OKLAHOMA CITY, Jan. 21, 2016 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $15.7 million, or $0.99 diluted earnings per share, for the fourth quarter of 2015, approximately equal to the fourth quarter of 2014. Net income for the year ended December 31, 2015 was $66.2 million, or $4.17 diluted earnings per share, compared to $63.9 million, or $4.04 diluted earnings per share, for 2014.
The Company's net interest income for the fourth quarter of 2015 was $50.1 million compared to $47.3 million for the fourth quarter of 2014. The net interest margin for the quarter was 3.23% compared to 3.14% a year ago. Internal loan growth and acquired loans from our acquisitions contributed to the higher net interest income and margin in 2015. The provision for loan losses for the fourth quarter of 2015 was $3.6 million compared to $1.8 million a year ago. Net charge-offs for the quarter were 0.07% of average loans, compared to net charge-offs of 0.01% for the fourth quarter of 2014. Net charge-offs increased during the quarter partially due to an $857,000 charge off on a portion of a nonaccrual loan. Noninterest income for the quarter totaled $26.5 million, compared to $24.3 million last year. The increase was primarily due to a gain on sale of securities of $2.1 million, related to the redemption of warrants associated with a past loan transaction. Noninterest expense for the quarter totaled $49.0 million compared to $46.9 million last year; the increase during the quarter included acquisition costs of approximately $965,000.
For the year ended 2015, the Company's net interest income was $188.8 million compared to $181.4 million for 2014. The net interest margin for the year increased to 3.12% compared to 3.09% for the previous year. Internal loan growth and acquired loans from our acquisitions contributed to the higher net interest income and margin in 2015. In addition, the Company recognized discounts from payoffs of acquired loans of $2.3 million in 2015 and $2.2 million of in 2014. The provision for loan losses for 2015 was $7.7 million compared to $3.1 million a year ago. As previously disclosed, the 2014 provision for loan losses included a reversal of $5.3 million as a result of a change in the loan loss factors. The Company reported net charge-offs to average loans of 0.17% for 2015 compared to 0.03% for 2014. Net charge-offs increased in 2015 due to a $2.9 million charge off on a portion of a nonaccrual loan. Noninterest income for 2015 totaled $105.8 million compared to $96.4 million for 2014. The increase was primarily due to a gain on sale of securities of $9.3 million, of which $2.1 million was related to the redemption of warrants associated with a past loan transaction and $5.3 million was from the sale of an investment by the Company's wholly-owned subsidiary, Council Oak Partners, LLC. Noninterest expense was $185.7 million compared to $183.5 million for 2014; the increase was partially related to acquisition costs of approximately $965,000. The effective income tax rate for 2015 increased to 34.62% compared to 29.93% for 2014, primarily due to an investment in federal and state tax credits that were utilized in 2014.
At December 31, 2015, the Company's total assets were $6.7 billion, up $117.9 million or 1.8% from December 31, 2014. Securities increased $29.7 million to a total of $554.4 million. Loans totaled $4.2 billion, up $383.4 million or 9.9% from December 31, 2014. Deposits totaled $6.0 billion, up $68.7 million or 1.2% from December 31, 2014. The Company's total stockholders' equity was $655.5 million, an increase of $46.2 million, or 7.6%, over December 31, 2014.
Asset quality remained strong during the fourth quarter of 2015. Nonperforming and restructured assets were 0.83% of total assets at December 31, 2015 compared to 0.64% at December 31, 2014 and 0.87% at September 30, 2015. The allowance to total loans was 0.98% compared to 1.06% at year-end 2014.
On October 8, 2015, the Company completed the acquisition of CSB Bancshares, Inc. and its subsidiary bank, Bank of Commerce, with locations in Yukon, Mustang, and El Reno, Oklahoma. Bank of Commerce has approximately $196 million in total assets, $148 million in loans, $170 million in deposits, and $22 million in equity capital. The bank was merged into BancFirst on November 23, 2015.
