EX-99.1

EX-99.1 2 banf-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1


	100 N. Broadway Ave
FOR IMMEDIATE RELEASE	Oklahoma City, OK 73102
Thursday, October 17, 2024	www.bancfirst.bank

BANCFIRST CORPORATION REPORTS THIRD QUARTER EARNINGS

BancFirst Corporation (NASDAQ GS:BANF) reported net income of $58.9 million, or $1.75 per diluted share, for the third quarter of 2024 compared to net income of $51.0 million, or $1.52 per diluted share, for the third quarter of 2023.

The Company’s net interest income for the third quarter of 2024 increased to $115.0 million from $104.3 million for the same period in 2023. Loan volume was the primary driver of the change in net interest income, but was partially offset by the impact of the shifting mix between interest-bearing and noninterest-bearing deposits. Net interest margin for the three-month period ended September 30 was 3.78% in 2024 compared to 3.73% in 2023. The Company recorded a provision for credit losses of $3.0 million in the third quarter of 2024 compared to $2.3 million for the same period in 2023.

Noninterest income for the quarter totaled $48.7 million compared to $44.4 million last year. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to third quarter last year.

Noninterest expense for the quarter increased to $86.7 million compared to $81.2 million in the same quarter last year. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $4.0 million.

The Company’s effective tax rate for the period was 20.3% compared to 21.8% for the third quarter of 2023.

At September 30, 2024, the Company’s total assets were $13.3 billion, an increase of $941.4 million from December 31, 2023. Loans grew $528.1 million from December 31, 2023, totaling $8.2 billion at September 30, 2024. Deposits totaled $11.5 billion, an increase of $774.2 million from year-end 2023. Sweep accounts totaled $4.3 billion at September 30, 2024, down $60.6 million from December 31, 2023. The Company’s total stockholders’ equity was $1.6 billion, an increase of $150.7 million over December 31, 2023.

Nonaccrual loans totaled $45.5 million, representing 0.56% of total loans at September 30, 2024 compared to 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.24% at September 30, 2024 compared to 1.26% at the end of 2023. Net charge-offs were $775,000 for the quarter compared to $1.5 million for the third quarter of 2023.

BancFirst Corporation CEO David Harlow commented, “Loan growth, an improved net interest margin, and growth across all major components of non-interest income resulted in a strong quarter for the Company. While the Federal Reserve’s late September 50 basis point rate cut had little impact on the quarter, the potential for further short-term rate reductions combined with a recent increase in the longer-term portion of the yield curve changes the landscape considerably and causes our outlook on net interest margin to be unclear. However, we believe the Company is well positioned to reasonably manage and balance our asset and liability pricing in the coming months. Our perspective on credit is unchanged as the Federal Reserve’s goal of a “soft landing,” while more likely, is far from certain, thus our Loan Loss Reserve as a percentage of loans is the same when compared to last quarter.”

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.

For additional information call:

Hannah Andrus, Chief Financial Officer at (405) 218-4174 or

David Harlow, Chief Executive Officer at (405) 270-1082.


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	2024			2024			2024			2023			2023
	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
Condensed Income Statements:
Net interest income	$	114,957		$	109,896		$	106,104		$	105,066		$	104,308
Provision for credit losses		3,031			3,358			4,015			-			2,312
Noninterest income:
Trust revenue		5,672			5,490			5,088			5,106			4,866
Service charges on deposits		17,723			17,280			16,428			16,841			17,027
Securities transactions		(308	)		317			(267	)		(1,364	)		(361	)
Sales of loans		721			733			491			512			734
Insurance commissions		9,391			6,668			9,455			7,220			8,429
Cash management		9,189			9,149			8,651			7,878			8,177
Other		6,324			4,307			5,054			8,964			5,577
Total noninterest income		48,712			43,944			44,900			45,157			44,449

