OKLAHOMA CITY, July 15, 2021 /PRNewswire/ -- BancFirst
Corporation (NASDAQ GS: BANF) reported net income of $48.2 million, or $1.45 diluted earnings per share, for the second
quarter of 2021 compared to net income of $20.7 million, or $0.63 diluted earnings per share, for the second
quarter of 2020. Net income for the six months ended
June 30, 2021 was $90.7 million, or $2.72 per share, compared to $43.3 million, or $1.31 per share, for the first half of 2020. The
Company recorded a net benefit from reversal of provisions for
credit losses of $9.9 million for
both the second quarter and first half of 2021 compared to a
provision for credit losses of $19.3
million for the second quarter of 2020 and $38.9 million for the first half of 2020. Also
included in noninterest income and noninterest expense were a
purchase gain and acquisition related expenses from the purchase
and assumption transaction with The First National Bank and Trust
Company of Vinita, Oklahoma, which
resulted in a net benefit of approximately $2.0 million.
BancFirst Corporation Executive Chairman David Rainbolt commented, "There has been a 180
degree change in the perception of our economic direction from the
second quarter of last year. The massive provisions in 2020
precipitated by the unknown consequences of the pandemic have given
way to a stimulus driven economic turnaround both nationally and in
Oklahoma. Although some caution
remains regarding the sustainability of the recovery and possible
effects of virus variants, we would anticipate more modest reserve
reversals in the next quarter or two."
The Company's net interest income for the second quarter of 2021
increased to $82.4 million compared
to $77.2 million for the second
quarter of 2020, due primarily to $11.9
million in fee income from Paycheck Protection Program (PPP)
loan forgiveness. The net interest margin for the quarter was 3.32%
compared to 3.54% a year ago. Noninterest income for the quarter
totaled $44.6 million, compared to
$32.1 million last year. The increase
in noninterest income was due to the aforementioned purchase gain
for The First National Bank and Trust Company of Vinita, Oklahoma, $2.2
million in rental income from other real estate property,
and a $2.7 million increase in income
from debate card interchange fees. Noninterest expense for the
quarter increased to $74.0 million
compared to $64.7 million last year,
due to approximately $3.4 million
related to other real estate property management costs, the
aforementioned acquisition related expenses, and $1.3 million in net occupancy and depreciation
from the Company's new corporate headquarters. The Company's
effective tax rate was 23.4% compared to 18.1% for the second
quarter of 2020.
At June 30, 2021, the Company's
total assets were $11.0 billion, an
increase of $1.8 billion from
December 31, 2020. Loans totaled
$6.2 billion, a decrease of
$241.0 million from December 31, 2020 due primarily to a net decrease
of approximately $284 million in PPP
loans and approximately $21 million
of loans that were sold with the Company's Hugo, Oklahoma branch. Deposits totaled
$9.7 billion, an increase of
$1.7 billion from December 31, 2020. The increase in assets and
deposits was primarily related to PPP and other government stimulus
payments. At June 30, 2021, the
balance of PPP loans was $368.6
million. The Company's total stockholders' equity was
$1.1 billion, an increase of
$63.7 million over December 31, 2020. Off-balance sheet sweep
accounts totaled $2.6 billion at
June 30, 2021 compared to
$2.8 billion at December 31, 2020.
Nonaccrual loans represent 0.48% of total loans at June 30, 2021, down from 0.58% at year-end 2020.
Net charge-offs for the quarter were 0.06% of average loans,
compared to none in the second quarter of 2020. The allowance
for credit losses to total loans was 1.35% at June 30, 2021 compared to 1.42% at year-end 2020,
and the allowance for credit losses to nonaccrual loans was 281.73%
compared to 243.35% at year-end 2020. At June 30, 2021, the Company's nonaccrual loans
decreased $7.7 million from year-end
2020, due to resolutions of several loans, which was slightly
offset by $7.3 million of nonaccrual
loans acquired from The First National Bank and Trust Company of
Vinita, Oklahoma. At June 30, 2021, the Company's other real estate
owned (OREO) increased $8.0 million
from December 31, 2020, and included
approximately $4.0 million due to the
repossession of one commercial real estate property, $2.4 million from the decommissioning of the
Company's previous headquarters, and $2.5
million acquired from The First National Bank and Trust
Company of Vinita, Oklahoma.
