Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 39

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 39
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 to the period over period change was a $97,000 gain on equity securities recorded in 2024 compared to a loss of $1.8 million recorded in 2023.

Noninterest expense was $347.2 million in 2024 compared to $332.5 million in 2023. Higher noninterest expenses in 2024 were primarily related to growth in salaries and employee benefits of $12.0 million related to annual merit increases and new hires. Data processing expense increased $2.4 million in 2024 compared to 2023. Expense from other real estate owned decreased in 2024, to $13.1 million compared to $15.9 million during 2023.

The Company’s assets at year-end 2024 totaled $13.6 billion, an increase of $1.2 billion from December 31, 2023. Loans grew $373.0 million from December 31, 2023, totaling $8.0 billion at December 31, 2024. Deposits totaled $11.7 billion at December 31, 2024 an increase of $1.0 billion from December 31, 2023. Off-balance sheet sweep accounts totaled $5.2 billion at December 31, 2024, up $871.6 million from December 31, 2023. The Company’s total stockholders’ equity was $1.6 billion, an increase of $187.3 million from December 31, 2023. 

Nonaccrual loans totaled $58.0 million, representing 0.72% of total loans at December 31, 2024 compared to $24.6 million or 0.32% of total loans at December 31, 2023. The allowance for credit losses to total loans stood at 1.24% at December 31, 2024, compared to 1.26% at December 31, 2023. Net charge-offs were $6.3 million for the year or 0.08% of average loans, compared to $3.4 million or 0.05% of average loans for the year ended December 31, 2023.

See Note (2) of the Notes to Consolidated Financial Statements for disclosure regarding the Company’s recent developments, including mergers and acquisitions. 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES 

The Company’s significant accounting policies are described in Note (1) to the consolidated