Live News • Jun 12
BancFirst Set to Acquire Spirit BankCorp Expanding Regional Presence With $939.6 Million in Assets BancFirst Corporation has agreed to acquire Spirit BankCorp, a privately held community bank based in Tulsa, Oklahoma, in a transaction involving approximately $939.6m in total assets.
Spirit Bank contributes about $618.4m in loans and $847.2m in deposits, with the deal expected to close in Q4 2026 subject to regulatory approvals and customary conditions.
Spirit Bank will initially continue operating under its current name, with plans to merge it into BancFirst at a later stage to support a gradual customer transition.
This acquisition points to a larger regional footprint for BancFirst and a larger balance sheet, particularly in loans and deposits, once the transaction is completed and integrated.
Investors may want to watch for updates on regulatory approvals, integration plans and any disclosed terms that could affect capital levels, funding costs or future operating expenses tied to the Spirit Bank merger. Declared Dividend • Jun 01
First quarter dividend of US$0.49 announced Shareholders will receive a dividend of US$0.49. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 1.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Live News • May 09
BancFirst Q1 Profit Reaches $63 Million as Oklahoma Expansion Adds Assets and Deposits BancFirst reported Q1 2026 net income of $63.0m, compared with $56.1m a year earlier.
The acquisition of American Bank of Oklahoma added new banking communities along with additional assets, loans and deposits.
Regulatory capital remains strong, with a total capital ratio of 20.22% and subsidiaries classified as well capitalized.
For you as an investor, the Q1 2026 update highlights a bank that is growing its earnings base while expanding its footprint through the American Bank of Oklahoma acquisition. The added assets, loans and deposits increase BancFirst’s presence in its home state, which can matter for long-term customer relationships and funding diversity.
The reported total capital ratio of 20.22% and the “well capitalized” status of its banking subsidiaries point to a solid capital position under current regulatory standards. That gives the company flexibility in how it manages future growth, credit risk and potential regulatory changes. When assessing BancFirst, you may want to watch how efficiently it integrates the ABOK acquisition, any shifts in loan mix and deposit costs, and whether capital ratios remain comfortably above required levels as the balance sheet evolves. Recent Insider Transactions • Apr 28
Non-Executive Chairman of the Board recently sold US$2.1m worth of stock On the 24th of April, David Rainbolt sold around 18k shares on-market at roughly US$116 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Apr 20
Non-Executive Chairman of the Board notifies of intention to sell stock David Rainbolt intends to sell 225k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of April. If the sale is conducted around the recent share price of US$120, it would amount to US$27m. Since June 2025, David's direct individual holding has decreased from 9.92m shares to 9.68m. Company insiders have collectively sold US$1.8m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Apr 19
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$1.88 (up from US$1.69 in 1Q 2025). Revenue: US$176.9m (up 8.3% from 1Q 2025). Net income: US$63.0m (up 12% from 1Q 2025). Profit margin: 36% (up from 34% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 07
BancFirst Corporation, Annual General Meeting, May 28, 2026 BancFirst Corporation, Annual General Meeting, May 28, 2026. Location: bancfirst tower, 34th floor, petroleum club, john, nichols room, 100 north broadway avenue, oklahoma city, oklahoma 73102, United States Upcoming Dividend • Mar 24
Upcoming dividend of US$0.49 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 15 April 2026. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.6%). Declared Dividend • Mar 05
Fourth quarter dividend of US$0.49 announced Shareholders will receive a dividend of US$0.49. Ex-date: 31st March 2026 Payment date: 15th April 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (26% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.2% over the next 2 years. However, it would need to fall by 71% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 02
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: US$7.22 (up from US$6.55 in FY 2024). Revenue: US$685.0m (up 10.0% from FY 2024). Net income: US$240.6m (up 11% from FY 2024). Profit margin: 35% (in line with FY 2024). Net interest margin (NIM): 3.74% (up from 3.73% in FY 2024). Cost-to-income ratio: 55.0% (no change from 55.0% in FY 2024). Non-performing loans: 0.81% (down from 0.82% in FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Recent Insider Transactions Derivative • Feb 10
