OKLAHOMA
CITY, April 18, 2024 /PRNewswire/ -- BancFirst
Corporation (NASDAQ GS: BANF) reported net income of $50.3 million, or $1.50 per diluted share, for the first quarter of
2024 compared to net income of $57.5
million, or $1.72 per diluted
share, for the first quarter of 2023. The Company's net
interest income for the first quarter of 2024 decreased to
$106.1 million from $109.2 million for the same period in 2023. Net
interest income was negatively impacted by increases in volume and
rates on interest bearing deposits, partially offset by
higher loan volume. Net interest margin for the first quarter
of 2024 was 3.70% compared to 3.89% for the first quarter of 2023.
The Company recorded a provision for credit losses of $4.0 million in the first quarter compared to
$2.3 million for the first quarter of
2023.
Noninterest income for the quarter totaled
$44.9 million compared to
$47.8 million last year. The decrease
in noninterest income was primarily due to an approximate
$5.3 million reduction of interchange
fees related to the impact of the Durbin Amendment. Trust revenue,
sweep fees and insurance commissions all each increased when
compared to last year.
Noninterest expense for the quarter increased to
$82.8 million compared to
$80.3 million in the same quarter
last year. The increase in noninterest expense was primarily
related to growth in salaries and employee benefits of $2.3 million.
The Company's effective tax rate for the period
was 21.6% compared to 22.6% for the first quarter of 2023.
At March 31, 2024,
the Company's total assets were $12.6
billion, an increase of $230.4
million from December 31,
2023. Loans grew $127.7
million, totaling $7.8 billion
at March 31, 2024. Deposits totaled
$10.9 billion, an increase of
$209.5 million from December 31, 2023. Sweep accounts were
$4.6 billion at March 31, 2024, up $224.2
million from December 31,
2023. The Company's total stockholders' equity was
$1.5 billion, an increase of
$35.4 million over December 31, 2023.
Asset quality remained strong as nonaccrual loans
totaled $42.0 million, representing
0.54% of total loans at March 31,
2024 compared to 0.32% at year-end 2023. The allowance
for credit losses to total loans was 1.25% at March 31, 2024 virtually unchanged from year-end.
Net charge-offs were $3.5 million for
the quarter compared to $290,000 for
the first quarter of 2023.
BancFirst Corporation CEO David Harlow commented, "The Company reported a
solid quarter fueled by loan growth, deposit growth, and early
signs of a stabilization in our deposit mix. Asset quality
remained strong and our CECL reserve percentage was essentially
flat as our guarded outlook on the economy has not changed
materially. Recent inflation data has been higher than
anticipated causing the Federal Reserve to signal higher rates for
longer which will impact everyone including banks."
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 106 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
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
|
1st
Qtr
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
|
Condensed
Income Statements:
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
106,104
|
|
$
105,066
|
|
$
104,308
|
|
$
105,926
|
|
$
109,156
|
|
Provision for
credit losses
|
|
4,015
|
|
-
|
|
2,312
|
|
2,824
|
|
2,322
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
Trust
revenue
|
|
5,088
|
|
5,106
|
|
4,866
|
|
4,590
|
|
4,222
|
|
Service charges on
deposits
|
|
16,428
|
|
16,841
|
|
17,027
|
|
22,268
|
|
21,231
|
|
Securities
transactions
|
|
(267)
|
|
(1,364)
|
|
(361)
|
|
110
|
|
(213)
|
|
Income from sales of
loans
|
|
491
|
|
512
|
|
734
|
|
757
|
|
604
|
|
Insurance
commissions
