-----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, M9KE96ca2IzzTDWkdef7SiTFnApMo3u2LIaA0Xtj4uUhyeziTh41zXYrGyee3zsO MHfJRbNp4nLqA3fiBVPYCw== 0000891092-04-004976.txt : 20041021 0000891092-04-004976.hdr.sgml : 20041021 20041021170250 ACCESSION NUMBER: 0000891092-04-004976 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041021 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20041021 DATE AS OF CHANGE: 20041021 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: 041090127 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 e19389_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) October 21, 2004 BANCFIRST CORPORATION --------------------- (Exact name of registrant as specified in its charter) OKLAHOMA 0-14384 73-1221379 -------- ------- ---------- (State or other jurisdiction of (Commission (I.R.S. Employer 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 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) Item 2.02. Results of Operations and Financial Condition. On October 21, 2004, BancFirst Corporation announced its results of operations for the quarter ended September 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: October 21, 2004 /s/ Randy P. Foraker ------------------------------ (Signature) Randy P. Foraker Executive Vice President Chief Risk Officer Assistant Secretary/Treasurer (Principal Accounting Officer) Exhibit Index Exhibit Number - -------------- 99.1 Press Release, dated October 21, 2004, issued by BancFirst Corporation. 2 EX-99.1 2 e19389ex991.txt PRESS RELEASE Exhibit 99.1 BancFirst Corporation Reports Record Earnings for the Third Quarter OKLAHOMA CITY, Oct. 21 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) today reported quarterly net income of $9.3 million or $1.17 diluted earnings per share for the quarter ended September 30, 2004. Boosted by stronger net interest income and increased noninterest income, the quarter's net earnings were 26.0% higher than the $7.4 million, or $0.93 diluted earnings per share reported for the third quarter of 2003. Net income for the first nine months of 2004 was $26.1 million, or $3.27 diluted earnings per share versus $24.1 million, or $3.02 diluted earnings per share for the same period in 2003, an 8.6% increase. (Logo: http://www.newscom.com/cgi-bin/prnh/20040818/BANFLOGO ) For the quarter ended September 30, 2004, net interest income was $29.8 million, a 10.5% increase over the $27.0 million reported for the third quarter of 2003. Higher net interest income resulted from both rising interest rate levels and increased loan volume. Noninterest income for the third quarter was $12.5 million compared to $11.5 million a year ago. The 8.6% increase was due primarily to growth in service charge income and fees from electronic banking products, including cash management and lockbox services. Noninterest expenses totaled $27.2 million, virtually unchanged from the same period in 2003. The Company's total assets at September 30, 2004 were $3.04 billion, up $216.7 million over September 30, 2003 driven largely by deposit growth of $179.3 million during the period. At September 30, 2004, loans totaled $2.04 billion, an increase of $235.0 million over a year ago. During the third quarter of 2004, loans grew $72.1 million. The provision for loan losses was $879,000, an increase of $355,000 over the same period in 2003. Asset quality remained strong as the quarter's loan provision was primarily the result of loan growth during the quarter. Stockholders' equity reached $270.5 million at September 30, 2004. BancFirst also announced that on October 8, 2004, it had acquired Wilcox & Jones, an independent insurance agency headquartered in Tulsa, Oklahoma. The agency was started in 1975 by Tom G. Wilcox and Dennis M. Jones, who will continue as executive management of the company. Wilcox & Jones represents many of the top insurance companies in the nation, specializing in commercial property and casualty insurance. 