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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission File Number 0-14384

 

BancFirst Corporation

(Exact name of registrant as specified in charter)

 

 

Oklahoma

 

73-1221379

(State or other Jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

100 N. Broadway Ave., Oklahoma City, Oklahoma

 

73102-8405

(Address of principal executive offices)

 

(Zip Code)

(405) 270-1086

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $1.00 Par Value Per Share

 

BANF

 

NASDAQ Global Select Market System

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (sec. 232-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No

As of October 31, 2022 there were 32,870,566 shares of the registrant’s Common Stock outstanding.

 

 


 

BancFirst Corporation

Quarterly Report on Form 10-Q

September 30, 2022

 

Table of Contents

 

Item

 

PART I – Financial Information

 

Page

 

1.

 

 

Financial Statements (Unaudited)

 

2

 

 

 

 

Consolidated Balance Sheets

 

2

 

 

 

 

Consolidated Statements of Comprehensive Income

 

3

 

 

 

 

Consolidated Statements of Shareholders’ Equity

 

4

 

 

 

Consolidated Statements of Cash Flow

 

5

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

6

 

2.

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

30

 

3.

 

 

Quantitative and Qualitative Disclosure About Market Risk

 

40

 

4.

 

 

Controls and Procedures

 

41

 

 

 

 

 

 

 

 

PART II – Other Information

 

 

 

1.

 

 

Legal Proceedings

 

42

 

1A.

 

 

Risk Factors

 

42

 

2.

 

 

Unregistered Sales of Equity Securities

 

42

 

3.

 

 

Defaults Upon Senior Securities

 

42

 

4.

 

 

Mine Safety Disclosures

 

42

 

5.

 

 

Other Information

 

42

 

6.

 

Exhibits

 

43

 

Signatures

 

45

 

 


 

PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(see Note 1)

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

227,026

 

 

$

228,819

 

Interest-bearing deposits with banks

 

 

3,106,279

 

 

 

1,821,203

 

Federal funds sold

 

 

3,878

 

 

 

800

 

Debt securities held for investment (fair value: $2,386 and $2,978, respectively)

 

 

2,386

 

 

 

2,977

 

Debt securities available for sale at fair value

 

 

1,519,259

 

 

 

531,523

 

Loans held for sale

 

 

4,823

 

 

 

24,776

 

  Loans held for investment (net of unearned interest)

 

 

6,827,772

 

 

 

6,169,442

 

  Allowance for credit losses

 

 

(89,871

)

 

 

(83,936

)

Loans, net of allowance for credit losses

 

 

6,737,901

 

 

 

6,085,506

 

Premises and equipment, net

 

 

278,159

 

 

 

269,047

 

Other real estate owned

 

 

39,242

 

 

 

39,475

 

Intangible assets, net

 

 

20,863

 

 

 

17,566

 

Goodwill

 

 

182,055

 

 

 

149,922

 

Accrued interest receivable and other assets

 

 

330,507

 

 

 

233,998

 

Total assets

 

$

12,452,378

 

 

$

9,405,612

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

5,203,437

 

 

$

3,775,387

 

Interest-bearing

 

 

5,855,503

 

 

 

4,316,527

 

Total deposits

 

 

11,058,940

 

 

 

8,091,914

 

Short-term borrowings

 

 

4,600

 

 

 

 

Accrued interest payable and other liabilities

 

 

107,659

 

 

 

55,977

 

Subordinated debt

 

 

86,030

 

 

 

85,987

 

Total liabilities

 

 

11,257,229

 

 

 

8,233,878

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

  Senior preferred stock, $1.00 par; 10,000,000 shares authorized; none issued

 

 

 

 

 

 

  Cumulative preferred stock, $5.00 par; 900,000 shares authorized; none issued

 

 

 

 

 

 

  Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and
      outstanding:
32,856,387 and 32,603,118, respectively

 

 

32,856

 

 

 

32,603

 

  Capital surplus

 

 

168,217

 

 

 

159,914

 

  Retained earnings

 

 

1,076,316

 

 

 

977,067

 

  Accumulated other comprehensive (loss) income, net of tax of $25,439
      and $(
684), respectively

 

 

(82,240

)

 

 

2,150

 

Total stockholders' equity

 

 

1,195,149

 

 

 

1,171,734

 

Total liabilities and stockholders' equity

 

$

12,452,378

 

 

$

9,405,612

 

 

The accompanying Notes are an integral part of these consolidated financial statements.

