BancFirst Corporation Reports Strong Financial Performance in Q3 2024, with Net Income and Earnings Per Share Growth

BancFirst Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total assets increased to $13.3 billion, up $941.4 million from $12.4 billion at the end of 2023. Total deposits rose to $11.5 billion, reflecting a $774.2 million increase, while loans held for investment grew to $8.2 billion, an increase of $528.1 million.

For the three months ended September 30, 2024, BancFirst achieved net income of $58.9 million, compared to $51.0 million for the same period in 2023. This resulted in a diluted earnings per share of $1.75, up from $1.52 year-over-year. Net interest income for the quarter was $115.0 million, a 10.2% increase from $104.3 million in Q3 2023, driven by higher interest rates and loan growth. The net interest margin improved to 3.78%, compared to 3.73% in the prior year.

Noninterest income for the third quarter increased to $48.7 million, up from $44.4 million, primarily due to higher trust revenue and treasury income. However, noninterest expenses also rose to $86.7 million, an increase of $5.5 million, largely attributed to a $4.0 million rise in salaries and employee benefits.

For the nine months ended September 30, 2024, net income totaled $159.9 million, a slight decrease from $163.5 million in the same period of 2023. The provision for credit losses increased to $10.4 million from $7.5 million, reflecting the company's proactive approach to managing credit risk amid economic uncertainties. The allowance for credit losses stood at $101.9 million as of September 30, 2024, compared to $97.8 million a year earlier.

BancFirst's total stockholders' equity increased to $1.6 billion, up $150.7 million from December 31, 2023. The company’s liquidity ratio, defined as total cash and due from banks and interest-bearing deposits to total assets, was reported at 22.5%.

The company also noted an increase in nonaccrual loans, which rose to $45.5 million from $24.6 million at the end of 2023, primarily in the construction and development sector. Despite this, the overall credit quality of the loan portfolio remains strong, with management indicating that the allowance for credit losses may increase due to potential adverse economic changes.

BancFirst continues to maintain a well-capitalized status, with a Total Capital to Risk Weighted Assets ratio of 17.53%, significantly above the required 8.00%.