BancFirst Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>BancFirst Corp. filed its Q1 2024 10-Q, detailing financial segments and asset classifications.</b>

AI Summary

BANCFIRST CORP /OK/ (BANFP) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. BancFirst Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and segments, such as Commercial Non-Real Estate, Oil and Natural Gas Swaps and Options, and Real Estate Portfolio Segments. Specific dates like January 1, 2024, March 31, 2024, and December 31, 2023, are referenced in relation to financial data. The company's business and mailing address are listed as 100 North Broadway Ave, Oklahoma City, OK 73102-8401. The filing references US GAAP standards for financial reporting, including fair value measurements and various asset and liability categories.

Why It Matters

For investors and stakeholders tracking BANCFIRST CORP /OK/, this filing contains several important signals. This 10-Q filing provides a quarterly update on BancFirst Corp.'s financial health and operational segments, crucial for investors to assess performance and trends. The detailed breakdown of assets, liabilities, and segment performance, including specific loan categories and fair value measurements, allows for a granular understanding of the company's risk exposure and revenue streams.

Risk Assessment

Risk Level: medium — BANCFIRST CORP /OK/ shows moderate risk based on this filing. The filing contains numerous specific financial data points and segment categorizations, indicating a complex financial structure that requires careful analysis to fully assess risk.

Analyst Insight

Investors should review the specific segment performance and risk factor disclosures within the 10-Q to understand BancFirst Corp.'s current financial standing and future outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 1989-04-01 — Date of Name Change (Former company name change date)
• 1231 — Fiscal Year End (Fiscal year end date)

Key Players & Entities

• BANCFIRST CORP /OK/ (company) — Filer name
• 0000760498 (company) — Central Index Key
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• 100 NORTH BROADWAY AVE (address) — Business address street 1
• OKLAHOMA CITY (location) — Business address city
• OK (location) — Business address state
• 73102-8401 (postal_code) — Business address zip

FAQ

Industry Context

BancFirst Corp. operates within the National Commercial Banks sector (SIC 6021). This filing provides a quarterly update on its financial position and operations.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reports (10-Q) under the 1934 Act, utilizing US GAAP standards for financial disclosures.

What Investors Should Do

1. Analyze the specific segment data presented in the 10-Q to understand revenue drivers and potential risks.
2. Review any disclosed fair value measurements and their underlying inputs (Level 2, Level 3) for insights into asset valuation.
3. Compare the current filing's data points with previous filings to identify trends in financial performance and asset/liability composition.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous fiscal year-end filings.

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 Par Value Per Share BANF NASDAQ Glo

Filing Documents

• banf-20240331.htm (10-Q) — 4302KB
• banf-ex31_1.htm (EX-31.1) — 15KB
• banf-ex31_2.htm (EX-31.2) — 16KB
• banf-ex32.htm (EX-32) — 9KB
• 0000950170-24-054176.txt (&nbsp;) — 22088KB
• banf-20240331.xsd (EX-101.SCH) — 1972KB
• banf-20240331_htm.xml (XML) — 6667KB

– Financial Information

PART I – Financial Information Page 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Consolidated Balance Sheets 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Shareholders' Equity 4 Consolidated Statements of Cash Flow 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 3. Quantitative and Qualitative Disclosure About Market Risk 38 4.

Controls and Procedures

Controls and Procedures 38

– Other Information

PART II – Other Information 1.

Legal Proceedings

Legal Proceedings 39 1A.

Risk Factors

Risk Factors 39 2. Unregistered Sales of Equity Securities 39 3. Defaults Upon Senior Securities 39 4. Mine Safety Disclosures 39 5. Other Information 39 6. Exhibits 40

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. BANCFIRST CORPORATION CONSOLIDATED BALANCE SHEETS (Dollars in thousands) March 31, December 31, 2024 2023 (unaudited) (see Note 1) ASSETS Cash and due from banks $ 183,491 $ 225,462 Interest-bearing deposits with banks 2,341,604 2,172,001 Federal funds sold 1,209 1,316 Debt securities held for investment (fair value: $ 1,129 and $ 1,190 , respectively) 1,129 1,190 Debt securities available for sale at fair value 1,533,522 1,553,905 Loans held for sale 5,997 3,489 Loans held for investment (net of unearned interest) 7,781,860 7,656,645 Allowance for credit losses ( 97,267 ) ( 96,800 ) Loans, net of allowance for credit losses 7,684,593 7,559,845 Premises and equipment, net 284,057 278,594 Other real estate owned 34,728 33,718 Intangible assets, net 15,818 16,704 Goodwill 182,263 182,263 Accrued interest receivable and other assets 334,014 343,555 Total assets $ 12,602,425 $ 12,372,042 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 3,849,807 $ 3,982,226 Interest-bearing 7,059,814 6,717,896 Total deposits 10,909,621 10,700,122 Short-term borrowings 9,699 3,351 Accrued interest payable and other liabilities 127,678 148,577 Subordinated debt 86,115 86,101 Total liabilities 11,133,113 10,938,151 Stockholders' equity: Senior preferred stock, $ 1.00 par; 10,000,000 shares authorized; none issued — — Cumulative preferred stock, $ 5.00 par; 900,000 shares authorized; none issued — — Common stock, $ 1.00 par, 40,000,000 shares authorized; shares issued and outstanding: 32,966,678 and 32,933,018 , respectively 32,967 32,933 Capital surplus 176,227 174,695 Retained earnings 1,312,464 1,276,305 Accumulated other comprehensive loss, net of tax benefit of $ 16,201 and $ 15,473 , respectively ( 52,346 ) ( 50,042 ) Tota

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View this 10-Q filing on SEC EDGAR