BANCFIRST CORPORATION REPORTS FOURTH QUARTER EARNINGS

, /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $56.5 million, or $1.68 diluted earnings per share, for the fourth quarter of 2024 compared to net income of $48.9 million, or $1.46 diluted earnings per share, for the fourth quarter of 2023. Net income for the year ended December 31, 2024 was $216.4 million, or $6.44 diluted earnings per share, compared to $212.5 million, or $6.34 diluted earnings per share, for the year ended December 31, 2023. The Company's net interest income for the fourth quarter of 2024 increased to $115.9 million compared to $105.1 million for the same period in 2023. Increased loan volume was the primary driver of the change in net interest income, but was partially offset by the impact of the shifting mix between interest-bearing and noninterest-bearing deposits. Net interest margin for the quarter ended December 31 was 3.68% in 2024 compared to 3.67% in 2023. In the fourth quarter of 2024, the Company reversed $1.4 million of allowance for credit losses resulting in a nominal decrease in the allowance as a percentage of loans when compared to a year ago and no change from prior quarter. Noninterest income for the quarter totaled $47.0 million compared to $45.2 million last year. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to fourth quarter last year. Also contributing to the period over period change was a $355,000 gain on equity securities recorded in the fourth quarter of 2024 compared to a loss of $1.4 million during the same period last year. Noninterest expense for the quarter increased to $92.3 million compared to $89.8 million in the fourth quarter last year. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $3.6 million. This increase was partially offset by a lower write-down of other real estate owned of $3.9 million in 2024 compared to $5.2 million in 2023. At December 31, 2024, the Company's total assets were $13.6 billion, an increase of $1.2 billion from December 31, 2023. Loans grew $373.0 million from December 31, 2023, totaling $8.0 billion at December 31, 2024. Deposits totaled $11.7 billion, an increase of $1.0 billion from year-end 2023. Sweep accounts totaled $5.2 billion at December 31, 2024, up $871.6 million from December 31, 2023. The Company's total stockholders' equity was $1.6 billion, an increase of $187.3 million from the end of 2023. Nonaccrual loans totaled $58.0 million, representing 0.72% of total loans at December 31, 2024 compared to 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.24% at the end of 2024 compared to 1.26% at December 31, 2023. Net charge-offs of $985,000 for the quarter remained relatively stable when compared to $976,000 for the fourth quarter last year. BancFirst Corporation CEO David Harlow commented, "The Company reported record net income and record earnings per share for the fourth consecutive year. Loan growth was the primary driver of improved results in 2024 when compared to last year while asset quality remained strong. The return of deposit growth was encouraging albeit entirely in the interest bearing and time segments. Our outlook for 2025 is positive overall as the economy in our region of the country continues to perform well." 