BancFirst Corporation Reports First Quarter Earnings

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April 18, 2019 4:30 PM EDT

OKLAHOMA CITY, April 18, 2019 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $31.8 million, or $0.96 diluted earnings per share, for the first quarter of 2019 compared to net income of $29.6 million, or $0.89 diluted earnings per share, for the first quarter of 2018.  On January 11, 2018 the Company completed the acquisitions of two Oklahoma banking corporations. Consequently, the first quarter of 2018 included one-time acquisition related expenses of approximately $2.2 million, which reduced diluted earnings per share by approximately 5 cents. 

The Company's net interest income for the first quarter of 2019 increased to $66.9 million compared to $63.0 million for the first quarter of 2018. The net interest margin for the quarter was 3.85% compared to 3.66% a year ago. The increase in margin was primarily due to increases in the federal funds rate throughout 2018. The provision for loan losses for the first quarter of 2019 was $1.7 million compared to $314,000 a year ago. The increase in the provision was primarily due to downgrades of a few commercial loans and loan growth during the quarter. Net charge-offs for the quarter were less than 0.01% of average loans, compared to 0.01% for the first quarter of 2018.  Noninterest income for the quarter totaled $32.0 million, compared to $30.1 million last year. Noninterest expense for the quarter totaled $56.2 million compared to $55.9 million last year. The slight increase in noninterest expense was due to salary increases in 2019 offset by a decrease in other expense due to nonrecurring acquisition related expenses in 2018. The Company's effective tax rate was 22.4% compared to 19.8% for the first quarter of 2018. The lower effective tax rate for the first quarter of 2018 was due to the exercise of stock options.  

At March 31, 2019, the Company's total assets were $7.7 billion, an increase of $134.7 million from December 31, 2018. Securities of $724.9 million were down $47.3 million from December 31, 2018, due to maturing U.S. treasury securities. Loans totaled $5.1 billion, an increase of $66.1 million from December 31, 2018. Deposits totaled $6.7 billion, an increase of $100.9 million from the December 31, 2018 total. The Company's total stockholders' equity was $927.9 million, an increase of $25.1 million over December 31, 2018.

Asset quality remained strong during the first quarter of 2019.  Nonperforming and restructured assets represented 0.58% of total assets at March 31, 2019 and 0.59% at December 31, 2018. The allowance to total loans was 1.05% up slightly from 1.03% at year-end 2018. The allowance to nonperforming and restructured loans was 138.10% compared to 136.29% at year-end 2018.

BancFirst Corporation CEO David Harlow commented, "The Company turned in a good first quarter despite a higher effective tax rate when compared to the first quarter of 2018. Contributing factors include growth in loans and deposits during the quarter, increased net interest income, net interest margin and non-interest income compared to prior year, and continued strong asset quality."

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company.  The Company's principal subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with 107 banking locations serving 58 communities across Oklahoma. More information can be found at www.bancfirst.bank.

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)

2019

2018

2018

2018

2018

1st Qtr 

4th Qtr 

3rd Qtr 

2nd Qtr 

1st Qtr 

 Condensed Income Statements: 

 Net interest income 

$               66,903

$               66,888

$               65,673

$               64,880

$               63,035

 Provision for loan losses 

1,684

1,516

747

1,225

314

 Non-interest income:

Trust revenue

3,177

3,023

3,281

3,396

3,129

Service charges on deposits

17,663

18,554

18,103

17,537

16,653

Securities transactions

--

10

(64)

115

(14)

Income from sales of loans

698

649

800

802

651

Insurance commissions

5,265

4,593

5,207

3,927

5,199

Cash management

3,776

3,338

3,383

3,381

3,021

Other

1,422

1,684

2,091

1,279

1,471

Total noninterest income 

32,001

31,851

32,801

30,437

30,110

 Non-interest expense:

Salaries and employee benefits

36,171

35,530

35,051

34,776

34,190

Occupancy expense, net

2,627

3,307

3,386

3,396

3,402

Depreciation

2,985

2,965

2,733

2,429

2,410

Amortization of intangible assets

759

777

740

759

733

Data processing services

1,480

1,140

1,418

1,195

1,203

Net expense from other real estate owned

(484)

130

64

19

26

Marketing and business promotion

2,261

2,030

1,997

1,649

2,352

Deposit insurance

533

571

597

640

619

Other

9,874

9,716

9,823

9,393

10,955

Total noninterest expense 

56,206

56,166

55,809

54,256

55,890

 Income before income taxes 

41,014

41,057

41,918

39,836

36,941

 Income tax expense 

9,177

8,332

9,035

9,250

7,321

 Net income 

$               31,837

$               32,725

$               32,883

$               30,586

$               29,620

 Per Common Share Data: 

 Net income-basic 

$                   0.98

$                   1.00

$                   1.01

$                   0.93

$                   0.91

 Net income-diluted 

0.96

0.98

0.98

0.91

0.89

 Cash dividends declared

0.30

0.30

0.30

0.21

0.21

 Common shares outstanding 

32,617,788

32,603,926

32,749,690

32,731,215

32,707,166

 Average common shares outstanding -

   Basic

32,612,399

32,721,626

32,742,480

32,716,350

32,574,251

   Diluted

33,292,852

33,423,458

33,504,143

33,458,858

33,317,744

 Performance Ratios: 

