BancFirst Corporation Reports Third Quarter Earnings

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/3/2026

1. AMZN
2. RBLX
3. AAPL
4. RDDT
5. COIN
6. NBIX
7. DXCM
8. GH
9. GDDY
10. WU

October 15, 2015 4:30 PM EDT

OKLAHOMA CITY, Oct. 15, 2015 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $15.6 million, or $0.98 diluted earnings per share, for the third quarter of 2015 compared to net income of $18.8 million, or $1.19 diluted earnings per share, for the third quarter of 2014. Net income for the year to-date was $50.4 million, or $3.18 diluted earnings per share, compared to $48.1 million, or $3.05 diluted earnings per share, for the first nine months of 2014.

The Company's net interest income for the third quarter of 2015 was $46.9 million compared to $46.5 million for the third quarter of 2014. The net interest margin for the quarter was 3.12% compared to 3.13% a year ago. The provision for loan losses for the third quarter of 2015 was $1.4 million compared to negative $3.1 million a year ago.  The negative provision in 2014 was due to a release of $5.31 million of loan loss reserves, partially offset by a $1.36 million increase in the specific loss reserves for existing adversely classified loans. Net charge-offs for the quarter were 0.08% of average loans, compared to net charge-offs of 0.02% for the third quarter of 2014. Net charge-offs increased in 2015 due to a $2.1 million charge off on a portion of a nonaccrual loan.  Noninterest income for the quarter totaled $25.3 million, compared to $24.9 million last year.  Noninterest expense for the quarter totaled $46.4 million compared to $46.9 million last year. The Company's effective tax rate increased to 36.0% compared to 32.0% for the third quarter of 2014, due primarily to tax credits that lowered the effective tax rate in 2014.

At September 30, 2015, the Company's total assets were $6.4 billion, down $168.9 million or 2.6% from December 31, 2014. Securities decreased $16.9 million to a total of $507.9 million. Loans totaled $4.0 billion, up $111.2 million or 2.9% from December 31, 2014. Deposits totaled $5.7 billion, down $206.1 million or 3.5% from December 31, 2014. The Company's total stockholders' equity was $646.1 million, an increase of $36.7 million, or 6.0%, over December 31, 2014.

Asset quality remained strong during the third quarter of 2015.  Nonperforming and restructured assets were 0.87% of total assets at September 30, 2015 compared to 0.64% at December 31, 2014. During the second quarter the Company's nonaccrual loans increased due to the downgrade of a single commercial loan. The allowance to total loans was 1.03% compared to 1.06% at year-end 2014.

Subsequent to September 30, 2015, the Company recorded a gain on sale of securities of $2.1 million, related to warrants associated with a loan transaction, which will be included in fourth quarter earnings.

On October 8, 2015, the Company completed the acquisition of CSB Bancshares, Inc. and its subsidiary bank, Bank of Commerce, with locations in Yukon, Mustang, and El Reno, Oklahoma.  Bank of Commerce has approximately $196 million in total assets, $148 million in loans, $170 million in deposits, and $22 million in equity capital. The bank will operate under its present name until it is merged into BancFirst, which is expected to be during the fourth quarter of 2015.

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

2015

2015

2014

2014

3rd Qtr 

2nd Qtr 

1st Qtr 

4th Qtr 

3rd Qtr 

 Condensed Income Statements: 

 Net interest income 

$               46,876

$               46,215

$               45,626

$               47,319

$               46,514

 Provision for loan losses 

1,424

1,271

1,334

1,840

(3,115)

 Non-interest income:

Trust revenue

2,295

2,200

2,342

2,334

2,380

Service charges on deposits

14,910

14,312

13,352

14,345

14,226

Securities transactions

-

5,392

1,729

822

284

Income from sales of loans

545

549

440

426

569

Insurance commissions

4,427

3,120

4,068

3,262

4,152

Cash management

1,906

1,886

1,819

1,683

1,770

Other

1,241

1,256

1,546

1,430

1,557

Total noninterest income 

25,324

28,715

25,296

24,302

24,938

 Non-interest expense:

Salaries and employee benefits

28,746

27,886

27,513

27,071

28,153

Occupancy expense, net

3,051

2,700

2,835

3,117

2,920

Depreciation

2,488

2,449

2,464

2,439

2,432

Amortization of intangible assets

444

445

444

444

444

Data processing services

1,132

1,179

1,117

1,151

1,183

Net expense from other real estate owned

51

(184)

314

194

173

Marketing and business promotion

1,640

1,401

1,679

2,218

1,429

Deposit insurance

820

836

826

835

810

Other

7,980

8,717

7,731

9,417

9,398

Total noninterest expense 

46,352

45,429

44,923

46,886

46,942

 Income before income taxes 

24,424

28,230

24,665

22,895

27,625

 Income tax expense 

8,794

9,677

8,406

7,146

8,832

 Net income 

$               15,630

$               18,553

$               16,259

$               15,749

$               18,793

 Per Common Share Data: 

 Net income-basic 

$                   1.01

$                   1.19

$                   1.05

$                   1.02

$                   1.22

 Net income-diluted 

0.98

1.17

1.03

0.99

1.19

 Cash dividends declared

0.36

0.34

0.34

0.34

0.34

 Common shares outstanding 

15,591,530

15,562,298

15,512,545

15,504,513

15,449,546

 Average common shares outstanding -

   Basic

15,581,593

15,536,325

15,507,346

15,484,664

15,425,920

   Diluted

15,906,124

15,864,924

15,838,548

15,846,810

15,795,843

 Performance Ratios: 

 Return on average assets

0.97

%

1.14

%

1.01

%

0.96

%

1.17

%

 Return on average equity

9.64

11.79

10.65

10.31

12.63

 Net interest margin 

3.12

3.07

3.07

3.14

3.13

 Efficiency ratio 

64.20

60.63

63.34

65.46

65.70

 

 

BancFirst Corporation

Summary Financial Information

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

Nine months ended

September 30,

2015

2014

 Condensed Income Statements: 

 Net interest income 

$             138,717

$             134,032

 Provision for loan losses 

4,029

1,232

 Non-interest income:

Trust revenue

6,837

6,846

Service charges on deposits

42,574

42,044

Securities transactions

7,121

819

Income from sales of loans

1,534

1,387

Insurance commissions

11,615

11,380

Cash management

5,611

5,058

Other

4,043

4,577

Total noninterest income 

79,335

72,111

 Non-interest expense:

Salaries and employee benefits

84,145

81,569

Occupancy expense, net

8,586

8,493

Depreciation

7,401

7,156

Amortization of intangible assets

1,333

1,310

Data processing services

3,428

3,538

Net expense from other real estate owned

181

317

Marketing and business promotion

4,720

4,806

Deposit insurance

2,482

2,456

Other

24,428

26,990

Total noninterest expense 

136,704

136,635

 Income before income taxes 

77,319

68,276

 Income tax expense 

26,877

20,138

 Net income 

$               50,442

$               48,138

 Per Common Share Data: 

 Net income-basic 

$                   3.25

$                   3.12

 Net income-diluted 

3.18

3.05

 Cash dividends declared

1.04

0.96

 Common shares outstanding 

15,591,530

15,449,546

 Average common shares outstanding -

   Basic

15,542,027

15,412,611

   Diluted

15,871,991

15,774,297

 Performance Ratios: 

 Return on average assets

1.04

%

1.02

%

 Return on average stockholders' equity

10.68

11.14

 Net interest margin 

3.09

3.07

 Efficiency ratio 

62.69

66.28

 

 

BancFirst Corporation

Summary Financial Information

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

2015

2015

2015

2014

2014

3rd Qtr 

 2nd Qtr 

 1st Qtr 

 4th Qtr

  3rd Qtr 

 Balance Sheet Data:

 Total assets

$        6,406,096

$        6,498,898

$        6,570,120

$        6,574,972

$        6,406,575

 Interest-bearing deposits with banks

1,491,873

1,638,038

1,699,265

1,710,350

1,652,939

 Securities

507,858

537,319

550,125

524,783

535,586

 Total loans

3,972,075

3,871,919

3,857,742

3,860,831

3,762,343

 Allowance for loan losses

(40,970)

(42,621)

(41,557)

(40,889)

(39,467)

 Deposits

5,698,591

5,808,221

5,883,801

5,904,704

5,740,449

 Stockholders' equity

646,061

634,244

621,679

609,314

596,183

 Book value per common share

41.44

40.76

40.08

39.30

38.59

 Tangible book value per common share

37.99

37.27

36.52

35.71

34.96

 Balance Sheet Ratios:

 Average loans to deposits

67.88

%

65.95

%

65.85

%

65.42

%

64.27

%

 Average earning assets to total assets

93.15

93.11

92.97

92.82

92.87

 Average stockholders' equity to average assets

10.02

9.67

9.51

9.35

9.25

Asset Quality Data:

 Past due loans

$                2,061

$                1,311

$                1,498

$                1,135

$                2,004

 Nonaccrual loans

30,321

32,177

16,562

16,410

17,052

 Restructured loans

15,386

15,702

16,131

16,515

17,125

 Total nonperforming and restructured loans

47,768

49,190

34,191

34,060

36,181

 Other real estate owned and repossessed assets

7,862

7,521

6,418

8,079

7,016

 Total nonperforming and restructured assets

55,631

56,711

40,609

42,139

43,197

 Nonperforming and restructured loans to total loans

1.21

%

1.27

%

0.89

%

0.88

%

0.96

%

 Nonperforming and restructured assets to total assets

0.87

0.87

0.62

0.64

0.67

 Allowance to total loans

1.03

1.10

1.08

1.06

1.05

 Allowance to nonperforming and restructured loans

85.77

86.65

121.54

120.05

109.08

 Net charge-offs to average loans

0.08

0.01

0.01

0.01

0.02

 

 

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, 2015

September 30, 2015

Interest

Average

Interest

Average

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS

Earning assets:

   Loans

$        3,885,579

$           47,455

4.85

%

$        3,860,299

$         140,107

4.85

%

  Securities – taxable

485,862

1,291

1.05

493,702

4,148

1.12

  Securities – tax exempt

43,118

382

3.51

39,912

1,123

3.76

  Interest bearing deposits with banks

1,570,367

1,009

0.25

1,644,708

3,137

0.25

     Total earning assets

5,984,926

50,137

3.32

6,038,621

148,515

3.29

Nonearning assets:

  Cash and due from banks

168,607

175,714

  Interest receivable and other assets

313,686

315,074

  Allowance for loan losses

(42,061)

(41,633)

     Total nonearning assets

440,232

449,155

     Total assets

$        6,425,158

$        6,487,776

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest bearing liabilities:

  Transaction deposits                       

$           701,405

$               181

0.10

%

$           720,175

$               532

0.10

%

  Savings deposits

2,019,956

1,155

0.23

2,047,022

3,463

0.23

  Time deposits

718,963

1,186

0.65

730,717

3,607

0.66

  Short-term borrowings

3,014

1

0.15

2,671

3

0.15

  Junior subordinated debentures

26,804

492

7.29

26,804

1,474

7.35

     Total interest bearing liabilities

3,470,142

3,015

0.34

3,527,389

9,079

0.34

Interest free funds:

  Noninterest bearing deposits

2,284,207

2,302,164

  Interest payable and other liabilities

27,243

26,839

  Stockholders' equity

643,566

631,384

     Total interest free  funds

2,955,016

2,960,387

     Total liabilities and stockholders' equity

$        6,425,158

$        6,487,776

Net interest income

$         47,122

$         139,436

Net interest spread

2.98

%

2.95

%

Effect of interest free funds

0.14

%

0.14

%

Net interest margin

3.12

%

3.09

%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-third-quarter-earnings-300160677.html

SOURCE BancFirst


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

Dividend, Earnings, Definitive Agreement