Executive VP notifies of intention to sell stock Randy Foraker intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 9th of February. If the sale is conducted around the recent share price of US$120, it would amount to US$360k. Since June 2025, Randy's direct individual holding has increased from 18.32k shares to 18.58k. Company insiders have collectively sold US$3.3m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jan 23
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: US$7.22 (up from US$6.55 in FY 2024). Revenue: US$685.0m (up 10.0% from FY 2024). Net income: US$240.6m (up 11% from FY 2024). Profit margin: 35% (in line with FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Announcement • Jan 23
BancFirst Corporation Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2025 BancFirst Corporation announced net charge-offs for the fourth quarter ended December 31, 2025. Net charge-offs were $1.6 million for the quarter, compared to $985,000 for the fourth quarter last year. Upcoming Dividend • Dec 24
Upcoming dividend of US$0.49 per share Eligible shareholders must have bought the stock before 31 December 2025. Payment date: 15 January 2026. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.3%). Declared Dividend • Nov 26
Third quarter dividend of US$0.49 announced Shareholders will receive a dividend of US$0.49. Ex-date: 31st December 2025 Payment date: 15th January 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (26% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.6% over the next 2 years. However, it would need to fall by 71% to increase the payout ratio to a potentially unsustainable range. Announcement • Nov 18
BancFirst Corporation (NasdaqGS:BANF) completed the acquisition of American Bank of Oklahoma. BancFirst Corporation (NasdaqGS:BANF) entered into an agreement to acquire American Bank of Oklahoma on May 20, 2025.
As of December 31, 2024, American Bank of Oklahoma reported total assets of $385 million, $280 million in loans, and $320 million in deposits.
The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions. American Bank of Oklahoma will operate under its present name until it is merged into BancFirst, which is expected to be in the fourth quarter of 2025. The transaction is approved by Federal Reserve Board.
BancFirst Corporation (NasdaqGS:BANF) completed the acquisition of American Bank of Oklahoma on November 17, 2025. American Bank of Oklahoma will continue to operate under its present name until it is merged into BancFirst, which is expected to be in the first quarter of 2026. Price Target Changed • Oct 21
Price target decreased by 8.3% to US$122 Down from US$133, the current price target is an average from 3 analysts. New target price is 6.0% above last closing price of US$115. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of US$7.15 for next year compared to US$6.55 last year. Reported Earnings • Oct 20
Third quarter 2025 earnings: Revenues and EPS in line with analyst expectations Third quarter 2025 results: EPS: US$1.88 (up from US$1.78 in 3Q 2024). Revenue: US$171.0m (up 6.5% from 3Q 2024). Net income: US$62.7m (up 6.4% from 3Q 2024). Profit margin: 37% (in line with 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Announcement • Oct 19
Bancfirst Corporation Reports Net Charge-Offs for the Third Quarter Ended September 30, 2025 BancFirst Corporation reported net charge-offs for the third quarter ended September 30, 2025. For the third quarter, the company reported net charge-offs were $1.7 million for the quarter, compared to $775,000 for the third quarter last year. Upcoming Dividend • Sep 23
Upcoming dividend of US$0.49 per share Eligible shareholders must have bought the stock before 30 September 2025. Payment date: 15 October 2025. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (2.4%). Declared Dividend • Sep 08
Second quarter dividend increased to US$0.49 Dividend of US$0.49 is 6.5% higher than last year. Ex-date: 30th September 2025 Payment date: 15th October 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Recent Insider Transactions Derivative • Aug 14
Independent Director notifies of intention to sell stock Frederick Drummond intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 13th of August. If the sale is conducted around the recent share price of US$126, it would amount to US$631k. Since March 2025, Frederick has owned 6.00k shares directly. Company insiders have collectively sold US$34m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Jul 21
Price target increased by 9.6% to US$133 Up from US$121, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$133. Stock is up 27% over the past year. The company is forecast to post earnings per share of US$7.18 for next year compared to US$6.55 last year. Reported Earnings • Jul 18
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$1.88 (up from US$1.54 in 2Q 2024). Revenue: US$167.9m (up 12% from 2Q 2024). Net income: US$62.3m (up 23% from 2Q 2024). Profit margin: 37% (up from 34% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. Announcement • Jul 18
