EX-99.1 2 banf-ex991_6.htm EX-99.1 banf-ex991_6.htm

 

Exhibit 99.1

 

BANCFIRST CORPORATION REPORTS FOURTH QUARTER EARNINGS

 

OKLAHOMA CITY, January 21, 2021 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $35.4 million, or $1.06 diluted earnings per share, for the fourth quarter of 2020 compared to net income of $35.5 million, or $1.07 diluted earnings per share, for the fourth quarter of 2019.  Net income for the twelve months ended December 31, 2020 was $99.6 million, or $3.00 diluted earnings per share, compared to $134.9 million, or $4.05 diluted earnings per share, for the year ended December 31, 2019. The results for 2020 were negatively impacted by a higher provision for credit losses. Net income for the year ended December 31, 2020 includes the entire year of net income of Pegasus Bank in Dallas, Texas, which was acquired on August 15, 2019, and the income and expenses associated with the purchase of assets and assumption of liabilities on March 5, 2020, from The Citizens State Bank of Okemah. The results for the prior year include Pegasus Bank acquisition related expenses of approximately $3.1 million.

 

The provision for credit losses for the fourth quarter of 2020 was $5.0 million compared to $1.4 million a year ago and $57.7 million through the first three quarters of 2020. BancFirst Corporation Executive Chairman David Rainbolt commented, “Our provision for credit losses was substantially reduced from previous quarters due to improvements in projected outcomes for the economic effects of the pandemic. The rollout of the vaccine and extension of the Cares Act stimulus, combined with improved energy prices and jobs data, justify a cessation to the outsized provisions seen in prior quarters.”

 

The Company’s net interest income for the fourth quarter of 2020 increased to $79.5 million compared to $73.9 million for the fourth quarter of 2019. Net interest income increased for the fourth quarter of 2020 due to loan growth, PPP fee income of approximately $8.0 million and the decrease in interest rates paid on deposits. The net interest margin for the quarter was 3.54% compared to 3.78% a year ago. The Company had net charge-offs for the quarter of 0.30% of average loans, compared to net charge-offs of 0.06% of average loans for the fourth quarter of 2019. Noninterest income for the quarter totaled $35.4 million, compared to $35.5 million last year. Noninterest expense for the quarter totaled $65.6 million compared to $66.3 million last year. Overall noninterest expense decreased during the fourth quarter of 2020 compared to the fourth quarter of 2019 primarily due to $2.3 million of amortization of new market tax credits in 2019. However, deposit insurance, net expense from other real estate owned, net occupancy and depreciation increased during the fourth quarter of 2020 compared to 2019. The Company’s effective tax rate was 20.3% compared to 15.0% for the fourth quarter of 2019.  The effective tax rate for the fourth quarter of 2019 was lower due to the purchase of tax credits during the quarter.

 

At December 31, 2020, the Company’s total assets were $9.2 billion, an increase of $646.6 million from December 31, 2019. Securities of $555.2 million were up $63.6 million from December 31, 2019. Loans totaled $6.4 billion, an increase of $775.1 million from December 31, 2019. Deposits totaled $8.1 billion, an increase of $581.1 million from the December 31, 2019 total. The increase in assets, loans and deposits were primarily related to the Paycheck Protection Program (PPP) and other government stimulus. At December 31, 2020, the balance of the Paycheck Protection Program loans was $652.7 million. The Company’s total stockholders’ equity was $1.1 billion, an increase of $62.9 million over December 31, 2019. Off-balance sheet sweep accounts were $2.7 billion at December 31, 2020 compared to $2.0 billion at December 31, 2019.

 

Nonaccrual loans represented 0.58% of total loans at December 31, 2020, up from 0.32% at year-end 2019, but down from 1.24% at September 30, 2020. Non-performing assets represented 0.90% of total assets at December 31, 2020, up from 0.63% at December 31, 2019 as a result of loan migration from non-accrual loans to other real estate owned (OREO) during the fourth quarter of 2020. The allowance to total loans was 1.42% at December 31, 2020, up from 0.96% at year-end 2019. The allowance to nonaccrual loans was approximately 243% at December 31, 2020, compared to 302% at year-end 2019, and 129% at September 30, 2020.

 

BancFirst Corporation CEO David Harlow commented, “In a very challenging year the Company was able to report earnings of $3.00 per diluted share while substantially building loan loss reserves, increasing our dividend for the 27th consecutive year and growing total stockholders’ equity and tangible book value per share.  The outlook for 2021 is certainly better today than we would have projected at the outset of the pandemic; however, many consumers and certain sectors of the economy continue to struggle and the ultimate outcome for many businesses when the stimulus subsides is far from certain.”

 

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 107 banking locations serving 59 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.

 

For additional information call:

Kevin Lawrence, Chief Financial Officer at (405) 270-1003 or

David Harlow, Chief Executive Officer at (405) 270-1082.

1

 

 

 

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

Condensed Income Statements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

79,535

 

 

$

75,852

 

 

$

77,208

 

 

$

74,073

 

 

$

73,939

 

Provision for credit losses

 

 

4,992

 

 

 

18,740

 

 

 

19,333

 

 

 

19,583

 

 

 

1,412

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust revenue

 

 

2,976

 

 

 

3,131

 

 

 

3,368

 

 

 

3,655

 

 

 

3,682

 

Service charges on deposits

 

 

19,796

 

 

 

19,078

 

 

 

16,760

 

 

 

18,804

 

 

 

19,938

 

Securities transactions

 

 

156

 

 

 

—

 

 

 

(595

)

 

 

50

 

 

 

(9

)

Income from sales of loans

 

 

1,852

 

 

 

1,873

 

 

 

1,561

 

 

 

781

 

 

 

1,089

 

Insurance commissions

 

 

5,680

 

 

 

5,197

 

 

 

4,443

 

 

 

5,676

 

 

 

5,076

 

Cash management

 

 

3,135

 

 

 

3,701

 

 

 

4,255

 

 

 

4,320

 

 

 

4,258

 

Other

 

 

1,825

 

 

 

1,595

 

 

 

2,290

 

 

 

1,859

 

 

 

1,490

 

Total noninterest income

 

 

35,420

 

 

 

34,575

 

 

 

32,082

 

 

 

35,145

 

 

 

35,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

40,750

 

 

 

41,995

 

 

 

42,226

 

 

 

39,756

 

 

 

40,375

 

Occupancy expense, net

 

 

4,533

 

 

 

4,503

 

 

 

3,839

 

 

 

3,546

 

 

 

3,738

 

Depreciation

 

 

3,779

 

 

 

3,795

 

 

 

3,544

 

 

 

3,491

 

 

 

3,355

 

Amortization of intangible assets

 

 

915

 

 

 

968

 

 

 

968

 

 

 

964

 

 

 

1,007

 

Data processing services

 

 

1,763

 

 

 

1,669

 

 

 

1,629

 

 

 

1,692

 

 

 

1,634

 

Net expense from other real estate owned

 

 

420

 

 

 

196

 

 

 

(12

)

 

 

(2,135

)

 

 

(424

)

Marketing and business promotion

 

 

1,671

 

 

 

1,485

 

 

 

1,485

 

 

 

2,355

 

 

 

2,327

 

Deposit insurance

 

 

857

 

 

 

723

 

 

 

365

 

 

 

136

 

 

 

147

 

Other

 

 

10,923

 

 

 

10,749

 

 

 

10,607

 

 

 

11,580

 

 

 

14,137

 

   Total noninterest expense

 

 

65,611

 

 

 

66,083

 

 

 

64,651

 

 

 

61,385

 

 

 

66,296

 

Income before income taxes

 

 

44,352

 

 

 

25,604

 

 

 

25,306

 

 

 

28,250

 

 

 

41,755

 

Income tax expense

 

 

8,994

 

 

 

4,714

 

 

 

4,576

 

 

 

5,642

 

 

 

6,248

 

