<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, 1997 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) 270-1086
(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, 1997, there were 6,340,207 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 10
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 10
Signatures 11
<PAGE>
PART I. FINANCIAL INFORMATION
------------------------------
<PAGE>
BANCFIRST CORPORATION
CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
<TABLE>
<CAPTION>
March 31, December 31,
--------------------------
1997 1996 1996
----------- ------------ ------------
<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 67,421 $ 69,435 $ 76,877
Interest-bearing deposits with banks 62 6 62
Securities 302,760 287,754 283,857
Federal funds sold 32,670 42,555 44,785
Loans:
Total loans (net of unearned interest) 783,296 715,290 763,559
Allowance for possible loan losses (11,925) (11,577) (11,945)
---------- ---------- ----------
Loans, net 771,371 703,713 751,614
Premises and equipment, net 33,556 32,889 33,556
Other real estate owned 1,239 1,476 1,101
Intangible assets, net 13,889 15,474 14,871
Accrued interest receivable 11,043 11,266 10,627
Other assets 17,904 17,759 18,361
---------- ---------- ----------
Total assets $1,251,914 $1,182,327 $1,235,711
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing $ 235,844 $ 230,648 $ 265,209
Interest-bearing 860,442 830,000 840,244
---------- ---------- ----------
Total deposits 1,096,286 1,060,648 1,105,453
Short-term borrowings 1,291 10,290 3,414
Long-term borrowings 6,587 1,341 6,636
9.65% Capital Securities, Series A 25,000 -- --
Accrued interest payable 4,734 3,803 3,940
Other liabilities 5,056 5,773 4,172
---------- ---------- ----------
Total liabilities 1,138,953 1,081,855 1,123,615
---------- ---------- ----------
Commitments and contingent liabilities
Stockholders' equity:
Common stock 6,339 6,239 6,400
Capital surplus 35,083 34,849 36,218
Retained earnings 71,862 58,794 68,742
Unrealized securities gains (losses), (324) 590 736
net of tax
---------- --------- ----------
Total stockholders' equity 112,960 100,472 112,096
---------- --------- ----------
Total liabilities and stockholders'
equity $1,251,914 $1,182,327 $1,235,711
========== ========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
1
<PAGE>
BANCFIRST CORPORATION
CONSOLIDATED INCOME STATEMENT
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------
1997 1996
----------- ----------
<S> <C> <C>
INTEREST INCOME
Loans, including fees $ 18,164 $ 15,597
Interest-bearing deposits with banks 19 1
Securities:
Taxable 4,513 3,784
Tax-exempt 153 151
Federal funds sold 350 442
---------- ----------
Total interest income 23,199 19,975
---------- ----------
INTEREST EXPENSE
Deposits 8,847 7,714
Short-term borrowings 21 220
Long-term borrowings 96 20
9.65% Capital Securities, Series A 373 0
---------- ----------
Total interest expense 9,337 7,954
---------- ----------
Net interest income 13,862 12,021
Provision for possible loan losses 96 98
---------- ----------
Net interest income after provision for
possible loan losses 13,766 11,923
---------- ----------
NONINTEREST INCOME
Service charges on deposits 2,481 1,946
Securities transactions 0 5
Other 1,326 1,410
---------- ----------
Total noninterest income 3,807 3,361
---------- ----------
NONINTEREST EXPENSE
Salaries and employee benefits 6,550 5,726
Occupancy and fixed assets expense, net 763 527
Depreciation 709 499
Amortization 533 387
Data processing services 370 342
Net (income) expense from other real
estate owned 62 42
Other 2,527 2,190
---------- ----------
Total noninterest expense 11,514 9,713
---------- ----------
Income before taxes 6,059 5,571
Income tax expense (2,298) (2,070)
---------- ----------
Net income $ 3,761 $ 3,501
========== ==========
PER SHARE DATA (PRIMARY AND FULLY
DILUTED)
Net income $0.57 $0.54
========== ==========
Average common stock and common stock
equivalents 6,624,095 6,435,253
=========== ==========
</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,
-------------------------
1997 1996
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES $ 11,872 $ (3,271)
