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8-K

Bancfirst Corp /Ok/ (BANF)

8-K 2024-10-17 For: 2024-10-17
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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 17, 2024

BancFirst Corporation

(Exact name of Registrant as Specified in Its Charter)

Oklahoma 0-14384 73-1221379
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>Identification No.)
100 N. Broadway Ave.
Oklahoma City, Oklahoma 73102-8405
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: 405 270-1086
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br>Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 Par Value Per Share BANF Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

BancFirst Corporation Reports Third Quarter Earnings

On October 17, 2024, BancFirst Corporation announced its results of operations for the quarter ended September 30, 2024. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No. Description
99.1 Press Release, dated October 17, 2024, issued by BancFirst Corporation titled “BancFirst Corporation Reports Third Quarter Earnings.”
104 Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BANCFIRST CORPORATION
Date: October 17, 2024 By: /s/ Hannah Andrus
Hannah Andrus<br>Executive Vice President<br>Chief Financial Officer

EX-99.1

Exhibit 99.1

img44656334_0.jpg

100 N. Broadway Ave
FOR IMMEDIATE RELEASE Oklahoma City, OK 73102
Thursday, October 17, 2024 www.bancfirst.bank

BANCFIRST CORPORATION REPORTS THIRD QUARTER EARNINGS

BancFirst Corporation (NASDAQ GS:BANF) reported net income of $58.9 million, or $1.75 per diluted share, for the third quarter of 2024 compared to net income of $51.0 million, or $1.52 per diluted share, for the third quarter of 2023.

The Company’s net interest income for the third quarter of 2024 increased to $115.0 million from $104.3 million for the same period in 2023. Loan volume was the primary driver of the change in net interest income, but was partially offset by the impact of the shifting mix between interest-bearing and noninterest-bearing deposits. Net interest margin for the three-month period ended September 30 was 3.78% in 2024 compared to 3.73% in 2023. The Company recorded a provision for credit losses of $3.0 million in the third quarter of 2024 compared to $2.3 million for the same period in 2023.

Noninterest income for the quarter totaled $48.7 million compared to $44.4 million last year. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to third quarter last year.

Noninterest expense for the quarter increased to $86.7 million compared to $81.2 million in the same quarter last year. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $4.0 million.

The Company’s effective tax rate for the period was 20.3% compared to 21.8% for the third quarter of 2023.

At September 30, 2024, the Company’s total assets were $13.3 billion, an increase of $941.4 million from December 31, 2023. Loans grew $528.1 million from December 31, 2023, totaling $8.2 billion at September 30, 2024. Deposits totaled $11.5 billion, an increase of $774.2 million from year-end 2023. Sweep accounts totaled $4.3 billion at September 30, 2024, down $60.6 million from December 31, 2023. The Company’s total stockholders’ equity was $1.6 billion, an increase of $150.7 million over December 31, 2023.

Nonaccrual loans totaled $45.5 million, representing 0.56% of total loans at September 30, 2024 compared to 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.24% at September 30, 2024 compared to 1.26% at the end of 2023. Net charge-offs were $775,000 for the quarter compared to $1.5 million for the third quarter of 2023.

BancFirst Corporation CEO David Harlow commented, “Loan growth, an improved net interest margin, and growth across all major components of non-interest income resulted in a strong quarter for the Company. While the Federal Reserve’s late September 50 basis point rate cut had little impact on the quarter, the potential for further short-term rate reductions combined with a recent increase in the longer-term portion of the yield curve changes the landscape considerably and causes our outlook on net interest margin to be unclear. However, we believe the Company is well positioned to reasonably manage and balance our asset and liability pricing in the coming months. Our perspective on credit is unchanged as the Federal Reserve’s goal of a “soft landing,” while more likely, is far from certain, thus our Loan Loss Reserve as a percentage of loans is the same when compared to last quarter.”

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 104 banking locations serving 59 communities across Oklahoma, Pegasus Bank, a Texas state-chartered bank with three banking locations in the Dallas Metroplex area and Worthington Bank, a Texas state-chartered bank with

three locations in the Fort Worth Metroplex area, one location in Arlington Texas and one location in Denton Texas. More information can be found at www.bancfirst.bank.

The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management’s current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates, legislative and regulatory actions and reforms, competition, as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.

For additional information call:

Hannah Andrus, Chief Financial Officer at (405) 218-4174 or

David Harlow, Chief Executive Officer at (405) 270-1082.

