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19.04.2018 22:30:00
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BancFirst Corporation Reports First Quarter Earnings
OKLAHOMA CITY, April 19, 2018 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $29.6 million, or $0.89 diluted earnings per share, for the first quarter of 2018 compared to net income of $22.1 million, or $0.68 diluted earnings per share, for the first quarter of 2017. 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. Net income for the first quarter of 2017 included the effects of favorable resolutions of two problem loans which resulted in principal recovery of $894,000 and unaccrued interest income of $2.3 million.
The Company's net interest income for the first quarter of 2018 increased to $63.0 million compared to $54.8 million for the first quarter of 2017. The net interest margin for the quarter was 3.66% compared to 3.39% a year ago. The increase in margin was primarily due to the increase in the federal funds rate throughout 2017 and the first quarter of 2018 and the two acquisitions. The provision for loan losses for the first quarter of 2018 was $314,000 compared to $72,000 a year ago. Net charge-offs for the quarter were 0.01% of average loans, compared to 0.02% for the first quarter of 2017. Noninterest income for the quarter totaled $30.1 million, compared to $28.1 million last year. Noninterest expense for the quarter totaled $55.9 million compared to $49.6 million last year. The increase in noninterest expense was due to salary increases in 2018 and the two acquisitions. The Company's effective tax rate was 19.8% compared to 33.6% for the first quarter of 2017 and added approximately 15 cents to first quarter diluted earnings per share. The decrease in the effective tax rate was due to the change in tax rates from the Tax Cuts and Jobs Act and exercising of stock options during the quarter.
At March 31, 2018, the Company's total assets were $7.6 billion, an increase of $362.5 million from December 31, 2017. The increase in total assets was primarily related to the acquisitions during the quarter. Securities of $493.1 million were up slightly from December 31, 2017. Loans totaled $5.0 billion, an increase of $262.5 million from December 31, 2017. Excluding acquired loans of $307.1 million, loans were slightly down from December 31, 2017. Deposits totaled $6.7 billion, an increase of $298.0 million from the December 31, 2017 total, of which $292.8 million was related to the acquisitions. The Company's total stockholders' equity was $838.1 million, an increase of $62.5 million over December 31, 2017.
Asset quality remained strong during the first quarter of 2018. Nonperforming and restructured assets were 0.69% of total assets at March 31, 2018 compared to 0.61% at December 31, 2017. The allowance to total loans was 1.03% compared to 1.09% at year-end 2017. The allowance to nonperforming and restructured loans was 105.9% compared to 130.6% at year-end 2017.
On January 11, 2018, the Company completed the previously announced acquisitions of two Oklahoma banking corporations. First Wagoner Corporation and its subsidiary bank, First Bank & Trust Company, and First Chandler Corp. and its subsidiary bank, First Bank of Chandler, had combined total assets of approximately $373 million. The Company exchanged a combination of cash and stock for these transactions.
Executive Chairman David Rainbolt commented, "The confluence of reduced corporate income tax, increasing interest rates, a stable Oklahoma economy, and quality acquisitions resulted in a strong quarter for us."
