BancFirst Q3 2022 Earnings Report
Key Takeaways
BancFirst Corporation reported a net income of $55.4 million, or $1.65 diluted earnings per share, for the third quarter of 2022, compared to $38.8 million, or $1.16 diluted earnings per share, for the third quarter of 2021. The company's net interest income increased to $100.9 million from $80.2 million in the same quarter last year. Total assets reached $12.5 billion, and deposits totaled $11.1 billion.
Net income increased to $55.4 million, or $1.65 diluted EPS, compared to $38.8 million, or $1.16 diluted EPS, in Q3 2021.
Net interest income rose to $100.9 million from $80.2 million year-over-year.
Noninterest income increased to $49.3 million, driven by sweep fees and income from an equity interest.
Total assets grew to $12.5 billion, and deposits reached $11.1 billion.
BancFirst
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BancFirst Revenue by Segment
Forward Guidance
BancFirst expects to maintain current CECL reserves in the near term and anticipates an economic slowdown in Oklahoma and Texas.
Positive Outlook
- Strong quarter reported at $1.65/share.
- Margin expansion as a result of continued fed tightening.
- Solid loan growth.
- Non-Interest income expanded across most all major categories.
- Asset quality remained superior with YTD net charge offs of 1 bps.