-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GEZ9ShNKrQ+au15AtRSgaNOHj3L4dfQFXTKoGqHcRCPpVLql8PtTmvHynkEZRv2z JSG8Tmglup51vKHmFVUEAQ== 0000891092-04-003405.txt : 20040727 0000891092-04-003405.hdr.sgml : 20040727 20040722174455 ACCESSION NUMBER: 0000891092-04-003405 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040722 ITEM INFORMATION: FILED AS OF DATE: 20040723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANCFIRST CORP /OK/ CENTRAL INDEX KEY: 0000760498 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 731221379 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14384 FILM NUMBER: 04927236 BUSINESS ADDRESS: STREET 1: 101 N BROADWAY STE 200 CITY: OKLAHOMA CITY STATE: OK ZIP: 73102-8401 BUSINESS PHONE: 4052701000 MAIL ADDRESS: STREET 1: 101 NORTH BROADWAY STREET 2: STE 200 CITY: OKLAHOMA CITY STATE: OK ZIP: 73102-8401 FORMER COMPANY: FORMER CONFORMED NAME: UNITED COMMUNITY CORP DATE OF NAME CHANGE: 19890401 8-K 1 e18512_8k.txt FORM 8-K UNITED STATES U. S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 22, 2004 BANCFIRST CORPORATION --------------------- (Exact name of registrant as specified in its charter) OKLAHOMA 0-14384 73-1221379 -------- ------- ---------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 101 North Broadway, Oklahoma City, Oklahoma 73102 - ------------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (405) 270-1086 1 Item 12. Results of Operations and Financial Condition. On July 22, 2004, BancFirst Corporation announced its results of operations for the quarter ended June 30, 2004. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BANCFIRST CORPORATION (Registrant) Date: July 22, 2004 /s/ Randy P. Foraker ------------------------------ (Signature) Randy P. Foraker Executive Vice President Chief Risk Officer Assistant Secretary/Treasurer (Principal Accounting Officer) 2 Exhibit Index Exhibit Number - -------------- 99.1 Press Release, dated July 22, 2004, issued by BancFirst Corporation. 3 EX-99.1 2 e18512ex99-1.txt PRESS RELEASE Exhibit 99.1 BancFirst Corporation Reports Second Quarter Earnings OKLAHOMA CITY, July 22 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) today reported net income of $8.6 million for the second quarter of 2004, or $1.08 diluted earnings per share. The second quarter results reflect a 7.0% increase over 2003 second quarter earnings of $8.1 million, or $1.02 diluted earnings per share. Net income for the first six months of 2004 was $16.8 million, or $2.11 diluted earnings per share, compared to $16.7 million, or $2.09 diluted earnings per share for the same period in 2003. For the second quarter of 2004, net interest income totaled $28.3 million, which represents an increase of $1.29 million, or 4.8% over the second quarter of 2003. The increase in net interest income resulted from an increase in earning assets, primarily in loans, producing a positive volume variance that was partially offset by a negative rate variance. The provision for loan losses in the second quarter of 2004 was $201,000, down from $1.1 million in the second quarter of 2003. Additionally, net charge-offs for 2004 remained low at an annualized 0.12% of total loans, and nonperforming assets were $14.9 million, down $3.84 million from June 30, 2003. Noninterest income for the second quarter of 2004 was $12.7 million, a 10.7% increase over noninterest income for the same period in 2003, excluding securities gains in 2003 of $2.46 million. The increase for 2004 was in service charges on deposits, cash management