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) 2024 2024 2024 2024 2023 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr Condensed Income Statements: Net interest income $ 115,917 $ 114,957 $ 109,896 $ 106,104 $ 105,066 (Benefit from) provision for credit losses (1,400) 3,031 3,358 4,015 - Noninterest income: Trust revenue 5,551 5,672 5,490 5,088 5,106 Service charges on deposits 18,133 17,723 17,280 16,428 16,841 Securities transactions 355 (308) 317 (267) (1,364) Sales of loans 731 721 733 491 512 Insurance commissions 7,914 9,391 6,668 9,455 7,220 Cash management 9,221 9,189 9,149 8,651 7,878 Other 5,114 6,324 4,307 5,054 8,964 Total noninterest income 47,019 48,712 43,944 44,900 45,157 Noninterest expense: Salaries and employee benefits 54,327 54,215 51,928 51,528 50,731 Occupancy expense, net 5,977 5,776 5,233 5,206 5,439 Depreciation 4,593 4,482 4,504 4,556 4,560 Amortization of intangible assets 887 886 887 886 887 Data processing services 2,726 2,720 2,696 2,616 2,224 Net expense from other real estate owned 6,446 2,751 1,656 2,202 7,870 Marketing and business promotion 2,719 2,168 2,246 2,256 2,653 Deposit insurance 1,653 1,645 1,614 1,438 1,332 Other 13,007 12,091 14,552 12,091 14,120 Total noninterest expense 92,335 86,734 85,316 82,779 89,816 Income before income taxes 72,001 73,904 65,166 64,210 60,407 Income tax expense 15,525 15,001 14,525 13,876 11,473 Net income $ 56,476 $ 58,903 $ 50,641 $ 50,334 $ 48,934 Per Common Share Data: Net income-basic $ 1.71 $ 1.78 $ 1.53 $ 1.53 $ 1.48 Net income-diluted 1.68 1.75 1.51 1.50 1.46 Cash dividends declared 0.46 0.46 0.43 0.43 0.43 Common shares outstanding 33,216,519 33,122,689 33,022,124 32,966,678 32,933,018 Average common shares outstanding - Basic 33,172,530 33,097,164 33,001,180 32,947,983 32,926,326 Diluted 33,750,993 33,646,549 33,525,061 33,513,412 33,483,691 Performance Ratios: Return on average assets 1.67 % 1.80 % 1.61 % 1.63 % 1.58 % Return on average stockholders' equity 14.04 15.14 13.72 13.96 13.98 Net interest margin 3.68 3.78 3.76 3.70 3.67 Efficiency ratio 56.67 52.99 55.46 54.82 59.79 BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share and share data - Unaudited) Twelve months ended December 31, 2024 2023 Condensed Income Statements: Net interest income $ 446,874 $ 424,456 Provision for credit losses 9,004 7,458 Noninterest income: Trust revenue 21,801 18,784 Service charges on deposits 69,564 77,367 Securities transactions 97 (1,828) Sales of loans 2,676 2,607 Insurance commissions 33,428 30,615 Cash management 36,210 30,716 Other 20,799 27,147 Total noninterest income 184,575 185,408 Noninterest expense: Salaries and employee benefits 211,998 199,986 Occupancy expense, net 22,192 21,027 Depreciation 18,135 18,657 Amortization of intangible assets 3,546 3,532 Data processing services 10,758 8,368 Net expense from other real estate owned 13,055 15,938 Marketing and business promotion 9,389 9,114 Deposit insurance 6,350 5,827 Other 51,741 50,009 Total noninterest expense 347,164 332,458 Income before income taxes 275,281 269,948 Income tax expense 58,927 57,483 Net income $ 216,354 $ 212,465 Per Common Share Data: Net income-basic $ 6.55 $ 6.45 Net income-diluted 6.44 6.34 Cash dividends declared 1.78 1.66 Common shares outstanding 33,216,519 32,933,018 Average common shares outstanding - Basic 33,055,152 32,919,348 Diluted 33,617,015 33,494,487 Performance Ratios: Return on average assets 1.68 % 1.75 % Return on average stockholders' equity 14.23 15.89 Net interest margin 3.73 3.79 Efficiency ratio 54.98 54.51 BancFirst Corporation Summary Financial Information (Dollars in thousands, except per share and share data - Unaudited) 2024 2024 2024 2024 2023 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr Balance Sheet Data: Total assets $ 13,554,314 $ 13,313,482 $ 12,737,318 $ 12,602,425 $ 12,372,042 Interest-bearing deposits with banks 3,315,932 2,743,578 2,299,019 2,341,604 2,172,001 Debt securities 1,211,754 1,376,913 1,441,365 1,534,651 1,555,095 Total loans 8,033,183 8,188,202 8,054,856 7,787,857 7,660,134 Allowance for credit losses (99,497) (101,882) (99,626) (97,267) (96,800) Noninterest-bearing demand deposits 3,907,060 3,858,670 3,815,818 3,849,807 3,982,226 Money market