BancFirst (US:BANF)2025-04-17 20:33Financial Performance - BancFirst Corporation reported net income of $56.1 million, or $1.67 per diluted share, for Q1 2025, an increase from $50.3 million, or $1.50 per diluted share, in Q1 2024, representing a 11.5% increase in net income year-over-year[1] - Net interest income for Q1 2025 increased to $115.9 million, up from $106.1 million in Q1 2024, driven by higher loan volume and growth in earning assets, with a net interest margin unchanged at 3.70%[2] - Noninterest income totaled $49.0 million in Q1 2025, compared to $44.9 million in the same quarter last year, reflecting increases in trust revenue, treasury income, sweep fees, and insurance commissions[3] - Noninterest expense rose to $92.2 million in Q1 2025, up from $82.8 million in Q1 2024, influenced by a $4.4 million expense related to the disposition of certain equity investments and a $3.1 million increase in salaries and employee benefits[4] Asset and Loan Growth - Total assets reached $14.0 billion as of March 31, 2025, an increase of $483.7 million from December 31, 2024, with total loans growing to $8.1 billion[5] - Total assets increased to $14,038.0 million in Q1 2025, up from $13,554.3 million in Q4 2024, representing a growth of 3.6%[14] - Total loans reached $8,102.81 million in Q1 2025, slightly up from $8,033.183 million in Q4 2024, indicating a growth of 0.9%[14] - Average loans to deposits ratio was 68.08% in Q1 2025, down from 69.63% in Q4 2024, indicating a tightening liquidity position[14] Deposit Growth - Deposits increased to $12.1 billion, up $408.2 million from year-end 2024, while sweep accounts totaled $5.5 billion, reflecting a $324.6 million increase[5] - Total deposits increased to $12,126.7 million in Q1 2025, compared to $11,718.5 million in Q4 2024, reflecting a growth of 3.5%[14] Credit Quality - Nonaccrual loans amounted to $56.4 million, representing 0.70% of total loans, a slight decrease from 0.72% at year-end 2024, with net charge-offs of $503,000 for the quarter compared to $3.5 million in Q1 2024[6] - Nonaccrual loans amounted to $56,371 million in Q1 2025, compared to $57,984 million in Q4 2024, showing a decrease of 2.8%[14] - The allowance for credit losses to total loans remained unchanged at 1.24% as of March 31, 2025, indicating a cautious outlook amid potential economic slowdown[7] - The allowance for credit losses was $100,455 million in Q1 2025, slightly up from $99,497 million in Q4 2024, reflecting a 1.0% increase[14] - The net charge-offs to average loans ratio remained stable at 0.01% in Q1 2025, consistent with previous quarters[14] Equity and Book Value - Tangible book value per common share (non-GAAP) increased to $44.47 in Q1 2025 from $42.92 in Q4 2024, a rise of 3.6%[14] - Stockholders' equity rose to $1,672.82 million in Q1 2025, up from $1,621.18 million in Q4 2024, marking a growth of 3.2%[14] Operational Overview - The Company operates three subsidiary banks across Oklahoma and Texas, enhancing its regional presence and service capabilities[7] Forward-Looking Statements - Forward-looking statements indicate management's expectations regarding earnings, credit quality, and economic conditions, with caution advised due to market volatility and potential risks[8]