BANF 8-K
Bancfirst Corp /Ok/ (BANF)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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(Address of Principal Executive Offices) |
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Registrant’s Telephone Number, Including Area Code: |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
BancFirst Corporation Reports Third Quarter Earnings
On October 17, 2024, BancFirst Corporation announced its results of operations for the quarter ended September 30, 2024. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.
Item 9.01 Financial Statements and Exhibits.
(d) |
Exhibits. |
Exhibit No. |
Description |
99.1 |
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104 |
Cover Page Interactive Data File (embedded within the inline XBRL document). |
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.
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BANCFIRST CORPORATION |
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Date: |
October 17, 2024 |
By: |
/s/ Hannah Andrus |
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Hannah Andrus |
Exhibit 99.1
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100 N. Broadway Ave |
FOR IMMEDIATE RELEASE |
Oklahoma City, OK 73102 |
Thursday, October 17, 2024 |
www.bancfirst.bank |
BANCFIRST CORPORATION REPORTS THIRD QUARTER EARNINGS
BancFirst Corporation (NASDAQ GS:BANF) reported net income of $58.9 million, or $1.75 per diluted share, for the third quarter of 2024 compared to net income of $51.0 million, or $1.52 per diluted share, for the third quarter of 2023.
The Company’s net interest income for the third quarter of 2024 increased to $115.0 million from $104.3 million for the same period in 2023. Loan volume was the primary driver of the change in net interest income, but was partially offset by the impact of the shifting mix between interest-bearing and noninterest-bearing deposits. Net interest margin for the three-month period ended September 30 was 3.78% in 2024 compared to 3.73% in 2023. The Company recorded a provision for credit losses of $3.0 million in the third quarter of 2024 compared to $2.3 million for the same period in 2023.
Noninterest income for the quarter totaled $48.7 million compared to $44.4 million last year. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to third quarter last year.
Noninterest expense for the quarter increased to $86.7 million compared to $81.2 million in the same quarter last year. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $4.0 million.
The Company’s effective tax rate for the period was 20.3% compared to 21.8% for the third quarter of 2023.
At September 30, 2024, the Company’s total assets were $13.3 billion, an increase of $941.4 million from December 31, 2023. Loans grew $528.1 million from December 31, 2023, totaling $8.2 billion at September 30, 2024. Deposits totaled $11.5 billion, an increase of $774.2 million from year-end 2023. Sweep accounts totaled $4.3 billion at September 30, 2024, down $60.6 million from December 31, 2023. The Company’s total stockholders’ equity was $1.6 billion, an increase of $150.7 million over December 31, 2023.
Nonaccrual loans totaled $45.5 million, representing 0.56% of total loans at September 30, 2024 compared to 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.24% at September 30, 2024 compared to 1.26% at the end of 2023. Net charge-offs were $775,000 for the quarter compared to $1.5 million for the third quarter of 2023.
BancFirst Corporation CEO David Harlow commented, “Loan growth, an improved net interest margin, and growth across all major components of non-interest income resulted in a strong quarter for the Company. While the Federal Reserve’s late September 50 basis point rate cut had little impact on the quarter, the potential for further short-term rate reductions combined with a recent increase in the longer-term portion of the yield curve changes the landscape considerably and causes our outlook on net interest margin to be unclear. However, we believe the Company is well positioned to reasonably manage and balance our asset and liability pricing in the coming months. Our perspective on credit is unchanged as the Federal Reserve’s goal of a “soft landing,” while more likely, is far from certain, thus our Loan Loss Reserve as a percentage of loans is the same when compared to last quarter.”
BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 104 banking locations serving 59 communities across Oklahoma, Pegasus Bank, a Texas state-chartered bank with three banking locations in the Dallas Metroplex area and Worthington Bank, a Texas state-chartered bank with
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three locations in the Fort Worth Metroplex area, one location in Arlington Texas and one location in Denton Texas. More information can be found at www.bancfirst.bank.
The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management’s current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates, legislative and regulatory actions and reforms, competition, as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.
For additional information call:
Hannah Andrus, Chief Financial Officer at (405) 218-4174 or
David Harlow, Chief Executive Officer at (405) 270-1082.
