BANCFIRST CORPORATION REPORTS THIRD QUARTER EARNINGS

OKLAHOMA CITY, Oct. 17, 2025 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $62.7 million, or $1.85 per diluted share, for the third quarter of 2025 compared to net income of $58.9 million, or $1.75 per diluted share, for the third quarter of 2024.

The Company's net interest income for the three-months ended September 30, 2025 increased to $125.6 million in comparison to $115.0 million for the same period in 2024. Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin improved slightly to 3.79% for the third quarter of 2025 from 3.78% for the third quarter of 2024. The Company recorded a provision for credit losses on loans of $4.2 million in the third quarter of 2025 and $3.0 million for the same period in 2024.

Noninterest income for the quarter totaled $49.9 million compared to $48.7 million last year. Trust revenue, treasury income, sweep fees and securities transactions each increased when compared to third quarter last year.

Noninterest expense grew to $92.1 million for the quarter-ended September 30, 2025 compared to $86.7 million in the same quarter in 2024. The increase in noninterest expense was primarily due to growth in salaries and employee benefits of $3.5 million. Also contributing to the increase was occupancy expense, due largely to repairs and maintenance, and increases in other noninterest expense driven primarily by professional fees.

At September 30, 2025, the Company's total assets were $14.2 billion, an increase of $643.8 million from December 31, 2024. Loans grew $254.0 million from December 31, 2024, totaling $8.3 billion at September 30, 2025. Deposits totaled $12.1 billion, an increase of $399.8 million from year-end 2024. Off-balance sheet sweep accounts totaled $4.9 billion at September 30, 2025, down $316.4 million from December 31, 2024. The Company's total stockholders' equity was $1.8 billion, an increase of $161.6 million from the end of 2024.

Asset quality continued to be strong. Nonaccrual loans totaled $57.3 million, representing 0.69% of total loans at September 30, 2025, down from 0.72% at year-end 2024. The allowance for credit losses to total loans was 1.20% at September 30, 2025, down from 1.24% at December 31, 2024. Net charge-offs were $1.7 million for the quarter, compared to $775,000 for the third quarter last year.

BancFirst Corporation CEO David Harlow commented, "Loan growth and a sustained net interest margin led to another strong quarter for the company. Solid growth in noninterest income also contributed positively to the quarter. A mixed bag on the economy, stronger than expected growth and weaker employment prospects resulted in a Fed rate cut of 25 basis points in September, the first rate cut since December 2024. Our outlook is a mixed bag as well; however, on balance, we continue to believe a slowing economy in our region of the country is more likely than not and, as such, we have maintained a healthy allowance for credit losses as a percentage of loans."

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 104 banking locations serving 59 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.

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.

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

2025

2024

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

3rd Qtr

Condensed Income Statements:

Net interest income

$ 125,615

$ 121,256

$ 115,949

$ 115,917

$ 114,957

Provision for credit losses on loans

4,222

1,239

1,461

(1,400)

3,031

Provision for off-balance sheet credit exposures

216

148

125

Noninterest income:

Trust revenue

5,850

5,795

5,539

5,551

5,672

Service charges on deposits

18,131

17,741

16,804

18,133

17,723

Securities transactions

492

(740)

(333)

355

(308)

Sales of loans

916

830

636

731

721

Insurance commissions

8,954

7,920

10,410

7,914

9,391

Cash management

10,338

10,573

10,051

9,221

9,189

Other

5,185

5,929

5,787

5,114

6,324

Total noninterest income

49,866

48,048

48,894

47,019

48,712

Noninterest expense:

