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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 March 31, 2021

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 April 30, 2021 there were 32,775,013 shares of the registrant’s Common Stock outstanding.

 

 


 

BancFirst Corporation

Quarterly Report on Form 10-Q

March 31, 2021

 

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

  

28

 

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)

 

 

 

March 31,

 

 

December 31,

 

 

 

 

2021

 

 

 

2020

 

 

 

(unaudited)

 

 

(see Note 1)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

274,092

 

 

$

280,518

 

Interest-bearing deposits with banks

 

 

2,788,316

 

 

 

1,336,394

 

Debt securities held for investment (fair value: $2,953 and $2,984, respectively)

 

 

2,956

 

 

 

2,964

 

Debt securities available for sale at fair value

 

 

517,587

 

 

 

552,232

 

Loans held for sale

 

 

21,718

 

 

 

53,719

 

  Loans held for investment (net of unearned interest)

 

 

6,358,390

 

 

 

6,394,506

 

  Allowance for credit losses

 

 

(90,860

)

 

 

(91,366

)

Loans, net of allowance for credit losses

 

 

6,267,530

 

 

 

6,303,140

 

Premises and equipment, net

 

 

263,452

 

 

 

261,677

 

Other real estate owned

 

 

30,167

 

 

 

32,179

 

Intangible assets, net

 

 

18,206

 

 

 

18,999

 

Goodwill

 

 

149,922

 

 

 

149,922

 

Accrued interest receivable and other assets

 

 

215,359

 

 

 

220,613

 

Total assets

 

$

10,549,305

 

 

$

9,212,357

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

4,276,145

 

 

$

3,790,900

 

Interest-bearing

 

 

5,095,795

 

 

 

4,273,804

 

Total deposits

 

 

9,371,940

 

 

 

8,064,704

 

Short-term borrowings

 

 

3,750

 

 

 

1,100

 

Accrued interest payable and other liabilities

 

 

52,140

 

 

 

51,864

 

Junior subordinated debentures

 

 

26,804

 

 

 

26,804

 

Total liabilities

 

 

9,454,634

 

 

 

8,144,472

 

 

 

 

 

 

 

 

 

 

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: 32,771,013 and 32,719,852, respectively

 

 

32,771

 

 

 

32,720

 

  Capital surplus

 

 

157,450

 

 

 

156,574

 

  Retained earnings

 

 

898,026

 

 

 

871,161

 

  Accumulated other comprehensive income, net of income tax of $2,177

      and $2,513, respectively

 

 

6,424

 

 

 

7,430

 

Total stockholders' equity

 

 

1,094,671

 

 

 

1,067,885

 

Total liabilities and stockholders' equity

 

$

10,549,305

 

 

$

9,212,357

 

 

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

 

 

 

March 31,

 

 

 

 

2021

 

 

 

2020

 

INTEREST INCOME

 

 

 

 

 

 

 

 

Loans, including fees

 

$

77,662

 

 

$

76,518

 

Securities:

 

 

 

 

 

 

 

 

Taxable

 

 

1,693

 

 

 

2,586

 

Tax-exempt

 

 

70

 

 

 

98

 

Interest-bearing deposits with banks

 

 

595

 

 

 

4,769

 

Total interest income

 

 

80,020

 

 

 

83,971

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Deposits

 

 

2,322

 

 

 

9,400

 

Short-term borrowings

 

 

1

 

 

 

7

 

Junior subordinated debentures

 

 

491

 

 

 

491

 

Total interest expense

 

 

2,814

 

 

 

9,898

 

Net interest income

 

 

77,206

 

 

 

74,073

 

Provision for credit losses

 

 

 

 

 

19,583

 

Net interest income after provision for credit losses

 

 

77,206

 

 

 

54,490

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

Trust revenue

 

 

3,102

 

 

 

3,655

 

Service charges on deposits

 

 

19,100

 

 

 

18,804

 

Securities transactions (includes no accumulated other comprehensive income reclassifications)

 

 

95

 

 

 

50

 

Income from sales of loans

 

 

2,010

 

 

 

781

 

Insurance commissions

 

 

5,989

 

 

 

5,676

 

Cash management

 

 

3,003

 

 

 

