3 unchanged sentences
(Dollars in thousands)
+Added: September 30,
Cash and due from banks
39 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
+Added: September 30,
INTEREST INCOME
17 unchanged sentences
Cash management
−Removed: Gain/(loss) on sale of other assets
+Added: (Loss)/gain on sale of other assets
Total noninterest income
20 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
+Added: September 30,
Issued at beginning of period
Shares issued for stock options
+Added: Shares acquired and canceled
Issued at end of period
7 unchanged sentences
Dividends on common stock ($ 0.46 , $ 0.43 , $ 1.32 and $ 1.23 per share, respectively)
+Added: Common stock acquired and canceled
Balance at end of period
8 unchanged sentences
(Dollars in thousands)
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
CASH FLOWS FROM OPERATING ACTIVITIES
3 unchanged sentences
Net amortization of securities premiums and discounts
−Removed: Realized securities (gains)/losses
+Added: Realized securities losses
Gain on sales of loans
9 unchanged sentences
INVESTING ACTIVITIES
+Added: Net cash received from acquisitions, net of cash paid
Net decrease/(increase) in federal funds sold
5 unchanged sentences
Net change in loans
−Removed: Net (payments)/receipts on derivative asset contracts
+Added: Net payments on derivative asset contracts
Purchases of premises, equipment and computer software
5 unchanged sentences
Issuance of common stock in connection with stock options, net
+Added: Common stock acquired
Cash dividends paid
7 unchanged sentences
Noncash investing and financing activities:
+Added: Cash received for acquisitions
+Added: Fair value of assets acquired in acquisitions
+Added: Liabilities assumed in acquisitions
Unpaid common stock dividends declared
7 unchanged sentences
Basis of Presentation
−Removed: The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank ("Pegasus"), Worthington Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst").
−Removed: The principal operating subsidiaries of BancFirst are BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc.
+Added: The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., BFC-PNC LLC, Pegasus Bank ("Pegasus"), Worthington Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst").
+Added: The principal operating subsidiaries of BancFirst are BFTower, LLC and BancFirst Agency, Inc.
All significant intercompany accounts and transactions have been eliminated.
26 unchanged sentences
The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:
−Removed: June 30, 2024
+Added: September 30, 2024
(Dollars in thousands)
7 unchanged sentences
The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:
−Removed: June 30, 2024
+Added: September 30, 2024
(Dollars in thousands)
14 unchanged sentences
For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
14 unchanged sentences
The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
1 unchanged sentence
Book value of pledged securities
−Removed: There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the six months ended June 30, 2024 or June 30, 2023.
+Added: There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the nine months ended September 30, 2024 or September 30, 2023.
Realized gains/losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income.
−Removed: The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at June 30, 2024 and December 31, 2023 respectively:
+Added: The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at September 30, 2024 and December 31, 2023 respectively:
Less than 12 Months
2 unchanged sentences
(Dollars in thousands)
−Removed: June 30, 2024
+Added: September 30, 2024
Available for Sale
11 unchanged sentences
The Company has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities.
−Removed: Furthermore, as of June 30, 2024 and December 31, 2023 , the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost.
+Added: Furthermore, as of September 30, 2024 and December 31, 2023 , the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost.
The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased.
4 unchanged sentences
Loans held for investment are summarized by portfolio segment as follows:
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
8 unchanged sentences
Consumer non-real estate
−Removed: (1) Excludes accrued interest receivable of $ 42.8 million at June 30, 2024 and $ 39.4 million at December 31, 2023, that is recorded in accrued interest receivable and other assets.
+Added: (1) Excludes accrued interest receivable of $ 42.2 million at September 30, 2024 and $ 39.4 million at December 31, 2023, that is recorded in accrued interest receivable and other assets.
The C ompany's loans are currently 84 % held by BancFirst and 16 % held by Pegasus and Worthington.
7 unchanged sentences
The following is a summary of other real estate owned and repossessed assets:
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
1 unchanged sentence
Other real estate owned and repossessed assets
−Removed: As of both June 30, 2024 and December 31, 2023, other real estate owned included a commercial real estate property recorded at approximately $ 30.7 million and $ 29.4 m illion, respectively.
−Removed: The increase in OREO and this commercial real estate property was due to tenant improvements during the six months ended June 30, 2024.
+Added: As of both September 30, 2024 and December 31, 2023, other real estate owned included a commercial real estate property recorded at approximately $ 31.1 million and $ 29.4 m illion, respectively.
+Added: The increase in OREO and this commercial real estate property was primarily due to tenant improvements associated with new and renewing leases during the nine months ended September 30, 2024.
Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income.
2 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
(Dollars in thousands)
1 unchanged sentence
Operating expense
−Removed: During the six months ended June 30, 2024, the Company sold property held in other real estate owned for a total gain of $ 1.3 million, compared to a total gain of $ 266,000 in the six months ended June 30, 2023.
+Added: During the nine months ended September 30, 2024 , the Company sold property held in other real estate owned for a total gain of $ 1.3 million, compared to a total gain of $ 378,000 in the nine months ended September 30, 2023.
The Company charges interest on principal balances outstanding on modified loans during deferral periods.
The current and future financial effects of the recorded balance of loans considered to be modified during the period were not considered to be material.
−Removed: The recorded balance of loans modified during the six months ended June 30, 2024 was approximately $ 5.9 million compared to $ 5.3 million during the year ended December 31, 2023.
+Added: The recorded balance of loans modified during the nine months ended September 30, 2024 was approximately $ 8.4 million compared to $ 5.3 million during the year ended December 31, 2023.
Nonaccrual loans
−Removed: The Company did no t recognize any interest income on nonaccrual loans for either the six months ended June 30, 2024 or 2023.
−Removed: In addition, all loans identified as nonaccrual loans have related allowances for credit losses at June 30, 2024 and December 31, 2023 , respectively.
−Removed: Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $ 1.8 million for the six months ended June 30, 2024 and approximately $ 718,000 for the six months ended June 30, 2023.
−Removed: Nonaccrual loans guaranteed by government agencies totaled approximately $ 8.5 million at June 30, 2024 and approximately $ 6.7 million at December 31, 2023.
+Added: The Company did no t recognize any interest income on nonaccrual loans for either the nine months ended September 30, 2024 or 2023.
+Added: In addition, all loans identified as nonaccrual loans have related allowances for credit losses at September 30, 2024 and December 31, 2023 , respectively.
+Added: Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $ 2.6 million for the nine months ended September 30, 2024 and approximately $ 1.1 million for the nine months ended September 30, 2023.
+Added: Nonaccrual loans guaranteed by government agencies totaled approximately $ 7.5 million at September 30, 2024 and approximately $ 6.7 million at December 31, 2023.
The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment.
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
12 unchanged sentences
(Dollars in thousands)
−Removed: As of June 30, 2024
+Added: As of September 30, 2024
Commercial real estate owner occupied
27 unchanged sentences
Amortized Cost Basis
−Removed: As of June 30, 2024
+Added: As of September 30, 2024
Commercial real estate owner occupied
22 unchanged sentences
(Dollars in thousands)
−Removed: Three months ended June 30, 2024
+Added: Three months ended September 30, 2024
Commercial real estate owner occupied
21 unchanged sentences
(Dollars in thousands)
−Removed: Three months ended June 30, 2023
+Added: Three months ended September 30, 2023
Commercial real estate owner occupied
21 unchanged sentences
(Dollars in thousands)
−Removed: Six months ended June 30, 2024
+Added: Nine months ended September 30, 2024
Commercial real estate owner occupied
21 unchanged sentences
(Dollars in thousands)
−Removed: Six months ended June 30, 2023
+Added: Nine months ended September 30, 2023
Commercial real estate owner occupied
26 unchanged sentences
(Dollars in thousands)
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Commercial real estate owner occupied
9 unchanged sentences
(Dollars in thousands)
−Removed: Three Months Ended June 30, 2023
+Added: Three Months Ended September 30, 2023
Commercial real estate owner occupied
9 unchanged sentences
(Dollars in thousands)
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Commercial real estate owner occupied
9 unchanged sentences
(Dollars in thousands)
−Removed: Six Months Ended June 30, 2023
+Added: Nine Months Ended September 30, 2023
Commercial real estate owner occupied
8 unchanged sentences
The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination.
−Removed: The Company did not purchase credit-deteriorated loans during the six months ended June 30, 2024 and 2023.
+Added: The Company did not purchase credit-deteriorated loans during the nine months ended September 30, 2024 and 2023.
Collateral Dependent Loans
A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral.
−Removed: During the six months ended June 30, 2024 and 2023, no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent.
+Added: During the nine months ended September 30, 2024 and 2023, no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent.
