OKLAHOMA
CITY, Jan. 23, 2025 /PRNewswire/ -- BancFirst
Corporation (NASDAQ GS:BANF) reported net income of $56.5 million, or $1.68 diluted earnings per share, for the fourth
quarter of 2024 compared to net income of $48.9 million, or $1.46 diluted earnings per share, for the fourth
quarter of 2023. Net income for the year ended December 31, 2024 was $216.4 million, or $6.44 diluted earnings per share, compared to
$212.5 million, or $6.34 diluted earnings per share, for the year
ended December 31, 2023.
The Company's net interest income for the fourth quarter of 2024
increased to $115.9 million compared
to $105.1 million for the same period
in 2023. Increased 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 quarter ended
December 31 was 3.68% in 2024
compared to 3.67% in 2023. In the fourth quarter of 2024, the
Company reversed $1.4 million of
allowance for credit losses resulting in a nominal decrease in the
allowance as a percentage of loans when compared to a year ago and
no change from prior quarter.
Noninterest income for the quarter totaled $47.0 million compared to $45.2 million last year. Trust revenue, treasury
income, sweep fees and insurance commissions each increased when
compared to fourth quarter last year. Also contributing to the
period over period change was a $355,000 gain on equity securities recorded in
the fourth quarter of 2024 compared to a loss of $1.4 million during the same period last
year.
Noninterest expense for the quarter increased to $92.3 million compared to $89.8 million in the fourth quarter last year.
The increase in noninterest expense was primarily related to growth
in salaries and employee benefits of $3.6
million. This increase was partially offset by a lower
write-down of other real estate owned of $3.9 million in 2024 compared to $5.2 million in 2023.
At December 31, 2024, the
Company's total assets were $13.6
billion, an increase of $1.2
billion from December 31,
2023. Loans grew $373.0
million from December 31,
2023, totaling $8.0 billion at
December 31, 2024. Deposits totaled
$11.7 billion, an increase of
$1.0 billion from year-end 2023.
Sweep accounts totaled $5.2 billion
at December 31, 2024, up $871.6 million from December 31, 2023. The Company's total
stockholders' equity was $1.6
billion, an increase of $187.3
million from the end of 2023.
Nonaccrual loans totaled $58.0
million, representing 0.72% of total loans at December 31, 2024 compared to 0.32% at year-end
2023. The allowance for credit losses to total loans was 1.24%
at the end of 2024 compared to 1.26% at December 31, 2023. Net charge-offs of
$985,000 for the quarter remained
relatively stable when compared to $976,000 for the fourth quarter last year.
BancFirst Corporation CEO David
Harlow commented, "The Company reported record net income
and record earnings per share for the fourth consecutive
year. Loan growth was the primary driver of improved results
in 2024 when compared to last year while asset quality remained
strong. The return of deposit growth was encouraging albeit
entirely in the interest bearing and time segments. Our
outlook for 2025 is positive overall as the economy in our region
of the country continues to perform well."
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
|
|
2024
|
|
2023
|
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
|
4th
Qtr
|
|
Condensed
Income Statements:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
115,917
|
|
$
114,957
|
|
$
109,896
|
|
$
106,104
|
|
$
105,066
|
|
(Benefit from)
provision for credit losses
|
|
(1,400)
|
|
3,031
|
|
3,358
|
|
4,015
|
|
-
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
Trust
revenue
|
|
5,551
|
|
5,672
|
|
5,490
|
|
5,088
|
|
5,106
|
|
Service charges on
deposits
|
|
18,133
|
|
17,723
|
|
17,280
|
|
16,428
|
|
16,841
|
|
Securities
transactions
|
|
355
|
|
(308)
|
|
317
|
|
(267)
