Walter Bibikow I didn't see much value in BancFirst (NASDAQ:BANF) when I opened on this Oklahoma-based bank last year. To quickly recap, BancFirst has a nice deposit base and earns above-average returns on tangible equity ("ROTE"), but ultimately the stock was trading for 2.4x tangible book value, and that looked rich given the numerous headwinds it was facing. As it happens, these shares have actually done quite well since then, lifted by the broader rally in regional bank stocks. While the bank has un ...

Here are three stocks with buy rank and strong income characteristics for investors to consider today, August 21:The First of Long Island Corporation (FLIC) : This holding company for The First National Bank of Long Island has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.8% the last 60 days.This Zacks Rank #1 company has a dividend yield of 6.8%, compared with the industry average of 2.8%.StepStone Group Inc. (STEP) : This private equity and venture capital company has w ...

PART I – Financial Information [Item 1. Financial Statements (Unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for the period ending June 30, 2024 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $12.74 billion, driven by increases in net loans, deposits, and stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 (unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$12,737,318** | **$12,372,042** | | Loans, net of allowance | $7,947,822 | $7,559,845 | | Total Deposits | $11,015,602 | $10,700,122 | | **Total Liabilities** | **$11,224,826** | **$10,938,151** | | **Total Stockholders' Equity** | **$1,512,492** | **$1,433,891** | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Net income declined year-over-year for both Q2 and the six-month period due to lower noninterest income and higher expenses Income Statement Highlights (in thousands, except per share data) | Metric | Q2 2024 | Q2 2023 | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $109,896 | $105,926 | $216,000 | $215,082 | | Provision for Credit Losses | $3,358 | $2,824 | $7,373 | $5,146 | | Total Noninterest Income | $43,944 | $47,974 | $88,844 | $95,802 | | Total Noninterest Expense | $85,316 | $81,110 | $168,095 | $161,427 | | **Net Income** | **$50,641** | **$55,010** | **$100,975** | **$112,543** | | **Diluted EPS** | **$1.51** | **$1.64** | **$3.01** | **$3.36** | [Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity grew to $1.51 billion, supported by net income that was partially offset by increased dividend payments - Total stockholders' equity grew to **$1,512,492 thousand** at the end of Q2 2024, up from $1,340,791 thousand at the end of Q2 2023[12](index=12&type=chunk) - For the six months ended June 30, 2024, net income contributed **$100,975 thousand** to retained earnings, while dividends paid on common stock amounted to **$28,375 thousand**[12](index=12&type=chunk) - Dividends per common share increased year-over-year, with **$0.43 paid in Q2 2024** compared to $0.40 in Q2 2023[12](index=12&type=chunk) [Consolidated Statements of Cash Flow](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flow) Net cash increased by $95.8 million in the first half of 2024, as operating and financing inflows offset investing outflows Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $166,475 | $129,180 | | Net Cash from Investing Activities | ($361,268) | ($369,160) | | Net Cash from Financing Activities | $290,622 | ($519,788) | | **Net Change in Cash** | **$95,829** | **($759,768)** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on accounting policies, financial instruments, and segment information - The financial statements are prepared in conformity with **U.S. GAAP** and include all normal and recurring adjustments necessary for a fair presentation[14](index=14&type=chunk)[17](index=17&type=chunk) - The company is evaluating new accounting standards but does not expect them to have a **material impact** on its consolidated financial statements[20](index=20&type=chunk)[21](index=21&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the Q2 2024 net income decrease, attributing it to lower interchange fees and higher expenses despite loan-driven asset growth - Q2 2024 net income was **$50.6 million** ($1.51 per diluted share), down from $55.0 million ($1.64 per diluted share) in Q2 2023[139](index=139&type=chunk) - The primary reason for the decrease in noninterest income was a **$5.7 million reduction in interchange fees** due to the Durbin Amendment[140](index=140&type=chunk) - Total assets reached **$12.7 billion**, an increase of $365.3 million from year-end 2023, mainly from loan growth[141](index=141&type=chunk) - Nonaccrual loans increased to **0.55% of total loans**, up from 0.32% at year-end 2023[141](index=141&type=chunk) [Results of Operations](index=51&type=section&id=MD%26A%20-%20Results%20of%20Operations) Q2 2024 net interest income rose on higher loan volume, but the net interest margin declined and noninterest income fell Volume/Rate Analysis of Net Interest Income Change (Q2 2024 vs Q2 2023, in thousands) | Component | Change