BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS
The Company's net interest income for the three-months ended March 31, 2026 increased to $127.6 million compared to $115.9 million for the same period in 2025. Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin was 3.74% for the first quarter of 2026 compared to 3.70% for the first quarter of 2025. The Company recorded a provision for credit losses of $2.1 million and $1.6 million for the quarter-ended March 31, 2026 and 2025, respectively.
Noninterest income for the quarter totaled $51.4 million compared to $49.0 million in the same quarter last year. Trust revenue, services charges on deposits, treasury income, and securities transaction each increased when compared to first quarter of 2025 partially offset by a decrease in insurance commissions.
Noninterest expense grew to $96.8 million for the quarter-ended March 31, 2026 compared to $92.2 million in the same quarter in 2025. The increase in noninterest expense was primarily attributable to the growth in salaries and employee benefits of $4.3 million. The total salaries and benefits expenses recorded of $58.9 million for the period ended March 31, 2026 is after a favorable adjustment to the funded employee benefit trust of $1.8 million. Total noninterest expense for the first quarter of 2026 also reflects conversion expenses related to American Bank of Oklahoma. For the first quarter of 2025 the Company recorded a $4.4 million expense related to the disposition of certain equity investments no longer permissible under the Volcker rule, no such equivalent expense was recorded in 2026
At March 31, 2026, the Company's total assets were $15.1 billion, an increase of $277.6 million from December 31, 2025. Loans grew $51.4 million from December 31, 2025, totaling $8.6 billion at March 31, 2026. Deposits totaled $12.9 billion, an increase of $230.7 million from year-end 2025. Sweep accounts totaled $5.1 billion at March 31, 2026, up $160.2 million from December 31, 2025. The Company's total stockholders' equity was $1.9 billion, an increase of $47.8 million from the end of 2025.
Nonaccrual loans represented 0.72% of total loans at both March 31, 2026 and year-end 2025; nonaccrual loans totaled $62.2 million at the end of the first quarter 2026. The allowance for credit losses to total loans was 1.23% at March 31, 2026 and 1.22% at December 31, 2025. Net charge-offs were $1.5 million for the quarter compared to $503,000 for the first quarter last year.
BancFirst Corporation CEO David Harlow commented, "Strong deposit growth in the quarter, margin expansion, and increases in non-interest income compared to prior year combined to result in a strong quarter for the Company. We also successfully completed the conversion of American Bank of Oklahoma into BancFirst during the quarter. The economy in our region of the country continues to perform well and charge-offs for the quarter were in line with historical levels. Loans were up modestly from year end while credit quality remained solid. With so many variables in play at the macro level of the economy, our longer-term outlook remains a mixed bag and thus we continue to maintain a healthy allowance for credit losses as a percentage of loans."
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 109 banking locations serving 62 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.
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
2026
2025
2025
2025
2025
1st Qtr
4th Qtr
3rd Qtr
2nd Qtr
1st Qtr
Condensed Income Statements:
Net interest income
$ 127,605
$ 127,667
$ 125,615
$ 121,256
$ 115,949
Provision for credit losses on loans
2,578
(1,975)
4,222
1,239
1,461
(Benefit from)/provision for off-balance sheet credit exposures
(435)
234
216
148
125
Noninterest income:
Trust revenue
6,057
5,933
5,850
5,795
5,539
Service charges on deposits
18,042
18,393
18,131
17,741
16,804
Securities transactions
904
964
492
(740)
(333)
Sales of loans
780
781
916
830
636
Insurance commissions
9,440
7,643
8,954
7,920
10,410
Cash management
10,566
10,120
10,338
10,573
10,051
Other
5,602
9,499
5,185
5,929
5,787
Total noninterest income
51,391
53,333
49,866
48,048
48,894
Noninterest expense:
Salaries and employee benefits
58,855
58,570
57,681
55,147
54,593
Occupancy expense, net
6,286
6,946
6,434
6,037
5,753
Depreciation
4,816
4,872
4,725
4,691
4,808
Amortization of intangible assets
975
836
862
862
886
Data processing services
3,448
3,041
2,901
2,985
2,892
Net expense from other real estate owned
3,605
12,044
2,778
2,941
2,658
Marketing and business promotion
2,641
3,121
2,126
2,325
2,461
Deposit insurance
1,847
1,692
1,736
