UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | February 21, 2012 |
| BANCFIRST CORPORATION |
| (Exact name of registrant as specified in its charter) |
| Oklahoma | 0-14384 | 73-1221379 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 101 N Broadway, Oklahoma City, OK | 73102 |
| (Address of principal executive offices) | (Zip Code) |
| Registrant’s telephone number, including area code | (405) 270-1086 |
| (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
The following unaudited financial information is being provided as of the filing date of this Report, pursuant to Item 7.01 of Form 8-K, "Regulation FD Disclosure." Pursuant to general instruction B.2 to Form 8-K, the information furnished pursuant to Item 7.01 shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section.
BANCFIRST CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
(Unaudited)
| December 31, | ||||||||
| 2011 | 2010 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 163,698 | $ | 93,059 | ||||
| Interest-bearing deposits with banks | 1,544,035 | 1,111,020 | ||||||
| Federal funds sold | 400 | 41,207 | ||||||
| Securities (market value: $615,458 and $744,432, respectively) | 614,977 | 743,803 | ||||||
| Loans: | ||||||||
| Total loans (net of unearned interest) | 3,013,498 | 2,811,964 | ||||||
| Allowance for loan losses | (37,656 | ) | (35,745 | ) | ||||
| Loans, net | 2,975,842 | 2,776,219 | ||||||
| Premises and equipment, net | 111,355 | 97,796 | ||||||
| Other real estate owned, net | 16,109 | 22,956 | ||||||
| Intangible assets, net | 14,219 | 11,610 | ||||||
| Goodwill | 44,545 | 44,548 | ||||||
| Accrued interest receivable | 18,662 | 21,914 | ||||||
| Other assets | 104,983 | 96,117 | ||||||
| Total assets | $ | 5,608,825 | $ | 5,060,249 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Deposits: | ||||||||
| Noninterest-bearing | $ | 1,704,996 | $ | 1,318,431 | ||||
| Interest-bearing | 3,332,739 | 3,185,323 | ||||||
| Total deposits | 5,037,735 | 4,503,754 | ||||||
| Short-term borrowings | 8,274 | 7,250 | ||||||
| Accrued interest payable | 2,710 | 3,235 | ||||||
| Long-term borrowings | 18,476 | 34,265 | ||||||
| Other liabilities | 22,506 | 24,285 | ||||||
| Junior subordinated debentures | 36,083 | 28,866 | ||||||
| Total liabilities | 5,125,784 | 4,601,655 | ||||||
| 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; 20,000,000 shares authorized; shares issued and outstanding: 15,117,430 and 15,368,717, respectively | 15,118 | 15,369 | ||||||
| Capital surplus | 77,462 | 73,040 | ||||||
| Retained earnings | 381,017 | 361,680 | ||||||
| Accumulated other comprehensive income, net of income tax of $5,084 and $4,551, respectively | 9,444 | 8,505 | ||||||
| Total stockholders’ equity | 483,041 | 458,594 | ||||||
| Total liabilities and stockholders’ equity | $ | 5,608,825 | $ | 5,060,249 | ||||
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BANCFIRST CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands, except per share data)
(Unaudited)
| Year Ended December 31, | ||||||||||||
| 2011 | 2010 | 2009 | ||||||||||
| INTEREST INCOME | ||||||||||||
| Loans, including fees | $ | 164,108 | $ | 154,822 | $ | 152,731 | ||||||
| Securities: | ||||||||||||
| Taxable | 12,321 | 12,359 | 13,419 | |||||||||
| Tax-exempt | 1,878 | 1,243 | 1,398 | |||||||||
| Federal funds sold | 48 | 12 | 1 | |||||||||
| Interest-bearing deposits with banks | 3,537 | 2,462 | 2,240 | |||||||||
| Total interest income | 181,892 | 170,898 | 169,789 | |||||||||
| INTEREST EXPENSE | ||||||||||||
| Deposits | 21,871 | 26,081 | 36,508 | |||||||||
| Short-term borrowings | 58 | 6 | 11 | |||||||||
| Long-term borrowings | 882 | 61 | — | |||||||||
| Junior subordinated debentures | 2,184 | 1,993 | 1,966 | |||||||||
| Total interest expense | 24,995 | 28,141 | 38,485 | |||||||||
| Net interest income | 156,897 | 142,757 | 131,304 | |||||||||
| Provision for loan losses | 4,515 | 2,954 | 10,389 | |||||||||
| Net interest income after provision for loan losses | 152,382 | 139,803 | 120,915 | |||||||||
| NONINTEREST INCOME | ||||||||||||
| Trust revenue | 6,672 | 6,288 | 5,826 | |||||||||
| Service charges on deposits | 42,683 | 39,343 | 37,096 | |||||||||
| Securities transactions | 1,598 | 324 | 336 | |||||||||
| Income from sales of loans | 2,015 | 2,942 | 2,779 | |||||||||
| Insurance commissions | 10,457 | 8,543 | 6,979 | |||||||||
| Cash management | 7,430 | 6,536 | 8,476 | |||||||||
| Gain on sale of other assets | 3 | 379 | 213 | |||||||||
| Other | 6,103 | 5,583 | 5,176 | |||||||||
| Total noninterest income | 76,961 | 69,938 | 66,881 | |||||||||
| NONINTEREST EXPENSE | ||||||||||||
| Salaries and employee benefits | 92,231 | 82,359 | 79,019 | |||||||||
| Occupancy and fixed assets expense, net | 10,128 | 9,050 | 8,346 | |||||||||
| Depreciation | 8,014 | 7,424 | 7,520 | |||||||||
| Amortization of intangible assets | 1,668 | 1,107 | 920 | |||||||||
| Data processing services | 4,942 | 4,352 | 3,636 | |||||||||
| Net expense from other real estate owned | 958 | 948 | 366 | |||||||||
| Marketing and business promotion | 6,552 | 5,887 | 5,529 | |||||||||
| Deposit insurance | 3,674 | 5,722 | 7,833 | |||||||||
| Other | 30,479 | 27,246 | 25,948 | |||||||||
| Total noninterest expense | 158,646 | 144,095 | 139,117 | |||||||||
| Income before taxes | 70,697 | 65,646 | 48,679 | |||||||||
| Income tax expense | 25,076 | 23,337 | 16,070 | |||||||||
| Net income | $ | 45,621 | $ | 42,309 | $ | 32,609 | ||||||
| NET INCOME PER COMMON SHARE | ||||||||||||
| Basic | $ | 2.99 | $ | 2.76 | $ | 2.13 | ||||||
| Diluted | $ | 2.93 | $ | 2.70 | $ | 2.09 | ||||||
| OTHER COMPREHENSIVE INCOME | ||||||||||||
| Unrealized gains (losses) on securities net of tax of $(763), $1,265 and $1,862, respectively | 1,367 | (2,334 | ) | (3,421 | ) | |||||||
| Reclassification adjustment for gains included in net income net of tax of $230, $99 and $126, respectively | (428 | ) | (184 | ) | (233 | ) | ||||||
| Other comprehensive income (loss), net of tax of $(533), $1,364 and $1,988, respectively | 939 | (2,518 | ) | (3,654 | ) | |||||||
| Comprehensive income | $ | 46,560 | $ | 39,791 | $ | 28,955 | ||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BancFirst Corporation | |
| (Registrant) | |
| February 21, 2012 | |
| /s/ Joe T. Shockley, Jr. | |
| Joe T. Shockley, Jr. | |
| Executive Vice President and Chief Financial Officer | |
| (Principal Financial Officer) |
| 4 |