<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly Period Ended March 31, 1995 Commission File Number 0-14384
BANCFIRST -Registered Trademark- CORPORATION
(Exact name of registrant as specified in charter)
OKLAHOMA 73-1221379
(State or other Jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 N. Broadway, Suite 200
Oklahoma City, Oklahoma 73102-8401
(Address of principal executive offices)
(405) 270-1000
(Registrant's area code and telephone number)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes /X/ No / /.
As of April 30, 1995, there were 6,213,314 shares of Common Stock
outstanding.
<PAGE>
FORM 10-Q
CROSS-REFERENCE INDEX
ITEM PART I. FINANCIAL INFORMATION PAGE
- ---- --------------------------------------------------- --------------
1. Financial Statements 1
2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 6
PART II. OTHER INFORMATION
---------------------------------------------------
1. Legal Proceedings Not Applicable
2. Changes in Securities Not Applicable
3. Defaults Upon Senior Securities Not Applicable
4. Submission of Matters to a Vote of Security Holders Not Applicable
5. Other Information Not Applicable
6. Exhibits and Reports on Form 8-K 9
Signatures 10
<PAGE>
PART I. FINANCIAL INFORMATION
<PAGE>
BANCFIRST CORPORATION
CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
<TABLE>
<CAPTION>
March 31,
------------------ December 31,
ASSETS 1995 1994 1994
-------- -------- --------
<S> <C> <C>
Cash and due from banks. . . . . . . . . . . . . . . . . $ 63,342 $ 53,250 $ 53,564
Securities:
Held for investment, at cost (market value $35,949,
$25,396 and $20,395, respectively). . . . . . . . . . 35,963 25,029 20,779
Available for sale, at market value . . . . . . . . . 218,451 212,424 202,265
Federal funds sold . . . . . . . . . . . . . . . . . . . 25,373 46,605 28,260
Loans:
Total loans (net of unearned interest) . . . . . . . 575,657 491,631 522,314
Allowance for possible loan losses. . . . . . . . . . (10,072) (9,330) (9,729)
-------- -------- --------
Loans, net. . . . . . . . . . . . . . . . . . . . . 565,585 482,301 512,585
Premises and equipment, net. . . . . . . . . . . . . . . 26,978 22,123 26,462
Other real estate owned. . . . . . . . . . . . . . . . . 2,746 2,740 2,183
Intangible assets, net . . . . . . . . . . . . . . . . . 9,512 8,591 7,960
Accrued interest receivable. . . . . . . . . . . . . . . 9,575 7,936 8,518
Other assets . . . . . . . . . . . . . . . . . . . . . . 9,842 7,558 10,339
-------- -------- --------
Total assets . . . . . . . . . . . . . . . . . . . . . $967,367 $868,557 $872,915
-------- -------- --------
-------- -------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing . . . . . . . . . . . . . . . . . $171,055 $154,412 $168,426
Interest-bearing . . . . . . . . . . . . . . . . . . . 701,576 628,117 616,425
-------- -------- --------
Total deposits . . . . . . . . . . . . . . . . . . 872,631 782,529 784,851
Securities sold under repurchase agreements and
other short-term borrowings . . . . . . . . . . . . . 214 80 117
Accrued interest payable . . . . . . . . . . . . . . . . 3,149 1,994 2,089
Other liabilities. . . . . . . . . . . . . . . . . . . . 4,941 4,501 3,897
Minority interest. . . . . . . . . . . . . . . . . . . . -- 1,015 --
-------- -------- --------
Total liabilities. . . . . . . . . . . . . . . . . . . 880,935 790,119 790,954
-------- -------- --------
Commitments and contingent liabilities . . . . . . . . .
Stockholders' equity:
Common stock (issued: 6,204,564, 6,198,439
and 6,202,814 shares, respectively) . . . . . . . . 6,205 6,198 6,203
Capital surplus . . . . . . . . . . . . . . . . . . . 34,268 34,234 34,259
Retained earnings . . . . . . . . . . . . . . . . . . 47,931 38,270 45,611
Unrealized securities losses, net of tax . . . . . . . (1,972) (264) (4,112)
-------- -------- --------
Total stockholders' equity . . . . . . . . . . . . 86,432 78,438 81,961
-------- -------- --------
Total liabilities and stockholders' equity . . . . $967,367 $868,557 $872,915
-------- -------- --------
-------- -------- --------
</TABLE>
See accompanying notes to consolidated financial statements.