2
BancFirst Corporation |
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Summary Financial Information |
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(Dollars in thousands, except per share and share data - Unaudited) |
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2024 |
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2024 |
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2024 |
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2023 |
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2023 |
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3rd Qtr |
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2nd Qtr |
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1st Qtr |
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4th Qtr |
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3rd Qtr |
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Condensed Income Statements: |
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Net interest income |
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$ |
114,957 |
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$ |
109,896 |
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$ |
106,104 |
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$ |
105,066 |
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$ |
104,308 |
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Provision for credit losses |
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3,031 |
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3,358 |
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4,015 |
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- |
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2,312 |
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Noninterest income: |
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Trust revenue |
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5,672 |
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5,490 |
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5,088 |
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5,106 |
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4,866 |
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Service charges on deposits |
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17,723 |
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17,280 |
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16,428 |
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16,841 |
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17,027 |
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Securities transactions |
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(308 |
) |
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317 |
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(267 |
) |
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(1,364 |
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(361 |
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Sales of loans |
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721 |
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733 |
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491 |
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512 |
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734 |
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Insurance commissions |
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9,391 |
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6,668 |
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9,455 |
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7,220 |
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8,429 |
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Cash management |
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9,189 |
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9,149 |
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8,651 |
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7,878 |
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8,177 |
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Other |
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6,324 |
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4,307 |
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5,054 |
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8,964 |
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5,577 |
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Total noninterest income |
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48,712 |
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43,944 |
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44,900 |
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45,157 |
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44,449 |
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Noninterest expense: |
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Salaries and employee benefits |
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54,215 |
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51,928 |
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51,528 |
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50,731 |
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50,200 |
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Occupancy expense, net |
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5,776 |
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5,233 |
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5,206 |
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5,439 |
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5,487 |
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Depreciation |
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4,482 |
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4,504 |
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4,556 |
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4,560 |
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4,685 |
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Amortization of intangible assets |
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886 |
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887 |
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886 |
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887 |
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885 |
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Data processing services |
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2,720 |
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2,696 |
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2,616 |
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2,224 |
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1,820 |
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Net expense from other real estate owned |
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2,751 |
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1,656 |
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2,202 |
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7,870 |
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2,720 |
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Marketing and business promotion |
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2,168 |
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2,246 |
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2,256 |
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2,653 |
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2,034 |
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Deposit insurance |
