-----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, CvTklDmbzNKpudb44vrz00/5Q6S2LBBlRM4mbPTDdW3wUPcoCgWoiipBmtJWkw8R Lqxn7A8WaQ4fjp1TIz3Qlw== 0001144204-08-058146.txt : 20081017 0001144204-08-058146.hdr.sgml : 20081017 20081017093624 ACCESSION NUMBER: 0001144204-08-058146 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081016 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081017 DATE AS OF CHANGE: 20081017 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: 081128434 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 v129110_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) October 16, 2008 ------------------------------- BANCFIRST CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) OKLAHOMA 0-14384 73-1221379 - -------------------------------------------------------------------------------- (State or other (Commission (I.R.S. Employer jurisdiction File Number) Identification No.) of incorporation) 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 Third Quarter Earnings On October 16, 2008, BancFirst Corporation announced its results of operations for the quarter ended September 30, 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 October 16, 2008, issued by BancFirst Corporation titlt 18 18 ed "BancFirst Corporation Reports Third 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: October 16, 2008 /s/ Joe T. Shockley, Jr. ---------------- ---------------------------------------- (Signature) Joe T. Shockley, Jr. Executive Vice President Chief Financial Officer EX-99.1 2 v129110_ex99-1.txt BancFirst Corporation 101 NORTH BROADWAY OKLAHOMA CITY, OKLAHOMA 73102 PRESS RELEASE For Immediate Release: Thursday, October 16, 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 THIRD QUARTER EARNINGS BancFirst Corporation (NASDAQ GSM:BANF) reported net income of $11.0 million or $0.70 per diluted earnings per share for the third quarter of 2008. These results compare to core earnings of $11.0 million or $0.69 diluted earnings per share for the same period in 2007. Last year's reported results of $16.9 million or $1.06 diluted earnings per share included a one-time gain on a venture capital investment, an insurance recovery, and a one-time donation that netted to a pre-tax gain of $9.1 million, or $5.9 million after-tax. Net income for the first nine months of 2008 was $36.3 million or $2.33 per diluted earnings per share compared to $41.5 million or $2.62 per diluted earnings per share for the same period a year ago. Net interest income for the three months ended September 30, 2008 was $35.3 million compared to $37.0 million for the same period in 2007. The Company's net interest margin for the quarter was 4.03% versus 4.55% a year ago. The lower interest rate environment in 2008 compared to a year ago has caused the Company's net interest margin to decline. The Company's loan loss provision for the third quarter was $2.3 million compared to $2.2 million for the same period a year ago. Nonperforming loans at quarter end represented 0.81% of total assets, while net charge-offs year-to-date totaled 0.15% of total loans compared to 0.63% and 0.07%, respectively, for the same period in 2007. Noninterest income was $17.8 million for the quarter, up $1.1 million or 6.9% over operating noninterest income for the same quarter a year ago, excluding the one-time items previously mentioned. Noninterest expense of $34.3 million was up 2.8% from the operating expenses a year ago, excluding the one-time items of $1.8 million in the third quarter of 2007. The Company's effective tax rate was 33.4% for the quarter compared to 35.7% a year ago. David Rainbolt, BancFirst Corporation CEO stated, "Earnings are above analyst expectations, we have had good loan and deposit growth, and we are paying a higher common stock dividend. In light of the current economic environment, I am pleased with our performance." At September 30, 2008, the Company's total assets were $3.8 billion, an increase of $279.2 million over a year ago. During the quarter, loans increased by $121.5 million and were up $330.4 million over September 30, 2007. At quarter end, the Company's deposits totaled $3.4 billion, an increase of $241 million, or 7.7% from September 30, 2007. The Company's liquidity remains strong with an average loan-to-deposit ratio of 78.8% for the quarter. Moreover, the Company has no brokered deposits and no borrowings from the Federal Home Loan Bank. At quarter end, stockholder's equity was $398 million or 10.4% of total assets. The Company's capital ratios are defined as "well capitalized" by regulatory guidelines. 