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BancFirst Q4 earnings decrease

2008 results were impacted by lower net interest margins

BancFirst has reported a net income of $8.1 million or $0.52 per diluted share, for the fourth quarter of 2008, as compared to $11.6 million or $0.75 per share, for the fourth quarter ended December 31, 2007.

For the fourth quarter of 2008, the company’s net interest income was $33.7 million, down from $37.5 million in the fourth quarter a year ago. The company’s net interest margin was 3.85% for the fourth quarter of 2008 compared to 4.54% in the same quarter of 2007.

BancFirst has reported a net income of $44.4 million or $2.85 per diluted share, for the year ended December 31, 2008, as compared to $53.1 million or $3.33 per diluted share, for the year ended December 31, 2007.

According to the company, the 2008 results were impacted by lower net interest margins due to historically low interest rate levels, and higher loan provisions as a result of the slowing economy throughout 2008.

At December 31, 2008, total assets of the company reached $3.9 billion, an increase of $124.2 million over 2007. Loans totalled $2.8 billion which is an increase of 10.9% over December 31, 2007, while deposits increased to $3.4 billion, up $89.1 million or 2.7% over 2007.