BancFirst Corporation Reports Net Charge-Offs for the Second Quarter Ended June 30, 2025 BancFirst Corporation reported net charge-offs for the second quarter ended June 30, 2025. For the quarter, the company reported net charge-offs were $4.7 million for the quarter, including $3.7 million relating to one real estate loan that was taken into other real estate, compared to $999,000 for the second quarter last year. Upcoming Dividend • Jun 23
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (2.7%). Declared Dividend • Jun 01
First quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 30th June 2025 Payment date: 15th July 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • May 23
BancFirst Corporation Declares Cash Dividend on its Common Stock, Payable on July 15, 2025 BancFirst Corporation announced on May 22, 2025, its Board of Directors declared a $0.46 per share cash dividend on its common stock. The dividend is payable July 15, 2025, to shareholders of record on June 30, 2025. Recent Insider Transactions Derivative • May 22
Executive VP notifies of intention to sell stock Randy Foraker intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 21st of May. If the sale is conducted around the recent share price of US$128, it would amount to US$512k. Since September 2024, Randy's direct individual holding has increased from 17.85k shares to 18.32k. Company insiders have collectively sold US$36m more than they bought, via options and on-market transactions in the last 12 months. Announcement • May 21
BancFirst Corporation (NasdaqGS:BANF) entered into an agreement to acquire American Bank of Oklahoma. BancFirst Corporation (NasdaqGS:BANF) entered into an agreement to acquire American Bank of Oklahoma on May 20, 2025. As of December 31, 2024, American Bank of Oklahoma reported total assets of $385 million, $280 million in loans, and $320 million in deposits. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions. American Bank of Oklahoma will operate under its present name until it is merged into BancFirst, which is expected to be in the fourth quarter of 2025. New Risk • Apr 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$1.8m sold). Reported Earnings • Apr 20
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$1.69 (up from US$1.53 in 1Q 2024). Revenue: US$163.3m (up 11% from 1Q 2024). Net income: US$56.1m (up 12% from 1Q 2024). Profit margin: 34% (in line with 1Q 2024). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Announcement • Apr 18
BancFirst Corporation Reports Net Charge-Offs for the First Quarter Ended March 31, 2025 BancFirst Corporation reported net charge-offs for the first quarter ended March 31, 2025. For the quarter, the company reported net charge-offs were $0.503 million for the quarter compared to $3.5 million for the first quarter last year. Announcement • Apr 04
BancFirst Corporation, Annual General Meeting, May 22, 2025 BancFirst Corporation, Annual General Meeting, May 22, 2025. Location: bancfirst tower, 34th floor, petroleum club, john nichols room, 100 north broadway avenue, oklahoma 73102, oklahoma city United States Upcoming Dividend • Mar 24
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 31 March 2025. Payment date: 15 April 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (2.7%). Reported Earnings • Mar 04
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: US$6.55 (up from US$6.45 in FY 2023). Revenue: US$622.4m (up 3.3% from FY 2023). Net income: US$216.4m (up 1.8% from FY 2023). Profit margin: 35% (in line with FY 2023). Net interest margin (NIM): 3.73% (down from 3.79% in FY 2023). Cost-to-income ratio: 55.0% (up from 54.5% in FY 2023). Non-performing loans: 0.82% (up from 0.45% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 03
Fourth quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 31st March 2025 Payment date: 15th April 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (27% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.2% over the next 2 years. However, it would need to fall by 70% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions • Mar 02
Insider recently sold US$1.2m worth of stock On the 28th of February, William Martin sold around 10k shares on-market at roughly US$119 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$36m more than they bought in the last 12 months. Recent Insider Transactions • Feb 12
Director recently sold US$610k worth of stock On the 11th of February, Darryl Schmidt sold around 5k shares on-market at roughly US$122 per share. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$3.1m. Insiders have been net sellers, collectively disposing of US$36m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jan 30
Independent Director notifies of intention to sell stock Frederick Drummond intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of January. If the sale is conducted around the recent share price of US$118, it would amount to US$588k. Since March 2024, Frederick has owned 6.00k shares directly. Company insiders have collectively sold US$38m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jan 24
