BancFirst Corporation (NASDAQ GS:BANF) reported net income of $56.1 million, or $1.67 per diluted share, for the first quarter of 2025 compared to net income of $50.3 million, or $1.50 per diluted share, for the first quarter of 2024.
The Company's net interest income for the three-months ended March 31, 2025 increased to $115.9 million compared to $106.1 million for the same period in 2024. Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin was unchanged at 3.70% for both the first quarter of 2025 and 2024. The Company recorded a provision for credit losses of $1.6 million in the first quarter of 2025 compared to $4.0 million for the first quarter of 2024.
Noninterest income for the quarter totaled $49.0 million compared to $44.9 million last year. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to first quarter last year.
Noninterest expense grew to $92.2 million for the quarter-ended March 31, 2025 compared to $82.8 million in the same quarter in 2024. The Company recorded a $4.4 million expense related to the disposition of certain equity investments no longer permissible under the Volcker rule which prohibits banks with more than $10 billion in assets from holding certain private equity investments. Additionally, the increase in noninterest expense was augmented by growth in salaries and employee benefits of $3.1 million.
At March 31, 2025, the Company's total assets were $14.0 billion, an increase of $483.7 million from December 31, 2024. Loans grew $69.6 million from December 31, 2024, totaling $8.1 billion at March 31, 2025. Deposits totaled $12.1 billion, an increase of $408.2 million from year-end 2024. Sweep accounts totaled $5.5 billion at March 31, 2025, up $324.6 million from December 31, 2024. The Company's total stockholders' equity was $1.7 billion, an increase of $51.6 million from the end of 2024.
Nonaccrual loans totaled $56.4 million, representing 0.70% of total loans at March 31, 2025, down slightly from 0.72% at year-end 2024. The allowance for credit losses to total loans was 1.24% at March 31, 2025, unchanged from December 31, 2024. Net charge-offs were $503,000 for the quarter compared to $3.5 million for the first quarter last year.
BancFirst Corporation CEO David Harlow commented, “The Company continues to perform fundamentally well; however, the current bond and equity market volatility presents a unique backdrop. The ultimate impact on our region's economy, our customers and, thus, credit quality remains to be seen. We are cautious in our outlook for the remainder of the year with the likelihood of an economic slowdown increasing and, as a result, our reserve for credit losses as a percentage of loans is unchanged from year-end 2024.”
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.
For additional information call: Hannah Andrus, Chief Financial Officer at (405) 218-4174 or David Harlow, Chief Executive Officer at (405) 270-1082.
BancFirstCorporationSummary Financial Information(Dollars in thousands, except per share and share data – Unaudited) 2025 2024 2024 2024 2024 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st QtrCondensed Income Statements:Net interest income $ 115,949 $ 115,917 $ 114,957 $ 109,896 $ 106,104Provision for (benefit from) credit losses 1,586 (1,400) 3,031 3,358 4,015Noninterest income:Trust revenue 5,539 5,551 5,672 5,490 5,088Service charges on deposits 16,804 18,133 17,723 17,280 16,428Securities transactions (333) 355 (308) 317 (267)Sales of loans 636 731 721 733 491Insurance commissions 10,410 7,914 9,391 6,668 9,455Cash management 10,051 9,221 9,189 9,149 8,651Other 5,787 5,114 6,324 4,307 5,054Total noninterest income 48,894 47,019 48,712 43,944 44,900Noninterest expense:Salaries and employee benefits 54,593 54,327 54,215 51,928 51,528Occupancy expense, net 5,753 5,977 5,776 5,233 5,206Depreciation 4,808 4,593 4,482 4,504 4,556Amortization of intangible assets 886 887 886 887 886Data processing services 2,892 2,726 2,720 2,696 2,616Net expense from other real estate owned 2,658 6,446 2,751 1,656 2,202Marketing and business promotion 2,461 2,719 2,168 2,246 2,256Deposit insurance 1,725 1,653 1,645 1,614 1,438Other 16,403 13,007 12,091 14,552 12,091Total noninterest expense 92,179 92,335 86,734 85,316 82,779Income before income taxes 71,078 72,001 73,904 65,166 64,210Income tax expense 14,966 15,525 15,001 14,525 13,876Net income $ 56,112 $ 56,476 $ 58,903 $ 50,641 $ 50,334Per Common Share Data:Net income-basic $ 1.69 $ 1.71 $ 1.78 $ 1.53 $ 1.53Net income-diluted 1.67 1.68 1.75 1.51 1.50Cash dividends declared 0.46 0.46 0.46 0.43 0.43Common shares outstanding 33,241,564 33,216,519 33,122,689 33,022,124 32,966,678Average common shares outstanding -Basic 33,130,938 33,172,530 33,097,164 33,001,180 32,947,983Diluted 33,667,023 33,750,993 33,646,549 33,525,061 33,513,412Performance Ratios:Return on average assets 1.66% 1.67% 1.80% 1.61% 1.63%Return on average stockholders' equity 13.85 14.04 15.14 13.72 13.96Net interest margin 3.70 3.68 3.78 3.76 3.70Efficiency ratio 55.92 56.67 52.99 55.46 54.82
