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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, 2022

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.)

 

100 N. Broadway Ave., 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 29, 2022 there were 32,731,685 shares of the registrant’s Common Stock outstanding.

 

 


 

BancFirst Corporation

Quarterly Report on Form 10-Q

March 31, 2022

 

Table of Contents

 

Item

 

PART I – Financial Information

 

Page

 

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

 

29

 

3.

 

 

Quantitative and Qualitative Disclosure About Market Risk

 

37

 

4.

 

 

Controls and Procedures

 

37

 

 

 

 

 

 

 

 

PART II – Other Information

 

 

 

1.

 

 

Legal Proceedings

 

38

 

1A.

 

 

Risk Factors

 

38

 

2.

 

 

Unregistered Sales of Equity Securities

 

38

 

3.

 

 

Defaults Upon Senior Securities

 

38

 

4.

 

 

Mine Safety Disclosures

 

38

 

5.

 

 

Other Information

 

38

 

6.

 

Exhibits

 

39

 

Signatures

 

41

 

 


 

PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(see Note 1)

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

274,872

 

 

$

228,819

 

Interest-bearing deposits with banks

 

 

3,816,532

 

 

 

1,821,203

 

Federal funds sold

 

 

3,489

 

 

 

800

 

Debt securities held for investment (fair value: $2,917 and $2,978, respectively)

 

 

2,917

 

 

 

2,977

 

Debt securities available for sale at fair value

 

 

1,208,751

 

 

 

531,523

 

Loans held for sale

 

 

10,137

 

 

 

24,776

 

  Loans held for investment (net of unearned interest)

 

 

6,494,340

 

 

 

6,169,442

 

  Allowance for credit losses

 

 

(87,239

)

 

 

(83,936

)

Loans, net of allowance for credit losses

 

 

6,407,101

 

 

 

6,085,506

 

Premises and equipment, net

 

 

283,843

 

 

 

269,047

 

Other real estate owned

 

 

39,617

 

 

 

39,475

 

Intangible assets, net

 

 

25,456

 

 

 

17,566

 

Goodwill

 

 

176,563

 

 

 

149,922

 

Accrued interest receivable and other assets

 

 

375,153

 

 

 

233,998

 

Total assets

 

$

12,624,431

 

 

$

9,405,612

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

5,216,266

 

 

$

3,775,387

 

Interest-bearing

 

 

6,034,705

 

 

 

4,316,527

 

Total deposits

 

 

11,250,971

 

 

 

8,091,914

 

Short-term borrowings

 

 

3,300

 

 

 

 

Accrued interest payable and other liabilities

 

 

116,357

 

 

 

55,977

 

Subordinated debt

 

 

86,001

 

 

 

85,987

 

Total liabilities

 

 

11,456,629

 

 

 

8,233,878

 

 

 

 

 

 

 

 

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:
32,725,587 and 32,603,118, respectively

 

 

32,726

 

 

 

32,603

 

  Capital surplus

 

 

163,392

 

 

 

159,914

 

  Retained earnings

 

 

1,001,200

 

 

 

977,067

 

  Accumulated other comprehensive (loss) income, net of tax of $9,166
      and $(
684), respectively

 

 

(29,516

)

 

 

2,150

 

Total stockholders' equity

 

 

1,167,802

 

 

 

1,171,734

 

Total liabilities and stockholders' equity

 

$

12,624,431

 

 

$

9,405,612

 

 

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,

 

 

 

2022

 

 

2021

 

INTEREST INCOME

 

 

 

 

 

 

Loans, including fees

 

$

72,954

 

 

$

77,662

 

Debt securities:

 

 

 

 

 

 

Taxable

 

 

3,781

 

 

 

1,693

 

Tax-exempt

 

 

26

 

 

 

70

 

Federal funds sold

 

 

1

 

 

 

 

Interest-bearing deposits with banks

 

 

1,757

 

 

 

595

 

Total interest income

 

 

78,519

 

 

 

80,020

 

INTEREST EXPENSE

 

 

 

 

 

 

Deposits

 

 

1,981

 

 

 

2,322

 

Short-term borrowings

 

 

1

 

 

 

1

 

Subordinated debt

 

 

1,030

 

 

 

491

 

Total interest expense

 

 

3,012

 

 

 

2,814

 

Net interest income

 

 

75,507

 

 

 

77,206

 

Provision for credit losses

 

 

2,936

 

 

 

 

Net interest income after provision for credit losses

 

 

72,571

 

 

 

77,206

 

NONINTEREST INCOME

 

 

 

 

 

 

Trust revenue

 

 

3,506

 

 

 

3,102

 

Service charges on deposits

 

 

21,375

 

 

 

19,100

 

Securities transactions (includes accumulated other comprehensive loss reclassifications of $1,536 and $0, respectively)

 

 

(3,915

)

 

 

95

 

Income from sales of loans

 

 

1,666

 

 

 

2,010

 

Insurance commissions

 

 

7,427

 

 

 

5,989

 

Cash management

 

 

3,131

 

 

 

3,003

 

Gain on sale of other assets

 

 

45

 

 

 

2,639

 

Other

 

 

10,415

 

 

 

3,997

 

Total noninterest income

 

 

43,650

 

 

 

39,935

 

NONINTEREST EXPENSE

 

 

 

 

 

 

Salaries and employee benefits

 

 

43,932

 

 

 

39,577

 

Occupancy, net

 

 

4,403

 

 

 

4,348

 

Depreciation

 

 

4,775

 

 

 

3,877

 

Amortization of intangible assets

 

 

831

 

 

 

793

 

Data processing services

 

 

1,805

 

 

 

1,678

 

Net expense from other real estate owned

 

 

1,794

 

 

 

1,510

 