1
<PAGE>
BANCFIRST CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Dollars in thousands except per share data)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------------
1995 1994
--------- ---------
<S> <C> <C>
INTEREST INCOME
Loans, including fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,030 $ 10,123
Securities:
Taxable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,974 2,979
Tax-exempt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 156
Federal funds sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465 321
--------- ---------
Total interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,605 13,579
--------- ---------
INTEREST EXPENSE
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,635 4,664
Securities sold under repurchase agreements and other short-term borrowings. . . . 16 30
Line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10
--------- ---------
Total interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,660 4,704
--------- ---------
Net interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,945 8,875
Provision for possible loan losses . . . . . . . . . . . . . . . . . . . . . . . . 61 (263)
--------- ---------
Net interest income after provision for possible loan losses . . . . . . . . . . 9,884 9,138
--------- ---------
NONINTEREST INCOME
Service charges on deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,905 1,848
Securities transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 --
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 917 896
--------- ---------
Total noninterest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,829 2,744
--------- ---------
NONINTEREST EXPENSE
Salaries and employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . 4,740 4,177
Occupancy and fixed assets expense, net. . . . . . . . . . . . . . . . . . . . . . 440 454
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457 387
Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309 300
Data processing services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 409
Net (income) expense from other real estate owned. . . . . . . . . . . . . . . . . 4 (343)
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,040 1,991
--------- ---------
Total noninterest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,290 7,375
--------- ---------
Income before taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,423 4,507
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,669) (1,429)
--------- ---------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,754 $ 3,078
--------- ---------
--------- ---------
PER SHARE DATA (PRIMARY AND FULLY-DILUTED)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.43 $ 0.47
--------- ---------
--------- ---------
Average common shares and common stock equivalents outstanding . . . . . . . . . . 6,400,896 6,372,958
--------- ---------
--------- ---------
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE>
BANCFIRST CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1995 1994
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES $ 4,173 $ 4,555
--------- ---------
INVESTING ACTIVITIES
Cash and due from banks from acquisitions. . . . . . . . . . . . . . . . . . . . . (15,542) 597
Purchases of securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,375) (24,287)
Maturities of securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,535 22,541
Proceeds from sales of securities. . . . . . . . . . . . . . . . . . . . . . . . . 654 380
Net (increase) decrease in federal funds sold. . . . . . . . . . . . . . . . . . . 13,310 (5,064)
Purchases of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,960) (640)
Proceeds from sales of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,464 15,045
Net other increase in loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,075) (14,989)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (204) (1,575)
--------- ---------
Net cash provided (used) by investing activities. . . . . . . . . . . . . . . 2,807 (7,992)
--------- ---------
FINANCING ACTIVITIES
Net increase (decrease) in demand, transaction and savings deposits. . . . . . . . (11,116) 10,000
Net increase in certificates of deposits . . . . . . . . . . . . . . . . . . . . . 14,240 3,204
Net increase (decrease) in securities sold under repurchase agreements
and other short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . 97 (855)
Issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 --
Redemption of 10% Preferred Stock. . . . . . . . . . . . . . . . . . . . . . . . . -- (3,953)
Cash dividends paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (434) (567)
--------- ---------
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . 2,798 7,829
--------- ---------
Net increase in cash and due from banks . . . . . . . . . . . . . . . . . . . 9,778 4,392
Cash and due from banks at the beginning of the period. . . . . . . . . . . . 53,564 48,858
--------- ---------
Cash and due from banks at the end of the period. . . . . . . . . . . . . . . $ 63,342 $ 53,250
--------- ---------
--------- ---------
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest . . . . . . . . . . . . . . . . . . . . . $ 5,600 $ 4,190
--------- ---------
--------- ---------
Cash paid during the period for income taxes . . . . . . . . . . . . . . . . . . . $ -- $ 18
--------- ---------
--------- ---------
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE>
BANCFIRST CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
(1) GENERAL
The accompanying consolidated financial statements include the accounts
of BancFirst Corporation, BancFirst Investment Corporation, BancFirst,
Lenders Collection Corporation and National Express Corporation. All
significant intercompany accounts and transactions have been eliminated.
Assets held in a fiduciary or agency capacity are not assets of the Company
and, accordingly, are not included in the consolidated financial statements.
There have been no significant changes in the accounting policies of the
Company since December 31, 1994, the date of the most recent annual report,
other than the adoption of Statement of Financial Accounting Standards No.
114, Accounting by Creditors for Impairment of a Loan as discussed in note
(3) below.
The interim financial statements contained herein reflect all
adjustments which are, in the opinion of management, necessary to provide a
fair statement of the financial position and results of operations of the
Company for the interim periods presented. All such adjustments are of a
normal and recurring nature. Certain amounts in the 1994 financial
statements have been reclassified to conform with the 1995 presentation.
(2) ACQUISITIONS
In March 1995, the Company acquired State National Bank of Marlow,
Oklahoma, which had total assets of $101,976. The acquisition was for cash of
$17,485, with an additional $500 placed in escrow pending the resolution of
certain matters. State National Bank was immediately merged into BancFirst.
The acquisition was accounted for as a purchase. Accordingly, the effect of
the transaction is included in the Company's consolidated financial
statements from the date of the acquisition forward. A core deposit
intangible of $1,141 and goodwill of $719 were initially recorded for the
acquisition. Subsequent payments from the escrow, if any, to the former
shareholders of State National Bank will increase the goodwill recorded. Pro
forma condensed results of operations, as though State National Bank had been
acquired January 1, 1994, are as follows:
<TABLE>
<CAPTION>
Three Months
Ended Year Ended
March 31, December 31,
1995 1994
<S> <C> <C>
Net interest income. . . . . . . . . . . . . . $10,607 $42,160
Net income . . . . . . . . . . . . . . . . . . $ 2,934 $12,296
Net income per common share
and common stock equivalent. . . . . . . . . $ 0.46 $ 1.92
</TABLE>
(3) LOANS
The Company adopted Financial Accounting Standards No. 114, "Accounting
by Creditors for Impairment of a Loan," effective January 1, 1995. This new
accounting standard requires that impaired loans be measured based upon the
present value of expected future cash flows discounted at the loan's
effective interest rate or, as a practical expedient, at the loan's
observable market price or the fair value of the collateral if the loan is
collateral dependent. A loan is impaired when, based on current information
and events, it is probable that all amounts due according to the contractual
terms of the loan agreement will not be collected. The adoption of FAS 114
did not have a material effect on the financial position or results of
operation of the Company.
4
<PAGE>
(4) NET INCOME PER SHARE
Net income per share is calculated as follows:
<TABLE>
<CAPTION>
Three Months
Ended
March 31,
1995 1994
------ ------
<S> <C> <C>
Net income . . . . . . . . . . . . . . . . . . . $2,754 $3,078
Less 10% Preferred dividends . . . . . . . . . . -- (55)
------ ------
Net income applicable to common stockholders . . $2,754 $3,023
------ ------
------ ------
Average common shares and common stock
equivalents outstanding (in thousands) . . . . 6,401 6,373
------ ------
------ ------
Net income per common share
and common stock equivalent. . . . . . . . . . $ 0.43 $ 0.47
------ ------
------ ------
</TABLE>
The 10% Preferred dividends for 1994 represent the accumulated dividends
paid upon the redemption of the 10% Preferred Stock. Average common shares
and common stock equivalents includes shares relating to stock options
exercisable within the next five years.
5
<PAGE>
BANCFIRST CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SUMMARY
The Company reported net income of $2.75 million for the quarter ended
March 31, 1995, compared to net income of $3.08 million for the first quarter
of 1994. The decrease in net income was primarily due to provisions for loan
losses in 1995 of $61,000 as opposed to income from loan recoveries in 1994
of $263,000, losses and expenses on other real estate owned in 1995 of $4,000
as opposed to income from other real estate owned in 1994 of $343,000, and an
increase in the Company's effective tax rate to 37.7% in 1995 from 31.7% in
1994. Earnings per share was $0.43 for the first quarter of 1995, compared
to $0.47 per share for the first quarter of 1994.
Total assets increased $94.5 million from December 31, 1994 and $98.8
million from March 31, 1994 due to the acquisition of State National Bank of
Marlow, Oklahoma in March 1995. Stockholders' equity increased $4.47 million
compared to December 31, 1994 and $7.99 million compared to March 31, 1994.
RESULTS OF OPERATIONS
In the first quarter of 1995, net interest income increased by $1.07
million, or 12.1%, as compared to the same quarter of 1994. Net interest
spread increased 6 basis points and average net earning assets increased $12
million. Net interest margin on a taxable equivalent basis was 5.25% for the
quarter, compared to 4.94% for the same quarter of 1994. The primary factor
in the increase in net interest margin was over $62 million of growth in
average loans.
The Company recognized provisions for loan losses of $61,000 for the
quarter, compared to income from loan recoveries of $263,000 for the first
quarter of 1994. Net loan charge-offs for the quarter were $82,000,
representing an annualized rate of only 0.06% of total loans.
