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 12, 2001
-----------------
BANCFIRST CORPORATION
---------------------
(Exact name of registrant as specified in its charter)
OKLAHOMA 0-14384 73-1221379
-------- ------- ----------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
101 North Broadway, Suite 200, Oklahoma City, Oklahoma 73102
------------------------------------------------------ -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (405) 270-1086
1
Item 9. Regulation FD Disclosure.
BANCFIRST CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
December 31,
---------------------------
2000 1999
----------- -----------
ASSETS
Cash and due from banks $ 162,455 $ 126,691
Interest-bearing deposits with banks 663 1,715
Federal funds sold 65,900 51,666
Securities (market value: $561,433, and $595,509, respectively) 560,551 596,715
Loans:
Total loans (net of unearned interest) 1,666,338 1,455,481
Allowance for loan losses (25,380) (22,548)
----------- -----------
Loans, net 1,640,958 1,432,933
Premises and equipment, net 57,795 52,467
Other real estate owned 1,453 1,612
Intangible assets, net 25,156 24,087
Accrued interest receivable 27,288 20,771
Other assets 28,036 27,150
----------- ------------
Total assets $ 2,570,255 $ 2,335,807
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing $ 511,807 $ 460,131
Interest-bearing 1,755,590 1,622,565
----------- -----------
Total deposits 2,267,397 2,082,696
Short-term borrowings 37,292 22,091
Long-term borrowings 26,613 26,392
9.65% Capital Securities 25,000 25,000
Accrued interest payable 10,302 8,421
Other liabilities 6,693 6,493
----------- -----------
Total liabilities 2,373,297 2,171,093
----------- -----------
Commitments and contingent liabilities
Stockholders' equity:
Common stock, $1.00 par (shares issued: 8,326,638, and 8,112,170,
respectively) 8,327 8,112
Capital surplus 56,169 46,766
Retained earnings 130,932 113,344
Accumulated other comprehensive income 1,530 (3,508)
----------- -----------
Total stockholders' equity 196,958 164,714
----------- -----------
Total liabilities and stockholders' equity $ 2,570,255 $ 2,335,807
=========== ===========
See accompanying notes to consolidated financial statements
2
BANCFIRST CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
--------------------- ---------------------
2000 1999 2000 1999
--------- ------- --------- -------
INTEREST INCOME
Loans, including fees $ 39,091 $ 31,011 $ 145,356 $ 120,974
Securities:
Taxable 8,087 8,130 33,018 30,964
Tax-exempt 596 275 2,201 2,147
Federal funds sold 613 920 1,714 5,247
Interest-bearing deposits with banks 52 25 100 52
--------- ------- --------- --------
Total interest income 48,439 40,361 182,389 159,384
--------- ------- --------- --------
INTEREST EXPENSE
Deposits 20,412 15,494 73,974 60,840
Short-term borrowings 457 262 1,898 1,628
Long-term borrowings 446 379 1,735 1,234
9.65% Capital Securities 612 612 2,447 2,447
--------- ------- -------- --------
Total interest expense 21,927 16,747 80,054 66,149
--------- ------- -------- --------
Net interest income 26,512 23,614 102,335 93,235
Provision for loan losses 735 698 4,045 2,521
--------- ------- -------- --------
Net interest income after provision
for loan losses 25,777 22,916 98,290 90,714
--------- ------- -------- --------
NONINTEREST INCOME
Trust revenue 765 704 3,130 2,535
Service charges on deposits 4,681 4,279 17,493 16,453
Securities transactions -- -- -- 244
Income from sales of loans 345 286 1,186 1,663
Other 1,938 1,719 8,093 7,812
--------- ------- -------- --------
Total noninterest income 7,729 6,988 29,902 28,707
--------- ------- -------- --------
NONINTEREST EXPENSE
Salaries and employee benefits 12,975 11,404 49,208 45,764
Occupancy and fixed assets expense, net 1,617 1,437 5,768 5,082
Depreciation 1,361 1,285 5,186 4,884
Amortization of intangibles 898 759 3,249 3,044
Data processing services 602 508 2,505 2,150
