BANCFIRST CORPORATION 
By OKLAHOMA CITY, Jan. 17, 2012 /PRNewswire/ -- For the fourth quarter of 2011, BancFirst Corporation (NASDAQ GS: BANF) reported net income of $11.6 million, an increase of 14.0% over the $10.2 million earned in the same period a year ago. Diluted earnings per share for the quarter were $0.75 compared to $0.65 in the prior year. Net income for the year ended December 31, 2011 was $45.6 million compared to $42.3 million, up 7.8% over the prior year. Diluted earnings per share for 2011 were $2.93 compared to $2.70 earned in 2010.
The Company's net interest income for the fourth quarter of 2011 was $41.4 million, an increase of $4.2 million or 11.4% compared to the same period a year ago. The increase was driven by the higher level of average earning assets which totaled $5.1 billion in the fourth quarter of this year, up $584 million over the fourth quarter of 2010. The net interest margin was 3.24% down slightly from a year ago. The Company's loan loss provision was $829,000 compared to $718,000 in the fourth quarter of 2010. Nonperforming and restructured assets declined to 0.71% of total assets compared to 1.01% a year ago. Net charge offs were 0.08% compared to 0.09% for the same period in 2010, well below the industry average. Noninterest income totaled $19.4 million up from $18.8 million a year ago. The increase was attributable to acquisitions made in December 2010 and July 2011. The growth was in commercial deposit revenues, insurance commissions and treasury management services. Noninterest expense for the fourth quarter was $41.4 million compared to $39.3 million for the same period last year primarily driven by acquisitions and conversion costs of $742,000 in the fourth quarter of 2011.
At December 31, 2011, the Company's total assets were $5.6 billion, an increase of $549 million or 10.8% compared to the prior year. Loans totaled $3.0 billion, up from $2.8 billion at December 31, 2010. Deposits increased $534 million to $5.0 billion at year end 2011. The Company's equity capital was $483 million, an increase of $24.4 million compared to December 31, 2010.
David Rainbolt, BancFirst Corporation CEO stated, "While not a record year, it was certainly a solid one. Oklahoma was the right place to be in 2011 from an economic point of view. We also have made great progress in assimilating acquisitions made over the last couple of years."
The Company was recently recognized by Forbes magazine as the 19th strongest bank among the 100 largest publicly traded banks. BancFirst was the only Oklahoma bank in the top 25. The ranking considered data regarding asset quality, capital adequacy and profitability.
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 93 banking locations serving 51 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.
BancFirstCorporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
2011
Year-
Q1 Q2 Q3 Q4 To-Date
--- --- --- --- -------
Income Statement
Data:
Net interest income $37,289 $38,006 $40,218 $41,384 $156,897
Provision for loan
losses 788 2,013 885 829 4,515
Securities
transactions 8 1,316 50 224 1,598
Total noninterest
income 17,730 19,679 20,117 19,435 76,961
Salaries and employee
benefits 21,812 22,558 23,845 24,016 92,231
Total noninterest
expense 36,397 39,610 41,259 41,380 158,646
Net income 11,355 10,115 12,553 11,598 45,621
Per Common Share
Data:
Net income-basic 0.74 0.66 0.82 0.77 2.99
Net income-diluted 0.72 0.65 0.81 0.75 2.93
Cash dividends
declared 0.25 0.25 0.27 0.27 1.04
Common shares
outstanding 15,390,357 15,273,181 15,125,541 15,117,430 15,117,430
Average common shares
outstanding -
Basic 15,375,644 15,364,738 15,210,090 15,122,368 15,267,357
Diluted 15,679,298 15,651,953 15,471,659 15,389,289 15,550,131
Performance Ratios:
Return on average
assets 0.89% 0.77% 0.91% 0.84% 0.85%
Return on average
equity 9.90 8.59 10.50 9.59 9.65
Net interest margin 3.21 3.17 3.20 3.24 3.20
Efficiency ratio 66.15 68.67 68.38 68.04 67.84
2010
Year-
Q1 Q2 Q3 Q4 To-Date
--- --- --- --- -------
Income Statement
Data:
Net interest income $33,860 $35,668 $36,071 $37,158 $142,757
Provision for loan
losses 896 871 469 718 2,954
Securities
transactions 136 (150) 333 5 324
Total noninterest
income 15,962 17,012 18,163 18,801 69,938
Salaries and employee
benefits 19,948 19,710 20,692 22,009 82,359
Total noninterest
expense 34,901 34,505 35,389 39,300 144,095
Net income 9,303 11,042 11,787 10,177 42,309
Per Common Share
Data:
Net income-basic 0.61 0.72 0.77 0.66 2.76
Net income-diluted 0.60 0.71 0.75 0.65 2.70
Cash dividends
declared 0.23 0.23 0.25 0.25 0.96
Common shares
outstanding 15,337,050 15,346,800 15,358,672 15,368,717 15,368,717
Average common shares
outstanding -
Basic 15,319,111 15,344,374 15,356,366 15,362,388 15,348,102
Diluted 15,628,012 15,652,621 15,645,086 15,665,196 15,651,312
Performance Ratios:
Return on average
assets 0.85% 0.98% 1.03% 0.83% 0.92%
