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Commercial banks

BancFirst Ohio Corp. Reports 22% Increase in Net Income for Q3 2000

Strategic Insights

— 1 min read

BancFirst Ohio Corp., the holding company for The First National Bank of Zanesville, has announced a 22% increase in net income for the third quarter of 2000. The company's net income for the quarter ended September 30, 2000, was $3.8 million, up from $3.2 million for the comparable period in 1999. Earnings per diluted share also increased 13% to $.44 for the 2000 period compared to $.39 for the year ago period.

Key Takeaways:

  • BancFirst Ohio Corp. reported a 22% increase in net income for the third quarter of 2000, reaching $3.8 million compared to $3.2 million in the same period of 1999.
  • Earnings per diluted share increased 13% to $.44 for the 2000 period, up from $.39 in the year ago period.
  • Tangible earnings (net income excluding the effects of amortization of goodwill and other intangibles) were $4.3 million, or $.49 per diluted share, for the third quarter of 2000, compared to $3.5 million, or $.42 per diluted share, for the same period a year ago.
  • The company's annualized returns on average assets and average equity were .97% and 15.60%, respectively, for the third quarter of 2000, compared to 1.03% and 14.95%, respectively, for the same period a year ago.
  • Total revenue (interest income plus fee and other income) increased $9.8 million, or 40%, to $34.5 million for the three months ended September 30, 2000, compared to $24.6 million for the same period a year ago.

Statistics:

  • Net interest income for the quarter was $10.8 million, an increase of $1.2 million, or 13%, compared to net interest income for the third quarter of 1999.
  • The net interest margin was 3.00% in 2000, compared to 3.48% in the year ago quarter.
  • Total assets increased $331.8 million to $1.6 billion at September 30, 2000, from $1.2 billion at September 30, 1999.
  • Deposits totaled $1.1 billion at September 30, 2000, compared to $789.3 million at September 30, 1999, representing an increase of $309.5 million.

Sources:

  • BancFirst Ohio Corp. press release, October 23, 2000
  • BancFirst Ohio Corp. Form 10-K for the year ended December 31, 1999
  • BancFirst Ohio Corp. quarterly financial highlights for the third quarter of 2000

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