<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 June 30, 1995 Commission File Number 0-14384
BANCFIRST 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 July 31, 1995, there were 6,197,374 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 9
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>
June 30,
------------------- December 31,
1995 1994 1994
-------- -------- ------------
<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 64,049 $ 55,879 $ 53,564
Interest-bearing deposits with banks 38 -- --
Securities:
Held for investment, at cost (market value: $34,663, $23,662
and $20,395, respectively) 34,269 23,631 20,779
Available for sale, at market value 217,681 217,609 202,265
Federal funds sold 16,983 37,640 28,260
Loans:
Total loans (net of unearned interest) 591,512 488,019 522,314
Allowance for possible loan losses (10,322) (9,339) (9,729)
--------- -------- --------
Loans, net 581,190 478,680 512,585
Premises and equipment, net 27,152 26,681 26,462
Other real estate owned 2,635 2,360 2,183
Intangible assets, net 9,268 8,488 7,960
Accrued interest receivable 9,512 7,951 8,518
Other assets 7,979 10,588 10,339
--------- -------- --------
Total assets $970,756 $869,507 $872,915
--------- --------- ---------
--------- --------- ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing $176,299 $164,088 $168,426
Interest-bearing 696,834 618,126 616,425
--------- -------- --------
Total deposits 873,133 782,214 784,851
Securities sold under repurchase agreements and other
short-term borrowings 224 94 117
Accrued interest payable 2,876 1,635 2,089
Other liabilities 3,283 5,266 3,897
Minority interest -- 1,019 --
--------- -------- --------
Total liabilities 879,516 790,228 790,954
--------- -------- --------
Commitments and contingent liabilities
Stockholders' equity:
Common stock (issued: 6,194,874, 6,202,814 and 6,202,814
shares, respectively) 6,195 6,203 6,203
Capital surplus 34,315 34,259 34,259
Retained earnings 50,089 40,687 45,611
Unrealized securities losses, net of tax 641 (1,870) (4,112)
--------- -------- --------
Total stockholders' equity 91,240 79,279 81,961
--------- -------- --------
Total liabilities and stockholders' equity $970,756 $869,507 $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 Six Months Ended
June 30, June 30,
--------------------- ---------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans, including fees $ 14,621 $ 11,131 $ 27,651 $ 21,254
Interest-bearing deposits with banks 8 -- 8 --
Securities:
Taxable 3,624 3,076 6,599 6,055
Tax-exempt 159 151 295 307
Federal funds sold 398 327 863 648
---------- ---------- --------- ----------
Total interest income 18,810 14,685 35,416 28,264
---------- ---------- ---------- ----------
INTEREST EXPENSE
Deposits 7,885 4,964 14,520 9,629
Securities sold under repurchase agreements and other
short-term borrowings 13 (18) 22 12
Line of credit -- 10 16 19
---------- ---------- ---------- ----------
Total interest expense 7,898 4,956 14,558 9,660
---------- ---------- ---------- ----------
Net interest income 10,912 9,729 20,858 18,604
Provision for possible loan losses 196 (9) 258 (272)
---------- ---------- ---------- ----------
Net interest income after provision for possible loan losses 10,716 9,738 20,600 18,876
---------- ---------- ---------- ----------
NONINTEREST INCOME
Service charges on deposits 2,017 1,935 3,922 3,783
Securities transactions 56 -- 63 --
Other 1,091 935 2,008 1,831
---------- ---------- ---------- ----------
Total noninterest income 3,164 2,870 5,993 5,614
---------- ---------- ---------- ----------
NONINTEREST EXPENSE
Salaries and employee benefits 5,089 4,434 9,829 8,610
Occupancy and fixed assets expense, net 486 322 926 776
Depreciation 487 461 943 848
Amortization 365 324 674 624
Data processing services 294 327 594 736
Net (income) expense from other real 30 18 55 (325)
Other 2,281 2,155 4,300 4,147
---------- ---------- ---------- ----------
Total noninterest expense 9,032 8,041 17,321 15,416
---------- ---------- ---------- ----------
Income before taxes 4,848 4,567 9,272 9,074
Income tax expense (1,828) (1,778) (3,497) (3,208)
---------- ---------- ---------- ----------
Net income $ 3,020 $ $2,789 $ 5,775 $ 5,866
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
PER SHARE DATA (PRIMARY AND FULLY DILUTED)
Net income $ 0.47 $ 0.44 $ 0.90 $ 0.91
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Average common stock and common stock 6,394,966 6,376,262 6,395,801 6,372,392
