BANCFIRST CORPORATION 
By OKLAHOMA CITY, Jan. 19 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) reported net income of $9.8 million or $0.63 per diluted earnings per share for the fourth quarter and $32.6 million or $2.09 per diluted earnings per share for the year ended December 31, 2009. The results compare to $8.1 million or $0.52 per diluted earnings per share and $44.4 million or $2.85 per diluted earnings per share for the fourth quarter and year ended December 31, 2008, respectively.
For the fourth quarter of 2009, the Company's net interest income was $34.1 million, up slightly from $33.7 million in the fourth quarter a year ago. The Company's net interest margin decreased to 3.35% for the fourth quarter of 2009 compared to 3.85% in the same quarter a year ago. However, average earning assets increased to $4.1 billion up from $3.5 billion in the same period in 2008. The Company's loan loss provision was $1.2 million the fourth quarter compared to $3.1 million in the same period in 2008. Noninterest income totaled $16.2 million for the quarter virtually the same compared to the fourth quarter a year ago. Noninterest expense for the quarter was $33.9 million, down from $34.2 million in the fourth quarter of 2008.
At December 31, 2009, nonperforming loans equaled 1.13% of total assets up from 0.72% a year ago. Net charge-offs were 0.12% of loans for the fourth quarter and 0.30% for the year 2009, below industry peer levels. At year-end 2009, total assets of the Company reached $4.4 billion, an increase of $549 million over the prior year end. Loans totaled $2.7 billion, virtually unchanged from December 31, 2008, while deposits increased to $3.9 billion, up $551 million or 16.3% over the prior year. The Company's equity capital was $430.8 million or 9.8% of total assets.
On December 8, 2009, the Company completed the acquisition of First Jones Bancorporation and its subsidiary bank, First State Bank, Jones, Oklahoma. First State Bank has total assets of approximately $41 million. The bank will be merged into BancFirst in March 2010.
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 88 banking locations serving 44 communities across Oklahoma.
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)
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
2008
Q1 Q2 Q3
--- --- ---
Income Statement Data:
Net interest income $35,387 $34,774 $35,251
Provision for loan losses 1,780 3,539 2,270
Securities transactions 28 6,121 776
Total noninterest income 17,241 23,330 17,784
Salaries and employee
benefits 20,189 20,366 20,038
Total noninterest expense 32,928 33,596 34,307
Net income 11,594 13,737 10,958
Per Common Share Data:
Net income-basic 0.76 0.91 0.72
Net income-diluted 0.74 0.89 0.70
Cash dividends declared 0.20 0.20 0.22
Common shares outstanding 15,183,483 15,186,632 15,242,061
Average common shares
outstanding -
Basic 15,208,049 15,185,763 15,217,546
Diluted 15,562,570 15,548,687 15,589,215
Performance Ratios:
Return on average assets 1.26% 1.46% 1.13%
Return on average equity 12.24 14.14 11.04
Net interest margin 4.24 4.08 4.03
Efficiency ratio 62.57 57.82 64.69
2008
Year-
Q4 To-Date
--- -------
Income Statement Data:
Net interest income $33,695 $139,107
Provision for loan losses 3,087 10,676
Securities transactions 13 6,938
Total noninterest income 16,030 74,385
Salaries and employee
benefits 19,293 79,886
Total noninterest expense 34,175 135,006
Net income 8,069 44,358
Per Common Share Data:
Net income-basic 0.53 2.91
Net income-diluted 0.52 2.85
Cash dividends declared 0.22 0.84
Common shares outstanding 15,281,141 15,281,141
Average common shares
outstanding -
Basic 15,263,507 15,218,835
Diluted 15,606,950 15,578,463
Performance Ratios:
Return on average assets 0.84% 1.17%
Return on average equity 7.94 11.30
Net interest margin 3.85 4.05
Efficiency ratio 68.73 63.24
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share data - Unaudited)
2009
Q1 Q2
-- --
Balance Sheet Data:
Total assets $3,958,155 $4,269,325
Total loans 2,808,499 2,738,238
Allowance for loan losses (36,765) (39,334)
Securities 439,220 417,738
Deposits 3,471,518 3,782,822
Stockholders' equity 416,381 419,202
Book value per common share 27.23 27.40
Tangible book value per common share 24.51 24.69
Balance Sheet Ratios:
Average loans to deposits 83.29% 79.67 %
Average earning assets to total
assets 91.51 92.08
Average stockholders' equity to
average assets 10.85 10.52
Asset Quality Data:
Past due loans $867 $21,530
Nonaccrual loans 25,255 24,186
Restructured loans 353 1,115
Total nonperforming and restructured
loans 26,475 46,831
Other real estate owned and
repossessed assets 5,576 11,543
Total nonperforming and restructured
assets 32,051 58,374
Nonperforming and restructured loans
to total loans 0.94% 1.68 %
Nonperforming and restructured assets
to total assets 0.81 1.35
Allowance to total loans 1.31 1.44
Allowance to nonperforming and
restructured loans 138.87 83.99
Net charge-offs to average loans 0.13 0.33
2009
Q3 Q4
-- --
Balance Sheet Data:
Total assets $4,322,103 $4,416,209
Total loans 2,713,169 2,738,654
Allowance for loan losses (36,016) (36,383)
Securities 391,627 417,286
Deposits 3,831,823 3,929,016
Stockholders' equity 425,638 430,824
Book value per common share 27.81 28.14
Tangible book value per common share 25.12 25.41
Balance Sheet Ratios:
Average loans to deposits 70.39 % 69.54 %
Average earning assets to total
