false000076049800007604982024-01-182024-01-18
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): January 18, 2024 |
BancFirst Corporation
(Exact name of Registrant as Specified in Its Charter)
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Oklahoma |
0-14384 |
73-1221379 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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100 N. Broadway Ave. |
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Oklahoma City, Oklahoma |
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73102-8405 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: 405 270-1086 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s) |
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Name of each exchange on which registered
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Common Stock, $1.00 Par Value Per Share |
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BANF |
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Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
BancFirst Corporation Reports Fourth Quarter Earnings
On January 18, 2024, BancFirst Corporation announced its results of operations for the quarter ended December 31, 2023. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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BANCFIRST CORPORATION |
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Date: |
January 18, 2024 |
By: |
/s/ Kevin Lawrence |
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Kevin Lawrence Executive Vice President Chief Financial Officer |
Exhibit 99.1
100 N. Broadway Ave
Oklahoma City, OK 73102
www.bancfirst.bank
FOR IMMEDIATE RELEASE
Thursday, January 18, 2024
BANCFIRST CORPORATION REPORTS FOURTH QUARTER EARNINGS
BancFirst Corporation (NASDAQ GS:BANF) reported net income of $48.9 million, or $1.46 diluted earnings per share, for the fourth quarter of 2023 compared to net income of $57.1 million, or $1.70 diluted earnings per share, for the fourth quarter of 2022. Net income for the year ended December 31, 2023 was $212.5 million, or $6.34 diluted earnings per share, compared to $193.1 million, or $5.77 diluted earnings per share, for the year ended December 31, 2022.
The Company’s net interest income for the fourth quarter of 2023 decreased to $105.1 million compared to $110.4 million for the quarter ended December 31, 2022. This decrease resulted from an increase in both the volume and rate of interest bearing deposits. The net interest margin for the quarter was 3.67% compared to 3.83% a year ago. For the fourth quarter of 2023, the Company did not record recognize a provision for credit losses. In the fourth quarter of 2022, the Company recorded a provision for credit loss of $3.8 million due largely to loan growth.
Noninterest income for the quarter totaled $45.2 million, compared to $48.2 million last year. The decrease in noninterest income was primarily due to a reduction of interchange fees of approximately $5.3 million related to the impact of the Durbin amendment. Trust revenue, sweep fees and insurance commissions were all up modestly.
Noninterest expense for the quarter increased to $89.8 million compared to $84.6 million last year. The increase was primarily related to growth in salaries and employee benefits of $2.7 million. In addition, the quarter included a write down on other real estate owned of $5.2 million compared to $3.7 million during the fourth quarter of 2022.
The Company’s effective tax rate for the period was 18.99% compared to 18.55% for the fourth quarter of 2022. During the first quarter of 2023, the Company adopted ASU 2023-02 which increased income tax expense.
At December 31, 2023, the Company’s total assets were $12.4 billion, virtually unchanged from December 31, 2022. Loans totaled $7.7 billion, an increase of $710.3 million from December 31, 2022. Liquidity remained strong with cash of $2.4 billion and an average loan to deposit ratio of 70.5% for the quarter ended December 31, 2023. Deposits totaled $10.7 billion, compared to $11.0 billion at December 31, 2022. Sweep accounts totaled $4.3 billion at December 31, 2023 up $612.8 million from the prior year. The Company continues to fund itself with community based deposits and does not use brokered or reciprocal deposits. The Company’s total stockholders’ equity was $1.4 billion, an increase of $183.1 million from December 31, 2022.
Asset quality remained strong with nonaccrual loans of $24.6 million, representing 0.32% of total loans at December 31, 2023. Nonaccrual loans were $15.3 million or 0.22% of total loans at December 31, 2022. The allowance for credit losses to total loans stood at 1.26% at December 31, 2023 compared to 1.33% at December 31, 2022. Net charge-offs were $3.4 million for the year or 0.05% of average loans, compared to $1.4 million or 0.02% of average loans for the year ended December 31, 2022.
