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Jun 30, 2024
BancFirst Q2 2024 Earnings Report
Reported net income of $50.6 million for the second quarter of 2024.
Key Takeaways
BancFirst Corporation reported a net income of $50.6 million, or $1.51 per diluted share, for the second quarter of 2024. Net interest income increased to $109.9 million, driven by loan volume, while noninterest income decreased to $43.9 million, primarily due to reduced interchange fees. Total assets reached $12.7 billion, with loans growing to $8.1 billion and deposits totaling $11.0 billion.
Net income for Q2 2024 was $50.6 million, or $1.51 per diluted share, compared to $55.0 million, or $1.64 per diluted share, for the same period in 2023.
Net interest income increased to $109.9 million from $105.9 million in Q2 2023, driven by loan volume.
Noninterest income decreased to $43.9 million due to a $5.7 million reduction in interchange fees.
Total assets grew to $12.7 billion, with loans reaching $8.1 billion and deposits totaling $11.0 billion.
BancFirst
BancFirst
BancFirst Revenue by Segment
Revenue by Segment
Trust Revenue
CapyFin.comService charges on deposits Revenue
CapyFin.comSecurities transactions Revenue
CapyFin.comSales of loans Revenue
CapyFin.comInsurance commissions Revenue
CapyFin.comCash management Revenue
CapyFin.comOther income Revenue
CapyFin.com Forward Guidance
The company anticipates potential Federal Reserve rate cuts before year-end due to recent inflation and unemployment data. However, the outlook on credit remains uncertain.
Positive Outlook
- Strong loan growth contributed to a good quarter.
- Total deposits returned to pre-March 2023 banking crisis levels.
- Recent inflation data supports potential Federal Reserve rate cuts.
- Unemployment data supports potential Federal Reserve rate cuts.
- Company's allowance for credit losses as a percentage of total loans remained relatively unchanged from the first quarter.
Challenges Ahead
- The mix of deposits has changed as noninterest-bearing deposits have migrated to higher yielding account options.
- The ultimate outlook on credit remains uncertain.
- Noninterest income decreased primarily due to reduced interchange fees.
- Noninterest expense increased primarily related to growth in salaries and employee benefits.
- Net charge-offs increased compared to the second quarter of 2023.