OKLAHOMA CITY, April 19 /PRNewswire-FirstCall/ -- BancFirst Corporation reported net income of $9.3 million or $0.60 diluted earnings per share for the first quarter of 2010 compared to net income of $7.1 million or $0.46 diluted earnings per share for the same period in 2009.
The Company's net interest income for the quarter was $33.9 million up $2.1 million from $31.8 million reported a year ago. The increase was attributable to the growth in the Company's average earning assets which were $4.1 billion, up $573 million compared to the first quarter in 2009. The Company's net interest margin was 3.38% compared to 3.69% a year ago due to continued low interest rates. The loan loss provision for the quarter was $900,000 down from $3.4 million in the first quarter of 2009. Noninterest income totaled $16.0 million compared to $16.6 million a year ago. The decrease was due to decreased revenues from treasury and cash management services. Noninterest expense for the quarter was $34.9 million up slightly from $34.5 million in the first quarter a year ago. The increase was due to the acquisition and conversion costs of First State Bank, Jones, which totaled $389,000 and higher FDIC costs due to higher levels of deposits and higher deposit insurance premium.
At March 31, 2010, the Company's total assets were $4.5 billion, up $551 million or 13.9% over the first quarter a year ago. Loans were $2.8 billion down minimally from a year ago. Deposits increased $537 million to $4.0 billion at quarter end 2010. The Company's equity capital was $437 million, up $21 million or 4.9% over March 31 a year ago. The Company's equity capital was strong at 9.7% of total assets at quarter end.
David Rainbolt, BancFirst's CEO, said, "In light of the fact that interest rates remain at historically low levels and the economy continues to struggle, we have got to be satisfied with our first quarter results. Nonperforming loans and assets remain manageable while capital and liquidity are outstanding. We believe we are well-positioned to pursue any opportunity that arises."
During the first quarter of 2010, First State Bank (Jones) was merged into BancFirst, the Company's subsidiary bank. First State Bank (Jones) had approximately $43 million in assets, $37 million in deposits, and $5.5 million in equity capital at the time of the merger.
On April 1, 2010, the Company's insurance agency BancFirst Insurance Services, Inc., formerly known as Wilcox, Jones & McGrath, Inc., completed its acquisition of RBC Agency, Inc., which has offices in Shawnee and Stillwater. BancFirst Insurance Services, Inc. has offices in Oklahoma City, Tulsa, Lawton and Muskogee. Ed McGrath, President of BancFirst Insurance Services, Inc.'s, said, "We are pleased to be working with Will Rosebure while adding offices and customers, which complement BancFirst's existing banking markets."
BancFirst Corporation was again recognized in the top twenty of America's best banks by Bank Director Magazine. The publication ranks publicly traded financial institutions by profitability, capital adequacy and asset quality. This marks the fourth consecutive year that the Company was listed among the top 20 financial institutions in the nation.
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) 2010 Year- Q1 Q2 Q3 Q4 To-Date --- --- --- --- ------- Income Statement Data: Net interest income $33,862 $33,862 Provision for loan losses 896 896 Securities transactions 136 136 Total noninterest income 15,960 15,960 Salaries and employee benefits 19,948 19,948 Total noninterest expense 34,901 34,901 Net income 9,303 9,303 Per Common Share Data: Net income-basic 0.61 0.61 Net income-diluted 0.60 0.60 Cash dividends declared 0.23 0.23 Common shares outstanding 15,337,050 15,337,050 Average common shares outstanding - Basic 15,319,111 15,319,111 Diluted 15,628,012 15,628,012 Performance Ratios: Return on average assets 0.85% 0.85% Return on average equity 8.66 8.66 Net interest margin 3.38 3.38 Efficiency ratio 70.05 70.05 2009 Year- Q1 Q2 Q3 Q4 To-Date --- --- --- --- ------- Income Statement Data: Net interest income $31,753 $32,546 $32,952 $34,070 $131,321 Provision for loan losses 3,365 4,851 998 1,175 10,389 Securities transactions 339 (37) 20 14 336 Total noninterest income 16,622 17,043 17,039 16,160 66,864 Salaries and employee benefits 20,117 19,896 19,938 19,068 79,019 Total noninterest expense 34,529 35,218 35,481 33,889 139,117 Net income 7,125 6,260 9,390 9,834 32,609 Per Common Share Data: Net income- basic 0.47 0.41 0.61 0.64 2.13 Net income- diluted 0.46 0.40 0.60 0.63 2.09 Cash dividends declared 0.22 0.22 0.23 0.23 0.90 Common shares outstanding 15,291,641 15,301,641 15,302,891 15,308,741 15,308,741 Average common shares outstanding - Basic 15,291,636 15,298,075 15,302,199 15,307,019 15,299,781 Diluted 15,579,090 15,604,279 15,585,955 15,600,964 15,593,789 Performance Ratios: Return on average assets 0.75% 0.61% 0.86% 0.89% 0.78% Return on average equity 6.92 5.95 8.77 9.06 7.70 Net interest margin 3.69 3.44 3.27 3.35 3.42 Efficiency ratio 71.38 71.02 70.97 67.47 70.20 BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share data - Unaudited) 2010 Q1 Q2 Q3 Q4 --- --- --- --- Balance Sheet Data: Total assets $4,508,789 Total loans 2,766,304 Allowance for loan losses (36,780) Securities 430,586 Deposits 4,009,017 Stockholders' equity 436,901 Book value per common share 28.49 Tangible book value per common share 25.78 Balance Sheet Ratios: Average loans to deposits 70.05% Average earning assets to total assets 92.62 Average stockholders' equity to average assets 9.86 Asset Quality Data: Past due loans $589 Nonaccrual loans 37,801 Restructured loans 1,912 Total nonperforming and restructured loans 40,302 Other real estate owned and repossessed assets 10,272 Total nonperforming and restructured assets 50,574 Nonperforming and restructured loans to total loans 1.46% Nonperforming and restructured assets to total assets 1.12 Allowance to total loans 1.33 Allowance to nonperforming and restructured loans 91.26 Net charge-offs to average loans 0.07 2009 Q1 Q2 Q3 Q4 --- --- --- --- Balance Sheet Data: Total assets $3,958,155 $4,269,325 $4,322,103 $4,416,209 Total loans 2,808,499 2,738,238 2,713,169 2,738,654 Allowance for loan losses (36,765) (39,334) (36,016) (36,383) Securities 439,220 417,738 391,627 417,286 Deposits 3,471,518 3,782,822 3,831,823 3,929,016 Stockholders' equity 416,381 419,202 425,638 430,824 Book value per common share 27.23 27.40 27.81 28.14 Tangible book value per common share 24.51 24.69 25.12 25.41 Balance Sheet Ratios: Average loans to deposits 83.29% 79.67% 70.39% 69.54% Average earning assets to total assets 91.51 92.08 92.97 93.01 Average stockholders' equity to average assets 10.85 10.52 9.79 9.84 Asset Quality Data: Past due loans $867 $21,530 $9,941 $853 Nonaccrual loans 25,255 24,186 37,319 37,133 Restructured loans 353 1,115 561 1,970 Total nonperforming and restructured loans 26,475 46,831 47,821 39,956 Other real estate owned and repossessed assets 5,576 11,543 10,587 9,881 Total nonperforming and restructured assets 32,051 58,374 58,408 49,837 Nonperforming and restructured loans to total loans 0.94% 1.68% 1.76% 1.46% Nonperforming and restructured assets to total assets 0.81 1.35 1.35 1.13 Allowance to total loans 1.31 1.44 1.33 1.33 Allowance to nonperforming and restructured loans 138.87 83.99 75.31 91.06 Net charge-offs to average loans 0.13 0.33 0.63 0.12 BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited) Three Months Ended March 31, 2010 -------------- Interest Average Average Income/ Yield/ Balance Expense Rate ------- ------- ---- ASSETS Earning assets: Loans $2,755,744 $37,442 5.51% Securities - taxable 387,459 3,010 3.15 Securities - tax exempt 36,704 507 5.60 Interest bearing deposits with banks 916,510 574 0.25 ------- --- Total earning assets 4,096,417 41,533 4.11 --------- ------ Nonearning assets: Cash and due from banks 109,758 Interest receivable and other assets 253,165 Allowance for loan losses (36,419) ------- Total nonearning assets 326,504 ------- Total assets $4,422,921 ========== LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $609,443 $367 0.24% Savings deposits 1,326,881 3,073 0.94 Time deposits 859,118 3,484 1.64 Short-term borrowings 763 - - Junior subordinated debentures 26,804 489 7.40 ------ --- Total interest-bearing liabilities 2,823,009 7,413 1.06 --------- ----- Interest-free funds: Noninterest bearing deposits 1,138,291 Interest payable and other liabilities 25,724 Stockholders' equity 435,897 ------- Total interest free-funds 1,599,912 --------- Total liabilities and stockholders' equity $4,422,921 ========== Net interest income $34,120 ======= Net interest spread 3.05% ==== Net interest margin 3.38% ====
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BancFirst
CONTACT: Joe T. Shockley Jr., Chief Financial Officer, +1-405-270-1003,
or David Rainbolt, Chief Executive Officer, +1-405-270-1002, both of BancFirst
Corporation
