EX-99.1 2 v190806_ex99-1.htm Unassociated Document
 
FOR IMMEDIATE RELEASE
Friday, July 16, 2010
  
 
101 N. Broadway
Oklahoma City, OK 73102
www.bancfirst.com
  

BANCFIRST CORPORATION REPORTS SECOND QUARTER EARNINGS

BancFirst Corporation (NASDAQ GSM:BANF) reported net income of $11.0 million or $0.71 diluted earnings per share for the second quarter of 2010 compared to net income of $6.3 million or $0.40 diluted earnings per share for the same period in 2009. Net income for the first six months of 2010 was $20.3 million, up $6.9 million or 52.0%, over the $13.4 million of net income in the same period a year ago.

The Company’s net interest income for the quarter was $35.7 million, up $3.1 million from $32.5 million reported a year ago. The increase was attributable to the growth in the Company’s average earning assets which were $4.2 billion, up $372 million compared to the second quarter in 2009, combined with lower interest costs. The Company’s net interest margin was constant at 3.44% compared to a year ago due to continued low interest rates. The loan loss provision for the quarter was $871,000, down from $4.9 million in the second quarter of 2009. Noninterest income remained unchanged at $17.0 million compared to a year ago. Noninterest expense for the quarter was $34.5 million, down slightly from $35.2 million in the second quarter a year ago. The decrease was due to the FDIC Special Assessment of $1.9 million paid during the second quarter of 2009, offset by an increase in regular FDIC premiums.

At June 30, 2010, the Company’s total assets were $4.6 billion, up $359 million or 8.4% over the second quarter a year ago. Loans were $2.8 billion, up $55 million from a year ago.  Deposits increased $335 million to $4.1 billion at quarter end 2010. The Company’s equity capital was $446 million, up $26 million or 6.3% over June 30 a year ago. The Company’s equity capital was strong at 9.6% of total assets at quarter end.

The Company recently announced that is has entered into an agreement to acquire Union National Bancshares, Inc., and its subsidiary bank, Union Bank of Chandler with offices in Chandler and Tulsa, Oklahoma. Union Bank of Chandler has approximately $135 million in total assets, $86 million in loans, $120 million in deposits and $14 million in equity capital.  The bank will operate as Union Bank of Chandler until its systems are merged into the BancFirst system, which is expected to be during the fourth quarter of 2010.  The transaction is scheduled to be completed by September 30, 2010, and is subject to regulatory approval.

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 85 banking locations serving 47 communities across Oklahoma. More information can be found at bancfirst.com.

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.

For additional information call:
 
Joe T. Shockley Jr., chief financial officer (405) 270-1003 or
 
David Rainbolt, chief executive officer, BancFirst Corporation at (405) 270-1002.

 
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BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

   
2010
                           
Year-
  
     
Q1
      
Q2
      
Q3
    
 
Q4
    
To-Date
  
Income Statement Data:
                                      
Net interest income
   $ 33,862     $ 35,670                     $ 69,532  
Provision for loan losses
     896       871                       1,767  
Securities transactions
     136       (150 )                     (14 )
Total noninterest income
     15,960       17,010                       32,970  
Salaries and employee benefits
     19,948       19,710                       39,658  
Total noninterest expense
     34,901       34,505                       69,406  
Net income
     9,303       11,042                       20,345  
Per Common Share Data:
                                        
Net income-basic
     0.61       0.72                       1.33  
Net income-diluted
     0.60       0.71                       1.30  
Cash dividends declared
     0.23       0.23                       0.46  
Common shares outstanding
     15,337,050       15,346,800                       15,346,800  
Average common shares outstanding -
                                        
Basic
     15,319,111       15,344,374                       15,331,812  
Diluted
     15,628,012       15,652,621                       15,641,331  
Performance Ratios:
                                        
Return on average assets
     0.85 %     0.98 %                     0.92 %
Return on average equity
     8.66       10.01                       9.34  
Net interest margin
     3.38       3.44                       3.40  
Efficiency ratio
     70.05       65.50                       67.71  
                                         
   
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  

 
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BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share data - Unaudited)