On June 17, 2021, the Company
completed a private placement, under Regulation D of the Securities
Act of 1933, of $60 million aggregate
principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes
due 2036 (the "Subordinated Notes") to various institutional
accredited investors. The Subordinated Notes have been structured
to qualify as Tier 2 capital under bank regulatory guidelines. The
net proceeds to the Company from the sale of the Subordinated Notes
was approximately $59.15 million
after deducting commissions and offering expenses. The
Company expects to use the proceeds from the sale of the
Subordinated Notes for general corporate purposes.
On May 20, 2021, the Company
completed the purchase and assumption transaction with The First
National Bank and Trust Company of Vinita, Oklahoma to purchase certain of its
assets and assume its deposits and certain other obligations. The
First National Bank and Trust Company of Vinita had banking locations in Vinita and Grove,
Oklahoma. These banking locations became branches of
BancFirst. The Company purchased approximately $284 million in total assets, $195 million in loans, and $256 million in deposits.
BancFirst Corporation CEO David
Harlow commented, "The story for the quarter and for the
first six months of the year is the reversal of loan loss reserve
compared to significant provisions in the first half of 2020 in
addition to the continued realization of PPP loan fees as a result
of ongoing PPP loan forgiveness. Our margin (absent
non-recurring PPP loan fees) continues to be under pressure as
government stimulus driven deposit growth has far outstripped loan
growth. Our challenge for the remainder of 2021 and into 2022
will be to sustain the trajectory of non-interest income growth
while generating loan growth in the emerging post-pandemic
economy."
BancFirst Corporation (the Company) is an Oklahoma based financial services holding
company. The Company operates two subsidiary banks,
BancFirst, an Oklahoma
state-chartered bank with 106 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)
|
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
2nd
Qtr
|
|
|
1st
Qtr
|
|
|
4th
Qtr
|
|
|
3rd
Qtr
|
|
|
2nd
Qtr
|
|
Condensed
Income Statements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
82,363
|
|
|
$
|
77,206
|
|
|
$
|
79,535
|
|
|
$
|
75,852
|
|
|
$
|
77,208
|
|
(Benefit from)
provision for credit losses
|
|
|
(9,949)
|
|
|
|
—
|
|
|
|
4,992
|
|
|
|
18,740
|
|
|
|
19,333
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust
revenue
|
|
|
3,264
|
|
|
|
3,102
|
|
|
|
2,976
|
|
|
|
3,131
|
|
|
|
3,368
|
|
Service charges on
deposits
|
|
|
20,524
|
|
|
|
19,100
|
|
|
|
19,796
|
|
|
|
19,078
|
|
|
|
16,760
|
|
Securities
transactions
|
|
|
172
|
|
|
|
95
|
|
|
|
156
|
|
|
|
—
|
|
|
|
(595)
|
|
Income from sales of
loans
|
|
|
2,133
|
|
|
|
2,010
|
|
|
|
1,852
|
|
|
|
1,873
|
|
|
|
1,561
|
|
Insurance
commissions
|
|
|