Noninterest income increased $85,000, or 3.1%, from the first quarter of
1994 due partly to service charges on deposits and other fee income generated
by banks acquired. Noninterest expense increased $915,000, or 12.4%, due to
the expenses of banks acquired and the absence of gains on sales of other
real estate owned, as occurred in 1994.
Tax expense of $1.67 million was recognized for the first quarter of
1995, compared to $1.43 million for the same period of 1994. This reflects
the return of the Company to a fully taxable basis, with only a limited
amount of net operating loss carryforwards available to offset taxable income.
FINANCIAL POSITION
Securities increased $31.4 million compared to December 31, 1994 and $17
million compared to March 31, 1994, due to the bank acquired. The net
unrealized loss on securities available for sale was $3.03 million at the end
of the first quarter of 1995, compared to $6.33 million at December 31, 1994
and $264,000 at March 31, 1994. The average taxable equivalent yield on the
securities portfolio for the quarter was 5.90%, compared to 5.46% in the same
quarter of 1994.
Total loans increased $53.3 million since December 31, 1994 and $84
million since March 31, 1994 from both internal growth and bank acquisitions.
The loan growth which began in 1992 continued into the first quarter of
1995. Loan growth for the quarter, excluding the bank acquired, was at an
annualized rate of 7.75%, compared to 6% for all of 1994. The allowance for
possible loan losses increased $343,000 in the first quarter of 1995 due
6
<PAGE>
to the purchased reserves from the bank acquired in March 1995. The allowance
as a percentage of total loans was 1.75%, 1.86% and 1.89% at March 31, 1995,
December 31, 1994 and March 31, 1994, respectively.
Nonperforming and restructured loans and other real estate owned both
increased in the first quarter of 1995. Total nonperforming and restructured
assets were $7.67 million, compared to $6.07 million at December 31, 1994 and
$6.69 million at March 31, 1994. The ratio of nonperforming and restructured
assets to total assets was only 0.79%, compared to 0.70% at December 31, 1994
and 0.77% at March 31, 1994. The level of nonperforming assets is expected
to continue on a downward trend.
Total deposits increased $87.8 million since December 31, 1994 and
$90,102 since March 31, 1994 due to acquisitions and internal growth. The
Company's deposit base continues to be comprised substantially of core
deposits, with large denomination certificates of deposit being only 11.2% of
total deposits at March 31, 1995.
Stockholders' equity increased $4.47 million compared to year-end 1994
and $7.99 million compared to March 31, 1994. These increases are the result
of accumulated earnings and changes in the unrealized loss on securities
available for sale. Average stockholders' equity to average assets was 9.46%
compared to 9.34% at December 31, 1994 and 9.59% at March 31, 1994. The
Company's regulatory capital ratios all remain well in excess of the minimum
requirements.
7
<PAGE>
BANCFIRST CORPORATION
SELECTED FINANCIAL STATISTICS
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
1995 1994
---- ----
<S> <C> <C>
PER COMMON SHARE DATA:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.43 $ 0.47
Cash dividends declared. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.07 0.06
Book value at period end . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.93 12.66
PERFORMANCE RATIOS:
Return on average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.24% 1.47%
Return on average common equity. . . . . . . . . . . . . . . . . . . . . . . . 13.09 15.14
Noninterest expense/(net interest income + noninterest income) . . . . . . . . 64.89 63.47
</TABLE>
<TABLE>
<CAPTION>
March 31,
------------- December 31,
1995 1994 1994
---- ---- -----
<S> <C> <C> <C>
BALANCE SHEET RATIOS:
Average loans to deposits (year to date) . . . . . . . . . . . . . . . . . . . 66.23% 62.14% 63.39%
Allowance for possible loan losses to total loans. . . . . . . . . . . . . . . 1.75 1.89 1.86
Allowance for possible loan losses to nonperforming and restructured loans . . 210.62 244.52 261.53
Nonperforming and restructured assets to total assets. . . . . . . . . . . . . 0.79 0.77 0.70
CAPITAL RATIOS:
Average stockholders' equity to average assets (year to date). . . . . . . . . 9.46% 9.59% 9.34%
Leverage ratio (regulatory minimum 3%) . . . . . . . . . . . . . . . . . . . . 8.53 8.20 9.08
Total risk-based capital ratio (regulatory minimum 8%) . . . . . . . . . . . . 15.94 16.25 16.67