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE>
BANCFIRST CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in thousands)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
---------------------
1995 1994
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES $ 6,961 $ 6,786
--------- ---------
INVESTING ACTIVITIES
Cash and due from banks from acquisitions (15,542) 166
Purchases of securities (26,758) (45,048)
Maturities of securities 8,181 34,868
Proceeds from sales of securities 687 2,085
Net decrease in federal funds sold 21,584 3,901
Purchases of loans (3,017) (3,147)
Proceeds from sales of loans 20,971 26,530
Net other increase in loans (44,434) (20,278)
Purchases of premises and equipment (1,290) (8,383)
Proceeds from sales of other real estate owned 366 2,239
Other, net 330 116
--------- ---------
Net cash provided (used) by investing activities 1,078 (6,951)
--------- ---------
FINANCING ACTIVITIES
Net increase (decrease) in demand, transaction and savings deposits (7,949) 10,152
Net increase in certificates of deposit 11,575 2,737
Net increase (decrease) in securities sold under repurchase
agreements and other short-term borrowings 107 (841)
Issuance of common stock 197 30
Payments to repurchase common stock (577) --
Redemption of 10% Preferred Stock -- (3,953)
Cash dividends paid (869) (939)
--------- ---------
Net cash provided by financing activities 2,484 7,186
--------- ---------
Net increase in cash and due from banks 10,523 7,021
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 $ 64,087 $ 55,879
--------- ---------
--------- ---------
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest $ 13,771 $ 9,504
--------- ---------
--------- ---------
Cash paid during the period for income taxes $ 3,475 $ 3,008
--------- ---------
--------- ---------
</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 $406 and goodwill of $810 were 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>
Six Months Ended Year Ended
June 30, December 31,
1995 1994
---------- ------------
<S> <C> <C>
Net interest income. . . . . . . . . . . . .$21,541 $42,160
Net income . . . . . . . . . . . . . . . . .$ 5,953 $12,296
Net income per common share and common
stock equivalent. . . . . . . . . . . . . .$ 0.93 $ 1.91
</TABLE>
In June 1995, the Company announced an agreement of merger with Commerce
Bancorporation, Inc. of McLoud, Oklahoma ("Commerce Bancorp"), which has
approximately $18 million in total assets. Commerce Bancorp is controlled by
certain executive officers of the Company. Under the terms of the agreement,
156,510 shares of BancFirst Corporation common stock would be issued for the
22,573 shares of Commerce Bancorp common stock outstanding. The merger is
subject to regulatory and shareholder approvals and is expected to be
completed in mid-1996.
(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 Six Months
Ended Ended
June 30, June 30,
-------------- --------------
1995 1994 1995 1994
------ ------ ------ ------
<S> <C> <C> <C> <C>
Net income. . . . . . . . . . . . . . . . . . . . . . . . $3,020 $2,789 $5,775 $5,866
Less 10% Preferred dividends. . . . . . . . . . . . . . . -- -- -- (55)
------ ------ ------ ------
Net income applicable to common stockholders. . . . . . . $3,020 $2,789 $5,775 $5,811
------ ------ ------ ------
------ ------ ------ ------
Average common shares and common stock equivalents
outstanding (in thousands). . . . . . . . . . . . . . . . 6,395 6,376 6,396 6,372
------ ------ ------ ------
------ ------ ------ ------
Net income per common share and common stock equivalent . $0.47 $ 0.44 $0.90 $0.91
------ ------ ------ ------
------ ------ ------ ------
</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) STOCK REPURCHASE PROGRAM
On March 23, 1995, the Company adopted a Stock Repurchase Program
authorizing management to repurchase up to 200,000 shares of the Company's
common stock. The program is to be used for purchases of stock by the
Company's Employee Stock Ownership and Thrift Plan, and may also be used to
enhance earnings per share, provide stock for the exercise of stock options
under the Company's Stock Option Plan or to provide additional liquidity for
the stock. Stock purchases under the program must satisfy certain criteria
regarding effects on earnings per share and book value dilution, resulting
equity ratios and the price to book value of comparable size institutions.