Net income

 

$

35,358

 

 

$

20,890

 

 

$

20,730

 

 

$

22,608

 

 

$

35,507

 

Per Common Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income-basic

 

$

1.08

 

 

$

0.64

 

 

$

0.64

 

 

$

0.69

 

 

$

1.09

 

Net income-diluted

 

 

1.06

 

 

 

0.63

 

 

 

0.63

 

 

 

0.68

 

 

 

1.07

 

Cash dividends declared

 

 

0.34

 

 

 

0.34

 

 

 

0.32

 

 

 

0.32

 

 

 

0.32

 

Common shares outstanding

 

 

32,719,852

 

 

 

32,679,191

 

 

 

32,662,691

 

 

 

32,646,691

 

 

 

32,694,268

 

Average common shares outstanding -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Basic

 

 

32,690,296

 

 

 

32,668,789

 

 

 

32,651,262

 

 

 

32,679,587

 

 

 

32,673,438

 

   Diluted

 

 

33,275,550

 

 

 

33,168,938

 

 

 

33,075,493

 

 

 

33,287,359

 

 

 

33,366,848

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.45

%

 

 

0.86

%

 

 

0.88

%

 

 

1.07

%

 

 

1.66

%

Return on average stockholders’ equity

 

 

13.25

 

 

 

7.89

 

 

 

7.99

 

 

 

8.87

 

 

 

13.76

 

Net interest margin

 

 

3.54

 

 

 

3.40

 

 

 

3.54

 

 

 

3.82

 

 

 

3.78

 

Efficiency ratio

 

 

57.08

 

 

 

59.84

 

 

 

59.16

 

 

 

56.20

 

 

 

60.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


2

 

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

 

 

Twelve months ended

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Condensed Income Statements:

 

 

 

 

 

 

 

 

Net interest income

 

$

306,668

 

 

$

281,921

 

Provision for credit losses

 

 

62,648

 

 

 

8,287

 

Non-interest income:

 

 

 

 

 

 

 

 

Trust revenue

 

 

13,130

 

 

 

13,599

 

Service charges on deposits

 

 

74,438

 

 

 

76,581

 

Securities transactions

 

 

(389

)

 

 

812

 

Income from sales of loans

 

 

6,067

 

 

 

3,619

 

Insurance commissions

 

 

20,996

 

 

 

20,296

 

Cash management

 

 

15,411

 

 

 

16,866

 

Other

 

 

7,569

 

 

 

5,456

 

Total noninterest income

 

 

137,222

 

 

 

137,229

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

164,727

 

 

 

153,024

 

Occupancy expense, net

 

 

16,421

 

 

 

12,704

 

Depreciation

 

 

14,609

 

 

 

12,623

 

Amortization of intangible assets

 

 

3,815

 

 

 

3,366

 

Data processing services

 

 

6,753

 

 

 

5,843

 

Net expense from other real estate owned

 

 

(1,531

)

 

 

(785

)

Marketing and business promotion

 

 

6,996

 

 

 

8,554

 

Deposit insurance

 

 

2,081

 

 

 

1,143

 

Other

 

 

43,859

 

 

 

44,829

 

Total noninterest expense

 

 

257,730

 

 

 

241,301

 

Income before income taxes

 

 

123,512

 

 

 

169,562

 

Income tax expense

 

 

23,926

 

 

 

34,683

 

Net income

 

$

99,586

 

 

$

134,879

 

Per Common Share Data:

 

 

 

 

 

 

 

 

Net income-basic

 

$

3.05

 

 

$

4.13

 

Net income-diluted

 

 

3.00

 

 

 

4.05

 

Cash dividends declared

 

 

1.32

 

 

 

1.24

 

Common shares outstanding

 

 

32,719,852

 

 

 

32,694,268

 

Average common shares outstanding -

 

 

 

 

 

 

 

 

   Basic

 

 

32,672,522

 

 

 

32,639,396

 

   Diluted

 

 

33,210,952

 

 

 

33,329,844

 

Performance Ratios:

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.06

%

 

 

1.69

%

Return on average stockholders’ equity

 

 

9.52

 

 

 

14.04

 

Net interest margin

 

 

3.57

 

 

 

3.85

 

Efficiency ratio

 

 

58.06

 

 

 

57.57

 

 


3

 

BancFirst Corporation

 

 

Summary Financial Information

 

 

(Dollars in thousands, except per share and share data - Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

 

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

9,212,357

 

 

$

9,618,868

 

 

$

9,612,453

 

 

$

8,669,096

 

 

$

8,565,758

 

 

Interest-bearing deposits with banks

 

 

1,336,394

 

 

 

1,609,462

 

 

 

1,583,116

 

 

 

1,356,826

 

 

 

1,646,238

 

 

Debt securities

 

 

555,196

 

 

 

596,941

 

 

 

608,031

 

 

 

591,987

 

 

 

491,626

 

 

Total loans

 

 

6,448,225

 

 

 

6,660,694

 

 

 

6,696,856

 

 

 

6,006,065

 

 

 

5,673,144

 

 

Allowance for credit losses

 

 

(91,366

)

 

 

(106,126

)

 

 

(89,500

)

 

 

(70,080

)

 

 

(54,238

)

 

Deposits

 

 

8,064,704

 

 

 

8,495,891

 

 

 

8,486,671

 

 

 

7,573,200

 

 

 

7,483,635

 

 

Stockholders' equity

 

 

1,067,885

 

 

 

1,043,752

 

 

 

1,034,199

 

 

 

1,023,380

 

 

 

1,004,989

 

 

Book value per common share

 

 

32.64

 

 

 

31.94

 

 

 

31.66

 

 

 

31.35

 

 

 

30.74

 

 

Tangible book value per common share (non-GAAP)(1)

 

 

27.47

 

 

 

26.74

 

 

 

26.43

 

 

 

26.09

 

 

 

25.50

 

 

Balance Sheet Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

77.02

%

 

 

78.55

%

 

 

79.78

%

 

 

77.75

%

 

 

75.83

%

 

Average earning assets to total assets

 

 

91.82

 

 

 

91.99

 

 

 

92.23

 

 

 

91.51

 

 

 

91.50

 

 

Average stockholders' equity to average assets

 

 

10.91

 

 

 

10.90

 

 

 

10.96

 

 

 

12.02

 

 

 

12.04

 

 

Asset Quality Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past due loans

 

$

4,802

 

 

$

6,412

 

 

$

5,382

 

 

$

10,065

 

 

$

11,834

 

 

Nonaccrual loans (5)

 

 

37,545

 

 

 

82,385

 

 

 

49,477

 

 

 

45,181

 

 

 

17,965

 

 

Restructured loans

 

 

7,784

 

 

 

2,837

 

 

 

3,213

 

 

 

3,158

 

 

 

18,010

 

 

Total nonperforming and restructured loans

 

 

50,131

 

 

 

91,634

 

 

 

58,072

 

 

 

58,404

 

 

 

47,809

 

 

Other real estate owned and repossessed assets

 

 

32,480

 

 

 

4,939

 

 

 

4,948

 

 

 

6,001

 

 

 

6,073

 

 

Total nonperforming and restructured assets

 

 

82,611

 

 

 

96,573

 

 

 

63,020

 

 

 

64,405

 

 

 

53,882

 

 

Nonaccrual loans to total loans

 

 

0.58

%

 

 

1.24

%

 

 

0.74

%

 

 

0.75

%

 

 

0.32

%

 

Nonaccrual loans to total Non-PPP loans (non-GAAP)(3)

 

 

0.65

 

 

 

1.41

 

 

 

0.84

 

 

 

0.75

 

 

 

0.32

 

 

Nonperforming and restructured loans to total loans

 

 

0.78

 

 

 

1.38

 

 

 

0.87

 

 

 

0.97

 

 

 

0.84

 

 

Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)(3)

 

 

0.86

 

 

 

1.57

 

 

 

