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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 June 30, 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 July 31, 2022 there were 32,787,596 shares of the registrant’s Common Stock outstanding.

 

 


 

BancFirst Corporation

Quarterly Report on Form 10-Q

June 30, 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

 

30

 

3.

 

 

Quantitative and Qualitative Disclosure About Market Risk

 

40

 

4.

 

 

Controls and Procedures

 

40

 

 

 

 

 

 

 

 

PART II – Other Information

 

 

 

1.

 

 

Legal Proceedings

 

41

 

1A.

 

 

Risk Factors

 

41

 

2.

 

 

Unregistered Sales of Equity Securities

 

41

 

3.

 

 

Defaults Upon Senior Securities

 

41

 

4.

 

 

Mine Safety Disclosures

 

41

 

5.

 

 

Other Information

 

41

 

6.

 

Exhibits

 

42

 

Signatures

 

44

 

 


 

PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(see Note 1)

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

289,030

 

 

$

228,819

 

Interest-bearing deposits with banks

 

 

3,590,311

 

 

 

1,821,203

 

Federal funds sold

 

 

1,525

 

 

 

800

 

Debt securities held for investment (fair value: $2,392 and $2,978, respectively)

 

 

2,391

 

 

 

2,977

 

Debt securities available for sale at fair value

 

 

1,203,503

 

 

 

531,523

 

Loans held for sale

 

 

7,360

 

 

 

24,776

 

  Loans held for investment (net of unearned interest)

 

 

6,613,283

 

 

 

6,169,442

 

  Allowance for credit losses

 

 

(86,935

)

 

 

(83,936

)

Loans, net of allowance for credit losses

 

 

6,526,348

 

 

 

6,085,506

 

Premises and equipment, net

 

 

279,609

 

 

 

269,047

 

Other real estate owned

 

 

39,097

 

 

 

39,475

 

Intangible assets, net

 

 

21,743

 

 

 

17,566

 

Goodwill

 

 

183,639

 

 

 

149,922

 

Accrued interest receivable and other assets

 

 

385,517

 

 

 

233,998

 

Total assets

 

$

12,530,073

 

 

$

9,405,612

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

5,228,774

 

 

$

3,775,387

 

Interest-bearing

 

 

5,913,914

 

 

 

4,316,527

 

Total deposits

 

 

11,142,688

 

 

 

8,091,914

 

Short-term borrowings

 

 

6,100

 

 

 

 

Accrued interest payable and other liabilities

 

 

109,575

 

 

 

55,977

 

Subordinated debt

 

 

86,015

 

 

 

85,987

 

Total liabilities

 

 

11,344,378

 

 

 

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:
32,781,198 and 32,603,118, respectively

 

 

32,781

 

 

 

32,603

 

  Capital surplus

 

 

165,295

 

 

 

159,914

 

  Retained earnings

 

 

1,034,107

 

 

 

977,067

 

  Accumulated other comprehensive (loss) income, net of tax of $14,406
      and $(
684), respectively

 

 

(46,488

)

 

 

2,150

 

Total stockholders' equity

 

 

1,185,695

 

 

 

1,171,734

 

Total liabilities and stockholders' equity

 

$

12,530,073

 

 

$

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

78,726

 

 

$

82,447

 

 

$

151,680

 

 

$

160,109

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

5,142

 

 

 

1,602

 

 

 

8,923

 

 

 

3,295

 

Tax-exempt

 

 

23

 

 

 

70

 

 

 

49

 

 

 

140

 

Federal funds sold

 

 

5

 

 

 

 

 

 

6

 

 

 

 

Interest-bearing deposits with banks

 

 

7,600

 

 

 

825

 

 

 

9,357

 

 

 

1,420

 

Total interest income

 

 

91,496

 

 

 

84,944

 

 

 

170,015

 

 

 

164,964

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

3,586

 

 

 

2,003

 

 

 

5,567

 

 

 

4,325

 

Short-term borrowings

 

 

12

 

 

 

 

 

 

13

 

 

 

1

 

Subordinated debt

 

 

1,031

 

 

 

578

 

 

 

2,061

 

 

 

1,069

 

Total interest expense

 

 

4,629

 

 

 

2,581

 

 

 

7,641

 

 

 

5,395

 

Net interest income

 

 

