BancFirst Corporation's Financial Insights and Earnings Growth
BancFirst Corporation Reports First Quarter Earnings
BancFirst Corporation (NASDAQ GS: BANF) has announced an impressive net income of $56.1 million, translating to $1.67 per diluted share for the first quarter. This marks a notable increase from the $50.3 million, or $1.50 per diluted share reported in the same quarter of the previous year.
Growth in Net Interest Income
The company’s net interest income for the three-month period ending March 31 significantly rose to $115.9 million, a substantial increase from $106.1 million in the same period last year. This rise is largely attributed to heightened loan volumes alongside an overall expansion in earning assets, with the net interest margin holding steady at 3.70% for both quarters.
Noninterest Income and Expense Overview
In terms of noninterest income, BancFirst generated $49.0 million this quarter, compared to $44.9 million last year, driven by increased trust revenue, treasury income, and insurance commissions. However, noninterest expenses saw an increase, reaching $92.2 million for the quarter, up from $82.8 million in the same timeframe last year. Notably, this increase included a $4.4 million expense linked to the sale of certain equity investments that are no longer permissible under the Volcker rule.
Asset and Loan Growth
As of March 31, the total assets of the company reached $14.0 billion, up by $483.7 million compared to the end of the previous year. Loans increased by $69.6 million from the prior quarter, totaling $8.1 billion. Meanwhile, deposits grew by $408.2 million, amounting to $12.1 billion by the end of this quarter.
Loan Quality and Credit Losses
The volume of nonaccrual loans was recorded at $56.4 million, constituting 0.70% of total loans, slightly down from 0.72% at the end of the previous year. The allowance for credit losses remained at 1.24% of total loans. Net charge-offs also indicated an improvement, totaling $503,000 as compared to $3.5 million for the first quarter last year.
CEO's Insights on Future Outlook
In reflecting on the company's performance, CEO David Harlow expressed confidence, stating, "The Company continues to perform fundamentally well; however, the current volatility in bond and equity markets presents an unpredictable backdrop for our operations. The impact on our regional economy and credit quality will be a factor to monitor moving forward, especially with a potential economic slowdown on the horizon."
About BancFirst Corporation
BancFirst Corporation operates as a financial services holding company with multiple subsidiaries, including BancFirst, Pegasus Bank, and Worthington Bank, collectively serving communities primarily in Oklahoma and Texas.
Frequently Asked Questions
What were BancFirst Corporation's earnings for the first quarter?
BancFirst Corporation reported earnings of $56.1 million or $1.67 per diluted share for the first quarter.
How much did net interest income increase?
Net interest income grew to $115.9 million, up from $106.1 million in the same period last year.
What was the noninterest income for the quarter?
Noninterest income for the quarter was $49.0 million, compared to $44.9 million last year.
What changes occurred in noninterest expenses?
Noninterest expenses increased to $92.2 million compared to $82.8 million from the previous year.
What is the current total assets of BancFirst Corporation?
The total assets of BancFirst Corporation reached $14.0 billion as of March 31.
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