BANCFIRST CORPORATION REPORTS THIRD QUARTER EARNINGS
BancFirst Corporation (NASDAQ GS: BANF) reported net income of $67.3 million, or $1.97 per diluted share, for the third quarter of 2026 compared to net income of $62.7 million, or $1.85 per diluted share, for the third quarter of 2025.
The Company’s net interest income for the three-months ending September 30, 2026 increased to $136.0 million from $125.6 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 3.85% for the third quarter of 2026 compared to 3.79% for the third quarter of 2025. The Company recorded a provision for credit losses of $3.1 million and $4.4 million for the quarters ended September 30, 2026 and 2025, respectively.
Noninterest income for the quarter totaled $51.4 million compared to $49.9 million for the same quarter last year. Service charges on deposits and treasury income each increased when compared to third quarter of 2025.
Noninterest expense grew to $98.2 million for the quarter ended September 30, 2026 compared to $92.1 million in the same quarter in 2025. The increase in noninterest expense was primarily attributable to the growth in salaries and employee benefits of $4.1 million.
At September 30, 2026, the Company’s total assets were $15.0 billion, an increase of $182.3 million from December 31, 2025. Loans grew $187.9 million from December 31, 2025, totaling $8.7 billion at September 30, 2026. Deposits totaled $12.7 billion, an increase of $29.3 million from year-end 2025. Sweep accounts totaled $4.7 billion at the end of the third quarter, down $282.5 million from December 31, 2025. The Company’s stockholders’ equity stood at $2.0 billion, an increase of $142.9 million from the end of 2025.
Nonaccrual loans represented 0.87% of total loans at September 30, 2026, up from 0.72% at year-end 2025. Nonaccrual loans totaled $75.6 million at the end of the third quarter 2026; one commercial loan was the primary driver of the nonaccrual loans balance. The allowance for credit losses to total loans was 1.23% at September 30, 2026 and 1.22% at December 31, 2025. Net charge-offs totaled $4.0 million for the quarter compared to $1.7 million for the third quarter last year. Of the $4.0 million net charge-offs for the quarter, $1.8 million was related to purchased credit deteriorated loans. At acquisition, the Company identified these loans as credit deteriorated and recorded reserves for expected credit losses. These loans performed in line with expectations subsequent to acquisition.
BancFirst Corporation CEO David Harlow commented, “Earnings for the quarter were strong, driven by growth in earning assets, a sustained margin, year-over-year growth in non-interest income combined with expenses in line with plan. Capital levels remain strong and the allowance for credit losses is ample – both at levels necessary to support the Company through future economic cycles. Asset quality metrics are stable and charge-offs remain in line with historical levels. While business development pipelines are encouraging, we expect higher interest rates and a higher-for-longer rate outlook to have a dampening effect on future economic activity. Our previously announced acquisition of Tulsa-based Spirit Bank is on schedule to close in October.”
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 108 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 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.
1
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.
2
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
2026
2025
2025
3rd Qtr
2nd Qtr
1st Qtr
4th Qtr
3rd Qtr
Balance Sheet Data:
Total assets
$
15,021,230
$
15,082,243
$
15,116,541
$
14,838,893
$
14,198,140
Interest-bearing deposits with banks
4,010,740
4,164,678
4,430,751
4,177,406
3,849,736
Debt securities
1,100,934
1,113,240
886,519
924,948
1,015,941
Total loans
8,732,546
8,655,260
8,596,068
8,544,634
8,287,167
Allowance for credit losses
(107,048
)
(107,810
)
(105,330
)
(104,299
)
(99,511
)
Noninterest-bearing demand deposits
4,049,891
4,162,306
4,105,840
3,897,613
3,816,389
Money market and interest-bearing checking deposits
