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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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