0.99

 

 

 

0.97

 

 

 

0.84

 

 

Nonperforming and restructured assets to total assets

 

 

0.90

 

 

 

1.00

 

 

 

0.66

 

 

 

0.74

 

 

 

0.63

 

 

Allowance to total loans

 

 

1.42

 

 

 

1.59

 

 

 

1.34

 

 

 

1.17

 

 

 

0.96

 

 

Allowance to total Non-PPP loans (non-GAAP)(3)

 

 

1.58

 

 

 

1.82

 

 

 

1.52

 

 

 

1.17

 

 

 

0.96

 

 

Allowance to nonaccrual loans

 

 

243.35

 

 

 

128.82

 

 

 

180.89

 

 

 

155.11

 

 

 

301.91

 

 

Allowance to nonperforming and restructured loans

 

 

182.26

 

 

 

115.81

 

 

 

154.12

 

 

 

119.99

 

 

 

113.45

 

 

Net charge-offs to average loans

 

 

0.30

 

 

 

0.03

 

 

 

0.00

 

 

 

0.02

 

 

 

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

$

1,067,885

 

 

$

1,043,752

 

 

$

1,034,199

 

 

$

1,023,380

 

 

$

1,004,989

 

 

Less goodwill

 

 

149,922

 

 

 

149,922

 

 

 

149,922

 

 

 

149,923

 

 

 

148,604

 

 

Less intangible assets, net

 

 

18,999

 

 

 

19,914

 

 

 

20,882

 

 

 

21,850

 

 

 

22,608

 

 

Tangible stockholders’ equity (non-GAAP)

 

$

898,964

 

 

$

873,916

 

 

$

863,395

 

 

$

851,607

 

 

$

833,777

 

 

Common shares outstanding

 

 

32,719,852

 

 

 

32,679,191

 

 

 

32,662,691

 

 

 

32,646,691

 

 

 

32,694,268

 

 

Tangible book value per common share (non-GAAP)

 

$

27.47

 

 

$

26.74

 

 

$

26.43

 

 

$

26.09

 

 

$

25.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)     Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table.

 

4

 

 

(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

 

$

6,448,225

 

 

$

6,660,694

 

 

$

6,696,856

 

 

$

6,006,065

 

 

$

5,673,144

 

 

Less PPP loans

 

 

652,693

 

 

 

831,703

 

 

 

825,093

 

 

 

—

 

 

 

—

 

 

Total Non-PPP loans (non-GAAP)

 

$

5,795,532

 

 

$

5,828,991

 

 

$

5,871,763

 

 

$

6,006,065

 

 

$

5,673,144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans (5)

 

 

37,545

 

 

 

82,385

 

 

 

49,477

 

 

 

45,181

 

 

 

17,965

 

 

Nonaccrual loans to total Non-PPP loans (non-GAAP)

 

 

0.65

%

 

 

1.41

%

 

 

0.84

%

 

 

0.75

%

 

 

0.32

%

 

Total nonperforming and restructured loans

 

 

50,131

 

 

 

91,634

 

 

 

58,072

 

 

 

58,404

 

 

 

47,809

 

 

Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)

 

 

0.86

%

 

 

1.57

%

 

 

0.99

%

 

 

0.97

%

 

 

0.84

%

 

Allowance for credit losses

 

 

(91,366

)

 

 

(106,126

)

 

 

(89,500

)

 

 

(70,080

)

 

 

(54,238

)

 

Allowance to total Non-PPP loans (non-GAAP)

 

 

1.58

%

 

 

1.82

%

 

 

1.52

%

 

 

1.17

%

 

 

0.96

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 $7.8 million of nonaccrual loans at December 31, 2020.

