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BancFirst Corporation reports banking results and corporate updates for an Oklahoma-based financial services holding company. Its banking subsidiaries include BancFirst, Pegasus Bank, and Worthington Bank, serving Oklahoma communities and Texas markets in the Dallas-Fort Worth area.
Recurring developments center on quarterly earnings, net interest income, loan volume, earning-asset growth, net interest margin, credit-loss provisions, and noninterest income. Company updates also relate to commercial and retail lending, deposit accounts, trust revenue, treasury income, residential mortgage lending, securities brokerage, electronic banking, insurance, and bank acquisition activity.
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BancFirst Corporation (NASDAQ GS:BANF) reported a significant net income of $57.5 million, or $1.72 diluted earnings per share for Q1 2023, up from $35.9 million or $1.08 per share in Q1 2022. The net interest income soared to $109.2 million compared to $75.5 million a year earlier, driven by rising short-term interest rates and loan growth, leading to a net interest margin of 3.89%. Noninterest income also grew, totaling $47.8 million. Despite a rise in noninterest expenses to $80.3 million, largely from increased salaries, the Company maintained asset quality with nonaccrual loans at only 0.25% of total loans. Total assets slightly decreased to $12.3 billion, while total stockholders' equity improved to $1.3 billion.
BancFirst Corporation (NASDAQ: BANF) has announced a purchase and assumption agreement for RCB Bank's Stroud, Oklahoma branch. The transaction involves acquiring approximately $13.6 million in total assets, which include $2.2 million in loans and $13.0 million in deposits as of March 31, 2023. Following the acquisition, the Stroud branch will merge into BancFirst's existing Stroud branch. The deal is expected to finalize in the third quarter of 2023, pending regulatory approval. RCB Bank's CEO praised BancFirst for its support and customer service in the Stroud community.
BancFirst Corporation (NASDAQ GS:BANF) reported record net income of $57.1 million, or $1.70 diluted EPS, for Q4 2022, up from $38.2 million, or $1.15 diluted EPS, in Q4 2021. For the full year, net income reached $193.1 million, or $5.77 diluted EPS, compared to $167.6 million, or $5.03 diluted EPS, in 2021. The company's net interest income increased to $110.4 million, driven by rising interest rates and loan growth, with a net interest margin of 3.83%. Noninterest income rose to $48.2 million, while total assets grew to $12.4 billion. Despite rising expenses, asset quality remained strong with a decline in nonaccrual loans.
BancFirst Corporation (BANF) reported a strong third quarter 2022 with net income of $55.4 million or $1.65 per diluted share, up from $38.8 million or $1.16 in Q3 2021. Year-to-date net income rose to $136.0 million or $4.07 per share. Net interest income increased to $100.9 million, boosted by rising interest rates and loan growth. Noninterest income also surged to $49.3 million. Total assets grew to $12.5 billion, with deposits up by $3.0 billion. Asset quality remains strong with nonaccrual loans at 0.18% of total loans.
BancFirst Corporation (NASDAQ GS:BANF) reported a net income of $44.7 million, or $1.34 per diluted share, for Q2 2022, a decrease from $48.2 million, or $1.45 per share, in Q2 2021. For the first half of 2022, net income was $80.6 million, down from $90.7 million in 2021. Net interest income rose to $86.9 million, aided by higher short-term interest rates, although the net interest margin decreased to 3.05%. Noninterest income fell to $42.6 million, impacted by a prior year gain. Total assets grew to $12.5 billion, with deposits up $3.1 billion, reflecting strong growth and acquisition of Worthington National Bank.
BancFirst Corporation (NASDAQ GS:BANF) reported a net income of $35.9 million or $1.08 diluted EPS for Q1 2022, down from $42.5 million or $1.27 EPS in Q1 2021. Net interest income fell to $75.5 million, partly due to an $8.1 million decline in PPP fees. Noninterest income rose to $43.7 million, driven by a $4.9 million equity method accounting gain. Total assets reached $12.6 billion, largely influenced by the Worthington acquisition. Nonaccrual loans dropped to 0.27% of total loans, and the allowance for credit losses was 1.34%.
BancFirst Corporation (NASDAQ: BANF) reported a net income of $38.2 million or $1.15 EPS for Q4 2021, up from $35.4 million or $1.06 EPS in Q4 2020. For 2021, net income rose to $167.6 million or $5.03 EPS compared to $99.6 million or $3.00 EPS in 2020. The company benefited from a $224,000 credit loss reversal in Q4 2021, contrasting with $5 million provision in Q4 2020. Total assets reached $9.4 billion, with a loan decrease to $6.2 billion, significantly affected by $572.3 million in PPP loan payoffs.