BancFirst Q1 2023 Earnings Report
Key Takeaways
BancFirst Corporation reported a strong first quarter with net income of $57.5 million, or $1.72 diluted earnings per share. Net interest income increased to $109.2 million, driven by rising short-term interest rates and loan growth. Asset quality remained strong, and the company is well-positioned to navigate industry challenges.
Net income for Q1 2023 was $57.5 million, or $1.72 diluted earnings per share.
Net interest income increased to $109.2 million due to rising short-term interest rates and loan growth.
Total assets were $12.3 billion, with loans totaling $7.1 billion and deposits totaling $10.6 billion.
Asset quality remained strong, with nonaccrual loans representing 0.25% of total loans.
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BancFirst Revenue by Segment
Forward Guidance
BancFirst is facing growing challenges including the possibility of a recession, but the Company feels it is well positioned to navigate these headwinds.
Positive Outlook
- Top-tier liquidity
- Community based deposits
- Strong capital
- Solid credit quality
- Continue to focus on and support our customers and the communities that we serve
Challenges Ahead
- Possibility of a recession
- Growing challenges in the industry
- Economic conditions
- Performance of financial markets and interest rates
- Legislative and regulatory actions and reforms