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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 June 30, 2019

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.)

 

101 N. Broadway, Oklahoma City, Oklahoma

 

73102-8405

(Address of principal executive offices)

 

(Zip Code)

(405) 270-1086

(Registrant’s telephone number, including area code)

 

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, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” 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  

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

As of July 31, 2019 there were 32,642,018 shares of the registrant’s Common Stock outstanding.

 


 

 


BancFirst Corporation

Quarterly Report on Form 10-Q

June 30, 2019

 

Table of Contents

 

Item

  

 

  

Page

 

  

PART I – Financial Information

  

 

 

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

  

27

 

3.

  

 

Quantitative and Qualitative Disclosure About Market Risk

  

36

 

4.

  

 

Controls and Procedures

  

36

 

 

 

 

 

 

  

 

PART II – Other Information

  

 

 

1.

  

 

Legal Proceedings

  

37

 

1A.

  

 

Risk Factors

  

37

 

2.

  

 

Unregistered Sales of Equity Securities

  

37

 

3.

  

 

Defaults Upon Senior Securities

  

37

 

4.

  

 

Mine Safety Disclosures

  

37

 

5.

  

 

Other Information

  

37

 

6.

  

Exhibits

  

38

 

Signatures

  

40

 

 

 


PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

 

2019

 

 

 

2018

 

 

 

(unaudited)

 

 

(see Note 1)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

185,440

 

 

$

228,431

 

Interest-bearing deposits with banks

 

 

1,518,998

 

 

 

1,195,824

 

Securities held for investment (fair value: $2,003 and $1,433, respectively)

 

 

1,997

 

 

 

1,428

 

Securities available for sale at fair value

 

 

423,157

 

 

 

770,704

 

Loans held for sale

 

 

10,899

 

 

 

8,174

 

  Loans (net of unearned interest)

 

 

5,094,403

 

 

 

4,975,976

 

  Allowance for loan losses

 

 

(55,108

)

 

 

(51,389

)

Loans, net of allowance for loan losses

 

 

5,039,295

 

 

 

4,924,587

 

Premises and equipment, net

 

 

180,506

 

 

 

174,362

 

Other real estate owned

 

 

6,787

 

 

 

6,690

 

Intangible assets, net

 

 

14,936

 

 

 

16,470

 

Goodwill

 

 

79,749

 

 

 

79,749

 

Accrued interest receivable and other assets

 

 

180,257

 

 

 

167,839

 

Total assets

 

$

7,642,021

 

 

$

7,574,258

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

2,634,582

 

 

$

2,613,876

 

Interest-bearing

 

 

3,979,031

 

 

 

3,991,619

 

Total deposits

 

 

6,613,613

 

 

 

6,605,495

 

Short-term borrowings

 

 

1,000

 

 

 

1,675

 

Accrued interest payable and other liabilities

 

 

44,224

 

 

 

37,495

 

Junior subordinated debentures

 

 

26,804

 

 

 

26,804

 

Total liabilities

 

 

6,685,641

 

 

 

6,671,469

 

 

 

 

 

 

 

 

 

 

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: 32,639,588 and 32,603,926, respectively

 

 

32,640

 

 

 

32,604

 

Capital surplus

 

 

150,995

 

 

 

149,709

 

Retained earnings

 

 

769,090

 

 

 

722,615

 

Accumulated other comprehensive income (loss), net of income tax of $1,249 and $(731), respectively

 

 

3,655

 

 

 

(2,139

)

Total stockholders' equity

 

 

956,380

 

 

 

902,789

 

Total liabilities and stockholders' equity

 

$

7,642,021

 

 

$

7,574,258

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

70,990

 

 

$

65,604

 

 

$

139,720

 

 

$

128,523

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

3,855

 

 

 

1,956

 

 

 

8,190

 

 

 

3,854

 

Tax-exempt

 

 

118

 

 

 

162

 

 

 

244

 

 

 

333

 

Federal funds sold

 

 

 

 

 

95

 

 

 

2

 

 

 

199

 

Interest-bearing deposits with banks

 

 

8,135

 

 

 

7,325

 

 

 

15,883

 

 

 

13,107

 

Total interest income

 

 

83,098

 

 

 

75,142

 

 

 

164,039

 

 

 

146,016

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

13,802

 

 

 

9,710

 

 

 

27,339

 

 

 

16,979

 

Short-term borrowings

 

 

12

 

 

 

8

 

 

 

22

 

 

 

43

 

Junior subordinated debentures

 

 

492

 

 

 

544

 

 

 

983

 

 

 

1,079

 

Total interest expense

 

 

14,306

 

 

 

10,262

 

 

 

28,344

 

 

 

18,101

 

Net interest income

 

 

68,792

 

 

 

64,880

 

 

 

135,695

 

 

 

127,915

 

Provision for loan losses

 

 

2,433

 

 

 

1,225

 

 

 

4,117

 

 

 

1,539

 

Net interest income after provision for loan losses

 

 

66,359

 

 

 

63,655

 