5,015
|
|
|
|
5,989
|
|
|
|
5,680
|
|
|
|
5,197
|
|
|
|
4,443
|
|
Cash
management
|
|
|
3,068
|
|
|
|
3,003
|
|
|
|
3,135
|
|
|
|
3,701
|
|
|
|
4,255
|
|
Other
|
|
|
10,442
|
|
|
|
6,636
|
|
|
|
1,825
|
|
|
|
1,595
|
|
|
|
2,290
|
|
Total noninterest
income
|
|
|
44,618
|
|
|
|
39,935
|
|
|
|
35,420
|
|
|
|
34,575
|
|
|
|
32,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
41,992
|
|
|
|
39,577
|
|
|
|
40,750
|
|
|
|
41,995
|
|
|
|
42,226
|
|
Occupancy expense,
net
|
|
|
4,528
|
|
|
|
4,348
|
|
|
|
4,533
|
|
|
|
4,503
|
|
|
|
3,839
|
|
Depreciation
|
|
|
4,133
|
|
|
|
3,877
|
|
|
|
3,779
|
|
|
|
3,795
|
|
|
|
3,544
|
|
Amortization of
intangible assets
|
|
|
809
|
|
|
|
793
|
|
|
|
915
|
|
|
|
968
|
|
|
|
968
|
|
Data processing
services
|
|
|
1,660
|
|
|
|
1,678
|
|
|
|
1,763
|
|
|
|
1,669
|
|
|
|
1,629
|
|
Net expense from other
real estate owned
|
|
|
3,357
|
|
|
|
1,510
|
|
|
|
420
|
|
|
|
196
|
|
|
|
(12)
|
|
Marketing and business
promotion
|
|
|
1,648
|
|
|
|
1,879
|
|
|
|
1,671
|
|
|
|
1,485
|
|
|
|
1,485
|
|
Deposit
insurance
|
|
|
766
|
|
|
|
876
|
|
|
|
857
|
|
|
|
723
|
|
|
|
365
|
|
Other
|
|
|
15,130
|
|
|
|
10,425
|
|
|
|
10,923
|
|
|
|
10,749
|
|
|
|
10,607
|
|
Total
noninterest expense
|
|
|
74,023
|
|
|
|
64,963
|
|
|
|
65,611
|
|
|
|
66,083
|
|
|
|
64,651
|
|
Income before
income taxes
|
|
|
62,907
|
|
|
|
52,178
|
|
|
|
44,352
|
|
|
|
25,604
|
|
|
|
25,306
|
|
Income tax
expense
|
|
|
14,715
|
|
|
|
9,658
|
|
|
|
8,994
|
|
|
|
4,714
|
|
|
|
4,576
|
|
Net
income
|
|
$
|
48,192
|
|
|
$
|
42,520
|
|
|
$
|
35,358
|
|
|
$
|
20,890
|
|
|
$
|
20,730
|
|
Per Common
Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income-basic
|
|
$
|
1.47
|
|
|
$
|
1.30
|
|
|
$
|
1.08
|
|
|
$
|
0.64
|
|
|
$
|
0.64
|
|
Net
income-diluted
|
|
|
1.45
|
|
|
|
1.27
|
|
|
|
1.06
|
|
|
|
0.63
|
|
|
|
0.63
|
|
Cash dividends
declared
|
|
|
0.34
|
|
|
|
0.34
|
|
|
|
0.34
|
|
|
|
0.34
|
|
|
|
0.32
|
|
Common shares
outstanding
|
|
|
32,784,513
|
|
|
|
32,771,013
|
|
|
|
32,719,852
|
|
|
|
32,679,191
|
|
|
|
32,662,691
|
|
Average common
shares outstanding -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
32,779,227
|
|
|
|
32,756,852
|
|
|
|
32,690,296
|
|
|
|
32,668,789
|
|
|
|
32,651,262
|
|
Diluted
|
|
|
33,405,923
|
|
|
|
33,408,116
|
|
|
|
33,275,550
|
|
|
|
33,168,938
|
|
|
|
33,075,493
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets
|
|
|
1.79
|
%
|
|
|
1.69
|
%
|
|
|
1.45
|
%
|
|
|
0.86
|
%
|
|
|
0.88
|
%
|
Return on
average stockholders' equity
|
|
|
17.42
|
|
|
|
15.90
|
|
|
|
13.25
|
|
|
|
7.89
|
|
|
|
7.99
|
|
Net interest
margin
|
|
|
3.32
|
|
|
|
3.36
|
|
|
|
3.54
|
|
|
|
3.40
|
|
|
|
3.54
|
|
Efficiency
ratio
|
|
|
58.29
|
|
|
|
55.46
|
|
|
|
57.08
|
|
|
|
59.84
|
|
|
|
59.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancFirst Corporation
Summary Financial
Information
(Dollars in
thousands, except per share and share data -
Unaudited)
|
|
|
|