BancFirstCorporationSummary Financial Information(Dollars in thousands, except per share and share data – Unaudited) 2025 2024 2024 2024 2024 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st QtrBalance Sheet Data:Total assets $ 14,038,055 $ 13,554,314 $ 13,313,482 $ 12,737,318 $ 12,602,425Interest-bearing deposits with banks 3,706,328 3,315,932 2,743,578 2,299,019 2,341,604Debt securities 1,167,441 1,211,754 1,376,913 1,441,365 1,534,651Total loans 8,102,810 8,033,183 8,188,202 8,054,856 7,787,857Allowance for credit losses (100,455) (99,497) (101,882) (99,626) (97,267)Noninterest-bearing demand deposits 4,027,797 3,907,060 3,858,670 3,815,818 3,849,807Money market and interest-bearing checking deposits 5,393,995 5,231,327 5,122,457 4,930,853 4,901,081Savings deposits 1,174,685 1,110,020 1,082,855 1,084,266 1,076,181Time deposits 1,530,273 1,470,139 1,410,370 1,184,665 1,082,552Total deposits 12,126,750 11,718,546 11,474,352 11,015,602 10,909,621Stockholders' equity 1,672,827 1,621,187 1,584,575 1,512,492 1,469,312Book value per common share 50.32 48.81 47.84 45.80 44.57Tangible book value per common share (non-GAAP)(1) 44.47 42.92 41.91 39.83 38.56Balance Sheet Ratios:Average loans to deposits 68.08% 69.63% 72.27% 72.25% 71.97%Average earning assets to total assets 93.10 93.14 93.02 92.77 92.67Average stockholders' equity to average assets 12.00 11.87 11.88 11.71 11.65Asset Quality Data:Past due loans $ 5,120 $ 7,739 $ 4,628 $ 4,280 $ 6,332Nonaccrual loans (3) 56,371 57,984 45,481 44,021 41,996Other real estate owned and repossessed assets 35,542 33,665 39,519 38,497 35,116Nonaccrual loans to total loans 0.70% 0.72% 0.56% 0.55% 0.54%Allowance to total loans 1.24 1.24 1.24 1.24 1.25Allowance to nonaccrual loans 178.20 171.59 224.01 226.32 231.61Net charge-offs to average loans 0.01 0.01 0.01 0.01 0.05Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):Stockholders' equity $ 1,672,827 $ 1,621,187 $ 1,584,575 $ 1,512,492 $ 1,469,312Less goodwill 182,263 182,263 182,263 182,263 182,263Less intangible assets, net 12,272 13,158 14,045 14,931 15,818Tangible stockholders' equity (non-GAAP) $ 1,478,292 $ 1,425,766 $ 1,388,267 $ 1,315,298 $ 1,271,231Common shares outstanding 33,241,564 33,216,519 33,122,689 33,022,124 32,966,678Tangible book value per common share (non-GAAP) $ 44.47 $ 42.92 $ 41.91 $ 39.83 $ 38.56
(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 $9.2 million of nonaccrual loans at March 31, 2025.
BancFirst CorporationConsolidated Average Balance SheetsAnd Interest Margin AnalysisTaxable Equivalent Basis(Dollars in thousands – Unaudited) Three Months Ended March 31, 2025 Interest Average Average Income/ Yield/ Balance Expense RateASSETSEarning assets:Loans $ 8,050,816 $ 137,178 6.91 %Securities – taxable 1,195,306 7,006 2.38Securities – tax exempt 2,192 22 4.13Interest bearing deposits with banks and FFS 3,492,467 38,468 4.47Total earning assets 12,740,781 182,674 5.81Nonearning assets:Cash and due from banks 214,859Interest receivable and other assets 828,449Allowance for credit losses (99,703)Total nonearning assets 943,605Total assets $ 13,684,386LIABILITIES AND STOCKHOLDERS' EQUITYInterest bearing liabilities:Money market and interest-bearing checking deposits $ 5,302,584 $ 40,720 3.11 %Savings deposits 1,138,173 8,900 3.17Time deposits 1,494,885 15,870 4.31Short-term borrowings 643 7 4.36Subordinated debt 86,162 1,030 4.85Total interest bearing liabilities 8,022,447 66,527 3.36Interest free funds:Noninterest bearing deposits 3,889,812Interest payable and other liabilities 129,460Stockholders' equity 1,642,667Total interest free funds 5,661,939Total liabilities and stockholders' equity $ 13,684,386Net interest income $ 116,147Net interest spread 2.45 %Effect of interest free funds 1.25 %Net interest margin 3.70 %
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