BancFirst Corporation CEO David Harlow commented, “The Company reported record earnings in 2023 at $6.34 diluted earnings per share as we successfully managed through the Federal Reserve’s continued tightening with the Fed Funds rate reaching its highest level in 22 years in July. The ensuing shift in deposit mix out of non-interest bearing accounts into interest bearing accounts put pressure on the net interest margin as the year progressed which we were able to mitigate somewhat with strong loan growth throughout the year. Absent the impact of the Durbin Amendment on interchange, all major non-interest income categories showed good growth during the year. The Company’s earnings will be less in 2024 with a full year of Durbin, ongoing margin pressure anticipated as a result of continued competition for deposits, and increased regulatory compliance costs as a result of crossing the $10 billion asset threshold. Our current outlook on the economy is less pessimistic than a year ago as reflected in our modestly lower CECL reserve percentage at December 31, 2023, when compared to a year ago.”
1
BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 106 banking locations serving 59 communities across Oklahoma, Pegasus Bank, with 3 banking locations in the Dallas Metroplex area and Worthington Bank with 3 locations in the Fort Worth Metroplex area, 1 location in Arlington Texas and 1 location in Denton Texas. 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.
For additional information call:
Kevin Lawrence, Chief Financial Officer at (405) 270-1003 or
David Harlow, Chief Executive Officer at (405) 270-1082.
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BancFirst Corporation |
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Summary Financial Information |
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(Dollars in thousands, except per share and share data - Unaudited) |
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2023 |
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2023 |
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2023 |
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2023 |
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2022 |
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4th Qtr |
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3rd Qtr |
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2nd Qtr |
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1st Qtr |
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4th Qtr |
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Condensed Income Statements: |
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Net interest income |
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$ |
105,066 |
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$ |
104,308 |
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$ |
105,926 |
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$ |
109,156 |
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$ |
110,352 |
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Provision for credit losses |
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- |
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2,312 |
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2,824 |
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2,322 |
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3,776 |
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Noninterest income: |
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Trust revenue |
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5,106 |
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4,866 |
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4,590 |
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4,222 |
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4,065 |
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Service charges on deposits |
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16,841 |
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17,027 |
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22,268 |
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21,231 |
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21,603 |
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Securities transactions |
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(1,364 |
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(361 |
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110 |
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(213 |
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1,116 |
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Income from sales of loans |
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512 |
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734 |
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757 |
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604 |
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657 |
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Insurance commissions |
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7,220 |
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8,429 |
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6,225 |
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8,741 |
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6,656 |
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Cash management |
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7,878 |
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8,177 |
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7,927 |
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6,734 |
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6,124 |
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Other |
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8,964 |
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5,577 |
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6,097 |
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6,509 |
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7,947 |
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Total noninterest income |
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45,157 |
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44,449 |
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47,974 |
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47,828 |
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48,168 |
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Noninterest expense: |
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Salaries and employee benefits |
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50,731 |
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50,200 |
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49,803 |
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49,252 |
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48,019 |
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Occupancy expense, net |
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5,439 |
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5,487 |
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5,118 |
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4,983 |
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5,259 |
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Depreciation |
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4,560 |
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4,685 |
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4,769 |
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4,643 |
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4,566 |
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Amortization of intangible assets |
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887 |
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885 |
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880 |
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880 |
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880 |