Noninterest expense:
Salaries and employee benefits		54,215			51,928			51,528			50,731			50,200
Occupancy expense, net		5,776			5,233			5,206			5,439			5,487
Depreciation		4,482			4,504			4,556			4,560			4,685
Amortization of intangible assets		886			887			886			887			885
Data processing services		2,720			2,696			2,616			2,224			1,820
Net expense from other real estate owned		2,751			1,656			2,202			7,870			2,720
Marketing and business promotion		2,168			2,246			2,256			2,653			2,034
Deposit insurance		1,645			1,614			1,438			1,332			1,419
Other		12,091			14,552			12,091			14,120			11,965
Total noninterest expense		86,734			85,316			82,779			89,816			81,215
Income before income taxes		73,904			65,166			64,210			60,407			65,230
Income tax expense		15,001			14,525			13,876			11,473			14,242
Net income	$	58,903		$	50,641		$	50,334		$	48,934		$	50,988
Per Common Share Data:
Net income-basic	$	1.78		$	1.53		$	1.53		$	1.48		$	1.55
Net income-diluted		1.75			1.51			1.50			1.46			1.52
Cash dividends declared		0.46			0.43			0.43			0.43			0.43
Common shares outstanding		33,122,689			33,022,124			32,966,678			32,933,018			32,921,393
Average common shares outstanding -
Basic		33,097,164			33,001,180			32,947,983			32,926,326			32,937,149
Diluted		33,646,549			33,525,061			33,513,412			33,483,691			33,539,389
Performance Ratios:
Return on average assets		1.80	%		1.61	%		1.63	%		1.58	%		1.68	%
Return on average stockholders’ equity		15.14			13.72			13.96			13.98			14.93
Net interest margin		3.78			3.76			3.70			3.67			3.73
Efficiency ratio		52.99			55.46			54.82			59.79			54.60


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	Nine months ended
	September 30,
	2024			2023
Condensed Income Statements:
Net interest income	$	330,957		$	319,390
Provision for credit losses		10,404			7,458
Noninterest income:
Trust revenue		16,250			13,678
Service charges on deposits		51,431			60,526
Securities transactions		(258	)		(464	)
Sales of loans		1,945			2,095
Insurance commissions		25,514			23,395
Cash management		26,989			22,838
Other		15,685			18,183
Total noninterest income		137,556			140,251

Noninterest expense:
Salaries and employee benefits		157,671			149,255
Occupancy expense, net		16,215			15,588
Depreciation		13,542			14,097
Amortization of intangible assets		2,659			2,645
Data processing services		8,032			6,144
Net expense from other real estate owned		6,609			8,068
Marketing and business promotion		6,670			6,461
Deposit insurance		4,697			4,495
Other		38,734			35,889
Total noninterest expense		254,829			242,642
Income before income taxes		203,280			209,541
Income tax expense		43,402			46,010
Net income	$	159,878		$	163,531
Per Common Share Data:
Net income-basic	$	4.84		$	4.97
Net income-diluted		4.76			4.88
Cash dividends declared		1.32			1.23
Common shares outstanding		33,122,689			32,921,393
Average common shares outstanding -
Basic		33,015,741			32,916,996
Diluted		33,567,117			33,493,015
Performance Ratios:
Return on average assets		1.68	%		1.81	%
Return on average stockholders’ equity		14.30			16.56
Net interest margin		3.75			3.83
Efficiency ratio		54.39			52.79


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	2024			2024			2024			2023			2023
	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
Balance Sheet Data:

Total assets	$	13,313,482		$	12,737,318		$	12,602,425		$	12,372,042		$	12,114,602
Interest-bearing deposits with banks		2,743,578			2,299,019			2,341,604			2,172,001			2,134,081
Debt securities		1,376,913			1,441,365			1,534,651			1,555,095			1,525,448
Total loans		8,188,202			8,054,856			7,787,857			7,660,134			7,476,474
Allowance for credit losses		(101,882	)		(99,626	)		(97,267	)		(96,800	)		(97,776	)
Noninterest-bearing demand deposits		3,858,670			3,815,818			3,849,807			3,982,226			4,170,550
Money market and interest-bearing checking deposits		5,122,457			4,930,853			4,901,081			4,699,865			4,453,892
Savings deposits		1,082,855			1,084,266			1,076,181			1,056,404			1,062,041
Time deposits		1,410,370			1,184,665			1,082,552			961,627			847,688
Total deposits		11,474,352			11,015,602			10,909,621			10,700,122			10,534,171
Stockholders' equity		1,584,575			1,512,492			1,469,312			1,433,891			1,370,584
Book value per common share		47.84			45.80			44.57			43.54			41.63
Tangible book value per common share (non-GAAP)(1)		41.91			39.83			38.56			37.50			35.56
Balance Sheet Ratios:
Average loans to deposits		72.27	%		72.25	%		71.97	%		70.52	%		70.61	%
Average earning assets to total assets		93.02			92.77			92.67			92.42			92.39
Average stockholders' equity to average assets		11.88			11.71			11.65			11.30			11.28
Asset Quality Data:
Past due loans	$	4,628		$	4,280		$	6,332		$	9,542		$	12,575
Nonaccrual loans (3)		45,481			44,021			41,996			24,573			16,676
Other real estate owned and repossessed assets		39,519			38,497			35,116			34,200			42,782
Nonaccrual loans to total loans		0.56	%		0.55	%		0.54	%		0.32	%		0.22	%
Allowance to total loans		1.24			1.24			1.25			1.26			1.31
Allowance to nonaccrual loans		224.01			226.32			231.61			393.92			586.34
Net charge-offs to average loans		0.01			0.01			0.05			0.02			0.02

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

Stockholders' equity	$	1,584,575		$	1,512,492		$	1,469,312		$	1,433,891		$	1,370,584
Less goodwill		182,263			182,263			182,263			182,263			182,263
Less intangible assets, net		14,045			14,931			15,818			16,704			17,591
Tangible stockholders’ equity (non-GAAP)	$	1,388,267		$	1,315,298		$	1,271,231		$	1,234,924		$	1,170,730
Common shares outstanding		33,122,689			33,022,124			32,966,678			32,933,018			32,921,393
Tangible book value per common share (non-GAAP)	$	41.91		$	39.83		$	38.56		$	37.50		$	35.56

(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 $7.5 million of nonaccrual loans at September 30, 2024.


	BancFirst Corporation
	Consolidated Average Balance Sheets
	And Interest Margin Analysis
	Taxable Equivalent Basis
	(Dollars in thousands - Unaudited)

	Three Months Ended								Nine Months Ended
	September 30, 2024								September 30, 2024
				Interest		Average						Interest		Average
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate
ASSETS
Earning assets:
Loans	$	8,103,297		$	144,179		7.06	%	$	7,916,192		$	414,274		6.97	%
Securities – taxable		1,406,344			8,341		2.35			1,484,049			26,454		2.37
Securities – tax exempt		2,374		23		3.87				2,474		71			3.80
Interest-bearing deposits with banks and FFS		2,574,083			35,267		5.44			2,370,685			97,388		5.47
Total earning assets		12,086,098			187,810		6.17			11,773,400			538,187		6.09

Nonearning assets:
Cash and due from banks		195,636								200,515
Interest receivable and other assets		810,781								807,891
Allowance for credit losses		(99,967	)							(98,327	)
Total nonearning assets		906,450								910,079
Total assets	$	12,992,548							$	12,683,479

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Money market and interest-bearing checking deposits	$	5,064,491		$	47,386		3.71	%	$	4,933,831		$	136,899		3.70	%
Savings deposits		1,078,383			9,277		3.41			1,070,512			27,502		3.42
Time deposits		1,275,206			14,952		4.65			1,146,042			39,106	4.55
Short-term borrowings		4,423			48		4.30			5,673			203		4.76
Subordinated debt		86,134			1,030		4.74			86,120			3,091		4.78
Total interest-bearing liabilities		7,508,637			72,693		3.84			7,242,178			206,801		3.80

Interest free funds:
Noninterest-bearing deposits		3,793,962								3,818,752
Interest payable and other liabilities		146,868								132,698
Stockholders’ equity		1,543,081								1,489,851
Total interest free funds		5,483,911								5,441,301
Total liabilities and stockholders’ equity	$	12,992,548							$	12,683,479
Net interest income				$	115,117							$	331,386
Net interest spread							2.33	%							2.29	%
Effect of interest free funds							1.45	%							1.46	%
Net interest margin							3.78	%						3.75		%