Salaries and employee benefits

57,681

55,147

54,593

54,327

54,215

Occupancy expense, net

6,434

6,037

5,753

5,977

5,776

Depreciation

4,725

4,691

4,808

4,593

4,482

Amortization of intangible assets

862

886

887

886

Data processing services

2,901

2,985

2,892

2,726

2,720

Net expense from other real estate owned

2,778

2,941

2,658

6,446

2,751

Marketing and business promotion

2,126

2,325

2,461

2,719

2,168

Deposit insurance

1,736

1,675

1,725

1,653

1,645

Other

12,829

11,536

16,403

13,007

12,091

Total noninterest expense

92,072

88,199

92,179

92,335

86,734

Income before income taxes

78,971

79,718

71,078

72,001

73,904

Income tax expense

16,317

17,371

14,966

15,525

15,001

Net income

$ 62,654

$ 62,347

$ 56,112

$ 56,476

$ 58,903

Per Common Share Data:

Net income-basic

$ 1.88

$ 1.87

$ 1.69

$ 1.71

$ 1.78

Net income-diluted

1.85

1.66

1.68

1.75

Cash dividends declared

0.49

0.46

Common shares outstanding

33,329,247

33,272,131

33,241,564

33,216,519

33,122,689

Average common shares outstanding -

Basic

33,310,290

33,255,015

33,232,788

33,172,530

33,097,164

Diluted

33,864,129

33,795,243

33,768,873

33,750,993

33,646,549

Performance Ratios:

Return on average assets

1.76 %

1.79 %

1.66 %

1.67 %

1.80 %

Return on average stockholders' equity

14.18

14.74

13.85

14.04

15.14

Net interest margin

3.79

3.75

3.70

3.68

3.78

Efficiency ratio

52.47

52.10

55.92

56.67

52.99

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

2025

2024

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

3rd Qtr

Balance Sheet Data:

Total assets

$ 14,198,140

$ 14,045,780

$ 14,038,055

$ 13,554,314

$ 13,313,482

Interest-bearing deposits with banks

3,849,736

3,737,763

3,706,328

3,315,932

2,743,578

Debt securities

1,015,941

1,104,604

1,167,441

1,211,754

1,376,913

Total loans

8,287,167

8,124,497

8,102,810

8,033,183

8,188,202

Allowance for credit losses

(99,511)

(96,988)

(100,455)

(99,497)

(101,882)

Noninterest-bearing demand deposits

3,816,389

3,967,626

4,027,797

3,907,060

3,858,670

Money market and interest-bearing checking deposits

5,393,791

5,301,439

5,393,995

5,231,327

5,122,457

Savings deposits

1,251,394

1,205,602

1,174,685

1,110,020

1,082,855

Time deposits

1,656,813

1,581,525

1,530,273

1,470,139

1,410,370

Total deposits

12,118,387

12,056,192

12,126,750

11,718,546

11,474,352

Stockholders' equity

1,782,801

1,728,038

1,672,827

1,621,187

1,584,575

Book value per common share

53.49

51.94

50.32

48.81

47.84

Tangible book value per common share (non-GAAP)(1)

47.71

46.12

44.47

42.92

41.91

Balance Sheet Ratios:

Average loans to deposits

67.32 %

67.11 %

68.08 %

69.63 %

72.27 %

Average earning assets to total assets

93.00

92.97

93.10

93.14

93.02

Average stockholders' equity to average assets

12.38

12.14

12.00

11.87

11.88

Asset Quality Data:

Past due loans

$ 7,959

$ 7,515

$ 5,120

$ 7,739

$ 4,628

Nonaccrual loans (3)

57,266

49,878

56,371

57,984

45,481

Other real estate owned and repossessed assets

53,233

53,022

35,542

33,665

39,519

Nonaccrual loans to total loans

0.69 %

0.61 %

0.70 %

0.72 %

0.56 %

Allowance to total loans

1.20

1.19

1.24

Allowance to nonaccrual loans

173.77

194.45

178.20

171.59

224.01

Net charge-offs to average loans

0.02

0.05

0.01

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

Stockholders' equity

$ 1,782,801

$ 1,728,038

$ 1,672,827

$ 1,621,187

$ 1,584,575

Less goodwill

182,263

Less intangible assets, net

10,548

11,410

12,272

13,158

14,045

Tangible stockholders' equity (non-GAAP)

$ 1,589,990

$ 1,534,365

$ 1,478,292

$ 1,425,766

$ 1,388,267

Common shares outstanding

33,329,247

33,272,131

33,241,564

33,216,519

33,122,689

Tangible book value per common share (non-GAAP)

$ 47.71

$ 46.12

$ 44.47

$ 42.92

$ 41.91

(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 $10.0 million of nonaccrual loans at September 30, 2025.

