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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported): April 18, 2024

   

BancFirst Corporation

(Exact name of Registrant as Specified in Its Charter)


Oklahoma	0-14384	73-1221379
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

100 N. Broadway Ave.
Oklahoma City, Oklahoma		73102-8405
(Address of Principal Executive Offices)		(Zip Code)

    Registrant’s Telephone Number, Including Area Code: 405 270-1086

   

    Not Applicable

   

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 Par Value Per Share	BANF	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

BancFirst Corporation Reports First Quarter Earnings

On April 18, 2024, BancFirst Corporation announced its results of operations for the quarter ended March 31, 2024. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.

Item 9.01 Financial Statements and Exhibits.


(d)	Exhibits.
Exhibit No.	Description
99.1	Press Release, dated April 18, 2024, issued by BancFirst Corporation titled “BancFirst Corporation Reports First Quarter Earnings.”
104	Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			BANCFIRST CORPORATION

Date:	April 18, 2024	By:	/s/ Kevin Lawrence
			Kevin Lawrence Executive Vice President Chief Financial Officer

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

Exhibit 99.1


	100 N. Broadway Ave
FOR IMMEDIATE RELEASE	Oklahoma City, OK 73102
Thursday, April 18, 2024	www.bancfirst.bank

BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS

BancFirst Corporation (NASDAQ GS:BANF) reported net income of $50.3 million, or $1.50 per diluted share, for the first quarter of 2024 compared to net income of $57.5 million, or $1.72 per diluted share, for the first quarter of 2023. The Company’s net interest income for the first quarter of 2024 decreased to $106.1 million from $109.2 million for the same period in 2023. Net interest income was negatively impacted by increases in volume and rates on interest bearing deposits, partially offset by higher loan volume. Net interest margin for the first quarter of 2024 was 3.70% compared to 3.89% for the first quarter of 2023. The Company recorded a provision for credit losses of $4.0 million in the first quarter compared to $2.3 million for the first quarter of 2023.

Noninterest income for the quarter totaled $44.9 million compared to $47.8 million last year. The decrease in noninterest income was primarily due to an approximate $5.3 million reduction of interchange fees related to the impact of the Durbin Amendment. Trust revenue, sweep fees and insurance commissions all each increased when compared to last year.

Noninterest expense for the quarter increased to $82.8 million compared to $80.3 million in the same quarter last year. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $2.3 million.

The Company’s effective tax rate for the period was 21.6% compared to 22.6% for the first quarter of 2023.

At March 31, 2024, the Company’s total assets were $12.6 billion, an increase of $230.4 million from December 31, 2023. Loans grew $127.7 million, totaling $7.8 billion at March 31, 2024. Deposits totaled $10.9 billion, an increase of $209.5 million from December 31, 2023. Sweep accounts were $4.6 billion at March 31, 2024, up $224.2 million from December 31, 2023. The Company’s total stockholders’ equity was $1.5 billion, an increase of $35.4 million over December 31, 2023.

Asset quality remained strong as nonaccrual loans totaled $42.0 million, representing 0.54% of total loans at March 31, 2024 compared to 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.25% at March 31, 2024 virtually unchanged from year-end. Net charge-offs were $3.5 million for the quarter compared to $290,000 for the first quarter of 2023.

BancFirst Corporation CEO David Harlow commented, “The Company reported a solid quarter fueled by loan growth, deposit growth, and early signs of a stabilization in our deposit mix. Asset quality remained strong and our CECL reserve percentage was essentially flat as our guarded outlook on the economy has not changed materially. Recent inflation data has been higher than anticipated causing the Federal Reserve to signal higher rates for longer which will impact everyone including banks.”

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 106 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.

For additional information call:

Kevin Lawrence, Chief Financial Officer at (405) 270-1003 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)

	2024			2023			2023			2023			2023
	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
Condensed Income Statements:
Net interest income	$	106,104		$	105,066		$	104,308		$	105,926		$	109,156
Provision for credit losses		4,015			-			2,312			2,824			2,322
Noninterest income:
Trust revenue		5,088			5,106			4,866			4,590			4,222
Service charges on deposits		16,428			16,841			17,027			22,268			21,231
Securities transactions		(267	)		(1,364	)		(361	)		110			(213	)
Income from sales of loans		491			512			734			757			604
Insurance commissions		9,455			7,220			8,429			6,225			8,741
Cash management		8,651			7,878			8,177			7,927			6,734
Other		5,054			8,964			5,577			6,097			6,509
Total noninterest income		44,900			45,157			44,449			47,974			47,828

