BancFirst Corporation reported a net income of $56.1 million for the first quarter of 2025, reflecting a 11.2% increase from $50.3 million in the same period of 2024. The diluted earnings per share rose to $1.66, up from $1.50 a year earlier. The company's net interest income also saw a significant increase, climbing to $115.9 million from $106.1 million, driven primarily by higher loan volumes and growth in earning assets. The net interest margin remained stable at 3.70% for both quarters.
Total assets for BancFirst increased by $483.7 million to $14.0 billion as of March 31, 2025, compared to $13.6 billion at the end of 2024. Loans held for investment grew by $69.6 million, totaling $8.1 billion, while total deposits rose by $408.2 million to $12.1 billion. The increase in deposits was attributed to a rise in noninterest-bearing demand deposits, which accounted for 33.2% of total deposits, slightly down from 33.3% at year-end 2024.
The company’s noninterest income also improved, totaling $48.9 million, compared to $44.9 million in the previous year. This growth was supported by increases in trust revenue, treasury income, and insurance commissions. However, noninterest expenses increased to $92.2 million from $82.8 million, largely due to a $4.4 million expense related to the disposition of certain equity investments that are no longer permissible under the Volcker Rule, as well as a rise in salaries and employee benefits.
BancFirst's credit quality indicators remained stable, with nonaccrual loans totaling $56.4 million, representing 0.70% of total loans, a slight decrease from 0.72% at the end of 2024. The allowance for credit losses was 1.24% of total loans, unchanged from the previous quarter. The company recorded net charge-offs of $503,000 for the first quarter of 2025, significantly lower than the $3.5 million reported in the same quarter of 2024.
Looking ahead, BancFirst remains optimistic about its growth trajectory, supported by a strong deposit base and a focus on expanding its loan portfolio. The company is well-capitalized, with total stockholders' equity increasing to $1.7 billion, and it continues to meet all regulatory capital requirements. Management anticipates that ongoing economic conditions and strategic initiatives will further enhance its financial performance in the coming quarters.
About BANCFIRST CORP /OK/
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