BancFirst Corporation Reports Fourth Quarter Earnings

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January 19, 2017 1:38 PM EST

OKLAHOMA CITY, Jan. 19, 2017 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $18.6 million, or $1.16 diluted earnings per share, for the fourth quarter of 2016 compared to net income of $15.7 million, or $0.99 diluted earnings per share, for the fourth quarter of 2015.  Net income for the year ended December 31, 2016 was $70.7 million, or $4.44 diluted earnings per share, compared to $66.2 million, or $4.17 diluted earnings per share, for 2015.

The Company's net interest income for the fourth quarter of 2016 increased to $51.6 million compared to $50.1 million for the fourth quarter of 2015. The net interest margin for the quarter was 3.19% compared to 3.23% a year ago. Internal loan growth and acquired loans from our October 2015 acquisition contributed to the higher net interest income in 2016. The provision for loan losses for the fourth quarter of 2016 decreased to $1.7 million compared to $3.6 million a year ago. The larger provision in the fourth quarter of 2015 was due to downgrades of commercial loans. Net charge-offs for the quarter were 0.02% of average loans, compared to 0.07% for the fourth quarter of 2015.  Noninterest income for the quarter totaled $27.4 million, compared to $26.5 million last year.  Noninterest expense for the quarter totaled $48.2 million compared to $49.0 million last year.

For the year ended 2016, the Company's net interest income was $203.8 million compared to $188.8 million for 2015. The net interest margin for the year increased to 3.25% compared to 3.12% for the previous year. Internal loan growth, acquired loans from our October 2015 acquisition and the increase in the 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 2016 was $11.5 million compared to $7.7 million a year ago. The increase in the provision was largely due to loan downgrades in the oil and gas service industry during the year. However, those loans have not yet resulted in write downs as the Company reported lower net charge-offs to average loans of 0.10% for 2016 compared to 0.17% for 2015. Noninterest income for 2016 totaled $107.0 million compared to $105.8 million for 2015. Noninterest expense was $191.4 million compared to $185.7 million for 2015. The Company's effective tax rate was 34.52% compared to 34.62% for 2015.

At December 31, 2016, the Company's total assets were $7.0 billion, an increase of 4.9% from December 31, 2015.  Loans totaled $4.4 billion, up $163.8 million from December 31, 2015. Deposits totaled $6.2 billion up $274.7 million from December 31, 2015 totals. The Company's total stockholders' equity was $711.1 million, an increase of $55.6 million, or 8.5%, over December 31, 2015.

Asset quality remained solid during the fourth quarter of 2016.  Nonperforming and restructured assets were 0.56% of total assets at December 31, 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 1.10% compared to 0.98% at year-end 2015. The allowance to nonperforming and restructured loans was 137.3% 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

2016

2015

4th Qtr 

3rd Qtr 

2nd Qtr 

1st Qtr 

4th Qtr 

Condensed Income Statements: 

Net interest income 

$               51,553

$               51,431

$               50,868

$               49,976

$               50,075

Provision for loan losses 

1,672

2,940

2,804

4,103

3,646

Non-interest income:

Trust revenue

2,878

2,685

2,602

2,465

2,254

Service charges on deposits

16,005

16,033

15,485

14,710

15,077

Securities transactions

52

(146)

(65)

100

2,148

Income from sales of loans

705

863

695

562

434

Insurance commissions

3,797

4,372

3,255

4,135

3,176

Cash management

2,713

2,853

2,732

2,318

1,899

Other

1,281

1,267

1,353

1,327

1,485

Total noninterest income 

27,431

27,927

26,057

25,617

26,473

Non-interest expense:

Salaries and employee benefits

29,706

30,591

30,008

29,357

28,938

Occupancy expense, net

3,198

3,217

3,071

2,827

2,926

Depreciation

2,461

2,556

2,567

2,530

2,565

Amortization of intangible assets

548

560

580

581

602

Data processing services

1,229

1,178

1,174

1,215

1,151

Net expense (income) from other real estate owned

197

162

35

(1,141)

143

Marketing and business promotion

1,978

1,779

1,624

1,855

2,266

Deposit insurance

569

641

855

839

876

Other

8,303

8,520

7,806

8,228

9,544

Total noninterest expense 

48,189

49,204

47,720

46,291

49,011

Income before income taxes 

29,123

27,214

26,401

25,199

23,891

Income tax expense 

10,503

9,232

8,908

8,620

8,163

Net income 

$               18,620

$               17,982

$               17,493

$               16,579

$               15,728

Per Common Share Data: 

Net income-basic 

$                   1.19

$                   1.15

$                   1.12

$                   1.07

$                   1.00

Net income-diluted 

1.16

1.13

1.10

1.05

0.99

Cash dividends declared

0.38

0.38

0.36

0.36

0.36

Common shares outstanding 

15,810,935

15,695,083

15,560,271

15,527,804

15,597,446

Average common shares outstanding -

   Basic

15,743,770

15,631,094

15,549,811

15,534,416

15,609,599

   Diluted

16,046,061

15,922,209

15,842,485

15,816,371

15,923,924

Performance Ratios: 

Return on average assets

1.07

%

1.06

%

1.04

%

1.00

%

0.94

%

Return on average equity

10.44

10.35

10.42

10.05

9.51

Net interest margin 

3.19

3.27

3.28

3.25

3.23

Efficiency ratio 

61.01

62.00

62.03

61.24

64.03

 

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data – Unaudited, except where noted*)

Twelve months ended

December 31,

2016

2015*

 Condensed Income Statements: 

 Net interest income 

$             203,828

$             188,792

 Provision for loan losses 

11,519

7,675

 Non-interest income:

Trust revenue

10,630

9,091

Service charges on deposits

62,233

57,651

Securities transactions

(59)