|
|
9,455
|
|
7,220
|
|
8,429
|
|
6,225
|
|
8,741
|
|
Cash
management
|
|
8,651
|
|
7,878
|
|
8,177
|
|
7,927
|
|
6,734
|
|
Other
|
|
5,054
|
|
8,964
|
|
5,577
|
|
6,097
|
|
6,509
|
|
Total noninterest
income
|
|
44,900
|
|
45,157
|
|
44,449
|
|
47,974
|
|
47,828
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
51,528
|
|
50,731
|
|
50,200
|
|
49,803
|
|
49,252
|
|
Occupancy expense,
net
|
|
5,206
|
|
5,439
|
|
5,487
|
|
5,118
|
|
4,983
|
|
Depreciation
|
|
4,556
|
|
4,560
|
|
4,685
|
|
4,769
|
|
4,643
|
|
Amortization of
intangible assets
|
|
886
|
|
887
|
|
885
|
|
880
|
|
880
|
|
Data processing
services
|
|
2,616
|
|
2,224
|
|
1,820
|
|
2,217
|
|
2,107
|
|
Net expense from other
real estate owned
|
|
2,202
|
|
7,870
|
|
2,720
|
|
2,889
|
|
2,459
|
|
Marketing and business
promotion
|
|
2,256
|
|
2,653
|
|
2,034
|
|
1,900
|
|
2,527
|
|
Deposit
insurance
|
|
1,438
|
|
1,332
|
|
1,419
|
|
1,463
|
|
1,613
|
|
Other
|
|
12,091
|
|
14,120
|
|
11,965
|
|
12,071
|
|
11,853
|
|
Total
noninterest expense
|
|
82,779
|
|
89,816
|
|
81,215
|
|
81,110
|
|
80,317
|
|
Income before
income taxes
|
|
64,210
|
|
60,407
|
|
65,230
|
|
69,966
|
|
74,345
|
|
Income tax
expense
|
|
13,876
|
|
11,473
|
|
14,242
|
|
14,956
|
|
16,812
|
|
Net
income
|
|
$
50,334
|
|
$
48,934
|
|
$
50,988
|
|
$
55,010
|
|
$
57,533
|
|
Per Common
Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
Net
income-basic
|
|
$
1.53
|
|
$
1.48
|
|
$
1.55
|
|
$
1.67
|
|
$
1.75
|
|
Net
income-diluted
|
|
1.50
|
|
1.46
|
|
1.52
|
|
1.64
|
|
1.72
|
|
Cash dividends
declared
|
|
0.43
|
|
0.43
|
|
0.43
|
|
0.40
|
|
0.40
|
|
Common shares
outstanding
|
|
32,966,678
|
|
32,933,018
|
|
32,921,393
|
|
32,939,256
|
|
32,899,493
|
|
Average common
shares outstanding -
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
32,947,983
|
|
32,926,326
|
|
32,937,149
|
|
32,920,497
|
|
32,892,857
|
|
Diluted
|
|
33,513,412
|
|
33,483,691
|
|
33,539,389
|
|
33,467,254
|
|
33,462,379
|
|
Performance
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.63 %
|
|
1.58 %
|
|
1.68 %
|
|
1.85 %
|
|
1.90 %
|
|
Return on average
stockholders' equity
|
|
13.96
|
|
13.98
|
|
14.93
|
|
16.59
|
|
18.31
|
|
Net interest
margin
|
|
3.70
|
|
3.67
|
|
3.73
|
|
3.87
|
|
3.89
|
|
Efficiency
ratio
|
|
54.82
|
|
59.79
|
|
54.60
|
|
52.70
|
|
51.16
|
|
BancFirst Corporation
|
|
Summary Financial
Information
|
|
(Dollars in
thousands, except per share and share data -
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
|
1st
Qtr
|
|
4th
Qtr
|
|
3rd
Qtr
|
|
2nd
Qtr
|
|
1st
Qtr
|
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 12,602,425
|
|
$ 12,372,042
|
|
$ 12,114,602
|
|
$ 12,020,265
|
|
$ 12,332,105
|
|
Interest-bearing
deposits with banks
|
|
2,341,604
|
|
2,172,001
|
|
2,134,081
|
|
2,188,004
|
|
2,623,565
|
|
Debt
securities
|
|
1,534,651
|
|
1,555,095
|
|
1,525,448
|
|
1,570,620
|
|
1,618,233
|
|
Total
loans
|
|
7,787,857
|
|
7,660,134
|
|
7,476,474
|
|
7,307,475
|
|
7,124,831
|
|
Allowance for credit
losses
|
|
(97,267)
|
|
(96,800)
|
|
(97,776)
|
|
(96,920)
|
|
(94,760)
|
|
Deposits
|
|
10,909,621
|
|
10,700,122
|
|
10,534,171
|
|
10,475,180
|
|
10,610,103
|
|
Stockholders'
equity
|
|
1,469,312
|
|
1,433,891
|
|
1,370,584
|
|
1,340,791
|
|
1,310,882
|
|
Book value per common
share
|
|
44.57
|
|
43.54
|
|
41.63
|
|
40.70
|
|
39.85
|
|
Tangible book value per
common share (non-GAAP)(1)
|
|
38.56
|
|
37.50
|
|
35.56
|
|
34.62
|
|
33.73
|
|
Balance Sheet
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Average loans to
deposits
|
|
71.97 %
|
|
70.52 %
|
|
70.61 %
|
|
69.85 %
|
|
64.54 %
|
|
Average earning assets
to total assets
|
|
92.56
|
|
92.42
|
|
92.39
|
|
92.23
|
|
92.52
|
|
Average stockholders'
equity to average assets
|
|
11.65
|
|
11.30
|
|
11.28
|
|
11.17
|
|
10.36
|
|
Asset Quality
Data:
|
|
|
|
|
|
|
|
|
|
|
|
Past due
loans
|
|
$
6,332
|
|
$
9,542
|
|
$
12,575
|
|
$
8,799
|
|
$
7,258
|
|
Nonaccrual loans
(3)
|
|
41,996
|
|
24,573
|
|
16,676
|
|
18,047
|
|
17,649
|
|
Other real estate owned
and repossessed assets
|
|
35,116
|
|
34,200
|
|
42,782
|
|
41,612
|
|
38,874
|
|
Nonaccrual loans to
total loans
|
|
0.54 %
|
|
0.32 %
|
|
0.22 %
|
|
0.25 %
|
|
0.25 %
|
|
Allowance to total
loans
|
|
1.25
|
|
1.26
|
|
1.31
|
|
1.33
|
|
1.33
|
|
Allowance to nonaccrual
loans
|
|
231.61
|
|
393.92
|
|
586.34
|
|
537.05
|
|
536.93
|
|
Net charge-offs to
average loans
|
|
0.05
|
|
0.02
|
|
0.02
|
|
0.01
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Book Value Per Common Share (non-GAAP)(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
1,469,312
|
|
$
1,433,891
|
|
$
1,370,584
|
|
$
1,340,791
|
|
$
1,310,882
|
|
Less
goodwill
|
|
182,263
|
|
182,263
|
|
182,263
|
|
182,055
|
|
182,055
|
|
Less intangible assets,
net
|
|
15,818
|
|
16,704
|
|
17,591
|
|
18,223
|
|
19,103
|
|
Tangible stockholders'
equity (non-GAAP)
|
|
$
1,271,231
|
|
$
1,234,924
|
|
$
1,170,730
|
|
$
1,140,513
|
|
$
1,109,724
|
|
Common shares
outstanding
|
|
32,966,678
|
|
32,933,018
|
|
32,921,393
|
|
32,939,256
|
|
32,899,493
|
|
Tangible book value per
common share (non-GAAP)
|
|
$
38.56
|
|
$
37.50
|
|
$
35.56
|
|
$
34.62
|
|
$
33.73
|
|
|
|
(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 $6.6 million of nonaccrual loans at
March 31, 2024.
|
|
BancFirst
Corporation
|
|
Consolidated Average
Balance Sheets
|
|
|
And Interest Margin
Analysis
|
|
|
Taxable Equivalent
Basis
|
|
|
(Dollars in
thousands - Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2024
|
|
|
|
|
|
Interest
|
|
Average
|
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
ASSETS
|
|
|
Earning
assets:
|
|
|
|
|
|
|
|
|
Loans
|
|
$
7,730,753
|
|
$
132,249
|
|
6.86
|
%
|
|
Securities –
taxable
|
|
1,557,806
|
|
9,181
|
|
2.36
|
|
|
Securities – tax
exempt
|
|
2,642
|
|
25
|
|
3.76
|
|
|
Interest bearing
deposits with banks and FFS
|
|
2,212,788
|
|
30,316
|
|
5.50
|
|
|
Total earning
assets
|
|
11,503,989
|
|
171,771
|
|
5.99
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets:
|
|
|
|
|
|
|
|
|
Cash and due
from banks
|
|
202,300
|
|
|
|
|
|
|
Interest
receivable and other assets
|
|
804,575
|
|
|
|
|
|
|
Allowance for
credit losses
|
|
(97,061)
|
|
|
|
|
|
|
Total nonearning
assets
|
|
909,814
|
|
|
|
|
|
|
Total assets
|
|
$ 12,413,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Money market and
interest-bearing checking deposits
|
|
$
4,814,772
|
|
$
44,217
|
|
3.68
|
%
|
|
Savings
deposits
|
|
1,056,727
|
|
9,003
|
|
3.42
|
|
|
Time
deposits
|
|
1,027,039
|
|
11,193
|
|
4.37
|
|
|
Short-term
borrowings
|
|
8,018
|
|
96
|
|
4.79
|
|
|
Subordinated
debt
|
|
86,106
|
|
1,030
|
|
4.80
|
|
|
Total interest bearing
liabilities
|
|
6,992,662
|
|
65,539
|
|
3.76
|
|
|
|
|
|
|
|
|
|
|
Interest free
funds:
|
|
|
|
|
|
|
|
|
Noninterest
bearing deposits
|
|
3,843,371
|
|
|
|
|
|
|
Interest payable
and other liabilities
|
|
131,898
|
|
|
|
|
|
|
Stockholders'
equity
|
|
1,445,872
|
|
|
|
|
|
|
Total interest free
funds
|
|
5,421,141
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$ 12,413,803
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
106,232
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
2.23
|
%
|
|
Effect of interest free
funds
|
|
|
|
|
|
1.47
|
%
|
|
Net interest
margin
|
|
|
|
|
|
3.70
|
%
|
View original
content:https://www.prnewswire.com/news-releases/bancfirst-corporation-reports-first-quarter-earnings-302121542.html
SOURCE BancFirst