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BancFirst Corporation Reports First Quarter Earnings

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April 20, 2017 1:11 PM EDT

OKLAHOMA CITY, April 20, 2017 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $22.1 million, or $1.36 diluted earnings per share, for the first quarter of 2017 compared to net income of $16.6 million, or $1.05 diluted earnings per share, for the first quarter of 2016.  Net income for the quarter included the effects of favorable resolutions of two problem loans which resulted in principal recovery of $894,000 and interest income of $2.3 million.

The Company's net interest income for the first quarter of 2017 increased to $54.8 million compared to $50.0 million for the first quarter of 2016. The net interest margin for the quarter was 3.39% compared to 3.25% a year ago. The increase in margin was primarily due to the previously mentioned interest of $2.3 million, which added 0.14% to the margin, and the increase in the federal funds rate.  The provision for loan losses for the first quarter of 2017 decreased to $72,000 compared to $4.1 million a year ago. The decrease in the provision was due in part to the resolution of the above-mentioned problem loans and an unusually high provision for a few commercial loans in the prior year.  Net charge-offs for the quarter were 0.02% of average loans, compared to 0.03% for the first quarter of 2016.  Noninterest income for the quarter totaled $28.1 million, compared to $25.6 million last year. Noninterest expense for the quarter totaled $49.6 million compared to $46.3 million last year. The increase in noninterest expense was due to salary increases in 2017 and $1.2 million in gains on the sale of other real estate owned that reduced expenses in 2016. The Company's effective tax rate was 33.6% compared to 34.2% for the first quarter of 2016. The decrease in the effective tax rate was due to a change in accounting standards related to stock based compensation. 

At March 31, 2017, the Company's total assets were $7.2 billion, an increase of $170.7 million from December 31, 2016. Securities of $463.3 million and loans of $4.4 billion were both down slightly from December 31, 2016.  Deposits totaled $6.4 billion, an increase of $146.6 million from December 31, 2016 total. The Company's total stockholders' equity was $729.9 million, an increase of $18.8 million over December 31, 2016.

Asset quality remained strong during the first quarter of 2017.  Nonperforming and restructured assets fell to 0.45% of total assets at March 31, 2017 compared to 0.56% at December 31, 2016. The decrease in nonperforming and restructured assets was largely due to the resolution of the aforementioned two problem loans during the quarter. The allowance to total loans was 1.09% compared to 1.10% at year-end 2016. The allowance to nonperforming and restructured loans was 171.6% compared to 137.3% at year-end 2016.

CEO David Rainbolt commented, "Our results this quarter provided great optics in absolute terms. However, even absent the favorable outcome in nonperforming loans, it was still a sound performance."

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)

2017

2016

2016

2016

2016

1st Qtr 

4th Qtr 

3rd Qtr 

2nd Qtr 

1st Qtr 

 Condensed Income Statements: 

 Net interest income 

$               54,768

$               51,553

$               51,431

$               50,868

$               49,976

 Provision for loan losses 

72

1,672

2,940

2,804

4,103

 Non-interest income:

Trust revenue

2,952

2,878

2,685

2,602

2,465

Service charges on deposits

15,778

16,005

16,033

15,485

14,710

Securities transactions

---

52

(146)

(65)

100

Income from sales of loans

632

705

863

695

562

Insurance commissions

4,563

3,797

4,372

3,255

4,135

Cash management

2,754

2,713

2,853

2,732

2,318

Other

1,406

1,281

1,267

1,353

1,327

Total noninterest income 

28,085

27,431

27,927

26,057

25,617

 Non-interest expense:

Salaries and employee benefits

30,654

29,706

30,591

30,008

29,357

Occupancy expense, net

2,974

3,198

3,217

3,071

2,827

Depreciation

2,420

2,461

2,556

2,567

2,530

Amortization of intangible assets

547

548

560

580

581

Data processing services

1,195

1,229

1,178

1,174

1,215

Net expense (income) from other real estate owned

50

197

162

35

(1,141)

Marketing and business promotion

2,215

1,978

1,779

1,624

1,855

Deposit insurance

588

569

641

855

839

Other

8,945

8,303

8,520

7,806

8,228

Total noninterest expense 

49,588

48,189

49,204

47,720

46,291

 Income before income taxes 

33,193

29,123

27,214

26,401

25,199

 Income tax expense 

11,143

10,503

9,232

8,908

8,620

 Net income 

$               22,050

$               18,620

$               17,982

$               17,493

$               16,579

 Per Common Share Data: 

 Net income-basic 

$                   1.39

$                   1.19

$                   1.15

$                   1.12

$                   1.07

 Net income-diluted 

1.36

1.16

1.13

1.10

1.05

 Cash dividends declared

0.38

0.38

0.38

0.36

0.36

 Common shares outstanding 

15,891,276

15,810,935

15,695,083

15,560,271

15,527,804

 Average common shares outstanding -

   Basic

15,864,807

15,743,770

15,631,094

15,549,811

15,534,416

   Diluted

16,237,998

16,046,061

15,922,209

15,842,485

15,816,371

 Performance Ratios: 

 Return on average assets

1.27

%

1.07

%

1.06

%

1.04

%

1.00

%

 Return on average equity

12.37

10.44

10.35

10.42

10.05

 Net interest margin 

3.39

3.19

3.27

3.28

3.25

 Efficiency ratio 

59.85

61.01

62.00

62.03

61.24

 

BancFirst Corporation

Summary Financial Information

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

2017

2016

2016

2016

2016

1st Qtr

4th Qtr 

3rd Qtr 

2nd Qtr 

1st Qtr

 Balance Sheet Data:

 Total assets

$        7,189,637

$        7,018,952

$        6,783,537

$        6,683,376

$        6,740,938

 Interest-bearing deposits with banks

1,857,961

1,666,540

1,532,095

1,373,923

1,498,356

 Securities

463,250

469,833

473,738

419,238

497,986

 Total loans

4,398,529

4,409,550

4,317,512

4,337,063

4,282,738

 Allowance for loan losses

(47,921)

(48,693)

(48,061)

(46,566)

(44,571)

 Deposits

6,394,627

6,248,057

6,024,949

5,943,982

6,010,872

 Stockholders' equity

729,873

711,094

693,731

676,830

662,661

 Book value per common share

45.93

44.97

44.20

43.50

42.68

 Tangible book value per common share

41.72

40.71

39.87

39.09

38.22

 Balance Sheet Ratios:

 Average loans to deposits

70.13

%

70.98

%

71.77

%

71.74

%

71.28

%

 Average earning assets to total assets

93.45

93.30

93.16

93.05

92.88

 Average stockholders' equity to average assets

10.25

10.26

10.22

10.02

9.92

Asset Quality Data:

 Past due loans

$              2,024

$              1,962

$              1,906

$              2,695

$                1,099

 Nonaccrual loans

23,694

31,798

31,014

30,063

31,040

 Restructured loans

2,203

1,713

1,842

1,974

533

 Total nonperforming and restructured loans

27,921

35,473

34,762

34,732

32,672

 Other real estate owned and repossessed assets

4,404

3,866

4,339

4,469

4,245

 Total nonperforming and restructured assets

32,325

39,339

39,101

39,201

36,917

 Nonperforming and restructured loans to total loans

0.63

%

0.80

%

0.81

%

0.80

%

0.76

%

 Nonperforming and restructured assets to total assets

0.45

0.56

0.58

0.59

0.55

 Allowance to total loans

1.09

1.10

1.11

1.07

1.04

 Allowance to nonperforming and restructured loans

171.63

137.27

138.26

134.07

136.42

 Net charge-offs to average loans

0.02

0.02

0.03

0.02

0.03

 

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

Three Months Ended

March 31, 2017

Average

Income/

 Yield/

Balance

Expense

 Rate

ASSETS

Earning assets:

   Loans

$        4,400,707

$           53,833

4.96

%

  Securities – taxable

435,196

1,761

1.64

  Securities – tax exempt

33,291

287

3.50

  Interest bearing deposits with banks

1,724,747

3,440

0.81

     Total earning assets

6,593,941

59,321

3.65

Nonearning assets:

  Cash and due from banks

173,329

  Interest receivable and other assets

337,123

  Allowance for loan losses

(48,453)

     Total nonearning assets

461,999

     Total assets

$        7,055,940

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing liabilities:

  Transaction deposits                      

$           795,743

$       211

0.11

%

  Savings deposits

2,263,918

2,297

0.41

  Time deposits

685,575

1,217

0.72

  Short-term borrowings

1,870

3

0.62

  Junior subordinated debentures

31,959

527

6.69

     Total interest-bearing liabilities

3,779,065

4,255

0.46

Interest-free funds:

  Noninterest bearing deposits

2,259,883

  Interest payable and other liabilities

23,874

  Stockholders' equity

723,118

     Total interest free-funds

3,276,875

     Total liabilities and stockholders' equity

$        7,055,940

Net interest income

$           55,066

Net interest spread

3.19

%

Effect of interest free funds

0.20

%

Net interest margin

3.39

%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-first-quarter-earnings-300442860.html

SOURCE BancFirst


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