BancFirst Corporation Reports Second Quarter Earnings

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 7/10/2026

1. SKHY
2. USO
3. META
4. SPY
5. PEP
6. DAL
7. NRIX
8. ALP
9. WRAP
10. CRCL

July 16, 2015 4:45 PM EDT

OKLAHOMA CITY, July 16, 2015 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $18.6 million, or $1.17 diluted earnings per share, for the second quarter of 2015 compared to net income of $14.7 million, or $0.92 diluted earnings per share, for the second quarter of 2014. Net income for the year to-date was $34.8 million, or $2.20 per share, compared to $29.3 million, or $1.86 per share, for the first half of 2014.

The Company's net interest income for the second quarter of 2015 increased to $46.2 million compared to $45.5 million for the second quarter of 2014, due to higher volume of earning assets. The net interest margin for the quarter was 3.07% compared to 3.10% a year ago. The provision for loan losses for the second quarter of 2015 decreased to $1.3 million compared to $3.1 million a year ago. The higher provision for loan losses in the second quarter of 2014 was due in part to an additional $2 million allowance for a single commercial loan that was adversely graded during the quarter.  Net charge-offs for the quarter were only 0.01% of average loans, compared to net recoveries of 0.01% for the second quarter of 2014.  Noninterest income for the quarter totaled $28.7 million, compared to $23.6 million last year.  Noninterest income increased due to the Company recording a gain from the sale of an investment by the Company's wholly-owned subsidiary, Council Oak Partners, LLC, of approximately $5.3 million.  Noninterest expense for the quarter totaled $45.4 million compared to $45.9 million last year. The Company recorded a goodwill impairment loss of approximately $368,000, which is included in noninterest expense for the second quarter of 2015. The Company's effective tax rate increased to 34.3% compared to 27.0% for the second quarter of 2014, due primarily to tax credits purchased in 2014 that lowered the effective tax rate.

At June 30, 2015, the Company's total assets were $6.5 billion, largely unchanged from December 31, 2014. Securities increased $12.5 million to a total of $537.3 million.  Loans totaled $3.8 billion, a slight increase from December 31, 2014.  Deposits totaled $5.8 billion, virtually flat from December 31, 2014. The Company's total stockholders' equity was $634.2 million, an increase of $24.9 million, or 4.1%, over December 31, 2014.

Asset quality remained strong during the second quarter of 2015.  Nonperforming and restructured assets were 0.87% of total assets at June 30, 2015 compared to 0.64% at December 31, 2014. During the second quarter the Company's nonaccrual loans increased due to the downgrade of a single commercial loan.  The allowance to total loans was 1.10% compared to 1.06% at year-end 2014.

On July 14, 2015, BancFirst announced that it had entered into an agreement to acquire CSB Bancshares Inc. and its subsidiary bank, Bank of Commerce, with locations in Yukon, Mustang, and El Reno, Oklahoma.  Bank of Commerce has approximately $202 million in total assets, $139 million in loans, $180 million in deposits, and $21 million in equity capital. The transaction is scheduled to be completed during October 2015, and is subject to regulatory approval. The bank will operate under its present name until it is merged into BancFirst, which is expected to be during the fourth quarter of 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 95 banking locations serving 52 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)

2015

2015

2014

2014

2014

2nd Qtr 

1st Qtr 

4th Qtr 

3rd Qtr 

2nd Qtr 

 Condensed Income Statements: 

 Net interest income 

$               46,215

$               45,626

$               47,319

$               46,514

$               45,489

 Provision for loan losses 

1,271

1,334

1,840

(3,115)

3,129

 Non-interest income:

Trust revenue

2,200

2,342

2,334

2,380

2,315

Service charges on deposits

14,312

13,352

14,345

14,226

14,360

Securities transactions

5,392

1,729

822

284

85

Income from sales of loans

549

440

426

569

467

Insurance commissions

3,120

4,068

3,262

4,152

3,262

Cash management

1,886

1,819

1,683

1,770

1,703

Other

1,256

1,546

1,430

1,557

1,419

Total noninterest income 

28,715

25,296

24,302

24,938

23,611

 Non-interest expense:

Salaries and employee benefits

27,886

27,513

27,071

28,153

27,478

Occupancy expense, net

2,700

2,835

3,117

2,920

2,784

Depreciation

2,449

2,464

2,439

2,432

2,375

Amortization of intangible assets

445

444

444

444

458

Data processing services

1,179

1,117

1,151

1,183

1,185

Net expense from other real estate owned

(184)

314

194

173

(406)

Marketing and business promotion

1,401

1,679

2,218

1,429

1,661

Deposit insurance

836

826

835

810

873

Other

8,717

7,731

9,417

9,398

9,449

Total noninterest expense 

45,429

44,923

46,886

46,942

45,857

 Income before income taxes 

28,230

24,665

22,895

27,625

20,114

 Income tax expense 

9,677

8,406

7,146

8,832

5,426

 Net income 

$               18,553

$               16,259

$               15,749

$               18,793

$               14,688

 Per Common Share Data: 

 Net income-basic 

$                   1.19

$                   1.05

$                   1.02

$                   1.22

$                   0.94

 Net income-diluted 

1.17

1.03

0.99

1.19

0.92

 Cash dividends declared

0.34

0.34

0.34

0.34

0.31

 Common shares outstanding 

15,562,298

15,512,545

15,504,513

15,449,546

15,398,603

 Average common shares outstanding -

   Basic

15,536,325

15,507,346

15,484,664

15,425,920

15,468,511

   Diluted

15,864,924

15,838,548

15,846,810

15,795,843

15,832,180

 Performance Ratios: 

 Return on average assets

1.14

%

1.01

%

0.96

%

1.17

%

0.92

%

 Return on average equity

11.79

10.65

10.31

12.63

10.20

 Net interest margin 

3.07

3.07

3.14

3.13

3.10

 Efficiency ratio 

60.63

63.34

65.46

65.70

66.36

 

BancFirst Corporation

Summary Financial Information

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

Six months ended

June 30,

2015

2014

 Condensed Income Statements: 

 Net interest income 

$             91,841

$             87,518

 Provision for loan losses 

2,605

4,347

 Non-interest income:

Trust revenue

4,542

4,466

Service charges on deposits

27,664

27,818

Securities transactions

7,121

535

Income from sales of loans

989

818

Insurance commissions

7,188

7,228

Cash management

3,705

3,288

Other

2,802

3,020

Total noninterest income 

54,011

47,173

 Non-interest expense:

Salaries and employee benefits

55,399

53,416

Occupancy expense, net

5,535

5,573

Depreciation

4,913

4,724

Amortization of intangible assets

889

866

Data processing services

2,296

2,355

Net expense from other real estate owned

130

144

Marketing and business promotion

3,080

3,377

Deposit insurance

1,662

1,646

Other

16,448

17,592

Total noninterest expense 

90,352

89,693

 Income before income taxes 

52,895

40,651

 Income tax expense 

18,083

11,306

 Net income 

$               34,812

$               29,345

 Per Common Share Data: 

 Net income-basic 

$                   2.24

$                   1.90

 Net income-diluted 

2.20

1.86

 Cash dividends declared

0.68

0.62

 Common shares outstanding 

15,562,298

15,398,603

 Average common shares outstanding -

   Basic

15,521,916

15,405,847

   Diluted

15,852,532

15,759,789

 Performance Ratios: 

 Return on average assets

1.08

%

0.94

%

 Return on average stockholders' equity

11.23

10.35

 Net interest margin 

3.07

3.04

 Efficiency ratio 

61.95

66.59

 

BancFirst Corporation

Summary Financial Information

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

2015

2015

2014

2014

2014

 2nd Qtr 

 1st Qtr 

 4th Qtr

  3rd Qtr 

  2nd Qtr 

 Balance Sheet Data:

 Total assets

$        6,498,898

$        6,570,120

$        6,574,972

$        6,406,575

$        6,368,633

 Interest-bearing deposits with banks

1,638,038

1,699,265

1,710,350

1,652,939

1,622,810

 Securities

537,319

550,125

524,783

535,586

570,429

 Total loans

3,871,919

3,857,741

3,860,831

3,722,876

3,665,908

 Allowance for loan losses

(42,621)

(41,556)

(40,889)

(39,467)

(43,297)

 Deposits

5,808,221

5,883,801

5,904,704

5,740,449

5,721,593

 Stockholders' equity

634,244

621,679

609,314

596,183

580,505

 Book value per common share

40.76

40.08

39.30

38.59

37.70

 Tangible book value per common share

37.27

36.52

35.71

34.96

34.03

 Balance Sheet Ratios:

 Average loans to deposits

65.95

%

65.85

%

65.42

%

64.27

%

62.65

%

 Average earning assets to total assets

93.11

92.97

92.82

92.87

92.68

 Average stockholders' equity to average assets

9.67

9.51

9.35

9.25

9.04

Asset Quality Data:

 Past due loans

$                1,311

$                1,498

$                1,135

$                2,004

$                1,789

 Nonaccrual loans

32,177

16,562

16,410

17,052

17,268

 Restructured loans

15,702

16,131

16,515

17,125

20,615

 Total nonperforming and restructured loans

49,190

34,191

34,060

36,181

39,672

 Other real estate owned and repossessed assets

7,521

6,418

8,079

7,016

6,406

 Total nonperforming and restructured assets

56,711

40,609

42,139

43,197

46,078

 Nonperforming and restructured loans to total loans

1.27

%

0.89

%

0.88

%

0.96

%

1.08

%

 Nonperforming and restructured assets to total assets

0.87

0.62

0.64

0.67

0.72

 Allowance to total loans

1.10

1.08

1.06

1.05

1.18

 Allowance to nonperforming and restructured loans

86.65

121.54

120.05

109.08

109.14

 Net charge-offs to average loans

0.01

0.02

0.01

0.02

(0.01)

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

Three Months Ended

Six Months Ended

June 30, 2015

June 30, 2015

Interest

Average

Interest

Average

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS

Earning assets:

  Loans

$        3,853,995

$           46,601

4.85

%

$        3,847,450

$           92,652

4.86

%

  Securities – taxable

508,819

1,458

1.15

497,687

2,857

1.16

  Securities – tax exempt

37,567

363

3.87

38,282

741

3.90

  Interest bearing deposits with banks

1,678,617

1,066

0.25

1,682,494

2,128

0.26

     Total earning assets

6,078,998

49,488

3.27

6,065,913

98,378

3.27

Nonearning assets:

  Cash and due from banks

176,745

179,326

  Interest receivable and other assets

315,018

315,780

  Allowance for loan losses

(41,946)

(41,415)

     Total nonearning assets

449,817

453,691

     Total assets

$        6,528,815

$        6,519,604

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest bearing liabilities:

  Transaction deposits                       

$           735,460

$               183

0.10

%

$           729,716

$               351

0.10

%

  Savings deposits

2,068,549

1,159

0.22

2,060,781

2,308

0.23

  Time deposits

729,834

1,200

0.66

736,691

2,421

0.66

  Short-term borrowings

1,964

1

0.14

2,496

2

0.14

  Junior subordinated debentures

26,804

491

7.35

26,804

982

7.38

     Total interest bearing liabilities

3,562,611

3,034

0.34

3,556,488

6,064

0.34

Interest free funds:

  Noninterest bearing deposits

2,310,375

2,311,291

  Interest payable and other liabilities

24,653

26,633

  Stockholders' equity

631,176

625,192

     Total interest free  funds

2,966,204

2,963,116

     Total liabilities and stockholders' equity

$        6,528,815

$        6,519,604

Net interest income

$         46,454

$           92,314

Net interest spread

2.93

%

2.93

%

Effect of interest free funds

0.14

%

0.14

%

Net interest margin

3.07

%

3.07

%

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-second-quarter-earnings-300114685.html

SOURCE BancFirst


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

Dividend, Earnings, Definitive Agreement