Unassociated Document

BancFirst Corporation

101 NORTH BROADWAY

OKLAHOMA CITY, OKLAHOMA 73102

PRESS RELEASE

For Immediate Release: Tuesday, January 19, 2010

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 FOURTH QUARTER EARNINGS

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
													Year-
		Q1			Q2			Q3			Q4		To-Date
Income Statement Data:
Net interest income	$	31,753		$	32,546		$	32,952		$	34,070		$	131,321
Provision for loan losses		3,365			4,851			998			1,175			10,389
Securities transactions		339			(37	)		20			14			336
Total noninterest income		16,622			17,043			17,039			16,160			66,864
Salaries and employee benefits		20,117			19,896			19,938			19,068			79,019
Total noninterest expense		34,529			35,218			35,481			33,889			139,117
Net income		7,125			6,260			9,390			9,834			32,609
Per Common Share Data:
Net income-basic		0.47			0.41			0.61			0.64			2.13
Net income-diluted		0.46			0.40			0.60			0.63			2.09
Cash dividends declared		0.22			0.22			0.23			0.23			0.90
Common shares outstanding		15,291,641			15,301,641			15,302,891			15,308,741			15,308,741
Average common shares outstanding -
Basic		15,291,636			15,298,075			15,302,199			15,307,019			15,299,781
Diluted		15,579,090			15,604,279			15,585,955			15,600,964			15,593,789
Performance Ratios:
Return on average assets		0.75	%		0.61	%		0.86	%		0.89	%		0.78	%
Return on average equity		6.92			5.95			8.77			9.06			7.70
Net interest margin		3.69			3.44			3.27			3.35			3.42
Efficiency ratio		71.38			71.02			70.97			67.47			70.20

	2008
													Year-
		Q1			Q2			Q3			Q4		To-Date
Income Statement Data:
Net interest income	$	35,387		$	34,774		$	35,251		$	33,695		$	139,107
Provision for loan losses		1,780			3,539			2,270			3,087			10,676
Securities transactions		28			6,121			776			13			6,938
Total noninterest income		17,241			23,330			17,784			16,030			74,385
Salaries and employee benefits		20,189			20,366			20,038			19,293			79,886
Total noninterest expense		32,928			33,596			34,307			34,175			135,006
Net income		11,594			13,737			10,958			8,069			44,358
Per Common Share Data:
Net income-basic		0.76			0.91			0.72			0.53			2.91
Net income-diluted		0.74			0.89			0.70			0.52			2.85
Cash dividends declared		0.20			0.20			0.22			0.22			0.84
Common shares outstanding		15,183,483			15,186,632			15,242,061			15,281,141			15,281,141
Average common shares outstanding -
Basic		15,208,049			15,185,763			15,217,546			15,263,507			15,218,835
Diluted		15,562,570			15,548,687			15,589,215			15,606,950			15,578,463
Performance Ratios:
Return on average assets		1.26	%		1.46	%		1.13	%		0.84	%		1.17	%
Return on average equity		12.24			14.14			11.04			7.94			11.30
Net interest margin		4.24			4.08			4.03			3.85			4.05
Efficiency ratio		62.57			57.82			64.69			68.73			63.24

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share data - Unaudited)

	2009
		Q1			Q2			Q3			Q4
Balance Sheet Data:
Total assets	$	3,958,155		$	4,269,325		$	4,322,103		$	4,416,209
Total loans		2,808,499			2,738,238			2,713,169			2,738,654
Allowance for loan losses		(36,765	)		(39,334	)		(36,016	)		(36,383	)
Securities		439,220			417,738			391,627			417,286
Deposits		3,471,518			3,782,822			3,831,823			3,929,016
Stockholders' equity		416,381			419,202			425,638			430,824
Book value per common share		27.23			27.40			27.81			28.14
Tangible book value per common share		24.51			24.69			25.12			25.41
Balance Sheet Ratios:
Average loans to deposits		83.29	%		79.67	%		70.39	%		69.54	%
Average earning assets to total assets		91.51			92.08			92.97			93.01
Average stockholders' equity to average assets		10.85			10.52			9.79			9.84
Asset Quality Data:
Past due loans	$	867		$	21,530		$	9,941		$	853
Nonaccrual loans		25,255			24,186			37,319			37,133
Restructured loans		353			1,115			561			1,970
Total nonperforming and restructured loans		26,475			46,831			47,821			39,956
Other real estate owned and repossessed assets		5,576			11,543			10,587			9,881
Total nonperforming and restructured assets		32,051			58,374			58,408			49,837
Nonperforming and restructured loans to total loans		0.94	%		1.68	%		1.76	%		1.46	%
Nonperforming and restructured assets to total assets		0.81			1.35			1.35			1.13
Allowance to total loans		1.31			1.44			1.33			1.33
Allowance to nonperforming and restructured loans		138.87			83.99			75.31			91.06
Net charge-offs to average loans		0.13			0.33			0.63			0.12

