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BancFirst Corporation Reports First Quarter Earnings

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April 21, 2016 4:30 PM EDT

OKLAHOMA CITY, April 21, 2016 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $16.6 million, or $1.05 diluted earnings per share, for the first quarter of 2016 compared to net income of $16.3 million, or $1.03 diluted earnings per share, for the first quarter of 2015. 

The Company's net interest income for the first quarter of 2016 increased to $50.0 million compared to $45.6 million for the first quarter of 2015. The net interest margin for the quarter was 3.25% compared to 3.07% 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 first quarter of 2016 increased to $4.1 million compared to $1.3 million a year ago. The increase in the provision was primarily due to downgrades of a few commercial loans which were impacted by the economic effects in Oklahoma from low energy prices.  Net charge-offs for the quarter were 0.03% of average loans, compared to 0.01% for the first quarter of 2015.  Noninterest income for the quarter totaled $25.6 million, compared to $25.3 million last year. Noninterest expense for the quarter totaled $46.3 million compared to $44.9 million last year, primarily due to salary increases from raises and our acquisition in the fourth quarter of 2015. This increase in noninterest expenses was partially offset by gains on the sale of other real estate owned totaling $1.2 million. The Company's effective tax rate was 34.2% compared to 34.1% for the first quarter of 2015.

At March 31, 2016, the Company's total assets were $6.7 billion, largely unchanged from December 31, 2015. Securities decreased $55.0 million to a total of $498.0 million due to large maturities during the quarter.  Loans totaled $4.3 billion, up slightly from December 31, 2015.  Deposits totaled $6.0 billion, marginally above the December 31, 2015 total. The Company's total stockholders' equity was $662.7 million, an increase of $7.2 million, or 1.1%, over December 31, 2015.

Asset quality remained strong during the first quarter of 2016.  Nonperforming and restructured assets were 0.55% of total assets at March 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. Also contributing to the decrease in nonperforming assets were sales of other real estate owned.  The allowance to total loans was 1.04% compared to 0.98% at year-end 2015. The allowance to nonperforming and restructured loans was 136.4% compared to 88.5% at year-end 2015.

CEO David Rainbolt commented, "While the results of the quarter were good in aggregate, there were a lot of moving parts. We are noticing slight credit slippage, but so far it appears margin growth is offsetting any effects."

During the quarter, the Company repurchased 100,000 shares of its common stock at an average price of $55.23 under the Company's stock repurchase program.

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 98 banking locations serving 54 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

2015

2015

2015

2015

1st Qtr 

4th Qtr 

3rd Qtr 

2nd Qtr 

1st Qtr 

 Condensed Income Statements: 

 Net interest income 

$               49,976

$               50,075

$               46,876

$               46,215

$               45,626

 Provision for loan losses 

4,103

3,646

1,424

1,271

1,334

 Non-interest income:

Trust revenue

2,465

2,254

2,295

2,200

2,342

Service charges on deposits

14,710

15,077

14,910

14,312

13,352

Securities transactions

100

2,148

-

5,392

1,729

Income from sales of loans

562

434

545

549

440

Insurance commissions

4,135

3,176

4,427

3,120

4,068

Cash management

2,318

1,899

1,906

1,886

1,819

Other

1,327

1,485

1,241

1,256

1,546

Total noninterest income 

25,617

26,473

25,324

28,715

25,296

 Non-interest expense:

Salaries and employee benefits

29,357

28,938

28,746

27,886

27,513

Occupancy expense, net

2,827

2,926

3,051

2,700

2,835

Depreciation

2,530

2,565

2,488

2,449

2,464

Amortization of intangible assets

581

602

444

445

444

Data processing services

1,215

1,151

1,132

1,179

1,117

Net expense from other real estate owned

(1,141)

143

51

(184)

314

Marketing and business promotion

1,855

2,266

1,640

1,401

1,679

Deposit insurance

839

876

820

836

826

Other

8,228

9,544

7,980

8,717

7,731

Total noninterest expense 

46,291

49,011

46,352

45,429

44,923

 Income before income taxes 

25,199

23,891

24,424

28,230

24,665

 Income tax expense 

8,620

8,163

8,794

9,677

8,406

 Net income 

$               16,579

$               15,728

$               15,630

$               18,553

$               16,259

 Per Common Share Data: 