Marketing and business promotion

 

 

2,073

 

 

 

1,879

 

Deposit insurance

 

 

1,128

 

 

 

876

 

Other

 

 

11,771

 

 

 

10,425

 

Total noninterest expense

 

 

72,512

 

 

 

64,963

 

Income before taxes

 

 

43,709

 

 

 

52,178

 

Income tax expense

 

 

7,794

 

 

 

9,658

 

Net income

 

$

35,915

 

 

$

42,520

 

NET INCOME PER COMMON SHARE

 

 

 

 

 

 

Basic

 

$

1.10

 

 

$

1.30

 

Diluted

 

$

1.08

 

 

$

1.27

 

OTHER COMPREHENSIVE (LOSS) GAIN

 

 

 

 

 

 

Unrealized losses on debt securities, net of tax of $10,219 and $336, respectively

 

 

(32,833

)

 

 

(1,006

)

Reclassification adjustment for losses included in net income, net of tax of $(369) and $0, respectively

 

 

1,167

 

 

 

 

Other comprehensive loss, net of tax of $9,850 and $336, respectively

 

 

(31,666

)

 

 

(1,006

)

Comprehensive income

 

$

4,249

 

 

$

41,514

 

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,

 

 

 

2022

 

 

2021

 

COMMON STOCK

 

 

 

 

 

 

Issued at beginning of period

 

$

32,603

 

 

$

32,720

 

Shares issued for stock options

 

 

123

 

 

 

51

 

Issued at end of period

 

$

32,726

 

 

$

32,771

 

CAPITAL SURPLUS

 

 

 

 

 

 

Balance at beginning of period

 

$

159,914

 

 

$

156,574

 

Common stock issued for stock options

 

 

3,020

 

 

 

1,258

 

Net cash settlement of options

 

 

 

 

 

(958

)

Stock-based compensation arrangements

 

 

458

 

 

 

576

 

Balance at end of period

 

$

163,392

 

 

$

157,450

 

RETAINED EARNINGS

 

 

 

 

 

 

Balance at beginning of period

 

$

977,067

 

 

$

871,161

 

Net income

 

 

35,915

 

 

 

42,520

 

Dividends on common stock ($0.36 and $0.34  per share, respectively)

 

 

(11,782

)

 

 

(11,134

)

Net cash settlement of options

 

 

 

 

 

(4,521

)

Balance at end of period

 

$

1,001,200

 

 

$

898,026

 

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

Unrealized (losses)/gains on securities:

 

 

 

 

 

 

Balance at beginning of period

 

$

2,150

 

 

$

7,430

 

Net change

 

 

(31,666

)

 

 

(1,006

)

Balance at end of period

 

$

(29,516

)

 

$

6,424

 

Total stockholders’ equity

 

$

1,167,802

 

 

$

1,094,671

 

 

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,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net income

 

$

35,915

 

 

$

42,520

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

 

Provision for credit losses

 

 

2,936

 

 

 

 

Depreciation and amortization

 

 

5,606

 

 

 

4,670

 

Net amortization of securities premiums and discounts

 

 

1,921

 

 

 

369

 

Realized securities losses/(gains)

 

 

3,915

 

 

 

(95

)

Gain on sales of loans

 

 

(1,666

)

 

 

(2,010

)

Cash receipts from the sale of loans originated for sale

 

 

83,749

 

 

 

114,517

 

Cash disbursements for loans originated for sale

 

 

(67,444

)

 

 

(98,043

)

Deferred income tax benefit

 

 

(968

)

 

 

(738

)

Gain on sale of other assets

 

 

(771

)

 

 

(2,584

)

Increase/(decrease) in interest receivable

 

 

(4,714

)

 

 

235

 

Increase/(decrease) in interest payable

 

 

485

 

 

 

(329

)

Amortization of stock-based compensation arrangements

 

 

458

 

 

 

576

 

Excess tax benefit from stock-based compensation arrangements

 

 

(1,024

)

 

 

(1,551

)

Other, net

 

 

5,209

 

 

 

11,504

 

Net cash provided by operating activities

 

 

63,607

 

 

 

69,041

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Net cash received from acquisitions, net of cash paid

 

 

121,099

 

 

 

 

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

 

 

 

 

 

(13,733

)

Net increase in federal funds sold

 

 

(76

)

 

 

 

Purchases of available for sale debt securities

 

 

(966,818

)

 

 

(210,662

)

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

 

 

61

 

 

 

7

 

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

 

 

19,689

 

 

 

243,597

 

Proceeds from sales of available for sale securities

 

 

222,473

 

 

 

 

Purchase of equity securities

 

 

(144

)

 

 

(171

)

Proceeds from paydowns and sales of equity securities

 

 

697

 

 

 

194

 

Net change in loans

 

 

(67,669

)

 

 

32,053

 

Net payments on derivative asset contracts

 

 

(70,694

)

 

 

(671

)

Purchases of premises, equipment and computer software

 

 

(6,896

)

 

 

(7,718

)

Purchase of tax credits

 

 

(770

)

 

 

(1,262

)

Other, net

 

 

3,078

 

 

 

2,858

 

Net cash (used in) provided by investing activities

 

 

(745,970

)

 

 

44,492

 

FINANCING ACTIVITIES

 

 

 

 

 

 

Net change in deposits

 

 

2,729,040

 

 

 

1,344,608

 

Net change in short-term borrowings

 

 

3,300

 

 

 

2,650

 

Issuance of common stock in connection with stock options, net

 

 

3,143

 

 

 

1,309

 

Net cash settlement of options

 

 

 

 

 

(5,479

)

Cash dividends paid

 

 

(11,738

)

 

 

(11,125

)

Net cash provided by financing activities

 

 

2,723,745