Net expense from other real estate owned 88 34 400 164
Other 5,875 5,292 21,408 20,365
--------- ------- -------- --------
Total noninterest expense 23,416 20,719 87,724 81,453
--------- ------- -------- --------
Income before taxes 10,090 9,185 40,468 37,968
Income tax expense (3,370) (3,356 (14,251) (14,019)
--------- ------- -------- --------
Net income 6,720 5,829 26,217 23,949
Other comprehensive income, net of tax:
Unrealized gains (losses) on securities 3,655 (2,696 5,038 (8,939)
--------- ------- -------- --------
Comprehensive income $ 10,375 $ 3,133 $ 31,255 $ 15,010
========= ======= ======== ========
NET INCOME PER COMMON SHARE
Basic $ 0.81 $ 0.71 $ 3.22 $ 2.79
========= ======= ======== ========
Diluted $ 0.80 $ 0.71 $ 3.19 $ 2.75
========= ======= ======== ========
See accompanying notes to consolidated financial statements.
3
BANCFIRST CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in thousands, except per share data)
(1) GENERAL
The accompanying consolidated financial statements include the accounts of
BancFirst Corporation, BFC Capital Trust I, BancFirst and its subsidiaries, and
First State Bank for 2000 and a portion of 1999 (representing the period since
acquisition). 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 consolidated financial
statements.
The unaudited interim 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. There have been no significant changes in the accounting
policies of the Company since December 31, 1999, the date of the most recent
annual report. Certain amounts in the 1999 financial statements have been
reclassified to conform to the 2000 presentation.
The preparation of financial statements in conformity with generally
accepted accounting principles inherently involves the use of estimates and
assumptions that affect the amounts reported in the financial statements and the
related disclosures. Such estimates and assumptions may change over time and
actual amounts may differ from those reported.
(2) RECENT ACCOUNTING PRONOUNCEMENTS
In June 1998, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities." This Statement establishes accounting and
reporting standards for derivative instruments, including certain derivative
instruments embedded in other contracts, and for hedging activities. It requires
that an entity recognize all derivatives as either assets or liabilities in the
statement of financial position and measure those financial instruments at fair
value. The accounting for changes in the fair value of a derivative instrument
depends on the intended use of the derivative and its resulting designation. In
June 1999, the FASB issued Statement of Financial Accounting Standards No. 137,
"Accounting for Derivative Instruments and Hedging Activities - Deferral of the
Effective Date of FASB Statement No. 133 - an amendment of FASB Statement No.
133." This Statement defers the effective date of FASB Statement No. 133 to all
fiscal quarters of fiscal years beginning after June 15, 2000. The Company does
not expect that the adoption of this standard will have a material impact on its
consolidated financial statements.
In September 2000, the FASB issued Statement of Financial Accounting
Standards No. 140, "Accounting for Transfers and Servicing of Financial Assets
and Extinguishments of Liabilities -A Replacement of FASB Statement No. 125".
This Statement is effective for transfers occurring after March 31, 2001 and for
disclosures relating to securitization transactions and collateral for fiscal
years ending after December 15, 2000. The Company does not expect the adoption
of this standard will have material effect on its consolidated financial
statements.
(3) RECENT DEVELOPMENTS; MERGERS, ACQUISITIONS AND DISPOSALS
In February 1999, the Company sold a branch in Anadarko, Oklahoma, which
had deposits of approximately $15,500. The sale resulted in a pretax gain of
approximately $900.
