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For the quarter, the Company's net interest income was $31.8 million compared to $35.4 million for the same quarter in 2008. The Company's net interest margin was 3.69% vs. 4.24% a year ago. The decrease in the net interest margin resulted from the reduction in interest rates by the Federal Reserve Bank to historically low levels in the latter part of 2008. The loan loss provision was $3.4 million compared to $1.8 million for the same period a year ago. The increase in the loan loss provision was due to a small number of specific credits and the overall slowdown in the economy. Nonperforming loans equaled 0.81% of total assets up slightly from 0.72% at December 31, 2008, while net charge-offs of 0.13% were virtually the same as the first quarter of 2008. Noninterest income was $16.6 million up $1.2 million over core noninterest income for the same period in 2008. Last year's noninterest income included a one-time pretax gain of $1.8 million related to the Visa initial public offering. The increase in core noninterest income was due to commercial deposit fees and treasury and cash management services. Noninterest expenses for the quarter were $34.5 million, an increase of $1.6 million over the first quarter of 2008. The increase is due primarily to higher FDIC premiums and other operating expenses.
At March 31, 2009, the Company's total assets were $4.0 billion, an increase of $172 million or 4.5% over the first quarter of 2008. Loans were $2.8 billion which were up $308 million or 12.3% over March 31, 2008. Deposits grew $169 million to $3.5 billion from a year ago. The Company's equity capital was solid at $416 million or 10.5% of total assets at quarter end. BancFirst did not accept funds from the U.S. Treasury's Capital Purchase Program.
David Rainbolt, CEO of BancFirst, said, "In light of the struggling economy and extraordinarily low interest rates, I have to say our first quarter performance was acceptable. Non-performing loans are still under 1% and very manageable."
The Company was recognized as one of America's Best Banks by Bank Director Magazine. The publication ranks publicly traded financial institutions by profitability, capital adequacy and asset quality. BancFirst Corporation was ranked 11th among the largest publicly traded banks and thrifts nationwide.
BancFirst Corporation is an Oklahoma based financial service holding company. The Company's principal subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with 88 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)
2009
Year-
Q1 Q2 Q3 Q4 To-Date
Income Statement
Data:
Net interest
income $31,753 $31,753
Provision for
loan losses 3,365 3,365
Securities
transactions 339 339
Total noninterest
income 16,622 16,622
Salaries and
employee
benefits 20,117 20,117
Total
noninterest
expense 34,529 34,529
Net income 7,125 7,125
Per Common Share
Data:
Net income-basic 0.47 0.47
Net income-diluted 0.46 0.46
Cash dividends
declared 0.22 0.22
Common shares
outstanding 15,291,641 15,291,641
Average common
shares
outstanding -
Basic 15,291,636 15,291,636
Diluted 15,579,090 15,579,090
Performance Ratios:
Return on
average assets 0.75% 0.75%
Return on
average equity 6.92 6.92
Net interest
margin 3.68 3.68
Efficiency
ratio 71.38 71.38
2008
Year-
Q1 Q2 Q3 Q4 To-Date
Income Statement
Data:
Net interest
income $35,387 $34,774 $35,251 $33,695 $139,107
Provision for
loan losses 1,780 3,539 2,270 3,087 10,676
Securities
transactions 28 6,121 776 13 6,938
Total noninterest
income 17,241 23,330 17,784 16,030 74,385
Salaries and
employee
benefits 20,189 20,366 20,038 19,293 79,886
Total
noninterest
expense 32,928 33,596 34,307 34,175 135,006
Net income 11,594 13,737 10,958 8,069 44,358
Per Common Share
Data:
Net income-basic 0.76 0.91 0.72 0.53 2.91
Net income-diluted 0.74 0.89 0.70 0.52 2.85
Cash dividends
declared 0.20 0.20 0.22 0.22 0.84
Common shares
outstanding 15,183,483 15,186,632 15,242,061 15,281,141 15,281,141
