OKALAHOMA CITY, July 16 /PRNewswire-FirstCall/ -- BancFirst Corporation reported net income of $11.0 million or $0.71 diluted earnings per share for the second quarter of 2010 compared to net income of $6.3 million or $0.40 diluted earnings per share for the same period in 2009. Net income for the first six months of 2010 was $20.3 million, up $6.9 million or 52.0%, over the $13.4 million of net income in the same period a year ago.
The Company's net interest income for the quarter was $35.7 million, up $3.1 million from $32.5 million reported a year ago. The increase was attributable to the growth in the Company's average earning assets which were $4.2 billion, up $372 million compared to the second quarter in 2009, combined with lower interest costs. The Company's net interest margin was constant at 3.44% compared to a year ago due to continued low interest rates. The loan loss provision for the quarter was $871,000, down from $4.9 million in the second quarter of 2009. Noninterest income remained unchanged at $17.0 million compared to a year ago. Noninterest expense for the quarter was $34.5 million, down slightly from $35.2 million in the second quarter a year ago. The decrease was due to the FDIC Special Assessment of $1.9 million paid during the second quarter of 2009, offset by an increase in regular FDIC premiums.
At June 30, 2010, the Company's total assets were $4.6 billion, up $359 million or 8.4% over the second quarter a year ago. Loans were $2.8 billion, up $55 million from a year ago. Deposits increased $335 million to $4.1 billion at quarter end 2010. The Company's equity capital was $446 million, up $26 million or 6.3% over June 30 a year ago. The Company's equity capital was strong at 9.6% of total assets at quarter end.
The Company recently announced that is has entered into an agreement to acquire Union National Bancshares, Inc., and its subsidiary bank, Union Bank of Chandler with offices in Chandler and Tulsa, Oklahoma. Union Bank of Chandler has approximately $135 million in total assets, $86 million in loans, $120 million in deposits and $14 million in equity capital. The bank will operate as Union Bank of Chandler until its systems are merged into the BancFirst system, which is expected to be during the fourth quarter of 2010. The transaction is scheduled to be completed by September 30, 2010, and is subject to regulatory approval.
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. More information can be found at 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) 2010 Q1 Q2 Q3 -- -- -- Income Statement Data: Net interest income $33,862 $35,670 Provision for loan losses 896 871 Securities transactions 136 (150) Total noninterest income 15,960 17,010 Salaries and employee benefits 19,948 19,710 Total noninterest expense 34,901 34,505 Net income 9,303 11,042 Per Common Share Data: Net income- basic 0.61 0.72 Net income- diluted 0.60 0.71 Cash dividends declared 0.23 0.23 Common shares outstanding 15,337,050 15,346,800 Average common shares outstanding - Basic 15,319,111 15,344,374 Diluted 15,628,012 15,652,621 Performance Ratios: Return on average assets 0.85 % 0.98 % Return on average equity 8.66 10.01 Net interest margin 3.38 3.44 Efficiency ratio 70.05 65.50 2010 Year- Q4 To-Date -- ------- Income Statement Data: Net interest income $69,532 Provision for loan losses 1,767 Securities transactions (14) Total noninterest income 32,970 Salaries and employee benefits 39,658 Total noninterest expense 69,406 Net income 20,345 Per Common Share Data: Net income- basic 1.33 Net income- diluted 1.30 Cash dividends declared 0.46 Common shares outstanding 15,346,800 Average common shares outstanding - Basic 15,331,812 Diluted 15,641,331 Performance Ratios: Return on average assets 0.92 % Return on average equity 9.34 Net interest margin 3.40 Efficiency ratio 67.71 2009 Q1 Q2 Q3 -- -- -- Income Statement Data: Net interest income $31,753 $32,546 $32,952 Provision for loan losses 3,365 4,851 998 Securities transactions 339 (37) 20 Total noninterest income 16,622 17,043 17,039 Salaries and employee benefits 20,117 19,896 19,938 Total noninterest expense 34,529 35,218 35,481 Net income 7,125 6,260 9,390 Per Common Share Data: Net income- basic 0.47 0.41 0.61 Net income- diluted 0.46 0.40 0.60 Cash dividends declared 0.22 0.22 0.23 Common shares outstanding 15,291,641 15,301,641 15,302,891 Average common shares outstanding - Basic 15,291,636 15,298,075 15,302,199 Diluted 15,579,090 15,604,279 15,585,955 Performance Ratios: Return on average assets 0.75 % 0.61 % 0.86 % Return on average equity 6.92 5.95 8.77 Net interest margin 3.69 3.44 3.27 Efficiency ratio 71.38 71.02 70.97 2009 Year- Q4 To-Date -- ------- Income Statement Data: Net interest income $34,070 $131,321 Provision for loan losses 1,175 10,389 Securities transactions 14 336 Total noninterest income 16,160 66,864 Salaries and employee benefits 19,068 79,019 Total noninterest expense 33,889 139,117 Net income 9,834 32,609 Per Common Share Data: Net income- basic 0.64 2.13 Net income- diluted 0.63 2.09 Cash dividends declared 0.23 0.90 Common shares outstanding 15,308,741 15,308,741 Average common shares outstanding - Basic 15,307,019 15,299,781 Diluted 15,600,964 15,593,789 Performance Ratios: Return on average assets 0.89 % 0.78 % Return on average equity 9.06 7.70 Net interest margin 3.35 3.42 Efficiency ratio 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 $4,628,022 Total loans 2,766,304 2,793,346 Allowance for loan losses (36,780) (37,002) Securities 430,586 580,317 Deposits 4,009,017 4,117,360 Stockholders' equity 436,901 445,592 Book value per common share 28.49 29.03 Tangible book value per common share 25.78 26.19 Balance Sheet Ratios: Average loans to deposits 70.05 % 68.89 % Average earning assets to total assets 92.62 92.76 Average stockholders' equity to average assets 9.86 9.77 Asset Quality Data: Past due loans $589 $1,911 Nonaccrual loans 37,801 38,328 Restructured loans 1,912 1,677 Total nonperforming and restructured loans 40,302 41,916 Other real estate owned and repossessed assets 10,272 9,748 Total nonperforming and restructured assets 50,574 51,664 Nonperforming and restructured loans to total loans 1.46 % 1.50 % Nonperforming and restructured assets to total assets 1.12 1.12 Allowance to total loans 1.33 1.32 Allowance to nonperforming and restructured loans 91.26 88.28 Net charge-offs to average loans 0.07 0.09 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 June 30, 2010 ------------- Interest Average Average Income/ Yield/ Balance Expense Rate ------- ------- ---- ASSETS Earning assets: Loans $2,774,473 $38,791 5.61 % Securities - taxable 411,214 2,994 2.92 Securities -tax exempt 34,699 477 5.51 Interest bearing deposits with banks 979,207 618 0.25 ------- --- Total earning assets 4,199,593 42,880 4.10 --------- ------ Nonearning assets: Cash and due from banks 107,270 Interest receivable and other assets 257,105 Allowance for loan losses (36,787) ------- Total nonearning assets 327,588 ------- Total assets $4,527,181 ========== LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $614,115 $362 0.24 % Savings deposits 1,364,794 3,007 0.88 Time deposits 834,506 3,102 1.49 Short-term borrowings 1,352 1 0.30 Notes payable 1,026 - - Junior subordinated debentures 26,804 494 7.39 ------ --- Total interest- bearing liabilities 2,842,597 6,966 0.98 --------- ----- Interest-free funds: Noninterest bearing deposits 1,214,005 Interest payable and other liabilities 28,078 Stockholders' equity 442,501 ------- Total interest free- funds 1,684,584 --------- Total liabilities $4,527,181 and stockholders' equity ========== Net interest income $35,914 ======= Net interest spread 3.12 % ===== Net interest margin 3.44 % ===== Six Months Ended June 30, 2010 ------------- Interest Average Average Income/ Yield/ Balance Expense Rate ------- ------- ---- ASSETS Earning assets: Loans $2,765,160 $76,233 5.56 % Securities - taxable 399,402 6,004 3.03 Securities -tax exempt 35,696 984 5.56 Interest bearing deposits with banks 948,032 1,192 0.25 ------- ----- Total earning assets 4,148,290 84,413 4.10 --------- ------ Nonearning assets: Cash and due from banks 108,507 Interest receivable and other assets 255,146 Allowance for loan losses (36,604) ------- Total nonearning assets 327,049 ------- Total assets $4,475,339 ========== LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $611,792 $729 0.24 % Savings deposits 1,345,942 6,080 0.91 Time deposits 846,744 6,586 1.57 Short-term borrowings 1,059 1 0.19 Notes payable 516 - - Junior subordinated debentures 26,804 983 7.40 ------ --- Total interest- bearing liabilities 2,832,857 14,379 1.02 --------- ------ Interest-free funds: Noninterest bearing deposits 1,176,357 Interest payable and other liabilities 26,908 Stockholders' equity 439,217 ------- Total interest free- funds 1,642,482 --------- Total liabilities $4,475,339 and stockholders' equity ========== Net interest income $70,034 ======= Net interest spread 3.08 % ===== Net interest margin 3.40 % =====
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BancFirst Corp.
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
Web Site: https://www.bancfirst.com/
