OKLAHOMA CITY, July 18, 2019 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $34.2 million, or $1.02 diluted earnings per share, for the second quarter of 2019 compared to net income of $30.6 million, or $0.91 diluted earnings per share, for the second quarter of 2018.   Net income for the six months ended June 30, 2019 was $66.0 million, or $1.98 per share, compared to $60.2 million, or $1.80 per share, for the first half of 2018.  On January 11, 2018 the Company completed the acquisitions of two Oklahoma banking corporations. Consequently, the first half of 2018 included one-time acquisition related expenses of approximately $2.2 million, which reduced diluted earnings per share by approximately 5 cents in the first quarter. 

The Company's net interest income for the second quarter of 2019 increased to $68.8 million compared to $64.9 million for the second quarter of 2018. The net interest margin for the quarter was 3.89% compared to 3.70% a year ago. The increase in margin was primarily due to the increase in the federal funds rate throughout 2018. The provision for loan losses for the second quarter of 2019 was $2.4 million compared to $1.2 million a year ago.  Net charge-offs for the second quarter of 2019 and 2018 were 0.01% of average loans.  Noninterest income for the quarter totaled $34.1 million, compared to $30.4 million last year. The increase in noninterest income was primarily due to growth in debit card usage fees, sweep fees and equity security gains of $821,000. Noninterest expense for the quarter totaled $56.6 million compared to $54.3 million last year. The increase in noninterest expense was primarily due to salary increases in 2019. The Company's effective tax rate was 22.0% compared to 23.2% for the second quarter of 2018. The decrease in the effective tax rate compared to the second quarter of 2018 was due to the increase in tax credits during the quarter.

At June 30, 2019, the Company's total assets were $7.6 billion, an increase of $67.8 million from December 31, 2018. Securities of $425.2 million were down $347.0 million from December 31, 2018. Loans totaled $5.1 billion, an increase of $121.2 million from December 31, 2018. Deposits totaled $6.6 billion, an increase of $8.1 million from the December 31, 2018 total. The Company's total stockholders' equity was $956.4 million, an increase of $53.6 million over December 31, 2018.

Asset quality remained strong during the second quarter of 2019.  Nonperforming and restructured assets represented 0.58% of total assets at June 30, 2019, virtually unchanged from the prior year. The allowance to total loans was 1.08% up slightly from 1.03% at year-end 2018. The allowance to nonperforming and restructured loans was 148.35% compared to 136.29% at year-end 2018.

BancFirst Corporation CEO David Harlow commented, "The Company reported a good quarter and first half of 2019. Improvement in net interest income, net interest margin, non-interest income and continued strong asset quality were the primary drivers."

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company.  The Company's principal subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with 107 banking locations serving 58 communities across Oklahoma. More information can be found at www.bancfirst.bank.

The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters.  Forward-looking statements include estimates and give management's current expectations or forecasts of future events.  The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time.  Actual results may differ materially from forward-looking statements.

View original content:http://www.prnewswire.com/news-releases/bancfirst-corporation-reports-second-quarter-earnings-300887561.html

SOURCE BancFirst