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) April 30, 2001
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BANCFIRST CORPORATION
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(Exact name of registrant as specified in its charter)
OKLAHOMA 0-14384 73-1221379
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation File Number) Identification No.)
101 North Broadway, Suite 200, Oklahoma City, Oklahoma 73102
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (405) 270-1086
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Item 9. Regulation FD Disclosure.
BANCFIRST CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in thousands)
March 31,
----------------------------------- December 31,
2001 2000 2000
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ASSETS
Cash and due from banks $ 132,551 $ 116,488 $ 162,455
Interest-bearing deposits with banks 3,336 652 663
Federal funds sold 195,000 70,850 65,900
Securities (market value: $550,672, and $590,391 548,741 591,931
and $561,434, respectively) 560,551
Loans:
Total loans (net of unearned interest) 1,677,812 1,490,850 1,666,338
Allowance for loan losses (25,321) (23,566) (25,380)
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Loans, net 1,652,491 1,467,284 1,640,958
Premises and equipment, net 57,981 55,614 57,795
Other real estate owned 1,481 1,404 1,453
Intangible assets, net 24,267 23,339 25,156
Accrued interest receivable 26,158 22,069 27,288
Other assets 34,348 28,553 28,036
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Total assets $2,676,354 $2,378,184 $2,570,255
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing $ 521,296 $ 434,348 $ 509,770
Interest-bearing 1,826,183 1,680,981 1,757,627
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Total deposits 2,347,479 2,115,329 2,267,397
Short-term borrowings 34,893 23,597 37,292
Long-term borrowings 25,939 27,304 26,613
9.65% Capital Securities 25,000 25,000 25,000
Accrued interest payable 9,771 8,111 10,302
Other liabilities 25,015 28,553 28,036
Minority interest 1,895 -- --
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Total liabilities 2,469,992 2,210,207 2,373,297
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Commitments and contingent liabilities
Stockholders' equity:
Common stock, $1.00 par (shares issued: 8,322,169, 8,322 8,098 8,327
8,098,195 and 8,326,638, respectively)
Capital surplus 56,619 47,081 56,169
Retained earnings 135,341 117,314 130,932
Accumulated other comprehensive income 6,080 (4,516) 1,530
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Total stockholders' equity 206,362 167,977 196,958
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Total liabilities and stockholders' equity $2,676,354 $2,378,184 $2,570,255
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See accompanying notes to consolidated financial statements.
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BANCFIRST CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
March 31,
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2001 2000
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INTEREST INCOME
Loans, including fees $38,201 $33,353
Securities:
Taxable 7,692 8,427
Tax-exempt 606 550
Federal funds sold 1,639 803
Interest-bearing deposits with banks 42 18
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Total interest income 48,180 43,151
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INTEREST EXPENSE
Deposits 20,558 17,118
Short-term borrowings 462 346
Long-term borrowings 408 413
9.65% Capital Securities 612 612
Total interest expense 22,040 18,489
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Net interest income 26,140 24,662
Provision for loan losses 332 1,289
Net interest income after provision
for loan losses 25,808 23,373
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NONINTEREST INCOME
Trust revenue $ 958 $ 777
Service charges on deposits 4,424 4,056
Securities transactions -- --
Income from sales of loans 189 214
Other 2,835 2,211
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Total noninterest income 8,406 7,258
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NONINTEREST EXPENSE
Salaries and employee benefits 13,064 11,902
Occupancy and fixed assets expense, net 1,560 1,378
Depreciation 1,265 1,266
Amortization of intangibles 772 945
Data processing services 528 663
Net expense from other real estate owned (22) (70)
Other 5,994 4,903
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Total noninterest expense 23,161 20,987
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Income before taxes 11,053 9,644
Income tax expense (3,902) (3,487)
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Net income 7,151 6,157
Other comprehensive income, net of tax:
Unrealized gains (losses) on securities 4,550 (1,008)
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Comprehensive income $11,701 $ 5,149
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NET INCOME PER COMMON SHARE
Basic $ 0.86 $ 0.76
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Diluted $ 0.85 $ 0.75
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See accompanying notes to consolidated financial statements.
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BANCFIRST CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
December 31,
---------------------------------
2001 2000
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Per Common Share Data
Net income - basic $ 0.86 $ 0.76
Net income - diluted 0.85 0.75
Cash net income - diluted 0.93 0.83
Cash dividends 0.18 0.16
Performance Data
Return on average assets 1.11% 1.06%
Return on average stockholders' equity 14.54 14.88
Cash dividend payout ratio 20.93 21.05
Net interest spread 3.64 3.95
Net interest margin 4.59 4.76
Efficiency ratio 67.04 65.75
March 31,
--------------------------- December 31,
2001 2000 2000
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Balance Sheet Data
Book value per share $24.80 $20.74 $23.65
Tangible book value per share 21.88 17.86 20.63
Average loans to deposits (year-to-date) 72.83% 70.07% 73.07%
Average earning assets to total assets (year-to-date) 90.00 90.07 90.11
Average stockholders' equity to average assets (year-to-date) 7.64 7.09 7.38
Asset Quality Ratios
Nonperforming and restructured loans to total loans 1.01% 0.95% 0.73%
Nonperforming and restructured assets to total assets 0.71 0.60 0.56
Allowance for loan losses to total loans 1.51 1.58 1.52
Allowance for loan losses to nonperforming and restructured loans 148.98 165.77 207.85
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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
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(Registrant)
Date April 30, 2001 /s/ Randy P. Foraker
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(Signature)
Randy P. Foraker
Senior Vice President and Controller;
Assistant Secretary/Treasurer
(Principal Accounting Officer)
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