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1,645 |
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1,614 |
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1,438 |
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1,332 |
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1,419 |
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Other |
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12,091 |
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14,552 |
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12,091 |
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14,120 |
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11,965 |
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Total noninterest expense |
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86,734 |
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85,316 |
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82,779 |
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89,816 |
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81,215 |
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Income before income taxes |
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73,904 |
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65,166 |
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64,210 |
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60,407 |
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65,230 |
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Income tax expense |
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15,001 |
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14,525 |
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13,876 |
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11,473 |
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14,242 |
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Net income |
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$ |
58,903 |
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$ |
50,641 |
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$ |
50,334 |
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$ |
48,934 |
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$ |
50,988 |
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Per Common Share Data: |
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Net income-basic |
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$ |
1.78 |
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$ |
1.53 |
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$ |
1.53 |
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$ |
1.48 |
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$ |
1.55 |
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Net income-diluted |
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1.75 |
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1.51 |
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1.50 |
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1.46 |
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1.52 |
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Cash dividends declared |
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0.46 |
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0.43 |
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0.43 |
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0.43 |
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0.43 |
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Common shares outstanding |
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33,122,689 |
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33,022,124 |
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32,966,678 |
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32,933,018 |
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32,921,393 |
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Average common shares outstanding - |
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Basic |
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33,097,164 |
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33,001,180 |
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32,947,983 |
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32,926,326 |
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32,937,149 |
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Diluted |
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33,646,549 |
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33,525,061 |
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33,513,412 |
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33,483,691 |
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33,539,389 |
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Performance Ratios: |
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Return on average assets |
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1.80 |
% |
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1.61 |
% |
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1.63 |
% |
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1.58 |
% |
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1.68 |
% |
Return on average stockholders’ equity |
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15.14 |
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13.72 |
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13.96 |
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13.98 |
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14.93 |
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Net interest margin |
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3.78 |
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3.76 |
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3.70 |
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3.67 |
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3.73 |
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Efficiency ratio |
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52.99 |
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55.46 |
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54.82 |
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59.79 |
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54.60 |
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3
BancFirst Corporation |
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Summary Financial Information |
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(Dollars in thousands, except per share and share data - Unaudited) |
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Nine months ended |
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September 30, |
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2024 |
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2023 |
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Condensed Income Statements: |
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Net interest income |
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$ |
330,957 |
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$ |
319,390 |
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Provision for credit losses |
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10,404 |
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7,458 |
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Noninterest income: |
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Trust revenue |
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16,250 |
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13,678 |
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Service charges on deposits |
