This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:BancFirst Corporation Reports Second Quarter Earnings 2009-07-21 17:45 ET - News Release OKLAHOMA CITY, July 21 /PRNewswire-FirstCall/ -- BancFirst Corporation reported net income of $6.3 million or $0.40 diluted earnings per share for the second quarter of 2009. The quarter's results include a $1.3 million after tax expense for the FDIC Special Assessment. These results compare to core earnings a year ago of $9.2 million or $0.59 diluted earnings per share. Last year's reported second quarter results of $13.7 million or $0.89 diluted earnings per share included one-time gains of $4.5 million, after tax. For the six months ended June 30, 2009, net income was $13.4 million or $0.86 diluted earnings per share compared to $25.3 million or $1.63 diluted earnings per share. The results for the six months of 2008 included one-time gains of $5.7 million, after tax. For the second quarter of 2009, net interest income was $32.5 million compared to $34.8 million for the second quarter of 2008. While the Company's earning assets have grown to $4.0 billion at June 30, an increase of $500 million from a year ago, the historically low interest rate environment and modest loan demand has caused the net interest margin to compress. The Company's net interest margin for the second quarter was 3.44% down from 4.08% a year ago. The loan loss provision for the quarter was $4.9 million which compares to $3.5 million for the same period in 2008. This quarter's provision was driven primarily by a small number of commercial credits that exceeded 90 days past due. Although it is possible a majority of the loans in question could be rehabilitated to performing status, the provisions were made consistent with the Company's loan reserve methodology. Nonperforming loans were 1.35% of total assets, up from 0.85% in the previous quarter of 2009. Net charge-offs for the quarter were 0.33% of loans, which compares to 0.13% in the previous quarter. Noninterest income totaled $17.0 million for the second quarter which compares to core noninterest income a year ago of $16.0 million, excluding the gains in 2008 previously mentioned. The increase in noninterest income was due to commercial deposit fees and increases in income from the sale of mortgage loans and student loans. Noninterest expense for the quarter totaled $35.2 million, which included the FDIC Special Assessment of $1.9 million and higher deposit insurance premiums of $1.1 million. Apart from the special assessment and higher premiums, noninterest expense was down 3.9% compared to the previous year. At June 30, 2009, the Company's total assets were $4.3 billion, an increase of $427 million or 11.1% over a year ago. Loans totaled $2.7 billion, up $129 million over June 30, 2008. Deposits increased $412 million to $3.8 billion, an increase of 12.2% over a year ago. The Company's equity capital was $419 million or 9.8% of total assets at quarter end. BancFirst did not request or accept funds from the U.S. Treasury's Capital Purchase Program. David Rainbolt, CEO of BancFirst, said, "Our capital is strong and our liquidity is exceptional with overnight funds of $800 million at quarter end. We believe BancFirst is positioned to take advantage of any opportunities that arise, from new loan relationships to potential bank acquisitions." 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 88 banking locations serving 44 communities across Oklahoma. 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)
2009
----
Year-
Q1 Q2 Q3 Q4 To-Date
-- -- -- -- -------
Income Statement
Data:
Net interest
income $31,753 32,546 $64,299
Provision for
loan losses 3,365 4,851 8,216
Securities
transactions 339 (37) 302
Total noninterest
income 16,622 17,043 33,665
Salaries and
employee
benefits 20,117 19,896 40,013
Total noninterest
expense 34,529 35,218 69,747
Net income 7,125 6,260 13,385
Per Common Share
Data:
Net income-basic 0.47 0.41 0.88
Net income
-diluted 0.46 0.40 0.86
Cash dividends
declared 0.22 0.22 0.44
Common shares
outstanding 15,291,641 15,301,641 15,301,641
Average common
shares
outstanding -
Basic 15,291,636 15,298,075 15,294,873
Diluted 15,579,090 15,604,279 15,592,400
Performance
Ratios:
Return on
average assets 0.75% 0.66% 0.68%
Return on
average equity 6.92 6.08 6.43
Net interest
margin 3.68 3.44 3.56
Efficiency
ratio 71.38 71.02 71.20
2008
----
Year-
Q1 Q2 Q3 Q4 To-Date
-- -- -- -- -------
Income Statement
Data:
Net interest
income $35,387 $34,774 $35,251 $33,695 $139,107
Provision for
loan losses 1,780 3,539 2,270 3,087 10,676
Securities
transactions 28 6,121 776 13 6,938
Total noninterest
income 17,241 23,330 17,784 16,030 74,385
Salaries and
employee
benefits 20,189 20,366 20,038 19,293 79,886
Total noninterest
expense 32,928 33,596 34,307 34,175 135,006
Net income 11,594 13,737 10,958 8,069 44,358
Per Common Share
Data:
Net income-basic 0.76 0.91 0.72 0.53 2.91
Net income-diluted 0.74 0.89 0.70 0.52 2.85
Cash dividends
declared 0.20 0.20 0.22 0.22 0.84
Common shares
outstanding 15,183,483 15,186,632 15,242,061 15,281,141 15,281,141
Average common
shares
outstanding -
Basic 15,208,049 15,185,763 15,217,546 15,263,507 15,218,835
Diluted 15,562,570 15,548,687 15,589,215 15,606,950 15,578,463
Performance
Ratios:
Return on
average assets 1.26% 1.46% 1.13% 0.84% 1.17%
Return on
average equity 12.24 14.14 11.04 7.94 11.30
Net interest
margin 4.24 4.08 4.03 3.85 4.05
Efficiency ratio 62.57 57.82 64.69 68.73 63.24
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share data - Unaudited)
2009
----
Q1 Q2 Q3 Q4
-- -- -- --
Balance Sheet
Data:
Total assets $3,958,155 4,269,325
Total loans 2,808,499 2,738,238
Allowance for
loan losses (36,765) (39,334)
Securities 439,220 417,738
Deposits 3,471,518 3,782,822
Stockholders'
equity 416,381 419,202
Book value per
common share 27.23 27.40
Tangible book
value per
common share 24.51 24.69
Balance Sheet
Ratios:
Average loans
to deposits 83.29% 76.30%
Average earning
assets to
total assets 91.51 92.60
Average
stockholders'
equity to average
assets 10.85 10.21
Asset Quality Data:
Past due loans $867 21,530
Nonaccrual loans 25,255 24,186
Restructured loans 353 1,115
Total nonperforming
and restructured
loans 26,475 46,831
Other real estate
owned and
repossessed
assets 5,576 11,543
Total nonperforming
and restructured
assets 32,051 58,374
Nonperforming and
restructured loans
to total loans 0.94% 1.71%
Nonperforming and
restructured
assets to
total assets 0.81 1.37
Allowance to
total loans 1.31 1.44
Allowance to
nonperforming
and restructured
loans 138.87 83.99
Net charge-offs
to average loans 0.13 0.33
2008
----
Q1 Q2 Q3 Q4
-- -- -- --
Balance Sheet
Data:
Total assets $3,786,111 $3,842,364 $3,825,518 $3,867,204
Total loans 2,500,849 2,608,913 2,730,409 2,757,854
Allowance for
loan losses (30,193) (33,512) (33,862) (34,290)
Securities 462,832 448,350 462,595 455,568
Deposits 3,302,103 3,369,912 3,361,233 3,377,608
Stockholders'
equity 386,177 387,181 397,648 413,791
Book value per
common share 25.43 25.49 26.09 27.08
Tangible book
value per
common share 22.65 22.73 23.35 24.34
Balance Sheet
Ratios:
Average loans
to deposits 76.91% 77.19% 78.85% 82.23%
Average earning
assets to
total assets 91.27 90.91 91.10 91.63
Average
stockholders'
equity to
average assets 10.27 10.30 10.25 10.55
Asset Quality
Data:
Past due loans $643 $2,043 $892 $1,346
Nonaccrual loans 11,892 11,070 20,229 21,359
Restructured
loans 864 833 940 1,022
Total nonperforming
and restructured
loans 13,399 13,946 22,061 23,727
Other real estate
owned and
repossessed
assets 2,074 2,311 3,423 3,997
Total nonperforming
and restructured
assets 15,473 16,257 25,484 27,724
Nonperforming
and restructured
loans to total
loans 0.54% 0.53% 0.81% 0.86%
Nonperforming
and restructured
assets to
total assets 0.41 0.42 0.67 0.72
Allowance to
total loans 1.21 1.28 1.24 1.24
Allowance to
nonperforming
and restructured
loans 225.34 240.30 153.50 144.52
Net charge-offs
to average loans 0.12 0.03 0.28 0.38
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, 2009 June 30, 2009
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
ASSETS
Earning assets:
Loans $2,787,199 $38,551 5.55% $2,794,253 $76,895 5.55%
Securities
- taxable 391,268 3,464 3.55 400,039 7,090 3.57
Securities
- tax exempt 38,926 549 5.66 40,215 1,136 5.70
Interest bearing
deposits with
banks 610,372 537 0.35 441,551 897 0.41
------- --- ------- ---
Total earning
assets 3,827,765 43,101 4.52 3,676,058 86,018 4.72
--------- ------ --------- ------
Nonearning assets:
Cash and due from
banks 109,223 118,476
Interest receivable
and other assets 232,990 223,234
Allowance for loan
losses (36,376) (35,469)
------- -------
Total nonearning
assets 305,837 316,241
------- -------
Total assets $4,133,602 $3,992,299
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing
liabilities:
Transaction
deposits $392,130 $315 0.32% $374,578 $541 0.29%
Savings deposits 1,166,063 4,136 1.42 1,134,467 8,735 1.55
Time deposits 903,331 5,336 2.37 876,721 10,890 2.50
Short-term
borrowings 1,190 1 0.34 4,931 11 0.45
Long-term
borrowings - - - - - -
Junior
subordinated
debentures 26,804 491 7.35 26,804 983 7.40
------ --- ------ ---
Total
interest-
bearing
liabilities 2,489,518 10,279 1.66 2,417,501 21,160 1.77
--------- ------ --------- ------
Interest-free funds:
Noninterest
bearing
deposits 1,188,547 1,121,684
Interest payable
and other
liabilities 33,569 33,217
Stockholders'
equity 421,968 419,897
------- -------
Total interest
free-funds 1,644,084 1,574,798
--------- ---------
Total
Liabilities and
stockholders'
equity $4,133,602 $3,992,299
========== ==========
Net interest income $32,822 $64,858
======= =======
Net interest spread 2.86% 2.95%
==== ====
Net interest margin 3.44% 3.56%
==== ====
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