1,675
1,725
Other
14,316
16,268
12,829
11,536
16,403
Total noninterest expense
96,789
107,390
92,072
88,199
92,179
Income before income taxes
80,064
75,351
78,971
79,718
71,078
Income tax expense
17,069
15,854
16,317
17,371
14,966
Net income
$ 62,995
$ 59,497
$ 62,654
$ 62,347
$ 56,112
Per Common Share Data:
Net income-basic
$ 1.88
$ 1.78
$ 1.88
$ 1.87
$ 1.69
Net income-diluted
1.85
1.75
1.85
1.85
1.66
Cash dividends declared
0.49
0.49
0.49
0.46
0.46
Common shares outstanding
33,575,976
33,539,032
33,329,247
33,272,131
33,241,564
Average common shares outstanding -
Basic
33,557,536
33,423,922
33,310,290
33,255,015
33,232,788
Diluted
34,027,895
33,906,434
33,864,129
33,795,243
33,768,873
Performance Ratios:
Return on average assets
1.71 %
1.60 %
1.76 %
1.79 %
1.66 %
Return on average stockholders' equity
13.59
13.02
14.18
14.74
13.85
Net interest margin
3.74
3.71
3.79
3.75
3.70
Efficiency ratio
54.07
59.33
52.47
52.10
55.92
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
2026
2025
2025
2025
2025
1st Qtr
4th Qtr
3rd Qtr
2nd Qtr
1st Qtr
Balance Sheet Data:
Total assets
$ 15,116,541
$ 14,838,893
$ 14,198,140
$ 14,045,780
$ 14,038,055
Interest-bearing deposits with banks
4,430,751
4,177,406
3,849,736
3,737,763
3,706,328
Debt securities
886,519
924,948
1,015,941
1,104,604
1,167,441
Total loans
8,596,068
8,544,634
8,287,167
8,124,497
8,102,810
Allowance for credit losses
(105,330)
(104,299)
(99,511)
(96,988)
(100,455)
Noninterest-bearing demand deposits
4,105,840
3,897,613
3,816,389
3,967,626
4,027,797
Money market and interest-bearing checking deposits
5,605,932
5,610,882
5,393,791
5,301,439
5,393,995
Savings deposits
1,391,142
1,318,062
1,251,394
1,205,602
1,174,685
Time deposits
1,798,187
1,843,836
1,656,813
1,581,525
1,530,273
Total deposits
12,901,101
12,670,393
12,118,387
12,056,192
12,126,750
Stockholders' equity
1,901,912
1,854,125
1,782,801
1,728,038
1,672,827
Book value per common share
56.65
55.28
53.49
51.94
50.32
Tangible book value per common share (non-GAAP)(1)
50.58
49.20
47.71
46.12
44.47
Balance Sheet Ratios:
Average loans to deposits
67.02 %
66.43 %
67.32 %
67.11 %
68.08 %
Average earning assets to total assets
92.84
93.00
93.00
92.97
93.10
Average stockholders' equity to average assets
12.60
12.33
12.38
12.14
12.00
Asset Quality Data:
Past due loans
$ 8,364
$ 8,115
$ 7,959
$ 7,515
$ 5,120
Nonaccrual loans (3)
62,178
61,130
57,266
49,878
56,371
Other real estate owned and repossessed assets
53,649
49,134
53,233
53,022
35,542
Nonaccrual loans to total loans
0.72 %
0.72 %
0.69 %
0.61 %
0.70 %
Allowance to total loans
1.23
1.22
1.20
1.19
1.24
Allowance to nonaccrual loans
169.40
170.62
173.77
194.45
178.20
Net charge-offs to average loans
0.02
0.02
0.02
0.05
0.01
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Stockholders' equity
$ 1,901,912
$ 1,854,125
$ 1,782,801
$ 1,728,038
$ 1,672,827
Less goodwill
183,388
182,739
182,263
182,263
182,263
Less intangible assets, net
20,382
21,357
10,548
11,410
12,272
Tangible stockholders' equity (non-GAAP)
$ 1,698,142
$ 1,650,029
$ 1,589,990
$ 1,534,365
$ 1,478,292
Common shares outstanding
33,575,976
33,539,032
33,329,247
33,272,131
33,241,564
Tangible book value per common share (non-GAAP)
$ 50.58
$ 49.20
$ 47.71
$ 46.12
$ 44.47
(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 $10.8 million of nonaccrual loans at March 31, 2026.
BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended
March 31, 2026
Interest
Average
Average
Income/
Yield/
Balance
Expense
Rate
ASSETS
Earning assets:
Loans
$ 8,550,328
$ 144,317
6.85
%
Securities – taxable
901,732
5,873
2.64
Securities – tax exempt
7,545
66
3.56
Interest bearing deposits with banks and FFS
4,392,801
40,082
3.70
Total earning assets
13,852,406
190,338
5.57
Nonearning assets:
Cash and due from banks
225,545
Interest receivable and other assets
947,400
Allowance for credit losses
(104,409)
Total nonearning assets
1,068,536
Total assets
$ 14,920,942
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits
$ 5,594,239
$ 35,318
2.56
%
Savings deposits
1,350,444
8,938
2.68
Time deposits
1,819,643
16,972
3.78
Short-term borrowings
15,096
142
3.82
Long-term borrowings
6,144
42
2.77
Subordinated debt
86,219
1,030
4.85
Other liabilities
16,725
133
3.23
Total interest bearing liabilities
8,888,510
62,575
2.86
Interest free funds:
Noninterest bearing deposits
3,994,201
Interest payable and other liabilities
158,808
Equity
1,879,423
Total interest free funds
6,032,432
Total liabilities and stockholders' equity
$ 14,920,942
Net interest income
$ 127,763
Net interest spread
2.71
%
Effect of interest free funds
1.03
%
Net interest margin
3.74
%
SOURCE BancFirst