-----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, Dpgj6ZrTZREZ8Mdo7r7TajeKgLz+BXdPWB+fqfNtaiB4ucsde9JEtgVL6xbO3Z5c O05MsohJ7ZXxQYaV2Io1oA== 0001275287-05-001401.txt : 20050422 0001275287-05-001401.hdr.sgml : 20050422 20050421190702 ACCESSION NUMBER: 0001275287-05-001401 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050421 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050422 DATE AS OF CHANGE: 20050421 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: 05765783 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 bc2484.txt ================================================================================ UNITED STATES U. S. 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 21, 2005 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 ================================================================================ ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On April 21, 2005, BancFirst Corporation announced its results of operations for the quarter ended March 31, 2005. 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. SIGNATURES Pursuant to the requirements of the Securities and 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 21, 2005 /s/ Randy P. Foraker ----------------------------------- (Signature) Randy P. Foraker Executive Vice President Chief Risk Officer Assistant Secretary/Treasurer (Principal Accounting Officer) Exhibit Index EXHIBIT NUMBER - -------------- 99.1 Press Release, dated April 21, 2005, issued by BancFirst Corporation. EX-99.1 2 bc2484ex991.txt Exhibit 99.1 BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS INCREASE OF 33% OKLAHOMA CITY, April 21 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) reported net income of $10.9 million, or $1.36 diluted earnings per share for the quarter ended March 31, 2005. These results represent a 33% increase over the $8.2 million, or $1.03 diluted earnings per share reported for the same period a year ago. Net interest income of $31.7 million increased $3.8 million, or 13.6%, over the first quarter of 2004. The increase resulted from loan growth combined with rising interest rates. The Company's net interest margin was 4.67%, up from 4.20% for the same period a year ago. The Company's loan loss provision was $792,000, an increase of $72,000 compared to the same period a year ago. Noninterest income of $12.3 million was up 5.5% over the same period in 2004. Noninterest expense totaled $27.0 million versus $26.2 million a year ago. The Company's total revenues increased $4.4 million, or 11.2%, improving the Company's efficiency ratio to 61.2%, down from 66.1% in the first quarter of 2004. The Company's effective tax rate was 33.1% for the first quarter of 2005 compared to 35.6% in the first quarter of 2004. The reduction in the Company's 2005 tax rate was due in part to tax credits from certain loan transactions. David Rainbolt, President and CEO, said, "The Company's record operating performance is a result of our Company's loan growth momentum and the underlying strength in the Oklahoma economy. Asset quality is at an all-time high, as it should be at this point in the economic cycle. Our outlook for the remainder of 2005 for Oklahoma and our Company is positive." At March 31, 2005, the Company's assets totaled $3.1 billion. Total loans were $2.1 billion, 10.6% above the $1.9 billion level recorded a year ago. Deposits totaled $2.7 billion, unchanged from March 31, 2004. The Company's loan-to-deposit ratio approached 80% compared to the 2004 average level of 74.7%. At quarter end, stockholders' equity was $278 million, or 9.0%, of total assets. 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 84 banking locations servicing 43 communities across Oklahoma. This press release may include forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. 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)
2005 ------------------------------------------------------------- Year- Q1 Q2 Q3 Q4 To-Date ------------ ------------ ------------ ------------ ------------ Income Statement Data: Net interest income $ 31,706 $ 31,706 Provision for loan losses 792 792 Securities transactions -- -- Total noninterest income 12,348 12,348 Salaries and employee benefits 16,277 16,277 Total noninterest expense 26,978 26,978 Net income 10,887 10,887 Per Common Share Data: Net income-basic 1.39 1.39 Net income-diluted 1.36 1.36 Cash dividends declared 0.28 0.28 Common shares outstanding 7,788,247 7,788,247 Average common shares outstanding - Basic 7,828,916 7,828,916 Diluted 8,009,621 8,009,621 Performance Ratios: Return on average assets 1.44% 1.44% Return on average equity 15.70 15.70 Net interest margin 4.67 4.67 Efficiency ratio 61.24 61.24
