BancFirst Corporation Reports Third Quarter Earnings

Published

OKLAHOMA CITY, Oct. 17, 2019 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $33.4 million, or $1.00 diluted earnings per share, for the third quarter of 2019 compared to net income of $32.9 million, or $0.98 diluted earnings per share, for the third quarter of 2018. Net income for the nine months ended September 30, 2019 was $99.4 million, or $2.98 per share, compared to $93.1 million, or $2.78 per share, for the nine months ended September 30, 2018. On August 15, 2019 the Company completed the acquisition of Pegasus Bank in Dallas, Texas. As a result, the third quarter of 2019 included one-time acquisition related expenses of approximately $3.1 million, which reduced diluted earnings per share by approximately 7 cents for the quarter and the year. On January 11, 2018 the Company completed the acquisitions of two Oklahoma banking corporations. Consequently, the first nine months of 2018 included one-time acquisition related expenses of approximately $2.6 million, which reduced diluted earnings per share by approximately 6 cents.

The Company's net interest income for the third quarter of 2019 increased to $72.3 million compared to $65.7 million for the third quarter of 2018. The net interest margin for the quarter was 3.89% compared to 3.68% a year ago. The increase in margin was primarily due to the higher average federal funds rate in the third quarter of 2019 when compared to the same period in 2018. The provision for loan losses for the third quarter of 2019 was $2.8 million compared to $747,000 a year ago. The increase in provision was primarily due to downgrades of a few commercial loans. Net charge-offs for the full year of 2019 were 0.05% of average loans compared to 0.04% of average loans in 2018. Net charge-offs for the third quarter of 2019 were 0.04% of average loans compared to 0.02% of average loans in 2018. Noninterest income for the quarter totaled $35.6 million, compared to $32.8 million last year. The increase in noninterest income was primarily due to growth in debit card usage fees and sweep fees. Noninterest expense for the quarter totaled $62.2 million compared to $55.8 million last year. The increase in noninterest expense was primarily due to salary increases in 2019 and acquisition related expenses.

At September 30, 2019, the Company's total assets were $8.4 billion, an increase of $814.6 million from December 31, 2018. Securities of $555.6 million were down $216.6 million from December 31, 2018. Loans totaled $5.6 billion, an increase of $638.7 million from December 31, 2018. Deposits totaled $7.3 billion, an increase of $725.2 million from the December 31, 2018 total. The Company's total stockholders' equity was $979.8 million, an increase of $77.0 million over December 31, 2018.

On August 15, 2019, BancFirst Corporation acquired Pegasus Bank ("Pegasus"), for an aggregate cash purchase price of $123.5 million. Pegasus is a Texas state-chartered bank with three banking locations in Dallas, Texas. Upon acquisition, Pegasus had approximately $651.1 million in total assets, $389.9 million in loans, and $603.9 million in deposits. The Bank will continue to operate as "Pegasus Bank" under a separate Texas state-charter and remain an independent subsidiary of BancFirst Corporation. BancFirst Corporation intends to provide an appropriate amount of capital to increase Pegasus Bank's ability to approve larger loans and allow Pegasus to continue to grow their assets.

Asset quality remained strong during the third quarter of 2019. Nonperforming and restructured assets represented 0.67% of total assets at September 30, 2019, virtually unchanged from the prior year. The allowance to total loans was 0.99% down slightly from 1.03% at year-end 2018. The allowance to nonperforming and restructured loans was 114.06% compared to 136.29% at year-end 2018.

BancFirst Corporation CEO David Harlow commented, "The Company reported strong results in the third quarter. Asset quality remained solid and our margin was stable despite the two 25 bps Fed Funds decreases during the quarter. We are pleased to have closed the previously announced Pegasus acquisition during the quarter and look forward to the growth opportunities the Dallas market provides the Company going forward."