--------- --------
INVESTING ACTIVITIES
Cash and due from banks used for
acquisitions (4,954) (11,281)
Purchases of securities (37,462) (8,244)
Maturities of securities 17,054 14,209
Proceeds from sales of securities 105 5,015
Net (increase)/decrease in federal
funds sold 12,115 (1,000)
Purchases of loans (2,023) (3,940)
Proceeds from sales of loans 23,843 19,917
Net other increase in loans (41,810) (32,681)
Purchases of premises and equipment (1,624) (1,390)
Proceeds from sales of other real
estate owned and repossessed assets 307 261
Other, net 1,279 407
-------- --------
Net cash used by investing activities (33,170) (18,727)
-------- --------
FINANCING ACTIVITIES
Net increase/(decrease) in demand,
transaction and savings deposits (27,356) 7,235
Net increase in certificates of deposit 18,189 7,538
Net decrease in short-term borrowings (2,123) (8,705)
Net increase/(decrease) in long-term
borrowings (49) 423
Net increase in 9.65% Capital
Securities, Series A 25,000 --
Issuance of common stock 98 93
Purchase and retirement of common stock (1,277) --
Cash dividends paid (640) (498)
--------- --------
Net cash provided by financing
activities 11,842 6,086
--------- --------
Net increase in cash and due from banks (9,456) (15,912)
Cash and due from banks at the
beginning of the period 76,939 85,353
--------- --------
Cash and due from banks at the end of
the period $ 67,483 $ 69,441
========= ========
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest $ 8,543 $ 7,388
========= ========
Cash paid during the period for income
taxes $ -- $ 70
========= ========
</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, BFC Capital Trust I, BancFirst, BancFirst Investment
Corporation, 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.
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. There have been no significant changes in the accounting policies of the
Company since December 31, 1996, the date of the most recent annual report.
Certain amounts in the 1996 financial statements have been reclassified to
conform with the 1997 presentation.
The preparation of financial statements in conformity with generally
accepted accounting principles inherently involves the use of estimates and
assumptions which affect the amounts reported in the financial statements and
the related disclosures. Such estimates and assumptions may change over time and
actual amounts may differ from those reported.
(2) MERGERS, ACQUISITIONS AND DISPOSALS
In March 1996, BancFirst acquired City Bankshares, Inc. of Oklahoma City,
Oklahoma ("City Bankshares"), which had $136,251 in total assets. The
acquisition was for cash of $19,125, with City Bankshares and its subsidiary
bank, City Bank, being merged into BancFirst. C-Teq, Inc., an 85% owned data
processing subsidiary of City Bankshares, was spun off to the shareholders of
City Bankshares prior to the acquisition. BancFirst also paid the CEO of City
Bancshares $1,250 for an agreement not to compete with BancFirst for a period of
four years. The acquisition was accounted for as a purchase. Accordingly, the
effect of the acquisition is included in the Company's consolidated financial
statements from the date of the acquisition forward. A core deposit intangible
of $830 and goodwill of $7,419 were recorded in the acquisition. Pro forma
condensed results of operations, as though City Bankshares had been acquired
January 1, 1995, are as follows:
<TABLE>
<CAPTION>
Three Months Ended Year Ended
March 31, December 31,
1996 1995
-------------- --------------
<S> <C> <C>
Net interest income $13,436 $49,226
Net income $ 3,411 $13,122
Net income per common share and common
stock equivalent $ 0.53 $ 2.05
</TABLE>
In December 1996, the Company's money order subsidiary, National Express,
entered into an agreement for the sale of its business. Under the terms of the
agreement, National Express received cash of $600 in January 1997, and may
receive additional payments of up to $500 over a two-year period based upon
specified levels of business retained by the purchaser. The business of
National Express was transferred to the purchaser in January and February 1997.
The sale was accounted for as a disposal of a segment of business.
Consequently, the expected net gain from the disposal will be recognized in the
Company's consolidated statement of income when the final proceeds are received.
The operations of National Express were not material in relation to the
consolidated operations of the Company. The following assets and liabilities of
National Express are included in the Company's consolidated balance sheet:
4
<PAGE>
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
---------- ---------
<S> <C> <C>
Cash and due from BancFirst $ 2,281 $ 6,611
Interest-bearing deposit with BancFirst 3,674 3,674
Securities held for investment 786 776
Premises and equipment, net 167 185
Intangible assets, net -- 515
Receivables from money order sales, net 261 7,371
Other assets 11 17
------- -------
Total assets $ 7,178 $19,149
======= =======
Outstanding money orders $ 2,008 $13,839
Other liabilities 5 58
------- -------
Total liabilities $ 2,013 $13,897
======= =======
</TABLE>
Only the intangible assets were acquired by the purchaser and the purchaser did
not assume any liabilities of National Express.
In March 1997, the Company acquired 22.5% of the common stock outstanding of
First Ada Bancshares, Inc. of Ada, Oklahoma for cash of $4,954. This investment
will be accounted for under the equity method of accounting.
(3) SECURITIES
The table below summarizes securities held for investment and securities
available for sale.
<TABLE>
<CAPTION>
March 31, December 31,
--------------------
1997 1996 1996
--------- --------- ----------
<S> <C> <C> <C>
Held for investment, at cost (market
value: $32,527, $61,447 and $33,653,
respectively) $ 32,302 $ 61,022 $ 33,289
Available for sale, at market value 270,458 226,732 250,568
-------- -------- --------
Total $302,760 $287,754 $283,857
======== ======== ========
</TABLE>
(4) 9.65% CAPITAL SECURITIES, SERIES A
In January 1997, BancFirst Corporation established BFC Capital Trust I (the
"Trust"), a trust formed under the Delaware Business Trust Act. In February
1997, the Trust issued $25,000 of aggregate liquidation amount of 9.65% Capital
Securities, Series A (the "Capital Securities"). The proceeds from the sale of
the Capital Securities were invested in 9.65% Junior Subordinated Deferrable
Interest Debentures, Series A (the "Debentures") of BancFirst Corporation.
Distributions on the Capital Securities are payable January 15 and July 15 of
each year. Such distributions may be deferred for up to ten consecutive semi-
annual periods. The stated maturity date of the Capital Securities is January
15, 2027, but they are subject to mandatory redemption pursuant to optional
prepayment terms. The Capital Securities represent an undivided interest in the
Debentures, are guaranteed by BancFirst Corporation, and will be presented as
long-term debt in the Company's consolidated financial statements. During any
deferral period or during any event of default, BancFirst Corporation may not
declare or pay any dividends on any of its capital stock.
5
<PAGE>
BANCFIRST CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SUMMARY
The Company reported net income of $3.76 million for the quarter ended
March 31, 1997, compared to net income of $3.5 million for the first quarter of
1996. The growth in earnings was the combined result of acquisitions in 1996 and
internal growth. Earnings per share was $0.57 for the first quarter of 1997,
compared to $0.54 per share for the first quarter of 1996.
Total assets increased $15.2 million from December 31, 1996 and $69.6
million from March 31, 1996. The growth since year-end 1996 was primarily due to
the Company issuing $25 million of 9.65% Capital Securities, Series A (the
"Capital Securities"). The growth since the first quarter of 1996 was due to an
acquisition having total assets aggregating approximately $18 million, the
issuance of the Capital Securities and internal growth. Stockholders' equity
rose to $113 million, an increase of $864,000 compared to December 31, 1996 and
$12.5 million compared to March 31, 1996.
