BANCFIRST CORPORATION REPORTS SECOND QUARTER EARNINGS
BancFirst Corporation (NASDAQ GS: BANF) reported net income of $66.7 million, or $1.96 per diluted share, for the second quarter of 2026 compared to net income of $62.3 million, or $1.85 per diluted share, for the second quarter of 2025.
The Company’s net interest income for the three-months ending June 30, 2026 increased to $133.5 million from $121.3 million for the same period in 2025. Higher loan volume and general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin was 3.84% for the second quarter of 2026 compared to 3.75% for the second quarter of 2025. The Company recorded a provision for credit losses of $4.9 million and $1.4 million for the quarter ended June 30, 2026 and 2025, respectively.
Noninterest income for the quarter totaled $53.9 million compared to $48.0 million in the same quarter last year. Trust revenue, service charges on deposits, securities transactions, and treasury income each increased when compared to second quarter of 2025. The Company also recorded gains of $2.9 million related to bank owned life insurance claims during the quarter. The increase in noninterest income was partially offset by a decrease in insurance commissions.
Noninterest expense grew to $97.5 million for the quarter ended June 30, 2026 compared to $88.2 million in the same quarter in 2025. The increase in noninterest expense was primarily attributable to the growth in salaries and employee benefits of $5.2 million. The total salaries and employee benefits expenses recorded of $60.3 million is after a favorable adjustment to the funded employee benefit trust of $800,000. Also driving the increase in noninterest expense was net expense from other real estate owned, which increased $1.6 million period to period.
At June 30, 2026, the Company’s total assets were $15.1 billion, an increase of $243.4 million from December 31, 2025. Loans grew $110.6 million from December 31, 2025, totaling $8.7 billion at June 30, 2026. Deposits totaled $12.8 billion, an increase of $155.9 million from year-end 2025. Sweep accounts totaled $5.0 billion at June 30, 2026, up $100.8 million from December 31, 2025. The Company’s stockholders’ equity stood at $2.0 billion, an increase of $103.0 million from the end of 2025.
Nonaccrual loans represented 0.94% of total loans at June 30, 2026, up from 0.72% at year-end 2025. Nonaccrual loans totaled $81.4 million at the end of the second quarter 2026. The allowance for credit losses to total loans was 1.25% at June 30, 2026 and 1.22% at December 31, 2025. Net charge-offs totaled $2.4 million for the quarter compared to $4.7 million for the second quarter last year.
BancFirst Corporation CEO David Harlow commented, “The Company enjoyed a record quarter fueled by an expanding margin and earning asset growth. Noninterest income growth was solid across most major categories and expenses were managed in line with plan. We announced the acquisition of SpiritBank during the quarter, adding the Tulsa MSA communities of Bristow and Sapulpa while expanding our presence in the Tulsa market. Pending regulatory approval, a fourth quarter close and conversion is anticipated. Our economic outlook continues to be guarded, although charge-offs remain at historically low levels. With a $4.9 million provision during the quarter, our allowance for credit losses remains at a healthy level.”
BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 109 banking locations serving 62 communities across Oklahoma, Pegasus Bank, a Texas state-chartered bank with three banking locations in the Dallas Metroplex area, and Worthington Bank, a Texas state-chartered bank with
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three locations in the Fort Worth Metroplex area, one location in Arlington Texas and one location in Denton Texas. More information can be found at www.bancfirst.bank.
The Company may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management’s current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.
For additional information call:
Hannah Andrus, Chief Financial Officer at (405) 218-4174 or
David Harlow, Chief Executive Officer at (405) 270-1082.