|
|
Six months
ended
|
|
|
|
June
30,
|
|
|
|
2021
|
|
|
2020
|
|
Condensed
Income Statements:
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
159,569
|
|
|
$
|
151,281
|
|
(Benefit from)
provision for credit losses
|
|
|
(9,949)
|
|
|
|
38,916
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
Trust
revenue
|
|
|
6,366
|
|
|
|
7,023
|
|
Service charges on
deposits
|
|
|
39,624
|
|
|
|
35,564
|
|
Securities
transactions
|
|
|
267
|
|
|
|
(545)
|
|
Income from sales of
loans
|
|
|
4,143
|
|
|
|
2,342
|
|
Insurance
commissions
|
|
|
11,004
|
|
|
|
10,119
|
|
Cash
management
|
|
|
6,071
|
|
|
|
8,575
|
|
Other
|
|
|
17,078
|
|
|
|
4,149
|
|
Total noninterest
income
|
|
|
84,553
|
|
|
|
67,227
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
81,569
|
|
|
|
81,982
|
|
Occupancy expense,
net
|
|
|
8,876
|
|
|
|
7,385
|
|
Depreciation
|
|
|
8,010
|
|
|
|
7,035
|
|
Amortization of
intangible assets
|
|
|
1,602
|
|
|
|
1,932
|
|
Data processing
services
|
|
|
3,338
|
|
|
|
3,321
|
|
Net expense from other
real estate owned
|
|
|
4,867
|
|
|
|
(2,147)
|
|
Marketing and business
promotion
|
|
|
3,527
|
|
|
|
3,840
|
|
Deposit
insurance
|
|
|
1,642
|
|
|
|
501
|
|
Other
|
|
|
25,555
|
|
|
|
22,187
|
|
Total noninterest
expense
|
|
|
138,986
|
|
|
|
126,036
|
|
Income before
income taxes
|
|
|
115,085
|
|
|
|
53,556
|
|
Income tax
expense
|
|
|
24,373
|
|
|
|
10,218
|
|
Net
income
|
|
$
|
90,712
|
|
|
$
|
43,338
|
|
Per Common
Share Data:
|
|
|
|
|
|
|
|
|
Net
income-basic
|
|
$
|
2.77
|
|
|
$
|
1.33
|
|
Net
income-diluted
|
|
|
2.72
|
|
|
|
1.31
|
|
Cash dividends
declared
|
|
|
0.68
|
|
|
|
0.64
|
|
Common shares
outstanding
|
|
|
32,784,513
|
|
|
|
32,662,691
|
|
Average common
shares outstanding -
|
|
|
|
|
|
|
|
|
Basic
|
|
|
32,768,102
|
|
|
|
32,665,425
|
|
Diluted
|
|
|
33,407,693
|
|
|
|
33,197,391
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
|
Return on
average assets
|
|
|
1.74
|
%
|
|
|
0.97
|
%
|
Return on
average stockholders' equity
|
|
|
16.67
|
|
|
|
8.42
|
|
Net interest
margin
|
|
|
3.34
|
|
|
|
3.68
|
|
Efficiency
ratio
|
|
|
56.93
|
|
|
|
57.68
|
|
|
BancFirst Corporation
|
|
|
Summary Financial
Information
|
|
|
(Dollars in
thousands, except per share and share data -
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
|
2nd
Qtr
|
|
|
1st
Qtr
|
|
|
4th
Qtr
|
|
|
3rd
Qtr
|
|
|
2nd
Qtr
|
|
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
11,015,287
|
|
|
$
|
10,549,305
|
|
|
$
|
9,212,357
|
|
|
$
|
9,618,868
|
|
|
$
|
9,612,453
|
|
|
Interest-bearing
deposits with banks
|
|
|
4,475,941
|
|
|
|
2,788,316
|
|
|
|
1,336,394
|
|
|
|
1,609,462
|
|
|
|
1,583,116
|
|
|
Debt
securities
|
|
|
563,771
|
|
|
|
520,543
|
|
|
|
555,196
|
|
|
|
596,941
|
|
|
|
608,031
|
|
|
Total
loans
|
|
|
6,207,262
|
|
|
|
6,380,108
|
|
|
|
6,448,225
|
|
|
|
6,660,694
|
|
|
|
6,696,856
|
|
|
Allowance for credit
losses
|
|
|
(83,963)
|
|
|
|
(90,860)
|
|
|
|
(91,366)
