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| 8-K - FORM 8-K - BANCFIRST CORP /OK/ | v357552_8k.htm |
BancFirst Corporation Reports Third Quarter Earnings
OKLAHOMA CITY, Oct. 17, 2013 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $14.5 million or $0.93 diluted earnings per share for the third quarter of 2013, compared to net income of $13.9 million or $0.90 diluted earnings per share for the third quarter of 2012. Net income for the first nine months of 2013 was $40.5 million or $2.61 diluted earnings per share, compared to $39.6 million or $2.57 diluted earnings per share, for the nine months ended September 30, 2012.
The Company's net interest income for the third quarter of 2013 was $40.7 million compared to $40.8 million for the third quarter of 2012. The net interest margin for the quarter was 3.01% versus 3.06% a year ago, as interest rates have remained at historically low levels. The Company's loan loss provision for the third quarter of 2013 was virtually zero, primarily due to reductions in adversely graded loans. Net charge-offs for the quarter were $110,000, compared to $411,000 for the same period a year ago. Noninterest income for the quarter totaled $23.7 million compared to $22.1 million for the third quarter of 2012. Noninterest expense was $43.3 million compared to $42.5 million a year ago.
At September 30, 2013, the Company's total assets were $5.9 billion compared to $6.0 billion at December 31, 2012. Loans totaled $3.4 billion, up $116.5 million over December 31, 2012. Deposits totaled $5.3 billion, down $131.4 million due to a temporary influx of deposits at year end 2012 and efforts by the Company to move certain commercial deposits into sweep accounts. The Company's total stockholders' equity was $546.0 million, an increase of $26.4 million or 5.1% over December 31, 2012.
Asset quality remained strong and was little changed from the previous quarters. Nonperforming and restructured assets edged down to 0.72% of total assets compared to 0.81% at December 31, 2012. The allowance to total loans was 1.16% compared to 1.19% at year end 2012.
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 92 banking locations serving 50 communities across Oklahoma. More information can be found at www.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) | ||||||||||
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| 2013 |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
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| 3rd Qtr |
| 2nd Qtr |
| 1st Qtr |
| 4th Qtr |
| 3rd Qtr |
|
Condensed Income Statements: |
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Net interest income | $ 40,712 |
| $ 40,630 |
| $ 40,256 |
| $ 42,297 |
| $ 40,832 |
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Provision for loan losses | (12) |
| 516 |
| 300 |
| 2,446 |
| 233 |
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Non-interest income: |
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Trust revenue | 2,122 |
| 2,015 |
| 1,906 |
| 1,858 |
| 1,927 |
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Service charges on deposits | 13,575 |
| 12,924 |
| 12,336 |
| 13,419 |
| 11,896 |
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Securities transactions | 90 |
| 129 |
| 122 |
| 272 |
| 385 |
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Income from sales of loans | 560 |
| 691 |
| 688 |
| 698 |
| 737 |
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Insurance commissions | 3,892 |
| 3,045 |
| 4,045 |
| 3,169 |
| 3,661 |
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Cash management | 1,620 |
| 1,626 |
| 1,423 |
| 1,092 |
| 1,971 |
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Other | 1,793 |
| 1,303 |
| 2,015 |
| 1,292 |
| 1,539 |
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Total noninterest income | 23,652 |
| 21,733 |
| 22,535 |
| 21,800 |
| 22,116 |
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Non-interest expense: |
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Salaries and employee benefits | 26,094 |
| 25,085 |
| 25,209 |
| 25,264 |
| 24,641 |
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Occupancy and fixed assets expense, net | 2,768 |
| 2,501 |
| 2,580 |
| 2,776 |
| 2,877 |
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Depreciation | 2,307 |
| 2,358 |
| 2,308 |
| 2,403 |
| 2,253 |
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Amortization of intangible assets | 424 |
| 424 |
| 443 |
| 456 |
| 457 |
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Data processing services | 1,173 |
| 1,229 |
| 1,185 |
| 1,173 |
| 1,208 |
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Net expense from other real estate owned | 105 |
| 643 |
| 122 |
| 178 |
| 200 |
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Marketing and business promotion | 1,668 |
| 1,456 |
| 1,507 |
| 1,995 |
| 1,998 |
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Deposit insurance | 750 |
| 742 |
| 743 |
| 761 |
| 745 |
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Other | 8,032 |
| 8,017 |
| 7,847 |
| 8,357 |
| 8,086 |
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Total noninterest expense | 43,321 |
| 42,455 |
| 41,944 |
| 43,363 |
| 42,465 |
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Income before income taxes | 21,055 |
| 19,392 |
| 20,547 |
| 18,288 |
| 20,250 |
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Income tax expense | 6,564 |
| 6,799 |
| 7,175 |
| 5,982 |
| 6,390 |
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Net income | $ 14,491 |
| $ 12,593 |
| $ 13,372 |
| $ 12,306 |
| $ 13,860 |
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Per Common Share Data: |
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Net income-basic | $ 0.94 |
| $ 0.83 |
| $ 0.88 |
| $ 0.81 |
| $ 0.91 |
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Net income-diluted | 0.93 |
| 0.82 |
| 0.86 |
| 0.79 |
| 0.90 |
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Cash dividends declared | 0.31 |
| 0.29 |
| 0.29 |
| 0.29 |
| 0.29 |
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Common shares outstanding | 15,298,035 |
| 15,255,864 |
| 15,228,277 |
| 15,242,308 |
| 15,200,468 |
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Average common shares outstanding - |
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Basic | 15,287,535 |
| 15,232,129 |
| 15,238,701 |
| 15,224,346 |
| 15,174,755 |
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Diluted | 15,594,881 |
| 15,479,749 |
| 15,482,517 |
| 15,482,222 |
| 15,447,395 |
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Performance Ratios: |
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Return on average assets | 0.99 | % | 0.88 | % | 0.94 | % | 0.83 | % | 0.96 | % |
Return on average equity | 10.62 |
| 9.48 |
| 10.31 |
| 9.47 |
| 10.86 |
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Net interest margin | 3.01 |
| 3.08 |
| 3.08 |
| 3.11 |
| 3.06 |
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Efficiency ratio | 67.31 |
| 68.08 |
| 66.80 |
| 67.65 |
| 67.46 |
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BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share and share data - Unaudited) | |||||
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| Nine months ended September 30, | |||
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| 2013 |
| 2012 |
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Condensed Income Statements: |
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Net interest income |
| $ 121,598 |
| $ 122,518 |
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Provision for loan losses |
| 804 |
| 654 |
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Non-interest income: |
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Trust revenue |
| 6,043 |
| 5,457 |
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Service charges on deposits |
| 38,835 |
| 33,534 |
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Securities transactions |
| 341 |
| 4,643 |
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Income from sales of loans |
| 1,939 |
| 2,075 |
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Insurance commissions |
| 10,982 |
| 9,457 |
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Cash management |
| 4,669 |
| 5,951 |
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Other |
| 5,111 |
| 4,800 |
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Total noninterest income |
| 67,920 |
| 65,917 |
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Non-interest expense: |
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Salaries and employee benefits |
| 76,388 |
| 74,271 |
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Occupancy and fixed assets expense, net |
| 7,849 |
| 7,800 |
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Depreciation |
| 6,973 |
| 6,610 |
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Amortization of intangible assets |
| 1,291 |
| 1,371 |
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Data processing services |
| 3,587 |
| 3,649 |
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Net expense from other real estate owned |
| 870 |
| 1,369 |
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Marketing and business promotion |
| 4,631 |
| 5,332 |
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Deposit insurance |
| 2,235 |
| 2,188 |
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Other |
| 23,896 |
| 24,475 |
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Total noninterest expense |
| 127,720 |
| 127,065 |
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Income before income taxes |
| 60,994 |
| 60,716 |
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Income tax expense |
| 20,538 |
| 21,122 |
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Net income |
| $ 40,456 |
| $ 39,594 |
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Per Common Share Data: |
