OKLAHOMA CITY – BancFirst Corporation, which is traded on the NASDAQ as BANF, reported a net income of $34.2 million for the second quarter of 2019, the company said in a recent media statement.
The figure represents a $3.6 million increase over the $30.6 million the company reported for the same quarter in 2018.
Company officials said net income for the first six months of 2019 was $66 million, about $1.98 per share, an increase of more than $5.8 million from the first have of 2018.
BancFirst’s reported a net interest income for the second quarter of 2019 of $68.8 million, an increase of $3.9 million over the $64.9 million reported for the second quarter of 2018.
Company officials said the net interest margin for the quarter was 3.89 percent, compared to 3.70 percent a year ago. The increase in margin was primarily due to the increase in the federal funds rate throughout 2018.
BancFirst’s Chief Executive Officer David Harlow said he was pleased by the company’s performance.
“The company reported a good quarter and first half of 2019,” Harlow said in a media statement. “Improvement in net interest income, net interest margin, non-interest income and continued strong asset quality were the primary drivers.”
BancFirst’s total assets – as of June 30 – were $7.6 billion, an increase of $67.8 million from December 31, 2018. Securities, reported at $425.2 million, were down $347 million from December 31, 2018. Loans totaled $5.1 billion, an increase of $121.2 million from December 31, 2018. Deposits totaled $6.6 billion, an increase of $8.1 million from the December 31, 2018 total. Stockholder equity was $956.4 million, an increase of $53.6 million over December 31, 2018.
BancFirst Corporation is an Oklahoma-based financial services holding company. The Company’s principal subsidiary bank, BancFirst, is the largest state-chartered bank with 107 locations in 58 communities across Oklahoma.