BANCFIRST CORPORATION REPORTS SECOND QUARTER EARNINGS

Rhea-AI Summary

BancFirst Corporation (NASDAQ:BANF) reported strong Q2 2025 financial results with net income of $62.3 million, or $1.85 per diluted share, up from $50.6 million, or $1.51 per diluted share in Q2 2024. The company's net interest income increased to $121.3 million, driven by higher loan volume and earning assets growth.

Key metrics include total assets of $14.0 billion (up $491.5M from December 2024), loans of $8.1 billion, and deposits of $12.1 billion. The company maintained strong asset quality with nonaccrual loans at 0.61% of total loans and an allowance for credit losses ratio of 1.19%. BancFirst expects to close its American Bank of Oklahoma acquisition in Q3 2025.

[ "Net income increased 23.1% year-over-year to $62.3 million", "Net interest income grew 10.3% to $121.3 million", "Total assets increased by $491.5 million to $14.0 billion", "Deposits grew by $337.6 million to $12.1 billion", "Nonaccrual loans improved to 0.61% from 0.72% at year-end 2024", "Strategic expansion through American Bank of Oklahoma acquisition" ]

Positive

• None.

Negative

• Net charge-offs increased to $4.7 million from $999,000 in Q2 2024
• One-time events negatively impacted earnings by $0.05 per diluted share
• Noninterest expense grew to $88.2 million from $85.3 million year-over-year

Insights

Financial Analyst

BancFirst reports strong Q2 with 23% EPS growth to $1.85, improved credit metrics, and continued asset expansion despite one-time events.

BancFirst Corporation delivered robust financial performance in Q2 2025, with net income of $62.3 million ($1.85 per diluted share), representing a 23% increase from $50.6 million ($1.51 per diluted share) in Q2 2024. This impressive growth was primarily driven by a 10.3% increase in net interest income to $121.3 million, fueled by loan volume expansion and overall growth in earning assets.

The bank maintained a stable net interest margin of 3.75%, virtually unchanged from 3.76% a year ago, demonstrating resilience in a challenging rate environment. Credit quality metrics showed notable improvement, with the provision for credit losses decreasing significantly to $1.2 million from $3.4 million in the same period last year. Noninterest income grew by 9.3% to $48.0 million, with increases across multiple revenue streams including trust revenue, treasury income, sweep fees, and insurance commissions.

Asset quality remained solid, with nonaccrual loans representing just 0.61% of total loans, down from 0.72% at year-end 2024. The allowance for credit losses stood at 1.19% of total loans, providing adequate coverage despite a slight decrease from 1.24% at year-end. Net charge-offs increased to $4.7 million, though $3.7 million was related to a single real estate loan, suggesting this is not indicative of broader portfolio deterioration.

Balance sheet growth continued with total assets increasing by $491.5 million to $14.0 billion since December 2024. Loans grew by $91.3 million to $8.1 billion, while deposits increased by $337.6 million to $12.1 billion. The efficiency ratio improved to 52.1% from 55.5% in Q2 2024, indicating enhanced operational effectiveness.

Management noted that results were impacted by one-time events with an approximate $0.05 per diluted share effect, suggesting the underlying performance was even stronger. The impending acquisition of American Bank of Oklahoma will further expand BancFirst's community presence, though management maintains a cautious outlook given geopolitical and global trade uncertainties. This disciplined approach is reflected in their commitment to maintaining a healthy loan loss reserve ratio despite positive recent economic data.

OKLAHOMA CITY, July 17, 2025 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $62.3 million, or $1.85 per diluted share, for the second quarter of 2025 compared to net income of $50.6 million, or $1.51 per diluted share, for the second quarter of 2024. 

The Company's net interest income for the three-months ended June 30, 2025 increased to $121.3 million compared to $109.9 million for the same period in 2024. Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin was virtually unchanged at 3.75% for the second quarter of 2025 and 3.76% for the second quarter of 2024. The Company recorded a provision for credit losses on loans of $1.2 million in the second quarter of 2025 compared to $3.4 million for the same period in 2024.

