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BancFirst Corporation Reports First Quarter Earnings

OKLAHOMA CITY, April 16, 2012 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $14.0 million or $0.91 diluted earnings per share for the first quarter of 2012 compared to net income of $11.4 million or $0.72 diluted earnings per share for the first quarter of 2011. Included in this quarter's financial results are a $4.5 million pretax securities gain, partially offset by merger related expenses and other non-operating costs totaling $2.5 million. The Company's core operating net income for the first quarter would be approximately $12.7 million or 11.5% over the first quarter of 2011 without the items described above.

The Company's net interest income for the first quarter of 2012 was $40.8 million, up $3.5 million or 9.5% from the first quarter of 2011. The increase was attributable to the increase in the Company's average loans which were $3.0 billion, up $233.1 million from the prior year. The Company's average earning assets totaled $5.2 billion as a result of internal growth combined with the acquisition made in July 2011. The Company's net interest margin for the quarter was 3.18% compared to 3.21% a year ago as interest rates remain at historically low levels. The loan loss provision for the first quarter of 2012 was $173,000, down from $788,000 a year ago. Nonperforming and restructured assets were 0.92% of total assets, up from 0.71% at December 31, 2011. Net charge-offs for the quarter were 0.03% of average loans compared to 0.08% for the quarter ended December 31, 2011. Noninterest income totaled $23.4 million, up from $17.7 million reported last year. The increase in revenues were primarily from the sale of an investment by Council Oak Investment Corporation, a wholly-owned subsidiary of BancFirst, and increased revenues from trust, commercial deposit revenues, insurance commissions and treasury management services. Noninterest expense for the quarter was $42.0 million up from $36.4 million in the first quarter of 2011. Included in this quarter's noninterest expense were $1.6 million in merger related costs and approximately $500,000 of expenses related to the sale of the previously mentioned investment. Additionally, this quarter included $1.7 million of expenses related to the July 2011 bank acquisition.

At March 31, 2012, the Company's total assets were $5.7 billion, up $129.2 million or 2.3% over December 31, 2011. Loans totaled $3.0 billion, up $35.9 million or 1.2% over December 31, 2011. Deposits increased $115.1 million from year end to $5.2 billion at March 31, 2012. The Company's equity capital was $492.0 million, an increase of $8.9 million or 1.8% over December 31, 2011.

David Rainbolt, BancFirst CEO, said "While our first quarter results were good, it is very difficult to excel in this rate environment. Asset quality is stout as is liquidity, so we are currently very comfortable with our balance sheet."

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 93 banking locations serving 51 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.

                                                                                      BancFirstCorporation
                                                                                 Summary Financial Information
                                                              (Dollars in thousands, except per share and share data - Unaudited)

                                                                                 2012
                                                                                                                                                      Year-
                                           Q1              Q2                                              Q3                      Q4              To-Date
                                         ---              ---                                             ---                     ---             -------
     Income Statement Data:
     Net interest income                         $40,817                                                                                                       $40,817
     Provision for                                   173                                                                                                           173
      loan losses
     Securities
      transactions                                 4,032                                                                                                         4,032
     Total noninterest
      income                                      23,437                                                                                                        23,437
     Salaries and employee                        24,800                                                                                                        24,800
      benefits
     Total noninterest                            42,037                                                                                                        42,037
      expense
     Net income                                   14,005                                                                                                        14,005
     Per Common Share Data:
     Net income-basic                               0.93                                                                                                          0.93
     Net income-diluted                             0.91                                                                                                          0.91
     Cash dividends
      declared                                      0.27                                                                                                          0.27
     Common shares
      outstanding                             15,145,280                                                                                                    15,145,280
     Average common
      shares outstanding -
       Basic                                  15,129,868                                                                                                    15,129,868
       Diluted                                15,410,773                                                                                                    15,410,773
     Performance Ratios:
     Return on average                              1.00%                                                                                                         1.00%
      assets
     Return on average                             11.45                                                                                                         11.45
      equity
     Net interest margin                            3.18                                                                                                          3.18
     Efficiency ratio                              65.42                                                                                                         65.42

                                                                                 2011
                                                                                                                                                    Year-
                                           Q1              Q2                                              Q3                      Q4              To-Date
                                         ---              ---                                             ---                     ---             -------
     Income Statement Data:
     Net interest income                         $37,289         $38,006                                                $40,218          $41,384              $156,897
     Provision for loan
      losses                                         788           2,013                                                    885              829                 4,515
     Securities
      transactions                                     8           1,316                                                     50              224                 1,598
     Total noninterest
      income                                      17,730          19,679                                                 20,117           19,435                76,961
     Salaries and employee
      benefits                                    21,812          22,558                                                 23,845           24,016                92,231
     Total noninterest
      expense                                     36,397          39,610                                                 41,259           41,380               158,646
     Net income                                   11,355          10,115                                                 12,553           11,598                45,621
     Per Common Share Data:
     Net income-basic                               0.74            0.66                                                   0.82             0.77                  2.99
     Net income-diluted                             0.72            0.65                                                   0.81             0.75                  2.93
     Cash dividends
      declared                                      0.25            0.25                                                   0.27             0.27                  1.04
     Common shares
      outstanding                             15,390,357      15,273,181                                             15,125,541       15,117,430            15,117,430
     Average common shares outstanding -
      Basic                                   15,375,644      15,364,738                                             15,210,090       15,122,368            15,267,357
      Diluted                                 15,679,298      15,651,953                                             15,471,659       15,389,289            15,550,131
     Performance Ratios:
     Return on average
      assets                                        0.89%           0.77%                                                  0.91%            0.84%                 0.85%
     Return on average
      equity                                        9.90            8.59                                                  10.50             9.59                  9.65
     Net interest margin                            3.21            3.17                                                   3.20             3.24                  3.20
     Efficiency ratio                              66.15           68.67                                                  68.38            68.04                 67.84

                                                                 BancFirst Corporation
                                                             Summary Financial Information
                                               (Dollars in thousands, except per share data - Unaudited)

                                            2012
                             Q1                                  Q2                                       Q3              Q4
                            ---                                 ---                                      ---             ---
     Balance Sheet Data:
     Total assets               $5,737,994
     Total loans                 3,049,376
     Allowance for loan
      losses                       (37,633)
     Securities                    573,801
     Deposits                    5,152,856
     Stockholders' equity          491,957
     Book value per common
      share                          32.48
     Tangible book value
      per common share               28.64
     Balance Sheet Ratios:
     Average loans to
      deposits                       59.99%
     Average earning assets
      to total assets                92.51
     Average stockholders'
      equity to average
      assets                          8.73
     Asset Quality Data:
     Past due loans                 $1,150
     Nonaccrual loans               20,721
     Restructured loans             18,483
     Total nonperforming
      and restructured
      loans                         40,354
     Other real estate
      owned and repossessed         12,408
      assets
     Total nonperforming
      and restructured
      assets                        52,762
     Nonperforming and
      restructured loans to
      total                           1.32%
      loans
     Nonperforming and
      restructured assets
      to total                        0.92
      assets
     Allowance to total
      loans                           1.23
     Allowance to
      nonperforming and
      restructured                   93.26
      loans
     Net charge-offs to
      average loans                   0.03
                                            2011
                             Q1                                  Q2                                       Q3              Q4
                            ---                                 ---                                      ---             ---
     Balance Sheet Data:
     Total assets               $5,239,658                            $5,267,445                             $5,472,306      $5,608,825
     Total loans                 2,796,390                             2,861,844                              2,984,114       3,013,498
     Allowance for loan
      losses                       (36,136)                              (37,092)                               (37,456)        (37,656)
     Securities                    681,159                               580,059                                607,046         614,977
     Deposits                    4,666,199                             4,701,999                              4,887,332       5,037,735
     Stockholders' equity          466,827                               470,397                                474,396         483,041
     Book value per common
      share                          30.33                                 30.80                                  31.36           31.95
     Tangible book value
      per common share               26.71                                 27.17                                  27.52           28.07
     Balance Sheet Ratios:
     Average loans to
      deposits                       60.83%                                60.16%                                 60.58%          60.97%
     Average earning assets
      to total assets                92.49                                 92.49                                  92.22           92.76
     Average stockholders'
      equity to average
      assets                          9.03                                  8.98                                   8.67            8.73
     Asset Quality Data:
     Past due loans                 $3,016                                $1,166                                 $1,413            $798
     Nonaccrual loans               24,391                                22,469                                 29,039          21,187
     Restructured loans                316                                   344                                  1,059           1,041
     Total nonperforming
      and restructured
      loans                         27,723                                23,979                                 31,511          23,026
     Other real estate
      owned and repossessed
      assets                        15,974                                15,501                                 16,723          16,640
     Total nonperforming
      and restructured
      assets                        43,697                                39,480                                 48,234          39,666
     Nonperforming and
      restructured loans to
      total                           0.99%                                 0.84%                                  1.06%           0.76%
      loans
     Nonperforming and
      restructured assets             0.83                                  0.75                                   0.88            0.71
       to total assets
     Allowance to total
      loans                           1.29                                  1.30                                   1.26            1.25
     Allowance to
      nonperforming and
      restructured                  130.35                                154.68                                 118.87          163.54
      loans
    Net charge-offs to
     average loans                    0.06                                  0.15                                   0.07            0.08

