NASDAQ$BANF
BancFirst Corporation · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported net income of $50.6 million for the second quarter of 2024.
BancFirst Corporation reported a net income of $50.6 million, or $1.51 per diluted share, for the second quarter of 2024. Net interest income increased to $109.9 million, driven by loan volume, while noninterest income decreased to $43.9 million, primarily due to reduced interchange fees. Total assets reached $12.7 billion, with loans growing to $8.1 billion and deposits totaling $11.0 billion.
- Net income for Q2 2024 was $50.6 million, or $1.51 per diluted share, compared to $55.0 million, or $1.64 per diluted share, for the same period in 2023.
- Net interest income increased to $109.9 million from $105.9 million in Q2 2023, driven by loan volume.
- Noninterest income decreased to $43.9 million due to a $5.7 million reduction in interchange fees.
- Total assets grew to $12.7 billion, with loans reaching $8.1 billion and deposits totaling $11.0 billion.
Headline financials
Revenue & EPS history
BancFirst · Revenue · Quarterly
$154M
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
The company anticipates potential Federal Reserve rate cuts before year-end due to recent inflation and unemployment data. However, the outlook on credit remains uncertain.
Tailwinds
- Strong loan growth contributed to a good quarter.
- Total deposits returned to pre-March 2023 banking crisis levels.
- Recent inflation data supports potential Federal Reserve rate cuts.
- Unemployment data supports potential Federal Reserve rate cuts.
- Company's allowance for credit losses as a percentage of total loans remained relatively unchanged from the first quarter.
Headwinds
- The mix of deposits has changed as noninterest-bearing deposits have migrated to higher yielding account options.
- The ultimate outlook on credit remains uncertain.
- Noninterest income decreased primarily due to reduced interchange fees.
- Noninterest expense increased primarily related to growth in salaries and employee benefits.
- Net charge-offs increased compared to the second quarter of 2023.
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 Q2 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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