RESULTS OF OPERATIONS
Net interest income increased for the first quarter of 1997 by $1.84
million, or 15.3%, as compared to the same quarter of 1996, primarily as a
result of earning asset growth. Net interest spread was 4.30% for the quarter
compared to 4.41% for the first quarter of 1996, while average net earning
assets increased $36.6 million. Net interest margin on a taxable equivalent
basis was 5.18% for the first quarter, compared to 5.23% for the same quarter of
1996. Both the net interest spread and net interest margin were impacted by the
issuance of the Capital Securities.
The Company provided $96,000 for possible loan losses for the quarter,
compared to $98,000 for the first quarter of 1996. Net loan charge-offs were
$115,000 for the first quarter of 1997, compared to $14,000 for the first
quarter of 1996. The net charge-offs in 1997 represent an annualized rate of
only 0.06% of total loans.
Noninterest income increased $446,000, or 13.3%, compared to the first
quarter of 1996 due primarily to income added by acquisitions. Noninterest
expense increased $1.8 million, or 18.5%, due to added operating expenses of the
banks acquired in 1996, and increased staffing and other costs of improving the
Company's management and operational infrastructure.
FINANCIAL POSITION
Total securities increased $18.9 million compared to December 31, 1996 and
$15 million compared to March 31, 1996, as a net result of securities added by
acquisitions and internal growth, and maturities of securities used to fund loan
growth. The net unrealized loss on securities available for sale was $469,000 at
the end of the first quarter of 1997, compared to a gain of $1.16 million at
December 31 and a gain of $911,000 at March 31, 1996. The average taxable
equivalent yield on the securities portfolio for the firsst quarter increased to
6.45% from 6.10% for the same quarter of 1996.
Total loans increased $19.7 million from December 31, 1996 and $68 million
from March 31, 1996, due to both internal loan growth and acquisitions. The
allowance for possible loan losses increased $348,000 since the first quarter of
1996 due primarily to purchased reserves from acquisitions. The allowance as a
percentage of total loans was 1.55%, 1.56% and 1.62% at March 31, 1997, December
31, 1996 and March 31, 1996, respectively.
Nonperforming and restructured assets decreased to $5.74 million from $7.01
million at year-end 1996 and $5.79 million from the first quarter of 1996.
Although the ratio of nonperforming and restructured assets to total assets is
only 0.44%, it is reasonable to expect that over the next several years
nonperforming loans and loan losses will rise to historical norms as a result of
economic and credit cycles.
6
<PAGE>
Total deposits decreased $9.17 million as compared to December 31, 1996 and
increased $35.6 million compared to March 31, 1996. These variations reflect
seasonal trends and the acquisition in October 1996. The Company's deposit base
continues to be comprised substantially of core deposits, with large
denomination certificates of deposit being only 11.5% of total deposits at March
31, 1997.
Short-term borrowings decreased $2.12 million from December 31, 1996 and $9
million from March 31, 1996. A $10 million Federal Home Loan Bank borrowing
matured in May 1996. Other fluctuations in short-term borrowings are a function
of liquidity needs and customer demand for repurchase agreements.
Long-term borrowings decreased $49,000 from year-end 1996 as a result of
scheduled payments, and increased $5.25 million from the first quarter of 1996
due primarily to a $5 million Federal Home Loan Bank borrowing in December 1996.
In January 1997, BancFirst Corporation established BFC Capital Trust I (the
"Trust"), which issued $25 million of 9.65% Capital Securities, Series A (the
"Capital Securities") in February 1997. The purpose of the issuance of the
Capital Securities was to raise additional regulatory capital to support future
growth. Distributions on the Capital Securities are payable January 15 and July
15 through the stated maturity date of January 15, 2027. Such distributions may
be deferred for up to ten consecutive semi-annual periods. During any deferral
period, or during any event of default, BancFirst Corporation may not declare or
pay any dividends on any of its capital stock.
Stockholders' equity rose to $113 million from $112 milion at year-end 1996
and $100 million at March 31, 1996. These increases were primarily the result of
accumulated earnings. Average stockholders' equity to average assets increased
to 9.14% from 8.93% at December 31, 1996. The Company's regulatory capital
ratios increased substantially in the first quarter of 1997 due to the issuance
of the Capital Securities.
