Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 160

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 160
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3. 

 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 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