EX-99.1 2 banf-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

 

img44656334_0.jpg

 

 

100 N. Broadway Ave

FOR IMMEDIATE RELEASE

Oklahoma City, OK 73102

Thursday, April 17, 2025

www.bancfirst.bank

 

 

BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS

 

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 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

1

 

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.

 

 

BancFirst Corporation

 

Summary 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 Qtr

 

 Condensed Income Statements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net interest income

 

$

115,949

 

 

$

115,917

 

 

$

114,957

 

 

$

109,896

 

 

$

106,104

 

Provision for (benefit from) credit losses

 

 

1,586

 

 

 

(1,400

)

 

 

3,031

 

 

 

3,358

 

 

 

4,015

 

 Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust revenue

 

 

5,539

 

 

 

5,551

 

 

 

5,672

 

 

 

5,490

 

 

 

5,088

 

Service charges on deposits

 

 

16,804

 

 

 

18,133

 

 

 

17,723

 

 

 

17,280

 

 

 

16,428

 

Securities transactions

 

 

(333

)

 

 

355

 

 

 

(308

)

 

 

317

 

 

 

(267

)

Sales of loans

 

 

636

 

 

 

731

 

 

 

721

 

 

 

733

 

 

 

491

 

Insurance commissions

 

 

10,410

 

 

 

7,914

 

 

 

9,391

 

 

 

6,668

 

 

 

9,455

 

Cash management

 

 

10,051

 

 

 

9,221

 

 

 

9,189

 

 

 

9,149

 

 

 

8,651

 

Other

 

 

5,787

 

 

 

5,114

 

 

 

6,324

 

 

 

4,307

 

 

 

5,054

 

Total noninterest income

 

 

48,894

 

 

 

47,019

 

 

 

48,712

 

 

 

43,944

 

 

 

44,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

54,593

 

 

 

54,327

 

 

 

54,215

 

 

 

51,928

 

 

 

51,528

 

Occupancy expense, net

 

 

5,753

 

 

 

5,977

 

 

 

5,776

 

 

 

5,233

 

 

 

5,206

 

Depreciation

 

 

4,808

 

 

 

4,593

 

 

 

4,482

 

 

 

4,504

 

 

 

4,556

 

Amortization of intangible assets

 

 

886

 

 

 

887

 

 

 

886

 

 

 

887

 

 

 

886

 

Data processing services

 

 

2,892

 

 

 

2,726

 

 

 

2,720

 

 

 

2,696

 

 

 

2,616

 

Net expense from other real estate owned

 

 

2,658

 

 

 

6,446

 

 

 

2,751

 

 

 

1,656

 

 

 

2,202

 

Marketing and business promotion

 

 

2,461

 

 

 

2,719

 

 

 

2,168

 

 

 

2,246

 

 

 

2,256

 

Deposit insurance

 

 

1,725

 

 

 

1,653

 

 

 

1,645

 

 

 

1,614

 

 

 

1,438

 

Other

 

 

16,403

 

 

 

13,007

 

 

 

12,091

 

 

 

14,552

 

 

 

12,091

 

   Total noninterest expense

 

 

92,179

 

 

 

92,335

 

 

 

86,734

 

 

 

85,316

 

 

 

82,779

 

 Income before income taxes

 

 

71,078

 

 

 

72,001

 

 

 

73,904

 

 

 

65,166

 

 

 

64,210

 

 Income tax expense

 

 

14,966

 

 

 

15,525

 

 

 

15,001

 

 

 

14,525

 

 

 

13,876

 

 Net income

 

$

56,112

 

 

$

56,476

 

 

$

58,903

 

 

$

50,641

 

 

$

50,334

 

 Per Common Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net income-basic

 

$

1.69

 

 

$

1.71

 

 

$

1.78

 

 

$

1.53

 

 

$

1.53

 

 Net income-diluted

 

 

1.67

 

 

 

1.68

 

 

 

1.75

 

