OKLAHOMA CITY, Jan. 16 /PRNewswire-FirstCall/ -- BancFirst Corporation (Nasdaq: BANF) reported net income of $8.1 million or $0.52 per diluted earnings per share for the fourth quarter and $44.4 million or $2.85 per diluted earnings per share for the year ended December 31, 2008. The results compare to $11.6 million or $0.75 per diluted earnings per share and $53.1 million or $3.33 per diluted earnings per share for the fourth quarter end year ended December 31, 2007, respectively. The 2008 results were impacted by lower net interest margins due to historically low interest rate levels, and higher loan provisions as a result of the slowing economy throughout 2008.

For the fourth quarter of 2008, the Company's net interest income was $33.7 million, down from $37.5 million in the fourth quarter a year ago. The Company's net interest margin was 3.85% for the fourth quarter of 2008 compared to 4.54% in the same quarter a year ago. Total earning assets increased to $3.5 billion up from $3.3 billion in the same period in 2007. The Company's loan loss provision was $3.1 million in the fourth quarter compared to $980,000 in the same period in 2007. The increase in this quarter's loan loss provision was primarily related to one large nonperforming commercial real estate loan. Loans grew by $27.4 million during the fourth quarter and are up $270.8 million from year end 2007. At December 31, 2008, nonperforming loans equaled 0.72% of total assets up from 0.40% a year ago. Net charge-offs were 0.38% of loans for the fourth quarter and 0.21% for the year 2008, below industry peer levels. Noninterest income totaled $16.0 million for the quarter, an increase of 5.3% over the same period a year ago. The increase is mainly attributable to growth in service charges on deposits, and cash management and treasury services. Noninterest expense for the quarter was $34.2 million, virtually unchanged from the fourth quarter of 2007.

David Rainbolt, BancFirst Corporation CEO stated that "With our capital strength, strong liquidity and overall asset quality, we feel we are well positioned to weather the challenges in 2009. Our goal is to be in position to take advantage of any opportunities that arise in the future."

At December 31, 2008, total assets of the Company reached $3.9 billion, an increase of $124.2 million over the prior year end. Loans totaled $2.8 billion, which is an increase of 10.9% over December 31, 2007, while deposits increased to $3.4 billion, up $89.1 million or 2.7% over the prior year. The Company's equity capital was $413.8 million, or 10.7% of total assets.

BancFirst Corporation is an Oklahoma based financial services holding company. The Company's principal subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with 88 banking locations serving 44 communities across Oklahoma.

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.




                                 BancFirst Corporation
                              Summary Financial Information
        (Dollars in thousands, except per share and share data - Unaudited)

                                              2008
                      Q1           Q2          Q3         Q4    Year-To-Date
    Income Statement
     Data:
    Net interest
     income         $35,387     $34,774     $35,251     $33,695    $139,107
    Provision for
     loan
     losses           1,780       3,539       2,270       3,087      10,676
    Securities
     transactions        28       6,121         776          13       6,938
    Total
     noninterest
     income          17,241      23,330      17,784      16,030      74,385
    Salaries and
     employee
     benefits        20,189      20,366      20,038      19,293      79,886
    Total
     noninterest
     expense         32,928      33,596      34,307      34,175     135,006
    Net income       11,594      13,737      10,958       8,069      44,358
    Per Common
     Share Data:
    Net income-
     basic             0.76        0.91        0.72        0.53        2.91
    Net income-
     diluted           0.74        0.89        0.70        0.52        2.85
    Cash dividends
     declared          0.20        0.20        0.22        0.22        0.84
    Common
     shares
     outstanding 15,183,483  15,186,632  15,242,061  15,281,141  15,281,141
    Average
     common
     shares
     outstanding -
      Basic      15,208,049  15,185,763  15,217,546  15,263,507  15,218,835
      Diluted    15,562,570  15,548,687  15,589,215  15,606,950  15,578,463
    Performance
     Ratios:
    Return on
     average
     assets            1.26%       1.46%       1.13%       0.84%       1.17%
    Return on
     average equity   12.24       14.14       11.04        7.94       11.30
    Net interest
     margin            4.24        4.08        4.03        3.85        4.05
    Efficiency
     ratio            62.57       57.82       64.69       68.73       63.24


                                              2007
                        Q1           Q2          Q3         Q4   Year-To-Date

    Income Statement
     Data:
    Net income      $36,374     $37,437     $36,969     $37,506    $148,286
    Provision for
     loan losses        (31)        132       2,248         980       3,329
    Securities
     transactions       227         339       7,723          48       8,337
    Total
     noninterest
     income          13,882      15,235      26,790      15,231      71,138
    Salaries and
     employee
     benefits        18,790      18,937      19,513      19,574      76,814
    Total
     noninterest
     expense         33,421      31,618      35,167      34,240     134,446
    Net income       11,123      13,402      16,944      11,624      53,093
    Per Common
     Share Data:
    Net income-
     basic             0.71        0.85        1.08        0.76        3.41
    Net income-
     diluted           0.69        0.83        1.06        0.75        3.33
    Cash dividends
     declared          0.18        0.18        0.20        0.20        0.76
    Common
     shares
     outstanding 15,721,936  15,724,536  15,201,459  15,217,233  15,217,233
    Average
     common
     shares
     outstanding -
      Basic      15,750,333  15,723,483  15,620,336  15,209,373  15,574,521
      Diluted    16,113,434  16,056,768  15,951,069  15,575,630  15,944,622
    Performance
     Ratios:
    Return on
     average
     assets            1.31%       1.51%       1.88%       1.27%       1.49%
    Return on
     average equity   12.83       14.93       18.14       12.60       14.66
    Net interest
     margin            4.75        4.68        4.55        4.54        4.63
    Efficiency
     ratio            66.50       60.03       55.16       64.93       61.27








                                   BancFirst Corporation
                               Summary Financial Information
                (Dollars in thousands, except per share data - Unaudited)

                                         2008
                         Q1            Q2            Q3           Q4
    Balance Sheet
     Data:
    Total assets     $3,786,111    $3,842,364    $3,825,518    $3,867,204
    Total loans       2,500,849     2,608,913     2,730,409     2,757,854
    Allowance for
     loan losses        (30,193)      (33,512)      (33,862)      (34,290)
    Securities          462,832       448,350       462,595       455,568
    Deposits          3,302,103     3,369,912     3,361,233     3,377,608
    Stockholders'
     equity             386,177       387,181       397,648       413,791
    Book value per
     common share         25.43         25.49         26.09         27.08
    Tangible book
     value per common
     share                22.65         22.73         23.35         24.34
    Balance Sheet
     Ratios:
    Average loans
     to deposits          76.91%        77.19%        78.85%        82.23%
    Average earning
     assets to total
     assets               91.27         90.91         91.10         91.63
    Average stockholders'
     equity to average
     assets               10.27         10.30         10.25         10.55
    Asset Quality Data:
    Past due loans         $643        $2,043          $892        $1,346
    Nonaccrual loans     11,892        11,070        20,229        21,359
    Restructured loans      864           833           940         1,022
    Total nonperforming
     and restructured
     loans               13,399        13,946        22,061        23,727
    Other real estate
     owned and
     repossessed assets   2,074         2,311         3,423         3,997
    Total nonperforming
     and restructured
     assets              15,473        16,257        25,484        27,724
    Nonperforming and
     restructured loans
     to total loans        0.54%         0.53%         0.81%         0.86%
    Nonperforming and
     restructured
     assets to total
     assets                0.41          0.42          0.67          0.72
    Allowance to
     total loans           1.21          1.28          1.24          1.24
    Allowance to
     nonperforming
     and restructured
     loans               225.34        240.30        153.50        144.52
    Net charge-offs
     to average loans      0.12          0.03          0.28          0.38