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51,431 |
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60,526 |
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Securities transactions |
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(258 |
) |
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(464 |
) |
Sales of loans |
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1,945 |
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2,095 |
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Insurance commissions |
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25,514 |
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23,395 |
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Cash management |
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26,989 |
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22,838 |
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Other |
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15,685 |
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18,183 |
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Total noninterest income |
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137,556 |
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140,251 |
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Noninterest expense: |
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Salaries and employee benefits |
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157,671 |
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|
149,255 |
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Occupancy expense, net |
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16,215 |
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|
15,588 |
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Depreciation |
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13,542 |
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|
14,097 |
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Amortization of intangible assets |
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2,659 |
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|
2,645 |
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Data processing services |
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8,032 |
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|
6,144 |
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Net expense from other real estate owned |
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6,609 |
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|
8,068 |
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Marketing and business promotion |
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6,670 |
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|
6,461 |
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Deposit insurance |
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4,697 |
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|
4,495 |
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Other |
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|
38,734 |
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|
35,889 |
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Total noninterest expense |
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254,829 |
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|
242,642 |
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Income before income taxes |
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|
203,280 |
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|
209,541 |
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Income tax expense |
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|
43,402 |
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|
46,010 |
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Net income |
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$ |
159,878 |
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$ |
163,531 |
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Per Common Share Data: |
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Net income-basic |
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$ |
4.84 |
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$ |
4.97 |
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Net income-diluted |
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|
4.76 |
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|
|
4.88 |
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Cash dividends declared |
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|
1.32 |
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|
1.23 |
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Common shares outstanding |
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|
33,122,689 |
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|
|
32,921,393 |
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Average common shares outstanding - |
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Basic |
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|
33,015,741 |
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|
|
32,916,996 |
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Diluted |
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|
33,567,117 |
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|
|
33,493,015 |
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Performance Ratios: |
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Return on average assets |
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1.68 |
% |
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|
1.81 |
% |
Return on average stockholders’ equity |
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14.30 |
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|
16.56 |
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Net interest margin |
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|
3.75 |
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|
|
3.83 |
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Efficiency ratio |
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54.39 |
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|
52.79 |
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4
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BancFirst Corporation |
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Summary Financial Information |
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(Dollars in thousands, except per share and share data - Unaudited) |
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2024 |
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2024 |
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2024 |
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2023 |
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2023 |
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3rd Qtr |
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2nd Qtr |
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1st Qtr |
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4th Qtr |
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3rd Qtr |
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Balance Sheet Data: |
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Total assets |
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$ |
13,313,482 |
|
|
$ |
12,737,318 |
|
|
$ |
12,602,425 |
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$ |
12,372,042 |
|
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$ |
12,114,602 |
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Interest-bearing deposits with banks |
