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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, 2020

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)

 

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 30, 2020 there were 32,682,269 shares of the registrant’s Common Stock outstanding.

 

 


BancFirst Corporation

Quarterly Report on Form 10-Q

September 30, 2020

 

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

  

33

 

3.

  

 

Quantitative and Qualitative Disclosure About Market Risk

  

42

 

4.

  

 

Controls and Procedures

  

43

 

 

 

 

 

 

  

 

PART II – Other Information

  

 

 

1.

  

 

Legal Proceedings

  

44

 

1A.

  

 

Risk Factors

  

44

 

2.

  

 

Unregistered Sales of Equity Securities

  

44

 

3.

  

 

Defaults Upon Senior Securities

  

44

 

4.

  

 

Mine Safety Disclosures

  

45

 

5.

  

 

Other Information

  

45

 

6.

  

Exhibits

  

46

 

Signatures

  

48

 


PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

September 30,

 

 

December 31,

 

 

 

 

2020

 

 

 

2019

 

 

 

(unaudited)

 

 

(see Note 1)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

226,062

 

 

$

222,043

 

Interest-bearing deposits with banks

 

 

1,609,462

 

 

 

1,646,238

 

Federal funds sold

 

 

 

 

 

1,000

 

Securities held for investment (fair value: $3,011 and $1,903, respectively)

 

 

2,971

 

 

 

1,903

 

Securities available for sale at fair value

 

 

593,970

 

 

 

489,723

 

Loans held for sale

 

 

48,601

 

 

 

11,001

 

  Loans (net of unearned interest)

 

 

6,612,093

 

 

 

5,662,143

 

  Allowance for credit losses

 

 

(106,126

)

 

 

(54,238

)

Loans, net of allowance for credit losses

 

 

6,505,967

 

 

 

5,607,905

 

Premises and equipment, net

 

 

247,494

 

 

 

206,275

 

Other real estate owned

 

 

4,739

 

 

 

5,607

 

Intangible assets, net

 

 

19,914

 

 

 

22,608

 

Goodwill

 

 

149,922

 

 

 

148,604

 

Accrued interest receivable and other assets

 

 

209,766

 

 

 

202,851

 

Total assets

 

$

9,618,868

 

 

$

8,565,758

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

3,759,305

 

 

$

2,956,370

 

Interest-bearing

 

 

4,736,586

 

 

 

4,527,265

 

Total deposits

 

 

8,495,891

 

 

 

7,483,635

 

Short-term borrowings

 

 

300

 

 

 

1,100

 

Accrued interest payable and other liabilities

 

 

52,121

 

 

 

49,230

 

Junior subordinated debentures

 

 

26,804

 

 

 

26,804

 

Total liabilities

 

 

8,575,116

 

 

 

7,560,769

 

 

 

 

 

 

 

 

 

 

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: 32,679,191 and 32,694,268, respectively

 

 

32,679

 

 

 

32,694

 

  Capital surplus

 

 

155,431

 

 

 

153,353

 

  Retained earnings

 

 

846,934

 

 

 

815,488

 

  Accumulated other comprehensive income, net of income tax of $2,943

      and $1,187, respectively

 

 

8,708

 

 

 

3,454

 

Total stockholders' equity

 

 

1,043,752

 

 

 

1,004,989

 

Total liabilities and stockholders' equity

 

$

9,618,868

 

 

$

8,565,758

 

 

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,

 

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

76,612

 

 

$

75,260

 

 

$

231,985

 

 

$

214,980

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

2,032

 

 

 

2,361

 

 

 

6,665

 

 

 

10,551

 

Tax-exempt

 

 

131

 

 

 

103

 

 

 

383

 

 

 

347

 

Federal funds sold

 

 

 

 

 

1

 

 

 

 

 

 

3

 

Interest-bearing deposits with banks

 

 

422

 

 

 

8,704

 

 

 

5,586

 

 

 

24,587

 

Total interest income

 

 

79,197

 

 

 

86,429

 

 

 

244,619

 

 

 

250,468

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,854

 

 

 

13,644

 

 

 

16,004

 

 

 

40,983

 

Short-term borrowings

 

 

 

 

 

7

 

 

 

8

 

 

 

29

 

Junior subordinated debentures

 

 

491

 

 

 

491

 

 

 

1,474

 

 

 

1,474

 

Total interest expense

 

 

3,345

 

 

 

14,142

 

 

 

17,486

 

 

 

