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Sep 30, 2024
BancFirst Q3 2024 Earnings Report
Net income and net interest income increased for the third quarter of 2024.
Key Takeaways
BancFirst Corporation reported a strong third quarter with increased net income, driven by loan growth, improved net interest margin, and growth in non-interest income. Net income was $58.9 million, or $1.75 per diluted share, compared to $51.0 million, or $1.52 per diluted share, for the third quarter of 2023.
Net income for the third quarter of 2024 was $58.9 million, or $1.75 per diluted share.
Net interest income for the third quarter of 2024 increased to $115.0 million.
Total assets reached $13.3 billion at September 30, 2024, an increase of $941.4 million from December 31, 2023.
Loans grew to $8.2 billion at September 30, 2024, an increase of $528.1 million from December 31, 2023.
Revenue by Segment
Forward Guidance
The potential for further short-term rate reductions combined with a recent increase in the longer-term portion of the yield curve changes the landscape considerably and causes our outlook on net interest margin to be unclear. However, we believe the Company is well positioned to reasonably manage and balance our asset and liability pricing in the coming months.
Positive Outlook
- Company is well positioned to reasonably manage asset and liability pricing.
- Strong quarter driven by loan growth.
- Improved net interest margin.
- Growth across all major components of non-interest income.
Challenges Ahead
- Potential for further short-term rate reductions.
- Increase in the longer-term portion of the yield curve.
- Unclear outlook on net interest margin.
- Federal Reserve’s goal of a 'soft landing' is far from certain.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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