BANF · BFC Capital Trust II PFD TR 7.20%

BancFirst Corporation delivered robust Q1 2026 results with net income of $63.0 million, up 12% from $56.1 million in Q1 2025, and diluted EPS of $1.85 versus $1.66. Net interest income grew 10% to $127.6 million, fueled by higher loan volume and earning assets growth, with net interest margin expanding 4 basis points to 3.74%. The provision for credit losses on loans increased modestly to $2.6 million from $1.5 million, reflecting stable credit quality. Noninterest income rose 5% to $51.4 million, driven by gains in trust revenue, service charges on deposits, treasury income (cash management), and securities transactions, partially offset by lower insurance commissions. Noninterest expense increased 5% to $96.8 million, primarily from $4.3 million higher salaries and benefits (totaling $58.9 million after a $1.8 million favorable adjustment), plus conversion costs for American Bank of Oklahoma integration. Unlike Q1 2025, no Volcker rule-related equity disposition expense was recorded. Balance sheet expansion included total assets at $15.1 billion (up $278 million QoQ), loans at $8.6 billion (up $52 million), and deposits at $12.9 billion (up $231 million, with sweep accounts up $160 million). Credit metrics remained solid: nonaccrual loans steady at 0.72% of total loans ($62.2 million), allowance for credit losses at 1.23%, and net charge-offs at 0.02% of average loans. CEO David Harlow highlighted strong deposit growth, margin expansion, noninterest income gains, and successful American Bank of Oklahoma conversion amid a solid regional economy, while maintaining a healthy allowance amid macroeconomic uncertainty. Cash dividend of $0.49 per share declared.