BancFirst Corporation (NASDAQ GS:BANF) reported net income of $56.5 million, or $1.68 diluted earnings per share, for the fourth quarter of 2024 compared to net income of $48.9 million, or $1.46 diluted earnings per share, for the fourth quarter of 2023.Net income for the year ended December 31, 2024 was $216.4 million, or $6.44 diluted earnings per share, compared to $212.5 million, or $6.34 diluted earnings per share, for the year ended December 31, 2023.
The Company's net interest income for the fourth quarter of 2024 increased to $115.9 million compared to $105.1 million for the same period in 2023. Increased 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 quarter ended December 31 was 3.68% in 2024 compared to 3.67% in 2023. In the fourth quarter of 2024, the Company reversed $1.4 million of allowance for credit losses resulting in a nominal decrease in the allowance as a percentage of loans when compared to a year ago and no change from prior quarter.
Noninterest income for the quarter totaled $47.0 million compared to $45.2 million last year. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to fourth quarter last year. Also contributing to the period over period change was a $355,000 gain on equity securities recorded in the fourth quarter of 2024 compared to a loss of $1.4 million during the same period last year.
Noninterest expense for the quarter increased to $92.3 million compared to $89.8 million in the fourth quarter last year. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $3.6 million. This increase was partially offset by a lower write-down of other real estate owned of $3.9 million in 2024 compared to $5.2 million in 2023.
At December 31, 2024, the Company's total assets were $13.6 billion, an increase of $1.2 billion from December 31, 2023. Loans grew $373.0 million from December 31, 2023, totaling $8.0 billion at December 31, 2024. Deposits totaled $11.7 billion, an increase of $1.0 billion from year-end 2023. Sweep accounts totaled $5.2 billion at December 31, 2024, up $871.6 million from December 31, 2023. The Company's total stockholders' equity was $1.6 billion, an increase of $187.3 million from the end of 2023.
Nonaccrual loans totaled $58.0 million, representing 0.72% of total loans at December 31, 2024 compared to 0.32% at year-end 2023.The allowance for credit losses to total loans was 1.24% at the end of 2024 compared to 1.26% at December 31, 2023. Net charge-offs of $985,000 for the quarter remained relatively stable when compared to $976,000 for the fourth quarter last year.
BancFirst Corporation CEO David Harlow commented, “The Company reported record net income and record earnings per share for the fourth consecutive year.Loan growth was the primary driver of improved results in 2024 when compared to last year while asset quality remained strong.The return of deposit growth was encouraging albeit entirely in the interest bearing and time segments.Our outlook for 2025 is positive overall as the economy in our region of the country continues to perform well.”
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 threelocations 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.