In December 1999, the Company completed the purchase of certain assets and
assumption of certain liabilities of First State Bank of Oklahoma City,
Oklahoma. Under the terms of the agreement, the Company organized a new wholly-
owned bank under the First State Bank name. The new First State Bank acquired
approximately $106,000 of assets, assumed approximately $109,000 of liabilities,
and recorded $2,615 of intangible assets. The purchase and assumption was
accounted for as a purchase. Accordingly, the effects of the acquisition are
included in the Company's consolidated financial statements from the date of the
acquisition forward. The acquisition did not have a material effect on the
results of the operations of the Company for 1999.
In March 2000, BancFirst Corporation became a financial holding company
under the new Gramm-Leach-Bliley financial services modernization law. This will
allow the Company to expand into new financial activities such as insurance
underwriting, securities underwriting and dealing, and mutual fund distribution.
In October 2000, BancFirst Corporation completed the acquisition of First
Southwest Corporation of Frederick, Oklahoma
4
("First Southwest") which had total assets of approximately $118,000. All of the
outstanding shares of First Southwest common stock were exchanged for 266,681
shares of BancFirst Corporation common stock and approximately $4,335 of cash.
The acquisition was accounted for as a purchase. Accordingly, the effects of the
acquisition are included in the Company's consolidated financial statements from
the date of the acquisition forward. Total intangible assets of $4,279 were
recorded for the purchase. The acquisition did not have a material effect on the
results of operations of the Company for 2000.
In January 2001, BancFirst Corporation completed the acquisition of 75% of
the outstanding common stock of Century Life Assurance Company ("Century Life")
from Pickard Limited Partnership, a Rainbolt family partnership. The Rainbolt
family is the largest shareholder of BancFirst Corporation and two members of
the family are the Chairman and the CEO of BancFirst Corporation. The purchase
price was approximately $5.4 million. At December 31, 2000, Century Life had
total assets of $23 million and total stockholders' equity of $6.96 million. The
acquisition will be accounted for as a book value purchase. Accordingly, the
acquisition will be recorded based on the book value of Century Life and the
effects of the acquisition will be included in the Company's consolidated
financial statements from the date of the acquisition forward. The acquisition
is not expected to have a material effect on the results of operations of the
Company for 2001.
(4) TENDER OFFER
In June 1999, the Company completed a Dutch auction issuer tender offer
and purchased 1,186,502 shares of its common stock for the maximum offer price
of $38.00 per share. Cash on hand and two borrowings totaling $7,600 were used
to pay for the purchase of the stock. The two borrowings under a $12,000
revolving line of credit were at rates of 6.3% and 6.5%, and matured in July and
October 1999.
(5) SECURITIES
The table below summarizes securities held for investment and securities
available for sale.
December 31,
------------------
2000 1999
-------- --------
Held for investment at cost (market value; $107,874 $106,991 $129,481
and $128,275, respectively)
Available for sale, at market value 453,560 467,234
-------- --------
Total $560,551 $596,715
======== ========
(6) LOANS AND ALLOWANCE FOR LOAN LOSSES
The following is a schedule of loans outstanding by category:
December 31,
--------------------------------------------------
2000 1999
------------------------ -----------------------
Amount Percent Amount Percent
---------- ----------- ------------ ---------
Commercial and industrial $ 394,534 23.68% $ 343,304 23.59%
Agriculture 91,263 5.48 57,447 3.95
State and political subdivisions:
Taxable 47 0.01 1,641 0.11
Tax-exempt 17,232 1.03 14,428 0.99
Real Estate:
Construction 84,637 5.08 85,634 5.88
Farmland 56,695 3.40 38,419 2.64
One to four family residences 372,460 22.35 331,742 22.79
Multifamily residential properties 19,869 1.19 21,517 1.48
Commercial 322,759 19.37 293,160 20.14
Consumer 275,175 16.51 251,593 17.29
Other 31,667 1.90 16,596 1.14
---------- ---------- ----------- ---------
Total loans $1,666,338 100.00% $1,455,481 100.00%
========== ========== =========== =========
Loans held for sale (included above) $ 5,106 $ 6,912
========== ===========
5
The Company's loans are mostly to customers within Oklahoma and over half
of the loans are secured by real estate. Credit risk on loans is managed through
limits on amounts loaned to individual borrowers, underwriting standards and
loan monitoring procedures. The amounts and types of collateral obtained to
secure loans are based upon the Company's underwriting standards and
management's credit evaluation. Collateral varies, but may include real estate,
equipment, accounts receivable, inventory, livestock and securities. The
Company's interest in collateral is secured through filing mortgages and liens,
and in some cases, by possession of the collateral. The amount of estimated loss
due to credit risk in the Company's loan portfolio is provided for in the
allowance for loan losses. The amount of the allowance required to provide for
all existing losses in the loan portfolio is an estimate based upon evaluations
of loans, appraisals of collateral and other estimates which are subject to
rapid change due to changing economic conditions and the economic prospects of
borrowers. It is reasonably possible that a material change could occur in the
estimated allowance for loan losses in the near term.