   
2010
     
Q1
      
Q2
      
Q3
      
Q4
  
Balance Sheet Data:
                                
Total assets
   $ 4,508,789     $ 4,628,022                  
Total loans
     2,766,304       2,793,346                  
Allowance for loan losses
     (36,780 )     (37,002 )                
Securities
     430,586       580,317                  
Deposits
     4,009,017       4,117,360                  
Stockholders' equity
     436,901       445,592                  
Book value per common share
     28.49       29.03                  
Tangible book value per common share
     25.78       26.19                  
Balance Sheet Ratios:
                                
Average loans to deposits
     70.05 %     68.89 %                
Average earning assets to total assets
     92.62       92.76                  
Average stockholders' equity to average assets
     9.86       9.77                  
Asset Quality Data:
                                
Past due loans
   $ 589     $ 1,911                  
Nonaccrual loans
     37,801       38,328                  
Restructured loans
     1,912       1,677                  
Total nonperforming and restructured loans
     40,302       41,916                  
Other real estate owned and repossessed assets
     10,272       9,748                  
Total nonperforming and restructured assets
     50,574       51,664                  
Nonperforming and restructured loans to total loans
     1.46 %     1.50 %                
Nonperforming and restructured assets to total assets
     1.12       1.12                  
Allowance to total loans
     1.33       1.32                  
Allowance to nonperforming and restructured loans
     91.26       88.28                  
Net charge-offs to average loans
     0.07       0.09                  
   
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  

 
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BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
 
   
Three Months Ended
    
Six Months Ended
  
   
June 30, 2010
    
June 30, 2010
  
         
Interest
    
Average
          
Interest
    
Average
  
   
Average
    
Income/
    
Yield/
    
Average
    
Income/
    
Yield/
  
   
Balance
    
Expense
    
Rate
    
Balance
    
Expense
    
Rate
  
ASSETS
                                    
Earning assets:
                                    
  Loans
   $ 2,774,473     $ 38,791       5.61 %   $ 2,765,160     $ 76,233       5.56 %
  Securities – taxable
     411,214       2,994       2.92       399,402       6,004       3.03  
  Securities - tax exempt
     34,699       477       5.51       35,696       984       5.56  
  Interest bearing deposits with banks
     979,207       618       0.25       948,032       1,192       0.25  
     Total earning assets
     4,199,593       42,880       4.10       4,148,290       84,413       4.10  
                                                 
Nonearning assets:
                                                
  Cash and due from banks
     107,270                       108,507                  
  Interest receivable and other assets
     257,105                       255,146                  
  Allowance for loan losses
     (36,787 )                     (36,604 )                
     Total nonearning assets
     327,588                       327,049                  
     Total assets
   $ 4,527,181                     $ 4,475,339                  
                                                 
LIABILITIES AND
                                                
  STOCKHOLDERS’ EQUITY
                                                
Interest-bearing liabilities:
                                                
  Transaction deposits
   $ 614,115     $ 362       0.24 %   $ 611,792     $ 729       0.24 %
  Savings deposits
     1,364,794       3,007       0.88       1,345,942       6,080       0.91  
  Time deposits
     834,506       3,102       1.49       846,744       6,586       1.57  
  Short-term borrowings
     1,352       1       0.30       1,059       1       0.19  
  Notes payable
     1,026       -       -       516       -       -  
  Junior subordinated debentures
     26,804       494       7.39       26,804       983       7.40  
     Total interest-bearing liabilities
     2,842,597       6,966       0.98       2,832,857       14,379       1.02  
                                                 
Interest-free funds:
                                                
  Noninterest bearing deposits
     1,214,005                       1,176,357                  
  Interest payable and other liabilities
     28,078                       26,908                  
  Stockholders’ equity
     442,501                       439,217                  
     Total interest free-funds
     1,684,584                       1,642,482                  
     Total liabilities and stockholders’ equity
   $ 4,527,181                     $ 4,475,339                  
Net interest income
           $ 35,914                     $ 70,034          
Net interest spread
                     3.12 %                     3.08 %
Net interest margin
                     3.44 %                     3.40 %
 
 
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