7
<PAGE>
BANCFIRST CORPORATION
SELECTED FINANCIAL STATISTICS
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-------------------------
1997 1996
---------- ----------
Per Common Share Data:
<S> <C> <C>
Net income $ 0.57 $ 0.54
Cash dividends declared 0.1 0.08
Book value at period end 17.82 16.10
Tangible book value at period end 15.63 13.62
Performance Ratios:
Return on average assets 1.23% 1.33%
Return on average common equity 13.51 14.19
Increase/(decrease) in tangible book 11.71 (24.30)
value (annualized)
Noninterest expense/(net interest 65.16 63.14
income + noninterest income)
</TABLE>
<TABLE>
<CAPTION>
March 31, December 31,
-------------------
1997 1996 1996
------- --------- ----------
<S> <C> <C> <C>
Balance Sheet Ratios:
Average loans to deposits (year to date) 70.59% 68.41% 68.81%
Allowance for possible loan losses to
total loans 1.55 1.62 1.56
Allowance for possible loan losses to
nonperforming and restructured loans 216.90 272.40 207.31
Nonperforming and restructured assets
to total assets 0.44 0.49 0.57
Capital Ratios:
Average stockholders' equity to average
assets (year to date) 9.14% 9.38% 8.93%
Leverage ratio (regulatory minimum 3%) 10.05 7.24 7.90
Total risk-based capital ratio
(regulatory minimum 8%) 17.73 13.41 14.23
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------------------------------------------
1997 1996
-------------------------- -----------------------
<S> <C> <C> <C> <C>
Average Balances and Net Interest Average Average
Margin Analysis (Taxable Equivalent Average Yield/ Average Yield/
Basis): Balance Rate Balance Rate
---------- --------- ---------- ---------
Loans $ 769,296 9.60% $ 638,406 9.87%
Securities 298,672 6.45 264,896 6.10
Federal funds sold 28,183 5.31 33,305 5.34
---------- ----------
Total earning assets 1,096,151 8.61 936,607 8.64
Nonearning assets 139,216 120,804
---------- ----------
Total assets $1,235,367 $1,057,411
========== ==========
Interest-bearing deposits $ 854,642 4.17% $ 739,575 4.20%
Short-term borrowings 2,131 4.00 15,194 5.94
Long-term borrowings 6,625 5.88 1,249 6.39
9.65% Capital Securities, Series A 15,602 9.70 -- --
---------- ----------
Total interest-bearing liabilities 879,000 4.31 756,018 4.23
Demand deposits 235,162 193,678
Other noninterest-bearing liabilities 8,316 8,495
Stockholders' equity 112,889 99,220
---------- ----------
Total liabilities and stockholders'
equity $1,235,367 $1,057,411
========== ==========
Net interest spread 4.30% 4.41%
===== =====
Net interest margin 5.18% 5.23%
===== =====
</TABLE>
8
<PAGE>
PART II. OTHER INFORMATION
---------------------------
<PAGE>
ITEM 2. CHANGES IN SECURITIES.
---------------------
In January 1997, BancFirst Corporation established BFC Capital Trust I (the
"Trust"), a trust formed under the Delaware Business Trust Act. In February
1997, the Trust issued $25 million of aggregate liquidation amount of 9.65%
Capital Securities, Series A (the "Capital Securities"). The proceeds from the
sale of the Capital Securities were invested in 9.65% Junior Deferrable Interest
Debentures, Series A (the "Debentures") of BancFirst Corporation. Distributions
on the Capital Securities are payable January 15 and July 15 of each year. Such
distributions may be deferred for up to ten consecutive semi-annual periods. The
stated maturity date of the Capital Securities is January 15, 2027, but they are
subject to mandatory redemption pursuant to optional prepayment terms. The
Capital Securities represent an undivided interest in the Debentures, are
guaranteed by BancFirst Corporation, and will be presented as long-term debt in
the Company's consolidated financial statements. During any deferral period or
during any event of default, BancFirst Corporation may not declare or pay any
dividends on any of its capital stock.