42,486

 

Net interest income

 

 

75,852

 

 

 

72,287

 

 

 

227,133

 

 

 

207,982

 

Provision for credit losses

 

 

18,740

 

 

 

2,758

 

 

 

57,656

 

 

 

6,875

 

Net interest income after provision for credit losses

 

 

57,112

 

 

 

69,529

 

 

 

169,477

 

 

 

201,107

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust revenue

 

 

3,131

 

 

 

3,490

 

 

 

10,154

 

 

 

9,917

 

Service charges on deposits

 

 

19,078

 

 

 

19,866

 

 

 

54,642

 

 

 

56,643

 

Securities transactions (includes no accumulated other comprehensive income reclassifications)

 

 

 

 

 

 

 

 

(545

)

 

 

821

 

Income from sales of loans

 

 

1,873

 

 

 

964

 

 

 

4,215

 

 

 

2,530

 

Insurance commissions

 

 

5,197

 

 

 

5,535

 

 

 

15,316

 

 

 

15,220

 

Cash management

 

 

3,701

 

 

 

4,430

 

 

 

12,276

 

 

 

12,608

 

(Loss)/gain on sale of other assets

 

 

(15

)

 

 

(1

)

 

 

120

 

 

 

(12

)

Other

 

 

1,610

 

 

 

1,343

 

 

 

5,624

 

 

 

3,978

 

Total noninterest income

 

 

34,575

 

 

 

35,627

 

 

 

101,802

 

 

 

101,705

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

41,995

 

 

 

40,354

 

 

 

123,977

 

 

 

112,649

 

Occupancy, net

 

 

4,503

 

 

 

3,386

 

 

 

11,888

 

 

 

8,966

 

Depreciation

 

 

3,795

 

 

 

3,268

 

 

 

10,830

 

 

 

9,268

 

Amortization of intangible assets

 

 

968

 

 

 

842

 

 

 

2,900

 

 

 

2,359

 

Data processing services

 

 

1,669

 

 

 

1,467

 

 

 

4,990

 

 

 

4,209

 

Net loss/(income) from other real estate owned

 

 

196

 

 

 

26

 

 

 

(1,951

)

 

 

(361

)

Marketing and business promotion

 

 

1,485

 

 

 

2,047

 

 

 

5,325

 

 

 

6,227

 

Deposit insurance

 

 

723

 

 

 

(81

)

 

 

1,224

 

 

 

996

 

Other

 

 

10,749

 

 

 

10,882

 

 

 

32,936

 

 

 

30,692

 

Total noninterest expense

 

 

66,083

 

 

 

62,191

 

 

 

192,119

 

 

 

175,005

 

Income before taxes

 

 

25,604

 

 

 

42,965

 

 

 

79,160

 

 

 

127,807

 

Income tax expense

 

 

4,714

 

 

 

9,597

 

 

 

14,932

 

 

 

28,435

 

Net income

 

$

20,890

 

 

$

33,368

 

 

$

64,228

 

 

$

99,372

 

NET INCOME PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.64

 

 

$

1.02

 

 

$

1.97

 

 

$

3.04

 

Diluted

 

$

0.63

 

 

$

1.00

 

 

$

1.94

 

 

$

2.98

 

OTHER COMPREHENSIVE (LOSS) GAIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain on securities, net of tax of $335, $1, $(1,756) and $(1,979) respectively

 

 

(982

)

 

 

(26

)

 

 

5,254

 

 

 

5,768

 

Comprehensive income

 

$

19,908

 

 

$

33,342

 

 

$

69,482

 

 

$

105,140

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

COMMON STOCK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued at beginning of period

 

$

32,663

 

 

$

32,640

 

 

$

32,694

 

 

$

32,604

 

Shares issued for stock options

 

 

16

 

 

 

4

 

 

 

44

 

 

 

40

 

Shares acquired and canceled

 

 

 

 

 

 

 

 

(59

)

 

 

 

Issued at end of period

 

$

32,679

 

 

$

32,644

 

 

$

32,679

 

 

$

32,644

 

CAPITAL SURPLUS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

154,692

 

 

$

150,995

 

 

$

153,353

 

 

$

149,709

 

Common stock issued for stock options

 

 

306

 

 

 

128

 

 

 

813

 

 

 

873

 

Stock-based compensation arrangements

 

 

433

 

 

 

347

 

 

 

1,265

 

 

 

888

 

Balance at end of period

 

$

155,431