BANCFIRST CORPORATION OKLAHOMA CITY, Oct. 20, 2016 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $18.0 million, or $1.13 diluted earnings per share, for the third quarter of 2016 compared to net income of $15.6 million, or $0.98 diluted earnings per share, for the third quarter of 2015. Net income for the nine months ended September 30, 2016 was $52.1 million, or $3.28 per share, compared to $50.4 million, or $3.18 per share, for the first nine months of 2015.
The Company's net interest income for the third quarter of 2016 increased to $51.4 million compared to $46.9 million for the third quarter of 2015. The net interest margin for the quarter was 3.27% compared to 3.12% a year ago. Internal loan growth, acquired loans from our October 2015 acquisition and the increase in Fed Fund rate of 25 basis points during the 4th quarter of 2015 contributed to the higher net interest income and margin in 2016. The provision for loan losses for the third quarter of 2016 increased to $2.9 million compared to $1.4 million a year ago. The increase in the provision was largely due to a small number of commercial loan downgrades. Net charge-offs for the quarter were 0.03% of average loans, compared to 0.08% for the third quarter of 2015. Noninterest income for the quarter totaled $27.9 million, compared to $25.3 million last year. Noninterest expense for the quarter totaled $49.2 million compared to $46.4 million last year, as a result of salary increases and our acquisition in the fourth quarter of 2015. The Company's effective tax rate was 33.9% compared to 36.0% for the third quarter of 2015.
At September 30, 2016, the Company's total assets were $6.8 billion, largely unchanged from December 31, 2015. Securities decreased $79.2 million to a total of $473.7 million primarily due to maturities within the portfolio. Loans totaled $4.3 billion, down $19.6 million from June 30, 2016 and up $71.7 million from December 31, 2015. Deposits totaled $6.0 billion, virtually unchanged from the June 30, 2016 and December 31, 2015 totals. The Company's total stockholders' equity was $693.7 million, an increase of $38.2 million, or 5.8%, over December 31, 2015.
Asset quality remained solid during the third quarter of 2016. Nonperforming and restructured assets were 0.58% of total assets at September 30, 2016 compared to 0.83% at December 31, 2015. The decrease in nonperforming and restructured assets was largely due to one relationship that was removed from a troubled debt restructuring status due to sustained improvement in financial condition, performance, and the commercially reasonable nature of its structure. Sales of other real estate owned also contributed to the decrease in nonperforming assets. The allowance to total loans was 1.11% compared to 0.98% at year-end 2015. The allowance to nonperforming and restructured loans was 138.3% compared to 88.5% at year-end 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 100 banking locations serving 53 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)
2016 2016 2016 2015 2015
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
------- ------- ------- ------- -------
Condensed Income
Statements:
Net interest income $51,431 $50,868 $49,976 $50,075 $46,876
Provision for loan
losses 2,940 2,804 4,103 3,646 1,424
Non-interest income:
Trust revenue 2,685 2,602 2,465 2,254 2,295
Service charges on
deposits 16,033 15,485 14,710 15,077 14,910
Securities
transactions (146) (65) 100 2,148 -
Income from sales of
loans 863 695 562 434 545
Insurance commissions 4,372 3,255 4,135 3,176 4,427
Cash management 2,853 2,732 2,318 1,899 1,906
Other 1,267 1,353 1,327 1,485 1,241
----- ----- ----- ----- -----
Total noninterest
income 27,927 26,057 25,617 26,473 25,324
------ ------ ------ ------ ------
Non-interest expense:
Salaries and employee
benefits 30,591 30,008 29,357 28,938 28,746
Occupancy expense,
net 3,217 3,071 2,827 2,926 3,051
Depreciation 2,556 2,567 2,530 2,565 2,488
Amortization of
intangible assets 560 580 581 602 444
Data processing
services 1,178 1,174 1,215 1,151 1,132
Net expense (income)
from other real
estate owned 162 35 (1,141) 143 51
Marketing and
business promotion 1,779 1,624 1,855 2,266 1,640
Deposit insurance 641 855 839 876 820
Other 8,520 7,806 8,228 9,544 7,980
----- ----- ----- ----- -----
Total noninterest
expense 49,204 47,720 46,291 49,011 46,352
------ ------ ------ ------ ------
Income before income
taxes 27,214 26,401 25,199 23,891 24,424
Income tax expense 9,232 8,908 8,620 8,163 8,794
----- ----- ----- ----- -----
Net income $17,982 $17,493 $16,579 $15,728 $15,630
======= ======= ======= ======= =======
Per Common Share
Data:
Net income-basic $1.15 $1.12 $1.07 $1.00 $1.01
Net income-diluted 1.13 1.10 1.05 0.99 0.98
Cash dividends
declared 0.38 0.36 0.36 0.36 0.36
Common shares
outstanding 15,695,083 15,560,271 15,527,804 15,597,446 15,591,530
Average common shares
outstanding -
Basic 15,631,094 15,549,811 15,534,416 15,609,599 15,581,593
Diluted 15,922,209 15,842,485 15,816,371 15,923,924 15,906,124
Performance Ratios:
Return on average
assets 1.06% 1.04% 1.00% 0.94% 0.97%
Return on average
equity 10.35 10.42 10.05 9.51 9.64
Net interest margin 3.27 3.28 3.25 3.23 3.12
Efficiency ratio 62.00 62.03 61.24 64.03 64.20
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
Nine months ended
September 30,
-------------
2016 2015
---- ----
Condensed Income Statements:
Net interest income $152,275 $138,717
Provision for loan losses 9,847 4,029
Non-interest income:
Trust revenue 7,752 6,837
Service charges on deposits 46,228 42,574
Securities transactions (111) 7,121
Income from sales of loans 2,120 1,534
Insurance commissions 11,762 11,615
Cash management 7,903 5,611
Other 3,947 4,043
----- -----
Total noninterest income 79,601 79,335
------ ------
Non-interest expense:
Salaries and employee benefits 89,956 84,145
Occupancy expense, net 9,115 8,586
Depreciation 7,653 7,401
Amortization of intangible
assets 1,721 1,333
Data processing services 3,567 3,428
Net (income) expense from
other real estate owned (944) 181
Marketing and business
promotion 5,258 4,720
Deposit insurance 2,335 2,482
Other 24,554 24,428
------ ------
Total noninterest expense 143,215 136,704
------- -------
Income before income taxes 78,814 77,319
Income tax expense 26,760 26,877
------ ------
Net income $52,054 $50,442
======= =======
Per Common Share Data:
Net income-basic $3.34 $3.25
Net income-diluted 3.28 3.18
Cash dividends declared 1.10 1.04
Common shares outstanding 15,695,083 15,591,530
Average common shares
outstanding -
Basic 15,571,990 15,542,027
Diluted 15,862,780 15,871,991
Performance Ratios:
Return on average assets 1.03% 1.04%
Return on average
stockholders' equity 10.27 10.68
Net interest margin 3.27 3.09
Efficiency ratio 61.76 62.69
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
2016 2016 2016 2015 2015
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
------- ------- ------- ------- -------
Balance Sheet Data:
Total assets $6,783,537 $6,683,376 $6,740,938 $6,692,829 $6,406,096
Interest-bearing
deposits with banks 1,532,095 1,373,923 1,498,356 1,394,813 1,491,873
Securities 473,738 419,238 497,986 552,949 507,858
Total loans 4,317,512 4,337,063 4,282,738 4,245,773 3,972,075
Allowance for loan
losses (48,061) (46,566) (44,571) (41,666) (40,970)
Deposits 6,024,949 5,943,982 6,010,872 5,973,358 5,698,591
Stockholders' equity 693,731 676,830 662,661 655,510 646,061
Book value per common
share 44.20 43.50 42.68 42.03 41.44
Tangible book value
per common share 39.87 39.09 38.22 37.56 37.99
Balance Sheet Ratios:
Average loans to
deposits 71.77% 71.74% 71.28% 69.62% 67.88%
Average earning assets
to total assets 93.16 93.05 92.88 92.84 93.15
Average stockholders'
equity to average
assets 10.22 10.02 9.92 9.84 10.02
Asset Quality Data:
Past due loans $1,906 $2,695 $1,099 $1,841 $2,061
Nonaccrual loans 31,014 30,063 31,040 30,096 30,321
Restructured loans 1,842 1,974 533 15,143 15,386
Total nonperforming
and restructured
loans 34,762 34,732 32,672 47,080 47,768
Other real estate
owned and repossessed
assets 4,339 4,469 4,245 8,214 7,863
Total nonperforming
and restructured
assets 39,101 39,201 36,917 55,294 55,631
Nonperforming and
restructured loans to
total loans 0.81% 0.80% 0.76% 1.11% 1.21%
Nonperforming and
restructured assets
to total assets 0.58 0.59 0.55 0.83 0.87
Allowance to total
loans 1.11 1.07 1.04 0.98 1.03
Allowance to
nonperforming and
restructured loans 138.26 134.07 136.42 88.50 85.77
Net charge-offs to
average loans 0.03 0.02 0.03 0.07 0.08
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, 2016 September 30, 2016
------------------ ------------------
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
------- ------- ---- ------- ------- ----
ASSETS
Earning assets:
$4,300,400 $51,817 4.78% $4,279,894 $153,362 4.77%
Loans
Securities - taxable 407,434 1,242 1.21 451,824 3,913 1.15
Securities - tax exempt 38,021 383 4.00 40,515 1,148 3.77
Interest bearing deposits with banks 1,535,048 1,968 0.51 1,471,623 5,622 0.51
--------- ----- --------- -----
Total earning assets 6,280,903 55,410 3.50 6,243,856 164,045 3.50
--------- ------ --------- -------
Nonearning assets:
Cash and due from banks 171,762 175,738
Interest receivable and other assets 335,855 336,188
Allowance for loan losses (46,400) (44,180)
------- -------
Total nonearning assets 461,217 467,746
------- -------
Total assets $6,742,120 $6,711,602
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Transaction deposits $777,284 $202 0.10% $785,496 $609 0.10%
Savings deposits 2,079,991 1,729 0.33 2,082,417 5,112 0.33
Time deposits 701,760 1,218 0.69 710,566 3,600 0.67
Short-term borrowings 1,979 2 0.36 1,657 5 0.36
Junior subordinated debentures 31,959 524 6.51 31,959 1,569 6.54
------ --- ------ -----
Total interest bearing liabilities 3,592,973 3,675 0.41 3,612,095 10,895 0.40
--------- ----- --------- ------
Interest free funds:
Noninterest bearing deposits 2,433,136 2,399,275
Interest payable and other
liabilities 26,660 25,232
Stockholders' equity 689,351 675,000
------- -------
Total interest free funds 3,149,147 3,099,507
--------- ---------
Total liabilities $6,742,120 $6,711,602
and stockholders' equity
Net interest income $51,735 $153,150
======= ========
Net interest spread 3.09% 3.10%
==== ====
Effect of interest free funds 0.18% 0.17%
==== ====
Net interest margin 3.27% 3.27%
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SOURCE BancFirst