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, and certain shareholders
of State National Bank (filed as Exhibit 2.4 to
the Company's Quarterly Report on Form 10-Q for
the quarter ended September 30, 1994 and
incorporated herein by reference).
2.2 Agreement and Plan of Reorganization dated
September 16, 1995 between BancFirst and City
Bankshares, Inc. (filed as Exhibit 2.2 to the
Company's Quarterly Report on Form 10-Q for the
quarter ended September 30, 1995 and
incorporated herein by reference).
2.3 Agreement dated September 16, 1995 between
BancFirst and William O. Johnstone (filed as
Exhibit 2.3 to the Company's Quarterly Report
on Form 10-Q for the quarter ended September
30, 1995 and incorporated herein by reference).
4.1 Amended and Restated Declaration of Trust of
BFC Capital Trust I dated as of February 4,
1997 (filed as Exhibit 4.1 to the Company's
Current Report on Form 8-K dated February 4,
1997 and incorporated herein by reference.)
4.2 Indenture dated as of February 4, 1997 (filed
as Exhibit 4.2 to the Company's Current Report
on Form 8-K dated February 4, 1997 and
incorporated herein by reference.)
4.3 Series A Capital Securities Guarantee Agreement
dated as of February 4, 1997 (filed as Exhibit
4.3 to the Company's Current Report on Form 8-K
dated February 4, 1997 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 March 31, 1997.
Date of Report Items Reported
- -------------- -----------------------------------------------------------
February 4, 1997 Establishment of BFC Capital Trust I and the
issuance of $25 million of 9.65% Capital
Securities, Series A.
10
<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.
May 14, 1997 BANCFIRST CORPORATION
(Registrant)
/s/Randy Foraker
---------------------------------
Randy P. Foraker
Sr. Vice President and Controller;
Secretary/Treasurer
(Principal Accounting Officer)
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE INTERIM
FINANCIAL STATEMENTS OF THE REGISTRANT FOR THE THREE MONTHS ENDED MARCH 31, 1997
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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 67,421
<INT-BEARING-DEPOSITS> 62
<FED-FUNDS-SOLD> 32,670
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 270,458
<INVESTMENTS-CARRYING> 32,302
<INVESTMENTS-MARKET> 32,527
<LOANS> 783,296
<ALLOWANCE> 11,925
<TOTAL-ASSETS> 1,251,914
<DEPOSITS> 1,096,286
<SHORT-TERM> 1,291
<LIABILITIES-OTHER> 9,790
<LONG-TERM> 31,587
0
0
<COMMON> 6,339
<OTHER-SE> 106,621
<TOTAL-LIABILITIES-AND-EQUITY> 1,251,914
<INTEREST-LOAN> 18,164
<INTEREST-INVEST> 4,666
<INTEREST-OTHER> 369
<INTEREST-TOTAL> 23,199
<INTEREST-DEPOSIT> 8,847
<INTEREST-EXPENSE> 9,337
<INTEREST-INCOME-NET> 13,862
<LOAN-LOSSES> 96
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 11,514
<INCOME-PRETAX> 6,059
<INCOME-PRE-EXTRAORDINARY> 6,059
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,761
<EPS-PRIMARY> 0.57
<EPS-DILUTED> 0.57
<YIELD-ACTUAL> 5.13
<LOANS-NON> 3,111
<LOANS-PAST> 784
<LOANS-TROUBLED> 608
<LOANS-PROBLEM> 14,630
<ALLOWANCE-OPEN> 11,945
<CHARGE-OFFS> 218
<RECOVERIES> 103
<ALLOWANCE-CLOSE> 11,925
<ALLOWANCE-DOMESTIC> 1,947
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 9,978
</TABLE>
