BancFirst (BANF) - 2025 Q3 - Quarterly Report

Financial Performance - Net interest income for the three months ended September 30, 2025, was $125,615 thousand, an increase of 9.4% compared to $114,957 thousand for the same period in 2024[15]. - Net income for the three months ended September 30, 2025, was $62,654 thousand, up 6.0% from $58,903 thousand in the prior year[15]. - Comprehensive income for the nine months ended September 30, 2025, was $201,175 thousand, compared to $185,523 thousand for the same period in 2024, indicating an increase of 8.4%[15]. - Net income for the nine months ended September 30, 2025, was $181,113, an increase of 13.5% compared to $159,878 for the same period in 2024[20]. - Basic net income per common share for the three months ended September 30, 2025, was $1.88, up from $1.78 in the same period of 2024, reflecting a growth of 5.6%[15]. - Diluted earnings per share for the nine months ended September 30, 2025, was $5.36, up from $4.76 in 2024, reflecting an increase of 12.6%[81]. Asset and Liability Management - Total assets increased to $14,198,140 thousand as of September 30, 2025, up from $13,554,314 thousand at December 31, 2024, representing a growth of 4.7%[13]. - Total liabilities increased to $12,415,339 thousand as of September 30, 2025, from $11,933,127 thousand at December 31, 2024, representing a growth of 4.0%[13]. - Total deposits rose to $12,118,387 thousand as of September 30, 2025, compared to $11,718,546 thousand at December 31, 2024, marking an increase of 3.4%[13]. - The total fair value of debt securities available for sale as of September 30, 2025, was $1,015,380, down from $1,210,917 at the end of 2024, a decrease of 16.1%[30]. - The total amount of repossessed assets during the nine months ended September 30, 2025, was $2,245,000, compared to $2,332,000 in 2024[62]. Credit Quality and Losses - The provision for credit losses on loans was $4,222 thousand for the three months ended September 30, 2025, compared to $3,031 thousand for the same period in 2024, indicating a rise of 39.4%[15]. - Nonaccrual loans totaled $57,266 thousand as of September 30, 2025, slightly down from $57,984 thousand at December 31, 2024[47]. - The allowance for credit losses remained stable at $99,511 thousand as of September 30, 2025, compared to $99,497 thousand at December 31, 2024[13]. - The company reported a total allowance for credit losses of $99,497,000 for the nine months ended September 30, 2025, down from $101,882,000 for the same period in 2024, reflecting a decrease of approximately 2.3%[58]. - The total provision for credit losses for the nine months ended September 30, 2025, was $7,988,000, compared to $6,154,000 for the same period in 2024, indicating an increase of approximately 29.8%[58]. Investment and Loans - Total loans held for investment increased to $8,278,247 thousand as of September 30, 2025, compared to $8,025,110 thousand at December 31, 2024, representing a growth of approximately 3.1%[35]. - The total loans held for investment as of September 30, 2025, were $7,959,000,000, showing a significant volume of loans in various categories[48]. - The company reported a significant increase in Grade 1 loans across various categories, indicating strong performance in high-quality lending[51]. - The company did not purchase any credit-deteriorated loans during the nine months ended September 30, 2025, or September 30, 2024, indicating a cautious approach to loan acquisitions[59]. - The company’s gross loans held for investment are categorized by year of origination and internally assigned credit grades, reflecting the credit quality of the portfolio[50]. Capital and Equity - The company’s total stockholders' equity increased to $1.8 billion, up by $161.6 million over December 31, 2024[124]. - As of September 30, 2025, the total capital for BancFirst Corporation was $1,788,184, representing a capital ratio of 19.93%, exceeding the required 8.00%[78]. - Stockholders' equity increased by $161.6 million to $1.8 billion as of September 30, 2025[177]. Noninterest Income and Expenses - Noninterest income for the nine months ended September 30, 2025, totaled $146,808 thousand, an increase of 6.5% from $137,556 thousand in the same period of 2024[15]. - Noninterest expense grew to $92.1 million in Q3 2025, compared to $86.7 million in Q3 2024, primarily due to increased salaries and employee benefits[123]. - Noninterest income for Q3 2025 totaled $49.9 million, up from $48.7 million in Q3 2024, with increases in trust revenue, treasury income, sweep fees, and securities transactions[122]. Tax and Regulatory Compliance - The effective tax rate for the nine months ended September 30, 2025, was 21.2%, a slight decrease from 21.4% in the same period of 2024[146]. - BancFirst Corporation, BancFirst, Pegasus, and Worthington were classified as "well capitalized" under the prompt corrective action provisions as of September 30, 2025[78].