|
|
(1,364)
|
|
Sales of
loans
|
|
731
|
|
721
|
|
733
|
|
491
|
|
512
|
|
Insurance
commissions
|
|
7,914
|
|
9,391
|
|
6,668
|
|
9,455
|
|
7,220
|
|
Cash
management
|
|
9,221
|
|
9,189
|
|
9,149
|
|
8,651
|
|
7,878
|
|
Other
|
|
5,114
|
|
6,324
|
|
4,307
|
|
5,054
|
|
8,964
|
|
Total noninterest
income
|
|
47,019
|
|
48,712
|
|
43,944
|
|
44,900
|
|
45,157
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
54,327
|
|
54,215
|
|
51,928
|
|
51,528
|
|
50,731
|
|
Occupancy expense,
net
|
|
5,977
|
|
5,776
|
|
5,233
|
|
5,206
|
|
5,439
|
|
Depreciation
|
|
4,593
|
|
4,482
|
|
4,504
|
|
4,556
|
|
4,560
|
|
Amortization of
intangible assets
|
|
887
|
|
886
|
|
887
|
|
886
|
|
887
|
|
Data processing
services
|
|
2,726
|
|
2,720
|
|
2,696
|
|
2,616
|
|
2,224
|
|
Net expense from other
real estate owned
|
|
6,446
|
|
2,751
|
|
1,656
|
|
2,202
|
|
7,870
|
|
Marketing and business
promotion
|
|
2,719
|
|
2,168
|
|
2,246
|
|
2,256
|
|
2,653
|
|
Deposit
insurance
|
|
1,653
|
|
1,645
|
|
1,614
|
|
1,438
|
|
1,332
|
|
Other
|
|
13,007
|
|
12,091
|
|
14,552
|
|
12,091
|
|
14,120
|
|
Total
noninterest expense
|
|
92,335
|
|
86,734
|
|
85,316
|
|
82,779
|
|
89,816
|
|
Income before
income taxes
|
|
72,001
|
|
73,904
|
|
65,166
|
|
64,210
|
|
60,407
|
|
Income tax
expense
|
|
15,525
|
|
15,001
|
|
14,525
|
|
13,876
|
|
11,473
|
|
Net
income
|
|
$
56,476
|
|
$
58,903
|
|
$
50,641
|
|
$
50,334
|
|
$
48,934
|
|
Per Common
Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
Net
income-basic
|
|
$
1.71
|
|
$
1.78
|
|
$
1.53
|
|
$
1.53
|
|
$
1.48
|
|
Net
income-diluted
|
|
1.68
|
|
1.75
|
|
1.51
|
|
1.50
|
|
1.46
|
|
Cash dividends
declared
|
|
0.46
|
|
0.46
|
|
0.43
|
|
0.43
|
|
0.43
|
|
Common shares
outstanding
|
|
33,216,519
|
|
33,122,689
|
|
33,022,124
|
|
32,966,678
|
|
32,933,018
|
|
Average common
shares outstanding -
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
33,172,530
|
|
33,097,164
|
|
33,001,180
|
|
32,947,983
|
|
32,926,326
|
|
Diluted
|
|
33,750,993
|
|
33,646,549
|
|
33,525,061
|
|
33,513,412
|
|
33,483,691
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.67 %
|
|
1.80 %
|
|
1.61 %
|
|
1.63 %
|
|
1.58 %
|
|
Return on average
stockholders' equity
|
|
14.04
|
|
15.14
|
|
13.72
|
|
13.96
|
|
13.98
|
|
Net interest
margin
|
|
3.68
|
|
3.78
|
|
3.76
|
|
3.70
|
|
3.67
|
|
Efficiency
ratio
|
|
56.67
|
|
52.99
|
|
55.46
|
|
54.82
|
|
59.79
|
|
BancFirst Corporation
|
|
Summary Financial
Information
|
|
(Dollars in
thousands, except per share and share data -
Unaudited)
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
Condensed
Income Statements:
|
|
|
|
|
|
Net interest
income
|
|
$
446,874
|
|
$
424,456
|
|
Provision for
credit losses
|
|
9,004
|
|
7,458
|
|
Noninterest
income:
|
|
|
|
|
|
Trust
revenue
|
|
21,801
|
|
18,784
|
|
Service charges on
deposits
|
|
69,564
|
|
77,367
|
|
Securities
transactions
|
|
97
|
|
(1,828)
|
|
Sales of
loans
|
|
2,676
|
|
2,607
|
|
Insurance
commissions
|
|
33,428
|
|
30,615
|
|
Cash
management
|
|
36,210
|
|
30,716
|
|
Other
|
|
20,799
|
|
27,147
|
|
Total noninterest
income
|
|
184,575
|
|
185,408
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
Salaries and employee
benefits
|
|
211,998
|
|
199,986
|
|
Occupancy expense,
net
|
|
22,192
|
|
21,027
|
|
Depreciation
|
|
18,135
|
|
18,657
|
|
Amortization of
intangible assets
|
|
3,546
|
|
3,532
|
|
Data processing
services
|
|
10,758
|
|
8,368
|
|
Net expense from other
real estate owned
|
|
13,055
|
|
15,938
|
|
Marketing and business
promotion
|
|
9,389
|
|
9,114
|
|
Deposit
insurance
|
|
6,350
|
|
5,827
|
|
Other
|
|
51,741
|
|
50,009
|
|
Total noninterest
expense
|
|
347,164
|
|
332,458
|
|
Income before
income taxes
|
|
275,281
|
|
269,948
|
|
Income tax
expense
|
|
58,927
|
|
57,483
|
|
Net
income
|
|
$
216,354
|
|
$
212,465
|
|
Per Common
Share Data:
|
|
|
|
|
|
Net
income-basic
|