Changes in the allowance for loan losses are summarized as follows:
Three Months Ended Year Ended
December 31, December 31,
---------------------- -----------------------
2000 1999 2000 1999
----------- --------- ----------- ---------
Balance at beginning of period $ 24,076 $ 20,173 $ 22,548 $ 19,659
----------- --------- ----------- ---------
Charge-offs (1,375) (1,003) (4,377) (3,101)
Recoveries 466 180 1,686 969
----------- -------- ---------- ---------
Net charge-offs (909) (823) (2,691) (2,132)
----------- -------- ---------- ---------
Provisions charged to operations 735 698 4,045 2,521
Additions from acquisitions 1,478 2,500 1,478 2,500
----------- -------- ---------- ---------
Total additions 2,213 3,198 5,523 5,021
----------- -------- ---------- ---------
Balance at end of period $ 25,380 $ 22,548 $ 25,380 $ 22,548
=========== ======== ========== =========
The net charge-offs by category are summarized as follows:
Three Months Ended Year Ended
December 31, December 31,
---------------------- --------------------
2000 1999 2000 1999
--------- -------- -------- ---------
Commercial, financial and other $ (16) $ 259 $ 519 $ 736
Real estate - construction 65 17 121 22
Real estate - mortgage 143 131 341 193
Consumer 717 416 1,710 1,181
--------- -------- -------- ---------
Total $ 909 $ 823 $ 2,691 $ 2,132
========= ======== ======== =========
(7) NONPERFORMING AND RESTRUCTURED ASSETS
Below is a summary of nonperforming and restructured assets:
December 31,
--------------------------
2000 1999
----------- ----------
Past due over 90 days and still accruing $ 2,413 $ 1,666
Nonaccrual 8,083 9,565
Restructured 569 1,059
---------- ----------
Total nonperforming and restructured loans 11,065 12,290
Other real estate owned and repossessed assets 2,054 1,945
---------- ----------
Total nonperforming and restructured assets $ 13,119 $ 14,235
========== ==========
Nonperforming and restructured loans to total loans 0.66% 0.85%
========== ==========
Nonperforming and restructured assets to total assets 0.51% 0.61%
========== ==========
6
(8) INTANGIBLE ASSETS
The following is a summary of intangible assets, net of accumulated
amortization:
December 31,
------------------------
2000 1999
----------- -----------
Excess of cost over fair value of assets acquired $ 22,704 $ 21,681
Core deposit intangibles 2,448 2,401
Trademarks 4 5
----------- -----------
Total $ 25,156 $ 24,087
=========== ===========
(9) CAPITAL
The Company is subject to risk-based capital guidelines issued by the
Board of Governors of the Federal Reserve System. These guidelines are used to
evaluate capital adequacy and involve both quantitative and qualitative
evaluations of the Company's assets, liabilities, and certain off-balance-sheet
items calculated under regulatory practices. Failure to meet the minimum capital
requirements can initiate certain mandatory or discretionary actions by the
regulatory agencies that could have a direct material effect on the Company's
financial statements. The required minimums and the Company's respective ratios
are shown below.