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BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
(Dollars in thousands, except per share and share data - Unaudited)
2026
2026
2025
2025
2025
2nd Qtr
1st Qtr
4th Qtr
3rd Qtr
2nd Qtr
Balance Sheet Data:
Total assets
$
15,082,243
$
15,116,541
$
14,838,893
$
14,198,140
$
14,045,780
Interest-bearing deposits with banks
4,164,678
4,430,751
4,177,406
3,849,736
3,737,763
Debt securities
1,113,240
886,519
924,948
1,015,941
1,104,604
Total loans
8,655,260
8,596,068
8,544,634
8,287,167
8,124,497
Allowance for credit losses
(107,810
)
(105,330
)
(104,299
)
(99,511
)
(96,988
)
Noninterest-bearing demand deposits
4,162,306
4,105,840
3,897,613
3,816,389
3,967,626
Money market and interest-bearing checking deposits
5,442,757
5,605,932
5,610,882
5,393,791
5,301,439
Savings deposits
1,428,690
1,391,142
1,318,062
1,251,394
1,205,602
Time deposits
1,792,537
1,798,187
1,843,836
1,656,813
1,581,525
Total deposits
12,826,290
12,901,101
12,670,393
12,118,387
12,056,192
Stockholders' equity
1,957,097
1,901,912
1,854,125
1,782,801
1,728,038
Book value per common share
58.25
56.65
55.28
53.49
51.94
Tangible book value per common share (non-GAAP)(1)
52.21
50.58
49.20
47.71
46.12
Balance Sheet Ratios:
Average loans to deposits
67.02
%
67.02
%
66.43
%
67.32
%
67.11
%
Average earning assets to total assets
92.45
92.84
93.00
93.00
92.97
Average stockholders' equity to average assets
12.79
12.60
12.33
12.38
12.14
Asset Quality Data:
Past due loans
$
7,077
$
8,364
$
8,115
$
7,959
$
7,515
Nonaccrual loans (3)
81,420
62,178
61,130
57,266
49,878
Other real estate owned and repossessed assets
61,703
53,649
49,134
53,233
53,022
Nonaccrual loans to total loans
0.94
%
0.72
%
0.72
%
0.69
%
0.61
%
Allowance to total loans
1.25
1.23
1.22
1.20
1.19
Allowance to nonaccrual loans
132.41
169.40
170.62
173.77
194.45
Net charge-offs to average loans
0.03
0.02
0.02
0.02
0.05
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Stockholders' equity
$
1,957,097
$
1,901,912
$
1,854,125
$
1,782,801
$
1,728,038
Less goodwill
183,388
183,388
182,739
182,263
182,263
Less intangible assets, net
19,408
20,382
21,357
10,548
11,410
Tangible stockholders’ equity (non-GAAP)
$
1,754,301
$
1,698,142
$
1,650,029
$
1,589,990
$
1,534,365
Common shares outstanding
33,598,745
33,575,976
33,539,032
33,329,247
33,272,131
Tangible book value per common share (non-GAAP)
$
52.21
$
50.58
$
49.20
$
47.71
$
46.12
(1) Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table.
(2) Tangible book value per common share is stockholders’ equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(3) Government Agencies guarantee approximately $7.9 million of nonaccrual loans at June 30, 2026.
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BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
Six months ended
June 30,
2026
2025
Condensed Income Statements:
Net interest income
$
261,141
$
237,205
Provision for credit losses on loans
7,409
2,700
(Benefit from)/provision for off-balance sheet credit exposures
(387
)
273
Noninterest income:
Trust revenue
12,135
11,334
Service charges on deposits
37,132
34,545
Securities transactions
1,629
(1,073
)
Sales of loans
1,693
1,466
Insurance commissions
16,921
18,330
Cash management
21,488
20,624
Other
14,342
11,716
Total noninterest income
105,340
96,942
Noninterest expense:
Salaries and employee benefits
119,161
109,740
Occupancy expense, net
12,606
11,790
Depreciation
9,804
9,499
Amortization of intangible assets
1,949
1,748
Data processing services
6,438
5,877
Net expense from other real estate owned
8,172
5,599
Marketing and business promotion
4,718
4,786
Deposit insurance
3,489
3,400
Other
27,983
27,939
Total noninterest expense
194,320
180,378
Income before income taxes
165,139
150,796
Income tax expense
35,457
32,337
Net income
$
129,682
$
118,459
Per Common Share Data:
Net income-basic
$
3.86
$
3.56
Net income-diluted
3.81
3.51
Cash dividends declared
0.98
0.92
Common shares outstanding
33,598,745
33,272,131
Average common shares outstanding -
Basic
33,572,310
33,243,963
Diluted
34,040,322
33,782,069
Performance Ratios:
Return on average assets
1.74
%
1.73
%
Return on average stockholders’ equity
13.72
14.31
Net interest margin
3.79
3.72
Efficiency ratio
53.02
53.98
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BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2026
Interest
Average
Interest
Average
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
ASSETS
Earning assets:
Loans
$
8,610,837
$
148,013
6.89
%
$
8,580,750
$
292,330
6.87
%
Securities – taxable
999,677
7,413
2.97
950,975
13,286
2.82
Securities – tax exempt
6,756
68
4.01
7,148
134
3.77
Interest bearing deposits with banks and FFS
4,343,973
40,042
3.70
4,368,252
80,124
3.70
Total earning assets
13,961,243
195,536
5.62
13,907,125
385,874
5.60
Nonearning assets:
Cash and due from banks
217,300
221,400
Interest receivable and other assets
1,028,343
988,094
Allowance for credit losses
(105,148
)
(104,780
)
Total nonearning assets
1,140,495
1,104,714
Total assets
$
15,101,738
$
15,011,839
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits