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: US$6.55 (up from US$6.45 in FY 2023). Revenue: US$622.4m (up 3.3% from FY 2023). Net income: US$216.4m (up 1.8% from FY 2023). Profit margin: 35% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 24
BancFirst Corporation Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2024 BancFirst Corporation announced net charge-offs for the fourth quarter ended December 31, 2024. Net charge-offs of $985,000 for the quarter remained relatively stable when compared to $976,000 for the fourth quarter last year. New Risk • Jan 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$20m sold). Upcoming Dividend • Dec 24
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 31 December 2024. Payment date: 15 January 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (2.7%). Price Target Changed • Dec 18
Price target increased by 7.0% to US$127 Up from US$118, the current price target is an average from 3 analysts. New target price is 7.8% above last closing price of US$118. Stock is up 22% over the past year. The company is forecast to post earnings per share of US$6.38 for next year compared to US$6.45 last year. Price Target Changed • Dec 13
Price target increased by 9.8% to US$123 Up from US$112, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$125. Stock is up 33% over the past year. The company is forecast to post earnings per share of US$6.38 for next year compared to US$6.45 last year. Recent Insider Transactions • Dec 13
Insider recently sold US$506k worth of stock On the 12th of December, Dennis Brand sold around 4k shares on-market at roughly US$127 per share. This transaction amounted to 9.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$5.4m. Insiders have been net sellers, collectively disposing of US$35m more than they bought in the last 12 months. Declared Dividend • Nov 27
Third quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (28% payout ratio) and is expected to be well covered in 3 years' time (31% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 3.1% over the next 2 years. However, it would need to fall by 69% to increase the payout ratio to a potentially unsustainable range. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$127, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Banks industry in the US. Total returns to shareholders of 98% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$202 per share. Recent Insider Transactions • Oct 23
Executive Chairman recently sold US$475k worth of stock On the 21st of October, David Rainbolt sold around 4k shares on-market at roughly US$110 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$3.9m. David has been a net seller over the last 12 months, reducing personal holdings by US$9.8m. Price Target Changed • Oct 21
Price target increased by 8.7% to US$112 Up from US$103, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$109. Stock is up 33% over the past year. The company is forecast to post earnings per share of US$6.38 for next year compared to US$6.45 last year. Reported Earnings • Oct 18
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$1.78 (up from US$1.55 in 3Q 2023). Revenue: US$160.6m (up 9.7% from 3Q 2023). Net income: US$58.9m (up 16% from 3Q 2023). Profit margin: 37% (up from 35% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 23
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 30 September 2024. Payment date: 15 October 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.9%). Recent Insider Transactions • Sep 02
Executive Chairman recently sold US$3.9m worth of stock On the 30th of August, David Rainbolt sold around 37k shares on-market at roughly US$106 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Aug 30
Executive Chairman notifies of intention to sell stock David Rainbolt intends to sell 90k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of August. If the sale is conducted around the recent share price of US$108, it would amount to US$9.7m. Since December 2023, David's direct individual holding has increased from 10.10m shares to 10.11m. Company insiders have collectively sold US$8.6m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Aug 29
Second quarter dividend increased to US$0.46 Dividend of US$0.46 is 7.0% higher than last year. Ex-date: 30th September 2024 Payment date: 15th October 2024 Dividend yield will be 1.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.6% over the next year. However, it would need to fall by 69% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Jul 22
Price target increased by 11% to US$101 Up from US$91.63, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$105. Stock is up 5.0% over the past year. The company is forecast to post earnings per share of US$6.10 for next year compared to US$6.45 last year. Recent Insider Transactions • Jul 21
Insider recently sold US$320k worth of stock On the 19th of July, D. Hannah sold around 3k shares on-market at roughly US$107 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$507k. Insiders have been net sellers, collectively disposing of US$2.4m more than they bought in the last 12 months. Announcement • Jul 21
