Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported): January 23, 2025

   

BancFirst Corporation

(Exact name of Registrant as Specified in Its Charter)


Oklahoma	0-14384	73-1221379
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

100 N. Broadway Ave.
Oklahoma City, Oklahoma		73102-8405
(Address of Principal Executive Offices)		(Zip Code)

    Registrant’s Telephone Number, Including Area Code: 405 270-1086

   

    Not Applicable

   

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 Par Value Per Share	BANF	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

BancFirst Corporation Reports Fourth Quarter Earnings

On January 23, 2025, BancFirst Corporation announced its results of operations for the quarter ended December 31, 2024. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.

Item 9.01 Financial Statements and Exhibits.


(d)	Exhibits.
Exhibit No.	Description
99.1	Press Release, dated January 23, 2025, issued by BancFirst Corporation titled “BancFirst Corporation Reports Fourth Quarter Earnings.”
104	Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			BANCFIRST CORPORATION

Date:	January 23, 2025	By:	/s/ Hannah Andrus
			Hannah Andrus Executive Vice President Chief Financial Officer

Exhibit 99.1


	100 N. Broadway Ave
FOR IMMEDIATE RELEASE	Oklahoma City, OK 73102
Thursday, January 23, 2025	www.bancfirst.bank

BANCFIRST CORPORATION REPORTS FOURTH QUARTER EARNINGS

BancFirst Corporation (NASDAQ GS:BANF) reported net income of $56.5 million, or $1.68 diluted earnings per share, for the fourth quarter of 2024 compared to net income of $48.9 million, or $1.46 diluted earnings per share, for the fourth quarter of 2023. Net income for the year ended December 31, 2024 was $216.4 million, or $6.44 diluted earnings per share, compared to $212.5 million, or $6.34 diluted earnings per share, for the year ended December 31, 2023.

The Company’s net interest income for the fourth quarter of 2024 increased to $115.9 million compared to $105.1 million for the same period in 2023. Increased 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 quarter ended December 31 was 3.68% in 2024 compared to 3.67% in 2023. In the fourth quarter of 2024, the Company reversed $1.4 million of allowance for credit losses resulting in a nominal decrease in the allowance as a percentage of loans when compared to a year ago and no change from prior quarter.

Noninterest income for the quarter totaled $47.0 million compared to $45.2 million last year. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to fourth quarter last year. Also contributing to the period over period change was a $355,000 gain on equity securities recorded in the fourth quarter of 2024 compared to a loss of $1.4 million during the same period last year.

Noninterest expense for the quarter increased to $92.3 million compared to $89.8 million in the fourth quarter last year. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $3.6 million. This increase was partially offset by a lower write-down of other real estate owned of $3.9 million in 2024 compared to $5.2 million in 2023.

At December 31, 2024, the Company’s total assets were $13.6 billion, an increase of $1.2 billion from December 31, 2023. Loans grew $373.0 million from December 31, 2023, totaling $8.0 billion at December 31, 2024. Deposits totaled $11.7 billion, an increase of $1.0 billion from year-end 2023. Sweep accounts totaled $5.2 billion at December 31, 2024, up $871.6 million from December 31, 2023. The Company’s total stockholders’ equity was $1.6 billion, an increase of $187.3 million from the end of 2023.

Nonaccrual loans totaled $58.0 million, representing 0.72% of total loans at December 31, 2024 compared to 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.24% at the end of 2024 compared to 1.26% at December 31, 2023. Net charge-offs of $985,000 for the quarter remained relatively stable when compared to $976,000 for the fourth quarter last year.

BancFirst Corporation CEO David Harlow commented, “The Company reported record net income and record earnings per share for the fourth consecutive year. Loan growth was the primary driver of improved results in 2024 when compared to last year while asset quality remained strong. The return of deposit growth was encouraging albeit entirely in the interest bearing and time segments. Our outlook for 2025 is positive overall as the economy in our region of the country continues to perform well.”

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.

For additional information call:

Hannah Andrus, Chief Financial Officer at (405) 218-4174 or

David Harlow, Chief Executive Officer at (405) 270-1082.


