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Sep 30, 2023
BancFirst Q3 2023 Earnings Report
BancFirst reported Q3 2023 earnings, with net income of $51.0 million and diluted earnings per share of $1.52.
Key Takeaways
BancFirst Corporation reported a decrease in net income for the third quarter of 2023 compared to the same period in 2022, while net interest income increased. The company faced headwinds including reduced interchange fees and increased regulatory overhead.
Net income for Q3 2023 was $51.0 million, or $1.52 diluted earnings per share, compared to $55.4 million, or $1.65 diluted earnings per share, for Q3 2022.
Net interest income for Q3 2023 increased to $104.3 million, up from $100.9 million in Q3 2022, driven by rising short-term interest rates and loan growth.
Total assets were $12.1 billion as of September 30, 2023, a decrease of $273.3 million from December 31, 2022.
Loans totaled $7.5 billion, an increase of $526.7 million from December 31, 2022.
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
BancFirst anticipates continued headwinds in the coming months, including deposit pricing pressure and increased overhead due to regulatory requirements for holding companies with assets exceeding $10 billion.
Positive Outlook
- Talented bankers
- Fortress balance sheet
- Top-tier liquidity
- Favorable market position
- Solid quarter at $1.52 diluted earnings per share
Challenges Ahead
- Impact of reduced interchange fees under the Durbin Amendment
- Deposit pricing pressure
- Increased overhead required to meet regulatory requirements
- Assets exceeding $10 billion
- Continuing headwinds in the coming months