                                                                                                                                                                                                                            
                                                                                                     BancFirst Corporation
                                                                                              Consolidated Average Balance Sheets
                                                                                                 And Interest Margin Analysis
                                                                                                   Taxable Equivalent Basis
                                                                                              (Dollars in thousands - Unaudited)
                                                                                                                                                                                                                            
                                                                                                                                                                                                                                        Three Months Ended
                                                                                                                                                                                                                                          March 31, 2012
                                                                                                                                                                                                                                          --------------
                                                                                                                                                                                                                                              Average                Income/            Yield/
                                                                                                                                                                                                                                              Balance                Expense             Rate
                                                                                                                                                                                                                                              -------                -------            ----
    ASSETS
    Earning assets:
                                                                                                                                                                                                                            Loans                                                    $3,026,473     $42,062      5.57%
      Securities - taxable                                                                                                                                                                                                     539,563                        2,408            1.79
      Securities - tax exempt                                                                                                                                                                                                   53,277                          652            4.91
      Interest bearing deposits with banks                                                                                                                                                                                   1,580,975                          974            0.25
                                                                                                                                                                                                                             ---------                          ---
         Total earning assets                                                                                                                                                                                                5,200,288                       46,096            3.56
                                                                                                                                                                                                                             ---------                       ------
                                                                                                                                                                                                                                                                                                 
    Nonearning assets:
      Cash and due from banks                                                                                                                                                                                                  145,970
      Interest receivable and other assets                                                                                                                                                                                     312,429
      Allowance for loan losses                                                                                                                                                                                                (37,663)
                                                                                                                                                                                                                               -------
         Total nonearning assets                                                                                                                                                                                               420,736
                                                                                                                                                                                                                               -------
         Total assets                                                                                                                                                                                                       $5,621,024
                                                                                                                                                                                                                            ==========
                                                                                                                                                                                                                                                                                                 
    LIABILITIES AND
      STOCKHOLDERS' EQUITY
    Interest-bearing liabilities:
      Transaction deposits                                                                                                                                                                                                    $741,786                         $274            0.15%
      Savings deposits                                                                                                                                                                                                       1,706,102                        1,543            0.36
      Time deposits                                                                                                                                                                                                            892,134                        2,432            1.09
      Short-term borrowings                                                                                                                                                                                                      7,891                            8            0.41
      Long-term borrowings                                                                                                                                                                                                      14,451                          105            2.91
      Junior subordinated debentures                                                                                                                                                                                            36,083                          586            6.51
                                                                                                                                                                                                                                ------                          ---
         Total interest-bearing liabilities                                                                                                                                                                                  3,398,447                        4,948            0.58
                                                                                                                                                                                                                             ---------                        -----
                                                                                                                                                                                                                                                                                                 
    Interest-free funds:
      Noninterest bearing deposits                                                                                                                                                                                           1,705,026
      Interest payable and other liabilities                                                                                                                                                                                    26,789
      Stockholders' equity                                                                                                                                                                                                     490,762
                                                                                                                                                                                                                               -------
         Total interest free-funds                                                                                                                                                                                           2,222,577
                                                                                                                                                                                                                             ---------
         Total liabilities                                                                                                                                                                                                  $5,621,024
           and stockholders' equity
                                                                                                                                                                                                                                                                                                 
    Net interest income                                                                                                                                                                                                                                     $41,148
                                                                                                                                                                                                                                                            =======
    Net interest spread                                                                                                                                                                                                                                                        2.98%
                                                                                                                                                                                                                                                                               ====
    Net interest margin                                                                                                                                                                                                                                                        3.18%
                                                                                                                                                                                                                                                                               ====
                                                                                                                                                                                                                                                                                                                                

SOURCE BancFirst

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