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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.
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.
BancFirst Corporation (NASDAQ: BANF) reported a significant net income of $38.8 million for Q3 2021, up from $20.9 million in Q3 2020, translating to $1.16 diluted EPS. For the nine months ending September 30, 2021, net income reached $129.5 million, a substantial rise compared to $64.2 million in the same period last year. The provision for credit losses decreased to $1.5 million from $18.7 million year-on-year. Total assets grew to $11.3 billion, with deposits increasing by $1.9 billion. The company expects a positive economic outlook as COVID impacts diminish.
BancFirst Corporation (BANF) reported net income of $48.2 million for Q2 2021, a significant rise from $20.7 million in Q2 2020, resulting in $1.45 diluted earnings per share. For the first half of 2021, net income reached $90.7 million, compared to $43.3 million a year earlier. The company benefited from a $9.9 million reversal of credit loss provisions. Total assets rose to $11.0 billion, while deposits grew to $9.7 billion. The outlook for loan growth and non-interest income remains cautious due to the economic recovery uncertainties.
BancFirst Corporation (NASDAQ GS:BANF) has appointed Dr. Mautra Staley Jones as a new director. Dr. Jones brings extensive experience as the Vice President for Institutional Advancement and External Affairs at Langston University and serves on several nonprofit boards. She holds a Doctor of Education degree from Vanderbilt University and was recognized as the 2021 National Mother of the Year. Dr. Jones's term will expire at the 2022 annual shareholders' meeting, where she will seek re-election.
BancFirst Corporation (NASDAQ GS:BANF) reported a significant increase in net income for the first quarter of 2021, totaling $42.5 million or $1.27 diluted earnings per share, compared to $22.6 million or $0.68 per share a year prior. The company recorded no provision for credit losses, a notable improvement from $19.6 million in Q1 2020. Net interest income rose to $77.2 million, aided by loan growth and PPP fees. Total assets increased to $10.5 billion with deposits at $9.4 billion, largely due to government stimulus.
BancFirst Corporation (NASDAQ GS:BANF) has entered a purchase and assumption agreement to acquire assets and assume deposits of The First National Bank and Trust Company of Vinita, Oklahoma. This bank, with approximately $285 million in total assets, $209 million in loans, and $258 million in deposits as of December 2020, will become a branch of BancFirst. The transaction is expected to finalize in Q2 2021, pending regulatory approval.
BancFirst Corporation (NASDAQ: BANF) reported a net income of $35.4 million for Q4 2020, a slight decrease from $35.5 million in Q4 2019. Annual net income fell to $99.6 million, down from $134.9 million in 2019, primarily due to higher provisions for credit losses. Notably, net interest income rose to $79.5 million, driven by loan growth and PPP fee income. Total assets reached $9.2 billion, with loans increasing to $6.4 billion and deposits to $8.1 billion. CEO David Harlow expressed a cautiously optimistic outlook for 2021 amidst ongoing economic challenges.
BancFirst Corporation (NASDAQ: BANF) reported a third-quarter net income of $20.9 million ($0.63 per share), down from $33.4 million ($1.00 per share) in Q3 2019. The nine-month net income for 2020 was $64.2 million ($1.94 per share), declining from $99.4 million ($2.98 per share) in 2019. A significant increase in the provision for credit losses, from $2.8 million to $18.7 million, reflects ongoing economic uncertainty due to the pandemic. Net interest income rose to $75.9 million, but the net interest margin fell to 3.40%. Total assets increased to $9.6 billion, driven by government stimulus measures.
BancFirst Corporation (NASDAQ GS:BANF) announced an agreement to sell approximately $20 million in loans and $38 million in deposits from its Hugo, Oklahoma branch to AmeriState Bank in Atoka, Oklahoma. This transaction, set to complete in the first quarter of 2021, is pending regulatory approval. CEO Darryl Schmidt emphasized the difficulty in supporting the Hugo community due to its distance from other branches, while AmeriState's CEO, Charles McCall, expressed excitement about acquiring established customers and staff in the area.