Minimum December 31,
---------------- ---------------------------------
Required 2000 1999
---------------- --------------- ----------------
Tier 1 capital $ 195,273 $ 169,135
Total capital $ 217,708 $ 188,753
Risk-adjusted assets $ 1,741,664 $ 1,516,266
Leverage ratio 3.00% 7.67% 7.32%
Tier 1 capital ratio 4.00% 11.21% 11.15%
Total capital ratio 8.00% 12.50% 12.45%
To be "well capitalized" under federal bank regulatory agency definitions,
a depository institution must have a Tier 1 ratio of at least 6%, a combined
Tier 1 and Tier 2 ratio of at least 10%, and a leverage ratio of at least 5%. As
of December 31, 2000 and 1999, BancFirst was considered to be "well
capitalized". There are no conditions or events since the most recent
notification of BancFirst's capital category that management believes would
change its category.
(10) STOCK REPURCHASE PLAN
In November 1999, the Company adopted a new Stock Repurchase Program (the
"New SRP") authorizing management to repurchase up to 300,000 shares of the
Company's common stock. The New SRP may be used as a means to increase earnings
per share and return on equity, to purchase treasury stock for the exercise of
stock options or for distributions under the Deferred Stock Compensation Plan,
to provide liquidity for optionees to dispose of stock from exercises of their
stock options, and to provide liquidity for shareholders wishing to sell their
stock. The timing, price and amount of stock repurchases under the New SRP may
be determined by management and must be approved by the Company's Executive
Committee. Below is a summary of the shares repurchased under the program.
Three Months Ended Year Ended
December 31, December 31,
-------------------------- -------------------------
2000 1999 2000 1999
------------ ------------ ----------- -----------
Number of shares repurchased 36,945 55,783 108,379 55,783
Average price of shares repurchased $ 36.77 $ 35.77 $ 30.99 $ 35.77
7
(11) COMPREHENSIVE INCOME
The only component of comprehensive income reported by the Company is the
unrealized gain or loss on securities available for sale. The amount of this
unrealized gain or loss, net of tax, has been presented in the statement of
income for each period as a component of other comprehensive income. Below is a
summary of the tax effects of this unrealized gain or loss.
Three Months Ended Year Ended
December 31, December 31,
-------------------------- --------------------------
2000 1999 2000 1999
------------ ------------ ----------- ------------
Unrealized gain (loss) during the period:
Before-tax amount $ 5,695 $ (3,854) $ 8,039 $ (13,397)
Tax (expense) benefit (2,040) 1,158 (3,000) 4,458
------------ ------------ ----------- -----------
Net-of-tax amount $ 3,655 $ (2,696) $ 5,038 $ (8,939)
============ ============ =========== ===========
The amount of unrealized gain or loss included in accumulated other
comprehensive income is summarized below.
