BancFirst Corporation (NASDAQ GS:BANF) reported net income of $62.3 million, or $1.85 per diluted share, for the second quarter of 2025 compared to net income of $50.6 million, or $1.51 per diluted share, for the second quarter of 2024.
The Company's net interest income for the three-months ended June 30, 2025 increased to $121.3 million compared to $109.9 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 virtually unchanged at 3.75% for the second quarter of 2025 and 3.76% for the second quarter of 2024. The Company recorded a provision for credit losses on loans of $1.2 million in the second quarter of 2025 compared to $3.4 million for the same period in 2024.
Noninterest income for the quarter totaled $48.0 million compared to $43.9 million last year. Trust revenue, treasury income, sweep fees insurance commissions, and other noninterest income each increased when compared to second quarter last year. The increase in other noninterest income was driven by changes in cash surrender value of life insurance as well as gains on disposal of other assets. The increases were partially offset by losses on equity securities in the second quarter of 2025.
Noninterest expense grew to $88.2 million for the quarter-ended June 30, 2025 compared to $85.3 million in the same quarter in 2024. The increase in noninterest expenses were primarily due to growth in salaries and employee benefits of $3.2 million, an increase in occupancy expense of $804,000 and an increase in the net expense from other real estate owned of $1.3 million. These overall increases in noninterest expense were partially offset by a decrease in other noninterest expense.
At June 30, 2025, the Company's total assets were $14.0 billion, an increase of $491.5 million from December 31, 2024. Loans grew $91.3 million from December 31, 2024, totaling $8.1 billion at June 30, 2025. Deposits totaled $12.1 billion, an increase of $337.6 million from year-end 2024. Sweep accounts totaled $5.3 billion at June 30, 2025, up $66.8 million from December 31, 2024. The Company's total stockholders' equity was $1.7 billion, an increase of $106.9 million from the end of 2024.
Nonaccrual loans totaled $49.9 million, representing 0.61% of total loans at June 30, 2025, down slightly from 0.72% at year-end 2024.The allowance for credit losses to total loans was 1.19% at June 30, 2025, down from 1.24% at December 31, 2024. Net charge-offs were $4.7 million for the quarter, including $3.7 million relating to one real estate loan that was taken into other real estate, compared to $999,000 for the second quarter last year.
BancFirst Corporation CEO David Harlow commented, “The Company reported a strong quarter, albeit impacted by one-time events that had an approximate $0.05 per diluted share effect.We anticipate closing the recently-announced American Bank of Oklahoma acquisition in the 3rd quarter adding the Collinsville and Skiatook communities to the 59 communities we currently serve across the State ofOklahoma.The Fed continues a wait and see approach to short-term rates and we believe the Company is in a well-balanced position should the Fed decide to lower rates in the back half of the year. While recent economic data and performance has been encouraging, the longer-term outlook continues to be clouded by both the ongoing evolution of global trade policy and continued geopolitical risks.The ultimate impact on our region and customer base remains uncertain in our view, thus we continue to maintain a healthy loan loss reserve as a percentage of loans.”
