BancFirst Corporation Reports First Quarter Earnings

OKLAHOMA CITY, April 21, 2016

The Company's net interest income for the first quarter of 2016 increased to $50.0 million compared to $45.6 million for the first quarter of 2015. The net interest margin for the quarter was 3.25% compared to 3.07% a year ago. Internal loan growth, acquired loans from our October 2015 acquisition and the increase in Fed Fund rate of 25 basis points during the 4^th quarter of 2015 contributed to the higher net interest income and margin in 2016. The provision for loan losses for the first quarter of 2016 increased to $4.1 million compared to $1.3 million a year ago. The increase in the provision was primarily due to downgrades of a few commercial loans which were impacted by the economic effects in Oklahoma from low energy prices.  Net charge-offs for the quarter were 0.03% of average loans, compared to 0.01% for the first quarter of 2015.  Noninterest income for the quarter totaled $25.6 million, compared to $25.3 million last year. Noninterest expense for the quarter totaled $46.3 million compared to $44.9 million last year, primarily due to salary increases from raises and our acquisition in the fourth quarter of 2015. This increase in noninterest expenses was partially offset by gains on the sale of other real estate owned totaling $1.2 million. The Company's effective tax rate was 34.2% compared to 34.1% for the first quarter of 2015.

At March 31, 2016, the Company's total assets were $6.7 billion, largely unchanged from December 31, 2015. Securities decreased $55.0 million to a total of $498.0 million due to large maturities during the quarter.  Loans totaled $4.3 billion, up slightly from December 31, 2015.  Deposits totaled $6.0 billion, marginally above the December 31, 2015 total. The Company's total stockholders' equity was $662.7 million, an increase of $7.2 million, or 1.1%, over December 31, 2015.

Asset quality remained strong during the first quarter of 2016.  Nonperforming and restructured assets were 0.55% of total assets at March 31, 2016 compared to 0.83% at December 31, 2015. The decrease in nonperforming and restructured assets was largely due to one relationship that was removed from a troubled debt restructuring status due to sustained improvement in financial condition, performance and the commercially reasonable nature of its structure. Also contributing to the decrease in nonperforming assets were sales of other real estate owned.  The allowance to total loans was 1.04% compared to 0.98% at year-end 2015. The allowance to nonperforming and restructured loans was 136.4% compared to 88.5% at year-end 2015.

CEO David Rainbolt commented, "While the results of the quarter were good in aggregate, there were a lot of moving parts. We are noticing slight credit slippage, but so far it appears margin growth is offsetting any effects."

During the quarter, the Company repurchased 100,000 shares of its common stock at an average price of $55.23 under the Company's stock repurchase program.

BancFirst Corporation is an Oklahoma based financial services holding company.  The Company's principal subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with 98 banking locations serving 54 communities across Oklahoma. More information can be found at www.bancfirst.com.