Bancfirst Corporation Reports Third Quarter Earnings

OKLAHOMA CITY, Oct. 17, 2025 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $62.7 million, or $1.85 per diluted share, for the third quarter of 2025 compared to net income of $58.9 million, or $1.75 per diluted share, for the third quarter of 2024.

The Company's net interest income for the three-months ended September 30, 2025 increased to $125.6 million in comparison to $115.0 million for the same period in 2024. Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin improved slightly to 3.79% for the third quarter of 2025 from 3.78% for the third quarter of 2024. The Company recorded a provision for credit losses on loans of $4.2 million in the third quarter of 2025 and $3.0 million for the same period in 2024.

Noninterest income for the quarter totaled $49.9 million compared to $48.7 million last year. Trust revenue, treasury income, sweep fees and securities transactions each increased when compared to third quarter last year.

Noninterest expense grew to $92.1 million for the quarter-ended September 30, 2025 compared to $86.7 million in the same quarter in 2024. The increase in noninterest expense was primarily due to growth in salaries and employee benefits of $3.5 million. Also contributing to the increase was occupancy expense, due largely to repairs and maintenance, and increases in other noninterest expense driven primarily by professional fees.

At September 30, 2025, the Company's total assets were $14.2 billion, an increase of $643.8 million from December 31, 2024. Loans grew $254.0 million from December 31, 2024, totaling $8.3 billion at September 30, 2025. Deposits totaled $12.1 billion, an increase of $399.8 million from year-end 2024. Off-balance sheet sweep accounts totaled $4.9 billion at September 30, 2025, down $316.4 million from December 31, 2024. The Company's total stockholders' equity was $1.8 billion, an increase of $161.6 million from the end of 2024.

Asset quality continued to be strong. Nonaccrual loans totaled $57.3 million, representing 0.69% of total loans at September 30, 2025, down from 0.72% at year-end 2024. The allowance for credit losses to total loans was 1.20% at September 30, 2025, down from 1.24% at December 31, 2024. Net charge-offs were $1.7 million for the quarter, compared to $775,000 for the third quarter last year.

BancFirst Corporation CEO David Harlow commented, "Loan growth and a sustained net interest margin led to another strong quarter for the company. Solid growth in noninterest income also contributed positively to the quarter. A mixed bag on the economy, stronger than expected growth and weaker employment prospects resulted in a Fed rate cut of 25 basis points in September, the first rate cut since December 2024. Our outlook is a mixed bag as well; however, on balance, we continue to believe a slowing economy in our region of the country is more likely than not and, as such, we have maintained a healthy allowance for credit losses as a percentage of loans."

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)
		2025		2025		2025		2024		2024
		3rd Qtr		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr
Condensed Income Statements:
Net interest income		$ 125,615		$ 121,256		$ 115,949		$ 115,917		$ 114,957
Provision for credit losses on loans		4,222		1,239		1,461		(1,400)		3,031
Provision for off-balance sheet credit exposures		216		148		125		-		-
Noninterest income:
Trust revenue		5,850		5,795		5,539		5,551		5,672
Service charges on deposits		18,131		17,741		16,804		18,133		17,723
Securities transactions		492		(740)		(333)		355		(308)
Sales of loans		916		830		636		731		721
Insurance commissions		8,954		7,920		10,410		7,914		9,391
Cash management		10,338		10,573		10,051		9,221		9,189
Other		5,185		5,929		5,787		5,114		6,324
Total noninterest income		49,866		48,048		48,894		47,019		48,712
Noninterest expense:
Salaries and employee benefits		57,681		55,147		54,593		54,327		54,215
Occupancy expense, net		6,434		6,037		5,753		5,977		5,776
Depreciation		4,725		4,691		4,808		4,593		4,482
Amortization of intangible assets		862		862		886		887		886
Data processing services		2,901		2,985		2,892		2,726		2,720
Net expense from other real estate owned		2,778		2,941		2,658		6,446		2,751
Marketing and business promotion		2,126		2,325		2,461		2,719		2,168
Deposit insurance		1,736		1,675		1,725		1,653		1,645
Other		12,829		11,536		16,403		13,007		12,091
Total noninterest expense		92,072		88,199		92,179		92,335		86,734
Income before income taxes		78,971		79,718		71,078		72,001		73,904
Income tax expense		16,317		17,371		14,966		15,525		15,001
Net income		$ 62,654		$ 62,347		$ 56,112		$ 56,476		$ 58,903
Per Common Share Data:
Net income-basic		$ 1.88		$ 1.87		$ 1.69		$ 1.71		$ 1.78
Net income-diluted		1.85		1.85		1.66		1.68		1.75
Cash dividends declared		0.49		0.46		0.46		0.46		0.46
Common shares outstanding		33,329,247		33,272,131		33,241,564		33,216,519		33,122,689
Average common shares outstanding -
Basic		33,310,290		33,255,015		33,232,788		33,172,530		33,097,164
Diluted		33,864,129		33,795,243		33,768,873		33,750,993		33,646,549
Performance Ratios:
Return on average assets		1.76 %		1.79 %		1.66 %		1.67 %		1.80 %
Return on average stockholders' equity		14.18		14.74		13.85		14.04		15.14
Net interest margin		3.79		3.75		3.70		3.68		3.78
Efficiency ratio		52.47		52.10		55.92		56.67		52.99