Due to Volume | Change Due to Rate | Total Change | | :--- | :--- | :--- | :--- | | **Total Interest Income** | **$12,961** | **$14,725** | **$27,686** | | **Total Interest Expense** | **$9,312** | **$14,365** | **$23,677** | | **Net Interest Income** | **$3,649** | **$360** | **$4,009** | - Noninterest income in Q2 2024 was significantly impacted by a **$5.7 million reduction in interchange fees** due to the Durbin Amendment, which became effective for the company on July 1, 2023[161](index=161&type=chunk)[163](index=163&type=chunk) - Noninterest expense for Q2 2024 increased by $4.2 million year-over-year, primarily due to a **$2.1 million growth in salaries** and employee benefits[164](index=164&type=chunk) [Financial Position](index=59&type=section&id=MD%26A%20-%20Financial%20Position) Total assets reached $12.7 billion, driven by 5.2% loan growth since year-end, while nonaccrual loans also increased - Total loans increased by **$394.7 million (5.2%)** from December 31, 2023, to June 30, 2024, reaching $8.1 billion[141](index=141&type=chunk)[172](index=172&type=chunk) - Nonaccrual loans rose to **$44.0 million** at June 30, 2024, from $24.6 million at December 31, 2023[174](index=174&type=chunk) - Other Real Estate Owned (OREO) included a large commercial property valued at **$30.7 million**, which saw $1.3 million in tenant improvements during the first half of 2024[178](index=178&type=chunk) [Liquidity and Capital Resources](index=63&type=section&id=MD%26A%20-%20Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity through a stable core deposit base and holds capital ratios well above regulatory minimums - The company is highly liquid, with cash, due from banks, and federal funds sold representing **19.6% of total assets**[184](index=184&type=chunk) - Noninterest-bearing deposits decreased to **34.6% of total deposits** from 37.2% at year-end 2023, as funds shifted to interest-bearing accounts[186](index=186&type=chunk) - Stockholders' equity grew to **$1.5 billion**, an increase of $78.6 million from December 31, 2023, supported by $101.0 million in net income[189](index=189&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=65&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company reports no significant changes in its market risk disclosures since the end of the 2023 fiscal year - There have been **no significant changes** in the Company's disclosures regarding market risk since December 31, 2023[191](index=191&type=chunk) [Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirms the effectiveness of disclosure controls and procedures with no material changes to internal controls during the quarter - The Company's CEO and CFO concluded that **disclosure controls and procedures were effective** as of the end of the period covered by this report[192](index=192&type=chunk) - **No changes in internal control** over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, such controls[192](index=192&type=chunk) PART II – Other Information [Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal actions that are not expected to materially impact its financial condition - The Company is a defendant in various legal actions from normal business activities, but any resulting liability is **not expected to have a material adverse effect** on its financial statements[193](index=193&type=chunk) [Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the company's 2023 Annual Report on Form 10-K are reported - As of June 30, 2024, there have been **no material changes** from the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023[194](index=194&type=chunk) [Other Part II Items](index=66&type=section&id=Other%20Part%20II%20Items) The report confirms no disclosures for unregistered equity sales, senior security defaults, mine safety, or other information - Item 2: **No unregistered sales** of equity securities[194](index=194&type=chunk) - Item 3: **No defaults** upon senior securities[194](index=194&type=chunk) - Item 4: **No mine safety disclosures**[194](index=194&type=chunk) - Item 5: **No other information** to report[194](index=194&type=chunk) [Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including CEO/CFO certifications and XBRL data files, and incorporates others by reference - Exhibit 31.1 and 31.2: **Certifications by the Chief Executive Officer and Chief Financial Officer** are filed with the report[198](index=198&type=chunk)[199](index=199&type=chunk) - Exhibit 32: CEO & CFO Certification pursuant to **Section 906 of the Sarbanes-Oxley Act** is furnished[200](index=200&type=chunk) - Exhibit 101 and 104: **Inline XBRL documents** are included[201](index=201&type=chunk)[202](index=202&type=chunk) Signatures [Signatures](index=68&type=section&id=Signatures_Sub) The report is duly signed by the President/CEO and EVP/CFO on behalf of the corporation on August 6, 2024 - The report was signed on **August 6, 2024**[206](index=206&type=chunk) - Authorized signatories include **David Harlow (Principal Executive Officer)** and **Hannah Andrus (Principal Financial Officer)**[206](index=206&type=chunk)

