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| 8-K - FORM 8-K - BANCFIRST CORP /OK/ | v375161_8k.htm |
BancFirst Corporation Reports First Quarter Earnings
OKLAHOMA CITY, April 17, 2014 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $14.7 million, or $0.94 diluted earnings per share, for the first quarter of 2014 compared to net income of $13.4 million, or $0.86 diluted earnings per share, for the first quarter of 2013.
The Company's net interest income for the first quarter of 2014 increased to $42.0 million compared to $40.3 million for the first quarter of 2013, due to higher volume of earning assets. The net interest margin for the quarter was 2.98% compared to 3.08% a year ago, as interest rates have remained at historically low levels. The provision for loan losses for the first quarter of 2014 increased to $1.2 million compared to $300,000 a year ago, primarily due to loan growth during the quarter. Net charge-offs for the quarter were only 0.01% of average loans, which was the same as for the first quarter of 2013. Noninterest income for the quarter totaled $23.6 million, compared to $22.5 million last year. Noninterest expense for the quarter totaled $43.8 million compared to $41.9 million last year. During the first quarter of 2014, increases in salaries and benefits, primarily due to the impact of standard annual merit increases, were substantially offset by lower than anticipated health care costs of approximately $950,000. The Company's effective tax rate decreased to 28.6% compared to 34.9% for the first quarter of 2013, due primarily to the recognition of state deferred tax benefits.
At March 31, 2014, the Company's total assets were $6.4 billion, up $336.1 million, or 5.6%, from $6.0 billion at December 31, 2013. Securities increased $59.4 million to a total of $587 million. Loans totaled $3.5 billion, up $155.1 million from December 31, 2013. Deposits totaled $5.7 billion, up $318.3 million. The Company's total stockholders' equity was $568.1 million, an increase of $11.1 million, or 2.0%, over December 31, 2013.
Asset quality remained strong and was little changed from the previous quarters. Nonperforming and restructured assets were 0.69% of total assets, consistent with December 31, 2013. The allowance to total loans was 1.13% compared to 1.15% at year end 2013.
On January 24, 2014, BancFirst, a wholly-owned subsidiary of BancFirst Corporation, assumed all of the deposits and purchased certain assets of The Bank of Union, El Reno, Oklahoma ("The Bank of Union"). The Bank of Union was closed on that day by the Oklahoma State Banking Department. At March 31, 2014, the acquired bank had approximately $98 million of loans, the majority of which are classified as performing, and deposits of approximately $231 million.
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 95 banking locations serving 52 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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| 2014 |
| 2013 |
| 2013 |
| 2013 |
| 2013 |
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| 1st Qtr |
| 4th Qtr |
| 3rd Qtr |
| 2nd Qtr |
| 1st Qtr |
Condensed Income Statements: |
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Net interest income | $ 42,029 |
| $ 41,921 |
| $ 40,712 |
| $ 40,630 |
| $ 40,256 |
Provision for loan losses | 1,218 |
| 454 |
| (12) |
| 516 |
| 300 |
Non-interest income: |
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Trust revenue | 2,151 |
| 2,029 |
| 2,122 |
| 2,015 |
| 1,906 |
Service charges on deposits | 13,458 |
| 13,615 |
| 13,575 |
| 12,924 |
| 12,336 |
Securities transactions | 450 |
| 79 |
| 90 |
| 129 |
| 122 |
Income from sales of loans | 351 |
| 367 |
| 560 |
| 691 |
| 688 |
Insurance commissions | 3,966 |
| 3,112 |
| 3,892 |
| 3,045 |
| 4,045 |
Cash management | 1,585 |
| 1,581 |
| 1,620 |
| 1,626 |
| 1,423 |
Other | 1,601 |
| 1,452 |
| 1,793 |
| 1,303 |
| 2,015 |