Noninterest income for the quarter totaled $48.0 million compared to $43.9 million last year. Trust revenue, treasury income, sweep fees insurance commissions, and other noninterest income each increased when compared to second quarter last year. The increase in other noninterest income was driven by changes in cash surrender value of life insurance as well as gains on disposal of other assets. The increases were partially offset by losses on equity securities in the second quarter of 2025.

Noninterest expense grew to $88.2 million for the quarter-ended June 30, 2025 compared to $85.3 million in the same quarter in 2024. The increase in noninterest expenses were primarily due to growth in salaries and employee benefits of $3.2 million, an increase in occupancy expense of $804,000 and an increase in the net expense from other real estate owned of $1.3 million. These overall increases in noninterest expense were partially offset by a decrease in other noninterest expense.  

At June 30, 2025, the Company's total assets were $14.0 billion, an increase of $491.5 million from December 31, 2024. Loans grew $91.3 million from December 31, 2024, totaling $8.1 billion at June 30, 2025. Deposits totaled $12.1 billion, an increase of $337.6 million from year-end 2024. Sweep accounts totaled $5.3 billion at June 30, 2025, up $66.8 million from December 31, 2024. The Company's total stockholders' equity was $1.7 billion, an increase of $106.9 million from the end of 2024.

Nonaccrual loans totaled $49.9 million, representing 0.61% of total loans at June 30, 2025, down slightly from 0.72% at year-end 2024. The allowance for credit losses to total loans was 1.19% at June 30, 2025, down from 1.24% at December 31, 2024. Net charge-offs were $4.7 million for the quarter, including $3.7 million relating to one real estate loan that was taken into other real estate, compared to $999,000 for the second quarter last year.

BancFirst Corporation CEO David Harlow commented, "The Company reported a strong quarter, albeit impacted by one-time events that had an approximate $0.05 per diluted share effect. We anticipate closing the recently-announced American Bank of Oklahoma acquisition in the 3^rd quarter adding the Collinsville and Skiatook communities to the 59 communities we currently serve across the State of Oklahoma. The Fed continues a wait and see approach to short-term rates and we believe the Company is in a well-balanced position should the Fed decide to lower rates in the back half of the year.  While recent economic data and performance has been encouraging, the longer-term outlook continues to be clouded by both the ongoing evolution of global trade policy and continued geopolitical risks. The ultimate impact on our region and customer base remains uncertain in our view, thus we continue to maintain a healthy loan loss reserve as a percentage of loans."

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)
		2025		2025		2024		2024		2024
		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr
Condensed Income Statements:
Net interest income		$    121,256		$    115,949		$    115,917		$    114,957		$    109,896
Provision for credit losses on loans		1,239		1,461		(1,400)		3,031		3,358
Provision for off-balance sheet credit exposures		148		125		-		-		-
Noninterest income:
Trust revenue		5,795		5,539		5,551		5,672		5,490
Service charges on deposits		17,741		16,804		18,133		17,723		17,280
Securities transactions		(740)		(333)		355		(308)		317
Sales of loans		830		636		731		721		733
Insurance commissions		7,920		10,410		7,914		9,391		6,668
Cash management		10,573		10,051		9,221		9,189		9,149
Other		5,929		5,787		5,114		6,324		4,307
Total noninterest income		48,048		48,894		47,019		48,712		43,944
Noninterest expense:
Salaries and employee benefits		55,147		54,593		54,327		54,215		51,928
Occupancy expense, net		6,037		5,753		5,977		5,776		5,233
Depreciation		4,691		4,808		4,593		4,482		4,504
Amortization of intangible assets		862		886		887		886		887
Data processing services		2,985		2,892		2,726		2,720		2,696
Net expense from other real estate owned		2,941		2,658		6,446		2,751		1,656
Marketing and business promotion		2,325		2,461		2,719		2,168		2,246
Deposit insurance		1,675		1,725		1,653		1,645		1,614
Other		11,536		16,403		13,007		12,091		14,552
Total noninterest expense		88,199		92,179		92,335		86,734		85,316
Income before income taxes		79,718		71,078		72,001		73,904		65,166
Income tax expense		17,371		14,966		15,525		15,001		14,525
Net income		$      62,347		$      56,112		$      56,476		$      58,903		$      50,641
Per Common Share Data:
Net income-basic		$          1.87		$          1.69		$          1.71		$          1.78		$          1.53
Net income-diluted		1.85		1.66		1.68		1.75		1.51
Cash dividends declared		0.46		0.46		0.46		0.46		0.43
Common shares outstanding		33,272,131		33,241,564		33,216,519		33,122,689		33,022,124
Average common shares outstanding -
Basic		33,255,015		33,232,788		33,172,530		33,097,164		33,001,180
Diluted		33,795,243		33,768,873		33,750,993		33,646,549		33,525,061
Performance Ratios:
Return on average assets		1.79 %		1.66 %		1.67 %		1.80 %		1.61 %
Return on average stockholders' equity		14.74		13.85		14.04		15.14		13.72
Net interest margin		3.75		3.70		3.68		3.78		3.76
Efficiency ratio		52.10		55.92		56.67		52.99		55.46

