BancFirst reports Q3 EPS $1.52, consensus $1.49

Net interest margin for the quarter was 3.73% compared to 3.87% in the second quarter and 3.48% a year ago. The decrease in margin from the second quarter was largely due to an increase in deposit rates and a shift in deposit mix from noninterest bearing to interest bearing deposits. For the third quarter of 2023, the company recorded a provision for credit losses of $2.3M for loan growth, compared to $2.9M for the third quarter of 2022. BancFirst Corporation CEO David Harlow commented, “The company reported a solid quarter at $1.52 diluted earnings per share despite the impact of the first full quarter of reduced interchange fees under the Durbin Amendment. Continuing headwinds in the coming months include deposit pricing pressure and increased overhead required to meet the regulatory requirements for a holding company with assets exceeding $10 billion. Regardless, our talented bankers combined with the company’s fortress balance sheet and top-tier liquidity position us to compete favorably in the markets that we serve.”