BancFirst Corporation (NASDAQ GS:BANF) reported net income of $62.7 million, or $1.85 per diluted share, for the third quarter of 2025 compared to net income of $58.9 million, or $1.75 per diluted share, for the third quarter of 2024.
The Company's net interest income for the three-months ended September 30, 2025 increased to $125.6 million in comparison to $115.0 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 improved slightly to 3.79% for the third quarter of 2025 from 3.78% for the third quarter of 2024. The Company recorded a provision for credit losses on loans of $4.2 million in the third quarter of 2025 and $3.0 million for the same period in 2024.
Noninterest income for the quarter totaled $49.9 million compared to $48.7 million last year. Trust revenue, treasury income, sweep fees and securities transactions each increased when compared to third quarter last year.
Noninterest expense grew to $92.1 million for the quarter-ended September 30, 2025 compared to $86.7 million in the same quarter in 2024. The increase in noninterest expense was primarily due to growth in salaries and employee benefits of $3.5 million. Also contributing to the increase was occupancy expense, due largely to repairs and maintenance, and increases in other noninterest expense driven primarily by professional fees.
At September 30, 2025, the Company's total assets were $14.2 billion, an increase of $643.8 million from December 31, 2024. Loans grew $254.0 million from December 31, 2024, totaling $8.3 billion at September 30, 2025. Deposits totaled $12.1 billion, an increase of $399.8 million from year-end 2024. Off-balance sheet sweep accounts totaled $4.9 billion at September 30, 2025, down $316.4 million from December 31, 2024. The Company's total stockholders' equity was $1.8 billion, an increase of $161.6 million from the end of 2024.
Asset quality continued to be strong. Nonaccrual loans totaled $57.3 million, representing 0.69% of total loans at September 30, 2025, down from 0.72% at year-end 2024.The allowance for credit losses to total loans was 1.20% at September 30, 2025, down from 1.24% at December 31, 2024. Net charge-offs were $1.7 million for the quarter, compared to $775,000 for the third quarter last year.
BancFirst Corporation CEO David Harlow commented, “Loan growth and a sustained net interest margin led to another strong quarter for the company.Solid growth in noninterest income also contributed positively to the quarter.A mixed bag on the economy, stronger than expected growth and weaker employment prospects resulted in a Fed rate cut of 25 basis points in September, the first rate cut since December 2024.Our outlook is a mixed bag as well; however, on balance, we continue to believe a slowing economy in our region of the country is more likely than not and, as such, we have maintained a healthy allowance for credit losses 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 2025 2024 2024 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd QtrCondensed Income Statements:Net interest income $ 125,615 $ 121,256 $ 115,949 $ 115,917 $ 114,957Provision for credit losses on loans 4,222 1,239 1,461 (1,400) 3,031Provision for off-balance sheet credit exposures 216 148 125 – -Noninterest income:Trust revenue 5,850 5,795 5,539 5,551 5,672Service charges on deposits 18,131 17,741 16,804 18,133 17,723Securities transactions 492 (740) (333) 355 (308)Sales of loans 916 830 636 731 721Insurance commissions 8,954 7,920 10,410 7,914 9,391Cash management 10,338 10,573 10,051 9,221 9,189Other 5,185 5,929 5,787 5,114 6,324Total noninterest income 49,866 48,048 48,894 47,019 48,712Noninterest expense:Salaries and employee benefits 57,681 55,147 54,593 54,327 54,215Occupancy expense, net 6,434 6,037 5,753 5,977 