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Net income-basic |
| $ 2.65 |
| $ 2.61 |
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Net income-diluted |
| 2.61 |
| 2.57 |
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Cash dividends declared |
| 0.89 |
| 0.83 |
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Common shares outstanding |
| 15,298,035 |
| 15,200,468 |
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Average common shares outstanding - |
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Basic |
| 15,252,967 |
| 15,174,755 |
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Diluted |
| 15,516,335 |
| 15,447,395 |
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Performance Ratios: |
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Return on average assets |
| 0.94 | % | 0.93 | % |
Return on average stockholders' equity |
| 10.14 |
| 10.59 |
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Net interest margin |
| 3.06 |
| 3.13 |
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Efficiency ratio |
| 67.39 |
| 67.43 |
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BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share data - Unaudited) | ||||||||||
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| 2013 |
| 2013 |
| 2013 |
| 2012 |
| 2012 |
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| 3rd Qtr |
| 2nd Qtr |
| 1st Qtr |
| 4th Qtr |
| 3rd Qtr |
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Balance Sheet Data: |
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Total assets | $ 5,926,730 |
| $ 5,749,666 |
| $ 5,773,926 |
| $ 6,022,250 |
| $ 5,836,751 |
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Total loans | 3,358,938 |
| 3,245,084 |
| 3,219,967 |
| 3,242,427 |
| 3,116,096 |
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Allowance for loan losses | (38,859) |
| (38,982) |
| (38,664) |
| (38,725) |
| (37,258) |
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Securities | 474,640 |
| 520,424 |
| 565,490 |
| 562,542 |
| 540,475 |
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Deposits | 5,309,464 |
| 5,150,411 |
| 5,174,512 |
| 5,440,830 |
| 5,253,505 |
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Stockholders' equity | 545,973 |
| 534,961 |
| 527,707 |
| 519,567 |
| 510,387 |
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Book value per common share | 35.69 |
| 35.07 |
| 34.65 |
| 34.09 |
| 33.58 |
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Tangible book value per common share | 32.08 |
| 31.42 |
| 30.97 |
| 30.37 |
| 29.82 |
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Balance Sheet Ratios: |
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Average loans to deposits | 63.13 | % | 62.89 | % | 62.27 | % | 60.71 | % | 59.99 | % |
Average earning assets to total assets | 92.51 |
| 92.65 |
| 92.79 |
| 92.95 |
| 92.85 |
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Average stockholders' equity to average assets | 9.29 |
| 9.28 |
| 9.14 |
| 8.81 |
| 8.83 |
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Asset Quality Data: |
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Past due loans | $ 1,266 |
| $ 850 |
| $ 542 |
| $ 539 |
| $ 731 |
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Nonaccrual loans | 15,094 |
| 18,946 |
| 20,933 |
| 20,549 |
| 22,101 |
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Restructured loans | 18,028 |
| 17,903 |
| 17,792 |
| 17,866 |
| 17,784 |
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Total nonperforming and restructured loans | 34,388 |
| 37,699 |
| 39,267 |
| 38,954 |
| 40,616 |
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Other real estate owned and repossessed assets | 8,428 |
| 8,503 |
| 9,424 |
| 9,567 |
| 9,796 |
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Total nonperforming and restructured assets | 42,816 |
| 46,202 |
| 48,691 |
| 48,521 |
| 50,412 |
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Nonperforming and restructured loans to total loans | 1.02 | % | 1.16 | % | 1.22 | % | 1.20 | % | 1.30 | % |
Nonperforming and restructured assets to total assets | 0.72 |
| 0.80 |
| 0.84 |
| 0.81 |
| 0.86 |
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Allowance to total loans | 1.16 |
| 1.20 |
| 1.20 |
| 1.19 |
| 1.20 |
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Allowance to nonperforming and restructured loans | 113.00 |
| 103.40 |
| 98.47 |
| 99.41 |
| 91.73 |
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Net charge-offs to average loans | 0.00 |
| 0.01 |
| 0.01 |
| 0.03 |
| 0.01 |
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BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited) | ||||||||||||||
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| Three Months Ended |
| Nine Months Ended |
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| September 30, 2013 |
| September 30, 2013 |