9,269

Income from sales of loans

2,825

1,968

Insurance commissions

15,559

14,791

Cash management

10,616

7,510

Other

5,228

5,528

Total noninterest income 

107,032

105,808

 Non-interest expense:

Salaries and employee benefits

119,662

113,083

Occupancy expense, net

12,313

11,512

Depreciation

10,114

9,966

Amortization of intangible assets

2,269

1,935

Data processing services

4,796

4,579

Net (income) expense from other real estate owned

(747)

324

Marketing and business promotion

7,236

6,986

Deposit insurance

2,904

3,358

Other

32,857

33,972

Total noninterest expense 

191,404

185,715

 Income before income taxes 

107,937

101,210

 Income tax expense 

37,263

35,040

 Net income 

$               70,674

$               66,170

 Per Common Share Data: 

 Net income-basic 

$                   4.53

$                   4.25

 Net income-diluted 

4.44

4.17

 Cash dividends declared

1.48

1.40

 Common shares outstanding 

15,810,935

15,597,446

 Average common shares outstanding -

   Basic

15,615,170

15,559,059

   Diluted

15,911,262

15,886,245

 Performance Ratios: 

 Return on average assets

1.04

%

1.01

%

 Return on average stockholders' equity

10.32

10.38

 Net interest margin 

3.25

3.12

 Efficiency ratio 

61.57

63.04

                                              

BancFirst Corporation

Summary Financial Information

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

2016

2016

2016

2016

2015

4th Qtr 

3rd Qtr 

2nd Qtr 

1st Qtr

 4th Qtr 

Balance Sheet Data:

Total assets

$        7,018,952

$        6,783,537

$        6,683,376

$        6,740,938

$        6,692,829

Interest-bearing deposits with banks

1,666,540

1,532,095

1,373,923

1,498,356

1,394,813

Securities

469,833

473,738

419,238

497,986

552,949

Total loans

4,409,550

4,317,512

4,337,063

4,282,738

4,245,773

Allowance for loan losses

(48,693)

(48,061)

(46,566)

(44,571)

(41,666)

Deposits

6,248,057

6,024,949

5,943,982

6,010,872

5,973,358

Stockholders' equity

711,094

693,731

676,830

662,661

655,510

Book value per common share

44.97

44.20

43.50

42.68

42.03

Tangible book value per common share

40.71

39.87

39.09

38.22

37.56

Balance Sheet Ratios:

Average loans to deposits

70.98

%

71.77

%

71.74

%

71.28

%

69.62

%

Average earning assets to total assets

93.30

93.16

93.05

92.88

92.84

Average stockholders' equity to average assets

10.26

10.22

10.02

9.92

9.84

Asset Quality Data:

Past due loans

$              1,962

$              1,906

$              2,695

$                1,099

$                1,841

Nonaccrual loans

31,798

31,014

30,063

31,040

30,096

Restructured loans

1,713

1,842

1,974

533

15,143

Total nonperforming and restructured loans

35,473

34,762

34,732

32,672

47,080

Other real estate owned and repossessed assets

3,866

4,339

4,469

4,245

8,214

Total nonperforming and restructured assets

39,339

39,101

39,201

36,917

55,294

Nonperforming and restructured loans to total loans

0.80

%

0.81

%

0.80

%

0.76

%

1.11

%

Nonperforming and restructured assets to total assets

0.56

0.58

0.59

0.55

0.83

Allowance to total loans

1.10

1.11

1.07

1.04

0.98

Allowance to nonperforming and restructured loans

137.27

138.26

134.07

136.42

88.50

Net charge-offs to average loans

0.02

0.03

0.02

0.03

0.07

 

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, 2016

December 31, 2016

Interest

Average

Interest

Average

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS

Earning assets:

  Loans

$           4,352,899

$           51,749

4.72

%

$        4,298,245

$         205,111

4.76

%

  Securities – taxable

420,326

1,315

1.24

443,907

5,229

1.17

  Securities – tax exempt

36,443

336

3.66

39,491

1,484

3.75

  Interest bearing deposits with banks

1,627,652

2,286

0.56

1,510,843

7,908

0.52

     Total earning assets

6,437,320

55,686

3.43

6,292,486

219,732

3.48

Nonearning assets:

  Cash and due from banks

173,063

175,066

  Interest receivable and other assets

337,396

336,491

  Allowance for loan losses

(48,111)

(45,168)

     Total nonearning assets

462,348

466,389

     Total assets

$            6,899,668

$        6,758,875

LIABILITIES AND

STOCKHOLDERS' EQUITY

Interest bearing liabilities:

  Transaction deposits                      

$           783,883

$               199

0.10

%

$           785,090

$              808

0.10

%

  Savings deposits

2,194,546

1,906

0.34

2,110,602

7,018

0.33

  Time deposits

688,644

1,212

0.70

705,055

4,812

0.68

  Short-term borrowings

2,222

2

0.42

1,799

7

0.38

  Junior subordinated debentures

31,959

527

6.55

31,959

2,096

6.54

     Total interest bearing liabilities

3,701,254

3,846

0.41

3,634,505

14,741

0.40

Interest free funds:

  Noninterest bearing deposits

2,465,697

2,415,972

  Interest payable and other liabilities

25,150

25,212

  Stockholders' equity

707,567

683,186

     Total interest free  funds

3,198,414

3,124,370

     Total liabilities

and stockholders' equity

$            6,899,668

$        6,758,875

Net interest income

$           51,840

$         204,991

Net interest spread

3.02

%

3.08

%

Effect of interest free funds

0.17

%

0.17

%

Net interest margin

3.19

%

3.25

%

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-fourth-quarter-earnings-300393719.html

SOURCE BancFirst


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