Business
BancFirst Corporation Reports First Quarter Earnings
OKLAHOMA CITY, April 15, 2021 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $42.5 million, or $1.27 diluted earnings per
About this update from Bancfirst Corporation
[{"type":"text","content":"OKLAHOMA CITY, April 15, 2021 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $42.5 million, or $1.27 diluted earnings per share, for the first quarter of 2021 compared to net income of $22.6 million, or $0.68 diluted earnings per share, for the first quarter of 2020. For the first quarter of 2021, no provision for credit losses was recorded, compared to a provision for credit losses of $19.6 million for the first quarter of 2020. \nBancFirst Corporation Executive Chairman David Rainbolt commented, \"Clearly the worst case scenarios for credit losses resulting from the pandemic are off the table. The consequence is that large reserve balances from last year's provisions do not need to be augmented. Moreover, if the economy continues to progress, we will likely see reversal of those provisions to some degree over the balance of the year.\"\nThe Company's net interest income for the first quarter of 2021 increased to $77.2 million compared to $74.1 million for the first quarter of 2020. Net interest income increased for the first quarter of 2021 due to loan growth, PPP fee income of approximately $9.5 million and the decrease in interest rates paid on deposits. The net interest margin for the quarter was 3.36% compared to 3.82% a year ago. Noninterest income for the quarter totaled $39.9 million, compared to $35.1 million last year. The increase in noninterest income was due to a gain from the sale of the Company's Hugo, Oklahoma branch of $2.5 million, $2.4 million in rental income from a real estate property foreclosed on in the fourth quarter of 2020, and a $1.2 million increase in income from sales of mortgage loans, which were partially offset by a $1.3 million decrease in treasury management income. Noninterest expense for the quarter increased to $65.0 million compared to $61.4 million last year because of $1.4 million of expenses related to the aforementioned foreclosed property, and a $2.2 million gain on the sale of other real estate owned in the first quarter of 2020 that reduced noninterest expense. The Company's effective tax rate was 18.5% compared to 20.0% for the first quarter of 2020. \nAt March 31, 2021, the Company's total assets were $10.5 billion, an increase of $1.3 billion from December 31, 2020. Debt securities of $520.5 million were down $34.7 million from December 31, 2020. L...