OKLAHOMA CITY, April 18, 2019 /PRNewswire/ -- BancFirst
Corporation (NASDAQ GS:BANF) reported net income of $31.8 million, or $0.96 diluted earnings per share, for the first
quarter of 2019 compared to net income of $29.6 million, or $0.89 diluted earnings per share, for the first
quarter of 2018. On January 11,
2018 the Company completed the acquisitions of two
Oklahoma banking corporations.
Consequently, the first quarter of 2018 included one-time
acquisition related expenses of approximately $2.2 million, which reduced diluted earnings per
share by approximately 5
cents.
The Company's net interest income for the first quarter of 2019
increased to $66.9 million compared
to $63.0 million for the first
quarter of 2018. The net interest margin for the quarter was 3.85%
compared to 3.66% a year ago. The increase in margin was primarily
due to increases in the federal funds rate throughout 2018. The
provision for loan losses for the first quarter of 2019 was
$1.7 million compared to $314,000 a year ago. The increase in the
provision was primarily due to downgrades of a few commercial loans
and loan growth during the quarter. Net charge-offs for the quarter
were less than 0.01% of average loans, compared to 0.01% for the
first quarter of 2018. Noninterest income for the quarter
totaled $32.0 million, compared to
$30.1 million last year. Noninterest
expense for the quarter totaled $56.2
million compared to $55.9
million last year. The slight increase in noninterest
expense was due to salary increases in 2019 offset by a decrease in
other expense due to nonrecurring acquisition related expenses in
2018. The Company's effective tax rate was 22.4% compared to 19.8%
for the first quarter of 2018. The lower effective tax rate for the
first quarter of 2018 was due to the exercise of stock options.
At March 31, 2019, the Company's
total assets were $7.7 billion, an
increase of $134.7 million from
December 31, 2018. Securities of
$724.9 million were down $47.3 million from December 31, 2018, due to maturing U.S. treasury
securities. Loans totaled $5.1
billion, an increase of $66.1
million from December 31,
2018. Deposits totaled $6.7
billion, an increase of $100.9
million from the December 31,
2018 total. The Company's total stockholders' equity was
$927.9 million, an increase of
$25.1 million over December 31, 2018.
Asset quality remained strong during the first quarter of
2019. Nonperforming and restructured assets represented 0.58%
of total assets at March 31, 2019 and
0.59% at December 31, 2018. The
allowance to total loans was 1.05% up slightly from 1.03% at
year-end 2018. The allowance to nonperforming and restructured
loans was 138.10% compared to 136.29% at year-end 2018.
BancFirst Corporation CEO David
Harlow commented, "The Company turned in a good first
quarter despite a higher effective tax rate when compared to the
first quarter of 2018. Contributing factors include growth in loans
and deposits during the quarter, increased net interest income, net
interest margin and non-interest income compared to prior year, and
continued strong asset quality."
BancFirst Corporation (the Company) is an Oklahoma based financial services holding
company. The Company's principal subsidiary bank, BancFirst,
is Oklahoma's largest
state-chartered bank with 107 banking locations serving 58
communities across Oklahoma. More
information can be found at www.bancfirst.bank.
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)
|
|
|
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
1st
Qtr
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
|
Condensed
Income Statements:
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
66,903
|
|
$
66,888
|
|
$
65,673
|
|
$
64,880
|
|
$
63,035
|
|
Provision for
loan losses
|
1,684
|
|
1,516
|
|
747
|
|
1,225
|
|
314
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
Trust
revenue
|
3,177
|
|
3,023
|
|
3,281
|
|
3,396
|
|
3,129
|
|
Service charges on
deposits
|
17,663
|
|
18,554
|
|
18,103
|
|
17,537
|
|
16,653
|
|
