BancFirst says profit rises 13.8 percent rise in 2012
BY Staff Reports
Friday, January 25, 2013
1/25/13 at 4:30 AM
BancFirst Corp. said Thursday its fourth-quarter net income rose 6.1 percent, while full-year 2012 net income jumped 13.8 percent.
The Oklahoma City-based bank company reported net income of $12.3 million for the quarter, or 79 cents a diluted share, compared with $11.6 million, or 75 cents a share, for the same period a year earlier.
Net income for the full year was $51.9 million, or $3.36 a diluted share, compared with $45.6 million, or $2.93 a share, in 2011.
"Our balance sheet is well-positioned with superior levels of liquidity, asset quality and capital adequacy which puts us in an excellent position to take advantage of any opportunity that may present itself. However, our country's fiscal dilemma and extreme monetary policy dictate that we move with caution," CEO David Rainbolt said in a written statement.
Net interest income for the fourth quarter was $42.3 million, an increase of $913,000, or 2.2 percent, from the same period a year ago.
Provision for loan losses for the quarter was $2.45 million compared with $829,000 a year earlier, primarily driven by loan growth, the company stated.
Fourth-quarter non-interest income totaled $21.8 million, up 12.2 percent from the same quarter of 2011.
At the end of December, BancFirst's total assets exceeded $6 billion, total loans were $3.2 billion, and total deposits were $5.4 billion.
BancFirst has 93 banking locations serving 51 communities across Oklahoma.
Original Print Headline: BancFirst reports net income jump