Three Months Ended Year Ended
December 31, December 31,
-------------------------- -------------------------
2000 1999 2000 1999
------------ ------------ ----------- -----------
Unrealized gain (loss) on securities:
Beginning balance $ (2,125) $ (812) (3,508) $ 5,431
Current period change 3,655 (2,696) 5,038 (8,939)
------------ ------------ ----------- -----------
Ending balance $ 1,530 $ (3,508) 1,530 $ (3,508)
============ ============ =========== ===========
8
(12) NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are calculated as follows:
Income Shares Per Share
(Numerator) (Denominator) Amount
----------- ------------ -----------
Three Months Ended December 31, 2000
------------------------------------
Basic
Income available to common stockholders $ 6,720 8,327,727 $ 0.81
===========
Effect of stock options -- 97,940
----------- -------------
Diluted
Income available to common stockholders
plus assumed exercises of stock options $ 6,720 8,425,667 $ 0.80
=========== ============= ===========
Three Months Ended December 31, 1999
------------------------------------
Basic
Income available to common stockholders $ 5,829 8,153,228 $ 0.71
===========
Effect of stock options -- 96,664
----------- -------------
Diluted
Income available to common stockholders
plus assumed exercises of stock options $ 5,829 8,249,892 $ 0.71
=========== ============= ===========
Year Ended December 31, 2000
----------------------------
Basic
Income available to common stockholders $ 26,217 8,147,690 $ 3.22
===========
Effect of stock options -- 76,484
----------- -------------
Diluted
Income available to common stockholders
plus assumed exercises of stock options $ 26,217 8,224,174 $ 3.19
=========== ============= ===========
Year Ended December 31, 1999
----------------------------
Basic
Income available to common stockholders $ 23,949 8,590,613 $ 2.79
===========
Effect of stock options -- 109,112
----------- -------------
Diluted
Income available to common stockholders
plus assumed exercises of stock options $ 23,949 8,699,725 $ 2.75
=========== ============= ===========
Below is the number and average exercise prices of options that were
excluded from the computation of diluted net income per share for each period
because the options' exercise prices were greater than the average market price
of the common shares.
Average
Exercise
Shares Price
--------- --------
Three Months Ended December 31, 2000 10,000 $ 40.00
Three Months Ended December 31, 1999 140,500 $ 34.56
Year Ended December 31, 2000 251,540 $ 33.84
Year Ended December 31, 1999 146,000 $ 34.43
9
BANCFIRST CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
---------------------- -----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
Per Common Share Data
Net income - basic $ 0.81 $ 0.71 $ 3.22 $ 2.79
Net income - diluted 0.80 0.71 3.19 2.75
Cash net income - diluted 0.89 0.82 3.54 3.07
Cash dividends 0.18 0.16 0.66 0.58
Performance Data
Return on average assets 1.08% 1.04% 1.10% 1.06%
Return on average stockholders' equity 13.98 14.62 14.89 12.96
Cash dividend payout ratio 22.22 22.54 20.50 20.79
Net interest spread 3.78 3.92 3.90 3.87
Net interest margin 4.77 4.72 4.80 4.67
Efficiency ratio 68.39 67.70 66.34 66.80
December 31,
----------------------------
2000 1999
---------- ----------
Balance Sheet Data
Book value per share $ 23.65 $ 20.30
Tangible book value per share 20.63 17.34
Average loans to deposits (year-to-date) 73.07% 68.61%
Average earning assets to total assets (year-to-date) 90.11 90.11
Average stockholders' equity to average assets (year-to-date) 7.38 8.20
Asset Quality Ratios
Nonperforming and restructured loans to total loans 0.66% 0.85%
Nonperforming and restructured assets to total assets 0.56 0.61
Allowance for loan losses to total loans 1.52 1.55
Allowance for loan losses to nonperforming and restructured loans 176.98 183.47
10
BANCFIRST CORPORATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND INTEREST MARGIN ANALYSES
(Unaudited)
Taxable Equivalent Basis (Dollars in thousands)
Three Months Ended December 31,
-------------------------------------------------------------------
2000 1999
-------------------------------- --------------------------------
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
-------- -------- ------- --------- -------- --------
