OKLAHOMA
CITY, Oct. 17, 2024 /PRNewswire/ -- BancFirst
Corporation (NASDAQ GS:BANF) reported net income of $58.9 million, or $1.75 per diluted share, for the third quarter of
2024 compared to net income of $51.0
million, or $1.52 per diluted
share, for the third quarter of 2023.
The Company's net interest income for the third quarter of 2024
increased to $115.0 million from
$104.3 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
September 30 was 3.78% in 2024
compared to 3.73% in 2023. The Company recorded a provision for
credit losses of $3.0 million in the
third quarter of 2024 compared to $2.3
million for the same period in 2023.
Noninterest income for the quarter totaled $48.7 million compared to $44.4 million last year. Trust revenue, treasury
income, sweep fees and insurance commissions each increased when
compared to third quarter last year.
Noninterest expense for the quarter increased to $86.7 million compared to $81.2 million in the same quarter last year. The
increase in noninterest expense was primarily related to growth in
salaries and employee benefits of $4.0
million.
The Company's effective tax rate for the period was 20.3%
compared to 21.8% for the third quarter of 2023.
At September 30, 2024, the
Company's total assets were $13.3
billion, an increase of $941.4
million from December 31,
2023. Loans grew $528.1
million from December 31,
2023, totaling $8.2 billion at
September 30, 2024. Deposits totaled
$11.5 billion, an increase of
$774.2 million from year-end 2023.
Sweep accounts totaled $4.3 billion
at September 30, 2024, down
$60.6 million from December 31, 2023. The Company's total
stockholders' equity was $1.6
billion, an increase of $150.7
million over December 31,
2023.
Nonaccrual loans totaled $45.5
million, representing 0.56% of total loans at September 30, 2024 compared to 0.32% at year-end
2023. The allowance for credit losses to total loans was 1.24%
at September 30, 2024 compared to
1.26% at the end of 2023. Net charge-offs were $775,000 for the quarter compared to $1.5 million for the third quarter of 2023.
BancFirst Corporation CEO David
Harlow commented, "Loan growth, an improved net interest
margin, and growth across all major components of non-interest
income resulted in a strong quarter for the Company. While the
Federal Reserve's late September 50 basis point rate cut had little
impact on the quarter, the potential for further short-term rate
reductions combined with a recent increase in the longer-term
portion of the yield curve changes the landscape considerably and
causes our outlook on net interest margin to be
unclear. However, we believe the Company is well positioned to
reasonably manage and balance our asset and liability pricing in
the coming months. Our perspective on credit is unchanged as
the Federal Reserve's goal of a "soft landing," while more likely,
is far from certain, thus our Loan Loss Reserve as a percentage of
loans is the same when compared to last 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.
|
BancFirst Corporation
|
|
Summary Financial
Information
|
|
(Dollars in
thousands, except per share and share data -
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
Condensed
Income Statements:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
114,957
|
|
$
109,896
|
|
$
106,104
|
|
$
105,066
|
|
$
104,308
|
|
Provision for
credit losses
|
|
3,031
|
|
3,358
|
|
4,015
|
|
-
|
|
2,312
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
Trust
revenue
|
|
5,672
|
|
5,490
|
|
5,088
|
|
5,106
|
|
4,866
|
|
Service charges on
deposits
|
|
17,723
|
|
17,280
|
|
16,428
|
|
16,841
|
|
17,027
|
|
Securities
transactions
|
|
(308)
|
|
317
|
|
(267)
|
|
(1,364)
|
|
(361)
|
|
Sales of
loans
|
|
721
|
|
733
|
|
491
|
|
512
|
|
734
|
|
Insurance
commissions
