BancFirst (BANF) - 2025 Q4 - Annual Results

Financial Performance - BancFirst Corporation reported a net income of $59.5 million, or $1.75 per diluted share, for Q4 2025, an increase from $56.5 million, or $1.68 per diluted share, in Q4 2024[1]. - Net interest income rose to $127.7 million in Q4 2025, up from $115.9 million in Q4 2024, driven by higher loan volume and the acquisition of American Bank of Oklahoma[2]. - Noninterest income increased to $53.3 million in Q4 2025, compared to $47.0 million in the same quarter last year, primarily due to a $4.5 million gain on the sale of Visa B-1 stock[3]. - Net income for the twelve months ended December 31, 2025, was $240.610 million, up from $216.354 million in 2024, representing an increase of 11.2%[22]. - Net interest income for the twelve months ended December 31, 2025, was $490.487 million, an increase of 9.7% compared to $446.874 million in 2024[22]. - Noninterest income totaled $200.141 million for the twelve months ended December 31, 2025, compared to $184.575 million in 2024, marking an increase of 8.4%[22]. Asset Quality - Nonaccrual loans remained stable at $61.1 million, representing 0.72% of total loans, unchanged from the previous year[6]. - The allowance for credit losses to total loans was 1.22% at December 31, 2025, slightly down from 1.24% a year earlier[6]. - The company maintained a healthy allowance for credit losses due to a mixed economic outlook, with net charge-offs of $1.6 million for the quarter[10]. - The provision for credit losses on loans decreased to $4.947 million in 2025 from $9.004 million in 2024, indicating improved asset quality[22]. - Nonaccrual loans as a percentage of total loans were 0.72% in Q4 2025, unchanged from Q4 2024, reflecting consistent asset quality[17]. Growth and Expansion - Total assets reached $14.8 billion as of December 31, 2025, an increase of $1.3 billion from the previous year, with loans totaling $8.5 billion, up $511.4 million[5]. - The acquisition of American Bank of Oklahoma was completed for $33 million, adding approximately $413 million in total assets and $244 million in loans[7]. - Total assets increased to $14,838.89 million in Q4 2025, up from $13,554.31 million in Q4 2024, representing a growth of 9.5% year-over-year[17]. - Total loans reached $8,544.634 million in Q4 2025, up from $8,033.183 million in Q4 2024, reflecting a year-over-year growth of 6.4%[17]. Efficiency and Returns - BancFirst Corporation's return on average assets was 1.60% for Q4 2025, while the return on average stockholders' equity was 13.02%[15]. - The return on average assets improved to 1.70% in 2025, compared to 1.68% in 2024[22]. - The efficiency ratio remained stable at 55.00% in 2025, slightly up from 54.98% in 2024, indicating effective cost management[22]. - The tangible book value per common share increased to $49.20 in Q4 2025 from $42.92 in Q4 2024, a growth of 14.6%[20]. Expenses - Noninterest expense grew to $107.4 million in Q4 2025, up from $92.3 million in Q4 2024, largely due to increased expenses related to other real estate owned and salaries[4].