Tuesday, BancFirst Corp. (BANF) reported lower first-quarter earnings compared to last year, hurt by lower net interest income, and provision for loan losses.
The Oklahoma City, Oklahoma-based company reported net income for the first quarter of $7.13 million or $0.46 per share, lower than net income of $11.59 million or $0.74 per share reported in the year-ago quarter.
Net interest income for the quarter decreased to $31.75 million from $35.39 million in the prior-year quarter.
Total noninterest income for the quarter totaled $16.62 million, down from $17.24 million in the same quarter last year.
Provision for loan losses rose to $3.37 million from $1.78 million in the first quarter of 20008, as a result of small number of specific credits and the overall slowdown in the economy.
The company's net interest margin was 3.69%, compared to 4.24% in the same quarter a year ago.
Total noninterest expense grew to $34.52 million from $32.59 million in the prior-year quarter, due to reduction in interest rates by the Federal Reserve Bank to historically low levels in the latter part of 2008.
Nonperforming loans equaled 0.81% of total assets up slightly from 0.72% at December 31, 2008, while net charge-offs of 0.13% were virtually the same as the first quarter of 2008.
BANF closed Tuesday's regular trading session at $43.40, up $3.79 or 9.57% on a volume of 45,10.
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