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) 2025 2025 2024 2024 2024 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd QtrCondensed Income Statements:Net interest income $ 121,256 $ 115,949 $ 115,917 $ 114,957 $ 109,896Provision for credit losses on loans 1,239 1,461 (1,400) 3,031 3,358Provision for off-balance sheet credit exposures 148 125 – – -Noninterest income:Trust revenue 5,795 5,539 5,551 5,672 5,490Service charges on deposits 17,741 16,804 18,133 17,723 17,280Securities transactions (740) (333) 355 (308) 317Sales of loans 830 636 731 721 733Insurance commissions 7,920 10,410 7,914 9,391 6,668Cash management 10,573 10,051 9,221 9,189 9,149Other 5,929 5,787 5,114 6,324 4,307Total noninterest income 48,048 48,894 47,019 48,712 43,944Noninterest expense:Salaries and employee benefits 55,147 54,593 54,327 54,215 51,928Occupancy expense, net 6,037 5,753 5,977 5,776 5,233Depreciation 4,691 4,808 4,593 4,482 4,504Amortization of intangible assets 862 886 887 886 887Data processing services 2,985 2,892 2,726 2,720 2,696Net expense from other real estate owned 2,941 2,658 6,446 2,751 1,656Marketing and business promotion 2,325 2,461 2,719 2,168 2,246Deposit insurance 1,675 1,725 1,653 1,645 1,614Other 11,536 16,403 13,007 12,091 14,552Total noninterest expense 88,199 92,179 92,335 86,734 85,316Income before income taxes 79,718 71,078 72,001 73,904 65,166Income tax expense 17,371 14,966 15,525 15,001 14,525Net income $ 62,347 $ 56,112 $ 56,476 $ 58,903 $ 50,641Per Common Share Data:Net income-basic $ 1.87 $ 1.69 $ 1.71 $ 1.78 $ 1.53Net income-diluted 1.85 1.66 1.68 1.75 1.51Cash dividends declared 0.46 0.46 0.46 0.46 0.43Common shares outstanding 33,272,131 33,241,564 33,216,519 33,122,689 33,022,124Average common shares outstanding -Basic 33,255,015 33,232,788 33,172,530 33,097,164 33,001,180Diluted 33,795,243 33,768,873 33,750,993 33,646,549 33,525,061Performance Ratios:Return on average assets 1.79% 1.66% 1.67% 1.80% 1.61%Return on average stockholders' equity 14.74 13.85 14.04 15.14 13.72Net interest margin 3.75 3.70 3.68 3.78 3.76Efficiency ratio 52.10 55.92 56.67 52.99 55.46
BancFirstCorporationSummary Financial Information(Dollars in thousands, except per share and share data – Unaudited) 2025 2025 2024 2024 2024 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd QtrBalance Sheet Data:Total assets $ 14,045,780 $ 14,038,055 $ 13,554,314 $ 13,313,482 $ 12,737,318Interest-bearing deposits with banks 3,737,763 3,706,328 3,315,932 2,743,578 2,299,019Debt securities 1,104,604 1,167,441 1,211,754 1,376,913 1,441,365Total loans 8,124,497 8,102,810 8,033,183 8,188,202 8,054,856Allowance for credit losses (96,988) (100,455) (99,497) (101,882) (99,626)Noninterest-bearing demand deposits 3,967,626 4,027,797 3,907,060 3,858,670 3,815,818Money market and interest-bearing checking deposits 5,301,439 5,393,995 5,231,327 5,122,457 4,930,853Savings deposits 1,205,602 1,174,685 1,110,020 1,082,855 1,084,266Time deposits 1,581,525 1,530,273 1,470,139 1,410,370 1,184,665Total deposits 12,056,192 12,126,750 11,718,546 11,474,352 11,015,602Stockholders' equity 1,728,038 1,672,827 1,621,187 1,584,575 1,512,492Book value per common share 51.94 50.32 48.81 47.84 45.80Tangible book value per common share (non-GAAP)(1) 46.12 44.47 42.92 41.91 39.83Balance Sheet Ratios:Average loans to deposits 67.11% 68.08% 69.63% 72.27% 72.25%Average earning assets to total assets 92.97 93.10 93.14 93.02 92.77Average stockholders' equity to average assets 12.14 12.00 11.87 11.88 11.71Asset Quality Data:Past due loans $ 7,515 $ 5,120 $ 7,739 $ 4,628 $ 4,280Nonaccrual loans (3) 49,878 56,371 57,984 45,481 44,021Other real estate owned and repossessed assets 53,022 35,542 33,665 39,519 38,497Nonaccrual loans to total loans 0.61% 0.70% 0.72% 0.56% 0.55%Allowance to total loans 1.19 1.24 1.24 1.24 1.24Allowance to nonaccrual loans 194.45 178.20 171.59 224.01 226.32Net charge-offs to average loans 0.05 0.01 0.01 0.01 0.01Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):Stockholders' equity $ 1,728,038 $ 1,672,827 $ 1,621,187 $ 1,584,575 $ 1,512,492Less goodwill 182,263 182,263 182,263 182,263 182,263Less intangible assets, net 11,410 12,272 13,158 14,045 14,931Tangible stockholders' equity (non-GAAP) $ 1,534,365 $ 1,478,292 $ 1,425,766 $ 1,388,267 $ 1,315,298Common shares outstanding 33,272,131 33,241,564 33,216,519 33,122,689 33,022,124Tangible book value per common share (non-GAAP) $ 46.12 $ 44.47 $ 42.92 $ 41.91 $ 39.83
(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 $9.5 million of nonaccrual loans at June 30, 2025.