2004 ------------------------------------------------------------- Year- Q1 Q2 Q3 Q4 To-Date ------------ ------------ ------------ ------------ ------------ Income Statement Data: Net interest income $ 27,920 $ 28,331 $ 29,840 $ 31,155 $ 117,246 Provision for loan losses 720 201 879 899 2,699 Securities transactions -- (148) 2 (90) (236) Total noninterest income 11,702 12,742 12,453 14,958 51,855 Salaries and employee benefits 15,805 15,757 15,875 15,779 63,216 Total noninterest expense 26,191 27,557 27,234 27,762 108,744 Net income 8,191 8,638 9,313 11,034 37,176 Per Common Share Data: Net income-basic 1.05 1.10 1.19 1.41 4.75 Net income-diluted 1.03 1.08 1.17 1.38 4.65 Cash dividends declared 0.25 0.25 0.28 0.28 1.06 Common shares outstanding 7,830,040 7,825,923 7,830,008 7,840,796 7,840,796 Average common shares outstanding - Basic 7,825,530 7,834,040 7,827,370 7,835,094 7,830,513 Diluted 7,977,779 7,979,029 7,987,737 8,019,409 7,995,536 Performance Ratios: Return on average assets 1.10% 1.13% 1.22% 1.43% 1.22% Return on average equity 12.19 13.21 13.92 15.90 13.83 Net interest margin 4.20 4.12 4.34 4.48 4.29 Efficiency ratio 66.10 67.09 64.39 60.20 64.31
BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share data - Unaudited)
2005 ----------------------------------------------------------- Q1 Q2 Q3 Q4 ------------ ------------ ------------ ------------ Balance Sheet Data: Total assets $ 3,068,215 Total loans 2,147,543 Allowance for loan losses (26,256) Securities 531,331 Deposits 2,674,914 Stockholders' equity 277,629 Book value per common share 35.65 Tangible book value per common share 31.02 Balance Sheet Ratios: Average loans to deposits 79.21% Average earning assets to total assets 90.62 Average stockholders' equity to average assets 9.17 Asset Quality Data: Past due loans $ 1,691 Nonaccrual loans 8,863 Restructured loans 544 Total nonperforming and restructured loans 11,098 Other real estate owned and repossessed assets 2,150 Total nonperforming and restructured assets 13,248 Nonperforming and restructured loans to total loans 0.52% Nonperforming and restructured assets to total assets 0.43 Allowance to total loans 1.22 Allowance to nonperforming and restructured loans 236.59 Net charge-offs to average loans 0.05
2004 --------------------------------------------------------------- Q1 Q2 Q3 Q4 ------------ ------------ ------------ ------------ Balance Sheet Data: Total assets $ 3,051,815 $ 3,034,783 $ 3,036,738 $ 3,046,977 Total loans 1,940,883 1,963,888 2,036,025 2,093,515 Allowance for loan losses (26,403) (25,921) (25,568) (25,746) Securities 581,059 570,423 558,465 560,234 Deposits 2,673,020 2,668,466 2,664,769 2,657,434 Stockholders' equity 263,563 260,960 270,528 277,497 Book value per common share 33.66 33.35 34.55 35.39 Tangible book value per common share 29.52 29.22 30.49 30.77 Balance Sheet Ratios: Average loans to deposits 74.06% 72.23% 75.29% 76.29% Average earning assets to total assets 90.59 91.32 91.21 90.98 Average stockholders' equity to average assets 9.05 8.59 8.78 8.98 Asset Quality Data: Past due loans $ 2,266 $ 2,398 $ 1,699 $ 3,149 Nonaccrual loans 13,663 8,368 8,399 8,688 Restructured loans 428 433 378 362 Total nonperforming and restructured loans 16,357 11,199 10,476 12,199 Other real estate owned and repossessed assets 3,796 3,675 3,167 2,513 Total nonperforming and restructured assets 20,153 14,874 13,643 14,712 Nonperforming and restructured loans to total loans 0.84% 0.57% 0.51% 0.58% Nonperforming and restructured assets to total assets 0.66 0.49 0.45 0.48 Allowance to total loans 1.36 1.32 1.26 1.23 Allowance to nonperforming and restructured loans 161.42 231.46 244.06 211.05 Net charge-offs to average loans 0.10 0.14 0.25 0.14
BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited)
Three Months Ended March 31, 2005 -------------------------------------------- Interest Average Average Income/ Yield/ Balance Expense Rate ------------ ------------ ------------ ASSETS Earning assets: Loans $ 2,119,026 $ 33,200 6.35% Securities - taxable 513,567 5,575 4.40 Securities - tax exempt 31,429 493 6.36 Federal funds sold 116,590 724 2.52 Total earning assets 2,780,612 39,992 5.83 Nonearning assets: Cash and due from banks 141,339 Interest receivable and other assets 172,354 Allowance for loan losses (25,917) Total nonearning assets 287,776 Total assets $ 3,068,388 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $ 451,593 $ 444 0.40% Savings deposits 726,530 2,613 1.46 Time deposits 682,986 3,560 2.11 Short-term borrowings 28,915 162 2.27 Long-term borrowings 7,299 105 5.85 Junior subordinated debentures 51,804 1,103 8.63 Total interest-bearing liabilities 1,949,127 7,987 1.66 Interest-free funds: Noninterest bearing deposits 814,020 Interest payable and other liabilities 23,960 Stockholders' equity 281,281 Total interest free-funds 1,119,261 Total liabilities and stockholders' equity $ 3,068,388 Net interest income $ 32,005 Net interest spread 4.17% Net interest margin 4.67%
SOURCE BancFirst -0- 04/21/2005 /CONTACT: Joe T. Shockley, Chief Financial Officer, +1-405-270-1003, or David Rainbolt, Chief Executive Officer, +1-405-270-1002, both of BancFirst Corporation/ /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20040818/BANFLOGO PRN Photo Desk, photodesk@prnewswire.com/ -----END PRIVACY-ENHANCED MESSAGE-----