BancFirst (NasdaqGS:BANF) - Share price, News & Analysis

BANF fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	1/6
Past Performance	5/6
Financial Health	6/6
Dividends	4/6

BANF Stock Overview

BancFirst Corporation operates as the bank holding company for BancFirst that provides a range of commercial banking services to retail customers, and small to medium-sized businesses.

Rewards

Trading at 39.9% below our estimate of its fair value

Earnings are forecast to grow 3.62% per year

Earnings grew by 34.8% over the past year

Pays a reliable dividend of 1.76%

Risk Analysis

Significant insider selling over the past 3 months

BancFirst Competitors

First Financial Bankshares

NasdaqGS:FFIN

US$5.6b

Bank OZK

NasdaqGS:OZK

US$4.6b

ServisFirst Bancshares

NYSE:SFBS

US$4.3b

Home Bancshares (Conway AR)

NYSE:HOMB

US$4.2b

Price History & Performance

Summary of all time highs, changes and price drops for BancFirst
Historical stock prices
Current Share Price	US$81.74
52 Week High	US$86.82
52 Week Low	US$53.77
Beta	1.19
1 Month Change	-4.04%
3 Month Change	4.84%
1 Year Change	13.72%
3 Year Change	50.98%
5 Year Change	71.27%
Change since IPO	1,823.29%

Shareholder Returns

	BANF	US Banks	US Market
7D	-0.4%	-1.5%	-2.7%
1Y	13.7%	-19.9%	-12.9%

Return vs Industry: BANF exceeded the US Banks industry which returned -19.9% over the past year.

Return vs Market: BANF exceeded the US Market which returned -12.9% over the past year.

Price Volatility

Is BANF's price volatile compared to industry and market?
BANF volatility
BANF Average Weekly Movement	2.9%
Banks Industry Average Movement	4.0%
Market Average Movement	7.9%
10% most volatile stocks in US Market	16.9%
10% least volatile stocks in US Market	3.0%

Stable Share Price: BANF is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: BANF's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1984	1,948	David Harlow	https://www.bancfirst.bank

BancFirst Corporation operates as the bank holding company for BancFirst that provides a range of commercial banking services to retail customers, and small to medium-sized businesses. It operates through Metropolitan Banks, Community Banks, Pegasus Bank, and Other Financial Services segments. The company offers checking accounts, negotiable order of withdrawal accounts, savings accounts, money market accounts, sweep accounts, club accounts, individual retirement accounts, and certificates of deposit, as well as overdraft protection and auto draft services.

BancFirst Fundamentals Summary

How do BancFirst's earnings and revenue compare to its market cap?
BANF fundamental statistics
Market Cap	US$2.68b
Earnings (TTM)	US$161.03m
Revenue (TTM)	US$488.66m

16.6x

P/E Ratio

2.3x

P/B Ratio

Is BANF overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
BANF income statement (TTM)
Revenue	US$488.66m
Cost of Revenue	US$0
Gross Profit	US$488.66m
Other Expenses	US$327.63m
Earnings	US$161.03m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	4.92
Gross Margin	100.00%
Net Profit Margin	32.95%
Debt/Equity Ratio	7.6%

How did BANF perform over the long term?

See historical performance and comparison

Dividends

1.8%

Current Dividend Yield

29%

Payout Ratio

Valuation

Is BancFirst undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

39.9%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: BANF ($81.74) is trading below our estimate of fair value ($135.95)

Significantly Below Fair Value: BANF is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: BANF is poor value based on its PE Ratio (16.6x) compared to the US Banks industry average (9.7x).

PE vs Market: BANF is poor value based on its PE Ratio (16.6x) compared to the US market (15.3x).

Price to Earnings Growth Ratio

PEG Ratio: BANF is poor value based on its PEG Ratio (4.6x)

Price to Book Ratio

PB vs Industry: BANF is overvalued based on its PB Ratio (2.3x) compared to the US Banks industry average (1.1x).

Future Growth

How is BancFirst forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

3.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: BANF's forecast earnings growth (3.6% per year) is above the savings rate (1.9%).

Earnings vs Market: BANF's earnings (3.6% per year) are forecast to grow slower than the US market (12.5% per year).

High Growth Earnings: BANF's earnings are forecast to grow, but not significantly.

Revenue vs Market: BANF's revenue (5.5% per year) is forecast to grow slower than the US market (7.8% per year).

High Growth Revenue: BANF's revenue (5.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: BANF's Return on Equity is forecast to be low in 3 years time (12.9%).

Past Performance

How has BancFirst performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

12.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BANF has high quality earnings.

Growing Profit Margin: BANF's current net profit margins (33%) are higher than last year (29.2%).

Past Earnings Growth Analysis

Earnings Trend: BANF's earnings have grown by 12% per year over the past 5 years.

Accelerating Growth: BANF's earnings growth over the past year (34.8%) exceeds its 5-year average (12% per year).

Earnings vs Industry: BANF earnings growth over the past year (34.8%) exceeded the Banks industry 20.9%.

Return on Equity

High ROE: BANF's Return on Equity (13.8%) is considered low.

Financial Health

How is BancFirst's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

Asset Level
Allowance for Bad Loans
Low Risk Liabilities
Loan Level
Low Risk Deposits
Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: BANF's Assets to Equity ratio (10.8x) is moderate.

Allowance for Bad Loans: BANF has a sufficient allowance for bad loans (334%).

Low Risk Liabilities: 98% of BANF's liabilities are made up of primarily low risk sources of funding.

Loan Level: BANF has an appropriate level of Loans to Assets ratio (51%).

Low Risk Deposits: BANF's Loans to Deposits ratio (57%) is appropriate.

Level of Bad Loans: BANF has an appropriate level of bad loans (0.4%).

Dividend

What is BancFirst current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

1.76%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BANF's dividend (1.76%) is higher than the bottom 25% of dividend payers in the US market (1.58%).

High Dividend: BANF's dividend (1.76%) is low compared to the top 25% of dividend payers in the US market (4.11%).

Stability and Growth of Payments

Stable Dividend: BANF's dividends per share have been stable in the past 10 years.

Growing Dividend: BANF's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (28.8%), BANF's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.0yrs

Average management tenure

CEO

David Harlow (58 yo)

5yrs

Tenure

US$796,734

Compensation

Mr. David R. Harlow has been the Chief Executive Officer of Bancfirst Corporation since May 25, 2017 and serves as its President. Mr. Harlow served as President of BancFirst since 2003 until July 2017. He...

CEO Compensation Analysis

Compensation vs Market: David's total compensation ($USD796.73K) is below average for companies of similar size in the US market ($USD6.86M).

Compensation vs Earnings: David's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: BANF's management team is seasoned and experienced (6 years average tenure).

Board Members

Experienced Board: BANF's board of directors are seasoned and experienced ( 19.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: BANF insiders have only sold shares in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/21 00:00
End of Day Share Price	2022/05/20 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31