Newspaper article THE JOURNAL RECORD

BancFirst Profits at New Highs

Newspaper article THE JOURNAL RECORD

BancFirst Profits at New Highs

Article excerpt

BancFirst Corp. Thursday announced record earnings of $15.1 million, or $2.33 per share, for 1996 -- up 17.5 percent from a year earlier.

The bank's 1996 net income marks its sixth consecutive year of record earnings.

Net income was up from $12.8 million, or $2.01 per share, from 1995. The increase in net income was the result of the growth in earning assets, principally in loans, which increased 22 percent, and core deposits, which grew by 20 percent. Net interest income increased 23.1 percent to $53.8 million in 1996 from $43.7 million in 1995. Provision for possible loan losses rose to $994,000 from $855,000 a year ago. Noninterest income reached $15 million, a 20 percent increase over $12.5 million in 1995. Noninterest expenses were $43.3 million, 236.9 percent above $34.9 million the previous year. Additional sales of cash management and residential mortgage products provided increases in noninterest income. For the fourth quarter, BancFirst's net income of $3. …

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