-----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, M/2ZGYtZ7pZCFuKFUZyMw0NRkqSYZr3eM3K4nfSXyZujn0fmJ5Q+VfWerwSOs9YT 9ROLKC+5uNNs3w/91Y9tfw== 0001144204-08-023157.txt : 20080418 0001144204-08-023157.hdr.sgml : 20080418 20080418130848 ACCESSION NUMBER: 0001144204-08-023157 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080418 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080418 DATE AS OF CHANGE: 20080418 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: 08764041 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 v111115_8k.txt UNITED STATES 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) April 18, 2008 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 ____________________________________________________________________ (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 (see General Instruction A.2. below): |_| 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 240.13e-4(c)) Results of Operations and Financial Condition, Financial Statements and Exhibits Item 2.02. Results of Operations and Financial Condition. BancFirst Corporation Reports First Quarter Earnings On April 18, 2008, BancFirst Corporation announced its results of operations for the quarter ended March 31, 2008. 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. Item 9.01. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description - ----------- ------------------------------------------------------------------- 99.1 Press Release, dated April 18, 2008, issued by BancFirst Corporation titled "BancFirst Corporation Reports First Quarter Earnings." SIGNATURES Pursuant to the requirements of the Securities 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: April 18, 2008 /s/ Joe T. Shockley, Jr. ---------------------------------------- (Signature) Joe T. Shockley, Jr. Executive Vice President Chief Financial Officer EX-99.1 2 v111115_ex99-1.txt BancFirst Corporation 101 NORTH BROADWAY OKLAHOMA CITY, OKLAHOMA 73102 PRESS RELEASE For Immediate Release: Friday, April 18, 2008 For further information call Joe T. Shockley Jr., Chief Financial Officer (405) 270-1003 or David Rainbolt, Chief Executive Officer at (405) 270-1002 BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS BancFirst Corporation (NASDAQ GSM:BANF) reported net income of $11.6 million or $0.74 diluted earnings per share for the first quarter compared to $11.1 million or $0.69 diluted earnings per share for the same period in 2007. During the first quarter of 2008, the Company recognized a $1.2 million after-tax gain related to the Visa initial public offering. The Company's net interest income for the first quarter was $35.4 million versus $36.4 million for the same period a year ago. The net interest margin was 4.24% compared to 4.75% in the first quarter of 2007. The decrease in the net interest margin was driven by the Federal Reserve Bank's reduction in rates over the past seven months. Total earning assets for the Company averaged $3.4 billion in the first quarter, up $214 million or 6.8% from a year ago. Total loans were up $165 million or 7.1% compared to the first quarter of 2007. The loan loss provision totaled $1.8 million, compared with no provision last year, due primarily to a single large real estate loan that was downgraded by management. Nonperforming loans equaled 0.41% of total assets, virtually unchanged from a year ago, while net charge-offs represented 0.12% of loans. Both ratios were well below industry peer levels. Noninterest income of $17.2 million included a one-time gain of approximately $1.8 million, before taxes, stemming from the Company's interest in the Visa initial public offering. Core noninterest income was up $1.5 million due to growth in deposit accounts, insurance commissions and premiums and cash management services. Noninterest expense for the quarter totaled $32.9 million compared to $33.4 million for the same period a year ago. Last year's expenses included a $1.9 million charge for the early redemption of trust preferred securities. The increase in the core operating expenses over a year ago was attributable to the increase in salaries and benefits due to the Company's growth, including the acquisition of an insurance agency in the second quarter of 2007. At March 31, 2008, the Company's total assets were $3.8 billion, an increase of $264 million or 7.5% over the first quarter of 2007. Loans reached $2.5 billion as of March 31, 2008, while deposits increased $233 million to $3.3 billion, representing a 7.6% increase. The Company's equity capital was $386 million or 10.2% of total assets. The Company was once again recognized as one of America's Best Banks by Bank Director magazine. The publication ranks publicly traded financial institutions by profitability, capital adequacy and asset quality. BancFirst Corporation was ranked 17th out of the 150 largest publicly traded banks and thrifts nationwide. 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. 1 BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share and share data - Unaudited)
2008 ------------------------------------------------------------------- Year- Q1 Q2 Q3 Q4 To-Date ----------- ----------- ----------- ----------- ----------- Income Statement Data: Net interest income $ 35,387 $ 35,387 Provision for loan losses 1,780 1,780 Securities transactions 28 28 Total noninterest income 17,241 17,241 Salaries and employee benefits 20,189 20,189 Total noninterest expense 32,928 32,928 Net income 11,594 11,594 Per Common Share Data: Net income-basic 0.76 0.76 Net income-diluted 0.74 0.74 Cash dividends declared 0.20 0.20 Common shares outstanding 15,183,483 15,183,483 Average common shares outstanding - Basic 15,208,049 15,208,049 Diluted 15,562,570 15,562,570 Performance Ratios: Return on average assets 1.26% 1.26% Return on average equity 12.24 12.24 Net interest margin 4.24 4.24 Efficiency ratio 62.57 62.57
