EX-99.1 2 bc7542ex991.txt EXHIBIT 99.1 Exhibit 99.1 BANCFIRST CORPORATION REPORTS THIRD QUARTER RESULTS OKLAHOMA CITY, Oct. 19 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) reported net income for the third quarter of 2006 of $12.7 million or $0.79 diluted earnings per share. This is a $3.5 million increase over the third quarter a year ago of $9.2 million or $0.58 diluted earnings per share. Net income for the first nine months of 2006 was $35.8 million or $2.23 diluted earnings per share versus $31.3 million, or $1.96 diluted earnings per share for the same period in 2005. Net interest income for the quarter was $36.4 million, an increase of $3.4 million, or 10.2% over a year ago. The company's earning assets were $3.1 billion, an increase of $293.6 million, or 10.6% over September 30, 2005. Loans were up $65.8 million from the third quarter of 2005. The growth in loans and earning assets was supported by core deposit growth of $286.7 million. The loan loss provision was $315,000 down $558,000 from the same period a year ago. Nonperforming and restructured assets, 0.38% of assets, and third quarter net charge-offs, 0.01% of loans, remain at historically low levels. Noninterest income totaled $15.5 million, an increase of $615,000 or 4.1% over the third quarter of 2005. The increase is due to growth in revenues from Trust, electronic banking services, and securities gains from venture capital activities. Noninterest expenses were $31.6 million, a decrease of $1.6 million or 4.9%. Noninterest expense for the third quarter of 2005 included a one time write-off of a $3 million receivable. Net of this write-off, expenses increased $1.4 million or 4.5% and was due to growth and expansion of the branch delivery system. The Company is expanding its branch delivery system, primarily in the metropolitan areas of Oklahoma City and Tulsa. A new branch in south Oklahoma City, 134th and May Avenue, opened in August. Construction of new branches are underway in eastern Oklahoma County and in south Tulsa which are expected to open in late 2006 or early 2007. The Company also completed the acquisition of First Bartlesville Bank, Bartlesville, Oklahoma effective August 4, 2006. First Bartlesville Bank had total assets of $45.3 million and deposits of $39.4 million as of September 30. First Bartlesville Bank will be merged into BancFirst in early December 2006. BancFirst and Pickard Limited Partnership have entered into an agreement to sell their ownership in Century Life Assurance Company, 75% and 25%, respectively, to American Underwriters Life Insurance Company. Pickard Limited Partnership is an affiliate of BancFirst Corporation. The transaction is expected to be completed in the fourth quarter, subject to regulatory approvals. The sale will result in an after-tax gain approximating $400,000 to $600,000, and will not have a significant impact on its results of operations for 2007. At September 30, 2006 BancFirst Corporation had total assets of $3.4 billion, an increase of $347 million or 11.3% over a year ago. Loans totaled $2.3 billion and deposits were $3.0 billion. The Company's stockholders equity was $335 million, or 9.79% 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 85 banking locations serving 47 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)
2006 ------------------------------------------------------------------------ Year- Q1 Q2 Q3 Q4 To-Date ------------ ------------ ------------ ------------ ------------ Income Statement Data: Net interest income $ 34,601 $ 35,753 36,404 $ 106,758 Provision for loan losses 681 917 315 1,913 Securities transactions --- 139 246 385 Total noninterest income 13,409 14,732 15,501 43,642 Salaries and employee benefits 17,618 17,346 17,741 52,705 Total noninterest expense 30,292 30,826 31,609 92,727 Net income 10,881 12,209 12,740 35,830 Per Common Share Data: Net income-basic 0.69 0.78 0.81 2.28 Net income-diluted 0.68 0.76 0.79 2.23 Cash dividends declared 0.16 0.16 0.18 0.50 Common shares outstanding 15,687,840 15,716,195 15,742,171 15,742,171 Average common shares outstanding - Basic 15,666,676 15,702,060 15,732,307 15,700,588 Diluted 16,045,822 16,080,423 16,112,809 16,078,441 Performance Ratios: Return on average assets 1.33% 1.46% 1.50% 1.43% Return on average equity 14.03 15.49 15.44 15.00 Net interest margin 4.77 4.78 4.77 4.78 Efficiency ratio 63.09 61.06 60.90 61.65
2005 ------------------------------------------------------------------------ Year- Q1 Q2 Q3 Q4 To-Date ------------ ------------ ------------ ------------ ------------ Income Statement Data: Net interest income $ 31,706 $ 32,941 $ 33,028 $ 33,776 $ 131,451 Provision for loan losses 792 1,302 873 1,640 4,607 Securities transactions --- 81 1 114 196 Total noninterest income 12,348 13,764 14,886 13,285 54,284 Salaries and employee benefits 16,277 15,904 16,757 15,606 64,544 Total noninterest expense 26,978 28,441 33,251 28,495 117,165 Net income 10,887 11,198 9,216 11,534 42,835 Per Common Share Data: Net income-basic 0.69 0.72 0.59 0.74 2.74 Net income-diluted 0.68 0.70 0.58 0.72 2.68 Cash dividends declared 0.14 0.14 0.16 0.16 0.60 Common shares outstanding 15,576,497 15,603,294 15,630,270 15,637,030 15,637,030 Average common shares outstanding - Basic 15,657,832 15,592,088 15,617,426 15,634,384 15,621,264 Diluted 16,019,242 15,961,110 16,011,786 16,010,554 15,996,218 Performance Ratios: Return on average assets 1.44% 1.48% 1.19% 1.45% 1.39% Return on average equity 15.70 15.98 12.46 15.34 14.80 Net interest margin 4.67 4.81 4.79 4.77 4.76 Efficiency ratio 61.24 60.89 69.40 60.55 63.08
BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share data - Unaudited)
2006 --------------------------------------------------------- Q1 Q2 Q3 Q4 ------------ ------------ ------------ ------------ Balance Sheet Data: Total assets $ 3,357,717 $ 3,389,689 $ 3,424,495 Total loans 2,306,317 2,339,959 2,332,838 Allowance for loan losses (27,789) (28,227) (28,988) Securities 428,222 434,696 422,650 Deposits 2,934,980 2,954,960 2,967,056 Stockholders' equity 310,698 320,430 335,148 Book value per common share 19.81 20.39 21.29 Tangible book value per common share 17.35 17.95 18.75 Balance Sheet Ratios: Average loans to deposits 80.39% 79.13% 79.27% Average earning assets to total assets 89.55 90.16 90.36 Average stockholders' equity to average assets 9.50 9.46 9.70 Asset Quality Data: Past due loans $ 1,204 $ 612 $ 727 Nonaccrual loans 8,238 7,244 8,960 Restructured loans 720 727 782 Total nonperforming and restructured loans 10,162 8,583 10,469 Other real estate owned and repossessed assets 2,075 2,657 2,548 Total nonperforming and restructured assets 12,237 11,240 13,017 Nonperforming and restructured loans to total loans 0.40% 0.37% 0.45% Nonperforming and restructured assets to total assets 0.36 0.33 0.38 Allowance to total loans 1.20 1.21 1.24 Allowance to nonperforming and restructured loans 303.31 328.88 276.91 Net charge-offs to average loans 0.07 0.08 0.01
2005 --------------------------------------------------------- Q1 Q2 Q3 Q4 ------------ ------------ ------------ ------------ Balance Sheet Data: Total assets $ 3,068,215 $ 3,061,822 $ 3,077,497 $ 3,223,030 Total loans 2,147,543 2,222,834 2,267,082 2,317,426 Allowance for loan losses (26,256) (27,148) (26,866) (27,517) Securities 531,331 523,025 484,837 456,222 Deposits 2,674,914 2,638,373 2,680,351 2,804,519 Stockholders' equity 277,629 289,218 294,232 302,349 Book value per common share 17.83 18.54 18.83 19.34 Tangible book value per common share 15.51 16.24 16.55 16.87 Balance Sheet Ratios: Average loans to deposits 79.21% 80.52% 84.72% 83.91% Average earning assets to total assets 90.62 90.40 89.98 89.94 Average stockholders' equity to average assets 9.17 9.21 9.57 9.47 Asset Quality Data: Past due loans $ 1,691 $ 1,789 $ 2,339 $ 1,455 Nonaccrual loans 8,863 8,425 7,101 7,344 Restructured loans 544 792 736 581 Total nonperforming and restructured loans 11,098 11,006 10,176 9,380 Other real estate owned and repossessed assets 2,150 1,433 2,692 2,262 Total nonperforming and restructured assets 13,248 12,439 12,868 11,642 Nonperforming and restructured loans to total loans 0.52% 0.50% 0.45% 0.40% Nonperforming and restructured assets to total assets 0.43 0.41 0.42 0.36 Allowance to total loans 1.22 1.22 1.19 1.19 Allowance to nonperforming and restructured loans 236.59 246.67 264.01 293.36 Net charge-offs to average loans 0.05 0.06 0.21 0.11
BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited)
Three Months Ended Nine Months Ended September 30, 2006 September 30, 2006 ------------------------------------------- --------------------------------------- Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ----------- ----------- ----------- ----------- ----------- ----------- ASSETS Earning assets: Loans $ 2,327,339 $ 46,567 7.94% $ 2,317,309 $ 133,149 7.68% Securities - taxable 390,196 4,311 4.38 394,892 13,143 4.45 Securities - tax exempt 38,936 589 6.00 39,339 1,785 6.07 Federal funds sold 294,195 3,777 5.09 262,692 9,454 4.81 Total earning assets 3,050,666 55,244 7.18 3,014,232 157,531 6.99 Nonearning assets: Cash and due from banks 157,572 166,689 Interest receivable and other assets 196,614 195,277 Allowance for loan losses (28,644) (28,028) Total nonearning assets 325,542 333,938 Total assets $ 3,376,208 $ 3,348,170 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $ 417,193 $ 896 0.85% $ 431,366 $ 2,536 0.79% Savings deposits 896,269 8,245 3.65 870,010 21,573 3.32 Time deposits 747,694 7,831 4.16 735,258 20,958 3.81 Short-term borrowings 30,832 407 5.24 36,632 1,296 4.73 Long-term borrowings 2,281 35 6.09 2,950 134 6.07 Junior subordinated debentures 51,804 1,103 8.45 51,804 2,206 8.54 Total interest-bearing liabilities 2,146,073 18,517 3.42 2,128,020 49,806 3.13 Interest-free funds: Noninterest bearing deposits 874,766 875,008 Interest payable and other liabilities 27,993 25,695 Stockholders' equity 327,376 319,447 Total interest free-funds 1,230,135 1,220,150 Total liabilities and stockholders' equity $ 3,376,208 $ 3,348,170 Net interest income $ 36,727 $ 107,725 Net interest spread 3.76% 3.86% Net interest margin 4.77% 4.78%
SOURCE BancFirst -0- 10/19/2006 /CONTACT: Joe T. Shockley, Chief Financial Officer, +1-405-270-1003, or David Rainbolt, Chief Executive Officer, +1-405-270-1002, both of BancFirst/ /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20040818/BANFLOGO PRN Photo Desk photodesk@prnewswire.com/ (BANF)