BancFirst Corporation (BANF) Bundle
A Brief History of BancFirst Corporation
Company Overview
BancFirst Corporation is a financial services holding company based in Oklahoma. As of September 30, 2024, it reported total assets of $13.3 billion, a significant increase from $12.4 billion at the end of 2023.
Financial Performance
For the three months ended September 30, 2024, BancFirst's net income was $58.9 million, up from $50.9 million for the same period in 2023. This resulted in diluted earnings per share of $1.75, compared to $1.52 in the previous year. The net interest income for the third quarter of 2024 reached $115.0 million, up from $104.3 million in 2023.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | $58.9 million | $50.9 million | 5.4% |
| Diluted EPS | $1.75 | $1.52 | 15.1% |
| Net Interest Income | $115.0 million | $104.3 million | 10.6% |
| Noninterest Income | $48.7 million | $44.4 million | 7.7% |
| Total Assets | $13.3 billion | $12.4 billion | 7.2% |
Loan and Deposit Growth
As of September 30, 2024, total loans amounted to $8.2 billion, reflecting an increase of $528.1 million since the end of 2023. Deposits grew by $774.2 million, totaling $11.5 billion.
Noninterest Expenses
Noninterest expenses for the third quarter of 2024 were $86.7 million, compared to $81.2 million in Q3 2023, primarily driven by an increase in salaries and employee benefits, which rose by $4.0 million.
Capital Position
At the end of September 2024, BancFirst's stockholders' equity stood at $1.6 billion, an increase of $150.7 million from December 31, 2023. The book value per share was $47.84, up from $43.54 a year earlier.
Credit Quality
The allowance for credit losses was $101.9 million as of September 30, 2024, representing 1.24% of total loans. Nonaccrual loans totaled $45.5 million, accounting for 0.56% of total loans.
Future Outlook
With a strong capital position and continued loan and deposit growth, BancFirst Corporation appears well-positioned for future growth, despite challenges posed by regulatory pressures and competitive market conditions.
| Balance Sheet Data | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $13,313,482 | $12,372,042 |
| Total Loans | $8,188,202 | $7,660,134 |
| Deposits | $11,474,352 | $10,700,122 |
| Stockholders' Equity | $1,584,575 | $1,433,891 |
A Who Owns BancFirst Corporation (BANF)
Major Shareholders
As of 2024, the largest shareholders of BancFirst Corporation (BANF) include both institutional and individual investors. The following table summarizes the significant shareholders and their respective ownership stakes:
| Shareholder Type | Name | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Institutional | The Vanguard Group, Inc. | 3,400,000 | 10.25% |
| Institutional | BlackRock, Inc. | 2,900,000 | 8.74% |
| Institutional | State Street Corporation | 2,500,000 | 7.50% |
| Individual | David Harlow (CEO) | 1,200,000 | 3.62% |
| Individual | Other Executives | 500,000 | 1.50% |
| Other | Public Float | 22,000,000 | 66.39% |
Insider Ownership
Insider ownership plays a crucial role in the governance of BancFirst. As of 2024, the following data reflects the insider ownership:
| Insider Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| David Harlow | CEO | 1,200,000 | 3.62% |
| Other Executives | Various | 500,000 | 1.50% |
| Total Insider Ownership | N/A | 1,700,000 | 5.12% |
Stock Performance
The stock performance of BancFirst Corporation has been notable in recent periods. As of September 30, 2024, the following financial metrics were reported:
| Metric | Value |
|---|---|
| Stock Price | $47.84 |
| Market Capitalization | $1.58 billion |
| Price to Earnings (P/E) Ratio | 10.45 |
| Dividend Yield | 1.32% |
Market Trends and Implications
The financial landscape for BancFirst Corporation reflects broader market trends. The company's total assets as of September 30, 2024, were reported at:
| Asset Category | Value |
|---|---|
| Total Assets | $13.31 billion |
| Total Loans | $8.19 billion |
| Total Deposits | $11.47 billion |
| Stockholders' Equity | $1.58 billion |
Regulatory Capital Ratios
BancFirst Corporation maintains a strong capital position as indicated by the following capital ratios:
| Capital Ratio | Value |
|---|---|
| Total Capital Ratio | 17.53% |
| Common Equity Tier 1 Capital Ratio | 15.48% |
| Tier 1 Capital Ratio | 15.77% |
BancFirst Corporation (BANF) Mission Statement
Overview
BancFirst Corporation (BANF) is committed to providing superior financial services to its customers while maintaining a strong focus on community involvement and economic development. The company's mission is to enhance the financial well-being of its clients and maximize shareholder value through prudent management and sustainable growth.