 Net income-basic 

$                   1.07

$                   1.00

$                   1.01

$                   1.19

$                   1.05

 Net income-diluted 

1.05

0.99

0.98

1.17

1.03

 Cash dividends declared

0.36

0.36

0.36

0.34

0.34

 Common shares outstanding 

15,527,804

15,597,446

15,591,530

15,562,298

15,512,545

 Average common shares outstanding -

   Basic

15,534,416

15,609,599

15,581,593

15,536,325

15,507,346

   Diluted

15,816,371

15,923,924

15,906,124

15,864,924

15,838,548

 Performance Ratios: 

 Return on average assets

1.00

%

0.94

%

0.97

%

1.14

%

1.01

%

 Return on average equity

10.05

9.51

9.64

11.79

10.65

 Net interest margin 

3.25

3.23

3.12

3.07

3.07

 Efficiency ratio 

61.24

64.03

64.20

60.63

63.34

 

BancFirst Corporation

Summary Financial Information

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

2016

2015

2015

2015

2015

1st Qtr 

4th Qtr

 3rd Qtr 

 2nd Qtr 

1st Qtr 

 Balance Sheet Data:

 Total assets

$        6,740,938

$        6,692,829

$        6,406,096

$        6,498,898

$        6,570,120

 Interest-bearing deposits with banks

1,498,356

1,394,813

1,491,873

1,638,038

1,699,265

 Securities

497,986

552,949

507,858

537,319

550,125

 Total loans

4,282,738

4,245,773

3,972,075

3,871,919

3,857,742

 Allowance for loan losses

(44,571)

(41,666)

(40,970)

(42,621)

(41,557)

 Deposits

6,010,872

5,973,358

5,698,591

5,808,221

5,883,801

 Stockholders' equity

662,661

655,510

646,061

634,244

621,679

 Book value per common share

42.68

42.03

41.44

40.76

40.08

 Tangible book value per common share

38.22

37.56

37.99

37.27

36.52

 Balance Sheet Ratios:

 Average loans to deposits

71.28

%

69.62

%

67.88

%

65.95

%

65.85

%

 Average earning assets to total assets

92.88

92.84

93.15

93.11

92.97

 Average stockholders' equity to average assets

9.92

9.84

10.02

9.67

9.51

Asset Quality Data:

 Past due loans

$                1,099

$                1,841

$                2,061

$                1,311

$                1,498

 Nonaccrual loans

31,040

30,096

30,321

32,177

16,562

 Restructured loans

533

15,143

15,386

15,702

16,131

 Total nonperforming and restructured loans

32,672

47,080

47,768

49,190

34,191

 Other real estate owned and repossessed assets

4,245

8,214

7,863

7,521

6,418

 Total nonperforming and restructured assets

36,917

55,294

55,631

56,711

40,609

 Nonperforming and restructured loans to total loans

0.76

%

1.11

%

1.21

%

1.27

%

0.89

%

 Nonperforming and restructured assets to total assets

0.55

0.83

0.87

0.87

0.62

 Allowance to total loans

1.04

0.98

1.03

1.10

1.08

 Allowance to nonperforming and restructured loans

136.42

88.50

85.77

86.65

121.54

 Net charge-offs to average loans

0.03

0.07

0.08

0.01

0.01

 

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

Three Months Ended

March 31, 2016

Average

Income/

 Yield/

Balance

Expense

 Rate

ASSETS

Earning assets:

  Loans

$        4,242,883

$           50,329

4.76

%

  Securities – taxable

491,505

1,327

1.08

  Securities – tax exempt

42,539

393

3.71

  Interest bearing deposits with banks

1,419,500

1,802

0.51

     Total earning assets

6,196,427

53,851

3.49

Nonearning assets:

  Cash and due from banks

179,455

  Interest receivable and other assets

336,841

  Allowance for loan losses

(41,591)

     Total nonearning assets

474,705

     Total assets

$        6,671,132

LIABILITIES AND

  STOCKHOLDERS' EQUITY

Interest-bearing liabilities:

  Transaction deposits                      

$           792,120

$       201

0.10

%

  Savings deposits

2,078,802

1,691

0.33

  Time deposits

721,792

1,188

0.66

  Short-term borrowings

1,111

1

0.35

  Junior subordinated debentures

31,959

522

6.55

     Total interest-bearing liabilities

3,625,784

3,603

0.40

Interest-free funds:

  Noninterest bearing deposits

2,359,783

  Interest payable and other liabilities

23,627

  Stockholders' equity

661,938

     Total interest free-funds

3,045,348

     Total liabilities and stockholders' equity

$        6,671,132

Net interest income

$           50,248

Net interest spread

3.09

%

Effect of interest free funds

0.16

%

Net interest margin

3.25

%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-first-quarter-earnings-300255639.html

SOURCE BancFirst


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