BancFirst Corp. (BANF, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $577.7 million; its shares were traded at around $37.75 with a P/E ratio of 19.1 and P/S ratio of 2.7. The dividend yield of Bancfirst Corp. stocks is 2.4%. 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 September 30, 2009 were $4.3 billion, up $455 million from December 31, 2008 and up $497 million from a year ago. Total loans were $2.71 billion, virtually unchanged from December 31, 2008 and September 30, 2008. Total deposits were $3.8 billion, up $454 million from December 31, 2008 and up $471 million from September 30, 2008. Stockholders equity was $426 million, or 9.9% of total assets, at September 30, 2009, up $12 million from December 31, 2008 and $28 million from September 30, 2008. The Companys liquidity remains strong as its average loan to deposit ratio was 76.3% at quarter end and core deposits represented 93.0% of total deposits. The Company had no brokered deposits and no Federal Home Loan Bank borrowings.
In April 2008, the Company completed an $80 million sale of securities resulting in a securities pre-tax gain of $6.1 million. The transactions resulted in the sale of $80 million of US Treasury securities and the purchase of Government Sponsored Enterprises (GSE) senior debt securities of similar amounts and maturities. The after-tax gain related to these transactions, net of the interest income differential, was approximately $3.3 million for the year.
The Companys provision for loan losses was $998,000 compared to $2.3 million during the same period a year ago. Net loan charge-offs were $4.3 million for the third quarter of 2009, compared to $1.9 million for the third quarter of 2008. One charge-off of a commercial loan which had been fully provided for accounted for $3.5 million of the total for the quarter. The net charge-offs represent a rate of 0.63% of average total loans for the third quarter of 2009 compared to 0.32% for the same period in 2008.
Noninterest income for the nine months of 2009 decreased $7.7 million compared to the same period for 2008. Noninterest income during the first nine months of 2008 included nonrecurring items totaling $9.1 million before taxes including pretax gains of approximately $1.8 million from the Companys interest in the Visa initial public offering, $6.1 million on the sale of securities, and $1.2 million on the sale of an asset. Core noninterest income was up in 2009 due to increases in commercial deposit fees and sales of mortgage loans and student loans offset by lower cash management fees. Noninterest expense increased $4.4 million compared to the first nine months of 2008 due primarily to higher FDIC insurance premiums. Income tax expense decreased $8.3 million compared to the first nine months of 2008 due to lower profitability and a lower effective tax rate. The effective tax rate on income before taxes was 32.0%, compared to 34.4% for the first nine months of 2008. The decrease is a result of additional tax credits realized in 2009.
Total securities decreased $64 million compared to December 31, 2008 and $71 million compared to September 30, 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 and to meet possible liquidity needs. The net unrealized gain on securities available for sale, before taxes, was $19.6 million at the end of the third quarter of 2009, compared to an unrealized gain of $22.6 million at December 31, 2008, and an unrealized gain of $7.4 million at September 30, 2008. The average taxable equivalent yield on the securities portfolio was 3.76%, 3.94% and 4.18% at September 30, 2009, December 31, 2008 and September 30, 2008, respectively.
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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 $577.7 million; its shares were traded at around $37.75 with a P/E ratio of 19.1 and P/S ratio of 2.7. The dividend yield of Bancfirst Corp. stocks is 2.4%. 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 third quarter of 2009 was $9.4 million compared to $11.0 million for the third quarter of 2008. Diluted net income per share was $0.60 and $0.70 for the third quarter of 2009 and 2008, respectively. For the first nine months of 2009, net income was $22.8 million, compared to $36.3 million for the first nine months of 2008. Diluted net income per share for the first nine months of 2009 was $1.46 compared to $2.33 for the first nine months of 2008. The results for 2009 and 2008 include several one-time items that are more fully described below.Total assets at September 30, 2009 were $4.3 billion, up $455 million from December 31, 2008 and up $497 million from a year ago. Total loans were $2.71 billion, virtually unchanged from December 31, 2008 and September 30, 2008. Total deposits were $3.8 billion, up $454 million from December 31, 2008 and up $471 million from September 30, 2008. Stockholders equity was $426 million, or 9.9% of total assets, at September 30, 2009, up $12 million from December 31, 2008 and $28 million from September 30, 2008. The Companys liquidity remains strong as its average loan to deposit ratio was 76.3% at quarter end and core deposits represented 93.0% of total deposits. The Company had no brokered deposits and no Federal Home Loan Bank borrowings.
In April 2008, the Company completed an $80 million sale of securities resulting in a securities pre-tax gain of $6.1 million. The transactions resulted in the sale of $80 million of US Treasury securities and the purchase of Government Sponsored Enterprises (GSE) senior debt securities of similar amounts and maturities. The after-tax gain related to these transactions, net of the interest income differential, was approximately $3.3 million for the year.
The Companys provision for loan losses was $998,000 compared to $2.3 million during the same period a year ago. Net loan charge-offs were $4.3 million for the third quarter of 2009, compared to $1.9 million for the third quarter of 2008. One charge-off of a commercial loan which had been fully provided for accounted for $3.5 million of the total for the quarter. The net charge-offs represent a rate of 0.63% of average total loans for the third quarter of 2009 compared to 0.32% for the same period in 2008.
Noninterest income for the nine months of 2009 decreased $7.7 million compared to the same period for 2008. Noninterest income during the first nine months of 2008 included nonrecurring items totaling $9.1 million before taxes including pretax gains of approximately $1.8 million from the Companys interest in the Visa initial public offering, $6.1 million on the sale of securities, and $1.2 million on the sale of an asset. Core noninterest income was up in 2009 due to increases in commercial deposit fees and sales of mortgage loans and student loans offset by lower cash management fees. Noninterest expense increased $4.4 million compared to the first nine months of 2008 due primarily to higher FDIC insurance premiums. Income tax expense decreased $8.3 million compared to the first nine months of 2008 due to lower profitability and a lower effective tax rate. The effective tax rate on income before taxes was 32.0%, compared to 34.4% for the first nine months of 2008. The decrease is a result of additional tax credits realized in 2009.
Total securities decreased $64 million compared to December 31, 2008 and $71 million compared to September 30, 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 and to meet possible liquidity needs. The net unrealized gain on securities available for sale, before taxes, was $19.6 million at the end of the third quarter of 2009, compared to an unrealized gain of $22.6 million at December 31, 2008, and an unrealized gain of $7.4 million at September 30, 2008. The average taxable equivalent yield on the securities portfolio was 3.76%, 3.94% and 4.18% at September 30, 2009, December 31, 2008 and September 30, 2008, respectively.
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