SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 28, 2002
-----------------
BANCFIRST CORPORATION
---------------------
(Exact name of registrant as specified in its charter)
OKLAHOMA 0-14384 73-1221379
-------- ------- ----------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
101 North Broadway, Oklahoma City, Oklahoma 73102
------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (405) 270-1086
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1
Item 9. Regulation FD Disclosure.
BANCFIRST CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
December 31,
-------------------------------
2001 2000
-------------- --------------
ASSETS
Cash and due from banks $ 152,577 $ 162,455
Interest-bearing deposits with banks 12,528 663
Federal funds sold 208,000 65,900
Securities (market value: $545,953 and $561,434, respectively) 544,291 560,551
Loans:
Total loans (net of unearned interest) 1,717,433 1,666,338
Allowance for loan losses (24,531) (25,380)
------------- -------------
Loans, net 1,692,902 1,640,958
Premises and equipment, net 61,642 57,795
Other real estate owned 2,132 1,453
Intangible assets, net 22,149 25,156
Accrued interest receivable 22,012 27,288
Other assets 38,812 28,036
------------- -------------
Total assets $ 2,757,045 $ 2,570,255
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing $ 599,108 $ 509,770
Interest-bearing 1,802,220 1,757,627
------------- -------------
Total deposits 2,401,328 2,267,397
Short-term borrowings 52,091 37,292
Long-term borrowings 24,090 26,613
9.65% Capital Securities 25,000 25,000
Accrued interest payable 9,391 10,302
Other liabilities 19,837 6,693
Minority interest 2,140 --
------------- -------------
Total liabilities 2,533,877 2,373,297
------------- -------------
Commitments and contingent liabilities
Stockholders' equity:
Common stock, $1.00 par (shares issued: 8,260,099 and
8,326,638, respectively) 8,260 8,327
Capital surplus 57,412 56,169
Retained earnings 148,306 130,932
Accumulated other comprehensive income 9,190 1,530
------------- -------------
Total stockholders' equity 223,168 196,958
------------- -------------
Total liabilities and stockholders' equity $ 2,757,045 $ 2,570,255
============= =============
See accompanying notes to consolidated financial statements.
2
BANCFIRST CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
------------------------- -------------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
INTEREST INCOME
Loans, including fees $ 33,180 $ 39,091 $ 144,250 $ 145,356
Securities:
Taxable 7,031 8,087 29,513 33,018
Tax-exempt 524 596 2,223 2,201
Federal funds sold 770 613 6,266 1,714
Interest-bearing deposits with banks 121 52 391 100
---------- ---------- ---------- ----------
Total interest income 41,626 48,439 182,643 182,389
---------- ---------- ---------- ----------
INTEREST EXPENSE
Deposits 14,351 20,412 72,009 73,974
Short-term borrowings 189 457 1,632 1,898
Long-term borrowings 391 446 1,623 1,735
9.65% Capital Securities 612 612 2,447 2,447
---------- ---------- ---------- ----------
Total interest expense 15,543 21,927 77,711 80,054
---------- ---------- ---------- ----------
Net interest income 26,083 26,512 104,932 102,335
Provision for loan losses 388 735 1,780 4,045
---------- ---------- ---------- ----------
Net interest income after provision for loan losses 25,695 25,777 103,152 98,290
---------- ---------- ---------- ----------
NONINTEREST INCOME
Trust revenue 945 765 3,632 3,130
Service charges on deposits 5,480 4,681 19,880 17,493
Securities transactions (228) -- 221 --
Income from sales of loans 331 345 947 1,186
Other 3,073 1,938 12,228 8,093
---------- ---------- ---------- ----------
Total noninterest income 9,601 7,729 36,908 29,902
---------- ---------- ---------- ----------
NONINTEREST EXPENSE
Salaries and employee benefits 13,894 12,975 54,513 49,208
Occupancy and fixed assets expense, net 1,395 1,617 5,815 5,768
Depreciation 1,414 1,361 5,342 5,186
Amortization of intangibles 731 898 2,996 3,249
Data processing services 527 602 2,240 2,505
Net expense from other real estate owned 28 88 153 400
Other 6,486 5,875 25,562 21,408
---------- ---------- ---------- ----------
Total noninterest expense 24,474 23,416 96,620 87,724
---------- ---------- ---------- ----------
Income before taxes 10,822 10,090 43,440 40,468
Income tax expense (3,927) (3,370) (15,479) (14,251)
---------- ---------- ---------- ----------
Net income 6,895 6,720 27,961 26,217
Other comprehensive income, net of tax:
Unrealized gains (losses) on securities (2,023) 3,655 7,660 5,038
---------- ---------- ---------- ----------
Comprehensive income $ 4,872 $ 10,375 $ 35,621 $ 31,255
========== ========== ========== ==========
NET INCOME PER COMMON SHARE
Basic $ 0.84 $ 0.81 $ 3.38 $ 3.22
========== ========== ========== ==========
Diluted $ 0.83 $ 0.80 $ 3.34 $ 3.19
========== ========== ========== ==========
See accompanying notes to consolidated financial statements.