ASSETS
Earning assets:
Loans (1) $ 1,631,683 $ 39,091 9.50% $ 1,375,275 $ 31,139 8.98%
Investments - taxable 505,566 8,087 6.35 519,292 8,130 6.21
Investments - tax exempt 54,589 917 6.67 51,258 423 3.27
Federal funds sold 41,017 665 6.43 63,585 945 5.90
----------- -------- ----------- --------
Total earning assets 2,232,855 48,760 8.66 2,009,410 40,637 8.02
----------- -------- ----------- --------
Nonearning assets:
Cash and due from banks 125,700 118,417
Interest receivable and other assets 135,689 118,207
Allowance for loan losses (24,764) (20,573)
---------- -----------
Total nonearning assets 236,625 216,051
----------- -----------
Total assets $ 2,469,480 $ 2,225,461
=========== ===========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing deposits $ 1,693,907 $ 20,412 4.78% $1,550,302 $ 15,494 3.96%
Short-term borrowings 34,180 457 5.30 20,201 262 5.15
Long-term borrowings 27,584 446 6.41 24,605 379 6.11
9.65% Capital Securities 25,000 612 9.71 25,000 612 9.71
----------- -------- ----------- --------
Total interest-bearing liabilities 1,780,671 21,927 4.89 1,620,108 16,747 4.10
----------- -------- ----------- --------
Interest-free funds:
Demand deposits 482,957 431,388
Interest payable and other liabilities 15,110 15,836
Stockholders' equity 190,742 158,129
----------- -----------
Total interest free funds 688,809 605,353
----------- -----------
Total liabilities
and stockholders' equity $ 2,469,480 $ 2,225,461
=========== ===========
Net interest income $ 26,833 $ 23,891
======== ========
Net interest spread 3.78% 3.92%
======= =======
Net interest margin 4.77% 4.72%
======= =======
(1) Nonaccrual loans are included in the average loan balances and any interest
on such nonaccrual loans is recognized on a cash basis.
11
BANCFIRST CORPORATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND INTEREST MARGIN ANALYSES
(Unaudited)
Taxable Equivalent Basis (Dollars in thousands)
Year Ended December 31,
---------------------------------------------------------------
2000 1999
------------------------------ ------------------------------
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
----------- -------- --------- ---------- --------- ---------
ASSETS
Earning assets:
Loans (1) $1,542,795 $145,356 9.40% $1,355,332 $121,406 8.96%
Investments - taxable 527,241 33,018 6.26 517,844 30,964 5.98
Investments - tax exempt 50,869 3,386 6.66 50,627 3,303 6.52
Federal funds sold 29,649 1,814 6.10 106,362 5,299 4.98
---------- -------- ---------- --------
Total earning assets 2,150,554 183,574 8.51 2,030,165 160,972 7.93
---------- -------- ---------- --------
Nonearning assets:
Cash and due from banks 129,212 123,527
Interest receivable and other assets 130,707 119,646
Allowance for loan losses (23,939) (20,257)
---------- ----------
Total nonearning assets 235,980 222,916
---------- ----------
Total assets $2,386,534 $2,253,081
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing deposits $1,649,412 $73,974 4.47% $1,552,090 60,840 3.92%
Short-term borrowings 31,712 1,898 5.97 32,766 1,628 4.97
Long-term borrowings 26,903 1,735 6.43 20,642 1,234 5.98
9.65% Capital Securities 25,000 2,447 9.76 25,000 2,447 9.79
---------- ------- ---------- --------
Total interest-bearing liabilities 1,733,027 80,054 4.61 1,630,498 66,149 4.06
---------- ------- ---------- --------
Interest-free funds:
Demand deposits 461,870 423,347
Interest payable and other liabilities 15,584 14,380
Stockholders' equity 176,053 184,856
---------- ----------
Total interest free funds 653,507 622,583
---------- ----------
Total liabilities and stockholders'
equity $2,386,534 $2,253,081
========== ==========
Net interest income $103,520 $ 94,823
======== ========
Net interest spread 3.90% 3.87%
======== =========
Net interest margin 4.80% 4.67%
======== =========
(1) Nonaccrual loans are included in the average loan balances and any interest
on such nonaccrual loans is recognized on a cash basis.
12
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BANCFIRST CORPORATION
---------------------
(Registrant)
Date February 12, 2001 /s/ Randy P. Foraker
----------------- --------------------
(Signature)
Randy P. Foraker
Senior Vice President and Controller;
Assistant Secretary/Treasurer
(Principal Accounting Officer)
13