 

 


5

 

 

 

 

 

 

 

 

 

 

 

 

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, 2020

 

 

December 31, 2020

 

 

 

 

 

 

 

Interest

 

 

Average

 

 

 

 

 

 

Interest

 

 

Average

 

 

 

Average

 

 

Income/

 

 

Yield/

 

 

Average

 

 

Income/

 

 

Yield/

 

 

 

Balance

 

 

Expense

 

 

Rate

 

 

Balance

 

 

Expense

 

 

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

6,599,933

 

 

$

79,815

 

 

 

4.80

%

 

$

6,432,455

 

 

$

312,195

 

 

 

4.84

%

Securities – taxable

 

 

558,046

 

 

 

1,926

 

 

 

1.37

 

 

 

556,931

 

 

 

8,591

 

 

 

1.54

 

Securities – tax exempt

 

 

30,131

 

 

 

131

 

 

 

1.73

 

 

 

28,969

 

 

 

616

 

 

 

2.12

 

Federal funds sold and interest-bearing deposits with banks

 

 

1,719,900

 

 

 

463

 

 

 

0.11

 

 

 

1,562,383

 

 

 

6,049

 

 

 

0.39

 

Total earning assets

 

 

8,908,010

 

 

 

82,335

 

 

 

3.67

 

 

 

8,580,738

 

 

 

327,451

 

 

 

3.81

 

Nonearning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

252,082

 

 

 

 

 

 

 

 

 

 

 

220,995

 

 

 

 

 

 

 

 

 

Interest receivable and other assets

 

 

638,173

 

 

 

 

 

 

 

 

 

 

 

611,966

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

 

(97,046

)

 

 

 

 

 

 

 

 

 

 

(76,501

)

 

 

 

 

 

 

 

 

Total nonearning assets

 

 

793,209

 

 

 

 

 

 

 

 

 

 

 

756,460

 

 

 

 

 

 

 

 

 

Total assets

 

$

9,701,219

 

 

 

 

 

 

 

 

 

 

$

9,337,198

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction deposits

 

$

711,266

 

 

$

131

 

 

 

0.07

%

 

$

744,632

 

 

$

940

 

 

 

0.13

%

Savings deposits

 

 

3,404,226

 

 

 

903

 

 

 

0.11

 

 

 

3,273,903

 

 

 

9,385

 

 

 

0.29

 

Time deposits

 

 

684,992

 

 

 

1,434

 

 

 

0.83

 

 

 

695,637

 

 

 

8,147

 

 

 

1.17

 

Short-term borrowings

 

 

1,075

 

 

 

-

 

 

 

0.07

 

 

 

2,745

 

 

 

8

 

 

 

0.30

 

Long-term borrowings

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,107

 

 

 

-

 

 

 

-

 

Junior subordinated debentures

 

 

26,804

 

 

 

492

 

 

 

7.29

 

 

 

26,804

 

 

 

1,966

 

 

 

7.31

 

Total interest-bearing liabilities

 

 

4,828,363

 

 

 

2,960

 

 

 

0.24

 

 

 

4,744,828

 

 

 

20,446

 

 

 

0.43

 

Interest-free funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

3,768,493

 

 

 

 

 

 

 

 

 

 

 

3,503,187

 

 

 

 

 

 

 

 

 

Interest payable and other liabilities

 

 

45,673

 

 

 

 

 

 

 

 

 

 

 

46,048

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

1,058,690

 

 

 

 

 

 

 

 

 

 

 

1,043,135

 

 

 

 

 

 

 

 

 

Total interest free funds

 

 

4,872,856

 

 

 

 

 

 

 

 

 

 

 

4,592,370

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

9,701,219

 

 

 

 

 

 

 

 

 

 

$

9,337,198

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

 

$

79,375

 

 

 

 

 

 

 

 

 

 

$

307,005

 

 

 

 

 

Net interest spread

 

 

 

 

 

 

 

 

 

 

3.43

%

 

 

 

 

 

 

 

 

 

 

3.38

%

Effect of interest free funds

 

 

 

 

 

 

 

 

 

 

0.11

%

 

 

 

 

 

 

 

 

 

 

0.19

%

Net interest margin

 

 

 

 

 

 

 

 

 

 

3.54

%

 

 

 

 

 

 

 

 

 

 

3.57

%

 

 

6