and electronic banking services, and sales of insurance products to retail customers. Noninterest expense for the second quarter of 2004 was $27.6 million, which was slightly higher than the same period in 2003. The Company's total assets were $3.03 billion at June 30, 2004, up $186 million, or 6.5%, over June 30, 2003. Total loans were $1.96 billion at the end of the second quarter of 2004, an increase of $167 million over the same period a year ago, while deposits were $2.67 billion and stockholders' equity was $261 million. BancFirst Corporation is an Oklahoma based financial services holding company with over $3.0 billion in total assets. The Company's principal subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with 84 banking locations serving 43 communities throughout Oklahoma. This press release may include forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. 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 data) 2004 Year- Q1 Q2 Q3 Q4 To-Date Income Statement Data: Net interest income $ 27,920 $ 28,331 $ 56,251 Provision for loan losses 720 201 921 Securities transactions --- (148) (148) Total noninterest income 11,702 12,742 24,444 Salaries and employee benefits 15,805 15,757 31,562 Total noninterest expense 26,191 27,557 53,748 Net income 8,191 8,638 16,829 Per Common Share Data: Net income-basic 1.05 1.10 2.15 Net income-diluted 1.03 1.08 2.11 Cash dividends declared 0.25 0.25 0.50 Common shares outstanding 7,830,040 7,825,923 7,825,923 Average common shares outstanding - Basic 7,825,530 7,834,040 7,829,785 Diluted 7,977,779 7,979,029 7,978,632 Performance Ratios: Return on average assets 1.10% 1.13% 1.12% Return on average equity 12.19 13.21 12.69 Net interest margin 4.20 4.12 4.16 Efficiency ratio 66.10 67.09 66.61 2003 Q1 Q2 Q3 Q4 Year- To-Date Income Statement Data: Net interest income $ 26,740 $ 27,037 $ 27,006 $ 28,350 $ 109,132 Provision for loan losses 783 1,062 524 1,354 3,722 Securities transactions 617 2,462 --- 204 3,283 Total noninterest income 11,780 13,976 11,464 11,574 48,793 Salaries and employee benefits 14,015 14,366 14,552 14,393 57,326 Total noninterest expense 24,589 27,363 27,028 26,390 105,370 Net income 8,598 8,072 7,391 7,821 31,882 Per Common Share Data: Net income-basic 1.09 1.04 0.95 1.00 4.07 Net income-diluted 1.07 1.02 0.93 0.98 4.00 Cash dividends declared 0.22 0.22 0.25 0.25 0.94 Common shares outstanding 7,808,281 7,803,239 7,815,364 7,822,637 7,822,637 Average common shares outstanding - Basic 7,916,890 7,796,999 7,809,366 7,820,450 7,835,589 Diluted 8,026,820 7,935,549 7,956,424 7,976,872 7,972,875 Performance Ratios: Return on average assets 1.25% 1.13% 1.04% 1.07% 1.12% Return on average equity 13.92 13.12 11.73 12.21 12.74 Net interest margin 4.32 4.21 4.22 4.32 4.27 Efficiency ratio 63.83 66.72 70.26 67.70 66.72 BancFirst Corporation Summary Financial Information (Continued) 2004 Q1 Q2 Q3 Q4 Balance Sheet Data: Total assets $3,051,815 $3,034,783 Total loans 1,940,883 1,963,888 Allowance for loan losses (26,403) (25,921) Securities 581,059 570,423 Deposits 2,673,020 2,668,466 Stockholders' equity 263,563 260,960 Book value per common share 33.66 33.35 Tangible book value per common share 29.52 29.22 Balance Sheet Ratios: Average loans to deposits 74.06% 73.13% Average earning assets to total assets 90.59 90.95 Average stockholders' equity to average assets 9.05 8.82 Asset Quality Data: Past due loans $ 2,266 $ 2,398 Nonaccrual loans 13,663 8,368 Restructured loans 428 433 Total nonperforming and restructured