Diluted earnings per share for the quarter were $0.75 compared to $0.65 in the prior year. Net income for the year ended December 31, 2011 was $45.6 million compared to $42.3 million, up 7.8% over the prior year. Diluted earnings per share for 2011 were $2.93 compared to $2.70 earned in 2010.
The company’s net interest income for the fourth quarter of 2011 was $41.4 million, an increase of $4.2 million or 11.4% compared to the same period a year ago. The increase was driven by the higher level of average earning assets which totaled $5.1 billion in the fourth quarter of this year, up $584 million over the fourth quarter of 2010.
The net interest margin was 3.24% down slightly from a year ago. The Company’s loan loss provision was $829,000 compared to $718,000 in the fourth quarter of 2010. Nonperforming and restructured assets declined to 0.71% of total assets compared to 1.01% a year ago. Net charge offs were 0.08% compared to 0.09% for the same period in 2010, well below the industry average.
Noninterest income totaled $19.4 million up from $18.8 million a year ago. The increase was attributable to acquisitions made in December 2010 and July 2011. The growth was in commercial deposit revenues, insurance commissions and treasury management services. Noninterest expense for the fourth quarter was $41.4 million compared to $39.3 million for the same period last year primarily driven by acquisitions and conversion costs of $742,000 in the fourth quarter of 2011.
At December 31, 2011, the Company’s total assets were $5.6 billion, an increase of $549 million or 10.8% compared to the prior year. Loans totaled $3.0 billion, up from $2.8 billion at December 31, 2010. Deposits increased $534 million to $5.0 billion at year end 2011. The Company’s equity capital was $483 million, an increase of $24.4 million compared to December 31, 2010.
David Rainbolt, BancFirst Corporation CEO stated, “While not a record year, it was certainly a solid one. Oklahoma was the right place to be in 2011 from an economic point of view. We also have made great progress in assimilating acquisitions made over the last couple of years.”
The Company was recently recognized by Forbes magazine as the 19th strongest bank among the 100 largest publicly traded banks. BancFirst was the only Oklahoma bank in the top 25. The ranking considered data regarding asset quality, capital adequacy and profitability.
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