-----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, CRF0f+zfvzsyXHtau/u5e+WKa1dVtX/Xxw8+UlKENcMvCnC0HNkyCsYnIbp7daYS yFxsUqqB0svK2swQaw0aUg== 0001275287-07-000262.txt : 20070124 0001275287-07-000262.hdr.sgml : 20070124 20070124060103 ACCESSION NUMBER: 0001275287-07-000262 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070123 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070124 DATE AS OF CHANGE: 20070124 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: 07548071 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 bc8638.txt FORM 8-K ================================================================================ 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 23, 2007 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 N Broadway, Oklahoma City, OK 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 Record Earnings On January 23, 2007, BancFirst Corporation announced its results of operations for the fourth quarter and year ended December 31, 2006. A copy of this press release is being filed as Exhibit 99.1 to this form 8-K and is incorporated by reference herein. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit No. Description - ----------- ------------------------------------------------------------------ 99.1 Press Release, dated January 23, 2007, issued by BancFirst Corporation titled "BancFirst Corporation Reports Record 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) January 23, 2007 /s/ Joe T. Shockley, Jr. ----------------------------- Joe T. Shockley, Jr. (Principal Financial Officer) EX-99.1 2 bc8638ex991.txt EXHIBIT 99.1 Exhibit 99.1 BANCFIRST CORPORATION REPORTS RECORD EARNINGS OKLAHOMA CITY, Jan. 23 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) reported net income of $13.5 million or $.84 diluted earnings per share for the fourth quarter, and $49.4 million or $3.07 diluted earnings per share for the year ended December 31, 2006. The results compare to $11.5 million or $.72 diluted earnings per share and $42.8 million or $2.68 diluted earnings per share in 2005. For the quarter, the Company's net interest income was $36.9 million vs. $33.8 million in 2005, an increase of 9.3%. The increase in the net interest income is due to the growth in total earnings assets of $224 million reaching $3.1 billion at year end 2006. The Company's net interest margin was 4.71% compared to 4.77% a year ago. The decrease in the net interest margin is a result of higher costs of interest bearing liabilities. In the fourth quarter, the loan loss provision was a negative $123,000 compared to an expense of $1.6 million for the same period in 2005. Continued strong asset quality combined with low charge-off experience necessitated reducing the loan loss reserve, according to the Company's reserve methodology. Noninterest income totaled $14.8 million up $1.5 million over a year ago. During the quarter the Company sold Century Life Assurance Company, its credit life and accident and health insurance subsidiary, and reported a gain of approximately $640,000. The Company also recorded a gain of $630,000 on the sale of certain assets during the fourth quarter. Noninterest expense was $31.8 million compared to $28.5 million in the same period in 2005. The increase in noninterest expense is due to conversion expenses associated with its recent Bartlesville acquisition, combined with the Company's branch expansion program. David Rainbolt, CEO of BancFirst Corporation stated, "The fourth quarter had a few unexpected one-time transactions that boosted earnings, but was nonetheless a solid performance." During the quarter the Company merged First Bartlesville Bank which was acquired in August, 2006, into BancFirst, the Company's principal subsidiary bank. At December 31, 2006 the Company's total assets were $3.4 billion, an increase of $196.1 million or 6.1% over December 31, 2005. Loans ended the year at $2.3 billion, deposits were $3.0 billion and equity capital totaled $349 million which was 10.2% 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 86 banking locations serving 44 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 36,930 $ 143,688 Provision for loan losses 