BancFirst (BANF) - 2024 Q4 - Annual Results

Financial Performance - BancFirst Corporation reported a net income of $56.5 million, or $1.68 diluted earnings per share, for Q4 2024, up from $48.9 million, or $1.46 per share, in Q4 2023, marking a 15.5% increase in net income year-over-year[1]. - Noninterest income for Q4 2024 totaled $47.0 million, an increase from $45.2 million in the same period last year, with notable contributions from trust revenue and a $355,000 gain on equity securities[3]. - Noninterest expense rose to $92.3 million in Q4 2024, up from $89.8 million in Q4 2023, primarily due to a $3.6 million increase in salaries and employee benefits[4]. - The company anticipates a positive outlook for 2025, supported by strong regional economic performance and encouraging deposit growth[7]. Asset and Loan Growth - Total assets reached $13.6 billion as of December 31, 2024, an increase of $1.2 billion from the previous year, with total loans growing by $373.0 million to $8.0 billion[5]. - Total assets increased to $14.82 billion in Q4 2024, up from $13.31 billion in Q3 2024, representing a growth of 11.3%[16]. - Total loans reached $8.03 billion in Q4 2024, a slight decrease of 1.9% from $8.19 billion in Q3 2024[16]. - Average loans to deposits ratio was 69.63% in Q4 2024, down from 72.27% in Q3 2024[16]. Deposit Growth - Deposits increased to $11.7 billion, up $1.0 billion from year-end 2023, while sweep accounts rose to $5.2 billion, an increase of $871.6 million[5]. - Total deposits grew to $11.72 billion in Q4 2024, an increase of 2.1% from $11.47 billion in Q3 2024[16]. Credit Quality - Nonaccrual loans totaled $58.0 million, representing 0.72% of total loans at year-end 2024, compared to 0.32% at the end of 2023[6]. - Nonaccrual loans increased to $57.98 million in Q4 2024, up from $45.48 million in Q3 2024, indicating a rise of 27.5%[16]. - The allowance for credit losses to total loans was 1.24% at the end of 2024, slightly down from 1.26% at the end of 2023[6]. - The allowance for credit losses was $99.50 million in Q4 2024, compared to $101.88 million in Q3 2024, reflecting a decrease of 2.3%[16]. Equity and Valuation - BancFirst Corporation's total stockholders' equity increased to $1.6 billion, up $187.3 million from the end of 2023[5]. - Stockholders' equity increased to $1.62 billion in Q4 2024, up from $1.58 billion in Q3 2024, a growth of 2.1%[16]. - Tangible book value per common share increased to $42.92 in Q4 2024, up from $41.91 in Q3 2024, a rise of 2.4%[16]. Interest Income and Margin - Net interest income for Q4 2024 increased to $115.9 million, compared to $105.1 million in Q4 2023, driven primarily by increased loan volume, with a net interest margin of 3.68% in 2024 versus 3.67% in 2023[2]. - The net interest margin for Q4 2024 was 3.68%, slightly down from 3.73% in Q3 2024[20]. - The net interest income for Q4 2024 was $116.11 million, compared to $447.49 million for the full year[20].