Total noninterest income | 23,562 |
| 22,235 |
| 23,652 |
| 21,733 |
| 22,535 |
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Non-interest expense: |
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Salaries and employee benefits | 25,938 |
| 25,777 |
| 26,094 |
| 25,085 |
| 25,209 |
Occupancy and fixed assets expense, net | 2,789 |
| 2,786 |
| 2,768 |
| 2,501 |
| 2,580 |
Depreciation | 2,349 |
| 2,439 |
| 2,307 |
| 2,358 |
| 2,308 |
Amortization of intangible assets | 408 |
| 374 |
| 424 |
| 424 |
| 443 |
Data processing services | 1,170 |
| 1,198 |
| 1,173 |
| 1,229 |
| 1,185 |
Net expense from other real estate owned | 550 |
| (436) |
| 105 |
| 643 |
| 122 |
Marketing and business promotion | 1,716 |
| 2,021 |
| 1,668 |
| 1,456 |
| 1,507 |
Deposit insurance | 773 |
| 768 |
| 750 |
| 742 |
| 743 |
Other | 8,143 |
| 8,927 |
| 8,032 |
| 8,017 |
| 7,847 |
Total noninterest expense | 43,836 |
| 43,854 |
| 43,321 |
| 42,455 |
| 41,944 |
Income before income taxes | 20,537 |
| 19,848 |
| 21,055 |
| 19,392 |
| 20,547 |
Income tax expense | 5,880 |
| 5,987 |
| 6,564 |
| 6,799 |
| 7,175 |
Net income | 14,657 |
| $ 13,861 |
| $ 14,491 |
| $ 12,593 |
| 13,372 |
Per Common Share Data: |
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Net income-basic | $ 0.96 |
| $ 0.91 |
| $ 0.94 |
| $ 0.83 |
| $ 0.88 |
Net income-diluted | 0.94 |
| 0.88 |
| 0.93 |
| 0.82 |
| 0.86 |
Cash dividends declared | 0.31 |
| 0.31 |
| 0.31 |
| 0.29 |
| 0.29 |
Common shares outstanding | 15,363,728 |
| 15,333,622 |
| 15,298,035 |
| 15,255,864 |
| 15,228,277 |
Average common shares outstanding - |
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Basic | 15,342,486 |
| 15,315,951 |
| 15,287,535 |
| 15,232,129 |
| 15,238,701 |
Diluted | 15,660,921 |
| 15,640,433 |
| 15,594,881 |
| 15,479,749 |
| 15,482,517 |
Performance Ratios: |
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Return on average assets | 0.96% |
| 0.91% |
| 0.99% |
| 0.88% |
| 0.94% |
Return on average equity | 10.51 |
| 9.93 |
| 10.62 |
| 9.48 |
| 10.31 |
Net interest margin | 2.98 |
| 3.00 |
| 3.01 |
| 3.08 |
| 3.08 |
Efficiency ratio | 66.83 |
| 68.35 |
| 67.31 |
| 68.08 |
| 66.80 |
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BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share data - Unaudited) | |||||||||
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| 2014 |
| 2013 |
| 2013 |
| 2013 |
| 2013 |
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| 1st Qtr |
| 4th Qtr |
| 3rd Qtr |
| 2nd Qtr |
| 1st Qtr |
Balance Sheet Data: |
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Total assets | $ 6,375,041 |
| $ 6,038,974 |
| $ 5,926,730 |
| $ 5,749,666 |
| $ 5,773,926 |
Interest-bearing deposits with banks | 1,737,559 |
| 1,660,988 |
| 1,622,619 |
| 1,528,505 |
| 1,585,736 |
Securities | 587,018 |
| 527,627 |
| 474,640 |
| 520,424 |
| 565,490 |
Total loans | 3,542,270 |
| 3,387,146 |
| 3,358,938 |
| 3,245,084 |
| 3,219,967 |
Allowance for loan losses | (39,924) |
| (39,034) |
| (38,859) |
| (38,982) |
| (38,664) |
Deposits | 5,737,850 |
| 5,419,519 |
| 5,309,464 |
| 5,150,411 |
| 5,174,512 |
Stockholders' equity | 568,112 |
| 556,997 |
| 545,973 |
| 534,961 |
| 527,707 |
Book value per common share | 36.98 |
| 36.33 |
| 35.69 |
| 35.07 |
| 34.65 |
Tangible book value per common share | 33.29 |
| 32.75 |
| 32.08 |
| 31.42 |
| 30.97 |
Balance Sheet Ratios: |
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Average loans to deposits | 62.46% |
| 62.48% |
| 63.13% |
| 62.89% |
| 62.27% |
Average earning assets to total assets | 92.46 |
| 92.63 |
| 92.51 |
| 92.65 |
| 92.79 |
Average stockholders' equity to average assets | 9.10 |
| 9.21 |
| 9.29 |
| 9.28 |
| 9.14 |
Asset Quality Data: |
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Past due loans | $ 910 |
| $ 1,179 |
| $ 1,266 |
| $ 850 |
| $ 542 |
Nonaccrual loans | 17,753 |
| 14,390 |
| 15,094 |
| 18,946 |
| 20,933 |
