SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2003
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 0-14384
BancFirst Corporation
(Exact name of registrant as specified in charter)
| Oklahoma |
73-1221379 | |
| (State or other Jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
101 N. Broadway, Oklahoma City, Oklahoma
73102-8401
(Address of principal executive offices)
(Zip Code)
(405) 270-1086
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨.
As of April 30, 2003 there were 7,786,719 shares of the registrant’s Common Stock outstanding.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
BANCFIRST CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
| March 31, |
December 31, 2002 |
|||||||||||
| 2003 |
2002 |
|||||||||||
| ASSETS |
||||||||||||
| Cash and due from banks |
$ |
143,843 |
|
$ |
122,493 |
|
$ |
152,239 |
| |||
| Interest-bearing deposits with banks |
|
10,037 |
|
|
12,692 |
|
|
8,866 |
| |||
| Federal funds sold |
|
193,000 |
|
|
182,000 |
|
|
134,000 |
| |||
| Securities (market value: $548,322, $561,138, and $567,717, respectively) |
|
545,991 |
|
|
559,513 |
|
|
565,225 |
| |||
| Loans: |
||||||||||||
| Total loans (net of unearned interest) |
|
1,819,602 |
|
|
1,745,173 |
|
|
1,814,862 |
| |||
| Allowance for loan losses |
|
(24,694 |
) |
|
(24,058 |
) |
|
(24,367 |
) | |||
| Loans, net |
|
1,794,908 |
|
|
1,721,115 |
|
|
1,790,495 |
| |||
| Premises and equipment, net |
|
59,881 |
|
|
62,395 |
|
|
60,281 |
| |||
| Other real estate owned |
|
2,800 |
|
|
3,198 |
|
|
2,345 |
| |||
| Intangible assets, net |
|
1,306 |
|
|
1,781 |
|
|
1,425 |
| |||
| Goodwill |
|
20,235 |
|
|
20,235 |
|
|
20,235 |
| |||
| Accrued interest receivable |
|
19,264 |
|
|
22,778 |
|
|
21,526 |
| |||
| Other assets |
|
47,027 |
|
|
40,682 |
|
|
40,225 |
| |||
| Total assets |
$ |
2,838,292 |
|
$ |
2,748,882 |
|
$ |
2,796,862 |
| |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
| Deposits: |
||||||||||||
| Noninterest-bearing |
$ |
625,978 |
|
$ |
570,369 |
|
$ |
610,511 |
| |||
| Interest-bearing |
|
1,851,777 |
|
|
1,807,732 |
|
|
1,818,137 |
| |||
| Total deposits |
|
2,477,755 |
|
|
2,378,101 |
|
|
2,428,648 |
| |||
| Short-term borrowings |
|
25,002 |
|
|
57,541 |
|
|
24,443 |
| |||
| Long-term borrowings |
|
32,480 |
|
|
33,967 |
|
|
34,087 |
| |||
| 9.65% Capital Securities |
|
25,000 |
|
|
25,000 |
|
|
25,000 |
| |||
| Accrued interest payable |
|
4,139 |
|
|
6,398 |
|
|
5,611 |
| |||
| Other liabilities |
|
29,043 |
|
|
23,364 |
|
|
25,317 |
| |||
| Minority interest |
|
2,299 |
|
|
2,140 |
|
|
2,248 |
| |||
| Total liabilities |
|
2,595,718 |
|
|
2,526,511 |
|
|
2,545,354 |
| |||
| Commitments and contingent liabilities |
||||||||||||
| Stockholders’ equity: |
||||||||||||
| Common stock, $1.00 par (shares issued: 7,808,281, 8,157,741 and 8,136,852, respectively) |
|
7,807 |
|
|
8,158 |
|
|
8,137 |
| |||
| Capital surplus |
|
59,241 |
|
|
57,461 |
|
|
59,232 |
| |||
| Retained earnings |
|
160,590 |
|
|
151,086 |
|
|
168,240 |
| |||
| Accumulated other comprehensive income, net of income tax of $7,371, $2,586 and $8,384, respectively |
|
14,936 |
|
|
5,666 |
|
|
15,899 |
| |||
| Total stockholders’ equity |
|
242,574 |
|
|
222,371 |
|
|
251,508 |
| |||
| Total liabilities and stockholders’ equity |
$ |
2,838,292 |
|
$ |
2,748,882 |
|
$ |
2,796,862 |
| |||
The accompanying notes are an integral part of these consolidated financial statements.
2
BANCFIRST CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(Dollars in thousands, except per share data)
| Three Months Ended March 31, |
||||||||
| 2003 |
2002 |
|||||||
| INTEREST INCOME |
||||||||
| Loans, including fees |
$ |
29,181 |
|
$ |
31,906 |
| ||
| Securities: |
||||||||
| Taxable |
|
6,146 |
|
|
7,059 |
| ||
| Tax-exempt |
|
431 |
|
|
505 |
| ||
| Federal funds sold |
|
445 |
|
|
607 |
| ||
| Interest-bearing deposits with banks |
|
17 |
|
|
63 |
| ||
| Total interest income |
|
36,220 |
|
|
40,140 |
| ||
| INTEREST EXPENSE |
||||||||
| Deposits |
|
8,331 |
|
|
12,174 |
| ||
| Short-term borrowings |
|
68 |
|
|
161 |
| ||
| Long-term borrowings |
|
469 |
|
|
434 |
| ||
| 9.65% Capital Securities |
|
612 |
|
|
612 |
| ||
| Total interest expense |
|
9,480 |
|
|
13,381 |
| ||
| Net interest income |
|
26,740 |
|
|
26,759 |
| ||
| Provision for loan losses |
|
783 |
|
|
964 |
| ||
| Net interest income after provision for loan losses |
|
25,957 |
|
|
25,795 |
| ||
| NONINTEREST INCOME |
||||||||
| Trust revenue |
|
1,049 |
|
|
1,059 |
| ||
| Service charges on deposits |
|
6,064 |
|
|
5,345 |
| ||
| Securities transactions |
|
616 |
|
|
— |
| ||
| Income from sales of loans |
|
402 |
|
|
221 |
| ||
| Other |
|
3,648 |
|
|
3,404 |
| ||
| Total noninterest income |
|
11,779 |
|
|
10,029 |
| ||
| NONINTEREST EXPENSE |
||||||||
| Salaries and employee benefits |
|
14,015 |
|
|
13,905 |
| ||
| Occupancy and fixed assets expense, net |
|
1,414 |
|
|
1,350 |
| ||
| Depreciation |
|
1,235 |
|
|
1,254 |
| ||
| Amortization of intangible assets |
|
146 |
|
|
161 |
| ||
| Data processing services |
|
552 |
|
|
514 |
| ||
| Net (income) expense from other real estate owned |
|
(24 |
) |
|
64 |
| ||
| Other |
|
7,250 |
|
|
6,381 |
| ||
| Total noninterest expense |
|
24,588 |
|
|
23,629 |
| ||
| Income before taxes |
|
13,148 |
|
|
12,195 |
| ||