2


 

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

87,078

 

 

$

80,249

 

 

$

238,758

 

 

$

240,358

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

6,793

 

 

 

1,484

 

 

 

15,716

 

 

 

4,779

 

Tax-exempt

 

 

22

 

 

 

35

 

 

 

71

 

 

 

175

 

Federal funds sold

 

 

24

 

 

 

 

 

 

30

 

 

 

 

Interest-bearing deposits with banks

 

 

20,095

 

 

 

1,441

 

 

 

29,452

 

 

 

2,861

 

Total interest income

 

 

114,012

 

 

 

83,209

 

 

 

284,027

 

 

 

248,173

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

11,999

 

 

 

1,988

 

 

 

17,566

 

 

 

6,313

 

Short-term borrowings

 

 

36

 

 

 

 

 

 

49

 

 

 

1

 

Subordinated debt

 

 

1,030

 

 

 

1,031

 

 

 

3,091

 

 

 

2,100

 

Total interest expense

 

 

13,065

 

 

 

3,019

 

 

 

20,706

 

 

 

8,414

 

Net interest income

 

 

100,947

 

 

 

80,190

 

 

 

263,321

 

 

 

239,759

 

Provision for (benefit from) credit losses

 

 

2,863

 

 

 

1,483

 

 

 

6,300

 

 

 

(8,466

)

Net interest income after provision for (benefit from) credit losses

 

 

98,084

 

 

 

78,707

 

 

 

257,021

 

 

 

248,225

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Trust revenue

 

 

4,125

 

 

 

3,210

 

 

 

11,580

 

 

 

9,576

 

Service charges on deposits

 

 

22,161

 

 

 

21,706

 

 

 

65,154

 

 

 

61,330

 

Securities transactions (includes accumulated other comprehensive loss reclassifications of $0, $0, $1,536 and $0, respectively)

 

 

966

 

 

 

150

 

 

 

(2,949

)

 

 

417

 

Income from sales of loans

 

 

969

 

 

 

1,594

 

 

 

3,891

 

 

 

5,737

 

Insurance commissions

 

 

7,498

 

 

 

6,666

 

 

 

20,227

 

 

 

17,670

 

Cash management

 

 

5,624

 

 

 

3,127

 

 

 

13,202

 

 

 

9,198

 

Gain on sale of other assets

 

 

53

 

 

 

34

 

 

 

216

 

 

 

2,746

 

Other

 

 

7,935

 

 

 

3,299

 

 

 

24,258

 

 

 

17,665

 

Total noninterest income

 

 

49,331

 

 

 

39,786

 

 

 

135,579

 

 

 

124,339

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

47,741

 

 

 

42,267

 

 

 

136,957

 

 

 

123,836

 

Occupancy, net

 

 

4,930

 

 

 

5,086

 

 

 

14,067

 

 

 

13,962

 

Depreciation

 

 

4,612

 

 

 

4,207

 

 

 

14,034

 

 

 

12,217

 

Amortization of intangible assets

 

 

880

 

 

 

755

 

 

 

2,568

 

 

 

2,357

 

Data processing services

 

 

1,876

 

 

 

1,734

 

 

 

5,656

 

 

 

5,072

 

Net expense from other real estate owned

 

 

2,392

 

 

 

1,810

 

 

 

3,676

 

 

 

6,677

 

Marketing and business promotion

 

 

1,945

 

 

 

1,796

 

 

 

5,609

 

 

 

5,323

 

Deposit insurance

 

 

1,202

 

 

 

846

 

 

 

3,526

 

 

 

2,488

 

Other

 

 

13,500

 

 

 

11,713

 

 

 

39,214

 

 

 

37,268

 

Total noninterest expense

 

 

79,078

 

 

 

70,214

 

 

 

225,307

 

 

 

209,200

 

Income before taxes

 

 

68,337

 

 

 

48,279

 

 

 

167,293

 

 

 

163,364

 

Income tax expense

 

 

12,985

 

 

 

9,529

 

 

 

31,319

 

 

 

33,902

 

Net income

 

$

55,352

 

 

$

38,750

 

 

$

135,974

 

 

$

129,462

 

NET INCOME PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.69

 

 

$

1.18

 

 

$

4.15

 

 

$

3.95

 

Diluted

 

$

1.65

 

 

$

1.16

 

 

$

4.07

 

 

$

3.88

 

OTHER COMPREHENSIVE (LOSS) GAIN

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on debt securities, net of tax of $11,033, $172, $26,492 and $980, respectively

 

 

(35,752

)

 

 

(552

)

 

 

(85,557

)

 

 

(2,565

)

Reclassification adjustment for losses included in net income, net of tax of $0, $0, $(369) and $0, respectively

 

 

 

 

 

 

 

 

1,167

 

 

 

 

Other comprehensive loss, net of tax of $11,033, $172, $26,123 and $980, respectively

 

 

(35,752

)

 

 

(552

)

 

 

(84,390

)

 

 

(2,565

)

Comprehensive income

 

$

19,600

 

 

$

38,198

 

 

$

51,584

 

 

$

126,897

 

The accompanying Notes are an integral part of these consolidated financial statements.

3


 

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

COMMON STOCK

 

 

 

 

 

 

 

 

 

 

 

 

Issued at beginning of period

 

$

32,781

 

 

$

32,785

 

 

$

32,603

 

 

$

32,720

 

Shares issued for stock options