|
$
6.55
|
|
$
6.45
|
|
Net
income-diluted
|
|
6.44
|
|
6.34
|
|
Cash dividends
declared
|
|
1.78
|
|
1.66
|
|
Common shares
outstanding
|
|
33,216,519
|
|
32,933,018
|
|
Average common
shares outstanding -
|
|
|
|
|
|
Basic
|
|
33,055,152
|
|
32,919,348
|
|
Diluted
|
|
33,617,015
|
|
33,494,487
|
|
Performance
Ratios:
|
|
|
|
|
|
Return on average
assets
|
|
1.68 %
|
|
1.75 %
|
|
Return on average
stockholders' equity
|
|
14.23
|
|
15.89
|
|
Net interest
margin
|
|
3.73
|
|
3.79
|
|
Efficiency
ratio
|
|
54.98
|
|
54.51
|
|
BancFirst Corporation
|
|
Summary Financial
Information
|
|
(Dollars in
thousands, except per share and share data -
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
|
4th
Qtr
|
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 13,554,314
|
|
$ 13,313,482
|
|
$ 12,737,318
|
|
$ 12,602,425
|
|
$ 12,372,042
|
|
Interest-bearing
deposits with banks
|
|
3,315,932
|
|
2,743,578
|
|
2,299,019
|
|
2,341,604
|
|
2,172,001
|
|
Debt
securities
|
|
1,211,754
|
|
1,376,913
|
|
1,441,365
|
|
1,534,651
|
|
1,555,095
|
|
Total
loans
|
|
8,033,183
|
|
8,188,202
|
|
8,054,856
|
|
7,787,857
|
|
7,660,134
|
|
Allowance for credit
losses
|
|
(99,497)
|
|
(101,882)
|
|
(99,626)
|
|
(97,267)
|
|
(96,800)
|
|
Noninterest-bearing
demand deposits
|
|
3,907,060
|
|
3,858,670
|
|
3,815,818
|
|
3,849,807
|
|
3,982,226
|
|
Money market and
interest-bearing checking deposits
|
|
5,231,327
|
|
5,122,457
|
|
4,930,853
|
|
4,901,081
|
|
4,699,865
|
|
Savings
deposits
|
|
1,110,020
|
|
1,082,855
|
|
1,084,266
|
|
1,076,181
|
|
1,056,404
|
|
Time
deposits
|
|
1,470,139
|
|
1,410,370
|
|
1,184,665
|
|
1,082,552
|
|
961,627
|
|
Total
deposits
|
|
11,718,546
|
|
11,474,352
|
|
11,015,602
|
|
10,909,621
|
|
10,700,122
|
|
Stockholders'
equity
|
|
1,621,187
|
|
1,584,575
|
|
1,512,492
|
|
1,469,312
|
|
1,433,891
|
|
Book value per common
share
|
|
48.81
|
|
47.84
|
|
45.80
|
|
44.57
|
|
43.54
|
|
Tangible book value per
common share (non-GAAP)(1)
|
|
42.92
|
|
41.91
|
|
39.83
|
|
38.56
|
|
37.50
|
|
Balance Sheet
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Average loans to
deposits
|
|
69.63 %
|
|
72.27 %
|
|
72.25 %
|
|
71.97 %
|
|
70.52 %
|
|
Average earning assets
to total assets
|
|
93.14
|
|
93.02
|
|
92.77
|
|
92.67
|
|
92.42
|
|
Average stockholders'
equity to average assets
|
|
11.87
|
|
11.88
|
|
11.71
|
|
11.65
|
|
11.30
|
|
Asset Quality
Data:
|
|
|
|
|
|
|
|
|
|
|
|
Past due
loans
|
|
$
7,739
|
|
$
4,628
|
|
$
4,280
|
|
$
6,332
|
|
$
9,542
|
|
Nonaccrual loans
(3)
|
|
57,984
|
|
45,481
|
|
44,021
|
|
41,996
|
|
24,573
|
|
Other real estate owned
and repossessed assets
|
|
33,665
|
|
39,519
|
|
38,497
|
|
35,116
|
|
34,200
|
|
Nonaccrual loans to
total loans
|
|
0.72 %
|
|
0.56 %
|
|
0.55 %
|
|
0.54 %
|
|
0.32 %
|
|
Allowance to total
loans
|
|
1.24
|
|
1.24
|
|
1.24
|
|
1.25
|
|
1.26
|
|
Allowance to nonaccrual
loans
|
|
171.59
|
|
224.01
|
|
226.32
|
|
231.61
|
|
393.92
|
|
Net charge-offs to
average loans
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.05
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Book Value Per Common Share (non-GAAP)(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
1,621,187
|
|
$
1,584,575
|
|
$
1,512,492
|
|
$
1,469,312
|
|
$
1,433,891
|
|
Less
goodwill
|
|
182,263
|
|
182,263
|
|
182,263
|
|
182,263
|
|
182,263
|
|
Less intangible assets,
net
|
|
13,158
|
|
14,045
|
|
14,931
|
|
15,818
|
|
16,704
|
|
Tangible stockholders'
equity (non-GAAP)
|
|
$
1,425,766
|
|
$
1,388,267
|
|
$
1,315,298
|
|
$
1,271,231
|
|
$
1,234,924
|
|
Common shares
outstanding
|
|
33,216,519
|
|
33,122,689
|
|
33,022,124
|
|
32,966,678
|
|
32,933,018
|
|
Tangible book value per
common share (non-GAAP)
|
|
$
42.92
|
|
$
41.91
|
|
$
39.83
|
|
$
38.56
|
|
$
37.50
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $9.0 million of nonaccrual loans at
December 31, 2024.
|
|
BancFirst
Corporation
|
|
Consolidated Average
Balance Sheets
|
|
And Interest Margin
Analysis
|
|
Taxable Equivalent
Basis
|
|
(Dollars in
thousands - Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
December 31,
2024
|
|
|
December 31,
2024
|
|
|
|
Interest
|
|
Average
|
|
|
|
|
Interest
|
|
Average
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
8,084,358
|
|
$
141,152
|
|
6.93
|
%
|
|
$
7,958,463
|
|
$ 555,426
|
|
6.96 %
|
|
Securities –
taxable
|
1,341,045
|
|
7,846
|
|
2.32
|
|
|
1,448,103
|
|
34,300
|
|
2.36
|
|
Securities – tax
exempt
|
2,236
|
|
22
|
|
3.82
|
|
|
2,415
|
|
93
|
|
3.85
|
|
Interest-bearing
deposits with banks and FFS
|
3,097,982
|
|
37,553
|
|
4.81
|
|
|
2,553,503
|
|
134,941
|
|
5.27
|
|
Total earning
assets
|
12,525,621
|
|
186,573
|
|
5.91
|
|
|
11,962,484
|
|
724,760
|
|
6.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks
|
205,093
|
|
|
|
|
|
|
201,666
|
|
|
|
|
|
Interest
receivable and other assets
|
819,199
|
|
|
|
|
|
|
810,732
|
|
|
|
|
|
Allowance for
credit losses
|
(101,395)
|
|
|
|
|
|
|
(99,098)
|
|
|
|
|
|
Total nonearning
assets
|
922,897
|
|
|
|
|
|
|
913,300
|
|
|
|
|
|
Total assets
|
$
13,448,518
|
|
|
|
|
|
|
$ 12,875,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market and
interest-bearing checking deposits
|
$
5,165,391
|
|
$
44,302
|
|
3.40
|
%
|
|
$
4,992,037
|
|
$ 181,201
|
|
3.62
|
|
Savings
deposits
|
1,095,677
|
|
8,754
|
|
3.17
|
|
|
1,076,837
|
|
36,256
|
|
3.36
|
|
Time
deposits
|
1,437,296
|
|
16,344
|
|
4.51
|
|
|
1,219,253
|
|
55,450
|
|
4.54
|
|
Short-term
borrowings
|
2,990
|
|
32
|
|
4.30
|
|
|
4,999
|
|
235
|
|
4.69
|
|
Subordinated
debt
|
86,148
|
|
1,032
|
|
4.75
|
|
|
86,127
|
|
4,123
|
|
4.77
|
|
Total interest-bearing
liabilities
|
7,787,502
|
|
70,464
|
|
3.59
|
|
|
7,379,253
|
|
277,265
|
|
3.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest free
funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
3,911,434
|
|
|
|
|
|
|
3,842,049
|
|
|
|
|
|
Interest payable
and other liabilities
|
153,812
|
|
|
|
|
|
|
138,007
|
|
|
|
|
|
Stockholders'
equity
|
1,595,770
|
|
|
|
|
|
|
1,516,475
|
|
|
|
|
|
Total interest free
funds
|
5,661,016
|
|
|
|
|
|
|
5,496,531
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
13,448,518
|
|
|
|
|
|
|
$ 12,875,784
|
|
|
|
|
|
Net interest
income
|
|
|
$
116,109
|
|
|
|
|
|
|
$ 447,495
|
|
|
|
Net interest
spread
|
|
|
|
|
2.32
|
%
|
|
|
|
|
|
2.29 %
|
|
Effect of interest free
funds
|
|
|
|
|
1.36
|
%
|
|
|
|
|
|
1.44 %
|
|
Net interest
margin
|
|
|
|
|
3.68
|
%
|
|
|
|
|
|
3.73 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/bancfirst-corporation-reports-fourth-quarter-earnings-302359032.html
SOURCE BancFirst
