BANCFIRST CORPORATION REPORTS FOURTH QUARTER EARNINGS

OKLAHOMA CITY, Jan. 22, 2026 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $59.5 million, or $1.75 per diluted share, for the fourth quarter of 2025 compared to net income of $56.5 million, or $1.68 per diluted share, for the fourth quarter of 2024.

The Company's net interest income for the three-months ended December 31, 2025 increased to $127.7 million in comparison to $115.9 million for the same period in 2024. Higher loan volume and growth in other earning assets were the primary drivers of the change in net interest income. A contributor to the increase in net interest income was also the Company's November 2025 acquisition of American Bank of Oklahoma. Net interest margin improved slightly to 3.71% for the fourth quarter of 2025 from 3.68% for the fourth quarter of 2024. The Company recorded a reversal of provision for credit losses on loans of $2.0 million in the three months ending December 31, 2025 compared to a reversal of $1.4 million for the same period in 2024.

Noninterest income for the quarter totaled $53.3 million compared to $47.0 million last year. The increase in noninterest income was primarily due to a gain on the sale of Visa B-1 stock of $4.5 million. In addition, trust revenue, treasury income, sweep fees and securities transactions each increased when compared to fourth quarter last year.

Noninterest expense grew to $107.4 million for the quarter-ended December 31, 2025 compared to $92.3 million in the same quarter in 2024. The increase in noninterest expense was primarily driven by an increase in net expense from other real estate owned of $5.6 million which largely consisted of an increase in write-downs of other real estate of $4.1 million and other real estate expense of $1.4 million. Also contributing to noninterest expense was growth in salaries and employee benefits of $4.2 million, occupancy expense of $1 million and other noninterest expense of $3.2 million. American Bank of Oklahoma contributed $1.6 million of noninterest expense for the quarter.

At December 31, 2025, the Company's total assets were $14.8 billion, an increase of $1.3 billion from December 31, 2024. Loans grew $511.4 million from December 31, 2024, totaling $8.5 billion at December 31, 2025. Deposits totaled $12.7 billion, an increase of $951.8 million from year-end 2024. Off-balance sheet sweep accounts totaled $4.9 billion at December 31, 2025, down $262.6 million from December 31, 2024. The Company's total stockholders' equity totaled $1.9 billion at December 31, 2025.

Asset quality was strong through the quarter. Nonaccrual loans of $61.1 million represented 0.72% of total loans at December 31, 2025, relatively unchanged from $58.0 million or 0.72% of total loans at year-end 2024. The allowance for credit losses to total loans was 1.22% at December 31, 2025, down slightly from 1.24% at December 31, 2024. Net charge-offs were $1.6 million for the quarter, compared to $985,000 for the fourth quarter last year.

On November 17, 2025, the Company acquired American Bank of Oklahoma ("ABOK"), for aggregate consideration totaling $33 million. ABOK is a community bank headquartered in Collinsville, Oklahoma with six banking locations in Oklahoma. Upon acquisition, ABOK had approximately $413 million in total assets, $244 million in loans and $341 million in deposits. ABOK will continue to operate under its present name until it is merged into BancFirst, which is expected to be in the first quarter of 2026.

BancFirst Corporation CEO David Harlow commented, "The Company reported record net income and record earnings per share for the fifth consecutive year. Loan growth, a stable net interest margin and solid growth in most all non-interest income categories contributed positively to the year's results. We closed on our previously announced acquisition of American Bank of Oklahoma in the quarter adding the Tulsa MSA communities of Collinsville and Skiatook to the 58 communities across the state that BancFirst serves. Our DFW banks Pegasus and Worthington continue to perform well with growth rates exceeding those of the company as a whole. Asset quality remains solid and charge-offs were in line at historical levels. Our outlook on the economy remains mixed 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 four subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 105 banking locations serving 58 communities across Oklahoma, Pegasus Bank, a Texas state-chartered bank with three banking locations in the Dallas Metroplex area, 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 and American Bank of Oklahoma with six banking locations in Oklahoma. 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)

2025

2024

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

Condensed Income Statements:

Net interest income

$ 127,667

$ 125,615

$ 121,256

$ 115,949

$ 115,917

Provision for credit losses on loans

(1,975)

4,222

1,239

1,461

(1,400)

Provision for off-balance sheet credit exposures

234

216

148

125

Noninterest income:

Trust revenue

5,933

5,850

5,795

5,539

5,551

Service charges on deposits

18,393

18,131

17,741

16,804

18,133

Securities transactions

964

492

(740)

(333)

355

Sales of loans

781

916

830

636

731

Insurance commissions

7,643

8,954

7,920

10,410

7,914

Cash management

10,120

10,338

10,573

10,051

9,221

Other

9,499

5,185

5,929

5,787

5,114

Total noninterest income

53,333

49,866

48,048

48,894

47,019

Noninterest expense:

Salaries and employee benefits

58,570

57,681

55,147

54,593

54,327

Occupancy expense, net

6,946

6,434

6,037

5,753

5,977

Depreciation

4,872

4,725

4,691

4,808

4,593

Amortization of intangible assets

836

862

886

887

Data processing services

3,041

2,901

2,985

2,892

2,726

Net expense from other real estate owned

12,044

2,778

2,941

2,658

6,446

Marketing and business promotion

3,121

2,126

2,325

2,461

2,719

Deposit insurance

1,692

1,736

1,675

1,725

1,653

Other

16,268

12,829

11,536

16,403

13,007

Total noninterest expense

107,390

92,072

88,199

92,179

92,335

Income before income taxes

75,351

78,971

79,718

71,078

72,001

Income tax expense

15,854

16,317

17,371

14,966

15,525

Net income

$ 59,497

$ 62,654

$ 62,347

$ 56,112

$ 56,476

Per Common Share Data:

Net income-basic

$ 1.78

$ 1.88

$ 1.87

$ 1.69

$ 1.71

Net income-diluted

1.75

1.85

1.66

1.68

Cash dividends declared

0.49

0.46

Common shares outstanding

33,539,032

33,329,247

33,272,131

33,241,564

33,216,519

Average common shares outstanding -

Basic

33,423,922

33,310,290

33,255,015

33,232,788

33,172,530

Diluted

33,906,434

33,864,129

33,795,243

33,768,873

33,750,993

Performance Ratios:

Return on average assets

1.60 %

1.76 %

1.79 %

1.66 %

1.67 %

Return on average stockholders' equity

13.02

14.18

14.74

13.85

14.04

Net interest margin

3.71

3.79

3.75

3.70

3.68

Efficiency ratio

59.33

52.47

52.10

55.92

56.67

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

2025

2024

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

Balance Sheet Data:

Total assets

$ 14,838,893

$ 14,198,140

$ 14,045,780

$ 14,038,055

$ 13,554,314

Interest-bearing deposits with banks

4,177,406

3,849,736

3,737,763

3,706,328

3,315,932

Debt securities

924,948

1,015,941

1,104,604

1,167,441

1,211,754

Total loans

8,544,634

8,287,167

8,124,497

8,102,810

8,033,183

Allowance for credit losses

(104,299)

(99,511)

(96,988)

(100,455)

(99,497)

Noninterest-bearing demand deposits

3,897,613

3,816,389

3,967,626

4,027,797

3,907,060

Money market and interest-bearing checking deposits

5,610,882

5,393,791

5,301,439

5,393,995

5,231,327

Savings deposits

1,318,062

1,251,394

1,205,602

1,174,685

1,110,020

Time deposits

1,843,836

1,656,813

1,581,525

1,530,273

1,470,139

Total deposits

12,670,393

12,118,387

12,056,192

12,126,750

11,718,546

Stockholders' equity

1,854,125

1,782,801

1,728,038

1,672,827

1,621,187

Book value per common share

55.28

53.49

51.94

50.32

48.81

Tangible book value per common share (non-GAAP)(1)

49.20

47.71

46.12

44.47

42.92

Balance Sheet Ratios:

Average loans to deposits

66.43 %

67.32 %

67.11 %

68.08 %

69.63 %

Average earning assets to total assets

93.00

92.97

93.10

93.14

Average stockholders' equity to average assets

12.33

12.38

12.14

12.00

11.87

Asset Quality Data:

Past due loans

$ 7,506

$ 7,959

$ 7,515

$ 5,120

$ 7,739

Nonaccrual loans (3)

61,130

57,266

49,878

56,371

57,984

Other real estate owned and repossessed assets

49,116

53,233

53,022

35,542

33,665

Nonaccrual loans to total loans

0.72 %

0.69 %

0.61 %

0.70 %

0.72 %

Allowance to total loans

1.22

1.20

1.19

1.24

Allowance to nonaccrual loans

170.62

173.77

194.45

178.20

171.59

Net charge-offs to average loans

0.02

0.05

0.01

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

Stockholders' equity

$ 1,854,125

$ 1,782,801

$ 1,728,038

$ 1,672,827

$ 1,621,187

Less goodwill

182,739

182,263

Less intangible assets, net

21,357

10,548

11,410

12,272

13,158

Tangible stockholders' equity (non-GAAP)

