BancFirst Corp. in Oklahoma City said Friday that its first-quarter earnings climbed 4.5% from a year earlier, to $11.6 million.
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The $3.8 billion-asset BancFirst attributed the boost to a $1.2 million after-tax gain from Visa Inc.'s initial public offering. Excluding the one-time gain, noninterest income jumped 10.8%.
Net interest income fell 2.7%, to $35.4 million, as the net interest margin contracted 51 basis points, to 4.24%.
Citing the downgrade of a large real estate loan, BancFirst said it recorded a $1.8 million loan-loss provision, compared with no provision last year. Nonaccrual loans rose 20%, to $11.9 million.
