Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 171

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 171
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 280

    Subordinated debt

    1

    3

    (2
    )

    —

    2

    (2
    )

    Total interest expense

    77,785

    36,996

    40,789

    153,333

    3,591

    149,742

    Net interest income
     
    $
    22,609

    $
    13,679

    $
    8,930

    $
    50,789

    $
    17,279

    $
    33,510

    (1) The effects of changes in the mix of earning assets and interest-bearing liabilities have been combined with the changes due to volume.

Provision For Credit Losses 

The Company's provision for credit losses increased in 2024 primarily due to loan growth. The Company establishes an allowance as an estimate of the current expected credit losses in the loan portfolio at the balance sheet date. Management believes the allowance for credit losses is appropriate based upon management’s best estimate of expected losses within the existing loan portfolio. Should any of the factors considered by management in evaluating the appropriate level of the allowance for credit losses change, the Company’s estimate of expected credit losses could also change which could affect the amount of future provisions for credit losses.

 Net loan charge-offs were $6.3 million for 2024 compared to $3.4 million for 2023 and $1.4 million for 2022. The net charge-offs equated to 0.08%, 0.05% and 0.02% of average loans for 2024, 2023 and 2022, respectively. The rate of net charge-offs to average total loans continues to be at a low level. A more detailed discussion of the allowance for credit losses is provided under “Loans.” 

Noninterest Income 

Total noninterest income decreased in 2024 compared to 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 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.

 The Company’s operating noninterest income has generally increased over time due to enhanced product