Apex Trader Funding (ATF) - News
BANCFIRST CORPORATION REPORTS SECOND QUARTER EARNINGS
OKLAHOMA CITY, July 18, 2024 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $50.6 million, or $1.51 per diluted share, for the second quarter of 2024 compared to net income of $55.0 million, or $1.64 per diluted share, for the second quarter of 2023.
The Company's net interest income for the second quarter of 2024 increased to $109.9 million from $105.9 million for the same period in 2023. Loan volume was the primary driver of the change in net interest income, but was partially offset by the impact of the shifting mix between interest-bearing and noninterest bearing-deposits. Net interest margin for the three-month period ended June 30 was 3.76% in 2024 compared to 3.87% in 2023. The Company recorded a provision for credit losses of $3.4 million in the second quarter of 2024 compared to $2.8 million for the same period in 2023.
Noninterest income for the quarter totaled $43.9 million compared to $48.0 million last year. The decrease in noninterest income was primarily due to an approximate $5.7 million reduction of interchange fees related to the impact of the Durbin Amendment. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to second quarter last year.
Noninterest expense for the quarter increased to $85.3 million compared to $81.1 million in the same quarter last year. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $2.1 million.
The Company's effective tax rate for the period was 22.3% compared to 21.4% for the second quarter of 2023.
At June 30, 2024, the Company's total assets were $12.7 billion, an increase of $365.3 million from December 31, 2023. Loans grew $394.7 million from December 31, 2023, totaling $8.1 billion at June 30, 2024. Deposits totaled $11.0 billion, an increase of $315.5 million from year-end 2023. Sweep accounts totaled $4.5 billion at June 30, 2024, up $153.9 million from December 31, 2023. The Company's total stockholders' equity was $1.5 billion, an increase of $78.6 million over December 31, 2023.
Nonaccrual loans totaled $44.0 million, representing 0.55% of total loans at June 30, 2024 compared to 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.24% at June 30, 2024 compared to 1.26% at the end of 2023. Net charge-offs were $1.0 million for the quarter compared to $664,000 for the second quarter of 2023.
BancFirst Corporation CEO David Harlow commented, "Strong loan growth led the way to another good quarter for the Company. Total deposits returned to pre-March 2023 banking crisis levels, although the mix has changed materially as noninterest-bearing deposits have migrated to higher yielding account options. Recent inflation and unemployment data has provided more support for Federal Reserve rate cuts prior to year-end. However, the ultimate outlook on credit remains uncertain in our view and, accordingly, the Company's allowance for credit losses as a percentage of total loans remained relatively unchanged from the first quarter."
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 104 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
2024
2023
2023
2023
2nd Qtr
1st Qtr
4th Qtr
3rd Qtr
2nd Qtr
Condensed Income Statements:
Net interest income
$ 109,896
$ 106,104
$ 105,066
$ 104,308
$ 105,926
Provision for credit losses
3,358
4,015
-
2,312
2,824
Noninterest income:
Trust revenue
5,490
5,088
5,106
4,866
4,590
Service charges on deposits
17,280
16,428
16,841
17,027
22,268
Securities transactions
317
(267)
(1,364)
(361)
110
Sales of loans
733
491
512
734
757
Insurance commissions
6,668
9,455
7,220
8,429
6,225
Cash management
9,149
8,651
7,878
8,177
7,927
Other
4,307
5,054
8,964
5,577
6,097
Total noninterest income
43,944
44,900
45,157
44,449
47,974
Noninterest expense:
Salaries and employee benefits
51,928
51,528
50,731
50,200
49,803
Occupancy expense, net
5,233
5,206
5,439
5,487
5,118
Depreciation
4,504
4,556
4,560
4,685
4,769
Amortization of intangible assets
887
886
887
885
880
Data processing services
2,696
2,616
2,224
1,820
2,217
Net expense from other real estate owned
1,656
2,202
7,870
2,720
2,889
Marketing and business promotion
2,246
2,256
2,653
2,034
1,900
Deposit insurance
1,614
1,438
1,332
1,419
1,463
Other
14,552
12,091
14,120
11,965
12,071
Total noninterest expense
85,316
82,779
89,816
81,215
81,110
Income before income taxes
65,166
64,210
60,407
65,230
69,966
Income tax expense
14,525
13,876
11,473
14,242
14,956
Net income
$ 50,641
$ 50,334
$ 48,934
$ 50,988
$ 55,010
Per Common Share Data:
Net income-basic
$ 1.53
$ 1.53
$ 1.48
$ 1.55
$ 1.67
Net income-diluted
1.51
1.50
1.46
1.52
1.64
Cash dividends declared
0.43
0.43
0.43
0.43
0.40
Common shares outstanding
33,022,124
32,966,678
32,933,018
32,921,393
32,939,256
Average common shares outstanding -
Basic
33,001,180
32,947,983
32,926,326
32,937,149
32,920,497
Diluted
33,525,061
33,513,412
33,483,691
33,539,389
33,467,254
Performance Ratios:
Return on average assets
1.61 %
1.63 %
1.58 %
1.68 %
1.85 %
Return on average stockholders' equity
13.72
13.96