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	2024			2024			2024			2024			2023
	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
Condensed Income Statements:
Net interest income	$	115,917		$	114,957		$	109,896		$	106,104		$	105,066
(Benefit from) provision for credit losses		(1,400	)		3,031			3,358			4,015			-
Noninterest income:
Trust revenue		5,551			5,672			5,490			5,088			5,106
Service charges on deposits		18,133			17,723			17,280			16,428			16,841
Securities transactions		355			(308	)		317			(267	)		(1,364	)
Sales of loans		731			721			733			491			512
Insurance commissions		7,914			9,391			6,668			9,455			7,220
Cash management		9,221			9,189			9,149			8,651			7,878
Other		5,114			6,324			4,307			5,054			8,964
Total noninterest income		47,019			48,712			43,944			44,900			45,157

Noninterest expense:
Salaries and employee benefits		54,327			54,215			51,928			51,528			50,731
Occupancy expense, net		5,977			5,776			5,233			5,206			5,439
Depreciation		4,593			4,482			4,504			4,556			4,560
Amortization of intangible assets		887			886			887			886			887
Data processing services		2,726			2,720			2,696			2,616			2,224
Net expense from other real estate owned		6,446			2,751			1,656			2,202			7,870
Marketing and business promotion		2,719			2,168			2,246			2,256			2,653
Deposit insurance		1,653			1,645			1,614			1,438			1,332
Other		13,007			12,091			14,552			12,091			14,120
Total noninterest expense		92,335			86,734			85,316			82,779			89,816
Income before income taxes		72,001			73,904			65,166			64,210			60,407
Income tax expense		15,525			15,001			14,525			13,876			11,473
Net income	$	56,476		$	58,903		$	50,641		$	50,334		$	48,934
Per Common Share Data:
Net income-basic	$	1.71		$	1.78		$	1.53		$	1.53		$	1.48
Net income-diluted		1.68			1.75			1.51			1.50			1.46
Cash dividends declared		0.46			0.46			0.43			0.43			0.43
Common shares outstanding		33,216,519			33,122,689			33,022,124			32,966,678			32,933,018
Average common shares outstanding -
Basic		33,172,530			33,097,164			33,001,180			32,947,983			32,926,326
Diluted		33,750,993			33,646,549			33,525,061			33,513,412			33,483,691
Performance Ratios:
Return on average assets		1.67	%		1.80	%		1.61	%		1.63	%		1.58	%
Return on average stockholders’ equity		14.04			15.14			13.72			13.96			13.98
Net interest margin		3.68			3.78			3.76			3.70			3.67
Efficiency ratio		56.67			52.99			55.46			54.82			59.79


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	Twelve months ended
	December 31,
	2024			2023
Condensed Income Statements:
Net interest income	$	446,874		$	424,456
Provision for credit losses		9,004			7,458
Noninterest income:
Trust revenue		21,801			18,784
Service charges on deposits		69,564			77,367
Securities transactions		97			(1,828	)
Sales of loans		2,676			2,607
Insurance commissions		33,428			30,615
Cash management		36,210			30,716
Other		20,799			27,147
Total noninterest income		184,575			185,408

Noninterest expense:
Salaries and employee benefits		211,998			199,986
Occupancy expense, net		22,192			21,027
Depreciation		18,135			18,657
Amortization of intangible assets		3,546			3,532
Data processing services		10,758			8,368
Net expense from other real estate owned		13,055			15,938
Marketing and business promotion		9,389			9,114
Deposit insurance		6,350			5,827
Other		51,741			50,009
Total noninterest expense		347,164			332,458
Income before income taxes		275,281			269,948
Income tax expense		58,927			57,483
Net income	$	216,354		$	212,465
Per Common Share Data:
Net income-basic	$	6.55		$	6.45
Net income-diluted		6.44			6.34
Cash dividends declared		1.78			1.66
Common shares outstanding		33,216,519			32,933,018
Average common shares outstanding -
Basic		33,055,152			32,919,348
Diluted		33,617,015			33,494,487
Performance Ratios:
Return on average assets		1.68	%		1.75	%
Return on average stockholders’ equity		14.23			15.89
Net interest margin		3.73			3.79
Efficiency ratio		54.98			54.51


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	2024			2024			2024			2024			2023
	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
Balance Sheet Data:

Total assets	$	13,554,314		$	13,313,482		$	12,737,318		$	12,602,425		$	12,372,042
Interest-bearing deposits with banks		3,315,932			2,743,578			2,299,019			2,341,604			2,172,001
Debt securities		1,211,754			1,376,913			1,441,365			1,534,651			1,555,095
Total loans		8,033,183			8,188,202			8,054,856			7,787,857			7,660,134
Allowance for credit losses		(99,497	)		(101,882	)		(99,626	)		(97,267	)		(96,800	)
Noninterest-bearing demand deposits		3,907,060			3,858,670			3,815,818			3,849,807			3,982,226
Money market and interest-bearing checking deposits		5,231,327			5,122,457			4,930,853			4,901,081			4,699,865
Savings deposits		1,110,020			1,082,855			1,084,266			1,076,181			1,056,404
Time deposits		1,470,139			1,410,370			1,184,665			1,082,552			961,627
Total deposits		11,718,546			11,474,352			11,015,602			10,909,621			10,700,122
Stockholders' equity		1,621,187			1,584,575			1,512,492			1,469,312			1,433,891
Book value per common share		48.81			47.84			45.80			44.57			43.54
Tangible book value per common share (non-GAAP)(1)		42.92			41.91			39.83			38.56			37.50
Balance Sheet Ratios:
Average loans to deposits		69.63	%		72.27	%		72.25	%		71.97	%		70.52	%
Average earning assets to total assets		93.14			93.02			92.77			92.67			92.42
Average stockholders' equity to average assets		11.87			11.88			11.71			11.65			11.30
Asset Quality Data:
Past due loans	$	7,739		$	4,628		$	4,280		$	6,332		$	9,542
Nonaccrual loans (3)		57,984			45,481			44,021			41,996			24,573
Other real estate owned and repossessed assets		33,665			39,519			38,497			35,116			34,200
Nonaccrual loans to total loans		0.72	%		0.56	%		0.55	%		0.54	%		0.32	%
Allowance to total loans		1.24			1.24			1.24			1.25			1.26
Allowance to nonaccrual loans		171.59			224.01			226.32			231.61			393.92
Net charge-offs to average loans		0.01			0.01			0.01			0.05			0.02

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

Stockholders' equity	$	1,621,187		$	1,584,575		$	1,512,492		$	1,469,312		$	1,433,891
Less goodwill		182,263			182,263			182,263			182,263			182,263
Less intangible assets, net		13,158			14,045			14,931			15,818			16,704
Tangible stockholders’ equity (non-GAAP)	$	1,425,766		$	1,388,267		$	1,315,298		$	1,271,231		$	1,234,924
Common shares outstanding		33,216,519			33,122,689			33,022,124			32,966,678			32,933,018
Tangible book value per common share (non-GAAP)	$	42.92		$	41.91		$	39.83		$	38.56		$	37.50

(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 $9.0 million of nonaccrual loans at December 31, 2024.


	BancFirst Corporation
	Consolidated Average Balance Sheets
	And Interest Margin Analysis
	Taxable Equivalent Basis
	(Dollars in thousands - Unaudited)

	Three Months Ended								Twelve Months Ended
	December 31, 2024								December 31, 2024
				Interest		Average						Interest		Average
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate
ASSETS
Earning assets:
Loans	$	8,084,358		$	141,152		6.93	%	$	7,958,463		$	555,426		6.96	%
Securities – taxable		1,341,045			7,846		2.32			1,448,103			34,300		2.36
Securities – tax exempt		2,236		22		3.82				2,415		93			3.85
Interest-bearing deposits with banks and FFS		3,097,982			37,553		4.81			2,553,503			134,941		5.27
Total earning assets		12,525,621			186,573		5.91			11,962,484			724,760		6.04

Nonearning assets:
Cash and due from banks		205,093								201,666
Interest receivable and other assets		819,199								810,732
Allowance for credit losses		(101,395	)							(99,098	)
Total nonearning assets		922,897								913,300
Total assets	$	13,448,518							$	12,875,784

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Money market and interest-bearing checking deposits	$	5,165,391		$	44,302		3.40	%	$	4,992,037		$	181,201		3.62	%
Savings deposits		1,095,677			8,754		3.17			1,076,837			36,256		3.36
Time deposits		1,437,296			16,344		4.51			1,219,253			55,450	4.54
Short-term borrowings		2,990			32		4.30			4,999			235		4.69
Subordinated debt		86,148			1,032		4.75			86,127			4,123		4.77
Total interest-bearing liabilities		7,787,502			70,464		3.59			7,379,253			277,265		3.75

Interest free funds:
Noninterest-bearing deposits		3,911,434								3,842,049
Interest payable and other liabilities		153,812								138,007
Stockholders’ equity		1,595,770								1,516,475
Total interest free funds		5,661,016								5,496,531
Total liabilities and stockholders’ equity	$	13,448,518							$	12,875,784
Net interest income				$	116,109							$	447,495
Net interest spread							2.32	%							2.29	%
Effect of interest free funds							1.36	%							1.44	%
Net interest margin							3.68	%						3.73		%

Document And Entity Information	Jan. 23, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 23, 2025
Entity Registrant Name	BancFirst Corporation
Entity Central Index Key	0000760498
Entity Emerging Growth Company	false
Entity File Number	0-14384
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1221379
Entity Address, Address Line One	100 N. Broadway Ave.
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73102-8405
City Area Code	405
Local Phone Number	270-1086
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $1.00 Par Value Per Share
Trading Symbol	BANF
Security Exchange Name	NASDAQ

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