and interest-bearing checking deposits 5,231,327 5,122,457 4,930,853 4,901,081 4,699,865 Savings deposits 1,110,020 1,082,855 1,084,266 1,076,181 1,056,404 Time deposits 1,470,139 1,410,370 1,184,665 1,082,552 961,627 Total deposits 11,718,546 11,474,352 11,015,602 10,909,621 10,700,122 Stockholders' equity 1,621,187 1,584,575 1,512,492 1,469,312 1,433,891 Book value per common share 48.81 47.84 45.80 44.57 43.54 Tangible book value per common share (non-GAAP)(1) 42.92 41.91 39.83 38.56 37.50 Balance Sheet Ratios: Average loans to deposits 69.63 % 72.27 % 72.25 % 71.97 % 70.52 % Average earning assets to total assets 93.14 93.02 92.77 92.67 92.42 Average stockholders' equity to average assets 11.87 11.88 11.71 11.65 11.30 Asset Quality Data: Past due loans $ 7,739 $ 4,628 $ 4,280 $ 6,332 $ 9,542 Nonaccrual loans (3) 57,984 45,481 44,021 41,996 24,573 Other real estate owned and repossessed assets 33,665 39,519 38,497 35,116 34,200 Nonaccrual loans to total loans 0.72 % 0.56 % 0.55 % 0.54 % 0.32 % Allowance to total loans 1.24 1.24 1.24 1.25 1.26 Allowance to nonaccrual loans 171.59 224.01 226.32 231.61 393.92 Net charge-offs to average loans 0.01 0.01 0.01 0.05 0.02 Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2): Stockholders' equity $ 1,621,187 $ 1,584,575 $ 1,512,492 $ 1,469,312 $ 1,433,891 Less goodwill 182,263 182,263 182,263 182,263 182,263 Less intangible assets, net 13,158 14,045 14,931 15,818 16,704 Tangible stockholders' equity (non-GAAP) $ 1,425,766 $ 1,388,267 $ 1,315,298 $ 1,271,231 $ 1,234,924 Common shares outstanding 33,216,519 33,122,689 33,022,124 32,966,678 32,933,018 Tangible book value per common share (non-GAAP) $ 42.92 $ 41.91 $ 39.83 $ 38.56 $ 37.50 (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 $9.0 million of nonaccrual loans at December 31, 2024. BancFirst Corporation Consolidated Average Balance Sheets And Interest Margin Analysis Taxable Equivalent Basis (Dollars in thousands - Unaudited) Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2024 Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ASSETS Earning assets: Loans $ 8,084,358 $ 141,152 6.93 % $ 7,958,463 $ 555,426 6.96 % Securities – taxable 1,341,045 7,846 2.32 1,448,103 34,300 2.36 Securities – tax exempt 2,236 22 3.82 2,415 93 3.85 Interest-bearing deposits with banks and FFS 3,097,982 37,553 4.81 2,553,503 134,941 5.27 Total earning assets 12,525,621 186,573 5.91 11,962,484 724,760 6.04 Nonearning assets: Cash and due from banks 205,093 201,666 Interest receivable and other assets 819,199 810,732 Allowance for credit losses (101,395) (99,098) Total nonearning assets 922,897 913,300 Total assets $ 13,448,518 $ 12,875,784 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Money market and interest-bearing checking deposits $ 5,165,391 $ 44,302 3.40 % $ 4,992,037 $ 181,201 3.62 Savings deposits 1,095,677 8,754 3.17 1,076,837 36,256 3.36 Time deposits 1,437,296 16,344 4.51 1,219,253 55,450 4.54 Short-term borrowings 2,990 32 4.30 4,999 235 4.69 Subordinated debt 86,148 1,032 4.75 86,127 4,123 4.77 Total interest-bearing liabilities 7,787,502 70,464 3.59 7,379,253 277,265 3.75 Interest free funds: Noninterest-bearing deposits 3,911,434 3,842,049 Interest payable and other liabilities 153,812 138,007 Stockholders' equity 1,595,770 1,516,475 Total interest free funds 5,661,016 5,496,531 Total liabilities and stockholders' equity $ 13,448,518 $ 12,875,784 Net interest income $ 116,109 $ 447,495 Net interest spread 2.32 % 2.29 % Effect of interest free funds 1.36 % 1.44 % Net interest margin 3.68 % 3.73 % SOURCE BancFirst WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

BANCFIRST CORPORATION REPORTS FOURTH QUARTER EARNINGS

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