EX-99.1 2 bc3923ex991.htm EXHIBIT 99.1

Exhibit 99.1

BancFirst Corporation
101 NORTH BROADWAY
OKLAHOMA CITY, OKLAHOMA 73102

PRESS RELEASE

For Immediate Release: Thursday, October 27, 2005
For further information call Joe T. Shockley, Chief Financial Officer (405) 270-1003
or David Rainbolt, Chief Executive Officer at (405) 270-1002

BANCFIRST CORPORATION
REPORTS THIRD QUARTER EARNINGS

Oklahoma City, Oklahoma - BancFirst Corporation (NASDAQ NMS:BANF) reported net income of $9.2 million for the third quarter of 2005, or $1.15 diluted earnings per share.  The $9.2 million compares to $9.3 million, or $1.17 of diluted earnings per share reported a year ago for the period. Through the first nine months of 2005, the Company’s net income is $31.3 million, or $3.91 per share, an increase of $5.2 million, or 20% over the $26.1 million, or $3.27 per share reported for the same period of 2004.

For the third quarter, the Company’s net interest income was $33.0 million, an increase of $3.2 million over the same period in 2004. The increased net interest income is attributable to rising interest rates and higher loan volumes. Loans are up $231.1 million over a year ago, an increase of 11.3%. The loan loss provision was $873,000, virtually unchanged from the third quarter in 2004. Noninterest expense totaled $33.3 million compared to $27.2 million for the third quarter a year ago. Noninterest expense for the quarter included a write-off of a $3 million receivable the company had booked from its bond insurer. This one time expense had an after tax effect of $1.8 million, or $0.23 per share.

The Company’s total assets were $3.1 billion at September 30, 2005. Loans were $2.267 billion versus $2.036 billion a year ago, and deposits totaled $2.680 billion up slightly from a year ago. Stockholders’ equity at September 30, 2005 was $294.2 million, or 9.6% of total assets.

During the quarter, the Company’s Board of Directors approved an increase in the Company’s quarterly dividend from $0.28 per common share to $0.32 per common share, a 14.3% increase. This marks the thirteenth consecutive dividend increase of 10% or more.

The Company also announced it has entered into an agreement to acquire Park State Bank, Nicoma Park. Park State Bank has total assets of $44 million and equity capital of $8 million. The transaction is expected to close prior to year end 2005, and is subject to regulatory approval. The acquisition will enhance the Company’s eastern Oklahoma County presence.

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 serving 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.

1


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

 

 

2005

 

 

 

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Year-
To-Date

 

 

 

 

 

 

 

 

Income Statement Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

31,706

 

$

32,941

 

$

33,028

 

 

 

 

$

97,675

 

Provision for loan losses

 

 

792

 

 

1,302

 

 

873

 

 

 

 

 

2,967

 

Securities transactions

 

 

—  

 

 

81

 

 

1

 

 

 

 

 

82

 

Total noninterest income

 

 

12,348

 

 

13,764

 

 

14,886

 

 

 

 

 

40,998

 

Salaries and employee benefits

 

 

16,277

 

 

15,904

 

 

16,757

 

 

 

 

 

48,938

 

Total noninterest expense

 

 

26,978

 

 

28,441

 

 

33,251

 

 

 

 

 

88,670

 

Net income

 

 

10,887

 

 

11,198

 

 

9,216

 

 

 

 

 

31,301

 

Per Common Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income-basic

 

 

1.39

 

 

1.44

 

 

1.18

 

 

 

 

 

4.01

 

Net income-diluted

 

 

1.36

 

 

1.40

 

 

1.15

 

 

 

 

 

3.91

 

Cash dividends declared

 

 

0.28

 

 

0.28

 

 

0.32

 

 

 

 

 

0.88

 

Common shares outstanding

 

 

7,788,247

 

 

7,801,647

 

 

7,815,135

 

 

 

 

 

7,815,135

 

Average common shares outstanding -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,828,916

 

 

7,796,044

 

 

7,808,713

 

 

 

 

 

7,811,101

 

Diluted

 

 

8,009,621

 

 

7,980,555

 

 

8,005,893

 

 

 

 

 

7,996,543

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.44

%

 

1.48

%

 

1.19

%

 

 

 

 

1.36

%

Return on average equity

 

 

15.70

 

 

15.98

 

 

12.46

 

 

 

 

 

14.61

 

Net interest margin

 

 

4.67

 

 

4.81

 

 

4.79

 

 

 

 

 

4.76

 

Efficiency ratio

 

 

61.24

 

 

60.89

 

 

69.40

 

 

 

 

 

63.94

 

 

 

2004

 

 

 

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Year-
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

 

2


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

 

$

3,061,822

 

$

3,077,497

 

 

 

 

Total loans

 

 

2,147,543

 

 

2,222,834

 

 

2,267,082

 

 

 

 

Allowance for loan losses

 

 

(26,256

)

 

(27,148

)

 

(26,866

)

 

 

 

Securities

 

 

531,331

 

 

523,025

 

 

484,837

 

 

 

 

Deposits

 

 

2,674,914

 

 

2,638,373

 

 

2,680,351

 

 

 

 

Stockholders’ equity

 