|
|
|
|
(106,126)
|
|
|
|
(89,500)
|
|
|
Deposits
|
|
|
9,728,389
|
|
|
|
9,371,940
|
|
|
|
8,064,704
|
|
|
|
8,495,891
|
|
|
|
8,486,671
|
|
|
Stockholders'
equity
|
|
|
1,131,591
|
|
|
|
1,094,671
|
|
|
|
1,067,885
|
|
|
|
1,043,752
|
|
|
|
1,034,199
|
|
|
Book value per common
share
|
|
|
34.52
|
|
|
|
33.40
|
|
|
|
32.64
|
|
|
|
31.94
|
|
|
|
31.66
|
|
|
Tangible book value
per common share (non-GAAP)(1)
|
|
|
29.35
|
|
|
|
28.27
|
|
|
|
27.47
|
|
|
|
26.74
|
|
|
|
26.43
|
|
|
Balance Sheet
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans to
deposits
|
|
|
65.36
|
%
|
|
|
70.84
|
%
|
|
|
77.02
|
%
|
|
|
78.55
|
%
|
|
|
79.78
|
%
|
|
Average earning
assets to total assets
|
|
|
92.01
|
|
|
|
91.54
|
|
|
|
91.82
|
|
|
|
91.99
|
|
|
|
92.23
|
|
|
Average stockholders'
equity to average assets
|
|
|
10.25
|
|
|
|
10.64
|
|
|
|
10.91
|
|
|
|
10.90
|
|
|
|
10.96
|
|
|
Asset Quality
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due
loans
|
|
$
|
4,386
|
|
|
$
|
5,282
|
|
|
$
|
4,802
|
|
|
$
|
6,412
|
|
|
$
|
5,382
|
|
|
Nonaccrual loans
(5)
|
|
|
29,802
|
|
|
|
35,326
|
|
|
|
37,545
|
|
|
|
82,385
|
|
|
|
49,477
|
|
|
Restructured
loans
|
|
|
7,485
|
|
|
|
7,801
|
|
|
|
7,784
|
|
|
|
2,837
|
|
|
|
3,213
|
|
|
Total nonperforming
and restructured loans
|
|
|
41,673
|
|
|
|
48,409
|
|
|
|
50,131
|
|
|
|
91,634
|
|
|
|
58,072
|
|
|
Other real estate
owned and repossessed assets
|
|
|
40,183
|
|
|
|
30,320
|
|
|
|
32,480
|
|
|
|
4,939
|
|
|
|
4,948
|
|
|
Total nonperforming
and restructured assets
|
|
|
81,856
|
|
|
|
78,729
|
|
|
|
82,611
|
|
|
|
96,573
|
|
|
|
63,020
|
|
|
Nonaccrual loans to
total loans
|
|
|
0.48
|
%
|
|
|
0.55
|
%
|
|
|
0.58
|
%
|
|
|
1.24
|
%
|
|
|
0.74
|
%
|
|
Nonaccrual loans to
total Non-PPP loans (non-GAAP)(3)
|
|
|
0.51
|
|
|
|
0.62
|
|
|
|
0.65
|
|
|
|
1.41
|
|
|
|
0.84
|
|
|
Nonperforming and
restructured loans to total loans
|
|
|
0.67
|
|
|
|
0.76
|
|
|
|
0.78
|
|
|
|
1.38
|
|
|
|
0.87
|
|
|
Nonperforming and
restructured loans to total Non-PPP loans (non-GAAP)(3)
|
|
|
0.71
|
|
|
|
0.85
|
|
|
|
0.86
|
|
|
|
1.57
|
|
|
|
0.99
|
|
|
Nonperforming and
restructured assets to total assets
|
|
|
0.74
|
|
|
|
0.75
|
|
|
|
0.90
|
|
|
|
1.00
|
|
|
|
0.66
|
|
|
Allowance for credit
losses to total loans
|
|
|
1.35
|
|
|
|
1.42
|
|
|
|
1.42
|
|
|
|
1.59
|
|
|
|
1.34
|
|
|
Allowance for credit
losses to total Non-PPP loans (non-GAAP)(3)
|
|
|
1.44
|
|
|
|
1.60
|
|
|
|
1.58
|
|
|
|
1.82
|
|
|
|
1.52
|
|
|
Allowance for credit
losses to nonaccrual loans
|
|
|
281.73
|
|
|
|
257.20
|
|
|
|
243.35
|
|
|
|
128.82
|
|
|
|
180.89
|
|
|
Allowance for credit
losses to nonperforming and restructured loans
|
|
|
201.48
|
|
|
|
187.69
|
|
|
|
182.26
|
|
|
|
115.81
|
|
|
|
154.12
|
|
|
Net charge-offs to
average loans
|
|
|
0.06
|
|
|
|
0.01
|
|
|
|
0.30
|
|
|
|
0.03
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Book Value Per Common Share (non-GAAP)(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