	2008
		Q1			Q2			Q3			Q4
Balance Sheet Data:
Total assets	$	3,786,111		$	3,842,364		$	3,825,518		$	3,867,204
Total loans		2,500,849			2,608,913			2,730,409			2,757,854
Allowance for loan losses		(30,193	)		(33,512	)		(33,862	)		(34,290	)
Securities		462,832			448,350			462,595			455,568
Deposits		3,302,103			3,369,912			3,361,233			3,377,608
Stockholders' equity		386,177			387,181			397,648			413,791
Book value per common share		25.43			25.49			26.09			27.08
Tangible book value per common share		22.65			22.73			23.35			24.34
Balance Sheet Ratios:
Average loans to deposits		76.91	%		77.19	%		78.85	%		82.23	%
Average earning assets to total assets		91.27			90.91			91.10			91.63
Average stockholders' equity to average assets		10.27			10.30			10.25			10.55
Asset Quality Data:
Past due loans	$	643		$	2,043		$	892		$	1,346
Nonaccrual loans		11,892			11,070			20,229			21,359
Restructured loans		864			833			940			1,022
Total nonperforming and restructured loans		13,399			13,946			22,061			23,727
Other real estate owned and repossessed assets		2,074			2,311			3,423			3,997
Total nonperforming and restructured assets		15,473			16,257			25,484			27,724
Nonperforming and restructured loans to total loans		0.54	%		0.53	%		0.81	%		0.86	%
Nonperforming and restructured assets to total assets		0.41			0.42			0.67			0.72
Allowance to total loans		1.21			1.28			1.24			1.24
Allowance to nonperforming and restructured loans		225.34			240.30			153.50			144.52
Net charge-offs to average loans		0.12			0.03			0.28			0.38

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

	Three Months Ended								Twelve Months Ended
	December 31, 2009								December 31, 2009
				Interest		Average						Interest		Average
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate
ASSETS
Earning assets:
Loans	$	2,701,707		$	38,381		5.64	%	$	2,749,544		$	153,059		5.57	%
Securities – taxable		355,631			3,079		3.43			379,702			13,436		3.54
Securities – tax exempt		35,861			507		5.61			38,081			2,151		5.65
Interest bearing deposits with banks		967,586			643		0.26			695,167			2,241		0.32
Total earning assets		4,060,785			42,610		4.16			3,862,494			170,887		4.42

Nonearning assets:
Cash and due from banks		108,219								113,207
Interest receivable and other assets		232,811								233,885
Allowance for loan losses		(36,081	)							(36,607	)
Total nonearning assets		304,949								310,485
Total assets	$	4,365,734							$	4,172,979

LIABILITIES AND
STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Transaction deposits	$	528,816		$	325		0.24	%	$	518,914		$	1,218		0.23	%
Savings deposits		1,351,087			3,359		0.99			1,228,697			15,513		1.26
Time deposits		877,225			4,101		1.85			885,403			19,777		2.23
Short-term borrowings		1,103			-		-			2,883			11		0.38
Junior subordinated debentures		26,804			493		7.30			26,804			1,966		7.33
Total interest-bearing liabilities		2,785,035			8,278		1.18			2,662,701			38,485		1.45

Interest-free funds:
Noninterest bearing deposits		1,122,045								1,054,291
Interest payable and other liabilities		28,155								32,239
Stockholders’ equity		430,499								423,748
Total interest free-funds		1,580,699								1,510,278
Total liabilities
and stockholders’ equity	$	4,365,734							$	4,172,979
Net interest income				$	34,332							$	132,402
Net interest spread							2.98	%							2.97	%
Net interest margin							3.35	%							3.42	%

Date of Report (Date of earliest event reported)		January 19, 2010
BANCFIRST CORPORATION
(Exact name of registrant as specified in its charter)
OKLAHOMA	0-14384			73-1221379
(State or other jurisdiction of incorporation)	(Commission File Number)			(I.R.S. Employer 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):

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

	(c)	Exhibits.

	Exhibit No.	Description

		BANCFIRST CORPORATION
		(Registrant)




Date: January 19, 2010		/s/ Joe T. Shockley, Jr.
		(Signature)
		Joe T. Shockley, Jr.
		Executive Vice President
		Chief Financial Officer