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 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.