assets 92.97 93.01
Average stockholders' equity to
average assets 9.79 9.84
Asset Quality Data:
Past due loans $9,941 $853
Nonaccrual loans 37,319 37,133
Restructured loans 561 1,970
Total nonperforming and restructured
loans 47,821 39,956
Other real estate owned and
repossessed assets 10,587 9,881
Total nonperforming and restructured
assets 58,408 49,837
Nonperforming and restructured loans
to total loans 1.76 % 1.46 %
Nonperforming and restructured assets
to total assets 1.35 1.13
Allowance to total loans 1.33 1.33
Allowance to nonperforming and
restructured loans 75.31 91.06
Net charge-offs to average loans 0.63 0.12
2008
Q1 Q2
--- --
Balance Sheet Data:
Total assets $3,786,111 $3,842,364
Total loans 2,500,849 2,608,913
Allowance for loan losses (30,193) (33,512)
Securities 462,832 448,350
Deposits 3,302,103 3,369,912
Stockholders' equity 386,177 387,181
Book value per common share 25.43 25.49
Tangible book value per common share 22.65 22.73
Balance Sheet Ratios:
Average loans to deposits 76.91% 77.19 %
Average earning assets to total
assets 91.27 90.91
Average stockholders' equity to
average assets 10.27 10.30
Asset Quality Data:
Past due loans $643 $2,043
Nonaccrual loans 11,892 11,070
Restructured loans 864 833
Total nonperforming and restructured
loans 13,399 13,946
Other real estate owned and
repossessed assets 2,074 2,311
Total nonperforming and restructured
assets 15,473 16,257
Nonperforming and restructured loans
to total loans 0.54% 0.53 %
Nonperforming and restructured assets
to total assets 0.41 0.42
Allowance to total loans 1.21 1.28
Allowance to nonperforming and
restructured loans 225.34 240.30
Net charge-offs to average loans 0.12 0.03
2008
Q3 Q4
-- --
Balance Sheet Data:
Total assets $3,825,518 $3,867,204
Total loans 2,730,409 2,757,854
Allowance for loan losses (33,862) (34,290)
Securities 462,595 455,568
Deposits 3,361,233 3,377,608
Stockholders' equity 397,648 413,791
Book value per common share 26.09 27.08
Tangible book value per common share 23.35 24.34
Balance Sheet Ratios:
Average loans to deposits 78.85 % 82.23 %
Average earning assets to total
assets 91.10 91.63
Average stockholders' equity to
average assets 10.25 10.55
Asset Quality Data:
Past due loans $892 $1,346
Nonaccrual loans 20,229 21,359
Restructured loans 940 1,022
Total nonperforming and restructured
loans 22,061 23,727
Other real estate owned and
repossessed assets 3,423 3,997
Total nonperforming and restructured
assets 25,484 27,724
Nonperforming and restructured loans
to total loans 0.81 % 0.86 %
Nonperforming and restructured assets
to total assets 0.67 0.72
Allowance to total loans 1.24 1.24
Allowance to nonperforming and
restructured loans 153.50 144.52
Net charge-offs to average loans 0.28 0.38
BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended
December 31, 2009
-----------------
Interest Average
Average Income/ Yield/
Balance Expense Rate
------- ------- ----
ASSETS
Earning assets:
Loans $2,701,707 $38,381 5.64 %
Securities - taxable 355,631 3,079 3.43
Securities -tax exempt 35,861 507 5.61
Interest bearing
deposits with banks 967,586 643 0.26
------- ---
Total earning assets 4,060,785 42,610 4.16
--------- ------
Nonearning assets:
Cash and due from banks 108,219
Interest receivable and
other assets 232,811
Allowance for loan
losses (36,081)
-------
Total nonearning assets 304,949
-------
Total assets $4,365,734
==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing
liabilities:
Transaction deposits $528,816 $325 0.24 %
Savings deposits 1,351,087 3,359 0.99
Time deposits 877,225 4,101 1.85
Short-term borrowings 1,103 - -
Junior subordinated
debentures 26,804 493 7.30
------ ---
Total interest-bearing
liabilities 2,785,035 8,278 1.18
--------- -----
Interest-free funds:
Noninterest bearing
deposits 1,122,045
Interest payable and
other liabilities 28,155
Stockholders' equity 430,499
-------
Total interest free-
funds 1,580,699
---------
Total liabilities $4,365,734
and stockholders'
equity ==========
Net interest income $34,332
=======
Net interest spread 2.98 %
====
Net interest margin 3.35 %
====
Twelve Months Ended
December 31, 2009
-----------------
Interest Average
Average Income/ Yield/
Balance Expense Rate
------- ------- ----
ASSETS
Earning assets:
Loans $2,749,544 $153,059 5.57 %
Securities - taxable 379,702 13,436 3.54
Securities -tax exempt 38,081 2,151 5.65
Interest bearing
deposits with banks 695,167 2,241 0.32
------- -----
Total earning assets 3,862,494 170,887 4.42
--------- -------
Nonearning assets:
Cash and due from banks 113,207
Interest receivable and
other assets 233,885
Allowance for loan
losses (36,607)
-------
Total nonearning assets 310,485
-------
Total assets $4,172,979
==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing
liabilities:
Transaction deposits $518,914 $1,218 0.23 %
Savings deposits 1,228,697 15,513 1.26
Time deposits 885,403 19,777 2.23
Short-term borrowings 2,883 11 0.38
Junior subordinated
debentures 26,804 1,966 7.33
------ -----
Total interest-bearing
liabilities 2,662,701 38,485 1.45
--------- ------
Interest-free funds:
Noninterest bearing
deposits 1,054,291
Interest payable and
other liabilities 32,239
Stockholders' equity 423,748
-------
Total interest free-
funds 1,510,278
---------
Total liabilities $4,172,979
and stockholders'
equity ==========
Net interest income $132,402
========
Net interest spread 2.97 %
====
Net interest margin 3.42 %
====
SOURCE BancFirst