BancFirst Corporation Reports Net Charge-Offs for the Second Quarter Ended June 30, 2024 BancFirst Corporation reported net charge-offs for the second quarter ended June 30, 2024. Net charge-offs were $1.0 million for the quarter compared to $664,000 for the second quarter of 2023. Reported Earnings • Jul 19
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$1.54 (down from US$1.67 in 2Q 2023). Revenue: US$150.5m (flat on 2Q 2023). Net income: US$50.6m (down 7.9% from 2Q 2023). Profit margin: 34% (down from 36% in 2Q 2023). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.7%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 30
First quarter dividend of US$0.43 announced Shareholders will receive a dividend of US$0.43. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 2.0%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 6.2% over the next year. However, it would need to fall by 70% to increase the payout ratio to a potentially unsustainable range. Announcement • May 25
BancFirst Corporation Declares Cash Dividend on Its Common Stock, Payable July 15, 2024 On May 23, 2024, BancFirst Corporation’s Board of Directors declared a $0.43 per share cash dividend on its common stock. The dividend is payable July 15, 2024, to shareholders of record on June 28, 2024. Reported Earnings • May 09
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$1.53 (down from US$1.75 in 1Q 2023). Revenue: US$147.0m (down 5.0% from 1Q 2023). Net income: US$50.3m (down 13% from 1Q 2023). Profit margin: 34% (down from 37% in 1Q 2023). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 7.7%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 08
Insider recently sold US$507k worth of stock On the 6th of May, D. Hannah sold around 5k shares on-market at roughly US$92.23 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$1.2m. Insiders have been net sellers, collectively disposing of US$2.0m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Apr 23
Executive VP exercised options and sold US$578k worth of stock On the 22nd of April, Kevin Lawrence exercised 10k options at a strike price of around US$32.30 and sold these shares for an average price of US$90.07 per share. This trade did not impact their existing holding. Since December 2023, Kevin's direct individual holding has increased from 11.64k shares to 11.79k. Company insiders have collectively sold US$2.2m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Apr 19
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$1.53 (down from US$1.75 in 1Q 2023). Revenue: US$147.0m (down 5.0% from 1Q 2023). Net income: US$50.3m (down 13% from 1Q 2023). Profit margin: 34% (down from 37% in 1Q 2023). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 7.7%. Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Apr 04
BancFirst Corporation, Annual General Meeting, May 23, 2024 BancFirst Corporation, Annual General Meeting, May 23, 2024, at 09:30 Central Daylight. Location: BancFirst Tower, 34th Floor, Petroleum Club, John Nichols Room Oklahoma City United States Agenda: To consider election of the 17 directors nominated by Board of Directors and named in the accompanying Proxy Statement; to consider and to amend the BancFirst Corporation Directors’ Deferred Stock Compensation Plan to increase the number of shares of common stock authorized to be granted subsequent to such amendment to 40,000; and to consider other matters. Upcoming Dividend • Mar 20
Upcoming dividend of US$0.43 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.0%). Reported Earnings • Feb 29
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: US$6.45 (up from US$5.89 in FY 2022). Revenue: US$602.4m (up 10% from FY 2022). Net income: US$212.5m (up 10.0% from FY 2022). Profit margin: 35% (in line with FY 2022). Net interest margin (NIM): 3.79% (up from 3.29% in FY 2022). Cost-to-income ratio: 54.5% (down from 55.6% in FY 2022). Non-performing loans: 0.45% (up from 0.33% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to stay flat during the next 2 years compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 26
Fourth quarter dividend of US$0.43 announced Shareholders will receive a dividend of US$0.43. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 1.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (26% payout ratio) and is expected to be well covered in 3 years' time (35% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 20% over the next 2 years. However, it would need to fall by 71% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions Derivative • Feb 25
Executive VP notifies of intention to sell stock Kevin Lawrence intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 23rd of February. If the sale is conducted around the recent share price of US$87.42, it would amount to US$874k. Since March 2023, Kevin's direct individual holding has increased from 11.64k shares to 11.76k. Company insiders have collectively sold US$1.4m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Feb 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$1.2m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 9.2% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$1.2m sold). Recent Insider Transactions • Feb 21