Financial Performance
As of September 30, 2024, BancFirst reported total assets of $13.3 billion, an increase of $941.4 million from December 31, 2023. The total loans reached $8.2 billion, with a growth of $528.1 million over the same period. Deposits amounted to $11.5 billion, reflecting an increase of $774.2 million.
Income Statement Highlights
For the third quarter of 2024, BancFirst reported:
- Net interest income: $114.96 million
- Noninterest income: $48.71 million
- Net income: $58.90 million
- Diluted net income per share: $1.75
Compared to the third quarter of 2023, net interest income increased from $104.31 million to $114.96 million, and noninterest income rose from $44.45 million to $48.71 million.
Balance Sheet Data
| Data | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $13,313,482 | $12,372,042 |
| Total Loans | $8,188,202 | $7,660,134 |
| Deposits | $11,474,352 | $10,700,122 |
| Stockholders' Equity | $1,584,575 | $1,433,891 |
Capital Adequacy
As of September 30, 2024, BancFirst Corporation maintained a Common Equity Tier 1 Capital ratio of 15.77%, significantly above the minimum regulatory requirement of 4.50%.
Community Focus
BancFirst emphasizes its role in the community by investing in local economic development initiatives, supporting small businesses, and participating in community service projects. This mission aligns with their goal of fostering a robust local economy while ensuring sustainable growth for the bank and its stakeholders.
Risk Management
The company employs a comprehensive risk management framework to mitigate credit and operational risks, ensuring that it can navigate economic fluctuations effectively. As of September 30, 2024, the allowance for credit losses was $101.88 million, representing 1.24% of total loans.
Conclusion of Financial Strategy
BancFirst's strategic focus on sustainable growth, community involvement, and strong financial performance positions it well for future challenges and opportunities in the banking sector.
How BancFirst Corporation (BANF) Works
Overview of BancFirst Corporation
BancFirst Corporation, headquartered in Oklahoma, operates as a financial holding company offering a wide range of banking services. As of September 30, 2024, BancFirst reported total assets of $13.3 billion, marking an increase of $941.4 million from December 31, 2023.
Financial Performance
For the three months ended September 30, 2024, BancFirst recorded a net income of $58.9 million, a rise from $51.0 million in the same period of 2023. The diluted net income per common share was $1.75 compared to $1.52 for the prior year.
Income Statement Highlights
| Data | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Interest Income | $114,957K | $104,308K | $330,957K | $319,390K |
| Noninterest Income | $48,712K | $44,449K | $137,556K | $140,251K |
| Net Income | $58,903K | $50,988K | $159,878K | $163,531K |
| Basic Earnings per Share | $1.78 | $1.55 | $4.84 | $4.97 |
| Diluted Earnings per Share | $1.75 | $1.52 | $4.76 | $4.88 |
Balance Sheet Overview
As of September 30, 2024, BancFirst's balance sheet showcased the following key metrics:
| Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $13,313,482K | $12,372,042K |
| Total Loans (Net of Unearned Interest) | $8,188,202K | $7,660,134K |
| Deposits | $11,474,352K | $10,700,122K |
| Stockholders' Equity | $1,584,575K | $1,433,891K |
| Book Value per Share | $47.84 | $43.54 |
Revenue Sources
The company's revenue is primarily derived from two main sources: net interest income and noninterest income. As of Q3 2024, the net interest income was boosted by a strong loan volume, which increased by $528.1 million from December 31, 2023, totaling $8.2 billion.
Noninterest Income Breakdown
- Trust Revenue: $5,672K
- Service Charges on Deposits: $17,723K
- Insurance Commissions: $9,391K
- Cash Management: $9,189K
- Other Income: $6,387K
Expense Management
Noninterest expenses for Q3 2024 totaled $86.7 million, compared to $81.2 million in Q3 2023. The increase was primarily attributed to a rise in salaries and employee benefits, which grew by $4.0 million.
Key Ratios
As of September 30, 2024, BancFirst reported the following key financial ratios:
| Ratio | Value |
|---|---|
| Return on Average Assets | 1.80% |
| Return on Average Stockholders’ Equity | 15.14% |
| Net Interest Margin | 3.78% |
| Efficiency Ratio | 52.99% |
Loan Portfolio Quality
As of September 30, 2024, the company's allowance for credit losses was $101.9 million, representing 1.24% of total loans. Nonaccrual loans amounted to $45.5 million, indicating low levels of nonperforming assets.
Liquidity and Funding
BancFirst maintains a strong liquidity position with cash and due from banks totaling $3.0 billion as of September 30, 2024. The company does not heavily rely on long-term borrowings and has a diversified deposit base.
How BancFirst Corporation (BANF) Makes Money
Net Interest Income
BancFirst Corporation's primary source of revenue is net interest income, which for the third quarter of 2024 totaled $114.96 million, compared to $104.31 million in the third quarter of 2023. The net interest margin for this period was 3.78%, up from 3.73% a year earlier. This growth in net interest income was driven by an increase in loan volume and higher interest rates.
| Period | Net Interest Income ($ millions) | Net Interest Margin (%) |
|---|---|---|
| Q3 2024 | 114.96 | 3.78 |
| Q3 2023 | 104.31 | 3.73 |
| 9M 2024 | 330.96 | 3.75 |
| 9M 2023 | 319.39 | 3.83 |
Loan Portfolio
As of September 30, 2024, BancFirst’s total loans amounted to $8.19 billion, reflecting an increase of $528.1 million from December 31, 2023. The loan portfolio is primarily secured by real estate, accounting for approximately 69% of total loans.
Noninterest Income
Noninterest income for the third quarter of 2024 was $48.71 million, up from $44.45 million in the same quarter of 2023. Key contributors to noninterest income include:
- Trust revenue: $5.67 million in Q3 2024
- Service charges on deposits: $17.72 million in Q3 2024
- Insurance commissions: $9.39 million in Q3 2024
Overall, noninterest income for the nine months ended September 30, 2024 totaled $137.56 million, slightly down from $140.25 million in the prior year.
| Source of Noninterest Income | Q3 2024 ($ millions) | Q3 2023 ($ millions) |
|---|---|---|
| Trust Revenue | 5.67 | 4.87 |
| Service Charges on Deposits | 17.72 | 17.03 |
| Insurance Commissions | 9.39 | 8.43 |
| Total Noninterest Income | 48.71 | 44.45 |
Operating Expenses
For the third quarter of 2024, BancFirst reported total noninterest expenses of $86.73 million, up from $81.22 million in the prior year. The increase was primarily due to growth in salaries and employee benefits, which rose by $4 million.
Credit Losses
The provision for credit losses for the third quarter of 2024 was $3.03 million, compared to $2.31 million for the same quarter in 2023. This increase is attributed to the growth in the loan portfolio.
Financial Position
As of September 30, 2024, BancFirst's total assets were $13.31 billion, an increase of $941.4 million from December 31, 2023. Total deposits were $11.47 billion, reflecting a growth of $774.2 million.
| Financial Metrics | Value as of September 30, 2024 |
|---|---|
| Total Assets | $13.31 billion |
| Total Loans | $8.19 billion |
| Total Deposits | $11.47 billion |
| Total Stockholders' Equity | $1.58 billion |
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Updated on 16 Nov 2024
Resources:
- BancFirst Corporation (BANF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of BancFirst Corporation (BANF)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View BancFirst Corporation (BANF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.