3
BANCFIRST CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in thousands, except per share data)
(1) GENERAL
The accompanying consolidated financial statements include the accounts of
BancFirst Corporation, BFC Capital Trust I, Century Life Assurance Company,
Council Oak Capital, Inc., Council Oak Partners, LLC, and BancFirst and its
subsidiaries. All significant intercompany accounts and transactions have been
eliminated. Assets held in a fiduciary or agency capacity are not assets of the
Company and, accordingly, are not included in the consolidated financial
statements.
The unaudited interim financial statements contained herein reflect all
adjustments which are, in the opinion of management, necessary to provide a fair
statement of the financial position and results of operations of the Company for
the interim periods presented. All such adjustments are of a normal and
recurring nature. There have been no significant changes in the accounting
policies of the Company since December 31, 2000, the date of the most recent
annual report. Certain amounts in the 2000 financial statements have been
reclassified to conform to the 2001 presentation.
The preparation of financial statements in conformity with generally
accepted accounting principles inherently involves the use of estimates and
assumptions that affect the amounts reported in the financial statements and the
related disclosures. Such estimates and assumptions may change over time and
actual amounts may differ from those reported.
(2) RECENT ACCOUNTING PRONOUNCEMENTS
The Financial Accounting Standards Board (the "FASB") Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities", as amended by Statements 137 and 138, was adopted by
the Company on January 1, 2001. This Statement established accounting and
reporting standards for derivative instruments, including certain derivative
instruments embedded in other contracts, and for hedging activities. It requires
that an entity recognize all derivatives as either assets or liabilities in the
statement of financial position and measure those financial instruments at fair
value. The accounting for changes in the fair value of a derivative instrument
depends on the intended use of the derivative and its resulting designation. The
adoption of this standard did not have a material effect on the Company's
consolidated financial statements.
In September 2000, the FASB issued Statement of Financial Accounting
Standards No. 140, "Accounting for Transfers and Servicing of Financial Assets
and Extinguishments of Liabilities -A Replacement of FASB Statement No. 125".
This Statement is effective for transfers occurring after March 31, 2001 and for
disclosures relating to securitization transactions and collateral for fiscal
years ending after December 15, 2000. The adoption of this standard did not have
a material effect on the Company's consolidated financial statements.
In June 2001, the FASB issued Statement of Financial Accounting Standards
No. 141, "Business Combinations". This Statement is effective for all business
combinations initiated after June 30, 2001, and requires that all business
combinations be accounted for using the purchase method. Also in June 2001, the
FASB issued Statement of Financial Accounting Standards No. 142, "Goodwill and
Other Intangible Assets". Statement 142 requires that, for fiscal years
beginning after December 15, 2001, goodwill and other indefinite-lived
intangible assets already recognized in an entity's financial statements no
longer be amortized, and that goodwill and other indefinite-lived intangible
assets acquired after June 30, 2001 not be amortized. Instead, goodwill and
other indefinite-lived intangible assets will be tested at least annually for
impairment by comparing the fair value of those assets with their recorded
amounts. Any impairment losses will be reported in the entity's income
statement. The adoption of Statement 142 will have a material effect on the
consolidated financial statements of the Company by eliminating goodwill
amortization from its income statement and from the calculations of net income
per share. Excluding the effects of goodwill amortization, the Company's net
income for the three months and year ended December 31, 2001 would have been
$7,392 and $30,028, respectively. Net income per diluted share for the same
periods would have been $0.89 and $3.59, respectively. Management does not
believe that the Company will recognize any impairment charges from the adoption
of Statement 142.