                                             2007
                         Q1            Q2            Q3           Q4    Balance Sheet
     Data:
    Total assets     $3,521,686    $3,601,866    $3,546,338    $3,743,006
    Total loans       2,336,028     2,345,838     2,399,982     2,487,099
    Allowance for
     loan losses        (27,493)      (27,568)      (28,828)      (29,127)
    Securities          430,765       459,271       464,534       467,719
    Deposits          3,069,206     3,151,553     3,119,775     3,288,504
    Stockholders'
     equity             355,478       364,547       358,871       371,962
    Book value per
     common share         22.61         23.18         23.61         24.44
    Tangible book
     value per
     common share         20.09         20.46         20.80         21.66
    Balance Sheet
     Ratios:
    Average loans
     to deposits          77.50%        75.02%        75.51%        76.21%
    Average earning
     assets to total
     assets               90.77         90.74         90.89         91.03
    Average stockholders'
     equity to average
     assets               10.18         10.11         10.35         10.09
    Asset Quality Data:
    Past due loans       $1,688        $1,276        $1,022          $823
    Nonaccrual loans      9,909        13,372        13,146        11,568
    Restructured loans      792           912           989         1,121
    Total nonperforming
     and restructured
     loans               12,389        15,560        15,157        13,512
    Other real estate
     owned and
     repossessed assets   1,233         1,098         1,300         1,568
    Total nonperforming
     and restructured
     assets              13,622        16,658        16,457        15,080
    Nonperforming and
     restructured loans
     to total loans        0.53%         0.66%         0.63%         0.54%
    Nonperforming and
     restructured assets
     to total assets       0.39          0.46          0.46          0.40
    Allowance to total
     loans                 1.18          1.18          1.20          1.17
    Allowance to
     nonperforming
     and restructured
     loans               221.90        177.18        190.20        215.57
    Net charge-offs to
     average loans         0.03          0.01          0.17          0.11




                                    BancFirst Corporation
                             Consolidated Average Balance Sheets
                                 And Interest Margin Analysis
                                   Taxable Equivalent Basis
                              (Dollars in thousands - Unaudited)

                           Three Months Ended         Twelve Months Ended
                            December 31, 2008          December 31, 2008
                                Interest Average            Interest Average
                        Average  Income/ Yield/    Average   Income/  Yield/
                        Balance  Expense  Rate     Balance   Expense   Rate
    ASSETS
    Earning
     assets:
      Loans          $2,749,720  $41,898  6.05%  $2,612,553  $172,556  6.59%
      Securities
       - taxable        413,534    3,748  3.60      416,587    16,387  3.92
      Securities
       - tax exempt      42,858      608  5.63       38,000     2,214  5.81
      Federal funds
       sold             292,930      508  0.69      385,825     7,864  2.03
         Total
          earning
          assets      3,499,042   46,762  5.30    3,452,965   199,021  5.75

    Nonearning
     assets:
      Cash and
       due from
       banks            127,188                     138,002
      Interest
       receivable
       and other
       assets           226,355                     225,879
      Allowance
       for loan
       losses           (34,125)                    (31,939)
         Total
          nonearning
          assets        319,418                     331,942
         Total
          assets     $3,818,460                  $3,784,907

    LIABILITIES AND
      STOCKHOLDERS' EQUITY
    Interest-bearing liabilities:
      Transaction
       deposits        $423,594     $422   0.40%   $423,773    $2,126  0.50%
      Savings
       deposits       1,094,266    5,571   2.02   1,100,184    24,945  2.26
      Time deposits     841,973    6,245   2.94     834,712    29,313  3.50
      Short-term
       borrowings        16,304       46   1.12      21,322       458  2.14
      Long-term
       borrowings             1       --     --         218         9  4.12
      Junior
       subordinated
       debentures        26,804      491   7.27      26,738     1,966  7.33
         Total
          interest-
          bearing
          liabilities 2,402,942   12,775   2.11   2,406,947    58,817  2.44

    Interest-free funds:
      Noninterest
       bearing
       deposits         984,215                     955,847
      Interest payable
       and other
       liabilities       28,332                      30,537
      Stockholders'
        Equity          402,971                     391,576
         Total
          interest
          free-funds  1,415,518                   1,377,960
         Total
          liabilities
          and
          stockholders'
          equity     $3,818,460                  $3,784,907
    Net interest
     income                      $33,987                     $140,204
    Net interest
     spread                                3.19%                       3.31%
    Net interest
     margin                                3.85%                       4.05%

SOURCE BancFirst