4,320

 

Gain on sale of other assets

 

 

2,639

 

 

 

86

 

Other

 

 

3,997

 

 

 

1,773

 

Total noninterest income

 

 

39,935

 

 

 

35,145

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

39,577

 

 

 

39,756

 

Occupancy, net

 

 

4,348

 

 

 

3,546

 

Depreciation

 

 

3,877

 

 

 

3,491

 

Amortization of intangible assets

 

 

793

 

 

 

964

 

Data processing services

 

 

1,678

 

 

 

1,692

 

Net loss/(income) from other real estate owned

 

 

1,510

 

 

 

(2,135

)

Marketing and business promotion

 

 

1,879

 

 

 

2,355

 

Deposit insurance

 

 

876

 

 

 

136

 

Other

 

 

10,425

 

 

 

11,580

 

Total noninterest expense

 

 

64,963

 

 

 

61,385

 

Income before taxes

 

 

52,178

 

 

 

28,250

 

Income tax expense

 

 

9,658

 

 

 

5,642

 

Net income

 

$

42,520

 

 

$

22,608

 

NET INCOME PER COMMON SHARE

 

 

 

 

 

 

 

 

Basic

 

$

1.30

 

 

$

0.69

 

Diluted

 

$

1.27

 

 

$

0.68

 

OTHER COMPREHENSIVE (LOSS) GAIN

 

 

 

 

 

 

 

 

Unrealized (losses)/gains on securities, net of tax of $336 and $(2,176) respectively

 

 

(1,006

)

 

 

6,425

 

Comprehensive income

 

$

41,514

 

 

$

29,033

 

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

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

COMMON STOCK

 

 

 

 

 

 

 

 

Issued at beginning of period

 

$

32,720

 

 

$

32,694

 

Shares issued for stock options

 

 

51

 

 

 

12

 

Shares acquired and canceled

 

 

 

 

 

(59

)

Issued at end of period

 

$

32,771

 

 

$

32,647

 

CAPITAL SURPLUS

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

156,574

 

 

$

153,353

 

Common stock issued for stock options

 

 

1,258

 

 

 

220

 

Net cash settlement of options

 

 

(958

)

 

 

 

Stock-based compensation arrangements

 

 

576

 

 

 

426

 

Balance at end of period

 

$

157,450

 

 

$

153,999

 

RETAINED EARNINGS

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

871,161

 

 

$

815,488

 

Net income

 

 

42,520

 

 

 

22,608

 

Cumulative effect of change in accounting principle, net of tax of $925 (Note 2)

 

 

 

 

 

2,270

 

Dividends on common stock ($0.34 and $0.32 per share, respectively)

 

 

(11,134

)

 

 

(10,472

)

Net cash settlement of options

 

 

(4,521

)

 

 

 

Common stock acquired and canceled

 

 

 

 

 

(3,039

)

Balance at end of period

 

$

898,026

 

 

$

826,855

 

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

 

 

Unrealized (losses)/gains on securities:

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

7,430

 

 

$

3,454

 

Net change

 

 

(1,006

)

 

 

6,425

 

Balance at end of period

 

$

6,424

 

 

$

9,879

 

Total stockholders’ equity

 

$

1,094,671

 

 

$

1,023,380

 

 

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

 

4


 

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

42,520

 

 

$

22,608

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

 

 

 

19,583

 

Depreciation and amortization

 

 

4,670

 

 

 

4,455

 

Net amortization of securities premiums and discounts

 

 

369

 

 

 

(461

)

Realized securities gains

 

 

(95

)

 

 

(50

)

Gain on sales of loans

 

 

(2,010

)

 

 

(781

)

Cash receipts from the sale of loans originated for sale

 

 

114,517

 

 

 

56,879

 

Cash disbursements for loans originated for sale

 

 

(98,043

)

 

 

(61,258

)

Deferred income tax benefit

 

 

(738

)

 

 

(1,211

)

Gain on sale of other assets

 

 

(2,584

)

 

 

(2,183

)

Decrease in interest receivable

 

 

235

 

 

 

196

 

Decrease in interest payable

 

 

(329

)

 

 

(543

)

Amortization of stock-based compensation arrangements

 

 

576

 

 

 

426

 

Excess tax benefit from stock-based compensation arrangements

 

 

(1,551

)

 

 

(95

)

Other, net

 

 

10,833

 

 

 

(2,302

)

Net cash provided by operating activities

 

 

68,370

 

 

 

35,263

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Net cash received from acquisitions, net of cash paid

 

 

 

 

 

18,397

 

Net cash paid from sale of assets and liabilities, net of cash received

 

 

(13,733

)

 

 

 

Net increase in federal funds sold

 

 

 

 

 

1,000

 

Purchases of held for investment debt securities

 

 

 

 

 

(295

)

Purchases of available for sale debt securities

 

 

(210,662

)

 

 

(234,059

)

Proceeds from maturities, calls and paydowns of held for investment debt securities

 

 

7

 

 

 

237

 

Proceeds from maturities, calls and paydowns of available for sale debt securities

 

 

243,597

 

 

 

142,818

 

Purchase of equity securities

 

 

(171

)

 

 

(39

)

Proceeds from paydowns and sales of equity securities

 

 

194

 

 

 

408

 

Net change in loans

 

 

32,053

 

 

 

(308,102

)

Purchases of premises, equipment and computer software

 

 

(7,718

)

 

 

(11,349

)

Purchase of tax credits

 

 

(1,262

)

 

 

(219

)

Other, net

 

 

2,858

 

 

 

4,988

 

Net cash provided by (used in) investing activities

 

 

45,163

 

 

 

(386,215

)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Net change in deposits

 

 

1,344,608

 

 

 

44,559

 

Net change in short-term borrowings

 

 

2,650

 

 

 

300

 

Issuance of common stock in connection with stock options, net

 

 

1,309

 

 

 

232

 

Common stock acquired

 

 

 

 

 

(3,098

)

Net cash settlement of options

 

 

(5,479

)

 

 

 

Cash dividends paid

 

 

(11,125

)

 

 

(10,462

)

Net cash provided by financing activities

 

 

1,331,963

 

 

 

31,531

 

Net increase/(decrease) in cash, due from banks and interest-bearing deposits

 

 

1,445,496

 

 

 

(319,421

)

Cash, due from banks and interest-bearing deposits at the beginning of the period

 

 

1,616,912

 

 

 

1,868,281

 

Cash, due from banks and interest-bearing deposits at the end of the period

 

$

3,062,408

 

 

$

1,548,860

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid during the period for interest

 

$

3,155

 

 

$

10,410

 

Cash paid during the period for income taxes

 

$

1,300

 

 

$

1,175

 

Noncash investing and financing activities:

 

 

 

 

 

 

 

 

Fair value of assets acquired in acquisitions

 

$

 

 

$

47,838

 

Liabilities assumed in acquisitions

 

$

 

 

$

45,040

 

Unpaid common stock dividends declared

 

$

11,134

 

 

$

10,463

 

 

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

5


BANCFIRST CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

(1)

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The accounting and reporting policies of BancFirst Corporation and its subsidiaries (the “Company”) conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and general practice within the banking industry. A summary of significant accounting policies can be found in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc., BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc. 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 unaudited interim consolidated financial statements.

The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

The unaudited interim consolidated 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.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

 

 

(2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS

 

On February 19, 2021, the Company entered into a purchase and assumption agreement with The First National Bank and Trust Company of Vinita, Oklahoma to purchase certain of its assets and assume its deposits and certain other obligations. The First National Bank and Trust Company of Vinita is a nationally chartered bank with banking locations in Vinita and Grove, Oklahoma. These banking locations would become branches of BancFirst. As of December 31, 2020, the First National Bank and Trust Company of Vinita had approximately $285 million in total assets, $209 million in loans, and $258 million in deposits. The purchase and assumption is expected to be completed during the second quarter of 2021 and is subject to regulatory approval.

 

On January 22, 2021, the Company sold approximately $21 million in loans and approximately $38 million in deposits from its Hugo, Oklahoma branch to AmeriState Bank in Atoka, Oklahoma. A gain on the transaction of $2.5 million is reflected in the first quarter of 2021.

 

 

 

6


 

(3)

SECURITIES

The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:

 

 

 

 

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses