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BancFirst Corporation (NASDAQ: BANF) is recognized as Oklahoma's largest state-chartered bank with assets totaling $6.4 billion and operations spanning over 50 communities across the state. As a publicly held company listed on the NASDAQ National Market System, BancFirst remains committed to investing in the future of local communities by offering a diverse range of personal and commercial products, trust services, insurance, and investment solutions.
BancFirst operates through multiple business units including metropolitan banks, community banks, Pegasus Bank, Worthington Bank, and other specialized financial services. These units collectively provide traditional banking products such as commercial and retail lending, along with a comprehensive suite of deposit accounts.
The company’s additional financial services include guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking, and insurance. BancFirst’s commitment to excellence has been recognized by esteemed publications; it was listed in the top 10 on Forbes' list of 'America's Best Banks' in 2015 and consecutively rated in the top 25 of the 'Nation's Strongest and Safest Banks' by Bank Director magazine for eight years.
Recent achievements include robust financial performance for the year 2023. For the fourth quarter of 2023, BancFirst reported net income of $48.9 million, or $1.46 diluted earnings per share. For the entire year, the net income was $212.5 million, or $6.34 diluted earnings per share. This represents a notable increase from the prior year's figures of $193.1 million in net income and $5.77 earnings per share.
The company’s financial health continues to be strong, with total assets valued at $12.4 billion as of December 31, 2023. Loans increased significantly to $7.7 billion, while deposits slightly decreased to $10.7 billion. Despite facing challenges such as the impact of the Durbin Amendment, which affected interchange fees, BancFirst managed to maintain a strong liquidity position with $2.4 billion in cash and an average loan to deposit ratio of 70.5%.
BancFirst also emphasizes exceptional asset quality, with nonaccrual loans representing only 0.32% of total loans at the end of 2023. The allowance for credit losses was maintained at 1.26% of total loans, showcasing the company's prudent risk management practices.
CEO David Harlow has expressed confidence in the company’s stability and growth prospects, citing the 'fortress balance sheet' and the capacity to navigate economic conditions with resilience. Looking ahead, BancFirst is poised to continue leveraging its strong capital base, community-focused deposits, and top-tier liquidity to compete effectively in its markets.
For more detailed financial information and updates, visit the company's official website at www.bancfirst.bank.
BancFirst (NASDAQ GS:BANF) reported net income of $58.9 million, or $1.75 per diluted share, for the third quarter of 2024, up from $51.0 million, or $1.52 per diluted share, in Q3 2023. Net interest income increased to $115.0 million from $104.3 million year-over-year, driven primarily by loan volume growth. The net interest margin improved to 3.78% from 3.73% in the same period last year.
Noninterest income grew to $48.7 million, while noninterest expense increased to $86.7 million. Total assets reached $13.3 billion, with loans growing to $8.2 billion and deposits rising to $11.5 billion. The company's total stockholders' equity increased to $1.6 billion. Nonaccrual loans represented 0.56% of total loans, and the allowance for credit losses to total loans was 1.24%.
BancFirst (NASDAQ GS: BANF) reported Q2 2024 earnings with net income of $50.6 million, or $1.51 per diluted share, compared to $55.0 million, or $1.64 per diluted share, in Q2 2023. Net interest income increased to $109.9 million from $105.9 million year-over-year, driven by loan volume growth. The company's total assets reached $12.7 billion, up $365.3 million from December 31, 2023. Loans grew by $394.7 million to $8.1 billion, while deposits increased by $315.5 million to $11.0 billion. Nonaccrual loans rose to 0.55% of total loans, up from 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.24%, slightly down from 1.26% at the end of 2023.
BancFirst Corporation (NASDAQ GS:BANF) reported a significant net income of $57.5 million, or $1.72 diluted earnings per share for Q1 2023, up from $35.9 million or $1.08 per share in Q1 2022. The net interest income soared to $109.2 million compared to $75.5 million a year earlier, driven by rising short-term interest rates and loan growth, leading to a net interest margin of 3.89%. Noninterest income also grew, totaling $47.8 million. Despite a rise in noninterest expenses to $80.3 million, largely from increased salaries, the Company maintained asset quality with nonaccrual loans at only 0.25% of total loans. Total assets slightly decreased to $12.3 billion, while total stockholders' equity improved to $1.3 billion.
BancFirst Corporation (NASDAQ: BANF) has announced a purchase and assumption agreement for RCB Bank's Stroud, Oklahoma branch. The transaction involves acquiring approximately $13.6 million in total assets, which include $2.2 million in loans and $13.0 million in deposits as of March 31, 2023. Following the acquisition, the Stroud branch will merge into BancFirst's existing Stroud branch. The deal is expected to finalize in the third quarter of 2023, pending regulatory approval. RCB Bank's CEO praised BancFirst for its support and customer service in the Stroud community.
BancFirst Corporation (NASDAQ GS:BANF) reported record net income of $57.1 million, or $1.70 diluted EPS, for Q4 2022, up from $38.2 million, or $1.15 diluted EPS, in Q4 2021. For the full year, net income reached $193.1 million, or $5.77 diluted EPS, compared to $167.6 million, or $5.03 diluted EPS, in 2021. The company's net interest income increased to $110.4 million, driven by rising interest rates and loan growth, with a net interest margin of 3.83%. Noninterest income rose to $48.2 million, while total assets grew to $12.4 billion. Despite rising expenses, asset quality remained strong with a decline in nonaccrual loans.
BancFirst Corporation (BANF) reported a strong third quarter 2022 with net income of $55.4 million or $1.65 per diluted share, up from $38.8 million or $1.16 in Q3 2021. Year-to-date net income rose to $136.0 million or $4.07 per share. Net interest income increased to $100.9 million, boosted by rising interest rates and loan growth. Noninterest income also surged to $49.3 million. Total assets grew to $12.5 billion, with deposits up by $3.0 billion. Asset quality remains strong with nonaccrual loans at 0.18% of total loans.
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