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Fee revenue and improved asset quality helped BancFirst (BANF) in Oklahoma City beat fourth-quarter earnings forecasts.
January 17 -
Ameris, BancFirst and BankUnited all allowed investors to decide how often they wanted to vote on executive compensation. The results from those annual meetings might encourage other banking companies to do the same next year.
June 8 -
Fees and commissions provided a silver lining for BancFirst in Oklahoma City last quarter.
April 17 -
BancFirst Corp. of Oklahoma City is buying 75% of Century Life Assurance Co., its main insurance supplier, and plans to sell more of its products.
November 22
Loan growth, bigger trading gains, and additional interest income from a first-quarter acquisition helped BancFirst in Oklahoma City beat third-quarter earnings estimates.
The $6.4 billion-asset company reported on Thursday afternoon net income of $18.8 million, up roughly 30% from a year earlier. Earnings per share of $1.19 were 24 cents higher than the average estimate of analysts polled by Bloomberg.
Net interest income jumped 14%, to $46.5 million. Despite historically low interest rates, the company's net interest margin expanded 12 basis points, to 3.13%.
Meanwhile, noninterest income totaled $24.9 million for the quarter, a 5% increase compared to the same quarter last year. This uptick was primarily driven by higher gains from securities transactions, which totaled just under $536 million.
BancFirst, which earlier this year assumed all of the deposits and purchased certain assets of the
The company's noninterest expenses increased 8% from a year ago, to $46.9 million.
BancFirst recorded a negative loan loss provision of $3.1 million in the third quarter. The negative provision was due to a release of $5.3 million from loan loss reserves as the company expects embedded losses in its loan portfolio to be less than amounts previously estimated because of low chargeoffs realized in Oklahoma's energy-based economy over the past several years.