Securities
transactions
|
--
|
|
10
|
|
(64)
|
|
115
|
|
(14)
|
|
Income from sales of
loans
|
698
|
|
649
|
|
800
|
|
802
|
|
651
|
|
Insurance
commissions
|
5,265
|
|
4,593
|
|
5,207
|
|
3,927
|
|
5,199
|
|
Cash
management
|
3,776
|
|
3,338
|
|
3,383
|
|
3,381
|
|
3,021
|
|
Other
|
1,422
|
|
1,684
|
|
2,091
|
|
1,279
|
|
1,471
|
|
Total noninterest
income
|
32,001
|
|
31,851
|
|
32,801
|
|
30,437
|
|
30,110
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
36,171
|
|
35,530
|
|
35,051
|
|
34,776
|
|
34,190
|
|
Occupancy expense,
net
|
2,627
|
|
3,307
|
|
3,386
|
|
3,396
|
|
3,402
|
|
Depreciation
|
2,985
|
|
2,965
|
|
2,733
|
|
2,429
|
|
2,410
|
|
Amortization of
intangible assets
|
759
|
|
777
|
|
740
|
|
759
|
|
733
|
|
Data processing
services
|
1,480
|
|
1,140
|
|
1,418
|
|
1,195
|
|
1,203
|
|
Net expense from other
real estate owned
|
(484)
|
|
130
|
|
64
|
|
19
|
|
26
|
|
Marketing and business
promotion
|
2,261
|
|
2,030
|
|
1,997
|
|
1,649
|
|
2,352
|
|
Deposit
insurance
|
533
|
|
571
|
|
597
|
|
640
|
|
619
|
|
Other
|
9,874
|
|
9,716
|
|
9,823
|
|
9,393
|
|
10,955
|
|
Total noninterest
expense
|
56,206
|
|
56,166
|
|
55,809
|
|
54,256
|
|
55,890
|
|
Income before
income taxes
|
41,014
|
|
41,057
|
|
41,918
|
|
39,836
|
|
36,941
|
|
Income tax
expense
|
9,177
|
|
8,332
|
|
9,035
|
|
9,250
|
|
7,321
|
|
Net
income
|
$
31,837
|
|
$
32,725
|
|
$
32,883
|
|
$
30,586
|
|
$
29,620
|
|
Per Common
Share Data:
|
|
|
|
|
|
|
|
|
|
|
Net
income-basic
|
$
0.98
|
|
$
1.00
|
|
$
1.01
|
|
$
0.93
|
|
$
0.91
|
|
Net
income-diluted
|
0.96
|
|
0.98
|
|
0.98
|
|
0.91
|
|
0.89
|
|
Cash dividends
declared
|
0.30
|
|
0.30
|
|
0.30
|
|
0.21
|
|
0.21
|
|
Common shares
outstanding
|
32,617,788
|
|
32,603,926
|
|
32,749,690
|
|
32,731,215
|
|
32,707,166
|
|
Average common
shares outstanding -
|
|
|
|
|
|
|
|
|
|
|
Basic
|
32,612,399
|
|
32,721,626
|
|
32,742,480
|
|
32,716,350
|
|
32,574,251
|
|
Diluted
|
33,292,852
|
|
33,423,458
|
|
33,504,143
|
|
33,458,858
|
|
33,317,744
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets
|
1.69
|
%
|
1.70
|
%
|
1.71
|
%
|
1.62
|
%
|
1.60
|
%
|
Return on
average equity
|
14.08
|
|
14.48
|
|
14.86
|
|
14.41
|
|
14.60
|
|
Net interest
margin
|
3.85
|
|
3.77
|
|
3.68
|
|
3.70
|
|
3.66
|
|
Efficiency
ratio
|
56.83
|
|
56.88
|
|
56.67
|
|
56.92
|
|
60.00
|
|
|
|
|
|
|
|
|
|
|
|
|
BancFirst Corporation
|
Summary Financial
Information
|
(Dollars in
thousands, except per share and share data -
Unaudited)
|
|
|
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
1st
Qtr
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
|
Balance
Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
7,709,000
|
|
$
7,574,258
|
|
$
7,602,438
|
|
$
7,622,963
|
|
$
7,615,642
|
|
Interest-bearing deposits with banks
|
1,291,447
|
|
1,195,824
|
|
1,607,157
|
|
1,579,577
|
|
1,590,240
|
|
Securities
|
724,872
|
|
772,132
|
|
477,080
|
|
462,871
|
|
493,101
|
|
Total
loans
|
5,050,221
|
|
4,984,150
|
|
4,952,267
|
|
5,017,071
|
|
4,990,681
|
|
Allowance for
loan losses
|
(52,915)
|
|
(51,389)
|
|
(51,875)
|
|
(52,200)
|
|
(51,550)
|
|
Deposits
|
6,706,386
|
|
6,605,495
|
|
6,643,131
|
|
6,692,174
|
|
6,713,052
|
|
Stockholders'
equity
|
927,927
|
|
902,789
|
|
884,801
|
|
862,012
|
|
838,096
|
|
Book value per
common share
|
28.45
|
|
27.69
|
|
27.02
|
|
26.34
|
|
25.62
|
|
Tangible book
value per common share (non-GAAP)(1)
|
25.52
|
|
24.74
|
|
24.06
|
|
23.35
|
|
22.61
|
|
Balance
Sheet Ratios:
|
|
|
|
|
|
|
|
|
|
|
Average loans
to deposits
|
75.34
|
%
|
74.24
|
%
|
74.76
|
%
|
74.38
|
%
|
75.42
|
%
|
Average earning
assets to total assets
|
92.42
|
|
92.48
|
|
93.04
|
|
93.11
|
|
93.14
|
|
Average
stockholders' equity to average assets
|
12.01
|
|
11.76
|
|
11.23
|
|
11.23
|
|
10.95
|
|
Asset Quality
Data:
|
|
|
|
|
|
|
|
|
|
|
Past due
loans
|
$
2,170
|
|
$
1,916
|
|
$
4,073
|
|
$
2,916
|
|
$
3,900
|
|
Nonaccrual
loans
|
21,594
|
|
22,603
|
|
26,880
|
|
29,936
|
|
31,849
|
|
Restructured
loans
|
14,552
|
|
13,188
|
|
13,557
|
|
14,527
