BancFirst Q3 EPS, net income beat estimates on loan growth, higher fee income
Overview
US regional bank's Q3 adjusted EPS and net income beat analyst expectations
Net interest income and margin rose yr/yr, driven by higher loan volume and asset growth
Company says asset quality metrics remain stable despite increase in nonaccrual loans
Outlook
Company expects higher interest rates to dampen future economic activity
BancFirst says capital and credit loss allowance levels are sufficient for future cycles
BancFirst expects its acquisition of Tulsa-based Spirit Bank to close in October
Result Drivers
LOAN AND ASSET GROWTH - Co said higher loan volume and general growth in earning assets drove net interest income
NONINTEREST INCOME - Service charges on deposits and treasury income increased, contributing to higher noninterest income
EXPENSE INCREASES - Noninterest expense rose, mainly due to higher salaries and employee benefits
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | Beat | $1.97 | $1.94 (3 Analysts) |
Q3 Net Income | Beat | $67.25 mln | $65.31 mln (3 Analysts) |
Q3 Net Interest Income | $136 mln | ||
Q3 Credit Loss Provision | $3.20 mln | ||
Q3 Net Interest Margin | 3.85% |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for BancFirst Corp is $123.50, about 12.1% above its October 20 closing price of $110.16
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 15 three months ago
Reuters Recommended Reads
Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%
Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality
Oct 21 - Pinnacle Financial Partners Q3 adjusted profit beats estimates on loan, fee income growth
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)