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| Interest |
| Average |
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| Interest |
| Average |
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| Average |
| Income/ |
| Yield/ |
| Average |
| Income/ |
| Yield/ |
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| Balance |
| Expense |
| Rate |
| Balance |
| Expense |
| Rate |
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ASSETS |
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Earning assets: |
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Loans | $ 3,297,360 |
| $ 41,766 |
| 5.03% |
| $ 3,251,226 |
| $ 124,589 |
| 5.12% |
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Securities – taxable | 453,614 |
| 1,097 |
| 0.96 |
| 497,410 |
| 3,745 |
| 1.01 |
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Securities – tax exempt | 40,549 |
| 438 |
| 4.28 |
| 42,769 |
| 1,452 |
| 4.54 |
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Interest bearing deposits with banks | 1,601,947 |
| 1,031 |
| 0.26 |
| 1,560,303 |
| 2,980 |
| 0.26 |
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Total earning assets | 5,393,470 |
| 44,332 |
| 3.26 |
| 5,351,708 |
| 132,766 |
| 3.32 |
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Nonearning assets: |
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Cash and due from banks | 173,030 |
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| 156,353 |
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Interest receivable and other assets | 302,772 |
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| 307,092 |
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Allowance for loan losses | (39,284) |
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| (38,904) |
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Total nonearning assets | 436,518 |
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| 424,541 |
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Total assets | $ 5,829,988 |
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| $ 5,776,249 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Interest-bearing liabilities: |
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Transaction deposits | $ 629,765 |
| $ 155 |
| 0.10% |
| $ 654,217 |
| $ 486 |
| 0.10% |
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Savings deposits | 1,838,186 |
| 1,051 |
| 0.23 |
| 1,803,802 |
| 3,143 |
| 0.23 |
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Time deposits | 790,106 |
| 1,643 |
| 0.82 |
| 806,530 |
| 5,149 |
| 0.85 |
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Short-term borrowings | 4,921 |
| 1 |
| 0.05 |
| 4,554 |
| 4 |
| 0.13 |
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Long-term borrowings | 9,584 |
| 52 |
| 2.16 |
| 9,707 |
| 176 |
| 2.42 |
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Junior subordinated debentures | 26,804 |
| 492 |
| 7.29 |
| 26,804 |
| 1,474 |
| 7.35 |
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Total interest-bearing liabilities | 3,299,366 |
| 3,394 |
| 0.41 |
| 3,305,614 |
| 10,432 |
| 0.42 |
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Interest-free funds: |
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Noninterest bearing deposits | 1,965,052 |
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| 1,915,265 |
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Interest payable and other liabilities | 24,107 |
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| 21,884 |
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Stockholders' equity | 541,463 |
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| 533,486 |
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Total interest free-funds | 2,530,622 |
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| 2,470,635 |
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Total liabilities and stockholders' equity | $ 5,829,988 |
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| $ 5,776,249 |
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Net interest income |
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| $ 40,938 |
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| $ 122,334 |
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Net interest spread |
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| 2.85% |
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| 2.90% |
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Effect of interest free funds |
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| 0.16% |
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| 0.16% |
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Net interest margin |
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| 3.01% |
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| 3.06% |
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CONTACT: Randy Foraker, Interim Chief Financial Officer (405) 270-1044 or David Rainbolt, Chief Executive Officer (405) 270-1002