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

Nine months ended

September 30,

2025

2024

Condensed Income Statements:

Net interest income

$ 362,820

$ 330,957

Provision for credit losses on loans

6,922

10,404

Provision for off-balance sheet credit exposures

489

—

Noninterest income:

Trust revenue

17,184

16,250

Service charges on deposits

52,676

51,431

Securities transactions

(581)

(258)

Sales of loans

2,382

1,945

Insurance commissions

27,284

25,514

Cash management

30,962

26,989

Other

16,901

15,685

Total noninterest income

146,808

137,556

Noninterest expense:

Salaries and employee benefits

167,421

157,671

Occupancy expense, net

18,224

16,215

Depreciation

14,224

13,542

Amortization of intangible assets

2,610

2,659

Data processing services

8,778

8,032

Net expense from other real estate owned

8,377

6,609

Marketing and business promotion

6,912

6,670

Deposit insurance

5,136

4,697

Other

40,768

38,734

Total noninterest expense

272,450

254,829

Income before income taxes

229,767

203,280

Income tax expense

48,654

43,402

Net income

$ 181,113

$ 159,878

Per Common Share Data:

Net income-basic

$ 5.44

$ 4.84

Net income-diluted

5.36

4.76

Cash dividends declared

1.41

1.32

Common shares outstanding

33,329,247

33,122,689

Average common shares outstanding -

Basic

33,266,315

33,015,741

Diluted

33,812,270

33,567,117

Performance Ratios:

Return on average assets

1.74 %

1.68 %

Return on average stockholders' equity

14.26

14.30

Net interest margin

3.75

Efficiency ratio

53.46

54.39

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, 2025

Interest

Average

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS

Earning assets:

Loans

$ 8,167,950

$ 143,698

6.98

$ 8,094,825

$ 420,408

6.94

Securities – taxable

1,061,971

6,515

2.43

1,131,722

20,408

2.41

Securities – tax exempt

1,246

3.47

1,849

3.99

Interest bearing deposits with banks and FFS

3,937,525

44,363

4.47

3,739,945

125,017

4.47

Total earning assets

13,168,692

194,587

5.86

12,968,341

565,888

5.83

Nonearning assets:

Cash and due from banks

205,722

210,268

Interest receivable and other assets

882,858

860,558

Allowance for credit losses

(97,456)

(98,344)

Total nonearning assets

991,124

972,482

Total assets

$ 14,159,816

$13,940,823

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest bearing liabilities:

Money market and interest-bearing checking deposits

$ 5,386,505

$ 41,263

3.04

$ 5,337,406

$ 122,546

3.07

Savings deposits

1,230,646

9,763

3.15

1,185,171

28,037

3.16

Time deposits

1,627,672

16,622

4.05

1,563,089

48,644

4.16

Short-term borrowings

9,304

100

4.28

4,930

158

4.28

Subordinated debt

86,192

1,030

4.74

86,177

3,091

4.80

Total interest bearing liabilities

8,340,319

68,778

3.27

8,176,773

202,476

3.31

Interest free funds:

Noninterest bearing deposits

3,888,147

3,906,936

Interest payable and other liabilities

178,438

159,434

Stockholders' equity

1,752,912

1,697,680

Total interest free funds

5,819,497

5,764,050

Total liabilities and stockholders' equity

$ 14,159,816

$13,940,823

Net interest income

$ 125,809

$ 363,412

Net interest spread

2.59

2.52

Effect of interest free funds

1.20

1.23

Net interest margin

3.79

3.75

SOURCE BancFirst