27% 1.49% Return on average equity 12.83 14.93 18.14 12.60 14.66 Net interest margin 4.75 4.68 4.55 4.54 4.63 Efficiency ratio 66.50 60.03 55.16 64.93 61.27 BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share data - Unaudited) 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 2007 Q1 Q2 Q3 Q4 Balance Sheet Data: Total assets $3,521,686 $3,601,866 $3,546,338 $3,743,006 Total loans 2,336,028 2,345,838 2,399,982 2,487,099 Allowance for loan losses (27,493) (27,568) (28,828) (29,127) Securities 430,765 459,271 464,534 467,719 Deposits 3,069,206 3,151,553 3,119,775 3,288,504 Stockholders' equity 355,478 364,547 358,871 371,962 Book value per common share 22.61 23.18 23.61 24.44 Tangible book value per common share 20.09 20.46 20.80 21.66 Balance Sheet Ratios: Average loans to deposits 77.50% 75.02% 75.51% 76.21% Average earning assets to total assets 90.77 90.74 90.89 91.03 Average stockholders' equity to average assets 10.18 10.11 10.35 10.09 Asset Quality Data: Past due loans $1,688 $1,276 $1,022 $823 Nonaccrual loans 9,909 13,372 13,146 11,568 Restructured loans 792 912 989 1,121 Total nonperforming and restructured loans 12,389 15,560 15,157 13,512 Other real estate owned and repossessed assets 1,233 1,098 1,300 1,568 Total nonperforming and restructured assets 13,622 16,658 16,457 15,080 Nonperforming and restructured loans to total loans 0.53% 0.66% 0.63% 0.54% Nonperforming and restructured assets to total assets 0.39 0.46 0.46 0.40 Allowance to total loans 1.18 1.18 1.20 1.17 Allowance to nonperforming and restructured loans 221.90 177.18 190.20 215.57 Net charge-offs to average loans 0.03 0.01 0.17 0.11 BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited) Three Months Ended Twelve Months Ended December 31, 2008 December 31, 2008 Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ASSETS Earning assets: Loans $2,749,720 $41,898 6.05% $2,612,553 $172,556 6.59% Securities - taxable 413,534 3,748 3.60 416,587 16,387 3.92 Securities - tax exempt 42,858 608 5.63 38,000 2,214 5.81 Federal funds sold 292,930 508 0.69 385,825 7,864 2.03 Total earning assets 3,499,042 46,762 5.30 3,452,965 199,021 5.75 Nonearning assets: Cash and due from banks 127,188 138,002 Interest receivable and other assets 226,355 225,879 Allowance for loan losses (34,125) (31,939) Total nonearning assets 319,418 331,942 Total assets $3,818,460 $3,784,907 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $423,594 $422 0.40% $423,773 $2,126 0.50% Savings deposits 1,094,266 5,571 2.02 1,100,184 24,945 2.26 Time deposits 841,973 6,245 2.94 834,712 29,313 3.50 Short-term borrowings 16,304 46 1.12 21,322 458 2.14 Long-term borrowings 1 -- -- 218 9 4.12 Junior subordinated debentures 26,804 491 7.27 26,738 1,966 7.33 Total interest- bearing liabilities 2,402,942 12,775 2.11 2,406,947 58,817 2.44 Interest-free funds: Noninterest bearing deposits 984,215 955,847 Interest payable and other liabilities 28,332 30,537 Stockholders' Equity 402,971 391,576 Total interest free-funds 1,415,518 1,377,960 Total liabilities and stockholders' equity $3,818,460 $3,784,907 Net interest income $33,987 $140,204 Net interest spread 3.19% 3.31% Net interest margin 3.85% 4.05%
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