NASDAQ$BANF
BancFirst Corporation · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported a decrease in net income compared to the same quarter last year, with solid loan and deposit growth.
BancFirst Corporation reported a net income of $50.3 million, or $1.50 per diluted share, for the first quarter of 2024. This compares to a net income of $57.5 million, or $1.72 per diluted share, for the first quarter of 2023. The company experienced a decrease in net interest income and an increase in noninterest expense.
- Net income for Q1 2024 was $50.3 million, or $1.50 per diluted share, down from $57.5 million, or $1.72 per diluted share, in Q1 2023.
- Net interest income decreased to $106.1 million from $109.2 million in the same period last year, impacted by higher deposit volumes and rates.
- Total assets increased to $12.6 billion, with loans growing to $7.8 billion and deposits to $10.9 billion.
- Asset quality remained strong, with nonaccrual loans at 0.54% of total loans.
Headline financials
Revenue & EPS history
BancFirst · Revenue · Quarterly
$151M
Revenue by segment
BancFirst · $44.4M total across 7 segments · Q3 2023
- Service charges on deposits$17M-23.2%38.3%
- Insurance commissions$8.43M+12.4%19.0%
- Cash management$8.18M+45.4%18.4%
- Other income$5.58M-30.2%12.5%
- Trust revenue$4.87M+18.0%10.9%
- Sales of loans$734K-24.3%1.7%
- Securities transactions-$361K-137.4%-0.8%
Forward guidance
CEO David Harlow noted that the company reported a solid quarter fueled by loan growth, deposit growth, and early signs of stabilization in deposit mix. He also mentioned that recent inflation data has been higher than anticipated, causing the Federal Reserve to signal higher rates for longer, which will impact everyone, including banks.
Tailwinds
- Solid quarter fueled by loan growth
- Solid quarter fueled by deposit growth
- Early signs of a stabilization in deposit mix
- Asset quality remained strong
- CECL reserve percentage was essentially flat
Headwinds
- Recent inflation data has been higher than anticipated
- Federal Reserve signaling higher rates for longer
- Higher rates will impact everyone, including banks
- Net interest income decreased
- Noninterest expense increased
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.1%
Avg return
Earnings day
+1.8%
Avg return
5 days after
+4.2%
Avg return
30 days after
62%
41 / 66 earnings
Positive
+10.9%
Q1 2017
Best reaction
-9.0%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +8.5% | +2.0% | -4.5% | |
| Q4 2025 | -7.7% | -8.0% | -0.5% | |
| Q3 2025 | -1.8% | -1.7% | -3.1% | |
| Q2 2025 | -1.5% | +1.2% | +6.9% | |
| Q1 2025 | +3.2% | +8.4% | +17.3% | |
| Q4 2024 | -2.2% | -2.5% | -4.3% | |
| Q3 2024 | +1.8% | -1.8% | +8.7% | |
| Q2 2024 | +5.0% | +7.7% | +2.6% | |
| Q1 2024 | +9.9% | +13.6% | +13.3% | |
| Q4 2023 | +1.3% | +5.0% | +1.3% | |
| Q3 2023 | +0.3% | -2.6% | +3.8% | |
| Q2 2023 | -3.7% | -3.5% | -4.7% | |
| Q1 2023 | -9.0% | -3.1% | +3.8% | |
| Q4 2022 | -3.0% | -2.7% | +5.1% | |
| Q3 2022 | +6.9% | +0.4% | +5.8% | |
| Q2 2022 | +9.8% | +17.3% | +27.4% | |
| Q1 2022 | -1.6% | -1.3% | -4.7% | |
| Q4 2021 | -1.9% | -0.8% | +2.1% | |
| Q3 2021 | -0.4% | -0.5% | +2.9% | |
| Q2 2021 | -2.7% | -5.2% | -1.4% | |
| Q1 2021 | +0.3% | -4.2% | +4.7% | |
| Q4 2020 | +0.4% | -2.9% | +1.8% | |
| Q3 2020 | +0.6% | +2.6% | +21.5% | |
| Q2 2020 | +1.2% | +0.7% | +16.5% | |
| Q1 2020 | -1.5% | +6.7% | +6.5% | |
| Q4 2019 | -2.4% | -3.0% | -5.2% | |
| Q3 2019 | +3.5% | +4.9% | +4.5% | |
| Q2 2019 | +6.1% | +4.0% | -1.6% | |
| Q1 2019 | +0.8% | +2.7% | -0.7% | |
| Q4 2018 | +3.0% | +1.6% | +7.9% | |
| Q3 2018 | +0.6% | -3.1% | -0.2% | |
| Q2 2018 | +4.6% | +3.5% | +3.1% | |
| Q1 2018 | +7.6% | +8.9% | +8.9% | |
| Q4 2017 | +3.2% | +3.2% | +2.7% | |
| Q3 2017 | -2.4% | -2.6% | -6.9% | |
| Q2 2017 | +9.9% | +9.7% | -1.2% | |
| Q1 2017 | +10.9% | +11.1% | +3.6% | |
| Q4 2016 | +0.8% | +0.6% | +2.8% | |
| Q3 2016 | -2.3% | -1.2% | +13.9% | |
| Q2 2016 | +7.0% | +7.5% | +8.0% | |
| Q1 2016 | +4.2% | — | — | |
| Q4 2015 | -1.7% | — | — | |
| Q3 2015 | -0.3% | — | — | |
| Q2 2015 | +0.5% | — | — | |
| Q1 2015 | -2.3% | — | — | |
| Q4 2014 | +3.9% | — | — | |
| Q3 2014 | -0.2% | — | — | |
| Q2 2014 | +2.2% | — | — | |
| Q1 2014 | +2.7% | — | — | |
| Q4 2013 | +1.6% | — | — | |
| Q3 2013 | +3.1% | — | — | |
| Q2 2013 | +2.3% | — | — | |
| Q1 2013 | +0.6% | — | — | |
| Q4 2012 | -2.8% | — | — | |
| Q3 2012 | +2.5% | — | — | |
| Q2 2012 | +0.8% | — | — | |
| Q1 2011 | -1.2% | — | — | |
| Q1 2012 | +0.1% | — | — | |
| Q4 2009 | +1.2% | — | — | |
| Q4 2011 | +1.2% | — | — | |
| Q4 2010 | +1.2% | — | — | |
| Q3 2011 | -4.5% | — | — | |
| Q3 2010 | -4.5% | — | — | |
| Q2 2010 | -2.5% | — | — | |
| Q2 2011 | -2.5% | — | — | |
| Q1 2010 | +4.3% | — | — |
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