News Spotlight: BancFirst Corporation (NASDAQ:BANF)

Sarah Gleason

BancFirst Corporation (NASDAQ:BANF) stock observed trading -2.78% off 52-week high price. On the other end, the stock has been noted 21.28% away from low price over the last 52-weeks. The stock disclosed a move of 6.28% away from 50 day moving average and 5.85% away from 200 day moving average. Moving closer, we can see that shares have been trading 5.61% off 20-day moving average. It has market cap of $1868.51M and dividend yield of 2.20%.

On Oct.18, 2019, BancFirst Corporation (NASDAQ:BANF) revealed net income of $33.4 million, or $1.00 diluted earnings per share, for the third quarter of 2019 compared to net income of $32.9 million, or $0.98 diluted earnings per share, for the third quarter of 2018. Net income for the nine months ended September 30, 2019 was $99.4 million, or $2.98 per share, compared to $93.1 million, or $2.78 per share, for the nine months ended September 30, 2018. On August 15, 2019 the Company completed the acquisition of Pegasus Bank in Dallas, Texas. As a result, the third quarter of 2019 included one-time acquisition related expenses of approximately $3.1 million, which reduced diluted earnings per share by approximately 7 cents for the quarter and the year. On January 11, 2018 the Company completed the acquisitions of two Oklahoma banking corporations. Consequently, the first nine months of 2018 included one-time acquisition related expenses of approximately $2.6 million, which reduced diluted earnings per share by approximately 6 cents.

The Company’s net interest income for the third quarter of 2019 increased to $72.3 million compared to $65.7 million for the third quarter of 2018. The net interest margin for the quarter was 3.89% compared to 3.68% a year ago. The increase in margin was primarily due to the higher average federal funds rate in the third quarter of 2019 when compared to the same period in 2018. The provision for loan losses for the third quarter of 2019 was $2.8 million compared to $747,000 a year ago. The increase in provision was primarily due to downgrades of a few commercial loans. Net charge-offs for the full year of 2019 were 0.05% of average loans compared to 0.04% of average loans in 2018. Net charge-offs for the third quarter of 2019 were 0.04% of average loans compared to 0.02% of average loans in 2018. Noninterest income for the quarter totaled $35.6 million, compared to $32.8 million last year. The increase in noninterest income was primarily due to growth in debit card usage fees and sweep fees. Noninterest expense for the quarter totaled $62.2 million compared to $55.8 million last year. The increase in noninterest expense was primarily due to salary increases in 2019 and acquisition related expenses.

The USA based company BancFirst Corporation moved with change of 3.59% to $58.3 with the total traded volume of 71078 shares in recent session versus to an average volume of 52.19K. The stock was observed in the 5 days activity at 5.69%. The one month performance of stock was 2.57%. BANF’s shares are at 3.08% for the quarter and driving a 0.17% return over the course of the past year and is now at 16.83% since this point in 2018.  Right now the stock beta is 0.86. The average volatility for the week and month was at 2.30% and 1.93% respectively. There are 32.05M shares outstanding and 18.89M shares are floated in market.

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