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 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 - Unaudited) 2004 Year- Q1 Q2 Q3 Q4 To-Date Income Statement Data: Net interest income $27,920 $28,331 $29,840 $86,091 Provision for loan losses 720 201 879 1,800 Securities transactions --- (148) 2 (146) Total noninterest income 11,702 12,742 12,453 36,896 Salaries and employee benefits 15,805 15,757 15,875 47,437 Total noninterest expense 26,191 27,557 27,234 80,982 Net income 8,191 8,638 9,313 26,141 Per Common Share Data: Net income-basic 1.05 1.10 1.19 3.34 Net income-diluted 1.03 1.08 1.17 3.27 Cash dividends declared 0.25 0.25 0.28 0.78 Common shares outstanding 7,830,040 7,825,923 7,830,008 7,830,008 Average common shares outstanding - Basic 7,825,530 7,834,040 7,827,370 7,828,974 Diluted 7,977,779 7,979,029 7,987,737 7,986,141 Performance Ratios: Return on average assets 1.10% 1.13% 1.22% 1.15% Return on average equity 12.19 13.21 13.92 13.10 Net interest margin 4.20 4.12 4.34 4.22 Efficiency ratio 66.10 67.09 64.39 65.85 2003 Year- Q1 Q2 Q3 Q4 To-Date Income Statement Data: Net interest income $26,740 $27,037 $27,006 $28,334 $109,117 Provision for loan losses 783 1,062 524 1,354 3,722 Securities transactions 616 2,462 --- 204 3,283 Total noninterest income 11,779 13,976 11,464 11,601 48,820 Salaries and employee benefits 14,015 14,366 14,552 14,393 57,326 Total noninterest expense 24,588 27,363 27,028 26,401 105,382 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 (Dollars in thousands, except per share data - Unaudited) 2004 Q1 Q2 Q3 Q4 Balance Sheet Data: Total assets $3,051,815 $3,034,783 $3,036,738 Total loans 1,940,883 1,963,888 2,036,025 Allowance for loan losses (26,403) (25,921) (25,568) Securities 581,059 570,423 558,465 Deposits 2,673,020 2,668,466 2,664,769 Stockholders' equity 263,563 260,960 270,528 Book value per common share 33.66 33.35 34.55 Tangible book value per common share 29.52 29.22 30.49 Balance Sheet Ratios: Average loans to deposits 74.06% 72.23% 75.29% Average earning assets to total assets 90.59 91.32 91.21 Average stockholders' equity to average assets 9.05 8.59 8.78 Asset Quality Data: Past due loans $2,266 $2,398 $1,699 Nonaccrual loans 13,663 8,368 8,399 Restructured loans 428 433 378 Total nonperforming and restructured loans 16,357 11,199 10,476 Other real estate owned and repossessed assets 3,796 3,675 3,167 Total nonperforming and restructured assets 20,153 14,874 13,643 Asset Quality Ratios: Nonperforming and restructured loans to total loans 0.84% 0.57% 0.51% Nonperforming and restructured assets to total assets 0.66 0.49 0.45 Allowance to total loans 1.36 1.32 1.26 Allowance to nonperforming and restructured loans 161.42 231.46 244.06 2003 Q1 Q2 Q3 Q4 Balance Sheet Data: Total assets $2,838,292 $2,848,332 $2,820,045 $2,921,369 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 640 503 480 415 Total nonperforming and restructured loans 17,521 15,780 16,117 16,470 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 20,409 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 140.94 158.45 154.43 158.76 BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited) Three Months Ended Nine Months Ended September 30, 2004 September 30, 2004 Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ASSETS Earning assets: Loans $1,999,693 $30,384 6.04% $1,959,779 $87,977 6.00% Securities - taxable 529,666 5,366 4.03 532,399 15,661 3.93 Securities - tax exempt 35,051 545 6.18 36,170 1,712 6.32 Federal funds sold 201,022 710 1.40 227,006 1,912 1.12 Total earning assets 2,765,432 37,005 5.32 2,755,354 107,262 5.20 Nonearning assets: Cash and due from banks 122,805 124,763 Interest receivable and other assets 169,405 172,370 Allowance for loan losses (25,851) (26,055) Total nonearning assets 266,359 271,078 Total assets $3,031,791 $3,026,432 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $425,729 $ 306 0.29% $431,913 $ 923 0.29% Savings deposits 750,742 2,070 1.10 752,730 6,033 1.07 Time deposits 699,633 3,140 1.79 725,284 9,579 1.76 Short-term borrowings 28,549 88 1.23 27,385 213 1.04 Long-term borrowings 8,203 130 6.29 9,069 428 6.30 Junior subordinated debentures 51,804 1,103 8.47 46,005 3,007 8.73 Total interest- bearing liabilities 1,964,660 6,837 1.38 1,992,386 20,183 1.35 Interest-free funds: Noninterest bearing deposits 779,736 743,600 Interest payable and other liabilities 21,170 23,959 Stockholders' equity 266,225 266,487 Total interest free-funds 1,067,131 1,034,046 Total liabilities and stockholders' equity $3,031,791 $3,026,432 Net interest income $30,168 $87,079 Net interest spread 3.94% 3.85% Net interest margin 4.34% 4.22% SOURCE BancFirst -0- 10/21/2004 /CONTACT: Joe T. Shockley, Chief Financial Officer, +1-405-270-1003, or David Rainbolt, Chief Executive Officer, +1-405-270-1002, both of BancFirst/ /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20040818/BANFLOGO PRN Photo Desk, photodesk@prnewswire.com / (BANF) CO: BancFirst Corporation ST: Oklahoma IN: FIN SU: ERN -----END PRIVACY-ENHANCED MESSAGE-----