BancFirst Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2016
January 19, 2017 at 06:37 pm
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BancFirst Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net income of $18.6 million, or $1.16 diluted earnings per share compared to net income of $15.7 million, or $0.99 diluted earnings per share, for the fourth quarter of 2015. The company's net interest income for the fourth quarter of 2016 increased to $51.6 million compared to $50.1 million for the fourth quarter of 2015. Income before income taxes was $29,123,000 compared to $23,891,000 a year ago. Return on average assets was 1.07% compared to 0.94% a year ago. Return on average equity was 10.44% compared to 9.51% a year ago. Book value per common share was $44.97 compared to $42.03 a year ago. Tangible book value per common share was $40.71 compared to $37.56 a year ago.
Net income for the year ended December 31, 2016 was $70.7 million, or $4.44 diluted earnings per share, compared to $66.2 million, or $4.17 diluted earnings per share, for 2015. For the year ended 2016, the company's net interest income was $203.8 million compared to $188.8 million for 2015. Income before income taxes was $107,937,000 compared to $101,210,000 a year ago. Return on average assets was 1.04% compared to 1.01% a year ago. Return on average stockholders equity was 10.32% compared to 10.38% a year ago.
Net charge-offs for the quarter were 0.02% of average loans, compared to 0.07% for the fourth quarter of 2015.
BancFirst Corporation is a financial holding company, which operates through its subsidiaries, BancFirst and Pegasus Bank, which are a state-chartered banks. The Company has six business units: metropolitan banks, community banks, Pegasus, Worthington, other financial services and executive, operations, and support. Metropolitan banks, community banks, Pegasus and Worthington offers commercial and retail lending, a full line of deposit accounts and other. Metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. Community banks consist of banking locations in communities throughout Oklahoma. Pegasus consists of banking locations in the Dallas metropolitan area. Worthington consists of banking locations in the Fort Worth metropolitan area. Other financial services are specialty product business units, including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance.
BancFirst Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2016