BancFirst Q3 EPS, net income beat estimates on loan growth, higher fee income
BANF•BancFirst reported Q3 adjusted EPS of $1.97, versus the $1.94 estimate, and net income of $67.25 million, versus $65.31 million expected. Net interest income was $136 million and net interest margin was 3.85%.
1. Earnings beat estimates
BancFirst’s Q3 adjusted EPS and net income topped analyst expectations. Net interest income and margin rose year over year, driven by higher loan volume and growth in earning assets; service charges on deposits and treasury income also contributed to higher noninterest income.
2. Outlook and credit
The company said higher interest rates are expected to dampen future economic activity, while its capital and credit loss allowance levels are sufficient for future cycles. It said asset quality metrics remained stable despite an increase in nonaccrual loans, and expects its acquisition of Tulsa-based Spirit Bank to close in October.
