OKLAHOMA CITY, April 18, 2024 /PRNewswire/ -- 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. 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