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
2024 2024 2024 2023 2023
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
Condensed Income Statements:
Net interest income $ 114,957 $ 109,896 $ 106,104 $ 105,066 $ 104,308
Provision for credit losses 3,031 3,358 4,015 - 2,312
Noninterest income:
Trust revenue 5,672 5,490 5,088 5,106 4,866
Service charges on deposits 17,723 17,280 16,428 16,841 17,027
Securities transactions (308 ) 317 (267 ) (1,364 ) (361 )
Sales of loans 721 733 491 512 734
Insurance commissions 9,391 6,668 9,455 7,220 8,429
Cash management 9,189 9,149 8,651 7,878 8,177
Other 6,324 4,307 5,054 8,964 5,577
Total noninterest income 48,712 43,944 44,900 45,157 44,449
Noninterest expense:
Salaries and employee benefits 54,215 51,928 51,528 50,731 50,200
Occupancy expense, net 5,776 5,233 5,206 5,439 5,487
Depreciation 4,482 4,504 4,556 4,560 4,685
Amortization of intangible assets 886 887 886 887 885
Data processing services 2,720 2,696 2,616 2,224 1,820
Net expense from other real estate owned 2,751 1,656 2,202 7,870 2,720
Marketing and business promotion 2,168 2,246 2,256 2,653 2,034
Deposit insurance 1,645 1,614 1,438 1,332 1,419
Other 12,091 14,552 12,091 14,120 11,965
Total noninterest expense 86,734 85,316 82,779 89,816 81,215
Income before income taxes 73,904 65,166 64,210 60,407 65,230
Income tax expense 15,001 14,525 13,876 11,473 14,242
Net income $ 58,903 $ 50,641 $ 50,334 $ 48,934 $ 50,988
Per Common Share Data:
Net income-basic $ 1.78 $ 1.53 $ 1.53 $ 1.48 $ 1.55
Net income-diluted 1.75 1.51 1.50 1.46 1.52
Cash dividends declared 0.46 0.43 0.43 0.43 0.43
Common shares outstanding 33,122,689 33,022,124 32,966,678 32,933,018 32,921,393
Average common shares outstanding -
Basic 33,097,164 33,001,180 32,947,983 32,926,326 32,937,149
Diluted 33,646,549 33,525,061 33,513,412 33,483,691 33,539,389
Performance Ratios:
Return on average assets 1.80 % 1.61 % 1.63 % 1.58 % 1.68 %
Return on average stockholders’ equity 15.14 13.72 13.96 13.98 14.93
Net interest margin 3.78 3.76 3.70 3.67 3.73
Efficiency ratio 52.99 55.46 54.82 59.79 54.60
BancFirst Corporation
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Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
Nine months ended
September 30,
2024 2023
Condensed Income Statements:
Net interest income $ 330,957 $ 319,390
Provision for credit losses 10,404 7,458
Noninterest income:
Trust revenue 16,250 13,678
Service charges on deposits 51,431 60,526
Securities transactions (258 ) (464 )
Sales of loans 1,945 2,095
Insurance commissions 25,514 23,395
Cash management 26,989 22,838
Other 15,685 18,183
Total noninterest income 137,556 140,251
Noninterest expense:
Salaries and employee benefits 157,671 149,255
Occupancy expense, net 16,215 15,588
Depreciation 13,542 14,097
Amortization of intangible assets 2,659 2,645
Data processing services 8,032 6,144
Net expense from other real estate owned 6,609 8,068
Marketing and business promotion 6,670 6,461
Deposit insurance 4,697 4,495
Other 38,734 35,889
Total noninterest expense 254,829 242,642
Income before income taxes 203,280 209,541
Income tax expense 43,402 46,010
Net income $ 159,878 $ 163,531
Per Common Share Data:
Net income-basic $ 4.84 $ 4.97
Net income-diluted 4.76 4.88
Cash dividends declared 1.32 1.23
Common shares outstanding 33,122,689 32,921,393
Average common shares outstanding -
Basic 33,015,741 32,916,996
Diluted 33,567,117 33,493,015
Performance Ratios:
Return on average assets 1.68 % 1.81 %
Return on average stockholders’ equity 14.30 16.56
Net interest margin 3.75 3.83
Efficiency ratio 54.39 52.79
BancFirst Corporation
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Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
2024 2024 2023 2023
2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
Balance Sheet Data:
Total assets 13,313,482 $ 12,737,318 $ 12,602,425 $ 12,372,042 $ 12,114,602
Interest-bearing deposits with banks 2,743,578 2,299,019 2,341,604 2,172,001 2,134,081
Debt securities 1,376,913 1,441,365 1,534,651 1,555,095 1,525,448
Total loans 8,188,202 8,054,856 7,787,857 7,660,134 7,476,474
Allowance for credit losses (101,882 ) (99,626 ) (97,267 ) (96,800 ) (97,776 )
Noninterest-bearing demand deposits 3,858,670 3,815,818 3,849,807 3,982,226 4,170,550
Money market and interest-bearing checking deposits 5,122,457 4,930,853 4,901,081 4,699,865 4,453,892
Savings deposits 1,082,855 1,084,266 1,076,181 1,056,404 1,062,041
Time deposits 1,410,370 1,184,665 1,082,552 961,627 847,688
Total deposits 11,474,352 11,015,602 10,909,621 10,700,122 10,534,171
Stockholders' equity 1,584,575 1,512,492 1,469,312 1,433,891 1,370,584
Book value per common share 47.84 45.80 44.57 43.54 41.63
Tangible book value per common share (non-GAAP)(1) 41.91 39.83 38.56 37.50 35.56
Balance Sheet Ratios:
Average loans to deposits 72.27 % 72.25 % 71.97 % 70.52 % 70.61 %
Average earning assets to total assets 93.02 92.77 92.67 92.42 92.39
Average stockholders' equity to average assets 11.88 11.71 11.65 11.30 11.28
Asset Quality Data:
Past due loans 4,628 $ 4,280 $ 6,332 $ 9,542 $ 12,575
Nonaccrual loans (3) 45,481 44,021 41,996 24,573 16,676
Other real estate owned and repossessed assets 39,519 38,497 35,116 34,200 42,782
Nonaccrual loans to total loans 0.56 % 0.55 % 0.54 % 0.32 % 0.22 %
Allowance to total loans 1.24 1.24 1.25 1.26 1.31
Allowance to nonaccrual loans 224.01 226.32 231.61 393.92 586.34
Net charge-offs to average loans 0.01 0.01 0.05 0.02 0.02
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Stockholders' equity 1,584,575 $ 1,512,492 $ 1,469,312 $ 1,433,891 $ 1,370,584
Less goodwill 182,263 182,263 182,263 182,263 182,263
Less intangible assets, net 14,045 14,931 15,818 16,704 17,591
Tangible stockholders’ equity (non-GAAP) 1,388,267 $ 1,315,298 $ 1,271,231 $ 1,234,924 $ 1,170,730
Common shares outstanding 33,122,689 33,022,124 32,966,678 32,933,018 32,921,393
Tangible book value per common share (non-GAAP) 41.91 $ 39.83 $ 38.56 $ 37.50 $ 35.56
(1) Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table.
(2) Tangible book value per common share is stockholders’ equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(3) Government Agencies guarantee approximately 7.5 million of nonaccrual loans at September 30, 2024.