 

 

1.51

 

 

 

1.50

 

 Cash dividends declared

 

 

0.46

 

 

 

0.46

 

 

 

0.46

 

 

 

0.43

 

 

 

0.43

 

 Common shares outstanding

 

 

33,241,564

 

 

 

33,216,519

 

 

 

33,122,689

 

 

 

33,022,124

 

 

 

32,966,678

 

 Average common shares outstanding -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Basic

 

 

33,130,938

 

 

 

33,172,530

 

 

 

33,097,164

 

 

 

33,001,180

 

 

 

32,947,983

 

   Diluted

 

 

33,667,023

 

 

 

33,750,993

 

 

 

33,646,549

 

 

 

33,525,061

 

 

 

33,513,412

 

 Performance 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

 

 

 

13.96

 

 Net interest margin

 

 

3.70

 

 

 

3.68

 

 

 

3.78

 

 

 

3.76

 

 

 

3.70

 

 Efficiency ratio

 

 

55.92

 

 

 

56.67

 

 

 

52.99

 

 

 

55.46

 

 

 

54.82

 

 

 

 

2

 

 

BancFirst Corporation

 

 

Summary 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 Qtr

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

14,038,055

 

 

$

13,554,314

 

 

$

13,313,482

 

 

$

12,737,318

 

 

$

12,602,425

 

 

Interest-bearing deposits with banks

 

 

3,706,328

 

 

 

3,315,932

 

 

 

2,743,578

 

 

 

2,299,019

 

 

 

2,341,604

 

 

Debt securities

 

 

1,167,441

 

 

 

1,211,754

 

 

 

1,376,913

 

 

 

1,441,365

 

 

 

1,534,651

 

 

Total loans

 

 

8,102,810

 

 

 

8,033,183

 

 

 

8,188,202

 

 

 

8,054,856

 

 

 

7,787,857

 

 

Allowance 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

 

 

 

3,849,807

 

 

Money market and interest-bearing checking deposits

 

 

5,393,995

 

 

 

5,231,327

 

 

 

5,122,457

 

 

 

4,930,853

 

 

 

4,901,081

 

 

Savings deposits

 

 

1,174,685

 

 

 

1,110,020

 

 

 

1,082,855

 

 

 

1,084,266

 

 

 

1,076,181

 

 

Time deposits

 

 

1,530,273

 

 

 

1,470,139

 

 

 

1,410,370

 

 

 

1,184,665

 

 

 

1,082,552

 

 

Total deposits

 

 

12,126,750

 

 

 

11,718,546

 

 

 

11,474,352

 

 

 

11,015,602

 

 

 

10,909,621

 

 

Stockholders' equity

 

 

1,672,827

 

 

 

1,621,187

 

 

 

1,584,575

 

 

 

1,512,492

 

 

 

1,469,312

 

 

Book value per common share

 

 

50.32

 

 

 

48.81

 

 

 

47.84

 

 

 

45.80

 

 

 

44.57

 

 

Tangible book value per common share (non-GAAP)(1)

 

 

44.47

 

 

 

42.92

 

 

 

41.91

 

 

 

39.83

 

 

 

38.56

 

 

Balance 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

 

 

 

92.67

 

 

Average stockholders' equity to average assets

 

 

12.00

 

 

 

11.87

 

 

 

11.88

 

 

 

11.71

 

 

 

11.65

 

 

Asset Quality Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past due loans

 

$

5,120

 

 

$

7,739

 

 

$

4,628

 

 

$

4,280

 

 

$

6,332

 

 

Nonaccrual loans (3)

 

 

56,371

 

 

 

57,984

 

 

 

45,481

 

 

 

44,021

 

 

 

41,996

 

 

Other real estate owned and repossessed assets

 

 

35,542

 

 

 

33,665

 

 

 

39,519

 

 

 

38,497

 

 

 

35,116

 

 

Nonaccrual 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

 

 

 

1.25

 

