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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, 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 October 31, 2019 there were 32,666,268 shares of the registrant’s Common Stock outstanding.

 


BancFirst Corporation

Quarterly Report on Form 10-Q

September 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)

 

 

 

September 30,

 

 

December 31,

 

 

 

 

2019

 

 

 

2018

 

 

 

(unaudited)

 

 

(see Note 1)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

225,526

 

 

$

228,431

 

Interest-bearing deposits with banks

 

 

1,476,340

 

 

 

1,195,824

 

Federal funds sold

 

 

300

 

 

 

 

Securities held for investment (fair value: $1,911 and $1,433, respectively)

 

 

1,911

 

 

 

1,428

 

Securities available for sale at fair value

 

 

553,664

 

 

 

770,704

 

Loans held for sale

 

 

16,089

 

 

 

8,174

 

  Loans (net of unearned interest)

 

 

5,606,808

 

 

 

4,975,976

 

  Allowance for loan losses

 

 

(55,928

)

 

 

(51,389

)

Loans, net of allowance for loan losses

 

 

5,550,880

 

 

 

4,924,587

 

Premises and equipment, net

 

 

203,772

 

 

 

174,362

 

Other real estate owned

 

 

6,829

 

 

 

6,690

 

Intangible assets, net

 

 

24,025

 

 

 

16,470

 

Goodwill

 

 

147,013

 

 

 

79,749

 

Accrued interest receivable and other assets

 

 

182,467

 

 

 

167,839

 

Total assets

 

$

8,388,816

 

 

$

7,574,258

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

2,879,746

 

 

$

2,613,876

 

Interest-bearing

 

 

4,450,931

 

 

 

3,991,619

 

Total deposits

 

 

7,330,677

 

 

 

6,605,495

 

Short-term borrowings

 

 

605

 

 

 

1,675

 

Accrued interest payable and other liabilities

 

 

50,978

 

 

 

37,495

 

Junior subordinated debentures

 

 

26,804

 

 

 

26,804

 

Total liabilities

 

 

7,409,064

 

 

 

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: 32,644,018 and 32,603,926, respectively

 

 

32,644

 

 

 

32,604

 

Capital surplus

 

 

151,470

 

 

 

149,709

 

Retained earnings

 

 

792,009

 

 

 

722,615

 

Accumulated other comprehensive income (loss), net of income tax of $1,248 and $(731), respectively

 

 

3,629

 

 

 

(2,139

)

Total stockholders' equity

 

 

979,752

 

 

 

902,789

 

Total liabilities and stockholders' equity

 

$

8,388,816

 

 

$

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

75,260

 

 

$

66,788

 

 

$

214,980

 

 

$

195,311

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

2,361

 

 

 

2,246

 

 

 

10,551

 

 

 

6,100

 

Tax-exempt

 

 

103

 

 

 

145

 

 

 

347

 

 

 

478

 

Federal funds sold

 

 

1

 

 

 

89

 

 

 

3

 

 

 

288

 

Interest-bearing deposits with banks

 

 

8,704

 

 

 

8,165

 

 

 

24,587

 

 

 

21,272

 

Total interest income

 

 

86,429

 

 

 

77,433

 

 

 

250,468

 

 

 

223,449

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

13,644

 

 

 

11,171

 

 

 

40,983

 

 

 

28,150

 

Short-term borrowings

 

 

7

 

 

 

42

 

 

 

29

 

 

 

85

 

Junior subordinated debentures

 

 

491

 

 

 

547

 

 

 

1,474

 

 

 

1,626

 

Total interest expense

 

 

14,142

 

 

 

11,760

 

 

 

42,486

 

 

 

29,861

 

Net interest income

 

 

72,287

 

 

 

65,673

 

 

 

207,982

 

 

 

193,588

 

Provision for loan losses

 

 

2,758

 

 

 

747

 

 

 

6,875

 

 

 

2,286

 

Net interest income after provision for loan losses

 

 

69,529

 

 

 

64,926

 

 

 

201,107

 

 

 

191,302

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust revenue

 

 

3,490

 

 

 

3,281

 

 

 

9,917

 

 

 

9,806

 

Service charges on deposits

 

 

19,866

 

 

 

18,103

 

 

 

56,643

 

 

 

52,293

 

Securities transactions (includes accumulated other comprehensive income reclassifications of $0, $9, $0 and $9, respectively)