BancFirstCorporationSummary Financial Information(Dollars in thousands, except per share and share data – Unaudited) 2024 2024 2024 2024 2023 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th QtrCondensed Income Statements:Net interest income $ 115,917 $ 114,957 $ 109,896 $ 106,104 $ 105,066(Benefit from) provision for credit losses (1,400) 3,031 3,358 4,015 -Noninterest income:Trust revenue 5,551 5,672 5,490 5,088 5,106Service charges on deposits 18,133 17,723 17,280 16,428 16,841Securities transactions 355 (308) 317 (267) (1,364)Sales of loans 731 721 733 491 512Insurance commissions 7,914 9,391 6,668 9,455 7,220Cash management 9,221 9,189 9,149 8,651 7,878Other 5,114 6,324 4,307 5,054 8,964Total noninterest income 47,019 48,712 43,944 44,900 45,157Noninterest expense:Salaries and employee benefits 54,327 54,215 51,928 51,528 50,731Occupancy expense, net 5,977 5,776 5,233 5,206 5,439Depreciation 4,593 4,482 4,504 4,556 4,560Amortization of intangible assets 887 886 887 886 887Data processing services 2,726 2,720 2,696 2,616 2,224Net expense from other real estate owned 6,446 2,751 1,656 2,202 7,870Marketing and business promotion 2,719 2,168 2,246 2,256 2,653Deposit insurance 1,653 1,645 1,614 1,438 1,332Other 13,007 12,091 14,552 12,091 14,120Total noninterest expense 92,335 86,734 85,316 82,779 89,816Income before income taxes 72,001 73,904 65,166 64,210 60,407Income tax expense 15,525 15,001 14,525 13,876 11,473Net income $ 56,476 $ 58,903 $ 50,641 $ 50,334 $ 48,934Per Common Share Data:Net income-basic $ 1.71 $ 1.78 $ 1.53 $ 1.53 $ 1.48Net income-diluted 1.68 1.75 1.51 1.50 1.46Cash dividends declared 0.46 0.46 0.43 0.43 0.43Common shares outstanding 33,216,519 33,122,689 33,022,124 32,966,678 32,933,018Average common shares outstanding -Basic 33,172,530 33,097,164 33,001,180 32,947,983 32,926,326Diluted 33,750,993 33,646,549 33,525,061 33,513,412 33,483,691Performance Ratios:Return on average assets 1.67% 1.80% 1.61% 1.63% 1.58%Return on average stockholders' equity 14.04 15.14 13.72 13.96 13.98Net interest margin 3.68 3.78 3.76 3.70 3.67Efficiency ratio 56.67 52.99 55.46 54.82 59.79
BancFirstCorporationSummary Financial Information(Dollars in thousands, except per share and share data – Unaudited) Twelve months ended December 31, 2024 2023Condensed Income Statements:Net interest income $ 446,874 $ 424,456Provision for credit losses 9,004 7,458Noninterest income:Trust revenue 21,801 18,784Service charges on deposits 69,564 77,367Securities transactions 97 (1,828)Sales of loans 2,676 2,607Insurance commissions 33,428 30,615Cash management 36,210 30,716Other 20,799 27,147Total noninterest income 184,575 185,408Noninterest expense:Salaries and employee benefits 211,998 199,986Occupancy expense, net 22,192 21,027Depreciation 18,135 18,657Amortization of intangible assets 3,546 3,532Data processing services 10,758 8,368Net expense from other real estate owned 13,055 15,938Marketing and business promotion 9,389 9,114Deposit insurance 6,350 5,827Other 51,741 50,009Total noninterest expense 347,164 332,458Income before income taxes 275,281 269,948Income tax expense 58,927 57,483Net income $ 216,354 $ 212,465Per Common Share Data:Net income-basic $ 6.55 $ 6.45Net income-diluted 6.44 6.34Cash dividends declared 1.78 1.66Common shares outstanding 33,216,519 32,933,018Average common shares outstanding -Basic 33,055,152 32,919,348Diluted 33,617,015 33,494,487Performance Ratios:Return on average assets 1.68% 1.75%Return on average stockholders' equity 14.23 15.89Net interest margin 3.73 3.79Efficiency ratio 54.98 54.51
BancFirstCorporationSummary Financial Information(Dollars in thousands, except per share and share data – Unaudited) 2024 2024 2024 2024 2023 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th QtrBalance Sheet Data:Total assets $ 13,554,314 $ 13,313,482 $ 12,737,318 $ 12,602,425 $ 12,372,042Interest-bearing deposits with banks 3,315,932 2,743,578 2,299,019 2,341,604 2,172,001Debt securities 1,211,754 1,376,913 1,441,365 1,534,651 1,555,095Total loans 8,033,183 8,188,202 8,054,856 7,787,857 7,660,134Allowance for credit losses (99,497) (101,882) (99,626) (97,267) (96,800)Noninterest-bearing