Restructured loans | 17,468 |
| 17,624 |
| 18,028 |
| 17,903 |
| 17,792 |
Total nonperforming and restructured loans | 36,131 |
| 33,193 |
| 34,388 |
| 37,699 |
| 39,267 |
Other real estate owned and repossessed assets | 7,590 |
| 8,386 |
| 8,428 |
| 8,503 |
| 9,424 |
Total nonperforming and restructured assets | 43,721 |
| 41,579 |
| 42,816 |
| 46,202 |
| 48,691 |
Nonperforming and restructured loans to total loans | 1.02% |
| 0.98% |
| 1.02% |
| 1.16% |
| 1.22% |
Nonperforming and restructured assets to total assets | 0.69 |
| 0.69 |
| 0.72 |
| 0.80 |
| 0.84 |
Allowance to total loans | 1.13 |
| 1.15 |
| 1.16 |
| 1.20 |
| 1.20 |
Allowance to nonperforming and restructured loans | 110.50 |
| 117.60 |
| 113.00 |
| 103.40 |
| 98.47 |
Net charge-offs to average loans | 0.01 |
| 0.01 |
| 0.00 |
| 0.01 |
| 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 | ||||
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| March 31, 2014 | ||||
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| Average |
| Income/ |
| Yield/ |
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| Balance |
| Expense |
| Rate |
ASSETS |
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Earning assets: |
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Loans |
| $ 3,481,988 |
| $ 42,714 |
| 4.97% |
Securities – taxable |
| 484,900 |
| 1,305 |
| 1.09 |
Securities – tax exempt |
| 41,206 |
| 430 |
| 4.23 |
Interest bearing deposits with banks |
| 1,739,671 |
| 1,095 |
| 0.26 |
Total earning assets |
| 5,747,765 |
| 45,544 |
| 3.21 |
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Nonearning assets: |
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Cash and due from banks |
| 200,176 |
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Interest receivable and other assets |
| 307,983 |
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Allowance for loan losses |
| (39,257) |
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Total nonearning assets |
| 468,902 |
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Total assets |
| $ 6,216,667 |
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LIABILITIES AND |
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STOCKHOLDERS' EQUITY |
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Interest-bearing liabilities: |
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Transaction deposits |
| $ 760,342 |
| $ 198 |
| 0.11% |
Savings deposits |
| 1,957,007 |
| 1,103 |
| 0.23 |
Time deposits |
| 801,054 |
| 1,488 |
| 0.75 |
Short-term borrowings |
| 5,487 |
| 2 |
| 0.13 |
Long-term borrowings |
| 5,309 |
| 18 |
| 1.36 |
Junior subordinated debentures |
| 26,804 |
| 491 |
| 7.43 |
Total interest-bearing liabilities |
| 3,556,003 |
| 3,300 |
| 0.38 |
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Interest-free funds: |
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Noninterest bearing deposits |
| 2,056,512 |
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Interest payable and other liabilities |
| 38,522 |
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Stockholders' equity |
| 565,630 |
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Total interest free-funds |
| 2,660,664 |
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Total liabilities and stockholders' equity |
| $ 6,216,667 |
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Net interest income |
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| $ 42,244 |
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Net interest spread |
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| 2.83% |
Effect of interest free funds |
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| 0.15% |
Net interest margin |
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| 2.98% |
CONTACT: Randy Foraker, Interim Chief Financial Officer, (405) 270-1044; or David Rainbolt, Chief Executive Officer, BancFirst Corporation, (405) 270-1002