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BancFirst Corporation Reports Fourth Quarter Earnings

OKLAHOMA CITY, Jan. 16, 2014 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $13.9 million for the fourth quarter of 2013, up from $12.3 million for the fourth quarter of 2012.  Diluted earnings per share was $0.88 compared to $0.79 for the same quarter of the prior year.  Net income for the year ended December 31, 2013 was $54.3 million, up from $51.9 million for 2012.  Diluted earnings per share for the year was $3.49 compared to $3.36 for 2012.

Net interest income for the fourth quarter of 2013 was $41.9 million compared to $42.3 million for the same period of the prior year.  The net interest margin for the quarter was 3.00% compared to 3.11% for the fourth quarter of 2012, as interest rates have remained at historically low levels.  The Company's provision for loan losses for the fourth quarter was $454,000 compared to $2.4 million a year ago.  The decrease was primarily due to reductions in adversely graded loans.  Net charge-offs to average loans for the fourth quarter of 2013 was 0.01% versus 0.03% for the fourth quarter of 2012.  Noninterest income totaled $22.2 million compared to $21.8 million for the same quarter of 2012.   Noninterest expense for the quarter was $43.9 million compared to $43.4 million for the fourth quarter of 2012.  Net expense from other real estate owned was a negative $436,000 due to gains on sales of properties during the fourth quarter.  During the fourth quarter of 2013, the Company's effective tax rate decreased to 30.2% compared to 32.7% for the fourth quarter of 2012 due to tax credits and other non-routine tax adjustments. 

The Company's total assets once again increased in the fourth quarter of the year to $6.0 billion comparable to year end 2012. Loans totaled $3.4 billion, up $144.7 million from December 31, 2012.  Total deposits of $5.4 billion were comparable to year end 2012.  The Company's total stockholders' equity was $557.0 million at December 31, 2013, an increase of $37.4 million, or 7.2%, for the year.

Asset quality remained strong.  Nonperforming and restructured assets continued on a downward trend, decreasing to 0.69% of total assets compared to 0.81% at year end 2012.  The allowance to total loans decreased slightly to 1.15% from 1.19% at year end 2012.

During the quarter, BancFirst announced that it was recognized as one of the top financial institutions in America by Forbes Magazine. Forbes cited a study by Carnegie Mellon studied that reviewed the consumer privacy practices of 3,422 banks for their data collection policy, as well as the sharing and selling of customer data for marketing purposes.  According to the study released earlier this year, BancFirst was selected as one of the top banks in the nation based on how it handles personal information collected, and how it protects the privacy of its customers.

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 92 banking locations serving 50 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)




2013


2013


2013


2013


2012



  4th Qtr 


  3rd Qtr 


  2nd Qtr 


  1st Qtr 


  4th Qtr


 Condensed Income Statements: 











 Net interest income 

$               41,921


$               40,712


$               40,630


$               40,256


$               42,297


 Provision for loan losses 

454


(12)


516


300


2,446


 Non-interest income:











Trust revenue

2,029


2,122


2,015


1,906


1,858


Service charges on deposits

13,615


13,575


12,924


12,336


13,419


Securities transactions

79


90


129


122


272


Income from sales of loans

367


560


691


688


698


Insurance commissions

3,112


3,892


3,045


4,045


3,169


Cash management

1,581


1,620


1,626


1,423


1,092


Other

1,452


1,793


1,303


2,015


1,292


Total noninterest income 

22,235


23,652


21,733


22,535


21,800













 Non-interest expense:











Salaries and employee benefits

25,777


26,094


25,085


25,209


25,264


Occupancy and fixed assets expense, net

2,786


2,768


2,501


2,580


2,776


Depreciation

2,439


2,307


2,358


2,308


2,403


Amortization of intangible assets

374


424


424


443


456


Data processing services

1,198


1,173


1,229


1,185


1,173


Net (income)/expense from other real estate owned

(436)


105


643


122


178


Marketing and business promotion

2,021


1,668


1,456


1,507


1,995


Deposit insurance

768


750


742


743


761


Other

8,927


8,032


8,017


7,847


8,357


Total noninterest expense 

43,854


43,321


42,455


41,944


43,363


 Income before income taxes 

19,848


21,055


19,392


20,547


18,288


 Income tax expense 

5,987


6,564


6,799


7,175


5,982


 Net income 

$               13,861


$               14,491


$               12,593


$               13,372


$               12,306


 Per Common Share Data: 











 Net income-basic 

0.91


$                   0.94


$                   0.83


$                   0.88


$                   0.81


 Net income-diluted 

0.88


0.93


0.82


0.86


0.79


 Cash dividends declared

0.31


0.31


0.29


0.29


0.29


 Common shares outstanding 

15,333,622


15,298,035


15,255,864


15,228,277


15,242,308


 Average common shares outstanding -











   Basic

15,315,951


15,287,535


15,232,129


15,238,701


15,224,346


   Diluted

15,640,433


15,594,881


15,479,749


15,482,517


15,482,222


 Performance Ratios: 











 Return on average assets

0.91

%

0.99

%

0.88

%

0.94

%

0.83

%

 Return on average equity

9.93


10.62


9.48


10.31


9.47


 Net interest margin 

3.00


3.01


3.08


3.08


3.11


 Efficiency ratio 

68.35


67.31


68.08


66.80


67.65













 


BancFirst Corporation

Summary Financial Information

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





Twelve months ended

December 31,





2013


2012*


 Condensed Income Statements: 







 Net interest income 



$             163,519


$             164,815


 Provision for loan losses 



1,258


3,100


 Non-interest income:







Trust revenue



8,072


7,315


Service charges on deposits



52,450


46,953


Securities transactions



420


4,915


Income from sales of loans



2,306


2,773


Insurance commissions



14,094


12,626


Cash management



6,250


7,043


Other



6,563


6,092


Total noninterest income 



90,155


87,717









 Non-interest expense:







Salaries and employee benefits



102,165


99,535


Occupancy and fixed assets expense, net



10,635


10,576


Depreciation



9,412


9,013


Amortization of intangible assets



1,665


1,827


Data processing services



4,785


4,822


Net expense from other real estate owned



434


1,547


Marketing and business promotion



6,652


7,327


Deposit insurance



3,003


2,949


Other



32,823


32,832


Total noninterest expense 



171,574


170,428


 Income before income taxes 



80,842


79,004


 Income tax expense 



26,525


27,104


 Net income 



$               54,317


$               51,900


 Per Common Share Data: 







 Net income-basic 



$                   3.56


$                   3.42


 Net income-diluted 



3.49


3.36


 Cash dividends declared



1.20


1.12


 Common shares outstanding 



15,333,622


15,242,308


 Average common shares outstanding -







   Basic



15,268,843


15,172,457


   Diluted



15,548,820


15,443,646


 Performance Ratios: 







 Return on average assets



0.93

%

0.91

%

 Return on average stockholders' equity



10.09


10.32


 Net interest margin 



3.04


3.13


 Efficiency ratio 



67.64


67.49









 


BancFirst Corporation

Summary Financial Information

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




2013


2013


2013


2013


2012



  4th Qtr 


  3rd Qtr 


  2nd Qtr 


  1st Qtr 


  4th Qtr* 


 Balance Sheet Data:






















 Total assets

$        6,038,974


$        5,926,730


$        5,749,666


$        5,773,926


$        6,022,250


 Total loans

3,387,146


3,358,938


3,245,084


3,219,967


3,242,427


 Allowance for loan losses

(39,034)


(38,859)


(38,982)


(38,664)


(38,725)


 Securities

527,627


474,640


520,424


565,490


562,542


 Deposits

5,419,519


5,309,464


5,150,411


5,174,512


5,440,830


 Stockholders' equity

556,997


545,973


534,961


527,707


519,567


 Book value per common share

36.33


35.69


35.07


34.65


34.09


 Tangible book value per common share

32.75


32.08


31.42


30.97


30.37


 Balance Sheet Ratios:











 Average loans to deposits

62.48

%

63.13

%

62.89

%

62.27

%

60.71

%

 Average earning assets to total assets

92.63


92.51


92.65


92.79


92.95


 Average stockholders' equity to average assets

9.21


9.29


9.28


9.14


8.81


Asset Quality Data:











 Past due loans

$               1,179


$                 1,266


$                  850


$                  542


$                  539


 Nonaccrual loans

14,390


15,094


18,946


20,933


20,549


 Restructured loans

17,624


18,028


17,903


17,792


17,866


 Total nonperforming and restructured loans

33,193


34,388


37,699


39,267


38,954


 Other real estate owned and repossessed assets

8,386


8,428


8,503


9,424


9,567


 Total nonperforming and restructured assets

41,579


42,816


46,202


48,691


48,521


 Nonperforming and restructured loans to total loans

0.98

%

1.02

%

1.16

%

1.22

%

1.20

%

 Nonperforming and restructured assets to total assets

0.69


0.72


0.80


0.84


0.81


 Allowance to total loans

1.15


1.16


1.20


1.20


1.19


 Allowance to nonperforming and restructured loans

117.60


113.00


103.40


98.47


99.41


 Net charge-offs to average loans

0.01


0.00


0.01


0.01


0.03
























 



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, 2013



December 31, 2013





Interest


Average





Interest


Average



Average


Income/


Yield/



Average


Income/


Yield/



Balance


Expense


Rate



Balance


Expense


Rate


ASSETS














Earning assets:














  Loans

$   3,370,553


$       42,756


5.03

%


$  3,281,303


$     167,345


5.10

%

  Securities – taxable

448,801


1,202


1.06



485,158


4,947


1.02


  Securities - tax exempt

41,193


428


4.13



42,372


1,880


4.44


  Interest bearing deposits with banks

1,708,061


1,086


0.25



1,597,546


4,066


0.25


     Total earning assets

5,568,608


45,472


3.24



5,406,379


178,238


3.30
















Nonearning assets:














  Cash and due from banks

177,764







161,750






  Interest receivable and other assets

304,189







306,360






  Allowance for loan losses

(38,950)







(38,916)






     Total nonearning assets

443,003







429,194






     Total assets

$   6,011,611







$  5,835,573




















LIABILITIES AND














  STOCKHOLDERS' EQUITY














Interest-bearing liabilities:














  Transaction deposits                      

$      652,929


$            157


0.10

%


$     653,893


$           643


0.10

%

  Savings deposits

1,898,120


1,088


0.23



1,827,575


4,231


0.23


  Time deposits

779,895


1,556


0.79



799,817


6,705


0.84


  Short-term borrowings

5,790


2


0.13



4,866


6


0.13


  Long-term borrowings

8,188


40


1.96



9,324


216


2.32


  Junior subordinated debentures

26,804


492


7.29



26,804


1,966


7.34


     Total interest-bearing liabilities

$   3,371,726


$         3,335


0.39



$  3,322,279


$      13,767


0.41
















Interest-free funds:














  Noninterest bearing deposits

2,063,315







1,952,582






  Interest payable and other liabilities

23,032







22,172






  Stockholders' equity

553,538







538,540






     Total interest free-funds

2,639,885







2,513,294






     Total liabilities

       and stockholders' equity

$   6,011,611







$  5,835,573






Net interest income



$       42,137







$    164,471




Net interest spread





2.85

%






2.89

%

Effect of interest free funds





0.15

%






0.15

%

Net interest margin





3.00

%






3.04

%

 

SOURCE BancFirst

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