 

277,629

 

 

289,218

 

 

294,232

 

 

 

 

Book value per common share

 

 

35.65

 

 

37.07

 

 

37.65

 

 

 

 

Tangible book value per common share

 

 

31.02

 

 

32.48

 

 

33.09

 

 

 

 

Balance Sheet Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

79.21

%

 

80.52

%

 

84.72

%

 

 

 

Average earning assets to total assets

 

 

90.62

 

 

90.40

 

 

89.98

 

 

 

 

Average stockholders’ equity to average assets

 

 

9.17

 

 

9.21

 

 

9.57

 

 

 

 

Asset Quality Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Past due loans

 

$

1,691

 

$

1,789

 

$

2,339

 

 

 

 

Nonaccrual loans

 

 

8,863

 

 

8,425

 

 

7,101

 

 

 

 

Restructured loans

 

 

544

 

 

792

 

 

736

 

 

 

 

Total nonperforming and restructured loans

 

 

11,098

 

 

11,006

 

 

10,176

 

 

 

 

Other real estate owned and repossessed assets

 

 

2,150

 

 

1,433

 

 

2,692

 

 

 

 

Total nonperforming and restructured assets

 

 

13,248

 

 

12,439

 

 

12,868

 

 

 

 

Nonperforming and restructured loans to total loans

 

 

0.52

%

 

0.50

%

 

0.45

%

 

 

 

Nonperforming and restructured assets to total assets

 

 

0.43

 

 

0.41

 

 

0.42

 

 

 

 

Allowance to total loans

 

 

1.22

 

 

1.22

 

 

1.19

 

 

 

 

Allowance to nonperforming and restructured loans

 

 

236.59

 

 

246.67

 

 

264.01

 

 

 

 

Net charge-offs to average loans

 

 

0.05

 

 

0.06

 

 

0.21

 

 

 

 

 

 

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

 

3


BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)

 

 

Three Months Ended
September 30, 2005

 

Year-to-date
September 30, 2005

 

 

 

 

 

 

 

Average
Balance

 

Interest
Income/
Expense

 

Average
Yield/
Rate

 

Average
Balance

 

Interest
Income/
Expense

 

Average
Yield/
Rate

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

2,237,372

 

$

38,487

 

 

6.82

%

$

2,181,293

 

$

108,007

 

 

6.62

%

Securities – taxable

 

 

466,021

 

 

4,736

 

 

4.03

 

 

493,535

 

 

15,512

 

 

4.20

 

Securities - tax exempt

 

 

33,167

 

 

512

 

 

6.13

 

 

32,508

 

 

1,515

 

 

6.23

 

Federal funds sold

 

 

20,525

 

 

163

 

 

3.15

 

 

62,809

 

 

1,266

 

 

2.69

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

 

 

2,757,085

 

 

43,898

 

 

6.32

 

 

2,770,145

 

 

126,300

 

 

6.10

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonearning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

149,863

 

 

 

 

 

 

 

 

147,396

 

 

 

 

 

 

 

Interest receivable and other assets

 

 

182,676

 

 

 

 

 

 

 

 

177,559

 

 

 

 

 

 

 

Allowance for loan losses

 

 

(27,107

)

 

 

 

 

 

 

 

(26,526

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total nonearning assets

 

 

305,432

 

 

 

 

 

 

 

 

298,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,062,517

 

 

 

 

 

 

 

$

3,068,574

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction deposits

 

$

374,081

 

 

655

 

 

0.69

%

$

364,055

 

$

1,780

 

 

0.65

%

Savings deposits

 

 

773,086

 

 

3,814

 

 

1.96

 

 

798,009

 

 

9,424

 

 

1.58

 

Time deposits

 

 

675,199

 

 

4,528

 

 

2.66

 

 

679,580

 

 

12,130

 

 

2.39

 

Short-term borrowings

 

 

46,773

 

 

397

 

 

3.37

 

 

37,800

 

 

820

 

 

2.90

 

Long-term borrowings

 

 

5,422

 

 

81

 

 

5.93

 

 

6,274

 

 

277

 

 

5.91

 

Junior subordinated debentures

 

 

51,804

 

 

1,103

 

 

8.45

 

 

51,804

 

 

3,309

 

 

8.54

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest-bearing liabilities

 

 

1,926,365

 

 

10,578

 

 

2.18

 

 

1,937,522

 

 

27,740

 

 

1.91

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-free funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest bearing deposits

 

 

818,507

 

 

 

 

 

 

 

 

820,934

 

 

 

 

 

 

 

Interest payable and other liabilities

 

 

24,259

 

 

 

 

 

 

 

 

23,768

 

 

 

 

 

 

 

Stockholders’ equity

 

 

293,386

 

 

 

 

 

 

 

 

286,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest free-funds

 

 

1,136,152

 

 

 

 

 

 

 

 

1,131,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

3,062,517

 

 

 

 

 

 

 

$

3,068,574

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

33,320

 

 

 

 

 

 

 

$

98,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest spread

 

 

 

 

 

 

 

 

4.14

%

 

 

 

 

 

 

 

4.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

4.79

%

 

 

 

 

 

 

 

4.76

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4