|
|
9,391
|
|
6,668
|
|
9,455
|
|
7,220
|
|
8,429
|
|
Cash
management
|
|
9,189
|
|
9,149
|
|
8,651
|
|
7,878
|
|
8,177
|
|
Other
|
|
6,324
|
|
4,307
|
|
5,054
|
|
8,964
|
|
5,577
|
|
Total noninterest
income
|
|
48,712
|
|
43,944
|
|
44,900
|
|
45,157
|
|
44,449
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
54,215
|
|
51,928
|
|
51,528
|
|
50,731
|
|
50,200
|
|
Occupancy expense,
net
|
|
5,776
|
|
5,233
|
|
5,206
|
|
5,439
|
|
5,487
|
|
Depreciation
|
|
4,482
|
|
4,504
|
|
4,556
|
|
4,560
|
|
4,685
|
|
Amortization of
intangible assets
|
|
886
|
|
887
|
|
886
|
|
887
|
|
885
|
|
Data processing
services
|
|
2,720
|
|
2,696
|
|
2,616
|
|
2,224
|
|
1,820
|
|
Net expense from other
real estate owned
|
|
2,751
|
|
1,656
|
|
2,202
|
|
7,870
|
|
2,720
|
|
Marketing and business
promotion
|
|
2,168
|
|
2,246
|
|
2,256
|
|
2,653
|
|
2,034
|
|
Deposit
insurance
|
|
1,645
|
|
1,614
|
|
1,438
|
|
1,332
|
|
1,419
|
|
Other
|
|
12,091
|
|
14,552
|
|
12,091
|
|
14,120
|
|
11,965
|
|
Total
noninterest expense
|
|
86,734
|
|
85,316
|
|
82,779
|
|
89,816
|
|
81,215
|
|
Income before
income taxes
|
|
73,904
|
|
65,166
|
|
64,210
|
|
60,407
|
|
65,230
|
|
Income tax
expense
|
|
15,001
|
|
14,525
|
|
13,876
|
|
11,473
|
|
14,242
|
|
Net
income
|
|
$
58,903
|
|
$
50,641
|
|
$
50,334
|
|
$
48,934
|
|
$
50,988
|
|
Per Common
Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
Net
income-basic
|
|
$
1.78
|
|
$
1.53
|
|
$
1.53
|
|
$
1.48
|
|
$
1.55
|
|
Net
income-diluted
|
|
1.75
|
|
1.51
|
|
1.50
|
|
1.46
|
|
1.52
|
|
Cash dividends
declared
|
|
0.46
|
|
0.43
|
|
0.43
|
|
0.43
|
|
0.43
|
|
Common shares
outstanding
|
|
33,122,689
|
|
33,022,124
|
|
32,966,678
|
|
32,933,018
|
|
32,921,393
|
|
Average common
shares outstanding -
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
33,097,164
|
|
33,001,180
|
|
32,947,983
|
|
32,926,326
|
|
32,937,149
|
|
Diluted
|
|
33,646,549
|
|
33,525,061
|
|
33,513,412
|
|
33,483,691
|
|
33,539,389
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.80 %
|
|
1.61 %
|
|
1.63 %
|
|
1.58 %
|
|
1.68 %
|
|
Return on average
stockholders' equity
|
|
15.14
|
|
13.72
|
|
13.96
|
|
13.98
|
|
14.93
|
|
Net interest
margin
|
|
3.78
|
|
3.76
|
|
3.70
|
|
3.67
|
|
3.73
|
|
Efficiency
ratio
|
|
52.99
|
|
55.46
|
|
54.82
|
|
59.79
|
|
54.60
|
|
BancFirst Corporation
|
|
Summary Financial
Information
|
|
(Dollars in
thousands, except per share and share data -
Unaudited)
|
|
|
|
|
|
|
|
Nine months
ended
|
|
September
30,
|
|
|
2024
|
|
2023
|
|
Condensed
Income Statements:
|
|
|
|
|
|
Net interest
income
|
|
$
330,957
|
|
$
319,390
|
|
Provision for
credit losses
|
|
10,404
|
|
7,458
|
|
Noninterest
income:
|
|
|
|
|
|
Trust
revenue
|
|
16,250
|
|
13,678
|
|
Service charges on
deposits
|
|
51,431
|
|
60,526
|
|
Securities
transactions
|
|
(258)
|
|
(464)
|
|
Sales of
loans
|
|
1,945
|
|
2,095
|
|
Insurance
commissions
|
|
25,514
|
|
23,395
|
|
Cash
management
|
|
26,989
|
|
22,838
|
|
Other
|
|
15,685
|
|
18,183
|
|
Total noninterest
income
|
|
137,556
|
|
140,251
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
Salaries and employee
benefits
|
|
157,671
|
|
149,255
|
|
Occupancy expense,
net
|
|
16,215
|
|
15,588
|
|
Depreciation
|
|
13,542
|
|
14,097
|
|
Amortization of
intangible assets
|
|
2,659
|
|
2,645
|
|
Data processing
services
|
|
8,032
|
|
6,144
|
|
Net expense from other
real estate owned
|
|
6,609
|
|
8,068
|
|
Marketing and business
promotion
|
|
6,670
|
|
6,461
|
|
Deposit
insurance
|
|
4,697
|
|
4,495
|
|
Other
|
|
38,734
|
|
35,889
|
|
Total noninterest
expense
|
|
254,829
|
|
242,642
|
|
Income before
income taxes
|
|
203,280
|
|
209,541
|
|
Income tax
expense
|
|
43,402
|
|
46,010
|
|
Net
income
|
|
$
159,878
|
|
$
163,531
|
|
Per Common
Share Data:
|
|
|
|
|
|
Net
income-basic
|
|
$
4.84
|
|
$
4.97
|
|
Net
income-diluted
|
|
4.76
|
|
4.88
|
|
Cash dividends
declared
|
|
1.32
|
|
1.23
|
|
Common shares
outstanding
|
|
33,122,689
|
|
32,921,393
|
|
Average common
shares outstanding -
|
|
|
|
|
|
Basic
|
|
33,015,741
|
|
32,916,996
|
|
Diluted
|
|
33,567,117
|
|
33,493,015
|
|
Performance
Ratios:
|
|
|
|
|
|
Return on average
assets
|
|
1.68 %
|
|
1.81 %
|
|
Return on average
stockholders' equity
|
|
14.30
|
|
16.56
|
|
Net interest
margin
|
|
3.75
|
|
3.83
|
|
Efficiency
ratio
|
|
54.39
|
|
52.79
|
|
BancFirst Corporation
|
|
Summary Financial
Information
|
|
(Dollars in
thousands, except per share and share data -
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 13,313,482
|
|
$ 12,737,318
|
|
$ 12,602,425
|
|
$ 12,372,042
|
|
$ 12,114,602
|
|
Interest-bearing
deposits with banks
|
|
2,743,578
|
|
2,299,019
|
|
2,341,604
|
|
2,172,001
|
|
2,134,081
|
|
Debt
securities
|
|
1,376,913
|
|
1,441,365
|
|
1,534,651
|
|
1,555,095
|
|
1,525,448
|
|
Total
loans
|
|
8,188,202
|
|
8,054,856
|
|
7,787,857
|
|
7,660,134
|
|
7,476,474
|
|
Allowance for credit
losses
|
|
(101,882)
|
|
(99,626)
|
|
(97,267)
|
|
(96,800)
|
|
(97,776)
|
|
Noninterest-bearing
demand deposits
|
|
3,858,670
|
|
3,815,818
|
|
3,849,807
|
|
3,982,226
|
|
4,170,550
|
|
Money market and
interest-bearing checking deposits
|
|
5,122,457
|
|
4,930,853
|
|
4,901,081
|
|
4,699,865
|
|
4,453,892
|
|
Savings
deposits
|
|
1,082,855
|
|
1,084,266
|
|
1,076,181
|
|
1,056,404
|
|
1,062,041
|
|
Time
deposits
|
|
1,410,370
|
|
1,184,665
|
|
1,082,552
|
|
961,627
|
|
847,688
|
|
Total
deposits
|
|
11,474,352
|
|
11,015,602
|
|
10,909,621
|
|
10,700,122
|
|
10,534,171
|
|
Stockholders'
equity
|
|
1,584,575
|
|
1,512,492
|
|
1,469,312
|
|
1,433,891
|
|
1,370,584
|
|
Book value per common
share
|
|
47.84
|
|
45.80
|
|
44.57
|
|
43.54
|
|
41.63
|
|
Tangible book value per
common share (non-GAAP)(1)
|
|
41.91
|
|
39.83
|
|
38.56
|
|
37.50
|
|
35.56
|
|
Balance Sheet
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Average loans to
deposits
|
|
72.27 %
|
|
72.25 %
|
|
71.97 %
|
|
70.52 %
|
|
70.61 %
|
|
Average earning assets
to total assets
|
|
93.02
|
|
92.77
|
|
92.67
|
|
92.42
|
|
92.39
|
|
Average stockholders'
equity to average assets
|
|
11.88
|
|
11.71
|
|
11.65
|
|
11.30
|
|
11.28
|
|
Asset Quality
Data:
|
|
|
|
|
|
|
|
|
|
|
|
Past due
loans
|
|
$
4,628
|
|
$
4,280
|
|
$
6,332
|
|
$
9,542
|
|
$
12,575
|
|
Nonaccrual loans
(3)
|
|
45,481
|
|
44,021
|
|
41,996
|
|
24,573
|
|
16,676
|
|
Other real estate owned
and repossessed assets
|
|
39,519
|
|
38,497
|
|
35,116
|
|
34,200
|
|
42,782
|
|
Nonaccrual loans to
total loans
|
|
0.56 %
|
|
0.55 %
|
|
0.54 %
|
|
0.32 %
|
|
0.22 %
|
|
Allowance to total
loans
|
|
1.24
|
|
1.24
|
|
1.25
|
|
1.26
|
|
1.31
|
|
Allowance to nonaccrual
loans
|
|
224.01
|
|
226.32
|
|
231.61
|
|
393.92
|
|
586.34
|
|
Net charge-offs to
average loans
|
|
0.01
|
|
0.01
|
|
0.05
|
|
0.02
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Book Value Per Common Share (non-GAAP)(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
1,584,575
|
|
$
1,512,492
|
|
$
1,469,312
|
|
$
1,433,891
|
|
$
1,370,584
|
|
Less
goodwill
|
|
182,263
|
|
182,263
|
|
182,263
|
|
182,263
|
|
182,263
|
|
Less intangible assets,
net
|
|
14,045
|
|
14,931
|
|
15,818
|
|
16,704
|
|
17,591
|
|
Tangible stockholders'
equity (non-GAAP)
|
|
$
1,388,267
|
|
$
1,315,298
|
|
$
1,271,231
|
|
$
1,234,924
|
|
$
1,170,730
|
|
Common shares
outstanding
|
|
33,122,689
|
|
33,022,124
|
|
32,966,678
|
|
32,933,018
|
|
32,921,393
|
|
Tangible book value per
common share (non-GAAP)
|
|
$
41.91
|
|
$
39.83
|
|
$
38.56
|
|
$
37.50
|
|
$
35.56
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $7.5 million of nonaccrual loans at
September 30, 2024.
|
|
BancFirst
Corporation
|
|
|
Consolidated Average
Balance Sheets
|
|
|
And Interest Margin
Analysis
|
|
|
Taxable Equivalent
Basis
|
|
|
(Dollars in
thousands - Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September 30,
2024
|
|
|
September 30,
2024
|
|
|
|
|
Interest
|
|
Average
|
|
|
|
|
Interest
|
|
Average
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
8,103,297
|
|
$
144,179
|
|
7.06
|
%
|
|
$
7,916,192
|
|
$
414,274
|
|
6.97
|
%
|
|
Securities –
taxable
|
1,406,344
|
|
8,341
|
|
2.35
|
|
|
1,484,049
|
|
26,454
|
|
2.37
|
|
|
Securities – tax
exempt
|
2,374
|
|
23
|
|
3.87
|
|
|
2,474
|
|
71
|
|
3.80
|
|
|
Interest-bearing
deposits with banks and FFS
|
2,574,083
|
|
35,267
|
|
5.44
|
|
|
2,370,685
|
|
97,388
|
|
5.47
|
|
|
Total earning
assets
|
12,086,098
|
|
187,810
|
|
6.17
|
|
|
11,773,400
|
|
538,187
|
|
6.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks
|
195,636
|
|
|
|
|
|
|
200,515
|
|
|
|
|
|
|
Interest
receivable and other assets
|
810,781
|
|
|
|
|
|
|
807,891
|
|
|
|
|
|
|
Allowance for
credit losses
|
(99,967)
|
|
|
|
|
|
|
(98,327)
|
|
|
|
|
|
|
Total nonearning
assets
|
906,450
|
|
|
|
|
|
|
910,079
|
|
|
|
|
|
|
Total assets
|
$ 12,992,548
|
|
|
|
|
|
|
$12,683,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and
interest-bearing checking deposits
|
$
5,064,491
|
|
$
47,386
|
|
3.71
|
%
|
|
$
4,933,831
|
|
$
136,899
|
|
3.70
|
%
|
|
Savings
deposits
|
1,078,383
|
|
9,277
|
|
3.41
|
|
|
1,070,512
|
|
27,502
|
|
3.42
|
|
|
Time
deposits
|
1,275,206
|
|
14,952
|
|
4.65
|
|
|
1,146,042
|
|
39,106
|
|
4.55
|
|
|
Short-term
borrowings
|
4,423
|
|
48
|
|
4.30
|
|
|
5,673
|
|
203
|
|
4.76
|
|
|
Subordinated
debt
|
86,134
|
|
1,030
|
|
4.74
|
|
|
86,120
|
|
3,091
|
|
4.78
|
|
|
Total interest-bearing
liabilities
|
7,508,637
|
|
72,693
|
|
3.84
|
|
|
7,242,178
|
|
206,801
|
|
3.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest free
funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
3,793,962
|
|
|
|
|
|
|
3,818,752
|
|
|
|
|
|
|
Interest payable
and other liabilities
|
146,868
|
|
|
|
|
|
|
132,698
|
|
|
|
|
|
|
Stockholders'
equity
|
1,543,081
|
|
|
|
|
|
|
1,489,851
|
|
|
|
|
|
|
Total interest free
funds
|
5,483,911
|
|
|
|
|
|
|
5,441,301
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 12,992,548
|
|
|
|
|
|
|
$12,683,479
|
|
|
|
|
|
|
Net interest
income
|
|
|
$
115,117
|
|
|
|
|
|
|
$
331,386
|
|
|
|
|
Net interest
spread
|
|
|
|
|
2.33
|
%
|
|
|
|
|
|
2.29
|
%
|
|
Effect of interest free
funds
|
|
|
|
|
1.45
|
%
|
|
|
|
|
|
1.46
|
%
|
|
Net interest
margin
|
|
|
|
|
3.78
|
%
|
|
|
|
|
|
3.75
|
%
|
View original
content:https://www.prnewswire.com/news-releases/bancfirst-corporation-reports-third-quarter-earnings-302279726.html
SOURCE BancFirst