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates two subsidiary banks, BancFirst, is Oklahoma's largest state-chartered bank with 108 banking locations serving 58 communities across Oklahoma, and Pegasus Bank, with 3 banking locations in Dallas, TX. 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)
2019 2019 2019 2018 2018
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
Condensed Income Statements:
Net interest income $ 72,287 $ 68,792 $ 66,903 $ 66,888 $ 65,673
Provision for loan losses 2,758 2,433 1,684 1,516 747
Non-interest income:
Trust revenue 3,490 3,250 3,177 3,023 3,281
Service charges on deposits 19,866 19,114 17,663 18,554 18,103
Securities transactions -- 821 -- 10 (64)
Income from sales of loans 964 868 698 649 800
Insurance commissions 5,535 4,420 5,265 4,593 5,207
Cash management 4,430 4,402 3,776 3,338 3,383
Other 1,342 1,202 1,422 1,684 2,091
Total noninterest income 35,627 34,077 32,001 31,851 32,801
Non-interest expense:
Salaries and employee benefits 40,354 36,124 36,171 35,530 35,051
Occupancy expense, net 3,386 2,953 2,627 3,307 3,386
Depreciation 3,268 3,015 2,985 2,965 2,733
Amortization of intangible assets 842 758 759 777 740
Data processing services 1,467 1,262 1,480 1,140 1,418
Net expense from other real estate owned 26 97 (484) 130 64
Marketing and business promotion 2,047 1,919 2,261 2,030 1,997
Deposit insurance (81) 544 533 571 597
Other 10,882 9,936 9,874 9,716 9,823
Total noninterest expense 62,191 56,608 56,206 56,166 55,809
Income before income taxes 42,965 43,828 41,014 41,057 41,918
Income tax expense 9,597 9,661 9,177 8,332 9,035
Net income $ 33,368 $ 34,167 $ 31,837 $ 32,725 $ 32,883
Per Common Share Data:
Net income-basic $ 1.02 $ 1.04 $ 0.98 $ 1.00 $ 1.01
Net income-diluted 1.00 1.02 0.96 0.98 0.98
Cash dividends declared 0.32 0.30 0.30 0.30 0.30
Common shares outstanding 32,644,018 32,639,588 32,617,788 32,603,926 32,749,690
Average common shares outstanding -
Basic 32,641,902 32,629,146 32,612,399 32,721,626 32,742,480
Diluted 33,327,213 33,317,193 33,292,852 33,423,458 33,504,143
Performance Ratios:
Return on average assets 1.65 % 1.78 % 1.69 % 1.70 % 1.71 %
Return on average equity 13.80 14.54 14.08 14.48 14.86
Net interest margin 3.89 3.89 3.85 3.77 3.68
Efficiency ratio 57.63 55.03 56.83 56.88 56.67

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
BancFirst Corporation
2019 2019 2019 2018 2018 Summary Financial Information
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr (Dollars in thousands, except per share and share data - Unaudited)
Condensed Income Statements:
Net interest income $ 72,287 $ 68,792 $ 66,903 $ 66,888 $ 65,673 Nine months endedSeptember 30,
Provision for loan losses 2,758 2,433 1,684 1,516 747 2019 2018
Non-interest income: Condensed Income Statements:
Trust revenue 3,490 3,250 3,177 3,023 3,281 Net interest income $ 207,982 $ 193,588
Service charges on deposits 19,866 19,114 17,663 18,554 18,103 Provision for loan losses 6,875 2,286
Securities transactions -- 821 -- 10 (64) Non-interest income:
Income from sales of loans 964 868 698 649 800 Trust revenue 9,917 9,806
Insurance commissions 5,535 4,420 5,265 4,593 5,207 Service charges on deposits 56,643 52,293
Cash management 4,430 4,402 3,776 3,338 3,383 Securities transactions 821 37
Other 1,342 1,202 1,422 1,684 2,091 Income from sales of loans 2,530 2,253
Total noninterest income 35,627 34,077 32,001 31,851 32,801 Insurance commissions 15,220 14,333
Cash management 12,608 9,785
Non-interest expense: Other 3,966 4,841
Salaries and employee benefits 40,354 36,124 36,171 35,530 35,051 Total noninterest income 101,705 93,348
Occupancy expense, net 3,386 2,953 2,627 3,307 3,386
Depreciation 3,268 3,015 2,985 2,965 2,733 Non-interest expense:
Amortization of intangible assets 842 758 759 777 740 Salaries and employee benefits 112,649 104,017
Data processing services 1,467 1,262 1,480 1,140 1,418 Occupancy expense, net 8,966 10,184
Net expense from other real estate owned 26 97 (484) 130 64 Depreciation 9,268 7,572
Marketing and business promotion 2,047 1,919 2,261 2,030 1,997 Amortization of intangible assets 2,359 2,232
Deposit insurance (81) 544 533 571 597 Data processing services 4,209 3,816
Other 10,882 9,936 9,874 9,716 9,823 Net expense from other real estate owned (361) 109
Total noninterest expense 62,191 56,608 56,206 56,166 55,809 Marketing and business promotion 6,227 5,998
Income before income taxes 42,965 43,828 41,014 41,057 41,918 Deposit insurance 996 1,856
Income tax expense 9,597 9,661 9,177 8,332 9,035 Other 30,692 30,171
Net income $ 33,368 $ 34,167 $ 31,837 $ 32,725 $ 32,883 Total noninterest expense 175,005 165,955
Per Common Share Data: Income before income taxes 127,807 118,695
Net income-basic $ 1.02 $ 1.04 $ 0.98 $ 1.00 $ 1.01 Income tax expense 28,435 25,606
Net income-diluted 1.00 1.02 0.96 0.98 0.98 Net income $ 99,372 $ 93,089
Cash dividends declared 0.32 0.30 0.30 0.30 0.30 Per Common Share Data:
Common shares outstanding 32,644,018 32,639,588 32,617,788 32,603,926 32,749,690 Net income-basic $ 3.04 $ 2.85
Average common shares outstanding - Net income-diluted 2.98 2.78
Basic 32,641,902 32,629,146 32,612,399 32,721,626 32,742,480 Cash dividends declared 0.92 0.72
Diluted 33,327,213 33,317,193 33,292,852 33,423,458 33,504,143 Common shares outstanding 32,644,018 32,749,690
Performance Ratios: Average common shares outstanding -
Return on average assets 1.65 % 1.78 % 1.69 % 1.70 % 1.71 % Basic 32,627,924 32,678,310
Return on average equity 13.80 14.54 14.08 14.48 14.86 Diluted 33,314,298 33,430,761
Net interest margin 3.89 3.89 3.85 3.77 3.68 Performance Ratios:
Efficiency ratio 57.63 55.03 56.83 56.88 56.67 Return on average assets 1.71 % 1.64 %
Return on average stockholders' equity 14.14 14.62
Net interest margin 3.88 3.68
Efficiency ratio 56.51 57.84

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
BancFirst Corporation BancFirst Corporation
2019 2019 2019 2018 2018 Summary Financial Information Summary Financial Information
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr (Dollars in thousands, except per share and share data - Unaudited) (Dollars in thousands, except per share and share data - Unaudited)
Condensed Income Statements:
Net interest income $ 72,287 $ 68,792 $ 66,903 $ 66,888 $ 65,673 Nine months endedSeptember 30,
Provision for loan losses 2,758 2,433 1,684 1,516 747 2019 2018 2019 2019 2019 2018 2018
Non-interest income: Condensed Income Statements: 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
Trust revenue 3,490 3,250 3,177 3,023 3,281 Net interest income $ 207,982 $ 193,588 Balance Sheet Data:
Service charges on deposits 19,866 19,114 17,663 18,554 18,103 Provision for loan losses 6,875 2,286
Securities transactions -- 821 -- 10 (64) Non-interest income: Total assets $ 8,388,816 $ 7,642,021 $ 7,709,000 $ 7,574,258 $ 7,602,438
Income from sales of loans 964 868 698 649 800 Trust revenue 9,917 9,806 Interest-bearing deposits with banks 1,476,340 1,518,998 1,291,447 1,195,824 1,607,157
Insurance commissions 5,535 4,420 5,265 4,593 5,207 Service charges on deposits 56,643 52,293 Debt securities 555,575 425,154 724,872 772,132 477,080
Cash management 4,430 4,402 3,776 3,338 3,383 Securities transactions 821 37 Total loans 5,622,897 5,105,302 5,050,221 4,984,150 4,952,267
Other 1,342 1,202 1,422 1,684 2,091 Income from sales of loans 2,530 2,253 Allowance for loan losses (55,928) (55,108) (52,915) (51,389) (51,875)
Total noninterest income 35,627 34,077 32,001 31,851 32,801 Insurance commissions 15,220 14,333 Deposits 7,330,677 6,613,613 6,706,386 6,605,495 6,643,131
Cash management 12,608 9,785 Stockholders' equity 979,752 956,380 927,927 902,789 884,801
Non-interest expense: Other 3,966 4,841 Book value per common share 30.01 29.30 28.45 27.69 27.02
Salaries and employee benefits 40,354 36,124 36,171 35,530 35,051 Total noninterest income 101,705 93,348 Tangible book value per common share (non-GAAP)(1) 24.77 26.40 25.52 24.74 24.06
Occupancy expense, net 3,386 2,953 2,627 3,307 3,386 Balance Sheet Ratios:
Depreciation 3,268 3,015 2,985 2,965 2,733 Non-interest expense: Average loans to deposits 77.68 % 76.07 % 75.34 % 74.24 % 74.50 %
Amortization of intangible assets 842 758 759 777 740 Salaries and employee benefits 112,649 104,017 Average earning assets to total assets 92.23 92.43 92.42 92.48 92.87
Data processing services 1,467 1,262 1,480 1,140 1,418 Occupancy expense, net 8,966 10,184 Average stockholders' equity to average assets 11.96 12.25 12.01 11.76 11.51
Net expense from other real estate owned 26 97 (484) 130 64 Depreciation 9,268 7,572 Asset Quality Data:
Marketing and business promotion 2,047 1,919 2,261 2,030 1,997 Amortization of intangible assets 2,359 2,232 Past due loans $ 11,214 $ 2,663 $ 2,170 $ 1,916 $ 4,073
Deposit insurance (81) 544 533 571 597 Data processing services 4,209 3,816 Nonaccrual loans 20,316 17,998 21,594 22,603 26,880
Other 10,882 9,936 9,874 9,716 9,823 Net expense from other real estate owned (361) 109 Restructured loans 17,504 16,486 14,552 13,188 13,557
Total noninterest expense 62,191 56,608 56,206 56,166 55,809 Marketing and business promotion 6,227 5,998 Total nonperforming and restructured loans 49,034 37,147 38,316 37,707 44,510
Income before income taxes 42,965 43,828 41,014 41,057 41,918 Deposit insurance 996 1,856 Other real estate owned and repossessed assets 7,056 7,004 6,433 6,873 7,072
Income tax expense 9,597 9,661 9,177 8,332 9,035 Other 30,692 30,171 Total nonperforming and restructured assets 56,090 44,151 44,749 44,580 51,582
Net income $ 33,368 $ 34,167 $ 31,837 $ 32,725 $ 32,883 Total noninterest expense 175,005 165,955 Nonperforming and restructured loans to total loans 0.87 % 0.73 % 0.76 % 0.76 % 0.90 %
Per Common Share Data: Income before income taxes 127,807 118,695 Nonperforming and restructured assets to total assets 0.67 0.58 0.58 0.59 0.68
Net income-basic $ 1.02 $ 1.04 $ 0.98 $ 1.00 $ 1.01 Income tax expense 28,435 25,606 Allowance to total loans 0.99 1.08 1.05 1.03 1.05
Net income-diluted 1.00 1.02 0.96 0.98 0.98 Net income $ 99,372 $ 93,089 Allowance to nonperforming and restructured loans 114.06 148.35 138.10 136.29 116.55
Cash dividends declared 0.32 0.30 0.30 0.30 0.30 Per Common Share Data: Net charge-offs to average loans 0.04 0.01 0.00 0.04 0.02
Common shares outstanding 32,644,018 32,639,588 32,617,788 32,603,926 32,749,690 Net income-basic $ 3.04 $ 2.85
Average common shares outstanding - Net income-diluted 2.98 2.78 Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Basic 32,641,902 32,629,146 32,612,399 32,721,626 32,742,480 Cash dividends declared 0.92 0.72
Diluted 33,327,213 33,317,193 33,292,852 33,423,458 33,504,143 Common shares outstanding 32,644,018 32,749,690 Stockholders' equity $ 979,752 $ 956,380 $ 927,927 $ 902,789 $ 884,801
Performance Ratios: Average common shares outstanding - Less goodwill 147,013 79,749 79,749 79,749 79,733
Return on average assets 1.65 % 1.78 % 1.69 % 1.70 % 1.71 % Basic 32,627,924 32,678,310 Less intangible assets, net 24,025 14,936 15,701 16,470 17,257
Return on average equity 13.80 14.54 14.08 14.48 14.86 Diluted 33,314,298 33,430,761 Tangible stockholders' equity (non-GAAP) $ 808,714 $ 861,695 $ 832,477 $ 806,570 $ 787,811
Net interest margin 3.89 3.89 3.85 3.77 3.68 Performance Ratios: Common shares outstanding 32,644,018 32,639,588 32,617,788 32,603,926 32,749,690
Efficiency ratio 57.63 55.03 56.83 56.88 56.67 Return on average assets 1.71 % 1.64 % Tangible book value per common share (non-GAAP) $ 24.77 $ 26.40 $ 25.52 $ 24.74 $ 24.06
Return on average stockholders' equity 14.14 14.62
Net interest margin 3.88 3.68 (1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table.
Efficiency ratio 56.51 57.84 (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
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
BancFirst Corporation BancFirst Corporation BancFirst Corporation
2019 2019 2019 2018 2018 Summary Financial Information Summary Financial Information Consolidated Average Balance Sheets
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr (Dollars in thousands, except per share and share data - Unaudited) (Dollars in thousands, except per share and share data - Unaudited) And Interest Margin Analysis
Condensed Income Statements: Taxable Equivalent Basis
Net interest income $ 72,287 $ 68,792 $ 66,903 $ 66,888 $ 65,673 Nine months endedSeptember 30, (Dollars in thousands - Unaudited)
Provision for loan losses 2,758 2,433 1,684 1,516 747 2019 2018 2019 2019 2019 2018 2018
Non-interest income: Condensed Income Statements: 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr Three Months Ended Nine Months Ended
Trust revenue 3,490 3,250 3,177 3,023 3,281 Net interest income $ 207,982 $ 193,588 Balance Sheet Data: September 30, 2019 September 30, 2019
Service charges on deposits 19,866 19,114 17,663 18,554 18,103 Provision for loan losses 6,875 2,286 Interest Average Interest Average
Securities transactions -- 821 -- 10 (64) Non-interest income: Total assets $ 8,388,816 $ 7,642,021 $ 7,709,000 $ 7,574,258 $ 7,602,438 Average Income/ Yield/ Average Income/ Yield/