Insider recently sold US$1.2m worth of stock On the 16th of February, D. Hannah sold around 13k shares on-market at roughly US$89.12 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$984k more than they bought in the last 12 months. Reported Earnings • Jan 19
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: US$6.45 (up from US$5.89 in FY 2022). Revenue: US$602.4m (up 10% from FY 2022). Net income: US$212.5m (up 10.0% from FY 2022). Profit margin: 35% (in line with FY 2022). Net interest margin (NIM): 3.79% (up from 3.29% in FY 2022). Cost-to-income ratio: 54.5% (down from 55.6% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to stay flat during the next 2 years compared to a 5.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of US$0.43 per share at 1.8% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 16 January 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (3.2%). Announcement • Dec 19
BancaFirst Corporation Announces Dennis L. Brand to Resign from the Board of Directors, Effective on December 21, 2023 BancFirst Corporation Announced that Mr. Dennis L. Brand has informed the Company of his desire to resign from the Board of Directors, effective as of its next meeting on December 21, 2023. Mr. Brand's resignation was not due to a disagreement or any matters relating to the Company's operations, policies or practices. Mr. Brand will continue as an employee of the Company, and to serve as the Chairman of the Executive Committee, and on the boards of two of the Company’s subsidiary banks, Pegasus Bank and Worthington Bank. Recent Insider Transactions Derivative • Dec 06
Executive VP notifies of intention to sell stock Kevin Lawrence intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 4th of December. If the sale is conducted around the recent share price of US$90.02, it would amount to US$450k. Since March 2023, Kevin has owned 11.64k shares directly. Company insiders have collectively bought US$516k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Nov 17
BancFirst Corporation Announces Intent to Resignation of Kevin Lawrence as Chief Financial Officer, Effective Second Quarter of 2024 BancFirst Corporation announced that on November 16, 2023, Kevin Lawrence, the company’s Chief Financial Officer, informed the Board of Directors of his intent to resign from his position with the company to pursue other career interests. The exact time of his resignation has not been determined, but it will most likely be in the second quarter of 2024. The Company has begun a search for Mr. Lawrence’s successor. Reported Earnings • Oct 20
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: US$1.55 (down from US$1.69 in 3Q 2022). Revenue: US$146.4m (flat on 3Q 2022). Net income: US$51.0m (down 7.9% from 3Q 2022). Profit margin: 35% (down from 38% in 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 22% per year. Upcoming Dividend • Sep 21
Upcoming dividend of US$0.43 per share at 2.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 16 October 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (5.0%). Lower than average of industry peers (3.7%). Announcement • Jul 29
BancFirst Corporation Appoints Leslie J. Rainbolt as Director On July 27, 2023, the Board of Directors of BancFirst Corporation appointed Leslie J. Rainbolt, M.D., M.B.A. as a director. Dr. Rainbolt accepted the position effective at the Board meeting on July 27, 2023. Her term will expire at the annual meeting of shareholders in May 2024 at which time she will stand for re-election. Dr. Rainbolt currently serves on the Board of OU Health, the M.D. Anderson Cancer Center Board of Visitors, the Harold Hamm Diabetes Center Board of Advisors, the Children's Hospital Foundation Board, the National Cowboy and Western Heritage Museum Board of Directors, the Stephen Cancer Center Leadership Council, the Communities Foundation of Oklahoma Board, and the Board of Tattered Cover, an independent bookstore in Denver, Colorado. She received a Bachelor of Arts from Newcomb College of Tulane University in Political Science/International Relations, her M.B.A./M.I.M. from the American Graduate School of International Management, now the Thunderbird Schools of Global Management and her M.D. from the University of Oklahoma College of Medicine. Dr. Rainbolt is the sister to David E. Rainbolt, the Executive Chairman of the Company, and therefore she will not be independent and will not serve on the Independent Directors Committee. Price Target Changed • Jul 24
Price target increased by 9.0% to US$90.50 Up from US$83.00, the current price target is an average from 4 analysts. New target price is 9.5% below last closing price of US$99.97. Stock is down 2.3% over the past year. The company is forecast to post earnings per share of US$6.27 for next year compared to US$5.89 last year.