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BancFirst Corporation Reports Fourth Quarter Earnings

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January 21, 2016 4:31 PM EST

OKLAHOMA CITY, Jan. 21, 2016 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $15.7 million, or $0.99 diluted earnings per share, for the fourth quarter of 2015, approximately equal to the fourth quarter of 2014. Net income for the year ended December 31, 2015 was $66.2 million, or $4.17 diluted earnings per share, compared to $63.9 million, or $4.04 diluted earnings per share, for 2014.

The Company's net interest income for the fourth quarter of 2015 was $50.1 million compared to $47.3 million for the fourth quarter of 2014. The net interest margin for the quarter was 3.23% compared to 3.14% a year ago. Internal loan growth and acquired loans from our acquisitions contributed to the higher net interest income and margin in 2015.  The provision for loan losses for the fourth quarter of 2015 was $3.6 million compared to $1.8 million a year ago.  Net charge-offs for the quarter were 0.07% of average loans, compared to net charge-offs of 0.01% for the fourth quarter of 2014. Net charge-offs increased during the quarter partially due to an $857,000 charge off on a portion of a nonaccrual loan. Noninterest income for the quarter totaled $26.5 million, compared to $24.3 million last year.  The increase was primarily due to a gain on sale of securities of $2.1 million, related to the redemption of warrants associated with a past loan transaction. Noninterest expense for the quarter totaled $49.0 million compared to $46.9 million last year; the increase during the quarter included acquisition costs of approximately $965,000.

For the year ended 2015, the Company's net interest income was $188.8 million compared to $181.4 million for 2014. The net interest margin for the year increased to 3.12% compared to 3.09% for the previous year. Internal loan growth and acquired loans from our acquisitions contributed to the higher net interest income and margin in 2015. In addition, the Company recognized discounts from payoffs of acquired loans of $2.3 million in 2015 and $2.2 million of in 2014. The provision for loan losses for 2015 was $7.7 million compared to $3.1 million a year ago. As previously disclosed, the 2014 provision for loan losses included a reversal of $5.3 million as a result of a change in the loan loss factors. The Company reported net charge-offs to average loans of 0.17% for 2015 compared to 0.03% for 2014. Net charge-offs increased in 2015 due to a $2.9 million charge off on a portion of a nonaccrual loan.  Noninterest income for 2015 totaled $105.8 million compared to $96.4 million for 2014. The increase was primarily due to a gain on sale of securities of $9.3 million, of which $2.1 million was related to the redemption of warrants associated with a past loan transaction and $5.3 million was from the sale of an investment by the Company's wholly-owned subsidiary, Council Oak Partners, LLC.  Noninterest expense was $185.7 million compared to $183.5 million for 2014; the increase was partially related to acquisition costs of approximately $965,000.  The effective income tax rate for 2015 increased to 34.62% compared to 29.93% for 2014, primarily due to an investment in federal and state tax credits that were utilized in 2014.

At December 31, 2015, the Company's total assets were $6.7 billion, up $117.9 million or 1.8% from December 31, 2014. Securities increased $29.7 million to a total of $554.4 million. Loans totaled $4.2 billion, up $383.4 million or 9.9% from December 31, 2014. Deposits totaled $6.0 billion, up $68.7 million or 1.2% from December 31, 2014. The Company's total stockholders' equity was $655.5 million, an increase of $46.2 million, or 7.6%, over December 31, 2014.

Asset quality remained strong during the fourth quarter of 2015.  Nonperforming and restructured assets were 0.83% of total assets at December 31, 2015 compared to 0.64% at December 31, 2014 and 0.87% at September 30, 2015. The allowance to total loans was 0.98% compared to 1.06% at year-end 2014.

On October 8, 2015, the Company completed the acquisition of CSB Bancshares, Inc. and its subsidiary bank, Bank of Commerce, with locations in Yukon, Mustang, and El Reno, Oklahoma.  Bank of Commerce has approximately $196 million in total assets, $148 million in loans, $170 million in deposits, and $22 million in equity capital. The bank was merged into BancFirst on November 23, 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 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)

2015

2015

2015

2015

2014

4th Qtr 

3rd Qtr 

2nd Qtr 

1st Qtr 

4th Qtr 

 Condensed Income Statements: 

 Net interest income 

$               50,075

$               46,876

$               46,215

$               45,626

$               47,319

 Provision for loan losses 

3,646

1,424

1,271

1,334

1,840

 Non-interest income:

Trust revenue

2,254

2,295

2,200

2,342

2,334

Service charges on deposits

15,077

14,910

14,312

13,352

14,345

Securities transactions

2,148

-

5,392

1,729

822

Income from sales of loans

434

545

549

440

426

Insurance commissions

3,176

4,427

3,120

4,068

3,262

Cash management

1,899

1,906

1,886

1,819

1,683

Other

1,485

1,241

1,256

1,546

1,430

Total noninterest income 

26,473

25,324

28,715

25,296

24,302

 Non-interest expense:

Salaries and employee benefits

28,938

28,746

27,886

27,513

27,071

Occupancy expense, net

2,926

3,051

2,700

2,835

3,117

Depreciation

2,565

2,488

2,449

2,464

2,439

Amortization of intangible assets

602

444

445

444

444

Data processing services

1,151

1,132

1,179

1,117

1,151

Net expense from other real estate owned

143

51

(184)

314

194

Marketing and business promotion

2,266

1,640

1,401

1,679

2,218

Deposit insurance

876

820

836

826

835

Other

9,544

7,980

8,717

7,731

9,417

Total noninterest expense 

49,011

46,352

45,429

44,923

46,886

 Income before income taxes 

23,891

24,424

28,230

24,665

22,895

 Income tax expense 

8,163

8,794

9,677

8,406

7,146

 Net income 

$               15,728

$               15,630

$               18,553

$               16,259

$               15,749

 Per Common Share Data: 

 Net income-basic 

$                   1.00

$                   1.01

$                   1.19

$                   1.05

$                   1.02

 Net income-diluted 

0.99

0.98

1.17

1.03

0.99

 Cash dividends declared

0.36

0.36

0.34

0.34

0.34

 Common shares outstanding 

15,597,446

15,591,530

15,562,298

15,512,545

15,504,513

 Average common shares outstanding -

   Basic

15,609,599

15,581,593

15,536,325

15,507,346

15,484,664

   Diluted

15,923,924

15,906,124

15,864,924

15,838,548

15,846,810

 Performance Ratios: 

 Return on average assets

0.94

%

0.97

%

1.14

%

1.01

%

0.96

%

 Return on average equity

9.51

9.64

11.79

10.65

10.31

 Net interest margin 

3.23

3.12

3.07

3.07

3.14

 Efficiency ratio 

64.03

64.20

60.63

63.34

65.46

 

BancFirst Corporation

Summary Financial Information

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

Twelve months ended

December 31,

2015

2014*

 Condensed Income Statements: 

 Net interest income 

$             188,792

$             181,351

 Provision for loan losses 

7,675

3,072

 Non-interest income:

Trust revenue

9,091

9,180

Service charges on deposits

57,651

56,389

Securities transactions

9,269

1,641

Income from sales of loans

1,968

1,813

Insurance commissions

14,791

14,642

Cash management

7,510

6,741

Other

5,528

6,007

Total noninterest income 

105,808

96,413

 Non-interest expense:

Salaries and employee benefits

113,083

108,640

Occupancy expense, net

11,512

11,610

Depreciation

9,966

9,595

Amortization of intangible assets

1,935

1,754

Data processing services

4,579

4,689

Net expense from other real estate owned

324

511

Marketing and business promotion

6,986

7,024

Deposit insurance

3,358

3,291

Other

33,972

36,407

Total noninterest expense 

185,715

183,521

 Income before income taxes 

101,210

91,171

 Income tax expense 

35,040

27,284

 Net income 

$               66,170

$               63,887

 Per Common Share Data: 

 Net income-basic 

$                   4.25

$                   4.14

 Net income-diluted 

4.17

4.04

 Cash dividends declared

1.40

1.30

 Common shares outstanding 

15,597,446

15,504,513

 Average common shares outstanding -

   Basic

15,559,059

15,430,773

   Diluted

15,886,245

15,794,403

 Performance Ratios: 

 Return on average assets

1.01

%

1.00

%

 Return on average stockholders' equity

10.38

10.92

 Net interest margin 

3.12

3.09

 Efficiency ratio 

63.04

66.07

 

BancFirst Corporation

Summary Financial Information

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

2015

2015

2015

2015

2014

4th Qtr

3rd Qtr 

 2nd Qtr 

 1st Qtr 

 4th Qtr

 Balance Sheet Data:

 Total assets

$        6,692,829

$        6,406,096

$        6,498,898

$        6,570,120

$        6,574,972

 Interest-bearing deposits with banks

1,394,813

1,491,873

1,638,038

1,699,265

1,710,350

 Securities

554,449

507,858

537,319

550,125

524,783

 Total loans

4,244,273

3,972,075

3,871,919

3,857,742

3,860,831

 Allowance for loan losses

(41,666)

(40,970)

(42,621)

(41,557)

(40,889)

 Deposits

5,973,358

5,698,591

5,808,221

5,883,801

5,904,704

 Stockholders' equity

655,510

646,061

634,244

621,679

609,314

 Book value per common share

42.03

41.44

40.76

40.08

39.30

 Tangible book value per common share

37.73

37.99

37.27

36.52

35.71

 Balance Sheet Ratios:

 Average loans to deposits

69.62

%

67.88

%

65.95

%

65.85

%

65.42

%

 Average earning assets to total assets

92.84

93.15

93.11

92.97

92.82

 Average stockholders' equity to average assets

9.84

10.02

9.67

9.51

9.35

Asset Quality Data:

 Past due loans

$                1,841

$                2,061

$                1,311

$                1,498

$                1,135

 Nonaccrual loans

30,096

30,321

32,177

16,562

16,410

 Restructured loans

15,143

15,386

15,702

16,131

16,515

 Total nonperforming and restructured loans

47,080

47,768

49,190

34,191

34,060

 Other real estate owned and repossessed assets

8,214

7,863

7,521

6,418

8,079

 Total nonperforming and restructured assets

55,294

55,631

56,711

40,609

42,139

 Nonperforming and restructured loans to total loans

1.11

%

1.21

%

1.27

%

0.89

%

0.88

%

 Nonperforming and restructured assets to total assets

0.83

0.87

0.87

0.62

0.64

 Allowance to total loans

0.98

1.03

1.10

1.08

1.06

 Allowance to nonperforming and restructured loans

88.50

85.77

86.65

121.54

120.05

 Net charge-offs to average loans

0.07

0.08

0.01

0.01

0.01

 

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, 2015

December 31, 2015

Interest

Average

Interest

Average

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS

Earning assets:

  Loans

$          4,138,694

$           50,677

4.86

%

$        3,930,470

$         190,784

4.85

%

  Securities – taxable

466,519

1,343

1.14

486,851

5,492

1.13

  Securities – tax exempt

43,651

388

3.53

40,854

1,511

3.70

  Interest bearing deposits with banks

1,539,780

1,142

0.29

1,618,260

4,279

0.26

     Total earning assets

6,188,644

53,550

3.43

6,076,435

202,066

3.33

Nonearning assets:

  Cash and due from banks

182,716

177,479

  Interest receivable and other assets

335,595

320,247

  Allowance for loan losses

(41,192)

(41,522)

     Total nonearning assets

477,119

456,204

     Total assets

$          6,665,763

$        6,532,639

LIABILITIES AND

  STOCKHOLDERS' EQUITY

Interest bearing liabilities:

  Transaction deposits                       

$             777,120

$               206

0.11

%

$           734,529

$               738

0.10

%

  Savings deposits

2,067,412

1,238

0.24

2,052,161

4,702

0.23

  Time deposits

736,532

1,205

0.65

732,183

4,811

0.66

  Short-term borrowings

3,049

1

0.16

2,766

4

0.15

Long-term borrowings

1,533

32

8.35

386

32

8.36

  Junior subordinated debentures

31,567

492

6.19

28,005

1,966

7.02

     Total interest bearing liabilities

3,617,213

3,174

0.35

3,550,030

12,253

0.35

Interest free funds:

  Noninterest bearing deposits

2,363,561

2,317,639

  Interest payable and other liabilities

28,776

27,328

  Stockholders' equity

656,213

637,642

     Total interest free  funds

3,048,550

2,982,609

     Total liabilities and stockholders' equity

$           6,665,763

$        6,532,639

Net interest income

$           50,376

$         189,813

Net interest spread

3.08

%

2.98

%

Effect of interest free funds

0.15

%

0.14

%

Net interest margin

3.23

%

3.12

%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-fourth-quarter-earnings-300208097.html

SOURCE BancFirst


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