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) | January 24, 2013 |
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):
¨ | 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 Fourth Quarter Earnings
On January 24, 2013, BancFirst Corporation announced its results of operations for the quarter ended December 31, 2012. 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 January 24, 2013, issued by BancFirst Corporation titled “BancFirst Corporation Reports Fourth 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: January 24, 2013 | /s/ Randy Foraker | |
Randy Foraker | ||
Executive Vice President | ||
Interim Chief Financial Officer |
BancFirst Corporation Reports Fourth Quarter Earnings
OKLAHOMA CITY, Jan. 24, 2013 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $12.3 million for the fourth quarter of 2012, up 6.1% from net income of $11.6 million reported for the fourth quarter of 2011. Diluted earnings per share was $0.79 compared to $0.75 for the prior year's quarter. Net income for the year ended December 31, 2012 was $51.9 million, up 13.8% from $45.6 million reported for 2011. Diluted earnings per share for the year was $3.36 compared to $2.93 for 2011.
Net interest income for the fourth quarter of 2012 was $42.3 million, an increase of $913,000, or 2.2%, compared to the same period of the prior year. Average earning assets grew $351 million from the previous year to $5.45 billion for the fourth quarter of 2012. The net interest margin decreased to 3.11% compared to 3.24% for the fourth quarter of 2011, as interest rates remained at historically low levels. Provision for loan losses for the quarter was $2.45 million versus $829,000 a year ago primarily driven by loan growth. Net charge-offs to average loans for the fourth quarter of 2012 was 0.03% versus 0.02% for the fourth quarter of 2011. Nonperforming and restructured assets as a percentage of total assets increased to 0.81% from 0.71% a year ago. Noninterest income totaled $21.8 million, up 12.2% compared to the same quarter of 2011. Noninterest expense for the quarter was $43.4 million, up 4.8% from the fourth quarter of 2011.
At December 31, 2012, total assets exceeded $6 billion due to a temporary influx of deposits at year end. Average total assets for the quarter was $5.86 billion, up 6.7% compared to $5.5 billion for the fourth quarter of 2011. Total loans grew $229 million, or 7.6%, to end the year at $3.24 billion. Total deposits ended the year at $5.44 billion. Average total deposits for the quarter was $5.28 billion, up 7.4% compared to $4.92 billion for the fourth quarter of 2011. The Company's stockholders' equity totaled $520 million at December 31, 2012, an increase of $36.5 million, or 7.6%, for the year.
David Rainbolt, BancFirst Corporation CEO stated, "Our balance sheet is well-positioned with superior levels of liquidity, asset quality and capital adequacy which puts us in an excellent position to take advantage of any opportunity that may present itself. However, our country's fiscal dilemma and extreme monetary policy dictate that we move with caution."
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 93 banking locations serving 51 communities across Oklahoma. More information can be found at www.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.
BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share and share data - Unaudited) | ||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | ||||||
4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | ||||||
Condensed Income Statements: | ||||||||||
Net interest income | $ 42,297 | $ 40,832 | $ 40,869 | $ 40,817 | $ 41,384 | |||||
Provision for loan losses | 2,446 | 233 | 248 | 173 | 829 | |||||
Non-interest income: | ||||||||||
Trust revenue | 1,858 | 1,927 | 1,823 | 1,707 | 1,675 | |||||
Service charges on deposits | 13,419 | 11,896 | 11,031 | 10,607 | 11,096 | |||||
Securities transactions | 272 | 385 | 226 | 4,032 | 224 | |||||
Income from sales of loans | 698 | 737 | 766 | 572 | 614 | |||||
Insurance commissions | 3,169 | 3,661 | 2,803 | 2,993 | 2,654 | |||||
Cash management | 1,092 | 1,971 | 2,041 | 1,939 | 1,890 | |||||
Other | 1,292 | 1,539 | 1,674 | 1,587 | 1,282 | |||||
