BancFirst Q1 net income decreases

Thu. April 23, 2009; Posted: 05:01 AM

Apr 23, 2009 (Datamonitor via COMTEX) -- BANF | Quote | Chart | News | PowerRating -- BancFirst Corporation has reported a net income of $7.12 million, or diluted earnings per share of $0.46, for the first quarter of 2009, compared to $11.59 million, or diluted earnings per share of $0.74, for the first quarter of 2008, which included a $1.2 million after-tax gain related to the Visa initial public offering.

For the first quarter of 2009, the company's net interest income was $31.75 million compared to $35.39 million for the same quarter in 2008. The company's net interest margin was 3.69% compared to 4.24% in the first quarter of 2008.

The company has said that the decrease in the net interest margin in the first quarter of 2009 resulted from the reduction in interest rates by the Federal Reserve Bank to low levels in the latter part of 2008.

Total noninterest income for the first quarter of 2009 was $16.62 million, compared to total noninterest income of $17.24 for the corresponding quarter of 2008.

At March 31, 2009, the company's total assets were $4 billion, an increase of $172 million or 4.5% over the first quarter of 2008.

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."

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