BANCFIRST CORPORATION REPORTS SECOND QUARTER EARNINGS
OKLAHOMA CITY, July 17, 2025 /PRNewswire/ -- 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 of Oklahoma. 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 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.
BancFirst Corporation
Summary 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 Qtr
Condensed Income Statements:
Net interest income
$ 121,256
$ 115,949
$ 115,917
$ 114,957
$ 109,896
Provision for credit losses on loans
1,239
1,461
(1,400)
3,031
3,358
Provision for off-balance sheet credit exposures
148
125
-
-
-
Noninterest income:
Trust revenue
5,795
5,539
5,551
5,672
5,490
Service charges on deposits
17,741
16,804
18,133
17,723
17,280
Securities transactions
(740)
(333)
355
(308)
317
Sales of loans
830
636
731
721
733
Insurance commissions
7,920
10,410
7,914
9,391
6,668
Cash management
10,573
10,051
9,221
9,189
9,149
Other
5,929
5,787
5,114
6,324
4,307
Total noninterest income
48,048
48,894
47,019
48,712
43,944
Noninterest expense:
Salaries and employee benefits
55,147
54,593
54,327
54,215
51,928
Occupancy expense, net
6,037
5,753
5,977
5,776
5,233
Depreciation
4,691
4,808
4,593
4,482
4,504
Amortization of intangible assets
862
886
887
886
887
Data processing services
2,985
2,892
2,726
2,720
2,696
Net expense from other real estate owned
2,941
2,658
6,446
2,751
1,656
Marketing and business promotion
2,325
2,461
2,719
2,168
2,246
Deposit insurance
1,675
1,725
1,653
1,645
1,614
Other
11,536
16,403
13,007
12,091
14,552
Total noninterest expense
88,199
92,179
92,335
86,734
85,316
Income before income taxes
79,718
71,078
72,001
73,904
65,166
Income tax expense
17,371
14,966
15,525
15,001
14,525
Net income
$ 62,347
$ 56,112
$ 56,476
$ 58,903
$ 50,641
Per Common Share Data:
Net income-basic
$ 1.87
$ 1.69
$ 1.71
$ 1.78
$ 1.53
Net income-diluted
1.85
1.66
1.68
1.75
1.51
Cash dividends declared
0.46
0.46
0.46
0.46
0.43
Common shares outstanding
33,272,131
33,241,564
33,216,519
33,122,689
33,022,124
Average common shares outstanding -
Basic
33,255,015
33,232,788
33,172,530
33,097,164
33,001,180
Diluted
33,795,243
33,768,873
33,750,993
33,646,549