 

 

 

 

 

(64

)

 

 

821

 

 

 

37

 

Income from sales of loans

 

 

964

 

 

 

800

 

 

 

2,530

 

 

 

2,253

 

Insurance commissions

 

 

5,535

 

 

 

5,207

 

 

 

15,220

 

 

 

14,333

 

Cash management

 

 

4,430

 

 

 

3,383

 

 

 

12,608

 

 

 

9,785

 

(Loss)/gain on sale of other assets

 

 

(1

)

 

 

195

 

 

 

(12

)

 

 

348

 

Other

 

 

1,343

 

 

 

1,896

 

 

 

3,978

 

 

 

4,493

 

Total noninterest income

 

 

35,627

 

 

 

32,801

 

 

 

101,705

 

 

 

93,348

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

40,354

 

 

 

35,051

 

 

 

112,649

 

 

 

104,017

 

Occupancy, net

 

 

3,386

 

 

 

3,386

 

 

 

8,966

 

 

 

10,184

 

Depreciation

 

 

3,268

 

 

 

2,733

 

 

 

9,268

 

 

 

7,572

 

Amortization of intangible assets

 

 

842

 

 

 

740

 

 

 

2,359

 

 

 

2,232

 

Data processing services

 

 

1,467

 

 

 

1,418

 

 

 

4,209

 

 

 

3,816

 

Net expense/(income) from other real estate owned

 

 

26

 

 

 

64

 

 

 

(361

)

 

 

109

 

Marketing and business promotion

 

 

2,047

 

 

 

1,997

 

 

 

6,227

 

 

 

5,998

 

Deposit insurance

 

 

(81

)

 

 

597

 

 

 

996

 

 

 

1,856

 

Other

 

 

10,882

 

 

 

9,823

 

 

 

30,692

 

 

 

30,171

 

Total noninterest expense

 

 

62,191

 

 

 

55,809

 

 

 

175,005

 

 

 

165,955

 

Income before taxes

 

 

42,965

 

 

 

41,918

 

 

 

127,807

 

 

 

118,695

 

Income tax expense

 

 

9,597

 

 

 

9,035

 

 

 

28,435

 

 

 

25,606

 

Net income

 

$

33,368

 

 

$

32,883

 

 

$

99,372

 

 

$

93,089

 

NET INCOME PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.02

 

 

$

1.01

 

 

$

3.04

 

 

$

2.85

 

Diluted

 

$

1.00

 

 

$

0.98

 

 

$

2.98

 

 

$

2.78

 

OTHER COMPREHENSIVE GAIN/(LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses)/gains on securities, net of tax of $1, $352, $(1,979) and $1,005, respectively

 

 

(26

)

 

 

(1,027

)

 

 

5,768

 

 

 

(2,956

)

Reclassification adjustment for losses included in net income

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

Other comprehensive (losses)/gains, net of tax of $1, $354, $(1,979) and $802, respectively

 

 

(26

)

 

 

(1,034

)

 

 

5,768

 

 

 

(2,963

)

Comprehensive income

 

$

33,342

 

 

$

31,849

 

 

$

105,140

 

 

$

90,126

 

 

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,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

COMMON STOCK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued at beginning of period

 

$

32,640

 

 

$

32,731

 

 

$

32,604

 

 

$

31,895

 

Shares issued for stock options

 

 

4

 

 

 

19

 

 

 

40

 

 

 

122

 

Shares issued for acquisitions

 

 

 

 

 

 

 

 

 

 

 

733

 

Issued at end of period

 

$

32,644

 

 

$

32,750

 

 

$

32,644

 

 

$

32,750

 

CAPITAL SURPLUS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

150,995

 

 

$

148,494

 

 

$

149,709

 

 

$

107,481

 

Common stock issued for stock options

 

 

128

 

 

 

395

 

 

 

873

 

 

 

2,015

 

Common stock issued for acquisitions

 

 

 

 

 

 

 

 

 

 

 

38,765

 

Stock-based compensation arrangements

 

 

347

 

 

 

353

 

 

 

888

 

 

 

981

 

Balance at end of period

 

$

151,470

 

 

$

149,242

 

 

$

151,470

 

 

$

149,242

 

RETAINED EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

769,090

 

 

$

684,425

 

 

$

722,615

 

 

$

638,580

 

Net income

 

 

33,368

 

 

 

32,883