Total noninterest income | 21,800 | 22,116 | 20,364 | 23,437 | 19,435 | |||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 25,264 | 24,641 | 24,830 | 24,800 | 24,016 | |||||
Occupancy and fixed assets expense, net | 2,776 | 2,877 | 2,477 | 2,446 | 2,599 | |||||
Depreciation | 2,403 | 2,253 | 2,226 | 2,131 | 2,104 | |||||
Amortization of intangible assets | 456 | 457 | 457 | 457 | 457 | |||||
Data processing services | 1,173 | 1,208 | 1,158 | 1,283 | 1,222 | |||||
Net expense from other real estate owned | 178 | 200 | 922 | 247 | 124 | |||||
Marketing and business promotion | 1,995 | 1,998 | 1,679 | 1,655 | 1,811 | |||||
Deposit insurance | 761 | 745 | 724 | 719 | 698 | |||||
Other | 8,357 | 8,086 | 8,090 | 8,299 | 8,349 | |||||
Total noninterest expense | 43,363 | 42,465 | 42,563 | 42,037 | 41,380 | |||||
Income before income taxes | 18,288 | 20,250 | 18,422 | 22,044 | 18,610 | |||||
Income tax expense | 5,982 | 6,390 | 6,693 | 8,039 | 7,012 | |||||
Net income | 12,306 | 13,860 | 11,729 | 14,005 | 11,598 | |||||
Per Common Share Data: | ||||||||||
Net income-basic | 0.81 | 0.91 | 0.77 | 0.93 | 0.77 | |||||
Net income-diluted | 0.79 | 0.90 | 0.76 | 0.91 | 0.75 | |||||
Cash dividends declared | 0.29 | 0.29 | 0.27 | 0.27 | 0.27 | |||||
Common shares outstanding | 15,242,308 | 15,200,468 | 15,153,991 | 15,145,280 | 15,117,430 | |||||
Average common shares outstanding - | ||||||||||
Basic | 15,224,346 | 15,174,755 | 15,155,525 | 15,129,868 | 15,122,368 | |||||
Diluted | 15,482,222 | 15,447,395 | 15,426,796 | 15,410,773 | 15,389,289 | |||||
Performance Ratios: | ||||||||||
Return on average assets | 0.83 | % | 0.96 | % | 0.83 | % | 1.00 | % | 0.84 | % |
Return on average equity | 9.47 | 10.86 | 9.46 | 11.45 | 9.59 | |||||
Net interest margin | 3.11 | 3.06 | 3.14 | 3.18 | 3.24 | |||||
Efficiency ratio | 67.65 | 67.46 | 69.51 | 65.42 | 68.04 | |||||
BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share and share data - Unaudited) | ||||||
Twelve months ended December 31, | ||||||
2012 | 2011 | |||||
Condensed Income Statements: | ||||||
Net interest income | $ 164,815 | $ 156,897 | ||||
Provision for loan losses | 3,100 | 4,515 | ||||
Non-interest income: | ||||||
Trust revenue | 7,315 | 6,672 | ||||
Service charges on deposits | 46,953 | 42,683 | ||||
Securities transactions | 4,915 | 1,598 | ||||
Income from sales of loans | 2,773 | 2,015 | ||||
Insurance commissions | 12,626 | 10,457 | ||||
Cash management | 7,043 | 7,430 | ||||
Other | 6,092 | 6,106 | ||||
Total noninterest income | 87,717 | 76,961 | ||||
Non-interest expense: | ||||||
Salaries and employee benefits | 99,535 | 92,231 | ||||
Occupancy and fixed assets expense, net | 10,576 | 10,128 | ||||
Depreciation | 9,013 | 8,014 | ||||
Amortization of intangible assets | 1,827 | 1,668 | ||||
Data processing services | 4,822 | 4,942 | ||||
Net expense from other real estate owned | 1,547 | 958 | ||||
Marketing and business promotion | 7,327 | 6,552 | ||||
Deposit insurance | 2,949 | 3,674 | ||||
Other | 32,832 | 30,479 | ||||
Total noninterest expense | 170,428 | 158,646 | ||||
Income before income taxes | 79,004 | 70,697 | ||||
Income tax expense | 27,104 | 25,076 | ||||
Net income | $ 51,900 | $ 45,621 | ||||
Per Common Share Data: | ||||||
Net income-basic | $ 3.42 | $ 2.99 | ||||
Net income-diluted | 3.36 | 2.93 | ||||
Cash dividends declared | 1.12 | 1.04 | ||||
Common shares outstanding | 15,242,308 | 15,117,430 | ||||
Average common shares outstanding - | ||||||
Basic | 15,172,457 | 15,267,357 | ||||
Diluted | 15,443,646 | 15,550,131 | ||||
Performance Ratios: | ||||||
Return on average assets | 0.91 | % | 0.85 | % | ||
Return on average stockholders' equity | 10.32 | 9.65 | ||||
Net interest margin | 3.13 | 3.20 | ||||
Efficiency ratio | 67.49 | 67.84 | ||||
BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share data - Unaudited) | ||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | ||||||
4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | ||||||
Balance Sheet Data: | ||||||||||
Total assets | $ 6,022,250 | $ 5,836,751 | $ 5,671,711 | $ 5,737,994 | $ 5,608,825 | |||||
Total loans | 3,242,427 | 3,116,096 | 3,065,439 | 3,049,376 | 3,013,498 | |||||