5,776Depreciation 4,725 4,691 4,808 4,593 4,482Amortization of intangible assets 862 862 886 887 886Data processing services 2,901 2,985 2,892 2,726 2,720Net expense from other real estate owned 2,778 2,941 2,658 6,446 2,751Marketing and business promotion 2,126 2,325 2,461 2,719 2,168Deposit insurance 1,736 1,675 1,725 1,653 1,645Other 12,829 11,536 16,403 13,007 12,091Total noninterest expense 92,072 88,199 92,179 92,335 86,734Income before income taxes 78,971 79,718 71,078 72,001 73,904Income tax expense 16,317 17,371 14,966 15,525 15,001Net income $ 62,654 $ 62,347 $ 56,112 $ 56,476 $ 58,903Per Common Share Data:Net income-basic $ 1.88 $ 1.87 $ 1.69 $ 1.71 $ 1.78Net income-diluted 1.85 1.85 1.66 1.68 1.75Cash dividends declared 0.49 0.46 0.46 0.46 0.46Common shares outstanding 33,329,247 33,272,131 33,241,564 33,216,519 33,122,689Average common shares outstanding -Basic 33,310,290 33,255,015 33,232,788 33,172,530 33,097,164Diluted 33,864,129 33,795,243 33,768,873 33,750,993 33,646,549Performance Ratios:Return on average assets 1.76% 1.79% 1.66% 1.67% 1.80%Return on average stockholders' equity 14.18 14.74 13.85 14.04 15.14Net interest margin 3.79 3.75 3.70 3.68 3.78Efficiency ratio 52.47 52.10 55.92 56.67 52.99
BancFirstCorporationSummary Financial Information(Dollars in thousands, except per share and share data – Unaudited) 2025 2025 2025 2024 2024 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd QtrBalance Sheet Data:Total assets $ 14,198,140 $ 14,045,780 $ 14,038,055 $ 13,554,314 $ 13,313,482Interest-bearing deposits with banks 3,849,736 3,737,763 3,706,328 3,315,932 2,743,578Debt securities 1,015,941 1,104,604 1,167,441 1,211,754 1,376,913Total loans 8,287,167 8,124,497 8,102,810 8,033,183 8,188,202Allowance for credit losses (99,511) (96,988) (100,455) (99,497) (101,882)Noninterest-bearing demand deposits 3,816,389 3,967,626 4,027,797 3,907,060 3,858,670Money market and interest-bearing checking deposits 5,393,791 5,301,439 5,393,995 5,231,327 5,122,457Savings deposits 1,251,394 1,205,602 1,174,685 1,110,020 1,082,855Time deposits 1,656,813 1,581,525 1,530,273 1,470,139 1,410,370Total deposits 12,118,387 12,056,192 12,126,750 11,718,546 11,474,352Stockholders' equity 1,782,801 1,728,038 1,672,827 1,621,187 1,584,575Book value per common share 53.49 51.94 50.32 48.81 47.84Tangible book value per common share (non-GAAP)(1) 47.71 46.12 44.47 42.92 41.91Balance Sheet Ratios:Average loans to deposits 67.32% 67.11% 68.08% 69.63% 72.27%Average earning assets to total assets 93.00 92.97 93.10 93.14 93.02Average stockholders' equity to average assets 12.38 12.14 12.00 11.87 11.88Asset Quality Data:Past due loans $ 7,959 $ 7,515 $ 5,120 $ 7,739 $ 4,628Nonaccrual loans (3) 57,266 49,878 56,371 57,984 45,481Other real estate owned and repossessed assets 53,233 53,022 35,542 33,665 39,519Nonaccrual loans to total loans 0.69% 0.61% 0.70% 0.72% 0.56%Allowance to total loans 1.20 1.19 1.24 1.24 1.24Allowance to nonaccrual loans 173.77 194.45 178.20 171.59 224.01Net charge-offs to average loans 0.02 0.05 0.01 0.01 0.01Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):Stockholders' equity $ 1,782,801 $ 1,728,038 $ 1,672,827 $ 1,621,187 $ 1,584,575Less goodwill 182,263 182,263 182,263 182,263 182,263Less intangible assets, net 10,548 11,410 12,272 13,158 14,045Tangible stockholders' equity (non-GAAP) $ 1,589,990 $ 1,534,365 $ 1,478,292 $ 1,425,766 $ 1,388,267Common shares outstanding 33,329,247 33,272,131 33,241,564 33,216,519 33,122,689Tangible book value per common share (non-GAAP) $ 47.71 $ 46.12 $ 44.47 $ 42.92 $ 41.91(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-GAAPfinancial 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 $10.0 million of nonaccrual loans at September 30, 2025.
BancFirstCorporationSummary Financial Information(Dollars in thousands, except per share and share data – Unaudited) Nine months ended September 30, 2025 2024Condensed Income Statements:Net interest income $ 362,820 $ 330,957Provision for credit losses on loans 6,922 10,404Provision for off-balance sheet credit exposures 489 -Noninterest income:Trust revenue 17,184 16,250Service charges on deposits 52,676 51,431Securities transactions (581) (258)Sales of loans 2,382 1,945Insurance commissions 27,284 25,514Cash management 30,962 26,989Other 16,901 15,685Total noninterest income 146,808 137,556Noninterest expense:Salaries and employee benefits 167,421 157,671Occupancy expense, net 18,224 16,215Depreciation 14,224 13,542Amortization of intangible assets 2,610 2,659Data processing services 8,778 8,032Net expense from other real estate owned 8,377 6,609Marketing and business promotion 6,912 6,670Deposit insurance 5,136 4,697Other 40,768 38,734Total noninterest expense 272,450 254,829Income before income taxes 229,767 203,280Income tax expense 48,654 43,402Net income $ 181,113 $ 159,878Per Common Share Data:Net income-basic $ 5.44 $ 4.84Net income-diluted 5.36 4.76Cash dividends declared 1.41 1.32Common shares outstanding 33,329,247 33,122,689Average common shares outstanding -Basic 33,266,315 33,015,741Diluted 33,812,270 33,567,117Performance Ratios:Return on average assets 1.74% 1.68%Return on average stockholders' equity 14.26 14.30Net interest margin 3.75 3.75Efficiency ratio 53.46 54.39
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, 2025 September 30, 2025 Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense RateASSETSEarning assets:Loans $ 8,167,950 $ 143,698 6.98 % $ 8,094,825 $ 420,408 6.94 %Securities – taxable 1,061,971 6,515 2.43 1,131,722 20,408 2.41Securities – tax exempt 1,246 11 3.47 1,849 55 3.99Interest bearing deposits with banks and FFS 3,937,525 44,363 4.47 3,739,945 125,017 4.47Total earning assets 13,168,692 194,587 5.86 12,968,341 565,888 5.83Nonearning assets:Cash and due from banks 205,722 210,268Interest receivable and other assets 882,858 860,558Allowance for credit losses (97,456) (98,344)Total nonearning assets 991,124 972,482Total assets $ 14,159,816 $13,940,823LIABILITIES AND STOCKHOLDERS' EQUITYInterest bearing liabilities:Money market and interest-bearing checking deposits $ 5,386,505 $ 41,263 3.04 % $ 5,337,406 $ 122,546 3.07 %Savings deposits 1,230,646 9,763 3.15 1,185,171 28,037 3.16Time deposits 1,627,672 16,622 4.05 1,563,089 48,644 4.16Short-term borrowings 9,304 100 4.28 4,930 158 4.28Subordinated debt 86,192 1,030 4.74 86,177 3,091 4.80Total interest bearing liabilities 8,340,319 68,778 3.27 8,176,773 202,476 3.31Interest free funds:Noninterest bearing deposits 3,888,147 3,906,936Interest payable and other liabilities 178,438 159,434Stockholders' equity 1,752,912 1,697,680Total interest free funds 5,819,497 5,764,050Total liabilities and stockholders' equity $ 14,159,816 $13,940,823Net interest income $ 125,809 $ 363,412Net interest spread 2.59 % 2.52 %Effect of interest free funds 1.20 % 1.23 %Net interest margin 3.79 % 3.75 %
https://edge.prnewswire.com/c/img/favicon.png?sn=DA00441&sd=2025-10-17
View original content:https://www.prnewswire.com/news-releases/bancfirst-corporation-reports-third-quarter-earnings-302586955.html
SOURCE BancFirst
https://rt.newswire.ca/rt.gif?NewsItemId=DA00441&Transmission_Id=202510170800PR_NEWS_USPR_____DA00441&DateId=20251017