|
|
12,945
|
|
Total
nonperforming and restructured loans
|
38,316
|
|
37,707
|
|
44,510
|
|
47,379
|
|
48,694
|
|
Other real
estate owned and repossessed assets
|
6,433
|
|
6,873
|
|
7,072
|
|
3,847
|
|
3,676
|
|
Total
nonperforming and restructured assets
|
44,749
|
|
44,580
|
|
51,582
|
|
51,226
|
|
52,370
|
|
Nonperforming
and restructured loans to total loans
|
0.76
|
%
|
0.76
|
%
|
0.90
|
%
|
0.94
|
%
|
0.98
|
%
|
Nonperforming
and restructured assets to total assets
|
0.58
|
|
0.59
|
|
0.68
|
|
0.67
|
|
0.69
|
|
Allowance to
total loans
|
1.05
|
|
1.03
|
|
1.05
|
|
1.04
|
|
1.03
|
|
Allowance to
nonperforming and restructured loans
|
138.10
|
|
136.29
|
|
116.55
|
|
110.18
|
|
105.87
|
|
Net charge-offs
to average loans
|
0.00
|
|
0.04
|
|
0.02
|
|
0.01
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Book Value Per Common Share (non-GAAP)(2):
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
$
927,927
|
|
$
902,789
|
|
$
884,801
|
|
$
862,012
|
|
$
838,096
|
|
Less
goodwill
|
79,749
|
|
79,749
|
|
79,733
|
|
79,733
|
|
79,796
|
|
Less intangible
assets, net
|
15,701
|
|
16,470
|
|
17,257
|
|
18,012
|
|
18,782
|
|
Tangible
stockholders' equity (non-GAAP)
|
$
832,477
|
|
$
806,570
|
|
$
787,811
|
|
$
764,267
|
|
$
739,518
|
|
Common shares
outstanding
|
32,617,788
|
|
32,603,926
|
|
32,749,690
|
|
32,731,215
|
|
32,707,166
|
|
Tangible book
value per common share (non-GAAP)
|
$
25.52
|
|
$
24.74
|
|
$
24.06
|
|
$
23.35
|
|
$
22.61
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to the
"Reconciliation of Tangible Book Value per Common Share (non-GAAP)"
Table.
|
(2) Tangible book value per
common share is stockholders' equity less goodwill and intangible
assets, net, divided by common shares outstanding. This amount is a
non-GAAP financial measure but has been included as it is
considered to be a critical metric with which to analyze and
evaluate the financial condition and capital strength of the
Company. This measure should not be considered a substitute for
operating results determined in accordance with GAAP.
|
BancFirst
Corporation
|
Consolidated
Average Balance Sheets
|
And Interest
Margin Analysis
|
Taxable Equivalent
Basis
|
(Dollars in
thousands - Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2019
|
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
Loans
|
|
$
5,013,308
|
|
$
68,874
|
|
5.57
|
%
|
Securities –
taxable
|
|
749,521
|
|
4,335
|
|
2.35
|
|
Securities –
tax exempt
|
|
21,492
|
|
159
|
|
3.00
|
|
Interest
bearing deposits with banks
|
|
1,273,051
|
|
7,750
|
|
2.47
|
|
Total earning
assets
|
|
7,057,372
|
|
81,118
|
|
4.66
|
|
|
|
|
|
|
|
|
|
Nonearning
assets:
|
|
|
|
|
|
|
|
Cash and due
from banks
|
|
180,142
|
|
|
|
|
|
Interest
receivable and other assets
|
|
450,340
|
|
|
|
|
|
Allowance for
loan losses
|
|
(51,976)
|
|
|
|
|
|
Total nonearning
assets
|
|
578,506
|
|
|
|
|
|
Total assets
|
|
$
7,635,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Transaction
deposits
|
|
$
753,751
|
|
$
662
|
|
0.36
|
%
|
Savings
deposits
|
|
2,625,768
|
|
10,301
|
|
1.59
|
|
Time
deposits
|
|
694,663
|
|
2,574
|
|
1.50
|
|
Short-term
borrowings
|
|
2,038
|
|
10
|
|
1.96
|
|
Junior
subordinated debentures
|
|
26,804
|
|
491
|
|
7.43
|
|
Total interest-bearing
liabilities
|
|
4,103,024
|
|
14,038
|
|
1.39
|
|
|
|
|
|
|
|
|
|
Interest-free
funds:
|
|
|
|
|
|
|
|
Noninterest
bearing deposits
|
|
2,580,316
|
|
|
|
|
|
Interest
payable and other liabilities
|
|
35,544
|
|
|
|
|
|
Stockholders'
equity
|
|
916,994
|
|
|
|
|
|
Total interest
free-funds
|
|
3,532,854
|
|
|
|
|
|
Total liabilities
and stockholders' equity
|
|
$
7,635,878
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
67,080
|
|
|
|
Net interest
spread
|
|
|
|
|
|
3.27
|
%
|
Effect of interest
free funds
|
|
|
|
|
|
0.58
|
%
|
Net interest
margin
|
|
|
|
|
|
3.85
|
%
|
|
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content:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-first-quarter-earnings-300834773.html
SOURCE BancFirst