Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 38

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 38
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 interest margin.

•Changes in interest rates.

•The increased time and effort related to ongoing and/or changed regulations from regulatory bodies could negatively impact noninterest expense.   

•Local, regional, national and international economic conditions and the impact they may have on the Company and its customers.

•Changes in the mix of loan sectors and types or the level of non-performing assets and charge-offs.

•Inflation, including wage inflation, energy prices, securities markets and monetary fluctuations.

•Impairment of the Company’s goodwill or other intangible assets.

•Changes in consumer spending, borrowing and savings habits.

•Changes in the financial performance and/or condition of the Company’s borrowers, including the impact of higher interest rates.

•Technological changes.

•Cyber threats.

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•The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.

•The Company’s success at managing the risks involved in the foregoing items.

Actual results may differ materially from forward-looking statements. 

SUMMARY 

The Company’s net income for 2024 was $216.4 million, or $6.44 per diluted share, compared to $212.5 million, or $6.34 per diluted share for 2023.   

In 2024, net interest income increased to $446.9 million, compared to $424.5 million in 2023. The primary driver of the increase in net interest income was higher interest rates and loan volume. Higher interest rates and increasing loan volume were partially offset by the expense associated with the increase in rates on interest-bearing deposits. The Company’s net interest margin decreased to 3.73% for 2024, compared to 3.79% for 2023. 

 The Company recorded a provision for credit losses of $9.0 million in 2024 compared to a provision for credit losses of $7.5 million in 2023. The Company's provision for credit losses increased in 2024 primarily due to loan growth. 

Noninterest income totaled $184.6 million in 2024 compared to $185.4 million in 2023. The decrease in noninterest income was primarily due to an approximate $10.8 million reduction of interchange fees related to the impact of the Durbin Amendment, which was offset by increases in trust revenue, treasury services income, sweep fees and insurance commissions. Also contributing