demand deposits 3,907,060 3,858,670 3,815,818 3,849,807 3,982,226Money market and interest-bearing checking deposits 5,231,327 5,122,457 4,930,853 4,901,081 4,699,865Savings deposits 1,110,020 1,082,855 1,084,266 1,076,181 1,056,404Time deposits 1,470,139 1,410,370 1,184,665 1,082,552 961,627Total deposits 11,718,546 11,474,352 11,015,602 10,909,621 10,700,122Stockholders' equity 1,621,187 1,584,575 1,512,492 1,469,312 1,433,891Book value per common share 48.81 47.84 45.80 44.57 43.54Tangible book value per common share (non-GAAP)(1) 42.92 41.91 39.83 38.56 37.50Balance Sheet Ratios:Average loans to deposits 69.63% 72.27% 72.25% 71.97% 70.52%Average earning assets to total assets 93.14 93.02 92.77 92.67 92.42Average stockholders' equity to average assets 11.87 11.88 11.71 11.65 11.30Asset Quality Data:Past due loans $ 7,739 $ 4,628 $ 4,280 $ 6,332 $ 9,542Nonaccrual loans (3) 57,984 45,481 44,021 41,996 24,573Other real estate owned and repossessed assets 33,665 39,519 38,497 35,116 34,200Nonaccrual loans to total loans 0.72% 0.56% 0.55% 0.54% 0.32%Allowance to total loans 1.24 1.24 1.24 1.25 1.26Allowance to nonaccrual loans 171.59 224.01 226.32 231.61 393.92Net charge-offs to average loans 0.01 0.01 0.01 0.05 0.02Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):Stockholders' equity $ 1,621,187 $ 1,584,575 $ 1,512,492 $ 1,469,312 $ 1,433,891Less goodwill 182,263 182,263 182,263 182,263 182,263Less intangible assets, net 13,158 14,045 14,931 15,818 16,704Tangible stockholders' equity (non-GAAP) $ 1,425,766 $ 1,388,267 $ 1,315,298 $ 1,271,231 $ 1,234,924Common shares outstanding 33,216,519 33,122,689 33,022,124 32,966,678 32,933,018Tangible book value per common share (non-GAAP) $ 42.92 $ 41.91 $ 39.83 $ 38.56 $ 37.50
(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 $9.0 million of nonaccrual loans at December 31, 2024.
BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands – Unaudited) Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2024 Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense RateASSETSEarning assets:Loans $ 8,084,358 $ 141,152 6.93 % $ 7,958,463 $ 555,426 6.96%Securities – taxable 1,341,045 7,846 2.32 1,448,103 34,300 2.36Securities – tax exempt 2,236 22 3.82 2,415 93 3.85Interest-bearing deposits with banks and FFS 3,097,982 37,553 4.81 2,553,503 134,941 5.27Total earning assets 12,525,621 186,573 5.91 11,962,484 724,760 6.04Nonearning assets:Cash and due from banks 205,093 201,666Interest receivable and other assets 819,199 810,732Allowance for credit losses (101,395) (99,098)Total nonearning assets 922,897 913,300Total assets $ 13,448,518 $ 12,875,784LIABILITIES AND STOCKHOLDERS' EQUITYInterest-bearing liabilities:Money market and interest-bearing checking deposits $ 5,165,391 $ 44,302 3.40 % $ 4,992,037 $ 181,201 3.62Savings deposits 1,095,677 8,754 3.17 1,076,837 36,256 3.36Time deposits 1,437,296 16,344 4.51 1,219,253 55,450 4.54Short-term borrowings 2,990 32 4.30 4,999 235 4.69Subordinated debt 86,148 1,032 4.75 86,127 4,123 4.77Total interest-bearing liabilities 7,787,502 70,464 3.59 7,379,253 277,265 3.75Interest free funds:Noninterest-bearing deposits 3,911,434 3,842,049Interest payable and other liabilities 153,812 138,007Stockholders' equity 1,595,770 1,516,475Total interest free funds 5,661,016 5,496,531Total liabilities and stockholders' equity $ 13,448,518 $ 12,875,784Net interest income $ 116,109 $ 447,495Net interest spread 2.32 % 2.29%Effect of interest free funds 1.36 % 1.44%Net interest margin 3.68 % 3.73%
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SOURCE BancFirst
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