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
		2025		2025		2025		2024		2024
		3rd Qtr		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr
Balance Sheet Data:
Total assets		$ 14,198,140		$ 14,045,780		$ 14,038,055		$ 13,554,314		$ 13,313,482
Interest-bearing deposits with banks		3,849,736		3,737,763		3,706,328		3,315,932		2,743,578
Debt securities		1,015,941		1,104,604		1,167,441		1,211,754		1,376,913
Total loans		8,287,167		8,124,497		8,102,810		8,033,183		8,188,202
Allowance for credit losses		(99,511)		(96,988)		(100,455)		(99,497)		(101,882)
Noninterest-bearing demand deposits		3,816,389		3,967,626		4,027,797		3,907,060		3,858,670
Money market and interest-bearing checking deposits		5,393,791		5,301,439		5,393,995		5,231,327		5,122,457
Savings deposits		1,251,394		1,205,602		1,174,685		1,110,020		1,082,855
Time deposits		1,656,813		1,581,525		1,530,273		1,470,139		1,410,370
Total deposits		12,118,387		12,056,192		12,126,750		11,718,546		11,474,352
Stockholders' equity		1,782,801		1,728,038		1,672,827		1,621,187		1,584,575
Book value per common share		53.49		51.94		50.32		48.81		47.84
Tangible book value per common share (non-GAAP)(1)		47.71		46.12		44.47		42.92		41.91
Balance Sheet Ratios:
Average loans to deposits		67.32 %		67.11 %		68.08 %		69.63 %		72.27 %
Average earning assets to total assets		93.00		92.97		93.10		93.14		93.02
Average stockholders' equity to average assets		12.38		12.14		12.00		11.87		11.88
Asset Quality Data:
Past due loans		$ 7,959		$ 7,515		$ 5,120		$ 7,739		$ 4,628
Nonaccrual loans (3)		57,266		49,878		56,371		57,984		45,481
Other real estate owned and repossessed assets		53,233		53,022		35,542		33,665		39,519
Nonaccrual loans to total loans		0.69 %		0.61 %		0.70 %		0.72 %		0.56 %
Allowance to total loans		1.20		1.19		1.24		1.24		1.24
Allowance to nonaccrual loans		173.77		194.45		178.20		171.59		224.01
Net charge-offs to average loans		0.02		0.05		0.01		0.01		0.01
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Stockholders' equity		$ 1,782,801		$ 1,728,038		$ 1,672,827		$ 1,621,187		$ 1,584,575
Less goodwill		182,263		182,263		182,263		182,263		182,263
Less intangible assets, net		10,548		11,410		12,272		13,158		14,045
Tangible stockholders' equity (non-GAAP)		$ 1,589,990		$ 1,534,365		$ 1,478,292		$ 1,425,766		$ 1,388,267
Common shares outstanding		33,329,247		33,272,131		33,241,564		33,216,519		33,122,689
Tangible book value per common share (non-GAAP)		$ 47.71		$ 46.12		$ 44.47		$ 42.92		$ 41.91
(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 $10.0 million of nonaccrual loans at September 30, 2025.

