Fee revenue and improved asset quality helped BancFirst (BANF) in Oklahoma City beat fourth-quarter earnings forecasts.
The $6 billion-asset company on Thursday reported a quarterly profit of $13.9 million, a 13% rise from the same period in 2012. Earnings per share of 88 cents were 3 cents higher than analysts polled by Bloomberg had expected.
BancFirst's noninterest income increased by 2%, to $22.2 million, as cash-management revenue rose 38%, to $1.6 million. Service charges and trust revenue also ticked up, while loan-sale income dipped.
The company made a $454,000 provision for loan losses, down about $2 million from the year-prior period, as nonperforming and restructured loans declined by 15%, to $33.2 million.
Loan growth offset a slide in yield, leaving BancFirst's net interest income roughly level, at $41.9 million. Net interest margin tightened by 4 basis points, to 3%.
Operating costs rose 1%, to $43.9 million, as compensation and insurance costs rose.