Return on average
equity 8.66 10.01 10.34 8.79 9.45
Net interest margin 3.38 3.44 3.40 3.29 3.37
Efficiency ratio 70.05 65.50 65.25 70.23 67.75
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share data - Unaudited)
2011
Q1 Q2 Q3 Q4
--- --- --- ---
Balance Sheet Data:
Total assets $5,239,658 $5,267,445 $5,472,306 $5,608,825
Total loans 2,796,390 2,861,844 2,984,114 3,013,498
Allowance for loan losses (36,136) (37,092) (37,456) (37,656)
Securities 681,159 580,059 607,046 614,977
Deposits 4,666,199 4,701,999 4,887,332 5,037,735
Stockholders' equity 466,827 470,397 474,396 483,041
Book value per common share 30.33 30.80 31.36 31.95
Tangible book value per common share 26.71 27.17 27.52 28.07
Balance Sheet Ratios:
Average loans to deposits 60.83% 60.16% 60.58% 60.97%
Average earning assets to total
assets 92.49 92.49 92.22 92.76
Average stockholders' equity to
average assets 9.03 8.98 8.67 8.73
Asset Quality Data:
Past due loans $3,016 $1,166 $1,413 $822
Nonaccrual loans 24,391 22,469 29,039 21,187
Restructured loans 316 344 1,059 1,041
Total nonperforming and restructured
loans 27,723 23,979 31,511 23,050
Other real estate owned and
repossessed assets 15,974 15,501 16,723 16,640
Total nonperforming and restructured
assets 43,697 39,480 48,234 39,690
Nonperforming and restructured loans
to total loans 0.99% 0.84% 1.06% 0.76%
Nonperforming and restructured
assets to total assets 0.83 0.75 0.88 0.71
Allowance to total loans 1.29 1.30 1.26 1.25
Allowance to nonperforming and
restructured loans 130.35 154.68 118.87 163.37
Net charge-offs to average loans 0.06 0.15 0.07 0.08
2010
Q1 Q2 Q3 Q4
--- --- --- ---
Balance Sheet Data:
Total assets $4,508,789 $4,628,022 $4,599,182 $5,060,249
Total loans 2,766,304 2,793,346 2,756,118 2,811,964
Allowance for loan losses (36,780) (37,002) (35,681) (35,745)
Securities 429,585 579,315 578,837 743,803
Deposits 4,009,017 4,117,360 4,082,568 4,503,754
Stockholders' equity 436,901 445,592 453,869 458,594
Book value per common share 28.49 29.03 29.55 29.84
Tangible book value per common share 25.78 26.19 26.72 26.19
Balance Sheet Ratios:
Average loans to deposits 70.05% 68.89% 68.70% 63.14%
Average earning assets to total
assets 92.62 92.76 92.83 92.75
Average stockholders' equity to
average assets 9.86 9.77 9.92 9.44
Asset Quality Data:
Past due loans $589 $1,911 $563 $1,096
Nonaccrual loans 37,801 38,328 25,684 26,701
Restructured loans 1,912 1,677 378 294
Total nonperforming and restructured
loans 40,302 41,916 26,625 28,091
Other real estate owned and
repossessed assets 10,272 9,748 21,499 23,179
Total nonperforming and restructured
assets 50,574 51,664 48,124 51,270
Nonperforming and restructured loans
to total loans 1.46% 1.50% 0.97% 1.00%
Nonperforming and restructured
assets to total assets 1.12 1.12 1.05 1.01
Allowance to total loans 1.33 1.32 1.29 1.27
Allowance to nonperforming and
restructured loans 91.26 88.28 134.01 127.25
Net charge-offs to average loans 0.07 0.09 0.26 0.09
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, 2011 December 31, 2011
----------------- -----------------
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
------- ------- ---- ------- ------- ----
ASSETS
Earning assets:
Loans $2,997,395 $42,623 5.64% $2,893,263 $164,484 5.69%
Securities - taxable 558,104 2,930 2.08 571,193 12,321 2.16
Securities - tax exempt 55,482 220 1.57 69,921 2,889 4.13
Interest bearing deposits with banks 1,488,623 953 0.25 1,410,788 3,585 0.25
--------- --- --------- -----
Total earning assets 5,099,604 46,726 3.64 4,945,165 183,279 3.71
--------- ------ --------- -------
Nonearning assets:
Cash and due from banks 137,404 142,256
Interest receivable and other assets 297,990 295,963
Allowance for loan losses (37,590) (36,729)
------- -------
Total nonearning assets 397,804 401,490
------- -------
Total assets $5,497,408 $5,346,655
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Transaction deposits $671,790 $279 0.16% $709,609 $1,423 0.20%
Savings deposits 1,562,195 1,512 0.38 1,633,555 8,981 0.55
Time deposits 919,393 2,690 1.16 921,984 11,467 1.24
Short-term borrowings 10,049 25 0.99 8,276 58 0.70
Long-term borrowings 21,545 49 0.91 31,826 882 2.77
Junior subordinated debentures 36,083 609 6.70 32,287 2,184 6.76
------ --- ------ -----
Total interest-bearing liabilities $3,221,055 $5,164 0.64 $3,337,537 $24,995 0.75
---------- ------ ---------- -------
Interest-free funds:
Noninterest bearing deposits 1,762,953 1,506,371
Interest payable and other liabilities 33,506 29,755
Stockholders' equity 479,894 472,992
------- -------
Total interest free-funds 2,276,353 2,009,118
--------- ---------
Total liabilities and stockholders' equity $5,497,408 $5,346,655
========== ==========
Net interest income $41,562 $158,284
======= ========
Net interest spread 3.00% 2.96%
==== ====
Net interest margin 3.24% 3.20%
==== ====
SOURCE BancFirst