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
		Nine months ended
		September 30,
		2025		2024
Condensed Income Statements:
Net interest income		$ 362,820		$ 330,957
Provision for credit losses on loans		6,922		10,404
Provision for off-balance sheet credit exposures		489		-
Noninterest income:
Trust revenue		17,184		16,250
Service charges on deposits		52,676		51,431
Securities transactions		(581)		(258)
Sales of loans		2,382		1,945
Insurance commissions		27,284		25,514
Cash management		30,962		26,989
Other		16,901		15,685
Total noninterest income		146,808		137,556
Noninterest expense:
Salaries and employee benefits		167,421		157,671
Occupancy expense, net		18,224		16,215
Depreciation		14,224		13,542
Amortization of intangible assets		2,610		2,659
Data processing services		8,778		8,032
Net expense from other real estate owned		8,377		6,609
Marketing and business promotion		6,912		6,670
Deposit insurance		5,136		4,697
Other		40,768		38,734
Total noninterest expense		272,450		254,829
Income before income taxes		229,767		203,280
Income tax expense		48,654		43,402
Net income		$ 181,113		$ 159,878
Per Common Share Data:
Net income-basic		$ 5.44		$ 4.84
Net income-diluted		5.36		4.76
Cash dividends declared		1.41		1.32
Common shares outstanding		33,329,247		33,122,689
Average common shares outstanding -
Basic		33,266,315		33,015,741
Diluted		33,812,270		33,567,117
Performance Ratios:
Return on average assets		1.74 %		1.68 %
Return on average stockholders' equity		14.26		14.30
Net interest margin		3.75		3.75
Efficiency ratio		53.46		54.39

	BancFirst Corporation
	Consolidated Average Balance Sheets
	And Interest Margin Analysis
	Taxable Equivalent Basis
	(Dollars in thousands - Unaudited)
	Three Months Ended							Nine Months Ended
	September 30, 2025							September 30, 2025
			Interest		Average					Interest		Average
	Average		Income/		Yield/			Average		Income/		Yield/
	Balance		Expense		Rate			Balance		Expense		Rate
ASSETS
Earning assets:
Loans	$ 8,167,950		$ 143,698		6.98	%		$ 8,094,825		$ 420,408		6.94	%
Securities - taxable	1,061,971		6,515		2.43			1,131,722		20,408		2.41
Securities - tax exempt	1,246		11		3.47			1,849		55		3.99
Interest bearing deposits with banks and FFS	3,937,525		44,363		4.47			3,739,945		125,017		4.47
Total earning assets	13,168,692		194,587		5.86			12,968,341		565,888		5.83
Nonearning assets:
Cash and due from banks	205,722							210,268
Interest receivable and other assets	882,858							860,558
Allowance for credit losses	(97,456)							(98,344)
Total nonearning assets	991,124							972,482
Total assets	$ 14,159,816							$13,940,823
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits	$ 5,386,505		$ 41,263		3.04	%		$ 5,337,406		$ 122,546		3.07	%
Savings deposits	1,230,646		9,763		3.15			1,185,171		28,037		3.16
Time deposits	1,627,672		16,622		4.05			1,563,089		48,644		4.16
Short-term borrowings	9,304		100		4.28			4,930		158		4.28
Subordinated debt	86,192		1,030		4.74			86,177		3,091		4.80
Total interest bearing liabilities	8,340,319		68,778		3.27			8,176,773		202,476		3.31
Interest free funds:
Noninterest bearing deposits	3,888,147							3,906,936
Interest payable and other liabilities	178,438							159,434
Stockholders' equity	1,752,912							1,697,680
Total interest free funds	5,819,497							5,764,050
Total liabilities and stockholders' equity	$ 14,159,816							$13,940,823
Net interest income			$ 125,809							$ 363,412
Net interest spread					2.59	%						2.52	%
Effect of interest free funds					1.20	%						1.23	%
Net interest margin					3.79	%						3.75	%

SOURCE BancFirst