 

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
		2025		2025		2024		2024		2024
		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr
Balance Sheet Data:
Total assets		$ 14,045,780		$ 14,038,055		$ 13,554,314		$ 13,313,482		$ 12,737,318
Interest-bearing deposits with banks		3,737,763		3,706,328		3,315,932		2,743,578		2,299,019
Debt securities		1,104,604		1,167,441		1,211,754		1,376,913		1,441,365
Total loans		8,124,497		8,102,810		8,033,183		8,188,202		8,054,856
Allowance for credit losses		(96,988)		(100,455)		(99,497)		(101,882)		(99,626)
Noninterest-bearing demand deposits		3,967,626		4,027,797		3,907,060		3,858,670		3,815,818
Money market and interest-bearing checking deposits		5,301,439		5,393,995		5,231,327		5,122,457		4,930,853
Savings deposits		1,205,602		1,174,685		1,110,020		1,082,855		1,084,266
Time deposits		1,581,525		1,530,273		1,470,139		1,410,370		1,184,665
Total deposits		12,056,192		12,126,750		11,718,546		11,474,352		11,015,602
Stockholders' equity		1,728,038		1,672,827		1,621,187		1,584,575		1,512,492
Book value per common share		51.94		50.32		48.81		47.84		45.80
Tangible book value per common share (non-GAAP)(1)		46.12		44.47		42.92		41.91		39.83
Balance Sheet Ratios:
Average loans to deposits		67.11 %		68.08 %		69.63 %		72.27 %		72.25 %
Average earning assets to total assets		92.97		93.10		93.14		93.02		92.77
Average stockholders' equity to average assets		12.14		12.00		11.87		11.88		11.71
Asset Quality Data:
Past due loans		$          7,515		$          5,120		$          7,739		$          4,628		$          4,280
Nonaccrual loans (3)		49,878		56,371		57,984		45,481		44,021
Other real estate owned and repossessed assets		53,022		35,542		33,665		39,519		38,497
Nonaccrual loans to total loans		0.61 %		0.70 %		0.72 %		0.56 %		0.55 %
Allowance to total loans		1.19		1.24		1.24		1.24		1.24
Allowance to nonaccrual loans		194.45		178.20		171.59		224.01		226.32
Net charge-offs to average loans		0.05		0.01		0.01		0.01		0.01
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Stockholders' equity		$   1,728,038		$   1,672,827		$   1,621,187		$   1,584,575		$   1,512,492
Less goodwill		182,263		182,263		182,263		182,263		182,263
Less intangible assets, net		11,410		12,272		13,158		14,045		14,931
Tangible stockholders' equity (non-GAAP)		$   1,534,365		$   1,478,292		$   1,425,766		$   1,388,267		$   1,315,298
Common shares outstanding		33,272,131		33,241,564		33,216,519		33,122,689		33,022,124
Tangible book value per common share (non-GAAP)		$          46.12		$          44.47		$          42.92		$          41.91		$          39.83

(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 $9.5 million of nonaccrual loans at June 30, 2025.

