BancFirst (US:BANF) Prnewswire·2024-10-17 20:15Core Insights - BancFirst Corporation reported a net income of $58.9 million, or $1.75 per diluted share, for Q3 2024, an increase from $51.0 million, or $1.52 per diluted share, in Q3 2023 [1] - The company's net interest income rose to $115.0 million in Q3 2024 from $104.3 million in Q3 2023, driven primarily by loan volume [1] - Noninterest income for the quarter increased to $48.7 million compared to $44.4 million in the previous year, with growth in trust revenue, treasury income, sweep fees, and insurance commissions [1] Financial Performance - Net interest margin improved to 3.78% in Q3 2024 from 3.73% in Q3 2023 [1] - Noninterest expense increased to $86.7 million in Q3 2024 from $81.2 million in Q3 2023, mainly due to a $4.0 million rise in salaries and employee benefits [1] - The effective tax rate decreased to 20.3% in Q3 2024 from 21.8% in Q3 2023 [1] Balance Sheet Highlights - Total assets reached $13.3 billion as of September 30, 2024, up by $941.4 million from December 31, 2023 [1] - Loans increased by $528.1 million to $8.2 billion, while deposits rose by $774.2 million to $11.5 billion [1] - Total stockholders' equity grew to $1.6 billion, an increase of $150.7 million from December 31, 2023 [1] Credit Quality - Nonaccrual loans totaled $45.5 million, representing 0.56% of total loans, up from 0.32% at year-end 2023 [1] - The allowance for credit losses to total loans was 1.24% as of September 30, 2024, compared to 1.26% at the end of 2023 [1] - Net charge-offs for the quarter were $775,000, down from $1.5 million in Q3 2023 [1] Management Commentary - The CEO noted that loan growth, improved net interest margin, and growth in non-interest income contributed to a strong quarter [1] - The potential for further short-term rate reductions and changes in the yield curve create uncertainty regarding the outlook for net interest margin [1] - The company remains well-positioned to manage asset and liability pricing effectively in the coming months [1]