After reaching an important support level, BancFirst Corporation (BANF) could be a good stock pick from a technical perspective. BANF recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term m ...

Core Insights - BancFirst (BANF) reported revenue of $153.84 million for Q2 2024, showing a year-over-year decline of 0% and an EPS of $1.51 compared to $1.64 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate by +2.73%, while the EPS surprised by +6.34% over the consensus estimate of $1.42 [1] Financial Metrics - Net Interest Margin was reported at 3.8%, surpassing the average estimate of 3.7% from two analysts [2] - The Efficiency Ratio stood at 55.5%, better than the average estimate of 56% [2] - Total Noninterest Income reached $43.94 million, exceeding the average estimate of $43.02 million [2] - Net Interest Income was reported at $109.90 million, above the average estimate of $106.81 million [2] Stock Performance - BancFirst shares have returned +19% over the past month, significantly outperforming the Zacks S&P 500 composite's +2.1% change [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2]

Company Performance - BancFirst reported quarterly earnings of $1.51 per share, exceeding the Zacks Consensus Estimate of $1.42 per share, but down from $1.64 per share a year ago, representing an earnings surprise of 6.34% [1] - The company posted revenues of $153.84 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 2.73%, and compared to year-ago revenues of $153.9 million [1] - BancFirst has surpassed consensus EPS estimates four times over the last four quarters and has also topped consensus revenue estimates four times during the same period [1] Stock Outlook - The stock has added about 2.6% since the beginning of the year, underperforming the S&P 500's gain of 17.2% [2] - The current consensus EPS estimate for the coming quarter is $1.45 on revenues of $152.45 million, and for the current fiscal year, it is $5.80 on revenues of $605.4 million [4] - The estimate revisions trend for BancFirst is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [4] Industry Context - The Banks - Southwest industry, to which BancFirst belongs, is currently in the bottom 31% of over 250 Zacks industries, which may impact stock performance [5] - Red River Bancshares, another company in the same industry, is expected to report quarterly earnings of $1.12 per share, reflecting a year-over-year decline of 10.4% [5]

Exhibit 99.1 100 N. Broadway Ave FOR IMMEDIATE RELEASE Oklahoma City, OK 73102 Thursday, July 18, 2024 www.bancfirst.bank BANCFIRST CORPORATION REPORTS SECOND QUARTER EARNINGS 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 $ ...

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 partial ...

Here are three stocks with buy rank and strong income characteristics for investors to consider today, June 12th:Saul Centers (BFS) This real estate investment trust which is engaged in the management and development of the shopping center business of the Saul Organization, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.4% over the last 60 days.This Zacks Rank #1 (Strong Buy) company has a dividend yield of 6.5%, compared with the industry average of 4.5%.Intesa Sanpao ...

Group 1 - Invesco Mortgage Capital Inc. (IVR) has seen a 11.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days and offers a dividend yield of 17.2%, exceeding the industry average of 12.1% [1] - First Financial Bancorp. (FFBC) has experienced a 5.2% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days, with a dividend yield of nearly 4%, compared to the industry average of 3.4% [1] - BancFirst Corporation (BANF) has reported an 8.2% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1]