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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 24, 2000
BANCFIRST OHIO CORP.
(Exact name of registrant as specified in its charter)
Ohio 0-18840 31-1294136
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
422 Main Street, P.O. Box 4658
Zanesville, Ohio 43702
(Address of principal executive offices, with zip code)
Registrant's telephone number, including area code: (740) 452-8444
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ITEM 5. OTHER EVENTS.
On April 24, 2000, the Company reported earnings for the quarter ended
March 31, 2000. A copy of the press release that was issued by the Company on
April 24, 2000 is attached hereto as Exhibit A and incorporated herein by this
reference.
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 hereunto duly authorized on this 24th day of April, 2000.
BANCFIRST OHIO CORP.
By: /s/ Kim M. Taylor
---------------------------------
Kim M. Taylor,
Chief Financial Officer
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EXHIBIT A
N E W S R E L E A S E BANCFIRST OHIO CORP.
422 MAIN STREET
ZANESVILLE, OH 43701
CONTACT: KIM TAYLOR
(740) 588-6795 APRIL 24, 2000
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FOR IMMEDIATE RELEASE:
BANCFIRST OHIO CORP. REPORTS FIRST QUARTER 2000 EARNINGS
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BancFirst Ohio Corp. today announced earnings of $3,074,000, or $.41 per diluted
share, for the quarter ended March 31, 2000 compared to $2,841,000, or $.36 per
diluted share, for the comparable period in 1999. The per share results for the
2000 quarter represent a 14% increase over the 1999 period. The Company's
annualized returns on average assets and average equity were .96% and 15.52%,
respectively, for the first quarter of 2000 compared to .97% and 13.02%,
respectively, in 1999. Tangible earnings (net income excluding the effects of
amortization of goodwill and other intangibles) were $3,368,000, or $.45 per
diluted share, for the first quarter of 2000 compared to $3,123,000, or $.40 per
diluted share, for the same period a year ago, representing annualized returns
on average tangible equity of 20.14% and 16.50%, respectively.
Net interest income for the 2000 quarter was $9,611,000, an increase of $210,000
over net interest income for the first quarter of 1999. This increase resulted
from an $85.8 million increase in average earning assets and a 27 basis point
increase in the average yield on earning assets, offset in part by a 40 basis
point increase in the cost of funds. The net interest margin for the first
quarter of 2000 was 3.30% compared to 3.51% for the prior year period.
Non-interest income for the first quarter of 2000 was $2,973,000, an increase of
$690,000, or 30%, from the prior year quarter. This increase was primarily
attributed to increases in trust income, financial planning fees, loan servicing
income and earnings on bank-owned life insurance. Non-interest expense increased
7% to $7,685,000 in the first quarter of 2000 compared to $7,177,000 in 1999,
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primarily reflecting costs associated with additional loan production and fee
income generating activities.
At March 31, 2000, the Company's allowance for possible loan losses was $7.8
million compared to $6.7 million at March 31, 1999. The allowance represented
.88% of total loans at March 31, 2000 compared to .85% at March 31, 1999.
Annualized net charge-offs as a percent of average loans were .06% in the first
quarter of 2000 compared to .15% for the same period a year ago and .10% for the
year ended December 31, 1999.
BANCFIRST OHIO CORP. IS A $1.3 BILLION BANK HOLDING COMPANY BASED IN ZANESVILLE,
OHIO. IT IS A SINGLE BANK HOLDING COMPANY, WITH THE FIRST NATIONAL BANK OF
ZANESVILLE AS ITS WHOLLY-OWNED SUBSIDIARY. THE BANK OPERATES AS FIRST NATIONAL
BANK IN MUSKINGUM COUNTY, OHIO AND AS BANK FIRST NATIONAL, A DIVISION OF THE
FIRST NATIONAL BANK OF ZANESVILLE IN ALL OTHER AREAS. IT HAS NINE FULL SERVICE
BANKING OFFICES IN MUSKINGUM COUNTY, SIX IN LICKING COUNTY, FIVE IN FRANKLIN
COUNTY AND TWO BANKING LOCATIONS IN THE DAYTON AREA. THE BANK ALSO HAS BUSINESS
LENDING CENTERS IN COLUMBUS, CLEVELAND, DAYTON, CINCINNATI, LOUISVILLE, DETROIT
AND INDIANAPOLIS AND OFFERS COMPLETE TRUST SERVICES THROUGH FIRST FINANCIAL
SERVICES GROUP, N.A. AND FINANCIAL PLANNING SERVICES THROUGH CHORNYAK &
ASSOCIATES, INC., SUBSIDIARIES OF FIRST NATIONAL BANK.
BANCFIRST OHIO CORP.'S INTERNET WEB SITE CAN BE FOUND AT
HTTP://WWW.BANCFIRSTOHIO.COM.
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<TABLE>
BANCFIRST OHIO CORP.
FINANCIAL HIGHLIGHTS
(amounts in thousands, except per share data)
<CAPTION>
Three Months Ended
March 31
2000 1999
---- ----
<S> <C> <C>
Operating Summary:
Interest Income $24,055 $21,371
Interest Expense 14,444 11,970
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Net Interest Income 9,611 9,401
Provision for Loan Losses 450 350
Trust Income 650 566
Customer Service Fees 528 530
Gain on Sales of Loans 615 604
Investment Securities Gains -- 124
Other Income 1,180 459
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Total Non-interest Income 2,973 2,283
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Salaries and Benefits 4,417 4,054
Net Occupancy Expense 527 410
Amortization of Intangibles 351 339
Other 2,390 2,374
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Total Non-interest Expense 7,685 7,177
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Income Before Taxes 4,449 4,157
Federal Income Taxes 1,375 1,316
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Net Income $ 3,074 $ 2,841
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Basic and diluted earnings per share $ 0.41 $ 0.36
Average Shares Outstanding:
Basic 7,560 7,881
Diluted 7,574 7,893
Actual Shares Outstanding 7,467 7,858
</TABLE>
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<TABLE>
<S> <C> <C>
Balance Sheet Data:
Total Assets $1,321,036 $1,175,380
Loans 881,911 786,985
Allowance for Possible Loan
Losses 7,761 6,701
Securities 350,050 318,216
Deposits 807,367 788,584
Borrowings 423,098 290,250
Shareholders' Equity 79,086 88,255
Average Total Assets 1,284,702 1,182,544
Average Earning Assets 1,199,697 1,113,869
Average Shareholders' Equity 79,684 88,499
Performance Ratios:
Return on Average Assets 0.96% 0.97%
Return on Average Equity 15.52% 13.02%
Net Interest Margin 3.30% 3.51%
Non-interest Income to Average Assets 0.93% 0.74%
Non-interest Expense to Average Assets (1) 2.30% 2.35%
Efficiency Ratio 57.19% 57.96%
</TABLE>
(1) Excludes amortization expense.