5
<PAGE>
BANCFIRST CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SUMMARY
The Company reported net income of $3.02 million for the quarter ended
June 30, 1995, compared to net income of $2.79 million for the second quarter
of 1994. Earnings per share was $0.47 for the second quarter of 1995,
compared to $0.44 for the same quarter of the prior year.
Net income for the first six months of 1995 was $5.78 million, compared
to $5.87 million for the same period of 1994. Year-to-date earnings per
share was $0.90, compared to $0.91 for the first half of 1994. Earnings in
1994 benefitted from loan recoveries, gains on sales of other real estate and
a lower effective tax rate.
Total assets were $971 million at June 30, 1995,
an increase of $97.8 million from December 31, 1994 and $101 million from
June 30, 1994 due to the acquisition of State National Bank of Marlow,
Oklahoma, with total assets of $102 million, in March 1995. Stockholders'
equity increased $9.28 million compared to December 31, 1994 and $12 million
compared to June 30, 1994.
RESULTS OF OPERATIONS
SECOND QUARTER --
Net interest income increased for the second quarter of 1995 by $1.18
million, or 12.2%, as compared to the same quarter of 1994. Net interest
spread decreased 30 basis points while average net earning assets increased
$19.6 million. Net interest margin on a taxable equivalent basis was 5.17%
for the second quarter, compared to 5.20% for the same quarter of 1994.
The Company provided $196,000 for possible loan losses for the quarter,
compared to income recognized from loan recoveries of $9,000 for the same
quarter of 1994. Net loan recoveries were $54,000 for the second quarter of
1995 and $18,000 for the second quarter of 1994, representing annualized
rates of (0.04)% and (0.01)% of total loans, respectively.
Noninterest income increased $294,000, or 10.2%, compared to the second
quarter of 1994 due to income added by the bank acquired in 1995 and gains on
securities transactions. Noninterest expense increased $991,000, or 12.3%,
due to the expenses of the bank acquired.
YEAR-TO-DATE --
For the first six months of 1995, net interest income increased by $2.25
million, or 12.1%, as compared to the same period of 1994. Net interest
spread decreased 12 basis points while average net earning assets increased
$16 million. Net interest margin on a taxable equivalent basis was 5.21% for
the six months, compared to 5.07% for the same period of 1994.
The Company provided $258,000 for possible loan losses for the first
half of 1995, compared to income recognized from loan recoveries of $272,000
for the first half of 1994. Net loan charge-offs were $27,000 in 1995,
compared to net loan recoveries of $268,000 in 1994, representing annualized
rates of 0.01% and (0.11)% of total loans, respectively.
Noninterest income increased $379,000, or 6.75%, compared to the first
six months of 1994, due to income of the bank acquired in 1995 and gains on
securities transactions. Noninterest expense increased $1.91 million, or
12.4%, compared to 1994, due to the expenses of the bank acquired and the net
income on other real estate owned in 1994.
Income tax expense of $3.5 million was recognized for the first six
months of 1995, compared to $3.21 million for the same period of 1994. The
Company's effective tax rate increased from 35% in 1994 to 38% in 1995 due to
a higher level of taxable income, lower tax-exempt interest and less tax
benefit carryforwards available for utilization.
6
<PAGE>
FINANCIAL POSITION
Total securities increased $28.9 million compared to December 31, 1994
and $10.7 million compared to June 30, 1994, as a net result of securities
added by the bank acquisition and maturities of securities used to fund loan
growth. The net unrealized gain on securities available for sale was
$986,000 at the end of the second quarter of 1995, compared to net unrealized
losses of $6.33 million and $2.73 million at December 31 and June 30, 1994,
respectively. The average taxable equivalent yield on the securities
portfolio for the second quarter increased to 6.15% from 5.56% in the same
quarter of 1994, reflecting the rise in interest rates during that time.
Total loans increased $69.2 million since December 31, 1994 and $103
million since June 30, 1994 from both internal loan growth and the bank
acquisition. The allowance for possible loan losses increased $593,000 in
the first six months of 1995 due to purchased reserves from the acquisition
in March and provisions for losses. The allowance as a percentage of total
loans was 1.75%, 1.86% and 1.91% at June 30, 1995, December 31, 1994 and June
30, 1994, respectively.