|
1,131,591
|
|
|
$
|
1,094,671
|
|
|
$
|
1,067,885
|
|
|
$
|
1,043,752
|
|
|
$
|
1,034,199
|
|
|
Less
goodwill
|
|
|
149,922
|
|
|
|
149,922
|
|
|
|
149,922
|
|
|
|
149,922
|
|
|
|
149,922
|
|
|
Less intangible
assets, net
|
|
|
19,283
|
|
|
|
18,206
|
|
|
|
18,999
|
|
|
|
19,914
|
|
|
|
20,882
|
|
|
Tangible
stockholders' equity (non-GAAP)
|
|
$
|
962,386
|
|
|
$
|
926,543
|
|
|
$
|
898,964
|
|
|
$
|
873,916
|
|
|
$
|
863,395
|
|
|
Common shares
outstanding
|
|
|
32,784,513
|
|
|
|
32,771,013
|
|
|
|
32,719,852
|
|
|
|
32,679,191
|
|
|
|
32,662,691
|
|
|
Tangible book value
per common share (non-GAAP)
|
|
$
|
29.35
|
|
|
$
|
28.27
|
|
|
$
|
27.47
|
|
|
$
|
26.74
|
|
|
$
|
26.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-PPP loan ratios (non-GAAP)(4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans
|
|
$
|
6,207,262
|
|
|
$
|
6,380,108
|
|
|
$
|
6,448,225
|
|
|
$
|
6,660,694
|
|
|
$
|
6,696,856
|
|
|
Less PPP
loans
|
|
|
368,620
|
|
|
|
713,714
|
|
|
|
652,693
|
|
|
|
831,703
|
|
|
|
825,093
|
|
|
Total Non-PPP loans
(non-GAAP)
|
|
$
|
5,838,642
|
|
|
$
|
5,666,394
|
|
|
$
|
5,795,532
|
|
|
$
|
5,828,991
|
|
|
$
|
5,871,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(5)
|
|
|
29,802
|
|
|
|
35,326
|
|
|
|
37,545
|
|
|
|
82,385
|
|
|
|
49,477
|
|
|
Nonaccrual loans to
total Non-PPP loans (non-GAAP)
|
|
|
0.51
|
%
|
|
|
0.62
|
%
|
|
|
0.65
|
%
|
|
|
1.41
|
%
|
|
|
0.84
|
%
|
|
Total nonperforming
and restructured loans
|
|
|
41,673
|
|
|
|
48,409
|
|
|
|
50,131
|
|
|
|
91,634
|
|
|
|
58,072
|
|
|
Nonperforming and
restructured loans to total Non-PPP loans (non-GAAP)
|
|
|
0.71
|
%
|
|
|
0.85
|
%
|
|
|
0.86
|
%
|
|
|
1.57
|
%
|
|
|
0.99
|
%
|
|
Allowance for credit
losses
|
|
|
(83,963)
|
|
|
|
(90,860)
|
|
|
|
(91,366)
|
|
|
|
(106,126)
|
|
|
|
(89,500)
|
|
|
Allowance for credit
losses to total Non-PPP loans (non-GAAP)
|
|
|
1.44
|
%
|
|
|
1.60
|
%
|
|
|
1.58
|
%
|
|
|
1.82
|
%
|
|
|
1.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Refer to the
"Reconciliation of Non-PPP loan ratios
(non-GAAP)" Table.
|
|
|
(4) Nonaccrual loans to
total Non-PPP loans is nonaccrual loans, divided by total loans
less Paycheck Protection Program (PPP) loans. Nonperforming and
restructured loans to total Non-PPP loans is nonperforming and
restructured loans, divided by total loans less PPP loans.
Allowance to total Non-PPP loans is allowance for credit losses,
divided by total loans less PPP loans. These amounts are non-GAAP
financial measures but have been included as they are considered
critical metrics with which to analyze and evaluate the financial
condition and capital strength of the Company. These measures
should not be considered substitutes for operating results
determined in accordance with GAAP.
|
|
|
(5) Government Agencies
guarantee approximately $3.5 million of nonaccrual loans at June
30, 2021.
