BancFirst reports net income growth

BancFirst Corp. on Friday reported net income of $35.5 million for the fourth quarter of 2019.

This is an improvement from the same quarter in 2018, when the company reported $32.7 million in net income. The earnings per share were $1.07 and 98 cents in fourth quarter 2019 and 2018, respectively.

Net income for the year ending Dec. 31, 2019, was $ 1 35 million, or $ 4.05 per share, compared to $126 million, or $3.76 per share, for the prior year.

The Oklahoma Citybased banking company completed its acquisition of Pegasus Bank in Dallas on Aug. 15, 2019. As a result, year-to-date results include one-time acquisitionrelated expenses of about $3.1 million, which reduced diluted earnings per share by approximately 7 cents for the year.

The company in January 2018 completed the purchase of two Oklahoma banking corporations, resulting in one-time acquisitionrelated expenses of about $2.6 million, which reduced diluted earnings per share by approximately 6 cents.

Banc First's net interest income for the fourth quarter increased to $73.9 million compared to $66.9 million for the fourth quarter of 2018. The net interest margin for the quarter was 3.78% compared to 3.77% a year ago.

The provision for loan losses for the fourth quarter decreased from $1.5 million in 2018 to $1.4 million in 2019.

Noninterest income for the quarter totaled $35.5 million, compared to $31.9 million last year. The increase in noninterest income was primarily due to an increase in trust revenue, growth in debit card usage fees and sweep fees.

Noninterest expenses for the quarter totaled $66.3 million compared to $ 56.2 million last year.