 Return on average assets

1.69

%

1.70

%

1.71

%

1.62

%

1.60

%

 Return on average equity

14.08

14.48

14.86

14.41

14.60

 Net interest margin 

3.85

3.77

3.68

3.70

3.66

 Efficiency ratio 

56.83

56.88

56.67

56.92

60.00

 

BancFirst Corporation

Summary Financial Information

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

2019

2018

2018

2018

2018

1st Qtr 

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr 

 Balance Sheet Data:

 Total assets

$  7,709,000

$  7,574,258

$  7,602,438

$  7,622,963

$  7,615,642

 Interest-bearing deposits with banks

1,291,447

1,195,824

1,607,157

1,579,577

1,590,240

 Securities

724,872

772,132

477,080

462,871

493,101

 Total loans

5,050,221

4,984,150

4,952,267

5,017,071

4,990,681

 Allowance for loan losses

(52,915)

(51,389)

(51,875)

(52,200)

(51,550)

 Deposits

6,706,386

6,605,495

6,643,131

6,692,174

6,713,052

 Stockholders' equity

927,927

902,789

884,801

862,012

838,096

 Book value per common share

28.45

27.69

27.02

26.34

25.62

 Tangible book value per common share (non-GAAP)(1)

25.52

24.74

24.06

23.35

22.61

 Balance Sheet Ratios:

 Average loans to deposits

75.34

%

74.24

%

74.76

%

74.38

%

75.42

%

 Average earning assets to total assets

92.42

92.48

93.04

93.11

93.14

 Average stockholders' equity to average assets

12.01

11.76

11.23

11.23

10.95

Asset Quality Data:

 Past due loans

$         2,170

$         1,916

$         4,073

$         2,916

$         3,900

 Nonaccrual loans

21,594

22,603

26,880

29,936

31,849

 Restructured loans

14,552

13,188

13,557

14,527

12,945

 Total nonperforming and restructured loans

38,316

37,707

44,510

47,379

48,694

 Other real estate owned and repossessed assets

6,433

6,873

7,072

3,847

3,676

 Total nonperforming and restructured assets

44,749

44,580

51,582

51,226

52,370

 Nonperforming and restructured loans to total loans

0.76

%

0.76

%

0.90

%

0.94

%

0.98

%

 Nonperforming and restructured assets to total assets

0.58

0.59

0.68

0.67

0.69

 Allowance to total loans

1.05

1.03

1.05

1.04

1.03

 Allowance to nonperforming and restructured loans

138.10

136.29

116.55

110.18

105.87

 Net charge-offs to average loans

0.00

0.04

0.02

0.01

0.01

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

Stockholders' equity

$     927,927

$     902,789

$       884,801

$       862,012

$         838,096

Less goodwill

79,749

79,749

79,733

79,733

79,796

Less intangible assets, net

15,701

16,470

17,257

18,012

18,782

Tangible stockholders' equity (non-GAAP)

$     832,477

$     806,570

$       787,811

$       764,267

$         739,518

Common shares outstanding

32,617,788

32,603,926

32,749,690

32,731,215

32,707,166

 Tangible book value per common share (non-GAAP)

$         25.52

$         24.74

$           24.06

$           23.35

$             22.61

(1)     Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table.

(2)     Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.

 

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

Three Months Ended

March 31, 2019

Average

Income/

 Yield/

Balance

Expense

 Rate

ASSETS

Earning assets:

Loans

$        5,013,308

$           68,874

5.57

%

  Securities – taxable

749,521

4,335

2.35

  Securities – tax exempt

21,492

159

3.00

  Interest bearing deposits with banks

1,273,051

7,750

2.47

     Total earning assets

7,057,372

81,118

4.66

Nonearning assets:

  Cash and due from banks

180,142

  Interest receivable and other assets

450,340

  Allowance for loan losses

(51,976)

     Total nonearning assets

578,506

     Total assets

$        7,635,878

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing liabilities:

  Transaction deposits                      

$           753,751

$                 662

0.36

%

  Savings deposits

2,625,768

10,301

1.59

  Time deposits

694,663

2,574

1.50

  Short-term borrowings

2,038

10

1.96

  Junior subordinated debentures

26,804

491

7.43

     Total interest-bearing liabilities

4,103,024

14,038

1.39

Interest-free funds:

  Noninterest bearing deposits

2,580,316

  Interest payable and other liabilities

35,544

  Stockholders' equity

916,994

     Total interest free-funds

3,532,854

     Total liabilities and stockholders' equity

$        7,635,878

Net interest income

$           67,080

Net interest spread

3.27

%

Effect of interest free funds

0.58

%

Net interest margin

3.85

%

 

Cision View original content:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-first-quarter-earnings-300834773.html

SOURCE BancFirst


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