 

 

131,578

 

 

 

126,376

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust revenue

 

 

3,250

 

 

 

3,396

 

 

 

6,427

 

 

 

6,525

 

Service charges on deposits

 

 

19,114

 

 

 

17,537

 

 

 

36,777

 

 

 

34,190

 

Securities transactions (includes no accumulated other comprehensive income reclassifications)

 

 

821

 

 

 

115

 

 

 

821

 

 

 

101

 

Income from sales of loans

 

 

868

 

 

 

802

 

 

 

1,566

 

 

 

1,453

 

Insurance commissions

 

 

4,420

 

 

 

3,927

 

 

 

9,685

 

 

 

9,126

 

Cash management

 

 

4,402

 

 

 

3,381

 

 

 

8,178

 

 

 

6,402

 

(Loss)/gain on sale of other assets

 

 

(7

)

 

 

127

 

 

 

(11

)

 

 

153

 

Other

 

 

1,209

 

 

 

1,152

 

 

 

2,635

 

 

 

2,597

 

Total noninterest income

 

 

34,077

 

 

 

30,437

 

 

 

66,078

 

 

 

60,547

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

36,124

 

 

 

34,776

 

 

 

72,295

 

 

 

68,966

 

Occupancy, net

 

 

2,953

 

 

 

3,396

 

 

 

5,580

 

 

 

6,798

 

Depreciation

 

 

3,015

 

 

 

2,429

 

 

 

6,000

 

 

 

4,839

 

Amortization of intangible assets

 

 

758

 

 

 

759

 

 

 

1,517

 

 

 

1,492

 

Data processing services

 

 

1,262

 

 

 

1,195

 

 

 

2,742

 

 

 

2,398

 

Net expense/(income) from other real estate owned

 

 

97

 

 

 

19

 

 

 

(387

)

 

 

45

 

Marketing and business promotion

 

 

1,919

 

 

 

1,649

 

 

 

4,180

 

 

 

4,001

 

Deposit insurance

 

 

544

 

 

 

640

 

 

 

1,077

 

 

 

1,259

 

Other

 

 

9,936

 

 

 

9,393

 

 

 

19,810

 

 

 

20,348

 

Total noninterest expense

 

 

56,608

 

 

 

54,256

 

 

 

112,814

 

 

 

110,146

 

Income before taxes

 

 

43,828

 

 

 

39,836

 

 

 

84,842

 

 

 

76,777

 

Income tax expense

 

 

9,661

 

 

 

9,250

 

 

 

18,838

 

 

 

16,571

 

Net income

 

$

34,167

 

 

$

30,586

 

 

$

66,004

 

 

$

60,206

 

NET INCOME PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.04

 

 

$

0.93

 

 

$

2.02

 

 

$

1.84

 

Diluted

 

$

1.02

 

 

$

0.91

 

 

$

1.98

 

 

$

1.80

 

OTHER COMPREHENSIVE GAIN/(LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on securities, net of tax of $(1,112), $179, $(1,980) and $653, respectively

 

 

3,254

 

 

 

(541

)

 

 

5,794

 

 

 

(1,929

)

Reclassification adjustment for gains/(losses) included in net income

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive gains/(losses), net of tax of $(1,112), $179, $(1,980) and $653, respectively

 

 

3,254

 

 

 

(541

)

 

 

5,794

 

 

 

(1,929

)

Comprehensive income

 

$

37,421

 

 

$

30,045

 

 

$

71,798

 

 

$

58,277

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

COMMON STOCK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued at beginning of period

 

$

32,618

 

 

$

32,708

 

 

$

32,604

 

 

$

31,895

 

Shares issued for stock options

 

 

22

 

 

 

23

 

 

 

36

 

 

 

103

 

Shares issued for acquisitions

 

 

 

 

 

 

 

 

 

 

 

733

 

Issued at end of period

 

$

32,640

 

 

$

32,731

 

 

$

32,640

 

 

$

32,731

 

CAPITAL SURPLUS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

150,195

 

 

$

147,762

 

 

$

149,709

 

 

$

107,481

 

Common stock issued for stock options

 

 

433

 

 

 

410

 

 

 

745

 

 

 

1,620

 

Common stock issued for acquisitions

 

 

 

 

 

 

 

 

 

 

 

38,765

 

Stock-based compensation arrangements

 

 

367

 

 

 

322

 

 

 

541

 

 

 

628

 

Balance at end of period

 

$

150,995

 

 

$

148,494

 

 

$

150,995

 

 

$

148,494

 

RETAINED EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

744,713

 

 

$

660,723

 

 

$

722,615

 

 

$

638,580

 

Net income

 

 

34,167

 

 

 

30,586

 

 

 

66,004

 

 

 

60,206

 

Cumulative effect of change in accounting principle

 

 

 

 

 

 

 

 

 

 

 

(618

)

Dividends on common stock ($0.30, $0.21, $0.60 and $0.42 per share, respectively)

 

 

(9,790

)

 

 

(6,884

)