 

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
		Six months ended
		June 30,
		2025		2024
Condensed Income Statements:
Net interest income		$    237,205		$    216,000
Provision for credit losses on loans		2,700		7,373
Provision for off-balance sheet credit exposures		273		—
Noninterest income:
Trust revenue		11,334		10,578
Service charges on deposits		34,545		33,708
Securities transactions		(1,073)		50
Sales of loans		1,466		1,224
Insurance commissions		18,330		16,123
Cash management		20,624		17,800
Other		11,716		9,361
Total noninterest income		96,942		88,844
Noninterest expense:
Salaries and employee benefits		109,740		103,456
Occupancy expense, net		11,790		10,439
Depreciation		9,499		9,060
Amortization of intangible assets		1,748		1,773
Data processing services		5,877		5,312
Net expense from other real estate owned		5,599		3,858
Marketing and business promotion		4,786		4,502
Deposit insurance		3,400		3,052
Other		27,939		26,643
Total noninterest expense		180,378		168,095
Income before income taxes		150,796		129,376
Income tax expense		32,337		28,401
Net income		$    118,459		$    100,975
Per Common Share Data:
Net income-basic		$          3.56		$          3.06
Net income-diluted		3.51		3.01
Cash dividends declared		0.92		0.86
Common shares outstanding		33,272,131		33,022,124
Average common shares outstanding -
Basic		33,243,963		32,974,582
Diluted		33,782,069		33,520,247
Performance Ratios:
Return on average assets		1.73 %		1.62 %
Return on average stockholders' equity		14.31		13.84
Net interest margin		3.72		3.73
Efficiency ratio		53.98		55.14

 

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, 2025							June 30, 2025
			Interest		Average					Interest		Average
	Average		Income/		Yield/			Average		Income/		Yield/
	Balance		Expense		Rate			Balance		Expense		Rate
ASSETS
Earning assets:
Loans	$  8,064,423		$139,532		6.94	%		$  8,057,657		$276,710		6.93	%
Securities – taxable	1,139,354		6,887		2.42			1,167,175		13,893		2.40
Securities – tax exempt	2,120		22		4.16			2,156		44		4.15
Interest bearing deposits with banks and FFS	3,784,951		42,186		4.47			3,639,517		80,654		4.47
Total earning assets	12,990,848		188,627		5.82			12,866,505		371,301		5.82
Nonearning assets:
Cash and due from banks	210,323							212,578
Interest receivable and other assets	869,769							849,224
Allowance for credit losses	(97,898)							(98,795)
Total nonearning assets	982,194							963,007
Total assets	$13,973,042							$13,829,512
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits	$  5,322,205		$  40,562		3.06	%		$  5,312,449		$  81,283		3.09	%
Savings deposits	1,185,678		9,375		3.17			1,162,057		18,274		3.17
Time deposits	1,565,251		16,152		4.14			1,530,263		32,022		4.22
Short-term borrowings	4,747		51		4.33			2,706		58		4.34
Subordinated debt	86,176		1,031		4.80			86,169		2,061		4.82
Total interest bearing liabilities	8,164,057		67,171		3.30			8,093,644		133,698		3.33
Interest free funds:
Noninterest bearing deposits	3,942,867							3,916,486
Interest payable and other liabilities	169,867							149,775
Stockholders' equity	1,696,251							1,669,607
Total interest free  funds	5,808,985							5,735,868
Total liabilities and stockholders' equity	$13,973,042							$13,829,512
Net interest income			$121,456							$237,603
Net interest spread					2.52	%						2.49	%
Effect of interest free funds					1.23	%						1.23	%
Net interest margin					3.75	%						3.72	%

 

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SOURCE BancFirst

FAQ

What was BancFirst's (BANF) earnings per share in Q2 2025?

BancFirst reported earnings of $1.85 per diluted share in Q2 2025, compared to $1.51 per diluted share in Q2 2024.

How much did BancFirst's (BANF) net income grow in Q2 2025?

BancFirst's net income grew to $62.3 million in Q2 2025, a 23.1% increase from $50.6 million in Q2 2024.

What is BancFirst's (BANF) asset quality status in Q2 2025?

BancFirst maintained strong asset quality with nonaccrual loans at 0.61% of total loans and an allowance for credit losses ratio of 1.19%.

What acquisition is BancFirst (BANF) planning to complete in Q3 2025?

BancFirst plans to complete the acquisition of American Bank of Oklahoma in Q3 2025, adding the Collinsville and Skiatook communities to their network.

What was BancFirst's (BANF) total deposit growth in 2025?

BancFirst's total deposits increased by $337.6 million to reach $12.1 billion in Q2 2025 from year-end 2024.