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) 2008 -------------------------------------------------------------------------------------- Year- Q1 Q2 Q3 Q4 To-Date -------------- -------------- -------------- -------------- -------------- INCOME STATEMENT DATA: Net interest income $ 35,387 $ 34,774 $ 35,251 $ 105,412 Provision for loan losses 1,780 3,539 2,270 7,589 Securities transactions 28 6,121 776 6,925 Total noninterest income 17,241 23,330 17,784 58,355 Salaries and employee benefits 20,189 20,366 20,038 60,593 Total noninterest expense 32,928 33,596 34,307 100,831 Net income 11,594 13,737 10,958 36,289 PER COMMON SHARE DATA: Net income-basic 0.76 0.91 0.72 2.39 Net income-diluted 0.74 0.89 0.70 2.33 Cash dividends declared 0.20 0.20 0.22 0.62 Common shares outstanding 15,183,483 15,186,632 15,242,061 15,242,061 Average common shares outstanding - Basic 15,208,049 15,185,763 15,217,546 15,203,836 Diluted 15,562,570 15,548,687 15,589,215 15,567,795 PERFORMANCE RATIOS: Return on average assets 1.26% 1.46% 1.13% 1.28% Return on average equity 12.24 14.14 11.04 12.47 Net interest margin 4.24 4.08 4.03 4.11 Efficiency ratio 62.57 57.82 64.69 61.57 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
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 $ 3,842,364 $ 3,825,518 Total loans 2,500,849 2,608,913 2,730,409 Allowance for loan losses (30,193) (33,512) (33,862) Securities 462,832 448,350 462,595 Deposits 3,302,103 3,369,912 3,361,233 Stockholders' equity 386,177 387,181 397,648 Book value per common share 25.43 25.49 26.09 Tangible book value per common share 22.65 22.73 23.35 BALANCE SHEET RATIOS: Average loans to deposits 76.91 % 77.19 % 78.85% Average earning assets to total assets 91.27 90.91 91.10 Average stockholders' equity to average assets 10.27 10.30 10.25 ASSET QUALITY DATA: Past due loans $ 643 $ 2,043 $ 892 Nonaccrual loans 11,892 11,070 20,229 Restructured loans 864 833 940 Total nonperforming and restructured loans 13,399 13,946 22,061 Other real estate owned and repossessed assets 2,074 2,311 3,423 Total nonperforming and restructured assets 15,473 16,257 25,484 Nonperforming and restructured loans to total loans 0.54% 0.53% 0.81% Nonperforming and restructured assets to total assets 0.41 0.42 0.67 Allowance to total loans 1.21 1.28 1.24 Allowance to nonperforming and restructured loans 225.34 240.30 153.50 Net charge-offs to average loans 0.12 0.03 0.28 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
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, 2008 September 30, 2008 ---------------------------------- ------------------------------------ Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ------------- -------- --------- ------------------------ --------- ASSETS Earning assets: Loans $ 2,652,458 $ 42,822 6.41% $ 2,566,497 $ 130,658 6.78% Securities - taxable 407,465 3,950 3.85 417,612 12,639 4.03 Securities - tax exempt 41,689 594 5.65 36,369 1,607 5.89 Federal funds sold 398,197 1,932 1.92 417,016 7,356 2.35 ----------- -------- ----------- --------- Total earning assets 3,499,809 49,298 5.59 3,437,494 152,260 5.90 ----------- -------- ----------- --------- Nonearning assets: Cash and due from banks 145,734 141,633 Interest receivable and other 229,689 225,719 assets Allowance for loan losses (33,456) (31,205) ----------- ----------- Total nonearning assets 341,967 336,147 ----------- ----------- Total assets $ 3,841,776 $ 3,773,641 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $ 429,837 $ 537 0.50% $ 423,833 $ 1,704 0.54% Savings deposits 1,112,228 5,767 2.06 1,102,171 19,374 2.34 Time deposits 838,672 6,860 3.25 832,274 23,068 3.69 Short-term borrowings 21,721 105 1.92 23,007 413 2.39 Long-term borrowings 30 -- -- 291 9 4.12 Junior subordinated debentures 26,803 491 7.27 26,716 1,474 7.35 ----------- -------- ----------- --------- Total interest-bearing 2,429,291 13,760 2.25 2,408,292 46,042 2.55 liabilities ----------- -------- ----------- --------- Interest-free funds: Noninterest bearing deposits 983,074 946,322 Interest payable and other 35,621 31,277 liabilities Stockholders' equity 393,790 387,750 ----------- ----------- Total interest free-funds 1,412,485 1,365,349 ----------- ----------- Total liabilities $ 3,841,776 $ 3,773,641 and stockholders' equity =========== =========== Net interest income $ 35,538 $ 106,218 ======== ========= Net interest spread 3.34% 3.35% ========= ========= Net interest margin 4.03% 4.11% ========= =========
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