BancFirst reports Q1 EPS $1.50, consensus $1.39

Net interest margin for the first quarter of 2024 was 3.70% compared to 3.89% for the first quarter of 2023. The company recorded a provision for credit losses of $4M in the first quarter compared to $2.3M for the first quarter of 2023. BancFirst Corporation CEO David Harlow commented, “The company reported a solid quarter fueled by loan growth, deposit growth, and early signs of a stabilization in our deposit mix. Asset quality remained strong and our CECL reserve percentage was essentially flat as our guarded outlook on the economy has not changed materially. Recent inflation data has been higher than anticipated causing the Federal Reserve to signal higher rates for longer which will impact everyone including banks.”