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|
2,743,578 |
|
|
|
2,299,019 |
|
|
|
2,341,604 |
|
|
|
2,172,001 |
|
|
|
2,134,081 |
|
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Debt securities |
|
|
1,376,913 |
|
|
|
1,441,365 |
|
|
|
1,534,651 |
|
|
|
1,555,095 |
|
|
|
1,525,448 |
|
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Total loans |
|
|
8,188,202 |
|
|
|
8,054,856 |
|
|
|
7,787,857 |
|
|
|
7,660,134 |
|
|
|
7,476,474 |
|
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Allowance for credit losses |
|
|
(101,882 |
) |
|
|
(99,626 |
) |
|
|
(97,267 |
) |
|
|
(96,800 |
) |
|
|
(97,776 |
) |
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Noninterest-bearing demand deposits |
|
|
3,858,670 |
|
|
|
3,815,818 |
|
|
|
3,849,807 |
|
|
|
3,982,226 |
|
|
|
4,170,550 |
|
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Money market and interest-bearing checking deposits |
|
|
5,122,457 |
|
|
|
4,930,853 |
|
|
|
4,901,081 |
|
|
|
4,699,865 |
|
|
|
4,453,892 |
|
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Savings deposits |
|
|
1,082,855 |
|
|
|
1,084,266 |
|
|
|
1,076,181 |
|
|
|
1,056,404 |
|
|
|
1,062,041 |
|
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Time deposits |
|
|
1,410,370 |
|
|
|
1,184,665 |
|
|
|
1,082,552 |
|
|
|
961,627 |
|
|
|
847,688 |
|
|
Total deposits |
|
|
11,474,352 |
|
|
|
11,015,602 |
|
|
|
10,909,621 |
|
|
|
10,700,122 |
|
|
|
10,534,171 |
|
|
Stockholders' equity |
|
|
1,584,575 |
|
|
|
1,512,492 |
|
|
|
1,469,312 |
|
|
|
1,433,891 |
|
|
|
1,370,584 |
|
|
Book value per common share |
|
|
47.84 |
|
|
|
45.80 |
|
|
|
44.57 |
|
|
|
43.54 |
|
|
|
41.63 |
|
|
Tangible book value per common share (non-GAAP)(1) |
|
|
41.91 |
|
|
|
39.83 |
|
|
|
38.56 |
|
|
|
37.50 |
|
|
|
35.56 |
|
|
Balance Sheet Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Average loans to deposits |
|
|
72.27 |
% |
|
|
72.25 |
% |
|
|
71.97 |
% |
|
|
70.52 |
% |
|
|
70.61 |
% |
|
Average earning assets to total assets |
|
|
93.02 |
|
|
|
92.77 |
|
|
|
92.67 |
|
|
|
92.42 |
|
|
|
92.39 |
|
|
Average stockholders' equity to average assets |
|
|
11.88 |
|
|
|
11.71 |
|
|
|
11.65 |
|
|
|
11.30 |
|
|
|
11.28 |
|
|
Asset Quality Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Past due loans |
|
$ |
4,628 |
|
|
$ |
4,280 |
|
|
$ |
6,332 |
|
|
$ |
9,542 |
|
|
$ |
12,575 |
|
|
Nonaccrual loans (3) |
|
|
45,481 |
|
|
|
44,021 |
|
|
|
41,996 |
|
|
|
24,573 |
|
|
|
16,676 |
|
|
Other real estate owned and repossessed assets |
|
|
39,519 |
|
|
|
38,497 |
|
|
|
35,116 |
|
|
|
34,200 |
|
|
|
42,782 |
|
|
Nonaccrual loans to total loans |
|
|
0.56 |
% |
|
|
0.55 |
% |
|
|
0.54 |
% |
|
|
0.32 |
% |
|
|
0.22 |
% |
|
Allowance to total loans |
|
|
1.24 |
|
|
|
1.24 |
|
|
|
1.25 |
|
|
|
1.26 |
|
|
|
1.31 |
|
|
Allowance to nonaccrual loans |
|
|
224.01 |
|
|
|
226.32 |
|
|
|
231.61 |
|
|
|
393.92 |
|
|
|
586.34 |
|
|
Net charge-offs to average loans |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2): |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Stockholders' equity |
|
$ |
1,584,575 |
|
|
$ |
1,512,492 |
|
|
$ |
1,469,312 |
|
|
$ |
1,433,891 |
|
|
$ |
1,370,584 |
|
|
Less goodwill |
|
|
182,263 |
|
|
|
182,263 |
|
|
|
182,263 |
|
|
|
182,263 |
|
|
|
182,263 |
|
|
Less intangible assets, net |
|
|
14,045 |
|
|
|
14,931 |
|
|
|
15,818 |
|
|
|
16,704 |
|
|
|
17,591 |
|
|
Tangible stockholders’ equity (non-GAAP) |
|
$ |
1,388,267 |
|
|
$ |
1,315,298 |
|
|
$ |
1,271,231 |
|
|
$ |
1,234,924 |
|
|
$ |
1,170,730 |
|
|
Common shares outstanding |
|
|
33,122,689 |
|
|
|
33,022,124 |
|
|
|
32,966,678 |
|
|
|
32,933,018 |
|
|
|
32,921,393 |
|
|
Tangible book value per common share (non-GAAP) |
|
$ |
41.91 |
|
|
$ |
39.83 |
|
|
$ |
38.56 |
|
|
$ |
37.50 |
|
|
$ |
35.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(1) Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table. |
|
|||||||||||||||||||
|
(2) Tangible book value per common share is stockholders’ equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP. |
|
|||||||||||||||||||
|
(3) Government Agencies guarantee approximately $7.5 million of nonaccrual loans at September 30, 2024. |
|
|||||||||||||||||||
5
|
BancFirst Corporation |
|
|
||||||||||||||||||||||
|
Consolidated Average Balance Sheets |
|
|
||||||||||||||||||||||
|
And Interest Margin Analysis |
|
|
||||||||||||||||||||||
|
Taxable Equivalent Basis |
|
|
||||||||||||||||||||||
|
(Dollars in thousands - Unaudited) |
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
||||||||||||||||||
|
September 30, 2024 |
|
|
|
September 30, 2024 |
|
|
||||||||||||||||||
|
|
|
|
Interest |
|
|
Average |
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
||||||
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
|
||||||
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans |
$ |
8,103,297 |
|
|
$ |
144,179 |
|
|
|
7.06 |
|
% |
|
$ |
7,916,192 |
|
|
$ |
414,274 |
|
|
|
6.97 |
|
% |
Securities – taxable |
|
1,406,344 |
|
|
|
8,341 |
|
|
|
2.35 |
|
|
|
|
1,484,049 |
|
|
|
26,454 |
|
|
|
2.37 |
|
|
Securities – tax exempt |
|
2,374 |
|
|
23 |
|
|
3.87 |
|
|
|
|
2,474 |
|
|
71 |
|
|
|
3.80 |
|
|
|||
Interest-bearing deposits with banks and FFS |
|
2,574,083 |
|
|
|
35,267 |
|
|
|
5.44 |
|
|
|
|
2,370,685 |
|
|
|
97,388 |
|
|
|
5.47 |
|
|
Total earning assets |
|
12,086,098 |
|
|
|
187,810 |
|
|
|
6.17 |
|
|
|
|
11,773,400 |
|
|
|
538,187 |
|
|
|
6.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nonearning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and due from banks |
|
195,636 |
|
|
|
|
|
|
|
|
|
|
200,515 |
|
|
|
|
|
|
|
|
||||
Interest receivable and other assets |
|
810,781 |
|
|
|
|
|
|
|
|
|
|
807,891 |
|
|
|
|
|
|
|
|
||||
Allowance for credit losses |
|
(99,967 |
) |
|
|
|
|
|
|
|
|
|
(98,327 |
) |
|
|
|
|
|
|
|
||||
Total nonearning assets |
|
906,450 |
|
|
|
|
|
|
|
|
|
|
910,079 |
|
|
|
|
|
|
|
|
||||
Total assets |
$ |
12,992,548 |
|
|
|
|
|
|
|
|
|
$ |
12,683,479 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Money market and interest-bearing checking deposits |
$ |
5,064,491 |
|
|
$ |
47,386 |
|
|
|
3.71 |
|
% |
|
$ |
4,933,831 |
|
|
$ |
136,899 |
|
|
|
3.70 |
|
% |
Savings deposits |
|
1,078,383 |
|
|
|
9,277 |
|
|
|
3.41 |
|
|
|
|
1,070,512 |
|
|
|
27,502 |
|
|
|
3.42 |
|
|
Time deposits |
|
1,275,206 |
|
|
|
14,952 |
|
|
|
4.65 |
|
|
|
|
1,146,042 |
|
|
|
39,106 |
|
|
4.55 |
|
|
|
Short-term borrowings |
|
4,423 |
|
|
|
48 |
|
|
|
4.30 |
|
|
|
|
5,673 |
|
|
|
203 |
|
|
|
4.76 |
|
|
Subordinated debt |
|
86,134 |
|
|
|
1,030 |
|
|
|
4.74 |
|
|
|
|
86,120 |
|
|
|
3,091 |
|
|
|
4.78 |
|
|
Total interest-bearing liabilities |
|
7,508,637 |
|
|
|
72,693 |
|
|
|
3.84 |
|
|
|
|
7,242,178 |
|
|
|
206,801 |
|
|
|
3.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest free funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing deposits |
|
3,793,962 |
|
|
|
|
|
|
|
|
|
|
3,818,752 |
|
|
|
|
|
|
|
|
||||
Interest payable and other liabilities |
|
146,868 |
|
|
|
|
|
|
|
|
|
|
132,698 |
|
|
|
|
|
|
|
|
||||
Stockholders’ equity |
|
1,543,081 |
|
|
|
|
|
|
|
|
|
|
1,489,851 |
|
|
|
|
|
|
|
|
||||
Total interest free funds |
|
5,483,911 |
|
|
|
|
|
|
|
|
|
|
5,441,301 |
|
|
|
|
|
|
|
|
||||
Total liabilities and stockholders’ equity |
$ |
12,992,548 |
|
|
|
|
|
|
|
|
|
$ |
12,683,479 |
|
|
|
|
|
|
|
|
||||
Net interest income |
|
|
|
$ |
115,117 |
|
|
|
|
|
|
|
|
|
$ |
331,386 |
|
|
|
|
|
||||
Net interest spread |
|
|
|
|
|
|
|
2.33 |
|
% |
|
|
|
|
|
|
|
|
2.29 |
|
% |
||||
Effect of interest free funds |
|
|
|
|
|
|
|
1.45 |
|
% |
|
|
|
|
|
|
|
|
1.46 |
|
% |
||||
Net interest margin |
|
|
|
|
|
|
|
3.78 |
|
% |
|
|
|
|
|
|
|
3.75 |
|
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
6