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended
March 31,
--------------------------------------
1995 1994
------------------ ------------------
Average Average
AVERAGE BALANCES AND NET INTEREST MARGIN Average Yield/ Average Yield/
ANALYSIS (TAXABLE EQUIVALENT BASIS): Balance Rate Balance Rate
------- ---- ------- ----
<S> <C> <C> <C> <C>
Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $528,696 10.05% $466,588 8.89%
Investment securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219,305 5.89 238,962 5.46
Federal funds sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,344 6.02 38,680 3.13
-------- --------
Total earning assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 779,345 8.72 744,230 7.49
Nonearning assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,973 93,588
-------- --------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $889,318 $837,818
-------- --------
-------- --------
Interest-bearing deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . $626,143 4.30% $603,249 3.13%
Short-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,101 5.89 884 2.97
-------- --------
Total interest-bearing liabilities . . . . . . . . . . . . . . . . . . . . . 627,244 4.31 604,133 3.14
Demand deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,112 147,618
Other noninterest-bearing liabilities. . . . . . . . . . . . . . . . . . . . . 5,820 5,699
Stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,142 80,368
-------- --------
Total liabilities and stockholders' equity . . . . . . . . . . . . . . . . . $889,318 $837,818
-------- --------
-------- --------
Net interest spread. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.41% 4.35%
----- -----
----- -----
Net interest margin. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.25% 4.94%
----- -----
----- -----
</TABLE>
8
<PAGE>
PART II. OTHER INFORMATION
<PAGE>
Item 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits.
<TABLE>
<CAPTION>
Exhibit
Number Exhibit
----- -------
<S> <C>
2.1 Agreement and Plan of Reorganization dated October 28, 1994 among
BancFirst, State National Bank, Marlow, Oklahoma, and certain
shareholders of State National Bank (filed as Exhibit 2.4 to the
Company's Report on Form 10-Q for the quarter ended September 30,
1994 and incorporated herein by reference).
27.1* Financial Data Schedule.
<FN>
- -------------
* Filed herewith
</TABLE>
(b) No reports on Form 8-K have been filed by the Company during the
quarter ended March 31, 1995.
10
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
May 15, 1995 BANCFIRST CORPORATION
(Registrant)
/s/ Randy Foraker
------------------------------
Randy P. Foraker
Sr. Vice President, Controller
and Secretary/Treasurer
(Principal Accounting Officer)
11
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Sequentially
Number Exhibit Numbered Page
----- ------- -------------
<S> <C> <C>
2.1 Agreement and Plan of Reorganization dated October 28, 1994 among
BancFirst, State National Bank, Marlow, Oklahoma, and certain
shareholders of State National Bank (filed as Exhibit 2.4 to the
Company's Report on Form 10-Q for the quarter ended September 30,
1994 and incorporated herein by reference).
27.1* Financial Data Schedule.
<FN>
- -------------
* Filed herewith
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
interim Financial Statements of the registrant for the quarter ended
March 31, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 63,342
<INT-BEARING-DEPOSITS> 701,576
<FED-FUNDS-SOLD> 25,373
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 218,451
<INVESTMENTS-CARRYING> 35,963
<INVESTMENTS-MARKET> 35,949
<LOANS> 575,657
<ALLOWANCE> 10,072
<TOTAL-ASSETS> 967,367
<DEPOSITS> 872,631
<SHORT-TERM> 214
<LIABILITIES-OTHER> 8,090
<LONG-TERM> 0
<COMMON> 6,205
0
0
<OTHER-SE> 80,227
<TOTAL-LIABILITIES-AND-EQUITY> 967,367
<INTEREST-LOAN> 13,030
<INTEREST-INVEST> 3,110
<INTEREST-OTHER> 465
<INTEREST-TOTAL> 16,605
<INTEREST-DEPOSIT> 6,635
<INTEREST-EXPENSE> 6,660
<INTEREST-INCOME-NET> 9,945
<LOAN-LOSSES> 61
<SECURITIES-GAINS> 7
<EXPENSE-OTHER> 8,290
<INCOME-PRETAX> 4,423
<INCOME-PRE-EXTRAORDINARY> 2,754
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,754
<EPS-PRIMARY> .43
<EPS-DILUTED> .43
<YIELD-ACTUAL> 8.64
<LOANS-NON> 3,091
<LOANS-PAST> 858
<LOANS-TROUBLED> 833
<LOANS-PROBLEM> 13,542
<ALLOWANCE-OPEN> 9,729
<CHARGE-OFFS> 176
<RECOVERIES> 94
<ALLOWANCE-CLOSE> 10,072
<ALLOWANCE-DOMESTIC> 2,355
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 7,717
</TABLE>
