Fees and commissions provided a silver lining for BancFirst (BANF) in Oklahoma City last quarter.
Earnings at the $5.8 billion-asset company fell 4.3% year over year, to $13.4 million. The comparison includes a $4.5 million securities gain in the first quarter of 2012.
Noninterest income fell 3.8% year over year, to $22.5 million. However, excluding the one-time securities gain from last year, noninterest income rose roughly 11% for the period, primarily because of higher revenues from service charges.
Net interest income fell 1.2% from a year earlier, to $40.3 million. The net interest margin narrowed 10 basis points, to 3.08% in the first quarter, because of lower yields.
Noninterest expense was $41.9 million, roughly unchanged from a year earlier. BancFirst's efficiency ratio deteriorated by 1.38 basis points, to 66.8%.
Its provision for loan losses rose 73% from a year earlier, to $300,000. Chargeoffs were unchanged from a year earlier, at 0.01%.