681 917 315 (123) 1,790 Securities transactions --- 139 246 141 526 Total noninterest income 13,409 14,732 15,501 14,782 58,424 Salaries and employee benefits 17,618 17,346 17,741 17,631 70,336 Total noninterest expense 30,292 30,826 31,609 31,830 124,557 Net income 10,881 12,209 12,740 13,522 49,352 Per Common Share Data: Net income-basic 0.69 0.78 0.81 0.86 3.13 Net income-diluted 0.68 0.76 0.79 0.84 3.07 Cash dividends declared 0.16 0.16 0.18 0.18 0.68 Common shares outstanding 15,687,840 15,716,195 15,742,171 15,764,310 15,764,310 Average common shares outstanding - Basic 15,666,676 15,702,060 15,732,307 15,751,044 15,713,306 Diluted 16,045,822 16,080,423 16,112,809 16,149,063 16,094,844 Performance Ratios: Return on average assets 1.33% 1.46% 1.50% 1.55% 1.46% Return on average equity 14.03 15.49 15.44 15.38 15.10 Net interest margin 4.77 4.78 4.77 4.71 4.75 Efficiency ratio 63.09 61.06 60.90 61.55 61.63
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 $ 3,419,132 Total loans 2,306,317 2,339,959 2,332,838 2,325,548 Allowance for loan losses (27,789) (28,227) (28,988) (27,700) Securities 428,222 434,696 422,650 432,910 Deposits 2,934,980 2,954,960 2,967,056 2,974,305 Stockholders' equity 310,698 320,430 335,148 348,913 Book value per common share 19.81 20.39 21.29 22.13 Tangible book value per common share 17.35 17.95 18.75 19.61 Balance Sheet Ratios: Average loans to deposits 80.39% 79.13% 79.27% 78.03% Average earning assets to total assets 89.55 90.16 90.36 90.71 Average stockholders' equity to average assets 9.50 9.46 9.70 10.08 Asset Quality Data: Past due loans $ 1,204 $ 612 $ 727 $ 1,884 Nonaccrual loans 8,238 7,244 8,960 9,371 Restructured loans 720 727 782 715 Total nonperforming and restructured loans 10,162 8,583 10,469 11,970 Other real estate owned and repossessed assets 2,075 2,657 2,548 1,675 Total nonperforming and restructured assets 12,237 11,240 13,017 13,645 Nonperforming and restructured loans to total loans 0.40% 0.37% 0.45% 0.51% Nonperforming and restructured assets to total assets 0.36 0.33 0.38 0.40 Allowance to total loans 1.20 1.21 1.24 1.19 Allowance to nonperforming and restructured loans 303.31 328.88 276.91 231.41 Net charge-offs to average loans 0.07 0.08 0.01 0.20
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 7,34 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 Twelve Months Ended December 31, 2006 December 31, 2006 --------------------------------------- --------------------------------------- Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ------------ ------------ --------- ------------ ------------ --------- ASSETS Earning assets: Loans $ 2,333,774 $ 47,252 8.03% $ 2,321,459 $ 180,401 7.77% Securities - taxable 391,909 4,202 4.25 394,140 17,345 4.40 Securities - tax exempt 38,474 574 5.92 39,121 2,359 6.03 Federal funds sold 375,513 4,951 5.23 291,129 14,404 4.95 Total earning assets 3,139,670 56,979 7.20 3,045,849 214,509 7.04 Nonearning assets: Cash and due from banks 146,404 161,576 Interest receivable and other assets 204,331 197,559 Allowance for loan losses (29,147) (28,310) Total nonearning assets 321,588 330,825 Total assets $ 3,461,258 $ 3,376,674 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Transaction deposits $ 420,473 $ 919 0.87% $ 428,620 $ 3,455 0.81% Savings deposits 928,347 8,801 3.76 884,714 30,374 3.43 Time deposits 770,941 8,380 4.31 744,252 29,339 3.94 Short-term borrowings 38,683 501 5.14 37,149 1,798 4.84 Long-term borrowings 1,490 26 6.92 2,582 160 6.20 Junior subordinated debentures 51,804 1,103 8.45 51,804 4,412 8.52 Total interest- bearing liabilities 2,211,738 19,730 3.54 2,149,121 69,538 3.24 Interest-free funds: Noninterest bearing deposits 871,060 874,013 Interest payable and other liabilities 29,718 26,709 Stockholders' equity 348,742 326,831 Total interest free-funds 1,249,520 1,227,553 Total liabilities and stockholders' equity $ 3,461,258 $ 3,376,674 Net interest income $ 37,249 $ 144,971 Net interest spread 3.66% 3.80% Net interest margin 4.71% 4.75%
SOURCE BancFirst -0- 01/23/2007 /CONTACT: Joe T. Shockley Jr., 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) -----END PRIVACY-ENHANCED MESSAGE-----