All values are in US Dollars.

BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended Nine Months Ended
September 30, 2024 September 30, 2024
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
ASSETS
Earning assets:
Loans $ 8,103,297 $ 144,179 7.06 % $ 7,916,192 $ 414,274 6.97 %
Securities – taxable 1,406,344 8,341 2.35 1,484,049 26,454 2.37
Securities – tax exempt 2,374 23 3.87 2,474 71 3.80
Interest-bearing deposits with banks and FFS 2,574,083 35,267 5.44 2,370,685 97,388 5.47
Total earning assets 12,086,098 187,810 6.17 11,773,400 538,187 6.09
Nonearning assets:
Cash and due from banks 195,636 200,515
Interest receivable and other assets 810,781 807,891
Allowance for credit losses (99,967 ) (98,327 )
Total nonearning assets 906,450 910,079
Total assets $ 12,992,548 $ 12,683,479
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Money market and interest-bearing checking deposits $ 5,064,491 $ 47,386 3.71 % $ 4,933,831 $ 136,899 3.70 %
Savings deposits 1,078,383 9,277 3.41 1,070,512 27,502 3.42
Time deposits 1,275,206 14,952 4.65 1,146,042 39,106 4.55
Short-term borrowings 4,423 48 4.30 5,673 203 4.76
Subordinated debt 86,134 1,030 4.74 86,120 3,091 4.78
Total interest-bearing liabilities 7,508,637 72,693 3.84 7,242,178 206,801 3.80
Interest free funds:
Noninterest-bearing deposits 3,793,962 3,818,752
Interest payable and other liabilities 146,868 132,698
Stockholders’ equity 1,543,081 1,489,851
Total interest free funds 5,483,911 5,441,301
Total liabilities and stockholders’ equity $ 12,992,548 $ 12,683,479
Net interest income $ 115,117 $ 331,386
Net interest spread 2.33 % 2.29 %
Effect of interest free funds 1.45 % 1.46 %
Net interest margin 3.78 % 3.75 %

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