Average common
shares
outstanding -
Basic 15,208,049 15,185,763 15,217,546 15,263,507 15,218,835
Diluted 15,562,570 15,548,687 15,589,215 15,606,950 15,578,463
Performance Ratios:
Return on
average assets 1.26% 1.46% 1.13% 0.84% 1.17%
Return on
average equity 12.24 14.14 11.04 7.94 11.30
Net interest
margin 4.24 4.08 4.03 3.85 4.05
Efficiency
ratio 62.57 57.82 64.69 68.73 63.24
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share data - Unaudited)
2009
Q1 Q2 Q3 Q4
Balance Sheet Data:
Total assets $3,958,155
Total loans 2,808,499
Allowance for
loan losses (36,765)
Securities 439,220
Deposits 3,471,518
Stockholders'
equity 416,381
Book value per
common share 27.23
Tangible book
value per common
share 24.51
Balance Sheet Ratios:
Average loans to
deposits 83.29%
Average earning
assets to total
assets 91.51
Average stockholders'
equity to
average assets 10.85
Asset Quality Data:
Past due loans $867
Nonaccrual loans 25,255
Restructured loans 353
Total nonperforming
and restructured
loans 26,475
Other real estate
owned and
repossessed
assets 5,576
Total nonperforming
and restructured
assets 32,051
Nonperforming and
restructured loans
to total loans 0.94%
Nonperforming and
restructured
assets to total
assets 0.81
Allowance to
total loans 1.31
Allowance to
nonperforming
and restructured
loans 138.87
Net charge-offs
to average loans 0.13
2008
Q1 Q2 Q3 Q4
Balance Sheet Data:
Total assets $3,786,111 $3,842,364 $3,825,518 $3,867,204
Total loans 2,500,849 2,608,913 2,730,409 2,757,854
Allowance for
loan losses (30,193) (33,512) (33,862) (34,290)
Securities 462,832 448,350 462,595 455,568
Deposits 3,302,103 3,369,912 3,361,233 3,377,608
Stockholders'
equity 386,177 387,181 397,648 413,791
Book value per
common share 25.43 25.49 26.09 27.08
Tangible book
value per common
share 22.65 22.73 23.35 24.34
Balance Sheet Ratios:
Average loans to
deposits 76.91% 77.19% 78.85% 82.23%
Average earning
assets to total assets 91.27 90.91 91.10 91.63
Average
stockholders'
equity to
average assets 10.27 10.30 10.25 10.55
Asset Quality Data:
Past due loans $643 $2,043 $892 $1,346
Nonaccrual loans 11,892 11,070 20,229 21,359
Restructured
loans 864 833 940 1,022
Total nonperforming
and restructured
loans 13,399 13,946 22,061 23,727
Other real estate
owned and
repossessed
assets 2,074 2,311 3,423 3,997
Total
nonperforming
and restructured
assets 15,473 16,257 25,484 27,724
Nonperforming and
restructured
loans to total
loans 0.54% 0.53% 0.81% 0.86%
Nonperforming and
restructured
assets to total
assets 0.41 0.42 0.67 0.72
Allowance to total loans 1.21 1.28 1.24 1.24
Allowance to
nonperforming
and restructured
loans 225.34 240.30 153.50 144.52
Net charge-offs
to average loans 0.12 0.03 0.28 0.38
BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended
March 31, 2009
Interest Average
Average Income/ Yield/
Balance Expense Rate
ASSETS
Earning assets:
Loans $2,801,385 $38,344 5.55%
Securities - taxable 408,908 3,626 3.60
Securities - tax
exempt 41,518 586 5.72
Interest bearing
deposits with banks 270,854 359 0.54
Total earning assets 3,522,665 42,915 4.94
Nonearning assets:
Cash and due from banks 127,832
Interest receivable and other
assets 233,479
Allowance for loan losses (34,550)
Total nonearning assets 326,761
Total assets $3,849,426
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing
liabilities:
Transaction deposits $356,831 $226 0.26%
Savings deposits 1,102,520 4,599 1.69
Time deposits 849,815 5,555 2.65
Short-term borrowings 8,714 10 0.47
Junior subordinated
debentures 26,804 491 7.43
Total interest-bearing
liabilities 2,344,684 10,881 1.88
Interest-free funds:
Noninterest bearing
deposits 1,054,079
Interest payable and
other liabilities 32,860
Stockholders' equity 417,803
Total interest
free-funds 1,504,742
Total liabilities
and stockholders' equity $3,849,426
Net interest income $32,034
Net interest spread 3.06%
Net interest margin 3.69%
SOURCE BancFirst
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