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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 Corporation (NASDAQ GS:BANF) reported a net income of $44.7 million, or $1.34 per diluted share, for Q2 2022, a decrease from $48.2 million, or $1.45 per share, in Q2 2021. For the first half of 2022, net income was $80.6 million, down from $90.7 million in 2021. Net interest income rose to $86.9 million, aided by higher short-term interest rates, although the net interest margin decreased to 3.05%. Noninterest income fell to $42.6 million, impacted by a prior year gain. Total assets grew to $12.5 billion, with deposits up $3.1 billion, reflecting strong growth and acquisition of Worthington National Bank.
BancFirst Corporation (NASDAQ GS:BANF) reported a net income of $35.9 million or $1.08 diluted EPS for Q1 2022, down from $42.5 million or $1.27 EPS in Q1 2021. Net interest income fell to $75.5 million, partly due to an $8.1 million decline in PPP fees. Noninterest income rose to $43.7 million, driven by a $4.9 million equity method accounting gain. Total assets reached $12.6 billion, largely influenced by the Worthington acquisition. Nonaccrual loans dropped to 0.27% of total loans, and the allowance for credit losses was 1.34%.
BancFirst Corporation (NASDAQ: BANF) reported a net income of $38.2 million or $1.15 EPS for Q4 2021, up from $35.4 million or $1.06 EPS in Q4 2020. For 2021, net income rose to $167.6 million or $5.03 EPS compared to $99.6 million or $3.00 EPS in 2020. The company benefited from a $224,000 credit loss reversal in Q4 2021, contrasting with $5 million provision in Q4 2020. Total assets reached $9.4 billion, with a loan decrease to $6.2 billion, significantly affected by $572.3 million in PPP loan payoffs.
BancFirst Corporation (NASDAQ: BANF) reported a significant net income of $38.8 million for Q3 2021, up from $20.9 million in Q3 2020, translating to $1.16 diluted EPS. For the nine months ending September 30, 2021, net income reached $129.5 million, a substantial rise compared to $64.2 million in the same period last year. The provision for credit losses decreased to $1.5 million from $18.7 million year-on-year. Total assets grew to $11.3 billion, with deposits increasing by $1.9 billion. The company expects a positive economic outlook as COVID impacts diminish.
BancFirst Corporation (BANF) reported net income of $48.2 million for Q2 2021, a significant rise from $20.7 million in Q2 2020, resulting in $1.45 diluted earnings per share. For the first half of 2021, net income reached $90.7 million, compared to $43.3 million a year earlier. The company benefited from a $9.9 million reversal of credit loss provisions. Total assets rose to $11.0 billion, while deposits grew to $9.7 billion. The outlook for loan growth and non-interest income remains cautious due to the economic recovery uncertainties.
BancFirst Corporation (NASDAQ GS:BANF) has appointed Dr. Mautra Staley Jones as a new director. Dr. Jones brings extensive experience as the Vice President for Institutional Advancement and External Affairs at Langston University and serves on several nonprofit boards. She holds a Doctor of Education degree from Vanderbilt University and was recognized as the 2021 National Mother of the Year. Dr. Jones's term will expire at the 2022 annual shareholders' meeting, where she will seek re-election.
BancFirst Corporation (NASDAQ GS:BANF) reported a significant increase in net income for the first quarter of 2021, totaling $42.5 million or $1.27 diluted earnings per share, compared to $22.6 million or $0.68 per share a year prior. The company recorded no provision for credit losses, a notable improvement from $19.6 million in Q1 2020. Net interest income rose to $77.2 million, aided by loan growth and PPP fees. Total assets increased to $10.5 billion with deposits at $9.4 billion, largely due to government stimulus.
BancFirst Corporation (NASDAQ GS:BANF) has entered a purchase and assumption agreement to acquire assets and assume deposits of The First National Bank and Trust Company of Vinita, Oklahoma. This bank, with approximately $285 million in total assets, $209 million in loans, and $258 million in deposits as of December 2020, will become a branch of BancFirst. The transaction is expected to finalize in Q2 2021, pending regulatory approval.
BancFirst Corporation (NASDAQ: BANF) reported a net income of $35.4 million for Q4 2020, a slight decrease from $35.5 million in Q4 2019. Annual net income fell to $99.6 million, down from $134.9 million in 2019, primarily due to higher provisions for credit losses. Notably, net interest income rose to $79.5 million, driven by loan growth and PPP fee income. Total assets reached $9.2 billion, with loans increasing to $6.4 billion and deposits to $8.1 billion. CEO David Harlow expressed a cautiously optimistic outlook for 2021 amidst ongoing economic challenges.
BancFirst Corporation (NASDAQ: BANF) reported a third-quarter net income of $20.9 million ($0.63 per share), down from $33.4 million ($1.00 per share) in Q3 2019. The nine-month net income for 2020 was $64.2 million ($1.94 per share), declining from $99.4 million ($2.98 per share) in 2019. A significant increase in the provision for credit losses, from $2.8 million to $18.7 million, reflects ongoing economic uncertainty due to the pandemic. Net interest income rose to $75.9 million, but the net interest margin fell to 3.40%. Total assets increased to $9.6 billion, driven by government stimulus measures.
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