2007 ------------------------------------------------------------------- Year- Q1 Q2 Q3 Q4 To-Date ----------- ----------- ----------- ----------- ----------- Income Statement Data: Net interest income $ 36,374 $ 37,437 $ 36,969 $ 37,506 $ 148,286 Provision for loan losses (31) 132 2,248 980 3,329 Securities transactions 227 339 7,723 48 8,337 Total noninterest income 13,882 15,235 26,790 15,231 71,138 Salaries and employee benefits 18,790 18,937 19,513 19,574 76,814 Total noninterest expense 33,421 31,618 35,167 34,240 134,446 Net income 11,123 13,402 16,944 11,624 53,093 Per Common Share Data: Net income-basic 0.71 0.85 1.08 0.76 3.41 Net income-diluted 0.69 0.83 1.06 0.75 3.33 Cash dividends declared 0.18 0.18 0.20 0.20 0.76 Common shares outstanding 15,721,936 15,724,536 15,201,459 15,217,233 15,217,233 Average common shares outstanding - Basic 15,750,333 15,723,483 15,620,336 15,209,373 15,574,521 Diluted 16,113,434 16,056,768 15,951,069 15,575,630 15,944,622 Performance Ratios: Return on average assets 1.31% 1.51% 1.88% 1.27% 1.49% Return on average equity 12.83 14.93 18.14 12.60 14.66 Net interest margin 4.75 4.68 4.55 4.54 4.63 Efficiency ratio 66.50 60.03 55.16 64.93 61.27
2 BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share data - Unaudited)
2008 ------------------------------------------------- Q1 Q2 Q3 Q4 ---------- ---------- ---------- ---------- Balance Sheet Data: Total assets $3,786,111 Total loans 2,500,849 Allowance for loan losses (30,193) Securities 462,832 Deposits 3,302,103 Stockholders' equity 386,177 Book value per common share 25.43 Tangible book value per common share 22.65 Balance Sheet Ratios: Average loans to deposits 76.91% Average earning assets to total assets 91.27 Average stockholders' equity to average assets 10.27 Asset Quality Data: Past due loans $ 643 Nonaccrual loans 11,892 Restructured loans 864 Total nonperforming and restructured loans 13,399 Other real estate owned and repossessed assets 2,074 Total nonperforming and restructured assets 15,473 Nonperforming and restructured loans to total loans 0.54% Nonperforming and restructured assets to total assets 0.41 Allowance to total loans 1.21 Allowance to nonperforming and restructured loans 225.34 Net charge-offs to average loans 0.12
2007 ------------------------------------------------- Q1 Q2 Q3 Q4 ---------- ---------- ---------- ---------- Balance Sheet Data: Total assets $3,521,686 $3,601,866 $3,546,338 $3,743,006 Total loans 2,336,028 2,345,838 2,399,982 2,487,099 Allowance for loan losses (27,493) (27,568) (28,828) (29,127) Securities 430,765 459,271 464,534 467,719 Deposits 3,069,206 3,151,553 3,119,775 3,288,504 Stockholders' equity 355,478 364,547 358,871 371,962 Book value per common share 22.61 23.18 23.61 24.44 Tangible book value per common share 20.09 20.46 20.80 21.66 Balance Sheet Ratios: Average loans to deposits 77.50% 75.02% 75.51% 76.21% Average earning assets to total assets 90.77 90.74 90.89 91.03 Average stockholders' equity to average assets 10.18 10.11 10.35 10.09 Asset Quality Data: Past due loans $ 1,688 $ 1,276 $ 1,022 $ 823 Nonaccrual loans 9,909 13,372 13,146 11,568 Restructured loans 792 912 989 1,121 Total nonperforming and restructured loans 12,389 15,560 15,157 13,512 Other real estate owned and repossessed assets 1,233 1,098 1,300 1,568 Total nonperforming and restructured assets 13,622 16,658 16,457 15,080 Nonperforming and restructured loans to total loans 0.53% 0.66% 0.63% 0.54% Nonperforming and restructured assets to total assets 0.39 0.46 0.46 0.40 Allowance to total loans 1.18 1.18 1.20 1.17 Allowance to nonperforming and restructured loans 221.90 177.18 190.20 215.57 Net charge-offs to average loans 0.03 0.01 0.17 0.11
3 BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited)
Three Months Ended March 31, 2008 ------------------------------- Interest Average Average Income/ Yield/ Balance Expense Rate ---------- -------- ------- ASSETS Earning assets: Loans $2,493,224 $ 45,249 7.28% Securities - taxable 431,435 4,557 4.24 Securities - tax exempt 34,625 522 6.05 Federal funds sold 415,731 3,183 3.07 ---------- -------- Total earning assets 3,375,015 53,511 6.36 ---------- -------- Nonearning assets: Cash and due from banks 135,121 Interest receivable and other assets 217,117 Allowance for loan losses (29,394) ---------- Total nonearning assets 322,844 ---------- Total assets $3,697,859 ========== LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $ 410,017 $ 642 0.63% Savings deposits 1,095,980 7,910 2.89 Time deposits 824,832 8,623 4.19 Short-term borrowings 23,644 184 3.12 Long-term borrowings 523 7 5.37 Junior subordinated debentures 26,539 491 7.42 ---------- -------- Total interest-bearing liabilities 2,381,535 17,857 3.01 ---------- -------- Interest-free funds: Noninterest bearing deposits 911,055 Interest payable and other liabilities 25,456 Stockholders' equity 379,813 ---------- Total interest free-funds 1,316,324 ---------- Total liabilities and stockholders' equity $3,697,859 ========== Net interest income $ 35,654 ======== Net interest spread 3.35% ==== Net interest margin 4.24% ====
5 -----END PRIVACY-ENHANCED MESSAGE-----