5,400,606
5,442,757
5,605,932
5,610,882
5,393,791
Savings deposits
1,450,321
1,428,690
1,391,142
1,318,062
1,251,394
Time deposits
1,798,892
1,792,537
1,798,187
1,843,836
1,656,813
Total deposits
12,699,710
12,826,290
12,901,101
12,670,393
12,118,387
Stockholders' equity
1,997,061
1,957,097
1,901,912
1,854,125
1,782,801
Book value per common share
59.40
58.25
56.65
55.28
53.49
Tangible book value per common share (non-GAAP)(1)
53.40
52.21
50.58
49.20
47.71
Balance Sheet Ratios:
Average loans to deposits
67.49
%
67.02
%
67.02
%
66.43
%
67.32
%
Average earning assets to total assets
92.66
92.45
92.84
93.00
93.00
Average stockholders' equity to average assets
13.14
12.79
12.60
12.33
12.38
Asset Quality Data:
Past due loans
$
6,028
$
7,077
$
8,364
$
8,115
$
7,959
Nonaccrual loans (3)
75,620
81,420
62,178
61,130
57,266
Other real estate owned and repossessed assets
60,299
61,703
53,649
49,134
53,233
Nonaccrual loans to total loans
0.87
%
0.94
%
0.72
%
0.72
%
0.69
%
Allowance to total loans
1.23
1.25
1.23
1.22
1.20
Allowance to nonaccrual loans
141.56
132.41
169.40
170.62
173.77
Net charge-offs to average loans
0.04
0.03
0.02
0.02
0.02
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Stockholders' equity
$
1,997,061
$
1,957,097
$
1,901,912
$
1,854,125
$
1,782,801
Less goodwill
183,388
183,388
183,388
182,739
182,263
Less intangible assets, net
18,433
19,408
20,382
21,357
10,548
Tangible stockholders’ equity (non-GAAP)
$
1,795,240
$
1,754,301
$
1,698,142
$
1,650,029
$
1,589,990
Common shares outstanding
33,619,174
33,598,745
33,575,976
33,539,032
33,329,247
Tangible book value per common share (non-GAAP)
$
53.40
$
52.21
$
50.58
$
49.20
$
47.71
(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 $4.1 million of nonaccrual loans at September 30, 2026.
4
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
Nine months ended
September 30,
2026
2025
Condensed Income Statements:
Net interest income
$
397,140
$
362,820
Provision for credit losses on loans
10,612
6,922
(Benefit from)/provision for off-balance sheet credit exposures
(497
)
489
Noninterest income:
Trust revenue
18,009
17,184
Service charges on deposits
56,440
52,676
Securities transactions
1,732
(581
)
Sales of loans
2,493
2,382
Insurance commissions
25,601
27,284
Cash management
32,421
30,962
Other
20,030
16,901
Total noninterest income
156,726
146,808
Noninterest expense:
Salaries and employee benefits
180,990
167,421
Occupancy expense, net
19,278
18,224
Depreciation
14,905
14,224
Amortization of intangible assets
2,924
2,610
Data processing services
9,481
8,778
Net expense from other real estate owned
10,592
8,377
Marketing and business promotion
7,029
6,912
Deposit insurance
5,264
5,136
Other
42,066
40,768
Total noninterest expense
292,529
272,450
Income before income taxes
251,222
229,767
Income tax expense
54,286
48,654
Net income
$
196,936
$
181,113
Per Common Share Data:
Net income-basic
$
5.86
$
5.44
Net income-diluted
5.78
5.36
Cash dividends declared
1.50
1.41
Common shares outstanding
33,619,174
33,329,247
Average common shares outstanding -
Basic
33,585,015
33,266,315
Diluted
34,057,527
33,812,270
Performance Ratios:
Return on average assets
1.75
%
1.74
%
Return on average stockholders’ equity
13.62
14.26
Net interest margin
3.81
3.75
Efficiency ratio
52.82
53.46
5
BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2026
Interest
Average
Interest
Average
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
ASSETS
Earning assets:
Loans
$
8,667,984
$
150,005
6.87
%
$
8,610,147
$
442,335
6.87
%
Securities – taxable
1,095,827
9,007
3.26
999,790
22,293
2.98
Securities – tax exempt
6,486
64
3.92
6,925
198
3.82
Interest bearing deposits with banks and FFS
4,247,434
40,003
3.74
4,327,537
120,127
3.71
Total earning assets
14,017,731
199,079
5.63
13,944,399
584,953
5.61
Nonearning assets:
Cash and due from banks
208,416
217,024
Interest receivable and other assets
1,008,461
994,958
Allowance for credit losses
(106,823
)
(105,469
)
Total nonearning assets
1,110,054
1,106,513
Total assets
$
15,127,785
$
15,050,912
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits
