BancFirst Corporation Reports First Quarter Earnings

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April 16, 2015 4:05 PM UTC

OKLAHOMA CITY, April 16, 2015 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $16.3 million, or $1.03 diluted earnings per share, for the first quarter of 2015 compared to net income of $14.7 million, or $0.94 diluted earnings per share, for the first quarter of 2014. 

The Company's net interest income for the first quarter of 2015 increased to $45.6 million compared to $42.0 million for the first quarter of 2014, due to higher volume of earning assets. The net interest margin for the quarter was 3.07% compared to 2.98% a year ago, primarily due to loan volume and fair value adjustments resulting from an acquisition in the first quarter of 2014. The provision for loan losses for the first quarter of 2015 increased to $1.3 million compared to $1.2 million a year ago.  Net charge-offs for the quarter were only 0.02% of average loans, compared to 0.01% for the first quarter of 2014.  Noninterest income for the quarter totaled $25.3 million, compared to $23.6 million last year. The increase in revenues was primarily from a $1.7 million gain on an investment by Council Oak Investment Corporation, a wholly-owned subsidiary of BancFirst. Noninterest expense for the quarter totaled $44.9 million compared to $43.8 million last year, primarily due to annual salary increases. The Company's effective tax rate increased to 34.1% compared to 28.6% for the first quarter of 2014, due primarily to tax credits and the recognition of state deferred tax benefits in 2014.

At March 31, 2015, the Company's total assets were $6.6 billion, largely unchanged from December 31, 2014. Securities increased $25.3 million to a total of $550.1 million.  Loans totaled $3.9 billion, with no material change from December 31, 2014.  Deposits totaled $5.9 billion, virtually flat from December 31, 2014. The Company's total stockholders' equity was $621.7 million, an increase of $12.4 million, or 2.0%, over December 31, 2014.

Asset quality remained strong during the first quarter of 2015.  Nonperforming and restructured assets were 0.62% of total assets at March 31, 2015 compared to 0.64% at December 31, 2014.  The allowance to total loans was 1.08% compared to 1.06% at year-end 2014.

CEO David Rainbolt commented, "Aside from our investment gain, this quarter's results were largely as expected. We have seen some weakening in loan demand resulting from contraction in Oklahoma's energy industry. I suspect we will get a better read in the second quarter."

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 95 banking locations serving 52 communities across Oklahoma. More information can be found at www.bancfirst.com.

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)

2015

2014

2014

2014

2014

1st Qtr 

4th Qtr 

3rd Qtr 

2nd Qtr 

  1st Qtr 

 Condensed Income Statements: 

 Net interest income 

$               45,626

$               47,319

$               46,514

$               45,489

$               42,029

 Provision for loan losses 

1,334

1,840

(3,115)

3,129

1,218

 Non-interest income:

Trust revenue

2,342

2,334

2,380

2,315

2,151

Service charges on deposits

13,352

14,345

14,226

14,360

13,458

Securities transactions

1,729

822

284

85

450

Income from sales of loans

440

426

569

467

351

Insurance commissions

4,068

3,262

4,152

3,262

3,966

Cash management

1,819

1,683

1,770

1,703

1,585

Other

1,546

1,430

1,557

1,419

1,601

Total noninterest income 

25,296

24,302

24,938

23,611

23,562

 Non-interest expense:

Salaries and employee benefits

27,513

27,071

28,153

27,478

25,938

Occupancy and fixed assets expense, net

2,835

3,117

2,920

2,784

2,789

Depreciation

2,464

2,439

2,432

2,375

2,349

Amortization of intangible assets

444

444

444

458

408

Data processing services

1,117

1,151

1,183

1,185

1,170

Net expense from other real estate owned

314

194

173

(406)

550

Marketing and business promotion

1,679

2,218

1,429

1,661

1,716

Deposit insurance

826

835

810

873

773

Other

7,731

9,417

9,398

9,449

8,143

Total noninterest expense 

44,923

46,886

46,942

45,857

43,836

 Income before income taxes 

24,665

22,895

27,625

20,114

20,537

 Income tax expense 

8,406

7,146

8,832

5,426

5,880

 Net income 

$               16,259

$               15,749

$               18,793

$               14,688

$               14,657

 Per Common Share Data: 

 Net income-basic 

$                   1.05

$                   1.02

$                   1.22

$                   0.94

$                   0.96

 Net income-diluted 

1.03

0.99

1.19

0.92

0.94

 Cash dividends declared

0.34

0.34

0.34

0.31

0.31

 Common shares outstanding 

15,512,545

15,504,513

15,449,546

15,398,603

15,363,728

 Average common shares outstanding -

   Basic

15,507,346

15,484,664

15,425,920

15,468,511

15,342,486

   Diluted

15,838,548

15,846,810

15,795,843

15,832,180

15,660,921

 Performance Ratios: 

 Return on average assets

1.01%

0.96%

1.17%

0.92%

0.96%

 Return on average equity

10.65

10.31

12.63

10.20

10.51

 Net interest margin 

3.07

3.14

3.13

3.10

2.98

 Efficiency ratio 

63.34

65.46

65.70

66.36

66.83

                                                        

                                                    

 

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

2015

2014

2014

2014

2014

 1st Qtr 

 4th Qtr

  3rd Qtr 

  2nd Qtr 

  1st Qtr 

 Balance Sheet Data:

 Total assets

$        6,570,120

$        6,574,972

$        6,406,575

$        6,368,633

$        6,375,041

 Interest-bearing deposits with banks

1,699,265

1,710,350

1,652,939

1,622,810

1,737,559

 Securities

550,125

524,783

535,586

570,429

587,018

 Total loans

3,857,741

3,860,831

3,722,876

3,665,908

3,542,270

 Allowance for loan losses

(41,556)

(40,889)

(39,467)

(43,297)

(39,924)

 Deposits

5,883,801

5,904,704

5,740,449

5,721,593

5,737,850

 Stockholders' equity

621,679

609,314

596,183

580,505

568,112

 Book value per common share

40.08

39.30

38.59

37.70

36.98

 Tangible book value per common share

36.52

35.71

34.96

34.03

33.29

 Balance Sheet Ratios:

 Average loans to deposits

65.85%

65.42%

64.27%

62.65%

62.46%

 Average earning assets to total assets

92.97

92.82

92.87

92.68

92.46

 Average stockholders' equity to average assets

9.51

9.35

9.25

9.04

9.10

Asset Quality Data:

 Past due loans

$                1,498

$                1,135

$                2,004

$                1,789

$                  910

 Nonaccrual loans

16,562

16,410

17,052

17,268

17,753

 Restructured loans

16,131

16,515

17,125

20,615

17,468

 Total nonperforming and restructured loans

34,191

34,060

36,181

39,672

36,131

 Other real estate owned and repossessed assets

6,418

8,079

7,016

6,406

7,590

 Total nonperforming and restructured assets

40,609

42,139

43,197

46,078

43,721

 Nonperforming and restructured loans to total loans

0.89%

0.88%

0.96%

1.08%

1.02%

 Nonperforming and restructured assets to total assets

0.62

0.64

0.67

0.72

0.69

 Allowance to total loans

1.08

1.06

1.05

1.18

1.13

 Allowance to nonperforming and restructured loans

121.54

120.05

109.08

109.14

110.50

 Net charge-offs to average loans

0.02

0.01

0.02

(0.01)

0.01

 

 

 

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

Three Months Ended

March 31, 2015

Average

Income/

 Yield/

Balance

Expense

 Rate

ASSETS

Earning assets:

  Loans

$        3,840,833

$           46,051

4.86%

  Securities – taxable

486,430

1,399

1.17

  Securities – tax exempt

39,005

378

3.93

  Interest bearing deposits with banks

1,686,414

1,062

0.26

     Total earning assets

6,052,682

48,890

3.28

Nonearning assets:

  Cash and due from banks

181,937

  Interest receivable and other assets

316,550

  Allowance for loan losses

(40,879)

     Total nonearning assets

457,608

     Total assets

$        6,510,290

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing liabilities:

  Transaction deposits                      

$           723,908

$       168

0.09%

  Savings deposits

2,052,927

1,150

0.23

  Time deposits

743,624

1,220

0.67

  Short-term borrowings

3,033

1

0.14

  Junior subordinated debentures

26,804

491

7.43

     Total interest-bearing liabilities

3,550,296

3,030

0.35

Interest-free funds:

  Noninterest bearing deposits

2,312,217

  Interest payable and other liabilities

28,636

  Stockholders' equity

619,141

     Total interest free-funds

2,959,994

     Total liabilities

       and stockholders' equity

$        6,510,290

Net interest income

$           45,860

Net interest spread

2.93%

Effect of interest free funds

0.14%

Net interest margin

3.07%

 

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-first-quarter-earnings-300067291.html

SOURCE BancFirst


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