 

Allowance to nonaccrual loans

 

 

178.20

 

 

 

171.59

 

 

 

224.01

 

 

 

226.32

 

 

 

231.61

 

 

Net charge-offs to average loans

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

 

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

$

1,672,827

 

 

$

1,621,187

 

 

$

1,584,575

 

 

$

1,512,492

 

 

$

1,469,312

 

 

Less goodwill

 

 

182,263

 

 

 

182,263

 

 

 

182,263

 

 

 

182,263

 

 

 

182,263

 

 

Less intangible assets, net

 

 

12,272

 

 

 

13,158

 

 

 

14,045

 

 

 

14,931

 

 

 

15,818

 

 

Tangible stockholders’ equity (non-GAAP)

 

$

1,478,292

 

 

$

1,425,766

 

 

$

1,388,267

 

 

$

1,315,298

 

 

$

1,271,231

 

 

Common shares outstanding

 

 

33,241,564

 

 

 

33,216,519

 

 

 

33,122,689

 

 

 

33,022,124

 

 

 

32,966,678

 

 

Tangible 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.

 

 

 

 

3

 

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31, 2025

 

 

 

 

 

 

Interest

 

 

Average

 

 

 

Average

 

 

Income/

 

 

Yield/

 

 

 

Balance

 

 

Expense

 

 

Rate

 

 

ASSETS

Earning assets:

 

 

 

 

 

 

 

 

 

  Loans

$

8,050,816

 

 

$

137,178

 

 

 

6.91

 

%

  Securities – taxable

 

1,195,306

 

 

 

7,006

 

 

 

2.38

 

 

  Securities – tax exempt

 

2,192

 

 

22

 

 

4.13

 

 

  Interest bearing deposits with banks and FFS

 

3,492,467

 

 

 

38,468

 

 

 

4.47

 

 

     Total earning assets

 

12,740,781

 

 

 

182,674

 

 

 

5.81

 

 

 

 

 

 

 

 

 

 

 

 

Nonearning assets:

 

 

 

 

 

 

 

 

 

  Cash and due from banks

 

214,859

 

 

 

 

 

 

 

 

  Interest receivable and other assets

 

828,449

 

 

 

 

 

 

 

 

  Allowance for credit losses

 

(99,703

)

 

 

 

 

 

 

 

     Total nonearning assets

 

943,605

 

 

 

 

 

 

 

 

     Total assets

$

13,684,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

Money market and interest-bearing checking deposits

$

5,302,584

 

 

$

40,720

 

 

 

3.11

 

%

  Savings deposits

 

1,138,173

 

 

 

8,900

 

 

 

3.17

 

 

  Time deposits

 

1,494,885

 

 

 

15,870

 

 

 

4.31

 

 

  Short-term borrowings

 

643

 

 

 

7

 

 

 

4.36

 

 

  Subordinated debt

 

86,162

 

 

 

1,030

 

 

 

4.85

 

 

     Total interest bearing liabilities

 

8,022,447

 

 

 

66,527

 

 

 

3.36

 

 

 

 

 

 

 

 

 

 

 

 

Interest free funds:

 

 

 

 

 

 

 

 

 

  Noninterest bearing deposits

 

3,889,812

 

 

 

 

 

 

 

 

  Interest payable and other liabilities

 

129,460

 

 

 

 

 

 

 

 

  Stockholders’ equity

 

1,642,667

 

 

 

 

 

 

 

 

     Total interest free funds

 

5,661,939

 

 

 

 

 

 

 

 

     Total liabilities and stockholders’ equity

$

13,684,386

 

 

 

 

 

 

 

 

Net interest income

 

 

 

$

116,147

 

 

 

 

 

Net interest spread

 

 

 

 

 

 

 

2.45

 

%

Effect of interest free funds

 

 

 

 

 

 

 

1.25

 

%

Net interest margin

 

 

 

 

 

 

 

3.70

 

%

 

4