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Data processing services |
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2,224 |
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1,820 |
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2,217 |
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2,107 |
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1,928 |
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Net expense from other real estate owned |
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7,870 |
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2,720 |
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2,889 |
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2,459 |
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6,235 |
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Marketing and business promotion |
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2,653 |
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2,034 |
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1,900 |
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2,527 |
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2,465 |
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Deposit insurance |
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1,332 |
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1,419 |
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1,463 |
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1,613 |
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1,209 |
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Other |
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14,120 |
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11,965 |
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12,071 |
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11,853 |
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14,044 |
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Total noninterest expense |
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89,816 |
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81,215 |
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81,110 |
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80,317 |
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84,605 |
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Income before income taxes |
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60,407 |
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65,230 |
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69,966 |
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74,345 |
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70,139 |
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Income tax expense |
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11,473 |
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14,242 |
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14,956 |
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16,812 |
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13,013 |
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Net income |
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$ |
48,934 |
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$ |
50,988 |
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$ |
55,010 |
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$ |
57,533 |
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$ |
57,126 |
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Per Common Share Data: |
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Net income-basic |
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$ |
1.48 |
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$ |
1.55 |
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$ |
1.67 |
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$ |
1.75 |
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$ |
1.74 |
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Net income-diluted |
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1.46 |
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1.52 |
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1.64 |
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1.72 |
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1.70 |
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Cash dividends declared |
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0.43 |
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0.43 |
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0.40 |
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0.40 |
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0.40 |
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Common shares outstanding |
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32,933,018 |
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32,921,393 |
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32,939,256 |
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32,899,493 |
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32,875,560 |
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Average common shares outstanding - |
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Basic |
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32,926,326 |
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32,937,149 |
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32,920,497 |
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32,892,857 |
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32,868,087 |
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Diluted |
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33,483,691 |
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33,539,389 |
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33,467,254 |
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33,462,379 |
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33,503,937 |
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Performance Ratios: |
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Return on average assets |
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1.58 |
% |
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1.68 |
% |
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1.85 |
% |
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1.90 |
% |
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1.82 |
% |
Return on average stockholders’ equity |
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13.98 |
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14.93 |
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16.59 |
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18.31 |
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18.62 |
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Net interest margin |
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3.67 |
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3.73 |
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3.87 |
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3.89 |
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3.83 |
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Efficiency ratio |
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59.79 |
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54.60 |
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52.70 |
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51.16 |
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53.37 |
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3
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BancFirst Corporation |
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Summary Financial Information |
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(Dollars in thousands, except per share and share data - Unaudited) |
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Twelve months ended |
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December 31, |