Allowance for loan losses | (38,725) | (37,258) | (37,436) | (37,633) | (37,656) | |||||
Securities | 562,542 | 540,475 | 575,034 | 573,801 | 614,977 | |||||
Deposits | 5,440,830 | 5,253,505 | 5,099,648 | 5,152,856 | 5,037,735 | |||||
Stockholders' equity | 519,567 | 510,387 | 499,561 | 491,957 | 483,041 | |||||
Book value per common share | 34.09 | 33.58 | 32.97 | 32.48 | 31.95 | |||||
Tangible book value per common share | 30.37 | 29.82 | 29.16 | 28.64 | 28.07 | |||||
Balance Sheet Ratios: | ||||||||||
Average loans to deposits | 60.71 | % | 59.99 | % | 60.35 | % | 59.99 | % | 60.97 | % |
Average earning assets to total assets | 92.95 | 92.85 | 92.60 | 92.51 | 92.76 | |||||
Average stockholders' equity to average assets | 8.81 | 8.83 | 8.77 | 8.73 | 8.73 | |||||
Asset Quality Data: | ||||||||||
Past due loans | $ 539 | $ 731 | $ 1,403 | $ 1,150 | $ 798 | |||||
Nonaccrual loans | 20,549 | 22,101 | 20,702 | 20,721 | 21,187 | |||||
Restructured loans | 17,866 | 17,784 | 18,089 | 18,483 | 1,041 | |||||
Total nonperforming and restructured loans | 38,954 | 40,616 | 40,194 | 40,354 | 23,026 | |||||
Other real estate owned and repossessed assets | 9,567 | 9,796 | 10,223 | 12,408 | 16,640 | |||||
Total nonperforming and restructured assets | 48,521 | 50,412 | 50,417 | 52,762 | 39,666 | |||||
Nonperforming and restructured loans to total loans | 1.20 | % | 1.30 | % | 1.31 | % | 1.32 | % | 0.76 | % |
Nonperforming and restructured assets to total assets | 0.81 | 0.86 | 0.89 | 0.92 | 0.71 | |||||
Allowance to total loans | 1.19 | 1.20 | 1.22 | 1.23 | 1.25 | |||||
Allowance to nonperforming and restructured loans | 99.41 | 91.73 | 93.14 | 93.26 | 163.54 | |||||
Net charge-offs to average loans | 0.03 | 0.01 | 0.02 | 0.01 | 0.02 | |||||
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, 2012 | December 31, 2012 | ||||||||||||
Interest | Average | Interest | Average | ||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||
Balance | Expense | Rate | Balance | Expense | Rate | ||||||||
ASSETS | |||||||||||||
Earning assets: | |||||||||||||
Loans | $ 3,205,034 | $ 43,384 | 5.39 | % | $ 3,099,888 | $ 169,510 | 5.47 | % | |||||
Securities – taxable | 496,700 | 1,511 | 1.21 | 517,103 | 7,686 | 1.49 | |||||||
Securities - tax exempt | 46,208 | 545 | 4.69 | 49,701 | 2,392 | 4.81 | |||||||
Interest bearing deposits with banks | 1,702,950 | 1,096 | 0.26 | 1,641,366 | 4,201 | 0.26 | |||||||
Total earning assets | 5,450,892 | 46,536 | 3.40 | 5,308,058 | 183,789 | 3.46 | |||||||
Nonearning assets: | |||||||||||||
Cash and due from banks | 146,115 | 144,884 | |||||||||||
Interest receivable and other assets | 304,975 | 308,643 | |||||||||||
Allowance for loan losses | (37,714) | (37,636) | |||||||||||
Total nonearning assets | 413,376 | 415,891 | |||||||||||
Total assets | $ 5,864,268 | $ 5,723,949 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Interest-bearing liabilities: | |||||||||||||
Transaction deposits | $ 694,342 | $ 208 | 0.12 | % | $ 712,800 | $ 966 | 0.14 | % | |||||
Savings deposits | 1,817,162 | 1,215 | 0.27 | 1,757,331 | 5,571 | 0.32 | |||||||
Time deposits | 843,008 | 1,966 | 0.93 | 864,524 | 8,713 | 1.01 | |||||||
Short-term borrowings | 5,834 | 5 | 0.34 | 6,898 | 28 | 0.40 | |||||||
Long-term borrowings | 10,807 | 80 | 2.95 | 12,323 | 360 | 2.92 | |||||||
Junior subordinated debentures | 26,804 | 491 | 7.29 | 31,072 | 2,134 | 6.87 | |||||||
Total interest-bearing liabilities | $ 3,397,957 | $ 3,965 | 0.46 | $ 3,384,948 | $ 17,772 | 0.53 | |||||||
Interest-free funds: | |||||||||||||
Noninterest bearing deposits | 1,924,715 | 1,809,102 | |||||||||||
Interest payable and other liabilities | 24,731 | 26,990 | |||||||||||
Stockholders' equity | 516,865 | 502,909 | |||||||||||
Total interest free-funds | 2,466,311 | 2,339,001 | |||||||||||
Total liabilities and stockholders' equity | $ 5,864,268 | $ 5,723,949 | |||||||||||
Net interest income | $ 42,571 | $ 166,017 | |||||||||||
Net interest spread | 2.93 | % | 2.94 | % | |||||||||
Net interest margin | 3.11 | % | 3.13 | % |
CONTACT: Randy Foraker, Interim Chief Financial Officer (405) 270-1044 or David Rainbolt, Chief Executive Officer (405) 270-1002