Income from sales of loans 964 868 698 649 800 Trust revenue 9,917 9,806 Interest-bearing deposits with banks 1,476,340 1,518,998 1,291,447 1,195,824 1,607,157 Balance Expense Rate Balance Expense Rate
Insurance commissions 5,535 4,420 5,265 4,593 5,207 Service charges on deposits 56,643 52,293 Debt securities 555,575 425,154 724,872 772,132 477,080 ASSETS
Cash management 4,430 4,402 3,776 3,338 3,383 Securities transactions 821 37 Total loans 5,622,897 5,105,302 5,050,221 4,984,150 4,952,267 Earning assets:
Other 1,342 1,202 1,422 1,684 2,091 Income from sales of loans 2,530 2,253 Allowance for loan losses (55,928) (55,108) (52,915) (51,389) (51,875) Loans $ 5,376,278 $ 75,446 5.57 % $ 5,158,737 $ 215,462 5.58 %
Total noninterest income 35,627 34,077 32,001 31,851 32,801 Insurance commissions 15,220 14,333 Deposits 7,330,677 6,613,613 6,706,386 6,605,495 6,643,131 Securities – taxable 427,152 2,361 2.19 613,365 10,551 2.30
Cash management 12,608 9,785 Stockholders' equity 979,752 956,380 927,927 902,789 884,801 Securities – tax exempt 17,399 130 2.96 19,687 439 2.98
Non-interest expense: Other 3,966 4,841 Book value per common share 30.01 29.30 28.45 27.69 27.02 Interest bearing deposits with banks 1,577,446 8,705 2.19 1,397,739 24,590 2.35
Salaries and employee benefits 40,354 36,124 36,171 35,530 35,051 Total noninterest income 101,705 93,348 Tangible book value per common share (non-GAAP)(1) 24.77 26.40 25.52 24.74 24.06 Total earning assets 7,398,275 86,642 4.65 7,189,528 251,042 4.67
Occupancy expense, net 3,386 2,953 2,627 3,307 3,386 Balance Sheet Ratios:
Depreciation 3,268 3,015 2,985 2,965 2,733 Non-interest expense: Average loans to deposits 77.68 % 76.07 % 75.34 % 74.24 % 74.50 % Nonearning assets:
Amortization of intangible assets 842 758 759 777 740 Salaries and employee benefits 112,649 104,017 Average earning assets to total assets 92.23 92.43 92.42 92.48 92.87 Cash and due from banks 178,862 178,826
Data processing services 1,467 1,262 1,480 1,140 1,418 Occupancy expense, net 8,966 10,184 Average stockholders' equity to average assets 11.96 12.25 12.01 11.76 11.51 Interest receivable and other assets 500,067 469,615
Net expense from other real estate owned 26 97 (484) 130 64 Depreciation 9,268 7,572 Asset Quality Data: Allowance for loan losses (56,056) (53,814)
Marketing and business promotion 2,047 1,919 2,261 2,030 1,997 Amortization of intangible assets 2,359 2,232 Past due loans $ 11,214 $ 2,663 $ 2,170 $ 1,916 $ 4,073 Total nonearning assets 622,873 594,627
Deposit insurance (81) 544 533 571 597 Data processing services 4,209 3,816 Nonaccrual loans 20,316 17,998 21,594 22,603 26,880 Total assets $ 8,021,148 $ 7,784,155
Other 10,882 9,936 9,874 9,716 9,823 Net expense from other real estate owned (361) 109 Restructured loans 17,504 16,486 14,552 13,188 13,557
Total noninterest expense 62,191 56,608 56,206 56,166 55,809 Marketing and business promotion 6,227 5,998 Total nonperforming and restructured loans 49,034 37,147 38,316 37,707 44,510 LIABILITIES AND STOCKHOLDERS' EQUITY
Income before income taxes 42,965 43,828 41,014 41,057 41,918 Deposit insurance 996 1,856 Other real estate owned and repossessed assets 7,056 7,004 6,433 6,873 7,072 Interest bearing liabilities:
Income tax expense 9,597 9,661 9,177 8,332 9,035 Other 30,692 30,171 Total nonperforming and restructured assets 56,090 44,151 44,749 44,580 51,582 Transaction deposits $ 737,162 $ 646 0.35 % $ 743,158 $ 1,967 0.35 %
Net income $ 33,368 $ 34,167 $ 31,837 $ 32,725 $ 32,883 Total noninterest expense 175,005 165,955 Nonperforming and restructured loans to total loans 0.87 % 0.73 % 0.76 % 0.76 % 0.90 % Savings deposits 2,835,855 10,127 1.42 2,700,393 30,852 1.53
Per Common Share Data: Income before income taxes 127,807 118,695 Nonperforming and restructured assets to total assets 0.67 0.58 0.58 0.59 0.68 Time deposits 690,867 2,871 1.65 688,056 8,164 1.59
Net income-basic $ 1.02 $ 1.04 $ 0.98 $ 1.00 $ 1.01 Income tax expense 28,435 25,606 Allowance to total loans 0.99 1.08 1.05 1.03 1.05 Short-term borrowings 1,063 7 2.72 1,650 29 2.31
Net income-diluted 1.00 1.02 0.96 0.98 0.98 Net income $ 99,372 $ 93,089 Allowance to nonperforming and restructured loans 114.06 148.35 138.10 136.29 116.55 Junior subordinated debentures 26,804 491 7.27 26,804 1,474 7.35
Cash dividends declared 0.32 0.30 0.30 0.30 0.30 Per Common Share Data: Net charge-offs to average loans 0.04 0.01 0.00 0.04 0.02 Total interest bearing liabilities 4,291,751 14,142 1.31 4,160,061 42,486 1.37
Common shares outstanding 32,644,018 32,639,588 32,617,788 32,603,926 32,749,690 Net income-basic $ 3.04 $ 2.85
Average common shares outstanding - Net income-diluted 2.98 2.78 Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2): Interest free funds:
Basic 32,641,902 32,629,146 32,612,399 32,721,626 32,742,480 Cash dividends declared 0.92 0.72 Noninterest bearing deposits 2,720,830 2,643,189
Diluted 33,327,213 33,317,193 33,292,852 33,423,458 33,504,143 Common shares outstanding 32,644,018 32,749,690 Stockholders' equity $ 979,752 $ 956,380 $ 927,927 $ 902,789 $ 884,801 Interest payable and other liabilities 49,262 41,138
Performance Ratios: Average common shares outstanding - Less goodwill 147,013 79,749 79,749 79,749 79,733 Stockholders' equity 959,305 939,767
Return on average assets 1.65 % 1.78 % 1.69 % 1.70 % 1.71 % Basic 32,627,924 32,678,310 Less intangible assets, net 24,025 14,936 15,701 16,470 17,257 Total interest free funds 3,729,397 3,624,094
Return on average equity 13.80 14.54 14.08 14.48 14.86 Diluted 33,314,298 33,430,761 Tangible stockholders' equity (non-GAAP) $ 808,714 $ 861,695 $ 832,477 $ 806,570 $ 787,811 Total liabilities and stockholders' equity $ 8,021,148 $ 7,784,155
Net interest margin 3.89 3.89 3.85 3.77 3.68 Performance Ratios: Common shares outstanding 32,644,018 32,639,588 32,617,788 32,603,926 32,749,690 Net interest income $ 72,500 $ 208,556
Efficiency ratio 57.63 55.03 56.83 56.88 56.67 Return on average assets 1.71 % 1.64 % Tangible book value per common share (non-GAAP) $ 24.77 $ 26.40 $ 25.52 $ 24.74 $ 24.06 Net interest spread 3.34 % 3.30 %
Return on average stockholders' equity 14.14 14.62 Effect of interest free funds 0.55 % 0.58 %
Net interest margin 3.88 3.68 (1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table. Net interest margin 3.89 % 3.88 %
Efficiency ratio 56.51 57.84 (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.

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SOURCE BancFirst

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