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Dec 31, 2023
BancFirst Q4 2023 Earnings Report
BancFirst reported a decrease in net income and net interest income, while managing growth in loans and sweep accounts.
Key Takeaways
BancFirst Corporation reported a net income of $48.9 million, or $1.46 diluted earnings per share, for the fourth quarter of 2023. Net interest income decreased to $105.1 million, and noninterest income totaled $45.2 million. Total assets remained virtually unchanged at $12.4 billion, while loans increased to $7.7 billion.
Net income for Q4 2023 was $48.9 million, down from $57.1 million in Q4 2022.
Diluted earnings per share for Q4 2023 were $1.46, compared to $1.70 in Q4 2022.
Net interest income decreased to $105.1 million from $110.4 million in the same quarter last year.
Total assets remained stable at $12.4 billion, while loans increased by $710.3 million year-over-year.
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’s earnings will be less in 2024 with a full year of Durbin, ongoing margin pressure anticipated as a result of continued competition for deposits, and increased regulatory compliance costs as a result of crossing the $10 billion asset threshold. Our current outlook on the economy is less pessimistic than a year ago as reflected in our modestly lower CECL reserve percentage at December 31, 2023, when compared to a year ago.
Challenges Ahead
- Full year impact of the Durbin Amendment on interchange fees.
- Ongoing pressure on net interest margins due to competition for deposits.
- Increased regulatory compliance costs from crossing the $10 billion asset threshold.
- Potential for continued margin pressure.
- Earnings will be less in 2024