4
In June 2001, the FASB issued Statement of Financial Accounting Standards
No. 143, "Accounting for Asset Retirement Obligations". This Statement is
effective for financial statements issued for fiscal years beginning after June
15, 2002. Statement 143 requires that the fair value of a liability for an asset
retirement obligation be recognized in the period in which it is incurred if a
reasonable estimate of fair value can be made. The associated asset retirement
costs are capitalized as part of the carrying amount of the long-lived asset.
The Company does not expect the adoption of this standard to have a material
effect on the Company's consolidated financial statements.
In August 2001, the FASB issued Statement of Financial Accounting
Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived
Assets". This Statement is effective for fiscal years beginning after December
15, 2001, and replaces Statement of Financial Accounting Standards No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Asets to
be Disposed Of" and also replaces the provisions of Accounting Principles Board
Opinion No. 30, "Reporting Results of Operations - Reporting the Effects of
Disposal of a Segment of a Business", for disposals of segments of a business.
Statement 144 requires that long-lived assets to be disposed of by sale be
measured at the lower of carrying amount or fair value less cost to sell,
whether reported in continuing operations or in discontinued operations.
Statement 144 also broadens the reporting of discontinued operations to include
all components of an entity with operations that can be distinguished from the
rest of the ongoing operations of the entity. Since the provisions of this
Statement are to be applied prospectively, the adoption of this new standard
will not have a material effect on the Company's consolidated financial
statements.
(3) RECENT DEVELOPMENTS; MERGERS, ACQUISITIONS AND DISPOSALS
In March 2000, BancFirst Corporation became a financial holding company
under the new Gramm-Leach-Bliley financial services modernization law. This will
allow the Company to expand into new financial activities such as insurance
underwriting, securities underwriting and dealing, and mutual fund distribution.
In October 2000, BancFirst Corporation completed the acquisition of First
Southwest Corporation of Frederick, Oklahoma ("First Southwest") which had total
assets of approximately $118,000. All of the outstanding shares of First
Southwest common stock were exchanged for 266,681 shares of BancFirst
Corporation common stock and approximately $4,335 of cash. The acquisition was
accounted for as a purchase. Accordingly, the effects of the acquisition are
included in the Company's consolidated financial statements from the date of the
acquisition forward. Total intangible assets of $4,279 were recorded for the
purchase. The acquisition did not have a material effect on the results of
operations of the Company for 2000.
In January 2001, BancFirst Corporation completed the acquisition of 75% of
the outstanding common stock of Century Life Assurance Company ("Century Life")
from Pickard Limited Partnership, a Rainbolt family partnership. Century Life
underwrites credit life insurance, credit accident and health insurance, and
ordinary life insurance. The Rainbolt family is the largest shareholder of
BancFirst Corporation and two members of the family are the Chairman and the CEO
of BancFirst Corporation. The purchase price was $5,429. At December 31, 2000,
Century Life had total assets of $22,964 and total stockholders' equity of
$6,956. The acquisition was accounted for as a book value purchase. Accordingly,
the acquisition was recorded based on the book value of Century Life and the
effects of the acquisition are included in the Company's consolidated financial
statements from the date of the acquisition forward. The acquisition is not
expected to have a material effect on the results of operations of the Company
for 2001.
(4)SECURITIES
The table below summarizes securities held for investment and securities
available for sale.
December 31,
---------------------
2001 2000
--------- ---------
Held for investment at cost (market value: $73,538 $ 71,876 $ 106,991
and $107,874, respectively)
Available for sale, at market value 472,415 453,560
--------- ---------
Total $ 544,291 $ 560,551
========= =========
5
(5) LOANS AND ALLOWANCE FOR LOAN LOSSES
The following is a schedule of loans outstanding by category:
December 31,
---------------------------------------------------
2001 2000
-------------------------- ----------------------
Amount Percent Amount Percent
------------- ------------ ------------ --------
Commercial and industrial $ 396,409 23.08% $ 394,534 23.68%
Agriculture 96,016 5.59 91,263 5.48
State and political subdivisions:
Taxable 152 0.01 47 0.01
Tax-exempt 17,602 1.02 17,232 1.03
Real Estate:
Construction 84,445 4.92 84,637 5.08
Farmland 58,080 3.38 56,695 3.40
One to four family residences 383,793 22.34 372,460 22.35
Multifamily residential properties 15,906 0.93 19,869 1.19
Commercial 358,363 20.87 322,759 19.37
Consumer 271,475 15.81 275,175 16.51
Other 35,192 2.05 31,667 1.90
------------ -------- ----------- -------
Total loans $1,717,433 100.00% $1,666,338 100.00%
============ ======== =========== =======
Loans held for sale (included above) $ 10,955 $ 5,106
============ ===========
The Company's loans are mostly to customers within Oklahoma and over half
of the loans are secured by real estate. Credit risk on loans is managed through
limits on amounts loaned to individual borrowers, underwriting standards and
loan monitoring procedures. The amounts and types of collateral obtained to
secure loans are based upon the Company's underwriting standards and
management's credit evaluation. Collateral varies, but may include real estate,
equipment, accounts receivable, inventory, livestock and securities. The
Company's interest in collateral is secured through filing mortgages and liens,
and in some cases, by possession of the collateral. The amount of estimated loss
due to credit risk in the Company's loan portfolio is provided for in the
allowance for loan losses. The amount of the allowance required to provide for
all existing losses in the loan portfolio is an estimate based upon evaluations
of loans, appraisals of collateral and other estimates which are subject to
rapid change due to changing economic conditions and the economic prospects of
borrowers. It is reasonably possible that a material change could occur in the
estimated allowance for loan losses in the near term
Changes in the allowance for loan losses are summarized as follows:
Three Months Ended Year Ended ,
December 31, December 31,
------------------------ ------------------------
2001 2000 2001 2000
------------ ----------- ----------- ------------
Balance at beginning of period $ 24,993 $ 24,076 $ 25,380 $ 22,548
----------- ----------- ------------ ------------
Charge-offs (1,069) (1,375) (3,657) (4,377)
Recoveries 219 466 1,028 1,686
------------ ----------- ----------- ------------
Net charge-offs (850) (909) (2,629) (2,691)
------------ ----------- ----------- ------------
Provisions charged to operations 388 735 1,780 4,405
Additions from acquisitions -- 1,478 -- 1,478
------------ ----------- ----------- ------------
Total additions 388 2,213 1,780 5,523
------------ ----------- ----------- ------------
Balance at end of period $ 24,531 $ 25,380 $ 24,531 $ 25,380
============ =========== =========== ============
6
The net charge-offs by category are summarized as follows:
Three Months Ended Year Ended
December 31, December 31,
------------------------ ------------------------
2001 2000 2001 2000
------------ ----------- ----------- ------------
Commercial, financial and other $ 100 $ (16) $ 582 $ 519
Real estate - construction 10 65 10 121
Real estate - mortgage 57 143 131 341
Consumer 683 717 1,906 1,710
------------ ----------- ----------- ------------
Total $ 850 $ 909 $ 2,629 $ 2,691
============ =========== =========== ============
(6) NONPERFORMING AND RESTRUCTURED ASSETS
Below is a summary of nonperforming and restructured assets:
December 31,
------------------------
2001 2000
----------- -----------
Past due over 90 days and still accruing $ 1,742 $ 2,790
Nonaccrual 10,225 8,852
Restructured 1,348 569
----------- -----------
Total nonperforming and restructured loans 13,315 12,211
Other real estate owned and repossessed assets 2,699 2,130
----------- -----------
Total nonperforming and restructured assets $ 16,014 $ 14,341
=========== ===========
Nonperforming and restructured loans to total loans 0.78% 0.73%
=========== ===========
Nonperforming and restructured assets to total assets 0.58% 0.56%
=========== ===========
(7) INTANGIBLE ASSETS
The following is a summary of intangible assets, net of accumulated
amortization:
December 31,
-------------------------
2001 2000
----------- ----------
Excess of cost over fair value of assets acquired $ 20,235 $ 22,704
Core deposit intangibles 1,912 2,448
Trademarks 2 4
----------- ----------
Total $ 22,149 $ 25,156
=========== ==========
7
(8) CAPITAL
The Company is subject to risk-based capital guidelines issued by the
Board of Governors of the Federal Reserve System. These guidelines are used to
evaluate capital adequacy and involve both quantitative and qualitative
evaluations of the Company's assets, liabilities, and certain off-balance-sheet
items calculated under regulatory practices. Failure to meet the minimum capital
requirements can initiate certain mandatory or discretionary actions by the
regulatory agencies that could have a direct material effect on the Company's
financial statements. The required minimums and the Company's respective ratios
are shown below.
Minimum December 31,
-------------------------------
Required 2001 2000
------------ ------------- -------------
Tier 1 capital $ 216,832 $ 195,273
Total capital $ 241,862 $ 217,708
Risk-adjusted assets $ 1,955,789 $ 1,741,664
Leverage ratio 3.00% 7.93% 7.67%
Tier 1 capital ratio 4.00% 11.09% 11.21%
Total capital ratio 8.00% 12.37% 12.50%
To be "well capitalized" under federal bank regulatory agency definitions,
a depository institution must have a Tier 1 ratio of at least 6%, a combined
Tier 1 and Tier 2 ratio of at least 10%, and a leverage ratio of at least 5%. As
of December 31, 2001 and 2000, BancFirst was considered to be "well
capitalized". There are no conditions or events since the most recent
notification of BancFirst's capital category that management believes would
change its category.
(9) STOCK REPURCHASE PLAN
In November 1999, the Company adopted a new Stock Repurchase Program (the
"SRP") authorizing management to repurchase up to 300,000 shares of the
Company's common stock. In May 2001, the SRP was amended to increase the shares
authorized to be repurchased by 277,916 shares. The SRP may be used as a means
to increase earnings per share and return on equity, to purchase treasury stock
for the exercise of stock options or for distributions under the Deferred Stock
Compensation Plan, to provide liquidity for optionees to dispose of stock from
exercises of their stock options, and to provide liquidity for shareholders
wishing to sell their stock. The timing, price and amount of stock repurchases
under the SRP may be determined by management and must be approved by the
Company's Executive Committee. At December 31, 2001 there were 294,235 shares
remaining that could be repurchased under the SRP. Below is a summary of the
shares repurchased under the program.
Three Months Ended Year Ended
December 31, December 31,
------------------------ ------------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
Number of shares repurchased -- 36,945 119,519 108,379
Average price of shares repurchased $ -- $ 36.77 $ 39.34 $ 30.99
(10) COMPREHENSIVE INCOME
The only component of comprehensive income reported by the Company is the
unrealized gain or loss on securities available for sale. The amount of this
unrealized gain or loss, net of tax, has been presented in the statement of
income for each period as a component of other comprehensive income. Below is a
summary of the tax effects of this unrealized gain or loss.
Three Months Ended Year Ended
December 31, December 31,
------------------------ ------------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
Unrealized gain (loss) during the period:
Before-tax amount $ (3,061) $ 5,695 $ 10,559 $ 8,039
Tax (expense) benefit 1,038 (2,040) (2,899) (3,000)
----------- ---------- ---------- ----------
Net-of-tax amount $ (2,023) $ 3,655 $ 7,660 $ 5,038
=========== ========== ========== ==========
8
The amount of unrealized gain or loss included in accumulated other
comprehensive income is summarized below.
Three Months Ended Year Ended
December 31, December 31,
------------------------ ------------------------
2001 2000 2001 2000
---------- ---------- ---------- ----------
Unrealized gain (loss) on securities:
Beginning balance $ 11,213 $ (2,125) $ 1,530 $ (3,508)
Current period change (2,023) 3,655 7,660 5,038
---------- ---------- --------- ---------
Ending balance $ 9,190 $ 1,530 $ 9,190 $ 1,530
========== ========== ========= =========
(11) NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are calculated as follows:
Income Shares Per Share
(Numerator) (Denominator) Amount
------------- --------------- -----------
Three Months Ended December 31, 2001
------------------------------------
Basic
Income available to common stockholders $ 6,895 8,254,346 $ 0.84
===========
Effect of stock options -- 70,233
------------- --------------
Diluted
Income available to common stockholders
plus assumed exercises of stock options $ 6,895 8,324,579 $ 0.83
============= ============== ===========
Three Months Ended December 31, 2000
------------------------------------
Basic
Income available to common stockholders $ 6,720 8,327,727 $ 0.81
===========
Effect of stock options -- 97,940
-------------- -----------------
Diluted
Income available to common stockholders
plus assumed exercises of stock options $ 6,720 8,425,667 $ 0.80
============= ============== ===========
Year Ended December 31, 2001
----------------------------
Basic
Income available to common stockholders $ 27,961 8,274,486 $ 3.38
===========
Effect of stock options -- 96,584
-------------- -----------------
Diluted
Income available to common stockholders
plus assumed exercises of stock options $ 27,961 8,371,070 $ 3.34
============= ============== ===========
Year Ended December 31, 2000
----------------------------
Basic
Income available to common stockholders $ 26,217 8,147,690 $ 3.22
===========
Effect of stock options -- 76,484
-------------- -----------------
Diluted
Income available to common stockholders
plus assumed exercises of stock options $ 26,217 8,224,174 $ 3.19
============= ============== ===========
9
Below is the number and average exercise prices of options that were
excluded from the computation of diluted net income per share for each period
because the options' exercise prices were greater than the average market price
of the common shares.
Average
Exercise
Shares Price
------------- -------------
Three Months Ended December 31, 2001 73,000 $ 38.90
Three Months Ended December 31, 2000 10,000 $ 40.00
Year Ended December 31, 2001 20,192 $ 40.13
Year Ended December 31, 2000 251,540 $ 33.84
10
BANCFIRST CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
----------------------------------- -----------------------------------
2001 2000 2001 2000
----------------- ----------------- ----------------- -----------------
Per Common Share Data
Net income - basic $ 0.84 $ 0.81 $ 3.38 $ 3.22
Net income - diluted 0.83 0.80 3.34 3.19
Cash net income - diluted 0.91 0.90 3.66 3.54
Cash dividends 0.18 0.18 0.72 0.66
Performance Data
Return on average assets 1.02% 1.08% 1.05% 1.10%
Return on average stockholders' equity 12.38 13.98 13.32 14.89
Cash dividend payout ratio 21.43 22.22 21.30 20.50
Net interest spread 3.61 3.78 3.57 3.94
Net interest margin 4.35 4.77 4.44 4.84
Efficiency ratio 68.59 68.39 68.12 66.34
December 31,
-----------------------------------
2001 2000
----------------- -----------------
Balance Sheet Data
Book value per share $ 27.02 $ 23.65
Tangible book value per share 24.34 20.63
Average loans to deposits (year-to-date) 72.12% 73.07%
Average earning assets to total assets (year-to-date) 90.11 90.11
Average stockholders' equity to average assets (year-to-date) 7.86 7.38
Asset Quality Ratios
Nonperforming and restructured loans to total loans 0.78% 0.73%
Nonperforming and restructured assets to total assets 0.58 0.56
Allowance for loan losses to total loans 1.43 1.52
Allowance for loan losses to nonperforming and restructured loans 184.24 207.85
11
BANCFIRST CORPORATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND INTEREST MARGIN ANALYSES
(Unaudited)
Taxable Equivalent Basis (Dollars in thousands)
Three Months Ended December 31,
---------------------------------------------------------------
2001 2000
------------------------------ ------------------------------
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
----------- -------- --------- ---------- --------- ---------
ASSETS
Earning assets:
Loans (1) $1,700,998 $33,339 7.78% $1,631,683 $39,091 9.50%
Securities - taxable 506,967 7,031 5.50 505,566 8,087 6.35
Securities - tax exempt 48,280 806 6.62 54,589 917 6.67
Federal funds sold 162,777 891 2.17 41,017 665 6.43
---------- -------- ---------- ---------
Total earning assets 2,419,022 42,067 6.90 2,32,855 48,760 8.66
---------- -------- ---------- ---------
Nonearning assets:
Cash and due from banks 139,439 125,700
Interest receivable and other
assets 143,238 135,689
Allowance for loan losses (24,871) (24,764)
---------- ----------
Total nonearning assets 257,806 236,625
---------- ----------
Total assets $2,676,828 $2,469,480
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Transaction deposits $ 348,663 947 1.08% $ 337,207 1,872 2.20%
Savings deposits 456,705 2,400 2.08 421,100 4,486 4.23
Time deposits 983,378 11,004 4.44 917,669 14,054 6.08
Short-term borrowings 38,843 189 1.93 34,180 457 5.30
Long-term borrowings 24,533 391 6.32 27,584 446 6.41
9.65% Capital Securities 25,000 612 9.71 25,000 612 9.71
---------- -------- ---------- ---------
Total interest-bearing
liabilities 1,877,122 15,543 3.29 1,780,671 21,927 4.89
---------- -------- ---------- ---------
Interest-free funds:
Noninterest-bearing deposits 543,924 482,957
Interest payable and other 34,785 15,110
liabilities
Stockholders' equity 220,997 190,742
---------- ----------
Total interest-free funds 799,706 688,809
---------- ----------
Total liabilities
and stockholders'
equity $2,676,828 $2,469,480
========== ==========
Net interest income $26,524 $26,833
======= =========
Net interest spread 3.61% 3.78%
======== ========
Net interest margin 4.35% 4.77%
======== ========
(1) Nonaccrual loans are included in the average loan balances and any interest
on such nonaccrual loans is recognized on a cash basis.
12
BANCFIRST CORPORATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND INTEREST MARGIN ANALYSES
(Unaudited)
Taxable Equivalent Basis (Dollars in thousands)
Year Ended December 31,
---------------------------------------------------------------
2001 2000
------------------------------ ------------------------------
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
----------- -------- --------- ---------- --------- ---------
ASSETS
Earning assets:
Loans (1) $1,684,460 $144,928 8.60% $1,542,795 $145,913 9.46%
Securities - taxable 500,820 29,513 5.89 527,241 33,018 6.26
Securities - tax exempt 50,126 3,420 6.82 50,869 3,386 6.66
Federal funds sold 172,605 6,657 3.86 29,649 1,814 6.10
----------- -------- ---------- ---------
Total earning assets 2,408,011 184,518 7.66 2,150,554 184,131 8.56
----------- -------- ---------- ---------
Nonearning assets:
Cash and due from banks 144,320 129,212
Interest receivable and
other assets 145,159 130,707
Allowance for loan losses (25,143) (23,929)
---------- ----------
Total nonearning assets 264,336 235,980
---------- ----------
Total assets $2,672,347 $2,386,534
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Transaction deposits $ 349,613 5,777 1.65% $ 351,559 7,855 2.23%
Savings deposits 451,156 13,514 3.00 406,909 16,398 4.03
Time deposits 1,006,792 52,718 5.24 890,944 49,721 5.58
Short-term borrowings 41,817 1,632 3.90 31,712 1,898 5.99
Long-term borrowings 25,638 1,623 6.33 26,903 1,735 6.45
9.65% Capital Securities 25,000 2,447 9.79 25,000 2,447 9.79
----------- -------- ---------- ---------
Total interest-bearing
liabilities 1,900,016 77,711 4.09 1,733,027 80,054 4.62
----------- -------- ---------- ---------
Interest-free funds:
Noninterest bearing deposits 528,186 461,870
Interest payable and other
liabilities 34,219 15,584
Stockholders' equity 209,926 176,053
----------- ----------
Total interest-free funds 772,331 653,507
----------- ----------
Total liabilities
and stockholders'
equity $ 2,672,347 $2,386,534
=========== ==========
Net interest income $106,807 $103,520
======== ========
Net interest spread 3.57% 3.94%
========= =========
Net interest margin 4.44% 4.84%
========= =========
(1) Nonaccrual loans are included in the average loan balances and any interest
on such nonaccrual loans is recognized on a cash basis.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BANCFIRST CORPORATION
---------------------
(Registrant)
Date February 28, 2002 /s/ Randy P. Foraker
----------------- -------------------------
(Signature)
Randy P. Foraker
Senior Vice President and
Controller;
Assistant Secretary/Treasurer
(Principal Accounting
Officer)
14