BancFirst Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2017
January 19, 2018 at 02:50 am IST
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BancFirst Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $58,699,000 compared to $51,553,000 a Year ago. Income before income taxes was $36,958,000 compared to $29,123,000 a year ago. Net income was $19,497,000 or $0.59 diluted earnings per share compared to $18,620,000 or $0.58 diluted earnings per share a Year ago. Return on average assets was 1.07% compared to 1.07% a year ago. Return on average equity was 9.97% compared to 10.44% a year ago. Book value per common share was $24.32 compared to $22.49 a year ago. Tangible book value per common share was $22.28 compared to $20.36 a year ago.
For the year, the company reported net interest income of $227,139,000 compared to $203,828,000 a Year ago. Income before income taxes was $136,305,000 compared to $107,937,000 a year ago. Net income was $86,439,000 or $2.65 diluted earnings per share compared to net income of $70,674,000 or $2.22 diluted earnings per share a Year ago. Return on average assets was 1.22% compared to 1.04% a year ago. Return on average equity was 11.52% compared to 10.32% a year ago.
For the fourth quarter Net charge-offs increased slightly to 0.06% of average loans compared to 0.02% a year ago, primarily due to one commercial loan.
BancFirst Corporation is a financial holding company, which operates through its subsidiaries, BancFirst and Pegasus Bank, which are a state-chartered banks. The Company has six business units: metropolitan banks, community banks, Pegasus, Worthington, other financial services and executive, operations, and support. Metropolitan banks, community banks, Pegasus and Worthington offers commercial and retail lending, a full line of deposit accounts and other. Metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. Community banks consist of banking locations in communities throughout Oklahoma. Pegasus consists of banking locations in the Dallas metropolitan area. Worthington consists of banking locations in the Fort Worth metropolitan area. Other financial services are specialty product business units, including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance.
BancFirst Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2017