86,867

 

 

 

82,363

 

 

 

162,374

 

 

 

159,569

 

Provision for (benefit from) credit losses

 

 

501

 

 

 

(9,949

)

 

 

3,437

 

 

 

(9,949

)

Net interest income after provision for (benefit from) credit losses

 

 

86,366

 

 

 

92,312

 

 

 

158,937

 

 

 

169,518

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Trust revenue

 

 

3,949

 

 

 

3,264

 

 

 

7,455

 

 

 

6,366

 

Service charges on deposits

 

 

21,618

 

 

 

20,524

 

 

 

42,993

 

 

 

39,624

 

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

 

 

 

 

 

172

 

 

 

(3,915

)

 

 

267

 

Income from sales of loans

 

 

1,256

 

 

 

2,133

 

 

 

2,922

 

 

 

4,143

 

Insurance commissions

 

 

5,302

 

 

 

5,015

 

 

 

12,729

 

 

 

11,004

 

Cash management

 

 

4,447

 

 

 

3,068

 

 

 

7,578

 

 

 

6,071

 

Gain on sale of other assets

 

 

118

 

 

 

73

 

 

 

163

 

 

 

2,712

 

Other

 

 

5,908

 

 

 

10,369

 

 

 

16,323

 

 

 

14,366

 

Total noninterest income

 

 

42,598

 

 

 

44,618

 

 

 

86,248

 

 

 

84,553

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

45,284

 

 

 

41,992

 

 

 

89,216

 

 

 

81,569

 

Occupancy, net

 

 

4,734

 

 

 

4,528

 

 

 

9,137

 

 

 

8,876

 

Depreciation

 

 

4,647

 

 

 

4,133

 

 

 

9,422

 

 

 

8,010

 

Amortization of intangible assets

 

 

857

 

 

 

809

 

 

 

1,688

 

 

 

1,602

 

Data processing services

 

 

1,975

 

 

 

1,660

 

 

 

3,780

 

 

 

3,338

 

Net (income) expense from other real estate owned

 

 

(510

)

 

 

3,357

 

 

 

1,284

 

 

 

4,867

 

Marketing and business promotion

 

 

1,591

 

 

 

1,648

 

 

 

3,664

 

 

 

3,527

 

Deposit insurance

 

 

1,196

 

 

 

766

 

 

 

2,324

 

 

 

1,642

 

Other

 

 

13,943

 

 

 

15,130

 

 

 

25,714

 

 

 

25,555

 

Total noninterest expense

 

 

73,717

 

 

 

74,023

 

 

 

146,229

 

 

 

138,986

 

Income before taxes

 

 

55,247

 

 

 

62,907

 

 

 

98,956

 

 

 

115,085

 

Income tax expense

 

 

10,540

 

 

 

14,715

 

 

 

18,334

 

 

 

24,373

 

Net income

 

$

44,707

 

 

$

48,192

 

 

$

80,622

 

 

$

90,712

 

NET INCOME PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.36

 

 

$

1.47

 

 

$

2.46

 

 

$

2.77

 

Diluted

 

$

1.34

 

 

$

1.45

 

 

$

2.42

 

 

$

2.72

 

OTHER COMPREHENSIVE (LOSS) GAIN

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on debt securities, net of tax of $5,240, $472, $15,459 and $808, respectively

 

 

(16,972

)

 

 

(1,007

)

 

 

(49,805

)

 

 

(2,013

)

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

 

 

 

 

 

 

 

 

1,167

 

 

 

 

Other comprehensive loss, net of tax of $5,240, $472, $15,090 and $808, respectively

 

 

(16,972

)

 

 

(1,007

)

 

 

(48,638

)

 

 

(2,013

)

Comprehensive income

 

$

27,735

 

 

$

47,185

 

 

$

31,984

 

 

$

88,699

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

COMMON STOCK

 

 

 

 

 

 

 

 

 

 

 

 

Issued at beginning of period

 

$

32,726

 

 

$

32,771

 

 

$

32,603

 

 

$

32,720

 

Shares issued for stock options

 

 

55

 

 

 

14

 

 

 

178

 

 

 

65

 

Issued at end of period

 

$

32,781

 

 

$

32,785

 

 

$

32,781

 

 

$

32,785

 

CAPITAL SURPLUS

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period