$ 1,650,029

$ 1,589,990

$ 1,534,365

$ 1,478,292

$ 1,425,766

Common shares outstanding

33,539,032

33,329,247

33,272,131

33,241,564

33,216,519

Tangible book value per common share (non-GAAP)

$ 49.20

$ 47.71

$ 46.12

$ 44.47

$ 42.92

(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 $10.6 million of nonaccrual loans at December 31, 2025.

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

Twelve months ended

December 31,

2025

2024

Condensed Income Statements:

Net interest income

$ 490,487

$ 446,874

Provision for credit losses on loans

4,947

9,004

Provision for off-balance sheet credit exposures

723

Noninterest income:

Trust revenue

23,117

21,801

Service charges on deposits

71,069

69,564

Securities transactions

383

Sales of loans

3,163

2,676

Insurance commissions

34,927

33,428

Cash management

41,082

36,210

Other

26,400

20,799

Total noninterest income

200,141

184,575

Noninterest expense:

Salaries and employee benefits

225,991

211,998

Occupancy expense, net

25,170

22,192

Depreciation

19,096

18,135

Amortization of intangible assets

3,446

3,546

Data processing services

11,819

10,758

Net expense from other real estate owned

20,421

13,055

Marketing and business promotion

10,033

9,389

Deposit insurance

6,828

6,350

Other

57,036

51,741

Total noninterest expense

379,840

347,164

Income before income taxes

305,118

275,281

Income tax expense

64,508

58,927

Net income

$ 240,610

$ 216,354

Per Common Share Data:

Net income-basic

$ 7.22

$ 6.55

Net income-diluted

7.11

6.44

Cash dividends declared

1.90

1.78

Common shares outstanding

33,539,032

33,216,519

Average common shares outstanding -

Basic

33,306,040

33,055,152

Diluted

33,837,333

33,617,015

Performance Ratios:

Return on average assets

1.70 %

1.68 %

Return on average stockholders' equity

13.93

14.23

Net interest margin

3.74

3.73

Efficiency ratio

55.00

54.98

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

Three Months Ended

Twelve Months Ended

December 31, 2025

Interest

Average

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS

Earning assets:

Loans

$ 8,361,327

$ 145,747

6.92

$ 8,161,998

$ 566,155

6.94

Securities – taxable

990,344

6,269

2.51

1,096,087

26,676

2.43

Securities – tax exempt

4,523

4.17

2,523

103

4.07

Interest bearing deposits with banks and FFS

4,324,507

43,050

3.95

3,887,286

168,067

4.32

Total earning assets

13,680,701

195,114

5.66

13,147,894

761,001

5.79

Nonearning assets:

Cash and due from banks

219,243

212,530

Interest receivable and other assets

913,585

873,924

Allowance for credit losses

(102,881)

(99,488)

Total nonearning assets

1,029,947

986,966

Total assets

$ 14,710,648

$ 14,134,860

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest bearing liabilities:

Money market and interest-bearing checking deposits

$ 5,529,879

$ 39,587

2.84

$ 5,385,919

$ 162,133

3.01

Savings deposits

1,283,474

9,156

2.83

1,209,949

37,193

3.07

Time deposits

1,745,324

17,342

3.94

1,609,022

65,986

4.10

Short-term borrowings

13,327

131

3.91

7,046

289

4.10

Long-term borrowings

9,750

1.79

2,458

1.79

Subordinated debt

86,206

1,031

4.74

86,184

4,122

4.78

Total interest bearing liabilities

8,667,960

67,291

3.08

8,300,578

269,767

3.25

Interest free funds:

Noninterest bearing deposits

4,027,236

3,937,258

Interest payable and other liabilities

202,158

170,203

Stockholders' equity

1,813,294

1,726,821

Total interest free funds

6,042,688

5,834,282

Total liabilities and stockholders' equity

$ 14,710,648

$ 14,134,860

Net interest income

$ 127,823

$ 491,234

Net interest spread

2.58

2.54

Effect of interest free funds

1.13

1.20

Net interest margin

3.71

3.74

SOURCE BancFirst