Newspaper article THE JOURNAL RECORD

Bancfirst Earnings Down for Quarter

Newspaper article THE JOURNAL RECORD

Bancfirst Earnings Down for Quarter

Article excerpt

$1.29 million was reported Monday for the third quarter of 1989 by Oklahoma City-based BancFirst.

The net income for the quarter was from net income of $1.34 million for the same three-month period in 1988.

For the first nine months of this year, the largest state-chartered bank in Oklahoma had a net income of $2.5 million, down 36.8 percent from $4 million for the nine months ended Sept. 30, 1988.

The bank's classified, or problem, loans continue to decline, said David Rainbolt, chief financial officer. He expects the bank to report greater net income next year, as its real estate write-downs and loan loss provisions are reduced.

As BancFirst sold its real estate and other assets, it had to write down the value of those assets if they sold for less than their appraised value on BancFirst's books. The difference showed up in the bank's non-interest expense category, which at the end of the third quarter was $6 million, up 5 percent from $5.74 million at Sept. 30, 1988.

The bank's provision for loan losses, the quarterly addition to its reserve for loan losses, was $1.19 million for the quarter, up 14.4 percent from $1 million for the quarter ended Sept. 30, 1988.

"I think our loan totals will be more stable in terms of growth because of the Oklahoma City office; we're going through the budgeting process and it's looking better," Rainbolt said.

Beginning in the first three months of 1990, BancFirst will introduce new depository and cash management products, he said.

Total assets were $698 million at Sept. 30, up 2.9 percent from $678 million at Sept. 30, 1988. BancFirst's purchase of Liberty State Bank of Tahlequah in August caused the increase in assets, the bank said.

Shareholders' equity in the bank, also called its equity capital, was $55. …

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