Nonperforming and restructured assets increased in the first six months
of 1995 to $7.38 million from $6.07 million at both year-end 1994 and the end
of the second quarter of 1994, due to the nonperforming assets of the bank
acquired in 1995. Although, the ratio of nonperforming and restructured
assets to total assets remained at only 0.76%, compared to 0.70% at year-end
and the second quarter of 1994, it is reasonable to expect that over the next
several years problem loans will rise to historical norms as a result of
economic and credit cycles.
Total deposits increased $88.3 million since December 31, 1994 and $90.9
million since June 30, 1994 due to the bank acquisition and internal growth.
The Company's deposit base continues to be comprised substantially of core
deposits, with large denomination certificates of deposit being only 10% of
total deposits at June 30, 1995.
Stockholders' equity increased $9.28 million compared to year-end 1994
and $12 million compared to June 30, 1994. These increases were the result
of accumulated earnings and a change from net unrealized losses to a net
unrealized gain on securities available for sale. Average stockholders'
equity to average assets dropped to 9.04% from 9.34% at December 31, 1994 due
to the bank acquisition in 1995. The Company's regulatory capital ratios all
remain well in excess of the minimum requirements.
On March 23, 1995, the Company adopted a Stock Repurchase Program
authorizing management to repurchase up to 200,000 shares of the Company's
common stock. The program is to be used for purchases of stock by the
Company's Employee Stock Ownership and Thrift Plan, and may also be used to
enhance earnings per share, provide stock for the exercise of stock options
under the Company's Stock Option Plan or to provide additional liquidity for
the stock. Stock purchases under the program must satisfy certain criteria
regarding effects on earnings per share and book value dilution, resulting
equity ratios and the price to book value of comparable size institutions.
In June 1995, the Company announced an agreement of merger with Commerce
Bancorporation, Inc. of McLoud, Oklahoma ("Commerce Bancorp"), which has
approximately $18 million in total assets. Commerce Bancorp is controlled by
certain executive officers of the Company. Under the terms of the agreement,
156,510 shares of BancFirst Corporation common stock would be issued for the
22,573 shares of Commerce Bancorp common stock outstanding. The merger is
subject to regulatory and shareholder approvals and is expected to be
completed in mid-1996.
7
<PAGE>
BANCFIRST CORPORATION
SELECTED FINANCIAL STATISTICS
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
1995 1994 1995 1994
------ ------ ------ ------
<S> <C> <C> <C> <C>
PER COMMON SHARE DATA:
Income before extraordinary item and accounting change $ 0.47 $ 0.44 $ 0.90 $ 0.91
Net income 0.47 0.44 0.90 0.91
Cash dividends declared 0.07 0.06 0.14 0.12
Book value at period end 14.73 12.78
PERFORMANCE RATIOS:
Return on average assets 1.24% 1.28% 1.24% 1.38%
Return on average common equity 13.73 14.09 13.53 14.62
Noninterest expense/(net interest
income + noninterest income) 64.16 64.53 64.51 63.65
</TABLE>
<TABLE>
<CAPTION>
June 30, December 31,
------------------- ------------
1995 1994 1994
------- ------- --------
<S> <C> <C> <C>
BALANCE SHEET RATIOS:
Average loans to deposits (year to date) 66.12% 62.70% 63.39%
Allowance for possible loan losses to
total loans 1.75 1.91 1.86
Allowance for possible loan losses to
nonperforming and restructured loans 222.70 259.66 261.53
Nonperforming and restructured assets
to total assets 0.76 0.70 0.70
CAPITAL RATIOS:
Average stockholders' equity to average
assets (year to date) 9.04% 9.10% 9.34%
Leverage ratio (regulatory minimum 3%) 8.50 8.40 9.08
Total risk-based capital ratio (regulatory
minimum 8%) 15.67 16.58 16.67
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended
June 30,
------------------------------------------------
1995 1994
----------------------- ------------------------
<S> <C> <C> <C> <C>
AVERAGE BALANCES AND NET INTEREST Average Average
MARGIN ANALYSIS Average Yield Average yield/
(TAXABLE EQUIVALENT BASIS): Balance Rate Balance Rate
--------- ------- -------- -------
Loans $580,739 10.15% $490,112 9.19%
Investment securities 251,876 6.15 238,799 5.56
Federal funds sold 26,546 6.01 35,873 3.91
--------- --------
Total earning assets 859,161 8.85 764,784 7.81
Nonearning assets 114,093 105,068
--------- --------
Total assets $973,254 $869,852
========= =========
Interest-bearing deposits $694,496 4.55% $619,680 3.21%
Short-term borrowings 479 5.43 523 3.70
--------- ---------
Total interest-bearing liabilities 694,976 4.56 620,203 3.22
Demand deposits 183,759 162,035
Other noninterest-bearing liabilities 6,500 8,430
Stockholders' equity 88,019 79,183
--------- ---------
Total liabilities and
stockholders' equity 973,254 $869,852
========= =========
Net interest spread 4.29% 4.59%
Net interest margin 5.17% 5.20%
</TABLE>
8
<PAGE>
PART II. OTHER INFORMATION
<PAGE>
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
BancFirst Corporation held its Annual Meeting of Shareholders on May 25,
1995. A proposal to re-elect the board of directors in its entirety was
passed with 5,205,618 affirmative votes and 3,788 negative votes cast. The
directors re-elected were Leslie E. Greathouse, John T. Hannah, J. R.
Hutchens, Jr., J. Ralph McCalmont, Melvin Moran, David E. Rainbolt and H. E.
Rainbolt. Also, a proposal to ratify Price Waterhouse as independent
auditors for 1995 was passed with 5,205,905 affirmative votes and 4,865
negative votes.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
EXHIBIT
NUMBER EXHIBIT
----------- -----------------------------------------------------------
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.
---------------
*Filed herewith
(b) The following reports on Form 8-K have been filed by the Company
during the quarter ended June 30, 1995.
DATE OF REPORT ITEMS REPORTED
------------------- ---------------------------------------------------------
March 24, 1995 Consummation of merger with State National Bank of
Marlow, Oklahoma.
Financial statements filed:
- Audited financial statements of State National Bank for
the year ended December 31, 1994
- Unaudited Pro Forma Consolidated Condensed Financial
Statements for the year ended December 31, 1994
April 12, 1995 Adoption of Stock Repurchase Program.
9
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
August 14, 1995 BANCFIRST CORPORATION
(Registrant)
/s/Randy Foraker
------------------------------------
Randy P. Foraker
Sr. Vice President, Controller
and Secretary/Treasurer
(Principal Accounting Officer)
10
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE INTERIM
FINANCIAL STATEMENTS OF THE REGISTRANT FOR THE SIX MONTHS ENDED JUNE 30, 1995
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 64,049
<INT-BEARING-DEPOSITS> 38
<FED-FUNDS-SOLD> 16,983
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 217,681
<INVESTMENTS-CARRYING> 34,269
<INVESTMENTS-MARKET> 34,663
<LOANS> 591,512
<ALLOWANCE> 10,322
<TOTAL-ASSETS> 970,756
<DEPOSITS> 873,133
<SHORT-TERM> 224
<LIABILITIES-OTHER> 6,159
<LONG-TERM> 0
<COMMON> 6,195
0
0
<OTHER-SE> 85,045
<TOTAL-LIABILITIES-AND-EQUITY> 970,756
<INTEREST-LOAN> 27,651
<INTEREST-INVEST> 6,894
<INTEREST-OTHER> 871
<INTEREST-TOTAL> 35,416
<INTEREST-DEPOSIT> 14,520
<INTEREST-EXPENSE> 14,558
<INTEREST-INCOME-NET> 20,858
<LOAN-LOSSES> 258
<SECURITIES-GAINS> 63
<EXPENSE-OTHER> 17,321
<INCOME-PRETAX> 9,272
<INCOME-PRE-EXTRAORDINARY> 5,775
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,775
<EPS-PRIMARY> 0.90
<EPS-DILUTED> 0.90
<YIELD-ACTUAL> 8.31
<LOANS-NON> 2,892
<LOANS-PAST> 931
<LOANS-TROUBLED> 812
<LOANS-PROBLEM> 13,369
<ALLOWANCE-OPEN> 9,729
<CHARGE-OFFS> 379
<RECOVERIES> 352
<ALLOWANCE-CLOSE> 10,322
<ALLOWANCE-DOMESTIC> 2,244
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 8,078
</TABLE>
