Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported): July 18, 2024

   

BancFirst Corporation

(Exact name of Registrant as Specified in Its Charter)


Oklahoma	0-14384	73-1221379
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

100 N. Broadway Ave.
Oklahoma City, Oklahoma		73102-8405
(Address of Principal Executive Offices)		(Zip Code)

    Registrant’s Telephone Number, Including Area Code: 405 270-1086

   

    Not Applicable

   

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 Par Value Per Share	BANF	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

BancFirst Corporation Reports Second Quarter Earnings

On July 18, 2024, BancFirst Corporation announced its results of operations for the quarter ended June 30, 2024. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.

Item 9.01 Financial Statements and Exhibits.


(d)	Exhibits.
Exhibit No.	Description
99.1	Press Release, dated July 18, 2024, issued by BancFirst Corporation titled “BancFirst Corporation Reports Second Quarter Earnings.”
104	Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			BANCFIRST CORPORATION

Date:	July 18, 2024	By:	/s/ Hannah Andrus
			Hannah Andrus Executive Vice President Chief Financial Officer

Exhibit 99.1


	100 N. Broadway Ave
FOR IMMEDIATE RELEASE	Oklahoma City, OK 73102
Thursday, July 18, 2024	www.bancfirst.bank

BANCFIRST CORPORATION REPORTS SECOND QUARTER EARNINGS

BancFirst Corporation (NASDAQ GS:BANF) reported net income of $50.6 million, or $1.51 per diluted share, for the second quarter of 2024 compared to net income of $55.0 million, or $1.64 per diluted share, for the second quarter of 2023.

The Company’s net interest income for the second quarter of 2024 increased to $109.9 million from $105.9 million for the same period in 2023. Loan volume was the primary driver of the change in net interest income, but was partially offset by the impact of the shifting mix between interest-bearing and noninterest bearing-deposits. Net interest margin for the three-month period ended June 30 was 3.76% in 2024 compared to 3.87% in 2023. The Company recorded a provision for credit losses of $3.4 million in the second quarter of 2024 compared to $2.8 million for the same period in 2023.

Noninterest income for the quarter totaled $43.9 million compared to $48.0 million last year. The decrease in noninterest income was primarily due to an approximate $5.7 million reduction of interchange fees related to the impact of the Durbin Amendment. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to second quarter last year.

Noninterest expense for the quarter increased to $85.3 million compared to $81.1 million in the same quarter last year. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $2.1 million.

The Company’s effective tax rate for the period was 22.3% compared to 21.4% for the second quarter of 2023.

At June 30, 2024, the Company’s total assets were $12.7 billion, an increase of $365.3 million from December 31, 2023. Loans grew $394.7 million from December 31, 2023, totaling $8.1 billion at June 30, 2024. Deposits totaled $11.0 billion, an increase of $315.5 million from year-end 2023. Sweep accounts totaled $4.5 billion at June 30, 2024, up $153.9 million from December 31, 2023. The Company’s total stockholders’ equity was $1.5 billion, an increase of $78.6 million over December 31, 2023.

Nonaccrual loans totaled $44.0 million, representing 0.55% of total loans at June 30, 2024 compared to 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.24% at June 30, 2024 compared to 1.26% at the end of 2023. Net charge-offs were $1.0 million for the quarter compared to $664,000 for the second quarter of 2023.

BancFirst Corporation CEO David Harlow commented, “Strong loan growth led the way to another good quarter for the Company. Total deposits returned to pre-March 2023 banking crisis levels, although the mix has changed materially as noninterest-bearing deposits have migrated to higher yielding account options. Recent inflation and unemployment data has provided more support for Federal Reserve rate cuts prior to year-end. However, the ultimate outlook on credit remains uncertain in our view and, accordingly, the Company’s allowance for credit losses as a percentage of total loans remained relatively unchanged from the first quarter.”

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 104 banking locations serving 59 communities across Oklahoma, Pegasus Bank, a Texas state-chartered bank with three banking locations in the Dallas Metroplex area and Worthington Bank, a Texas state-chartered bank with

three locations in the Fort Worth Metroplex area, one location in Arlington Texas and one location in Denton Texas. More information can be found at www.bancfirst.bank.

The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management’s current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates, legislative and regulatory actions and reforms, competition, as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.

For additional information call:

Hannah Andrus, Chief Financial Officer at (405) 218-4174 or

David Harlow, Chief Executive Officer at (405) 270-1082.


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	2024			2024			2023			2023			2023
	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
Condensed Income Statements:
Net interest income	$	109,896		$	106,104		$	105,066		$	104,308		$	105,926
Provision for credit losses		3,358			4,015			-			2,312			2,824
Noninterest income:
Trust revenue		5,490			5,088			5,106			4,866			4,590
Service charges on deposits		17,280			16,428			16,841			17,027			22,268
Securities transactions		317			(267	)		(1,364	)		(361	)		110
Sales of loans		733			491			512			734			757
Insurance commissions		6,668			9,455			7,220			8,429			6,225
Cash management		9,149			8,651			7,878			8,177			7,927
Other		4,307			5,054			8,964			5,577			6,097
Total noninterest income		43,944			44,900			45,157			44,449			47,974

Noninterest expense:
Salaries and employee benefits		51,928			51,528			50,731			50,200			49,803
Occupancy expense, net		5,233			5,206			5,439			5,487			5,118
Depreciation		4,504			4,556			4,560			4,685			4,769
Amortization of intangible assets		887			886			887			885			880
Data processing services		2,696			2,616			2,224			1,820			2,217
Net expense from other real estate owned		1,656			2,202			7,870			2,720			2,889
Marketing and business promotion		2,246			2,256			2,653			2,034			1,900
Deposit insurance		1,614			1,438			1,332			1,419			1,463
Other		14,552			12,091			14,120			11,965			12,071
Total noninterest expense		85,316			82,779			89,816			81,215			81,110
Income before income taxes		65,166			64,210			60,407			65,230			69,966
Income tax expense		14,525			13,876			11,473			14,242			14,956
Net income	$	50,641		$	50,334		$	48,934		$	50,988		$	55,010
Per Common Share Data:
Net income-basic	$	1.53		$	1.53		$	1.48		$	1.55		$	1.67
Net income-diluted		1.51			1.50			1.46			1.52			1.64
Cash dividends declared		0.43			0.43			0.43			0.43			0.40
Common shares outstanding		33,022,124			32,966,678			32,933,018			32,921,393			32,939,256
Average common shares outstanding -
Basic		33,001,180			32,947,983			32,926,326			32,937,149			32,920,497
Diluted		33,525,061			33,513,412			33,483,691			33,539,389			33,467,254
Performance Ratios:
Return on average assets		1.61	%		1.63	%		1.58	%		1.68	%		1.85	%
Return on average stockholders’ equity		13.72			13.96			13.98			14.93			16.59
Net interest margin		3.76			3.70			3.67			3.73			3.87
Efficiency ratio		55.46			54.82			59.79			54.60			52.70


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	Six months ended
	June 30,
	2024			2023
Condensed Income Statements:
Net interest income	$	216,000		$	215,082
Provision for credit losses		7,373			5,146
Noninterest income:
Trust revenue		10,578			8,812
Service charges on deposits		33,708			43,499
Securities transactions		50			(103	)
Sales of loans		1,224			1,361
Insurance commissions		16,123			14,966
Cash management		17,800			14,661
Other		9,361			12,606
Total noninterest income		88,844			95,802

Noninterest expense:
Salaries and employee benefits		103,456			99,055
Occupancy expense, net		10,439			10,101
Depreciation		9,060			9,412
Amortization of intangible assets		1,773			1,760
Data processing services		5,312			4,324
Net expense from other real estate owned		3,858			5,348
Marketing and business promotion		4,502			4,427
Deposit insurance		3,052			3,076
Other		26,643			23,924
Total noninterest expense		168,095			161,427
Income before income taxes		129,376			144,311
Income tax expense		28,401			31,768
Net income	$	100,975		$	112,543
Per Common Share Data:
Net income-basic	$	3.06		$	3.42
Net income-diluted		3.01			3.36
Cash dividends declared		0.86			0.80
Common shares outstanding		33,022,124			32,939,256
Average common shares outstanding -
Basic		32,974,582			32,906,753
Diluted		33,520,247			33,465,931
Performance Ratios:
Return on average assets		1.62	%		1.87	%
Return on average stockholders’ equity		13.84			17.43
Net interest margin		3.73			3.88
Efficiency ratio		55.14			51.93


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	2024			2024			2023			2023			2023
	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
Balance Sheet Data:

Total assets	$	12,737,318		$	12,602,425		$	12,372,042		$	12,114,602		$	12,020,265
Interest-bearing deposits with banks		2,299,019			2,341,604			2,172,001			2,134,081			2,188,004
Debt securities		1,441,365			1,534,651			1,555,095			1,525,448			1,570,620
Total loans		8,054,856			7,787,857			7,660,134			7,476,474			7,307,475
Allowance for credit losses		(99,626	)		(97,267	)		(96,800	)		(97,776	)		(96,920	)
Noninterest-bearing demand deposits		3,815,818			3,849,807			3,982,226			4,170,550			4,285,620
Money market and interest-bearing checking deposits		4,930,853			4,901,081			4,699,865			4,453,892			4,365,202
Savings deposits		1,084,266			1,076,181			1,056,404			1,062,041			1,084,050
Time deposits		1,184,665			1,082,552			961,627			847,688			740,308
Total deposits		11,015,602			10,909,621			10,700,122			10,534,171			10,475,180
Stockholders' equity		1,512,492			1,469,312			1,433,891			1,370,584			1,340,791
Book value per common share		45.80			44.57			43.54			41.63			40.70
Tangible book value per common share (non-GAAP)(1)		39.83			38.56			37.50			35.56			34.62
Balance Sheet Ratios:
Average loans to deposits		72.25	%		71.97	%		70.52	%		70.61	%		69.85	%
Average earning assets to total assets		92.77			92.67			92.42			92.39			92.23
Average stockholders' equity to average assets		11.71			11.65			11.30			11.28			11.17
Asset Quality Data:
Past due loans	$	4,280		$	6,332		$	9,542		$	12,575		$	8,799
Nonaccrual loans (3)		44,021			41,996			24,573			16,676			18,047
Other real estate owned and repossessed assets		38,497			35,116			34,200			42,782			41,612
Nonaccrual loans to total loans		0.55	%		0.54	%		0.32	%		0.22	%		0.25	%
Allowance to total loans		1.24			1.25			1.26			1.31			1.33
Allowance to nonaccrual loans		226.32			231.61			393.92			586.34			537.05
Net charge-offs to average loans		0.01			0.05			0.02			0.02			0.01

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

Stockholders' equity	$	1,512,492		$	1,469,312		$	1,433,891		$	1,370,584		$	1,340,791
Less goodwill		182,263			182,263			182,263			182,263			182,055
Less intangible assets, net		14,931			15,818			16,704			17,591			18,223
Tangible stockholders’ equity (non-GAAP)	$	1,315,298		$	1,271,231		$	1,234,924		$	1,170,730		$	1,140,513
Common shares outstanding		33,022,124			32,966,678			32,933,018			32,921,393			32,939,256
Tangible book value per common share (non-GAAP)	$	39.83		$	38.56		$	37.50		$	35.56		$	34.62

(1) Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table.
(2) Tangible book value per common share is stockholders’ equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(3) Government Agencies guarantee approximately $8.5 million of nonaccrual loans at June 30, 2024.


	BancFirst Corporation
	Consolidated Average Balance Sheets
	And Interest Margin Analysis
	Taxable Equivalent Basis
	(Dollars in thousands - Unaudited)

	Three Months Ended								Six Months Ended
	June 30, 2024								June 30, 2024
				Interest		Average						Interest		Average
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate
ASSETS
Earning assets:
Loans	$	7,912,469		$	137,846		6.99	%	$	7,821,611		$	270,095		6.93	%
Securities – taxable		1,488,850			8,932		2.41			1,523,328			18,113		2.38
Securities – tax exempt		2,408		23		3.79				2,525		48			3.77
Interest bearing deposits with banks and FFS		2,322,951			31,805		5.49			2,267,869			62,121		5.49
Total earning assets		11,726,678			178,606		6.11			11,615,333			350,377		6.05

Nonearning assets:
Cash and due from banks		203,664								202,982
Interest receivable and other assets		808,283								806,429
Allowance for credit losses		(97,935	)							(97,498	)
Total nonearning assets		914,012								911,913
Total assets	$	12,640,690							$	12,527,246

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits	$	4,920,793		$	45,296		3.69	%	$	4,867,783		$	89,513	3.69		%
Savings deposits		1,076,338			9,222		3.44			1,066,532			18,225		3.43
Time deposits		1,134,460			12,961		4.58			1,080,750			24,154	4.48
Short-term borrowings		4,593			59		5.14			6,306			155		4.92
Subordinated debt		86,120			1,031		4.80			86,113			2,061		4.80
Total interest bearing liabilities		7,222,304			68,569		3.81			7,107,484			134,108	3.78

Interest free funds:
Noninterest bearing deposits		3,819,196								3,831,283
Interest payable and other liabilities		119,175								125,536
Stockholders’ equity		1,480,015								1,462,943
Total interest free funds		5,418,386								5,419,762
Total liabilities and stockholders’ equity	$	12,640,690							$	12,527,246
Net interest income				$	110,037							$	216,269
Net interest spread							2.30	%							2.27	%
Effect of interest free funds							1.46	%							1.46	%
Net interest margin							3.76	%						3.73		%

Document And Entity Information	Jul. 18, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 18, 2024
Entity Registrant Name	BancFirst Corporation
Entity Central Index Key	0000760498
Entity Emerging Growth Company	false
Entity File Number	0-14384
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1221379
Entity Address, Address Line One	100 N. Broadway Ave.
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73102-8405
City Area Code	405
Local Phone Number	270-1086
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $1.00 Par Value Per Share
Trading Symbol	BANF
Security Exchange Name	NASDAQ

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