OKLAHOMA CITY, July 21 /PRNewswire-FirstCall/ -- BancFirst Corporation reported net income of $6.3 million or $0.40 diluted earnings per share for the second quarter of 2009. The quarter's results include a $1.3 million after tax expense for the FDIC Special Assessment. These results compare to core earnings a year ago of $9.2 million or $0.59 diluted earnings per share. Last year's reported second quarter results of $13.7 million or $0.89 diluted earnings per share included one-time gains of $4.5 million, after tax. For the six months ended June 30, 2009, net income was $13.4 million or $0.86 diluted earnings per share compared to $25.3 million or $1.63 diluted earnings per share. The results for the six months of 2008 included one-time gains of $5.7 million, after tax.
For the second quarter of 2009, net interest income was $32.5 million compared to $34.8 million for the second quarter of 2008. While the Company's earning assets have grown to $4.0 billion at June 30, an increase of $500 million from a year ago, the historically low interest rate environment and modest loan demand has caused the net interest margin to compress. The Company's net interest margin for the second quarter was 3.44% down from 4.08% a year ago. The loan loss provision for the quarter was $4.9 million which compares to $3.5 million for the same period in 2008. This quarter's provision was driven primarily by a small number of commercial credits that exceeded 90 days past due. Although it is possible a majority of the loans in question could be rehabilitated to performing status, the provisions were made consistent with the Company's loan reserve methodology. Nonperforming loans were 1.35% of total assets, up from 0.85% in the previous quarter of 2009. Net charge-offs for the quarter were 0.33% of loans, which compares to 0.13% in the previous quarter. Noninterest income totaled $17.0 million for the second quarter which compares to core noninterest income a year ago of $16.0 million, excluding the gains in 2008 previously mentioned. The increase in noninterest income was due to commercial deposit fees and increases in income from the sale of mortgage loans and student loans. Noninterest expense for the quarter totaled $35.2 million, which included the FDIC Special Assessment of $1.9 million and higher deposit insurance premiums of $1.1 million. Apart from the special assessment and higher premiums, noninterest expense was down 3.9% compared to the previous year.
At June 30, 2009, the Company's total assets were $4.3 billion, an increase of $427 million or 11.1% over a year ago. Loans totaled $2.7 billion, up $129 million over June 30, 2008. Deposits increased $412 million to $3.8 billion, an increase of 12.2% over a year ago. The Company's equity capital was $419 million or 9.8% of total assets at quarter end. BancFirst did not request or accept funds from the U.S. Treasury's Capital Purchase Program.
David Rainbolt, CEO of BancFirst, said, "Our capital is strong and our liquidity is exceptional with overnight funds of $800 million at quarter end. We believe BancFirst is positioned to take advantage of any opportunities that arise, from new loan relationships to potential bank acquisitions."
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 $64,299 Provision for loan losses 3,365 4,851 8,216 Securities transactions 339 (37) 302 Total noninterest income 16,622 17,043 33,665 Salaries and employee benefits 20,117 19,896 40,013 Total noninterest expense 34,529 35,218 69,747 Net income 7,125 6,260 13,385 Per Common Share Data: Net income-basic 0.47 0.41 0.88 Net income -diluted 0.46 0.40 0.86 Cash dividends declared 0.22 0.22 0.44 Common shares outstanding 15,291,641 15,301,641 15,301,641 Average common shares outstanding - Basic 15,291,636 15,298,075 15,294,873 Diluted 15,579,090 15,604,279 15,592,400 Performance Ratios: Return on average assets 0.75% 0.66% 0.68% Return on average equity 6.92 6.08 6.43 Net interest margin 3.68 3.44 3.56 Efficiency ratio 71.38 71.02 71.20 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 Total loans 2,808,499 2,738,238 Allowance for loan losses (36,765) (39,334) Securities 439,220 417,738 Deposits 3,471,518 3,782,822 Stockholders' equity 416,381 419,202 Book value per common share 27.23 27.40 Tangible book value per common share 24.51 24.69 Balance Sheet Ratios: Average loans to deposits 83.29% 76.30% Average earning assets to total assets 91.51 92.60 Average stockholders' equity to average assets 10.85 10.21 Asset Quality Data: Past due loans $867 21,530 Nonaccrual loans 25,255 24,186 Restructured loans 353 1,115 Total nonperforming and restructured loans 26,475 46,831 Other real estate owned and repossessed assets 5,576 11,543 Total nonperforming and restructured assets 32,051 58,374 Nonperforming and restructured loans to total loans 0.94% 1.71% Nonperforming and restructured assets to total assets 0.81 1.37 Allowance to total loans 1.31 1.44 Allowance to nonperforming and restructured loans 138.87 83.99 Net charge-offs to average loans 0.13 0.33 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 Six Months Ended June 30, 2009 June 30, 2009 Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ASSETS Earning assets: Loans $2,787,199 $38,551 5.55% $2,794,253 $76,895 5.55% Securities - taxable 391,268 3,464 3.55 400,039 7,090 3.57 Securities - tax exempt 38,926 549 5.66 40,215 1,136 5.70 Interest bearing deposits with banks 610,372 537 0.35 441,551 897 0.41 ------- --- ------- --- Total earning assets 3,827,765 43,101 4.52 3,676,058 86,018 4.72 --------- ------ --------- ------ Nonearning assets: Cash and due from banks 109,223 118,476 Interest receivable and other assets 232,990 223,234 Allowance for loan losses (36,376) (35,469) ------- ------- Total nonearning assets 305,837 316,241 ------- ------- Total assets $4,133,602 $3,992,299 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $392,130 $315 0.32% $374,578 $541 0.29% Savings deposits 1,166,063 4,136 1.42 1,134,467 8,735 1.55 Time deposits 903,331 5,336 2.37 876,721 10,890 2.50 Short-term borrowings 1,190 1 0.34 4,931 11 0.45 Long-term borrowings - - - - - - Junior subordinated debentures 26,804 491 7.35 26,804 983 7.40 ------ --- ------ --- Total interest- bearing liabilities 2,489,518 10,279 1.66 2,417,501 21,160 1.77 --------- ------ --------- ------ Interest-free funds: Noninterest bearing deposits 1,188,547 1,121,684 Interest payable and other liabilities 33,569 33,217 Stockholders' equity 421,968 419,897 ------- ------- Total interest free-funds 1,644,084 1,574,798 --------- --------- Total Liabilities and stockholders' equity $4,133,602 $3,992,299 ========== ========== Net interest income $32,822 $64,858 ======= ======= Net interest spread 2.86% 2.95% ==== ==== Net interest margin 3.44% 3.56% ==== ====
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BancFirst
CONTACT: Joe T. Shockley Jr., Chief Financial Officer, +1-405-270-1003,
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BancFirst