|
|
BancFirst
Corporation
Consolidated
Average Balance Sheets
And Interest
Margin Analysis
Taxable Equivalent
Basis
(Dollars in
thousands - Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
|
June 30,
2021
|
|
|
June 30,
2021
|
|
|
|
|
|
|
|
|
Interest
|
|
|
Average
|
|
|
|
|
|
|
Interest
|
|
|
Average
|
|
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
Average
|
|
|
Income/
|
|
|
Yield/
|
|
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
Balance
|
|
|
Expense
|
|
|
Rate
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
6,300,418
|
|
|
$
|
82,598
|
|
|
|
5.26
|
|
%
|
$
|
6,350,354
|
|
|
$
|
160,363
|
|
|
5.09
|
|
%
|
Securities
– taxable
|
|
|
534,774
|
|
|
|
1,602
|
|
|
|
1.20
|
|
|
|
528,272
|
|
|
|
3,295
|
|
|
1.26
|
|
|
Securities
– tax exempt
|
|
|
15,058
|
|
|
88
|
|
|
2.35
|
|
|
|
17,187
|
|
|
177
|
|
|
2.08
|
|
|
Interest
bearing deposits with banks and FFS
|
|
|
3,111,009
|
|
|
825
|
|
|
|
0.11
|
|
|
|
2,751,005
|
|
|
|
1,420
|
|
|
|
0.10
|
|
|
Total earning
assets
|
|
|
9,961,259
|
|
|
|
85,113
|
|
|
3.43
|
|
|
|
9,646,818
|
|
|
|
165,255
|
|
|
3.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks
|
|
|
274,168
|
|
|
|
|
|
|
|
|
|
|
|
271,523
|
|
|
|
|
|
|
|
|
|
|
Interest
receivable and other assets
|
|
|
684,089
|
|
|
|
|
|
|
|
|
|
|
|
683,978
|
|
|
|
|
|
|
|
|
|
|
Allowance for
credit losses
|
|
|
(92,899)
|
|
|
|
|
|
|
|
|
|
|
|
(91,731)
|
|
|
|
|
|
|
|
|
|
|
Total nonearning
assets
|
|
|
865,358
|
|
|
|
|
|
|
|
|
|
|
|
863,770
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
10,826,617
|
|
|
|
|
|
|
|
|
|
|
$
|
10,510,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
deposits
|
|
$
|
856,800
|
|
|
$
|
156
|
|
|
0.07
|
|
%
|
$
|
812,145
|
|
|
$
|
304
|
|
|
0.08
|
|
%
|
Savings
deposits
|
|
|
3,692,119
|
|
|
|
939
|
|
|
|
0.10
|
|
|
|
3,598,589
|
|
|
|
2,045
|
|
|
0.11
|
|
|
Time
deposits
|
|
|
657,473
|
|
|
|
908
|
|
|
0.55
|
|
|
|
657,704
|
|
|
|
1,976
|
|
|
0.61
|
|
|
Short-term
borrowings
|
|
|
2,145
|
|
|
|
—
|
|
|
0.06
|
|
|
|
2,534
|
|
|
1
|
|
|
|
0.05
|
|
|
Junior
subordinated debentures
|
|
|
27,454
|
|
|
578
|
|
|
8.44
|
|
|
|
27,131
|
|
|
|
1,069
|
|
|
7.94
|
|
|
Total interest bearing
liabilities
|
|
|
5,235,991
|
|
|
|
2,581
|
|
|
|
0.20
|
|
|
|
5,098,103
|
|
|
|
5,395
|
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest free
funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing deposits
|
|
|
4,432,892
|
|
|
|
|
|
|
|
|
|
|
|
4,270,391
|
|
|
|
|
|
|
|
|
|
|
Interest
payable and other liabilities
|
|
|
47,868
|
|
|
|
|
|
|
|
|
|
|
|
44,713
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
1,109,866
|
|
|
|
|
|
|
|
|
|
|
|
1,097,381
|
|
|
|
|
|
|
|
|
|
|
Total interest free
funds
|
|
|
5,590,626
|
|
|
|
|
|
|
|
|
|
|
|
5,412,485
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
10,826,617
|
|
|
|
|
|
|
|
|
|
|
$
|
10,510,588
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
|
$
|
82,532
|
|
|
|
|
|
|
|
|
|
|
$
|
159,860
|
|
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
|
|
|
3.23
|
|
%
|
|
|
|
|
|
|
|
|
3.24
|
|
%
|
Effect of interest
free funds
|
|
|
|
|
|
|
|
|
|
|
0.09
|
|
%
|
|
|
|
|
|
|
|
|
|
0.10
|
|
%
|
Net interest
margin
|
|
|
|
|
|
|
|
|
|
|
3.32
|
|
%
|
|
|
|
|
|
|
|
|
3.34
|
|
%
|
View original
content:https://www.prnewswire.com/news-releases/bancfirst-corporation-reports-second-quarter-earnings-301335018.html
SOURCE BancFirst