Newspaper article THE JOURNAL RECORD

Bancfirst Profits Fall 45.9 Percent

Newspaper article THE JOURNAL RECORD

Bancfirst Profits Fall 45.9 Percent

Article excerpt

$740,000 was reported Thursday for the second quarter ended June 30 by BancFirst.

The bank, the third largest bank based in Oklahoma City and the state's largest state-chartered bank, had $1.37 million in net income for the second quarter ended June 30, 1988.

For the first six months, net income was $1.2 million, down 53.3 percent from $2.68 million for the same period of 1988.

The year-to-date decline was caused by a combination of a decline in the bank's net interest income, from lower loan levels, and an increase in its loan loss provisions, said David Rainbolt, chief financial officer for BancFirst.

"On a quarter-to-quarter comparison, the difference is virtually totally lower loan levels," he said.

The lowered volume of loans outstanding caused a decrease in BancFirst's net interest income, which dropped 3 percent to $6.5 million during the April-through-June period, down from $6.7 million for the second quarter of 1988.

Though the bank's gross interest income shrunk, its costs to lend money did not shrink at the same rate, he said.

The provision for BancFirst's loan losses was $1.1 million during the second quarter, compared to $1 million for the same quarter in 1988, he said.

The reserve for loan losses rose to $6.5 million, or 2 percent of total loans at June 30, up from $6.2 million and 1.8 percent at Dec. 31, 1988.

BancFirst has made $1 million quarterly provisions, or additions, to its total loan loss reserve for five consecutive quarters, beginning with the second quarter of 1988. The largest single provision was made during the first quarter of this year, when $1. …

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