BancFirst Corporation reported net income of $31.8 million, or $0.96 diluted earnings per share, for the first quarter of 2019 compared to net income of $29.6 million, or $0.89 diluted earnings per share, for the first quarter of 2018.
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On January 11, 2018 BancFirst Corporation completed the acquisitions of two Oklahoma banking corporations.
Consequently, the first quarter of 2018 included one-time acquisition related expenses of approximately $2.2 million, which reduced diluted earnings per share by approximately 5 cents.
BancFirst Corporation's net interest income for the first quarter of 2019 increased to $66.9 million compared to $63.0 million for the first quarter of 2018.
The net interest margin for the quarter was 3.85% compared to 3.66% a year ago.
The increase in margin was primarily due to increases in the federal funds rate throughout 2018.
The provision for loan losses for the first quarter of 2019 was $1.7 million compared to $314,000 a year ago.
The increase in the provision was primarily due to downgrades of a few commercial loans and loan growth during the quarter.
Net charge-offs for the quarter were less than 0.01% of average loans, compared to 0.01% for the first quarter of 2018.
Noninterest income for the quarter totaled $32.0 million, compared to $30.1 million last year.
Noninterest expense for the quarter totaled $56.2 million compared to $55.9 million last year.
The slight increase in noninterest expense was due to salary increases in 2019 offset by a decrease in other expense due to nonrecurring acquisition related expenses in 2018.
The Company's effective tax rate was 22.4% compared to 19.8% for the first quarter of 2018.
The lower effective tax rate for the first quarter of 2018 was due to the exercise of stock options.
At March 31, 2019, BancFirst Corporation's total assets were $7.7 billion, an increase of $134.7 million from December 31, 2018.
Securities of $724.9 million were down $47.3 million from December 31, 2018, due to maturing U.S. treasury securities.
Loans totaled $5.1 billion, an increase of $66.1 million from December 31, 2018.
Deposits totaled $6.7 billion, an increase of $100.9 million from the December 31, 2018 total.
The Company's total stockholders' equity was $927.9 million, an increase of $25.1 million over December 31, 2018.
Asset quality remained strong during the first quarter of 2019.
Nonperforming and restructured assets represented 0.58% of total assets at March 31, 2019 and 0.59% at December 31, 2018.
The allowance to total loans was 1.05% up slightly from 1.03% at year-end 2018.
The allowance to nonperforming and restructured loans was 138.10% compared to 136.29% at year-end 2018. ■