BancFirst Corp. reports 10.4 percent 3Q income increase
BY LAURIE WINSLOW World Staff Writer
Wednesday, October 17, 2012
10/17/12 at 3:19 AM
BancFirst Corp. reported Tuesday that third-quarter net income increased 10.4 percent from the same time a year ago.
The Oklahoma City-based bank company said it recorded net income of $13.9 million, or 90 cents a diluted share, compared with $12.6 million, or 81 cents a share, in the third quarter of 2011.
For the first nine months of the year, net income was $39.6 million, or $2.57 per diluted share, compared with $34.0 million, or $2.18 a share, for the same period a year earlier.
"While interest rates remain low, noninterest income becomes more important. We are pleased with the growth in all areas of noninterest income, but are especially pleased with the growth and momentum in our insurance agency, BancFirst Insurance Services," CEO David Rainbolt said in a statement.
Third-quarter interest income was $40.8 million, up slightly from $40.2 million in the same period last year, BancFirst reported.
The company's loan loss provision for the third quarter was $233,000, down from $885,000 a year ago.
Total nonperforming and restructured assets were $50.4 million, representing 0.86 percent of total assets, BancFirst said.
Also for the quarter, noninterest income totaled $22.1 million, which was up $2.0 million from last year, the company said.
At the end of September, BancFirst had total assets of $5.8 billion, total loans of $3.1 billion and total deposits of $5.3 billion.
BancFirst Corp. has 93 banking locations in 51 communities across Oklahoma.
Original Print Headline: Earnings jump at BancFirst
Laurie Winslow 918-581-8466