OKLAHOMA CITY, Oct. 18 /PRNewswire-FirstCall/ -- BancFirst Corporation reported net income of $11.8 million or $0.75 diluted earnings per share for the third quarter of 2010 compared to net income of $9.4 million or $0.60 diluted earnings per share for the same period in 2009. Net income for the first nine months of 2010 was $32.1 million, up $9.4 million or 41.1% over the $22.8 million of net income in the same period a year ago. Diluted earnings per share through September 30, 2010 were $2.05 compared to $1.46 for the first nine months of 2009.
The Company's net interest income for the quarter was $36.1 million, up $3.1 million from $33.0 million reported a year ago. The increase was attributable to the improvement in the net interest margin combined with the growth in the Company's earning assets. The Company's net interest margin for the quarter was 3.40% up from 3.27% a year ago. The Company's average earning assets were $4.2 billion an increase of $202 million compared to the third quarter in 2009. The loan loss provision for the quarter was $469,000, down from $998,000 a year ago. The Company's nonperforming assets decreased to 1.29% of total assets from 1.35% at September 30, 2009. Noninterest income was $18.2 million, a $1.2 million increase over the same period in 2009. The increase is primarily attributable to an increase in insurance commissions. Noninterest expense for the quarter was $35.4 million, down slightly from $35.5 million in the third quarter a year ago.
At September 30, 2010, the Company's total assets were $4.6 billion, up $277 million or 6.4% over September 30, 2009. Loans were $2.8 billion, up $43 million from September 30, 2009. Deposits increased $251 million to $4.1 billion at September 30, 2010. The Company's equity capital was $454 million, up $28 million or 6.6% over September 30, 2009. The Company's equity capital was strong at 9.9% of total assets at September 30, 2010.
On October 8, 2010, the Company announced it had completed the acquisition of Union National Bancshares, Inc., and its subsidiary bank, Union Bank of Chandler. The Company also has announced that it has entered into agreements to acquire Exchange Bancshares of Moore, Inc., and its subsidiary bank, Exchange National Bank of Moore, and OK Bancorporation, Inc., and its subsidiary bank, The Okemah National Bank. Both transactions are subject to regulatory approval and are expected to be completed in December 2010. These three transactions will add approximately $350 million in total assets, $174 million in loans and $287 million in deposits by year end.
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 Year- Q1 Q2 Q3 Q4 To-Date -- -- -- -- ------- Income Statement Data: Net interest income $33,862 $35,670 $36,072 $105,604 Provision for loan losses 896 871 469 2,236 Securities transactions 136 (150) 333 319 Total noninterest income 15,960 17,010 18,162 51,132 Salaries and employee benefits 19,948 19,710 20,692 60,350 Total noninterest expense 34,901 34,505 35,389 104,795 Net income 9,303 11,042 11,787 32,132 Per Common Share Data: Net income- basic 0.61 0.72 0.77 2.09 Net income- diluted 0.60 0.71 0.75 2.05 Cash dividends declared 0.23 0.23 0.25 0.71 Common shares outstanding 15,337,050 15,346,800 15,358,672 15,358,672 Average common shares outstanding - Basic 15,319,111 15,344,374 15,356,366 15,340,087 Diluted 15,628,012 15,652,621 15,645,086 15,642,554 Performance Ratios: Return on average assets 0.85% 0.98% 1.03% 0.95% Return on average equity 8.66 10.01 10.34 9.68 Net interest margin 3.38 3.44 3.40 3.40 Efficiency ratio 70.05 65.50 65.25 66.86 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 $4,628,022 $4,599,182 Total loans 2,766,304 2,793,346 2,756,118 Allowance for loan losses (36,780) (37,002) (35,681) Securities 430,586 580,317 579,839 Deposits 4,009,017 4,117,360 4,082,568 Stockholders' equity 436,901 445,592 453,869 Book value per common share 28.49 29.03 29.55 Tangible book value per common share 25.78 26.19 26.72 Balance Sheet Ratios: Average loans to deposits 70.05% 68.89% 68.70% Average earning assets to total assets 92.62 92.76 92.83 Average stockholders' equity to average assets 9.86 9.77 9.92 Asset Quality Data: Past due loans $589 $1,911 $563 Nonaccrual loans 37,801 38,328 25,684 Restructured loans 1,912 1,677 378 Total nonperforming and restructured loans 40,302 41,916 26,625 Other real estate owned and repossessed assets 10,272 9,748 21,499 Total nonperforming and restructured assets 50,574 51,664 48,124 Nonperforming and restructured loans to total loans 1.46% 1.50% 0.97% Nonperforming and restructured assets to total assets 1.12 1.12 1.05 Allowance to total loans 1.33 1.32 1.29 Allowance to nonperforming and restructured loans 91.26 88.28 134.01 Net charge-offs to average loans 0.07 0.09 0.26 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 September 30, 2010 ------------------ Interest Average Average Income/ Yield/ Balance Expense Rate ------- ------- ---- ASSETS Earning assets: Loans $2,780,674 $38,972 5.56% Securities - taxable 539,703 3,163 2.33 Securities -tax exempt 27,948 393 5.58 Interest bearing deposits with banks 884,429 553 0.25 ------- --- Total earning assets 4,232,754 43,081 4.04 --------- ------ Nonearning assets: Cash and due from banks 104,373 Interest receivable and other assets 259,274 Allowance for loan losses (36,853) ------- Total nonearning assets 326,794 ------- Total assets $4,559,548 ========== LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $596,290 $332 0.22% Savings deposits 1,422,735 3,031 0.85 Time deposits 811,634 2,945 1.44 Short-term borrowings 2,934 1 0.14 Junior subordinated debentures 26,804 491 7.27 ------ --- Total interest- bearing liabilities 2,860,397 6,800 0.94 --------- ----- Interest-free funds: Noninterest bearing deposits 1,217,088 Interest payable and other liabilities 29,873 Stockholders' equity 452,190 ------- Total interest free- funds 1,699,151 --------- Total liabilities $4,559,548 and stockholders' equity ========== Net interest income $36,281 ======= Net interest spread 3.10% ==== Net interest margin 3.40% ==== Nine Months Ended September 30, 2010 ------------------ Interest Average Average Income/ Yield/ Balance Expense Rate ------- ------- ---- ASSETS Earning assets: Loans $2,770,388 $115,205 5.56% Securities - taxable 446,683 9,167 2.74 Securities -tax exempt 33,085 1,376 5.56 Interest bearing deposits with banks 926,598 1,745 0.25 ------- ----- Total earning assets 4,176,754 127,493 4.08 --------- ------- Nonearning assets: Cash and due from banks 107,114 Interest receivable and other assets 256,538 Allowance for loan losses (36,688) ------- Total nonearning assets 326,964 ------- Total assets $4,503,718 ========== LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $606,568 $1,061 0.23% Savings deposits 1,371,821 9,112 0.89 Time deposits 834,912 9,530 1.53 Short-term borrowings 1,691 2 0.16 Junior subordinated debentures 26,804 1,474 7.35 ------ ----- Total interest- bearing liabilities 2,841,796 21,179 1.00 --------- ------ Interest-free funds: Noninterest bearing deposits 1,190,083 Interest payable and other liabilities 28,250 Stockholders' equity 443,589 ------- Total interest free- funds 1,661,922 --------- Total liabilities $4,503,718 and stockholders' equity ========== Net interest income $106,314 ======== Net interest spread 3.08% ==== Net interest margin 3.40% ====
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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
Web Site: http://www.bancfirst.com/