Noninterest expense:
Salaries and employee benefits		51,528			50,731			50,200			49,803			49,252
Occupancy expense, net		5,206			5,439			5,487			5,118			4,983
Depreciation		4,556			4,560			4,685			4,769			4,643
Amortization of intangible assets		886			887			885			880			880
Data processing services		2,616			2,224			1,820			2,217			2,107
Net expense from other real estate owned		2,202			7,870			2,720			2,889			2,459
Marketing and business promotion		2,256			2,653			2,034			1,900			2,527
Deposit insurance		1,438			1,332			1,419			1,463			1,613
Other		12,091			14,120			11,965			12,071			11,853
Total noninterest expense		82,779			89,816			81,215			81,110			80,317
Income before income taxes		64,210			60,407			65,230			69,966			74,345
Income tax expense		13,876			11,473			14,242			14,956			16,812
Net income	$	50,334		$	48,934		$	50,988		$	55,010		$	57,533
Per Common Share Data:
Net income-basic	$	1.53		$	1.48		$	1.55		$	1.67		$	1.75
Net income-diluted		1.50			1.46			1.52			1.64			1.72
Cash dividends declared		0.43			0.43			0.43			0.40			0.40
Common shares outstanding		32,966,678			32,933,018			32,921,393			32,939,256			32,899,493
Average common shares outstanding -
Basic		32,947,983			32,926,326			32,937,149			32,920,497			32,892,857
Diluted		33,513,412			33,483,691			33,539,389			33,467,254			33,462,379
Performance Ratios:
Return on average assets		1.63	%		1.58	%		1.68	%		1.85	%		1.90	%
Return on average stockholders’ equity		13.96			13.98			14.93			16.59			18.31
Net interest margin		3.70			3.67			3.73			3.87			3.89
Efficiency ratio		54.82			59.79			54.60			52.70			51.16


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	2024			2023			2023			2023			2023
	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
Balance Sheet Data:

Total assets	$	12,602,425		$	12,372,042		$	12,114,602		$	12,020,265		$	12,332,105
Interest-bearing deposits with banks		2,341,604			2,172,001			2,134,081			2,188,004			2,623,565
Debt securities		1,534,651			1,555,095			1,525,448			1,570,620			1,618,233
Total loans		7,787,857			7,660,134			7,476,474			7,307,475			7,124,831
Allowance for credit losses		(97,267	)		(96,800	)		(97,776	)		(96,920	)		(94,760	)
Deposits		10,909,621			10,700,122			10,534,171			10,475,180			10,610,103
Stockholders' equity		1,469,312			1,433,891			1,370,584			1,340,791			1,310,882
Book value per common share		44.57			43.54			41.63			40.70			39.85
Tangible book value per common share (non-GAAP)(1)		38.56			37.50			35.56			34.62			33.73
Balance Sheet Ratios:
Average loans to deposits		71.97	%		70.52	%		70.61	%		69.85	%		64.54	%
Average earning assets to total assets		92.56			92.42			92.39			92.23			92.52
Average stockholders' equity to average assets		11.65			11.30			11.28			11.17			10.36
Asset Quality Data:
Past due loans	$	6,332		$	9,542		$	12,575		$	8,799		$	7,258
Nonaccrual loans (3)		41,996			24,573			16,676			18,047			17,649
Other real estate owned and repossessed assets		35,116			34,200			42,782			41,612			38,874
Nonaccrual loans to total loans		0.54	%		0.32	%		0.22	%		0.25	%		0.25	%
Allowance to total loans		1.25			1.26			1.31			1.33			1.33
Allowance to nonaccrual loans		231.61			393.92			586.34			537.05			536.93
Net charge-offs to average loans		0.05			0.02			0.02			0.01			0.00

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

Stockholders' equity	$	1,469,312		$	1,433,891		$	1,370,584		$	1,340,791		$	1,310,882
Less goodwill		182,263			182,263			182,263			182,055			182,055
Less intangible assets, net		15,818			16,704			17,591			18,223			19,103
Tangible stockholders’ equity (non-GAAP)	$	1,271,231		$	1,234,924		$	1,170,730		$	1,140,513		$	1,109,724
Common shares outstanding		32,966,678			32,933,018			32,921,393			32,939,256			32,899,493
Tangible book value per common share (non-GAAP)	$	38.56		$	37.50		$	35.56		$	34.62		$	33.73

(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 $6.6 million of nonaccrual loans at March 31, 2024.


BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)

	Three Months Ended
	March 31, 2024
				Interest		Average
	Average			Income/		Yield/
	Balance			Expense		Rate
ASSETS
Earning assets:
Loans	$	7,730,753		$	132,249		6.86	%
Securities – taxable		1,557,806			9,181		2.36
Securities – tax exempt		2,642		25		3.76
Interest bearing deposits with banks and FFS		2,212,788			30,316		5.50
Total earning assets		11,503,989			171,771		5.99

Nonearning assets:
Cash and due from banks		202,300
Interest receivable and other assets		804,575
Allowance for credit losses		(97,061	)
Total nonearning assets		909,814
Total assets	$	12,413,803

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits	$	4,814,772		$	44,217		3.68	%
Savings deposits		1,056,727			9,003		3.42
Time deposits		1,027,039			11,193		4.37
Short-term borrowings		8,018			96		4.79
Subordinated debt		86,106			1,030		4.80
Total interest bearing liabilities		6,992,662			65,539		3.76

Interest free funds:
Noninterest bearing deposits		3,843,371
Interest payable and other liabilities		131,898
Stockholders’ equity		1,445,872
Total interest free funds		5,421,141
Total liabilities and stockholders’ equity	$	12,413,803
Net interest income				$	106,232
Net interest spread							2.23	%
Effect of interest free funds							1.47	%
Net interest margin							3.70	%