BancFirst Corporation (BANF) has reported a 33 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $22.05 million, or $1.36 a share in the quarter, compared with $16.58 million, or $1.05 a share for the same period last year. Revenue during the quarter grew 15.79 percent to $82.78 million from $71.49 million in the previous year period. Net interest income for the quarter rose 9.59 percent over the prior year period to $54.77 million. Non-interest income for the quarter rose 9.63 percent over the last year period to $28.08 million.
BancFirst Corporation has made provision of $0.07 million for loan losses during the quarter, down 98.25 percent from $4.10 million in the same period last year.
Net interest margin improved 14 basis points to 3.39 percent in the quarter from 3.25 percent in the last year period. Efficiency ratio for the quarter improved to 59.85 percent from 61.24 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
chief executive officer David Rainbolt commented, "Our results this quarter provided great optics in absolute terms. However, even absent the favorable outcome in nonperforming loans, it was still a sound performance."
Deposits stood at $6,394.63 million as on Mar. 31, 2017, up 6.38 percent compared with $6,010.87 million on Mar. 31, 2016.
Loans to deposits ratio was 70.13 percent for the quarter, down from 71.28 percent for the previous year quarter.
Investments stood at $463.25 million as on Mar. 31, 2017, down 6.98 percent or $34.74 million from year-ago. Shareholders equity was at $729.87 million as on Mar. 31, 2017.
Return on average assets moved up 27 basis points to 1.27 percent in the quarter from 1 percent in the last year period. At the same time, return on average equity increased 232 basis points to 12.37 percent in the quarter from 10.05 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.45 percent in the quarter, down from 0.55 percent in the last year period.
Average equity to average assets ratio was 10.25 percent for the quarter, up from 9.92 percent for the previous year quarter. Book value per share was $45.93 for the quarter, up 7.61 percent or $3.25 compared to $42.68 for the same period last year.
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