OKLAHOMA CITY, July 15 /PRNewswire-FirstCall/ -- BancFirst Corporation
(Nasdaq: BANF) reported net income of $13.7 million or $0.89 diluted
earnings per share for the second quarter of 2008. These results compare to
$13.4 million or $0.83 diluted earnings per share for the same period a
year ago. Net income for the first six months of 2008 was $25.3 million, or
$1.63 diluted earnings per share versus $24.5 million or $1.52 diluted
earnings per share for the same period in 2007. As discussed below, the
Company recognized a $774,000 after-tax gain related to the sale of an
asset and a $3.8 million after-tax gain on the sale of securities during
the second quarter of 2008.
The Company's net interest income for the second quarter was $34.8
million compared to $37.4 million for the same period a year ago. The net
interest margin was 4.08% compared to 4.68% for the second quarter of 2007.
The lower interest rate environment in 2008 compared to the first six
months of 2007 driven by Federal Reserve rate cuts has caused the Company's
net interest margin to decline. Total earning assets for the Company
averaged $3.4 billion in the second quarter, an increase of $204 million
from a year ago. During the quarter, loans increased $108 million and were
up $263 million or 11.2% compared to the second quarter in 2007. The loan
loss provision for the second quarter was $3.5 million compared to $132,000
in 2007. The loan provision was driven primarily by the identification of a
small number of commercial credits that were internally downgraded by
management and to a lesser extent from the growth in the loan portfolio.
Nonperforming loans were 0.42% of total assets, and net charge-offs
represented 0.03% of loans, virtually unchanged from 0.46% and 0.01%,
respectively, for the same period in 2007. During the second quarter, the
Company completed an $80 million bond swap resulting in a pre-tax
securities gain of $6.1 million and also recognized a $1.2 million pre-tax
gain on the sale of an asset. Recurring operating noninterest income was
$16.0 million compared to $15.2 million for the same period a year ago, an
increase of 5.3% due to growth in depo[1] [2] [3] [4] [5] [6] [7] [8] 下一页
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