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2023 |
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2022 |
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Condensed Income Statements: |
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Net interest income |
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$ |
424,456 |
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$ |
373,673 |
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Provision for credit losses |
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7,458 |
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10,076 |
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Noninterest income: |
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Trust revenue |
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18,784 |
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15,645 |
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Service charges on deposits |
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77,367 |
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86,757 |
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Securities transactions |
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(1,828 |
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(1,833 |
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Income from sales of loans |
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2,607 |
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4,548 |
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Insurance commissions |
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30,615 |
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26,883 |
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Cash management |
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30,716 |
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19,326 |
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Other |
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27,147 |
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32,421 |
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Total noninterest income |
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185,408 |
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183,747 |
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Noninterest expense: |
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Salaries and employee benefits |
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199,986 |
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184,976 |
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Occupancy expense, net |
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21,027 |
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19,326 |
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Depreciation |
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18,657 |
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18,600 |
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Amortization of intangible assets |
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3,532 |
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3,448 |
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Data processing services |
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8,368 |
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7,584 |
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Net expense from other real estate owned |
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15,938 |
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9,911 |
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Marketing and business promotion |
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9,114 |
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8,074 |
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Deposit insurance |
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5,827 |
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4,735 |
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Other |
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50,009 |
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53,258 |
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Total noninterest expense |
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332,458 |
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309,912 |
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Income before income taxes |
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269,948 |
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|
237,432 |
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Income tax expense |
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|
57,483 |
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|
44,332 |
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Net income |
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$ |
212,465 |
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$ |
193,100 |
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Per Common Share Data: |
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Net income-basic |
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$ |
6.45 |
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$ |
5.89 |
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Net income-diluted |
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6.34 |
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|
5.77 |
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Cash dividends declared |
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1.66 |
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1.52 |
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Common shares outstanding |
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32,933,018 |
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32,875,560 |
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Average common shares outstanding - |
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Basic |
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32,919,348 |
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32,778,355 |
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Diluted |
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33,494,487 |
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33,439,496 |
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Performance Ratios: |
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Return on average assets |
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1.75 |
% |
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1.56 |
% |
Return on average stockholders’ equity |
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15.89 |
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16.11 |
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Net interest margin |
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3.79 |
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3.29 |
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Efficiency ratio |
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54.51 |
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55.60 |
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4
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BancFirst Corporation |
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Summary Financial Information |
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(Dollars in thousands, except per share and share data - Unaudited) |
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2023 |
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2023 |
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2023 |
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2023 |
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2022 |
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4th Qtr |
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3rd Qtr |
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2nd Qtr |
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1st Qtr |
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4th Qtr |