loans 16,357 11,199 Other real estate owned and repossessed assets 3,796 3,675 Total nonperforming and restructured assets 20,153 14,874 Asset Quality Ratios: Nonperforming and restructured loans to total loans 0.84% 0.57% Nonperforming and restructured assets to total assets 0.66 0.49 Allowance to total loans 1.36 1.32 Allowance to nonperforming and restructured loans 161.42 231.46 2003 Q1 Q2 Q3 Q4 Balance Sheet Data: Total assets $ 2,838,292 $ 2,848,332 $ 2,820,045 $ 2,921,433 Total loans 1,819,602 1,797,364 1,801,010 1,947,223 Allowance for loan losses 24,694 25,004 24,890 26,148 Securities 545,991 530,644 525,520 564,735 Deposits 2,477,755 2,502,304 2,485,459 2,585,690 Stockholders' equity 242,574 249,314 250,932 255,372 Book value per common share 31.07 31.95 32.11 32.64 Tangible book value per common share 28.31 29.21 29.38 28.51 Balance Sheet Ratios: Average loans to deposits 75.12% 72.29% 72.60% 73.37% Average earning assets to total assets 91.13 91.43 91.21 91.19 Average stockholders' equity to average assets 8.96 8.65 8.87 8.78 Asset Quality Data: Past due loans $ 2,469 $ 1,521 $ 1,880 $ 2,674 Nonaccrual loans 14,412 13,756 13,757 13,381 Restructured loans 640 503 480 559 Total nonperforming and restructured loans 17,521 15,780 16,117 16,614 Other real estate owned and repossessed assets 3,254 2,934 2,696 3,939 Total nonperforming and restructured assets 20,775 18,714 18,813 20,553 Asset Quality Ratios: Nonperforming and restructured loans to total loans 0.96% 0.88% 0.89% 0.85% Nonperforming and restructured assets to total assets 0.73 0.66 0.67 0.70 Allowance to total loans 1.36 1.39 1.38 1.34 Allowance to nonperforming and restructured loans 140.94 158.45 154.43 157.39 BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands) Three Months Ended Six Months Ended June 30, 2004 June 30, 2004 Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ASSETS Earning assets: Loans $1,942,465 $28,914 5.99% $1,939,603 $57,593 5.97% Securities - taxable 540,034 5,213 3.88 533,780 10,295 3.88 Securities - tax exempt 35,955 566 6.33 36,735 1,167 6.39 Federal funds sold 276,935 695 1.01 240,140 1,202 1.01 Total earning assets 2,795,389 35,388 5.09 2,750,258 70,257 5.14 Nonearning assets: Cash and due from banks 124,410 125,753 Interest receivable and other assets 167,581 174,026 Allowance for loan losses (26,151) (26,159) Total nonearning assets 265,840 273,620 Total assets $3,061,229 $3,023,878 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $ 433,345 $ 301 0.28% $ 435,039 $ 617 0.29% Savings deposits 780,607 2,076 1.07 753,735 3,963 1.06 Time deposits 718,747 3,071 1.72 738,251 6,439 1.75 Short-term borrowings 24,291 45 0.75 26,796 125 0.94 Long-term borrowings 8,968 141 6.31 9,506 298 6.30 Junior subordinated debentures 51,803 1,103 8.56 43,229 1,904 8.86 Total interest-bearing liabilities 2,017,761 6,737 1.34 2,006,556 13,346 1.34 Interest-free funds: Noninterest bearing deposits 756,754 725,334 Interest payable and other liabilities 23,705 25,369 Stockholders' equity 263,009 266,619 Total interest free-funds 1,043,468 1,017,322 Total liabilities and stockholders' equity $3,061,229 $3,023,878 Net interest income $28,651 $56,911 Net interest spread 3.75% 3.80% Net interest margin 4.12% 4.16% SOURCE BancFirst -0- 07/22/2004 /CONTACT: Joe T. Shockley, Chief Financial Officer, +1-405-270-1003, or David Rainbolt, Chief Executive Officer, +1-405-270-1002, both of BancFirst/ (BANF) CO: BancFirst Corporation ST: Oklahoma IN: FIN SU: ERN -----END PRIVACY-ENHANCED MESSAGE-----