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 98 banking locations serving 54 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) 2015 2015 2015 2015 2014 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr ------- ------- ------- ------- ------- Condensed Income Statements: Net interest income $50,075 $46,876 $46,215 $45,626 $47,319 Provision for loan losses 3,646 1,424 1,271 1,334 1,840 Non-interest income: Trust revenue 2,254 2,295 2,200 2,342 2,334 Service charges on deposits 15,077 14,910 14,312 13,352 14,345 Securities transactions 2,148 - 5,392 1,729 822 Income from sales of loans 434 545 549 440 426 Insurance commissions 3,176 4,427 3,120 4,068 3,262 Cash management 1,899 1,906 1,886 1,819 1,683 Other 1,485 1,241 1,256 1,546 1,430 ----- ----- ----- ----- ----- Total noninterest income 26,473 25,324 28,715 25,296 24,302 ------ ------ ------ ------ ------ Non-interest expense: Salaries and employee benefits 28,938 28,746 27,886 27,513 27,071 Occupancy expense, net 2,926 3,051 2,700 2,835 3,117 Depreciation 2,565 2,488 2,449 2,464 2,439 Amortization of intangible assets 602 444 445 444 444 Data processing services 1,151 1,132 1,179 1,117 1,151 Net expense from other real estate owned 143 51 (184) 314 194 Marketing and business promotion 2,266 1,640 1,401 1,679 2,218 Deposit insurance 876 820 836 826 835 Other 9,544 7,980 8,717 7,731 9,417 ----- ----- ----- ----- ----- Total noninterest expense 49,011 46,352 45,429 44,923 46,886 ------ ------ ------ ------ ------ Income before income taxes 23,891 24,424 28,230 24,665 22,895 Income tax expense 8,163 8,794 9,677 8,406 7,146 ----- ----- ----- ----- ----- Net income $15,728 $15,630 $18,553 $16,259 $15,749 ======= ======= ======= ======= ======= Per Common Share Data: Net income-basic $1.00 $1.01 $1.19 $1.05 $1.02 Net income-diluted 0.99 0.98 1.17 1.03 0.99 Cash dividends declared 0.36 0.36 0.34 0.34 0.34 Common shares outstanding 15,597,446 15,591,530 15,562,298 15,512,545 15,504,513 Average common shares outstanding - Basic 15,609,599 15,581,593 15,536,325 15,507,346 15,484,664 Diluted 15,923,924 15,906,124 15,864,924 15,838,548 15,846,810 Performance Ratios: Return on average assets 0.94% 0.97% 1.14% 1.01% 0.96% Return on average equity 9.51 9.64 11.79 10.65 10.31 Net interest margin 3.23 3.12 3.07 3.07 3.14 Efficiency ratio 64.03 64.20 60.63 63.34 65.46
BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share and share data - Unaudited, except where noted*) Twelve months ended December 31, 2015 2014* ---- ---- Condensed Income Statements: Net interest income $188,792 $181,351 Provision for loan losses 7,675 3,072 Non-interest income: Trust revenue 9,091 9,180 Service charges on deposits 57,651 56,389 Securities transactions 9,269 1,641 Income from sales of loans 1,968 1,813 Insurance commissions 14,791 14,642 Cash management 7,510 6,741 Other 5,528 6,007 ----- ----- Total noninterest income 105,808 96,413 ------- ------ Non-interest expense: Salaries and employee benefits 113,083 108,640 Occupancy expense, net 11,512 11,610 Depreciation 9,966 9,595 Amortization of intangible assets 1,935 1,754 Data processing services 4,579 4,689 Net expense from other real estate owned 324 511 Marketing and business promotion 6,986 7,024 Deposit insurance 3,358 3,291 Other 33,972 36,407 ------ ------ Total noninterest expense 185,715 183,521 ------- ------- Income before income taxes 101,210 91,171 Income tax expense 35,040 27,284 ------ ------ Net income $66,170 $63,887 ======= ======= Per Common Share Data: Net income-basic $4.25 $4.14 Net income-diluted 4.17 4.04 Cash dividends declared 1.40 1.30 Common shares outstanding 15,597,446 15,504,513 Average common shares outstanding - Basic 15,559,059 15,430,773 Diluted 15,886,245 15,794,403 Performance Ratios: Return on average assets 1.01% 1.00% Return on average stockholders' equity 10.38 10.92 Net interest margin 3.12 3.09 Efficiency ratio 63.04 66.07
BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share and share data - Unaudited) 2015 2015 2015 2015 2014 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr ------- ------- ------- ------- ------- Balance Sheet Data: Total assets $6,692,829 $6,406,096 $6,498,898 $6,570,120 $6,574,972 Interest-bearing deposits with banks 1,394,813 1,491,873 1,638,038 1,699,265 1,710,350 Securities 554,449 507,858 537,319 550,125 524,783 Total loans 4,244,273 3,972,075 3,871,919 3,857,742 3,860,831 Allowance for loan losses (41,666) (40,970) (42,621) (41,557) (40,889) Deposits 5,973,358 5,698,591 5,808,221 5,883,801 5,904,704 Stockholders' equity 655,510 646,061 634,244 621,679 609,314 Book value per common share 42.03 41.44 40.76 40.08 39.30 Tangible book value per common share 37.73 37.99 37.27 36.52 35.71 Balance Sheet Ratios: Average loans to deposits 69.62% 67.88% 65.95% 65.85% 65.42% Average earning assets to total assets 92.84 93.15 93.11 92.97 92.82 Average stockholders' equity to average assets 9.84 10.02 9.67 9.51 9.35 Asset Quality Data: Past due loans $1,841 $2,061 $1,311 $1,498 $1,135 Nonaccrual loans 30,096 30,321 32,177 16,562 16,410 Restructured loans 15,143 15,386 15,702 16,131 16,515 Total nonperforming and restructured loans 47,080 47,768 49,190 34,191 34,060 Other real estate owned and repossessed assets 8,214 7,863 7,521 6,418 8,079 Total nonperforming and restructured assets 55,294 55,631 56,711 40,609 42,139 Nonperforming and restructured loans to total loans 1.11% 1.21% 1.27% 0.89% 0.88% Nonperforming and restructured assets to total assets 0.83 0.87 0.87 0.62 0.64 Allowance to total loans 0.98 1.03 1.10 1.08 1.06 Allowance to nonperforming and restructured loans 88.50 85.77 86.65 121.54 120.05 Net charge-offs to average loans 0.07 0.08 0.01 0.01 0.01
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, 2015 December 31, 2015 ----------------- ----------------- Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ------- ------- ---- ------- ------- ---- ASSETS Earning assets: Loans $4,138,694 $50,677 4.86% $3,930,470 $190,784 4.85% Securities - taxable 466,519 1,343 1.14 486,851 5,492 1.13 Securities - tax exempt 43,651 388 3.53 40,854 1,511 3.70 Interest bearing deposits with banks 1,539,780 1,142 0.29 1,618,260 4,279 0.26 --------- ----- --------- ----- Total earning assets 6,188,644 53,550 3.43 6,076,435 202,066 3.33 --------- ------ --------- ------- Nonearning assets: Cash and due from banks 182,716 177,479 Interest receivable and other assets 335,595 320,247 Allowance for loan losses (41,192) (41,522) ------- ------- Total nonearning assets 477,119 456,204 ------- ------- Total assets $6,665,763 $6,532,639 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Interest bearing liabilities: Transaction deposits $777,120 $206 0.11% $734,529 $738 0.10% Savings deposits 2,067,412 1,238 0.24 2,052,161 4,702 0.23 Time deposits 736,532 1,205 0.65 732,183 4,811 0.66 Short-term borrowings 3,049 1 0.16 2,766 4 0.15 Long-term borrowings 1,533 32 8.35 386 32 8.36 Junior subordinated debentures 31,567 492 6.19 28,005 1,966 7.02 ------ --- ------ ----- Total interest bearing liabilities 3,617,213 3,174 0.35 3,550,030 12,253 0.35 --------- ----- --------- ------ Interest free funds: Noninterest bearing deposits 2,363,561 2,317,639 Interest payable and other liabilities 28,776 27,328 Stockholders' equity 656,213 637,642 ------- ------- Total interest free funds 3,048,550 2,982,609 --------- --------- Total liabilities and stockholders' equity $6,665,763 $6,532,639 ========== ========== Net interest income $50,376 $189,813 ======= ======== Net interest spread 3.08% 2.98% ==== ==== Effect of interest free funds 0.15% 0.14% ==== ==== Net interest margin 3.23% 3.12% ==== ====
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SOURCE BancFirst