BancFirstCorporationSummary Financial Information(Dollars in thousands, except per share and share data – Unaudited) Six months ended June 30, 2025 2024Condensed Income Statements:Net interest income $ 237,205 $ 216,000Provision for credit losses on loans 2,700 7,373Provision for off-balance sheet credit exposures 273 -Noninterest income:Trust revenue 11,334 10,578Service charges on deposits 34,545 33,708Securities transactions (1,073) 50Sales of loans 1,466 1,224Insurance commissions 18,330 16,123Cash management 20,624 17,800Other 11,716 9,361Total noninterest income 96,942 88,844Noninterest expense:Salaries and employee benefits 109,740 103,456Occupancy expense, net 11,790 10,439Depreciation 9,499 9,060Amortization of intangible assets 1,748 1,773Data processing services 5,877 5,312Net expense from other real estate owned 5,599 3,858Marketing and business promotion 4,786 4,502Deposit insurance 3,400 3,052Other 27,939 26,643Total noninterest expense 180,378 168,095Income before income taxes 150,796 129,376Income tax expense 32,337 28,401Net income $ 118,459 $ 100,975Per Common Share Data:Net income-basic $ 3.56 $ 3.06Net income-diluted 3.51 3.01Cash dividends declared 0.92 0.86Common shares outstanding 33,272,131 33,022,124Average common shares outstanding -Basic 33,243,963 32,974,582Diluted 33,782,069 33,520,247Performance Ratios:Return on average assets 1.73% 1.62%Return on average stockholders' equity 14.31 13.84Net interest margin 3.72 3.73Efficiency ratio 53.98 55.14
BancFirst CorporationConsolidated Average Balance SheetsAnd Interest Margin AnalysisTaxable Equivalent Basis(Dollars in thousands – Unaudited) Three Months Ended Six Months Ended June 30, 2025 June 30, 2025 Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense RateASSETSEarning assets:Loans $ 8,064,423 $139,532 6.94 % $ 8,057,657 $276,710 6.93 %Securities – taxable 1,139,354 6,887 2.42 1,167,175 13,893 2.40Securities – tax exempt 2,120 22 4.16 2,156 44 4.15Interest bearing deposits with banks and FFS 3,784,951 42,186 4.47 3,639,517 80,654 4.47Total earning assets 12,990,848 188,627 5.82 12,866,505 371,301 5.82Nonearning assets:Cash and due from banks 210,323 212,578Interest receivable and other assets 869,769 849,224Allowance for credit losses (97,898) (98,795)Total nonearning assets 982,194 963,007Total assets $13,973,042 $13,829,512LIABILITIES AND STOCKHOLDERS' EQUITYInterest bearing liabilities:Money market and interest-bearing checking deposits $ 5,322,205 $ 40,562 3.06 % $ 5,312,449 $ 81,283 3.09 %Savings deposits 1,185,678 9,375 3.17 1,162,057 18,274 3.17Time deposits 1,565,251 16,152 4.14 1,530,263 32,022 4.22Short-term borrowings 4,747 51 4.33 2,706 58 4.34Subordinated debt 86,176 1,031 4.80 86,169 2,061 4.82Total interest bearing liabilities 8,164,057 67,171 3.30 8,093,644 133,698 3.33Interest free funds:Noninterest bearing deposits 3,942,867 3,916,486Interest payable and other liabilities 169,867 149,775Stockholders' equity 1,696,251 1,669,607Total interest free funds 5,808,985 5,735,868Total liabilities and stockholders' equity $13,973,042 $13,829,512Net interest income $121,456 $237,603Net interest spread 2.52 % 2.49 %Effect of interest free funds 1.23 % 1.23 %Net interest margin 3.75 % 3.72 %
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