BancFirst Corp. (BANF, Financial) filed Quarterly Report for the period ended 2009-03-31.
BancFirst Corporation is a bank holding company for BancFirst. BancFirst Corporation also owns 100% of the common securities of BFC Capital Trust I and First State Bank. BancFirst's strategy focuses on providing a full range of commercial banking services to retail customers and small to medium-sized businesses both in the non-metropolitan trade centers and the metropolitan markets. BancFirst operates as a ``super community bank`` managing their community banking offices on a decentralized basis which permits them to be responsive to local customer needs. BancFirst Corp. has a market cap of $668.72 million; its shares were traded at around $43.73 with a P/E ratio of 17.42 and P/S ratio of 3.13. The dividend yield of BancFirst Corp. stocks is 2.01%. BancFirst Corp. had an annual average earning growth of 9% over the past 10 years. GuruFocus rated BancFirst Corp. the business predictability rank of 4.5-star.
Total assets at March 31, 2009 were $4.0 billion, up $172 million or 4.5% from a year ago. Total loans were $2.8 billion, an increase of $308 million or 12.3% from March 31, 2008. At quarter end total deposits were $3.5 billion, up $170 million or 5.2% from the previous year. Stockholders equity was $416 million or 10.5% of total assets as of March 31, 2009, an increase of $30 million from a year ago. The Companys liquidity remains strong as its average loan to deposit ratio was 83.3% at quarter end and core deposits represented 89.6% of total deposits. The Company had no brokered deposits and no Federal Home Loan Bank borrowings.
Compared to year end 2008, total assets grew by $91 million from $3.9 billion. Loans increased by $51 million from December 31, 2008 while deposits were up by $91 million. At March 31, 2009 the Companys stockholders equity was $416 million compared to $414 million at December 31, 2008.
Net interest income totaled $31.8 million, a decrease of $3.6 million, or 10.3%, compared to the first quarter of 2008. The Companys net interest margin (on a taxable equivalent basis) was 3.69% compared to 4.03% for the same period a year ago. The lower interest rate environment in 2009 compared to a year ago has caused the Companys net interest margin to decline. From March 31, 2008 earning assets increased $148 million to $3.5 billion. The volume variance impact on the net interest margin was a positive $5.2 million which was more than offset by the rate variance impact of a negative $8.8 million.
Total securities decreased $16 million compared to December 31, 2008 and $24 million compared to March 31, 2008. The size of the Companys securities portfolio is a function of liquidity management and excess funds available for investment. The Company has maintained a very liquid securities portfolio to provide funds for loan growth. The net unrealized gain on securities available for sale, before taxes, was $17.3 million at the end of the first quarter of 2009, compared to $18.3 million at March 31, 2008. The decrease in unrealized gains from March 31, 2008 to March 31, 2009 was due in part to the realization of securities gains resulting from the $80 million sale of securities previously discussed. The average taxable equivalent yield on the securities portfolio for the first quarter of 2009 decreased to 3.74% from 4.36% for the same quarter of 2008. The Company does not own any equity securities issued by Fannie Mae or Freddie
Mac. On April 2, 2009, the Company redeemed $4.8 million of FHLB-Topeka stock at par which reduced the outstanding amount of FHLB-Topeka stock to $1.0 million. As a result of this transaction, the amount the Company may potentially borrow from the FHLB-Topeka was reduced to $20 million from $115 million.
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BancFirst Corporation is a bank holding company for BancFirst. BancFirst Corporation also owns 100% of the common securities of BFC Capital Trust I and First State Bank. BancFirst's strategy focuses on providing a full range of commercial banking services to retail customers and small to medium-sized businesses both in the non-metropolitan trade centers and the metropolitan markets. BancFirst operates as a ``super community bank`` managing their community banking offices on a decentralized basis which permits them to be responsive to local customer needs. BancFirst Corp. has a market cap of $668.72 million; its shares were traded at around $43.73 with a P/E ratio of 17.42 and P/S ratio of 3.13. The dividend yield of BancFirst Corp. stocks is 2.01%. BancFirst Corp. had an annual average earning growth of 9% over the past 10 years. GuruFocus rated BancFirst Corp. the business predictability rank of 4.5-star.
Highlight of Business Operations:
Net income for the first quarter of 2009 was $7.1 million compared to $11.6 million for the first quarter of 2008. Diluted net income per share was $0.46 and $0.74 for the first quarter of 2009 and 2008, respectively. The results for 2008 included a $1.2 million after-tax gain related to the Visa initial public offering.Total assets at March 31, 2009 were $4.0 billion, up $172 million or 4.5% from a year ago. Total loans were $2.8 billion, an increase of $308 million or 12.3% from March 31, 2008. At quarter end total deposits were $3.5 billion, up $170 million or 5.2% from the previous year. Stockholders equity was $416 million or 10.5% of total assets as of March 31, 2009, an increase of $30 million from a year ago. The Companys liquidity remains strong as its average loan to deposit ratio was 83.3% at quarter end and core deposits represented 89.6% of total deposits. The Company had no brokered deposits and no Federal Home Loan Bank borrowings.
Compared to year end 2008, total assets grew by $91 million from $3.9 billion. Loans increased by $51 million from December 31, 2008 while deposits were up by $91 million. At March 31, 2009 the Companys stockholders equity was $416 million compared to $414 million at December 31, 2008.
Net interest income totaled $31.8 million, a decrease of $3.6 million, or 10.3%, compared to the first quarter of 2008. The Companys net interest margin (on a taxable equivalent basis) was 3.69% compared to 4.03% for the same period a year ago. The lower interest rate environment in 2009 compared to a year ago has caused the Companys net interest margin to decline. From March 31, 2008 earning assets increased $148 million to $3.5 billion. The volume variance impact on the net interest margin was a positive $5.2 million which was more than offset by the rate variance impact of a negative $8.8 million.
Total securities decreased $16 million compared to December 31, 2008 and $24 million compared to March 31, 2008. The size of the Companys securities portfolio is a function of liquidity management and excess funds available for investment. The Company has maintained a very liquid securities portfolio to provide funds for loan growth. The net unrealized gain on securities available for sale, before taxes, was $17.3 million at the end of the first quarter of 2009, compared to $18.3 million at March 31, 2008. The decrease in unrealized gains from March 31, 2008 to March 31, 2009 was due in part to the realization of securities gains resulting from the $80 million sale of securities previously discussed. The average taxable equivalent yield on the securities portfolio for the first quarter of 2009 decreased to 3.74% from 4.36% for the same quarter of 2008. The Company does not own any equity securities issued by Fannie Mae or Freddie
Mac. On April 2, 2009, the Company redeemed $4.8 million of FHLB-Topeka stock at par which reduced the outstanding amount of FHLB-Topeka stock to $1.0 million. As a result of this transaction, the amount the Company may potentially borrow from the FHLB-Topeka was reduced to $20 million from $115 million.
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