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Balance Sheet Data: |
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Total assets |
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$ |
12,372,042 |
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$ |
12,114,602 |
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$ |
12,020,265 |
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$ |
12,332,105 |
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$ |
12,387,863 |
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Interest-bearing deposits with banks |
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2,172,001 |
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2,134,081 |
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2,188,004 |
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2,623,565 |
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2,909,861 |
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Debt securities |
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1,555,095 |
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1,525,448 |
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1,570,620 |
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1,618,233 |
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1,540,604 |
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Total loans |
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7,660,134 |
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7,476,474 |
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7,307,475 |
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7,124,831 |
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6,949,795 |
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Allowance for credit losses |
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(96,800 |
) |
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(97,776 |
) |
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(96,920 |
) |
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(94,760 |
) |
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(92,728 |
) |
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Deposits |
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10,700,122 |
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|
10,534,171 |
|
|
|
10,475,180 |
|
|
|
10,610,103 |
|
|
|
10,974,228 |
|
|
Stockholders' equity |
|
|
1,433,891 |
|
|
|
1,370,584 |
|
|
|
1,340,791 |
|
|
|
1,310,882 |
|
|
|
1,250,836 |
|
|
Book value per common share |
|
|
43.54 |
|
|
|
41.63 |
|
|
|
40.70 |
|
|
|
39.85 |
|
|
|
38.05 |
|
|
Tangible book value per common share (non-GAAP)(1) |
|
|
37.50 |
|
|
|
35.56 |
|
|
|
34.62 |
|
|
|
33.73 |
|
|
|
31.90 |
|
|
Balance Sheet Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans to deposits |
|
|
70.52 |
% |
|
|
70.61 |
% |
|
|
69.85 |
% |
|
|
64.54 |
% |
|
|
62.25 |
% |
|
Average earning assets to total assets |
|
|
92.42 |
|
|
|
92.39 |
|
|
|
92.23 |
|
|
|
92.52 |
|
|
|
92.14 |
|
|
Average stockholders' equity to average assets |
|
|
11.30 |
|
|
|
11.28 |
|
|
|
11.17 |
|
|
|
10.36 |
|
|
|
9.80 |
|
|
Asset Quality Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans |
|
$ |
9,542 |
|
|
$ |
12,575 |
|
|
$ |
8,799 |
|
|
$ |
7,258 |
|
|
$ |
7,085 |
|
|
Nonaccrual loans (3) |
|
|
24,573 |
|
|
|
16,676 |
|
|
|
18,047 |
|
|
|
17,649 |
|
|
|
15,299 |
|
|
Other real estate owned and repossessed assets |
|
|
34,200 |
|
|
|
42,782 |
|
|
|
41,612 |
|
|
|
38,874 |
|
|
|
36,936 |
|
|
Nonaccrual loans to total loans |
|
|
0.32 |
% |
|
|
0.22 |
% |
|
|
0.25 |
% |
|
|
0.25 |
% |
|
|
0.22 |
% |
|
Allowance to total loans |
|
|
1.26 |
|
|
|
1.31 |
|
|
|
1.33 |
|
|
|
1.33 |
|
|
|
1.33 |
|
|
Allowance to nonaccrual loans |
|
|
393.92 |
|
|
|
586.34 |
|
|
|
537.05 |
|
|
|
536.93 |
|
|
|
606.10 |
|
|
Net charge-offs to average loans |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
$ |
1,433,891 |
|
|
$ |
1,370,584 |
|
|
$ |
1,340,791 |
|
|
$ |
1,310,882 |
|
|
$ |
1,250,836 |
|
|
Less goodwill |
|
|
182,263 |
|
|
|
182,263 |
|
|
|
182,055 |
|
|
|
182,055 |
|
|
|
182,055 |
|
|
Less intangible assets, net |
|
|
16,704 |
|
|
|
17,591 |
|
|
|
18,223 |
|
|
|
19,103 |
|
|
|
19,983 |
|
|
Tangible stockholders’ equity (non-GAAP) |
|
$ |
1,234,924 |
|
|
$ |
1,170,730 |
|
|
$ |
1,140,513 |
|
|
$ |
1,109,724 |
|
|
$ |
1,048,798 |
|
|
Common shares outstanding |
|
|
32,933,018 |
|
|
|
32,921,393 |
|
|
|
32,939,256 |
|
|
|
32,899,493 |
|
|
|
32,875,560 |
|
|
Tangible book value per common share (non-GAAP) |
|
$ |
37.50 |
|
|
$ |
35.56 |
|
|
$ |
34.62 |
|
|
$ |
33.73 |
|
|
$ |
31.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
(3) Government Agencies guarantee approximately $6.7 million of nonaccrual loans at December 31, 2023. |
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancFirst Corporation |
Consolidated Average Balance Sheets |
|
|
And Interest Margin Analysis |
|
|
Taxable Equivalent Basis |
|
|
(Dollars in thousands - Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
|
December 31, 2023 |
|
|
December 31, 2023 |
|
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
|
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
ASSETS |
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
7,532,162 |
|
|
$ |
126,757 |
|
|
|
6.68 |
|
% |
$ |
7,292,871 |
|
|
$ |
467,951 |
|
|
|
6.42 |
|
% |
Debt securities – taxable |
|
|
1,534,062 |
|
|
|
9,179 |
|
|
|
2.37 |
|
|
|
1,565,697 |
|
|
|
36,838 |
|
|
|
2.35 |
|
|
Debt securities – tax exempt |
|
|
3,635 |
|
|
26 |
|
|
2.84 |
|
|
|
3,339 |
|
|
91 |
|
|
|
2.71 |
|
|
Interest bearing deposits with banks and FFS |
|
|
2,286,826 |
|
|
|
31,607 |
|
|
|
5.48 |
|
|
|
2,343,182 |
|
|
|
119,486 |
|
|
|
5.10 |
|
|
Total earning assets |
|
|
11,356,685 |
|
|
|
167,569 |
|
|
|
5.85 |
|
|
|
11,205,089 |
|
|
|
624,366 |
|
|
|
5.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
201,800 |
|
|
|
|
|
|
|
|
|
204,394 |
|
|
|
|
|
|
|
|
Interest receivable and other assets |
|
|
827,456 |
|
|
|
|
|
|
|
|
|
814,419 |
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(97,757 |
) |
|
|
|
|
|
|
|
|
(96,154 |
) |
|
|
|
|
|
|
|
Total nonearning assets |
|
|
931,499 |
|
|
|
|
|
|
|
|
|
922,659 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
12,288,184 |
|
|
|
|
|
|
|
|
$ |
12,127,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction deposits |
|
$ |
821,237 |
|
|
$ |
2,288 |
|
|
|
1.11 |
|
% |
$ |
849,707 |
|
|
$ |
7,559 |
|
|
0.89 |
|
% |
Savings deposits |
|
|
4,862,828 |
|
|
|
49,841 |
|
|
|
4.07 |
|
|
|
4,598,936 |
|
|
|
164,291 |
|
|
|
3.57 |
|
|
Time deposits |
|
|
916,518 |
|
|
|
9,170 |
|
|
|
3.97 |
|
|
|
797,179 |
|
|
|
23,196 |
|
|
2.91 |
|
|
Short-term borrowings |
|
|
3,786 |
|
|
|
51 |
|
|
|
5.30 |
|
|
|
6,432 |
|
|
|
312 |
|
|
|
4.84 |
|
|
Subordinated debt |
|
|
86,091 |
|
|
|
1,031 |
|
|
4.75 |
|
|
|
86,070 |
|
|
|
4,122 |
|
|
|
4.79 |
|
|
Total interest bearing liabilities |
|
|
6,690,460 |
|
|
|
62,381 |
|
|
|
3.70 |
|
|
|
6,338,324 |
|
|
|
199,480 |
|
|
3.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest free funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing deposits |
|
|
4,080,430 |
|
|
|
|
|
|
|
|
|
4,343,646 |
|
|
|
|
|
|
|
|
Interest payable and other liabilities |
|
|
128,809 |
|
|
|
|
|
|
|
|
|
108,438 |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
1,388,485 |
|
|
|
|
|
|
|
|
|
1,337,340 |
|
|
|
|
|
|
|
|
Total interest free funds |
|
|
5,597,724 |
|
|
|
|
|
|
|
|
|
5,789,424 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
12,288,184 |
|
|
|
|
|
|
|
|
$ |
12,127,748 |
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
105,188 |
|
|
|
|
|
|
|
|
$ |
424,886 |
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
2.15 |
|
% |
|
|
|
|
|
|
|
2.42 |
|
% |
Effect of interest free funds |
|
|
|
|
|
|
|
|
1.52 |
|
% |
|
|
|
|
|
|
|
1.37 |
|
% |
Net interest margin |
|
|
|
|
|
|
|
|
3.67 |
|
% |
|
|
|
|
|
|
3.79 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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BancFirst (NASDAQ:BANF)
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