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 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) | ||||||||||
2018 | 2017 | 2017 | 2017 | 2017 | ||||||
1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | ||||||
Condensed Income Statements: | ||||||||||
Net interest income | $ 63,035 | $ 58,699 | $ 57,233 | $ 56,439 | $ 54,768 | |||||
Provision for loan losses | 314 | 3,323 | 3,276 | 1,841 | 72 | |||||
Non-interest income: | ||||||||||
Trust revenue | 3,129 | 3,073 | 3,083 | 2,894 | 2,952 | |||||
Service charges on deposits | 16,653 | 16,693 | 16,633 | 16,448 | 15,778 | |||||
Securities transactions | (14) | 4,412 | (22) | (330) | --- | |||||
Income from sales of loans | 651 | 741 | 732 | 816 | 632 | |||||
Insurance commissions | 5,199 | 3,917 | 4,603 | 3,728 | 4,563 | |||||
Cash management | 3,021 | 2,798 | 2,804 | 2,799 | 2,754 | |||||
Other | 1,471 | 1,199 | 1,336 | 1,628 | 1,406 | |||||
Total noninterest income | 30,110 | 32,833 | 29,169 | 27,983 | 28,085 | |||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 34,190 | 31,477 | 31,471 | 31,547 | 30,654 | |||||
Occupancy expense, net | 3,402 | 3,327 | 3,298 | 2,992 | 2,974 | |||||
Depreciation | 2,410 | 2,298 | 2,493 | 2,392 | 2,420 | |||||
Amortization of intangible assets | 733 | 547 | 547 | 547 | 547 | |||||
Data processing services | 1,203 | 1,252 | 1,110 | 1,097 | 1,195 | |||||
Net expense from other real estate owned | 26 | 101 | 68 | 202 | 50 | |||||
Marketing and business promotion | 2,352 | 1,825 | 1,790 | 1,559 | 2,215 | |||||
Deposit insurance | 619 | 578 | 553 | 542 | 588 | |||||
Other | 10,955 | 9,846 | 9,270 | 8,075 | 8,945 | |||||
Total noninterest expense | 55,890 | 51,251 | 50,600 | 48,953 | 49,588 | |||||
Income before income taxes | 36,941 | 36,958 | 32,526 | 33,628 | 33,193 | |||||
Income tax expense | 7,321 | 17,461 | 10,816 | 10,446 | 11,143 | |||||
Net income | $ 29,620 | $ 19,497 | $ 21,710 | $ 23,182 | $ 22,050 | |||||
Per Common Share Data: | ||||||||||
Net income-basic | $ 0.91 | $ 0.61 | $ 0.68 | $ 0.73 | $ 0.70 | |||||
Net income-diluted | 0.89 | 0.59 | 0.67 | 0.71 | 0.68 | |||||
Cash dividends declared | 0.21 | 0.21 | 0.21 | 0.19 | 0.19 | |||||
Common shares outstanding | 32,707,166 | 31,894,563 | 31,863,063 | 31,818,438 | 31,782,552 | |||||
Average common shares outstanding - | ||||||||||
Basic | 32,574,251 | 31,876,784 | 31,838,392 | 31,807,610 | 31,729,614 | |||||
Diluted | 33,317,744 | 32,652,265 | 32,592,277 | 32,523,376 | 32,475,996 | |||||
Performance Ratios: | ||||||||||
Return on average assets | 1.60 | % | 1.07 | % | 1.22 | % | 1.31 | % | 1.27 | % |
Return on average equity | 14.60 | 9.97 | 11.34 | 12.52 | 12.37 | |||||
Net interest margin | 3.66 | 3.48 | 3.46 | 3.43 | 3.39 | |||||
Efficiency ratio | 60.00 | 55.99 | 58.56 | 57.99 | 59.85 | |||||
BancFirst Corporation | ||||||||||
Summary Financial Information | ||||||||||
(Dollars in thousands, except per share and share data - Unaudited) | ||||||||||
2018 | 2017 | 2017 | 2017 | 2017 | ||||||
1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | ||||||
Balance Sheet Data: | ||||||||||
Total assets | $ 7,615,642 | $ 7,253,156 | $ 7,132,168 | $ 7,046,589 | $ 7,189,637 | |||||
Interest-bearing deposits with banks | 1,590,240 | 1,541,771 | 1,530,928 | 1,533,147 | 1,857,961 | |||||
Securities | 493,101 | 469,995 | 450,009 | 451,402 | 463,250 | |||||
Total loans | 4,990,650 | 4,728,168 | 4,658,525 | 4,587,454 | 4,398,529 | |||||
Allowance for loan losses | (51,550) | (51,666) | (51,255) | (49,005) | (47,921) | |||||
Deposits | 6,713,052 | 6,415,045 | 6,302,046 | 6,235,682 | 6,394,627 | |||||
Stockholders' equity | 838,096 | 775,629 | 764,414 | 748,462 | 729,873 | |||||
Book value per common share | 25.62 | 24.32 | 23.99 | 23.53 | 22.97 | |||||
Tangible book value per common share (non-GAAP)(1) | 22.61 | 22.28 | 21.93 | 21.44 | 20.86 | |||||
Balance Sheet Ratios: | ||||||||||
Average loans to deposits | 75.42 | % | 73.63 | % | 73.59 | % | 71.47 | % | 70.13 | % |
Average earning assets to total assets | 93.14 | 93.36 | 93.37 | 93.44 | 93.45 | |||||
Average stockholders' equity to average assets | 10.95 | 10.78 | 10.74 | 10.46 | 10.25 | |||||
Asset Quality Data: | ||||||||||
Past due loans | $ 3,900 | $ 2,893 | $ 2,122 | $ 2,217 | $ 2,024 | |||||
Nonaccrual loans | 31,849 | 31,943 | 27,665 | 19,607 | 23,694 | |||||
Restructured loans | 12,945 | 4,720 | 3,603 | 3,561 | 2,203 | |||||
Total nonperforming and restructured loans | 48,694 | 39,556 | 33,390 | 25,385 | 27,921 | |||||
Other real estate owned and repossessed assets | 3,676 | 4,424 | 4,099 | 4,211 | 4,404 | |||||
Total nonperforming and restructured assets | 52,370 | 43,980 | 37,489 | 29,596 | 32,325 | |||||
Nonperforming and restructured loans to total loans | 0.98 | % | 0.84 | % | 0.72 | % | 0.55 | % | 0.63 | % |
Nonperforming and restructured assets to total assets | 0.69 | 0.61 | 0.53 | 0.42 | 0.45 | |||||
Allowance to total loans | 1.03 | 1.09 | 1.10 | 1.07 | 1.09 | |||||
Allowance to nonperforming and restructured loans | 105.87 | 130.62 | 153.50 | 193.05 | 171.63 | |||||
Net charge-offs to average loans | 0.01 | 0.06 | 0.02 | 0.02 | 0.02 | |||||
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2): | ||||||||||
Stockholders' equity | $ 838,096 | $ 775,629 | $ 764,414 | $ 748,462 | $ 729,873 | |||||
Less goodwill | 79,796 | 54,042 | 54,042 | 54,042 | 54,042 | |||||
Less intangible assets, net | 18,782 | 11,082 | 11,645 | 12,203 | 12,768 | |||||
Tangible stockholders' equity (non-GAAP) | $ 739,518 | $ 710,505 | $ 698,727 | $ 682,217 | $ 663,063 | |||||
Common shares outstanding | 32,707,166 | 31,894,563 | 31,863,063 | 31,818,438 | 31,782,552 | |||||
Tangible book value per common share (non-GAAP) | $ 22.61 | $ 22.28 | $ 21.93 | $ 21.44 | $ 20.86 | |||||
(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, 2018 | |||||||
Average | Income/ | Yield/ | |||||
Balance | Expense | Rate | |||||
ASSETS | |||||||
Earning assets: | |||||||
Loans | $ 4,993,902 | $ 63,055 | 5.12 | % | |||
Securities – taxable | 438,848 | 1,898 | 1.75 | ||||
Securities – tax exempt | 29,444 | 216 | 2.98 | ||||
Interest bearing deposits with banks | 1,536,973 | 5,886 | 1.55 | ||||
Total earning assets | 6,999,167 | 71,055 | 4.12 | ||||
Nonearning assets: | |||||||
Cash and due from banks | 185,548 | ||||||
Interest receivable and other assets | 382,536 | ||||||
Allowance for loan losses | (52,479) | ||||||
Total nonearning assets | 515,605 | ||||||
Total assets | $ 7,514,772 | ||||||
LIABILITIES ANDSTOCKHOLDERS' EQUITY | |||||||
Interest-bearing liabilities: | |||||||
Transaction deposits | $ 809,827 | $ 394 | 0.20 | % | |||
Savings deposits | 2,451,433 | 5,106 | 0.84 | ||||
Time deposits | 777,811 | 1,769 | 0.92 | ||||
Short-term borrowings | 7,996 | 35 | 1.79 | ||||
Junior subordinated debentures | 31,959 | 535 | 6.79 | ||||
Total interest-bearing liabilities | 4,079,026 | 7,839 | 0.78 | ||||
Interest-free funds: | |||||||
Noninterest bearing deposits | 2,582,195 | ||||||
Interest payable and other liabilities | 30,683 | ||||||
Stockholders' equity | 822,868 | ||||||
Total interest free-funds | 3,435,746 | ||||||
Total liabilitiesand stockholders' equity | $ 7,514,772 | ||||||
Net interest income | $ 63,216 | ||||||
Net interest spread | 3.34 | % | |||||
Effect of interest free funds | 0.32 | % | |||||
Net interest margin | 3.66 | % | |||||
View original content:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-first-quarter-earnings-300633276.html
SOURCE BancFirst
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