The following tables summarize collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows:
3 unchanged sentences
(Dollars in thousands)
−Removed: As of June 30, 2024
+Added: As of September 30, 2024
Commercial real estate owner occupied
24 unchanged sentences
Transfers from loans and premises and equipment to other real estate owned and repossessed assets during the periods presented are summarized as follows:
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
(Dollars in thousands)
4 unchanged sentences
(Dollars in thousands)
−Removed: June 30, 2024
+Added: September 30, 2024
Core deposit intangibles
9 unchanged sentences
(Dollars in thousands)
−Removed: Six months ended June 30, 2024
+Added: Nine months ended September 30, 2024
Balance at beginning and end of period
30 unchanged sentences
The RSU Plan will continue in effect after such ten-year period until all matters relating to the payment of awards and administration of the RSU Plan have been settled.
−Removed: At June 30, 2024 there were 462,175 shares available for future grants.
+Added: At September 30, 2024 there were 458,675 shares available for future grants.
The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20 % per year for five years .
−Removed: The RSUs are settled and distributed as of each vesting date.
+Added: The RSU's are settled and distributed as of each vesting date.
The fair value of each RSU granted is equal to the market price of the Company’s stock at the date of grant.
The following table is a summary of the activity under the Company's RSU plan.
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Nonvested at December 31, 2023
−Removed: Nonvested at June 30, 2024
+Added: Nonvested at September 30, 2024
The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999.
−Removed: As of June 30, 2024 , there are 39,525 shares available for future issuance under the Deferred Stock Compensation Plan.
+Added: As of September 30, 2024 , there are 37,399 shares available for future issuance under the Deferred Stock Compensation Plan.
The Deferred Stock Compensation Plan will terminate on December 31, 2030 , if not extended.
2 unchanged sentences
Shares of common stock of the Company are then distributed to the terminating director or community board member based upon the number of stock units accumulated in his or her account.
−Removed: There were 5,022 and 17,797 shares of common stock distributed from the Deferred Stock Compensation Plan during the six months ended June 30, 2024 and 2023, respectively.
+Added: There were 5,022 and 18,136 shares of common stock distributed from the Deferred Stock Compensation Plan during the nine months ended September 30, 2024 and 2023, respectively.
A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
7 unchanged sentences
(Dollars in thousands, except option data)
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Outstanding at December 31, 2023
1 unchanged sentence
Options canceled, forfeited or expired
−Removed: Outstanding at June 30, 2024
−Removed: Exercisable at June 30, 2024
+Added: Outstanding at September 30, 2024
+Added: Exercisable at September 30, 2024
The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
(Dollars in thousands)
4 unchanged sentences
Although not required or expected, the Company may settle some options or restricted stock units in cash on a limited basis at the discretion of the Company.
−Removed: The Company had no cash settlements during the six months ended June 30, 2024 or 2023.
+Added: The Company had no cash settlements during the nine months ended September 30, 2024 or 2023.
Stock-based compensation expense is charged to salaries and benefits expense on the Consolidated Statements of Comprehensive Income.
1 unchanged sentence
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
(Dollars in thousands)
1 unchanged sentence
Stock-based compensation expense, net of tax
−Removed: The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSUs.
−Removed: The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs:
−Removed: June 30, 2024
+Added: The Company amortizes the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSU's.
+Added: The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSU's:
+Added: September 30, 2024
(Dollars in thousands)
8 unchanged sentences
The following table is a summary of the shares under the SRP:
−Removed: June 30, 2024
+Added: September 30, 2024
Shares remaining to be repurchased
2 unchanged sentences
Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s consolidated financial statements.
−Removed: The Company believes that as of June 30, 2024 , BancFirst Corporation, BancFirst, Pegasus and Worthington each met all capital adequacy requirements to which they are subject.
+Added: The Company believes that as of September 30, 2024 , BancFirst Corporation, BancFirst, Pegasus and Worthington each met all capital adequacy requirements to which they are subject.
The actual and required capital amounts and ratios are shown in the following table:
4 unchanged sentences
(Dollars in thousands)
−Removed: As of June 30, 2024:
+Added: As of September 30, 2024:
Total Capital
10 unchanged sentences
BancFirst Corporation
−Removed: As of June 30, 2024, BancFirst, Pegasus and Worthington were classified by the Federal Reserve as “well capitalized” under the prompt corrective action provisions.
+Added: As of September 30, 2024, BancFirst, Pegasus and Worthington were classified by the Federal Reserve as “well capitalized” under the prompt corrective action provisions.
The Common Equity Tier 1 Capital of BancFirst Corporation, BancFirst, Pegasus and Worthington includes common stock and related paid-in capital and retained earnings.
7 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
(Dollars in thousands, except per share data)
7 unchanged sentences
The following table shows the number of options and RSU's that were excluded from the computation of diluted net income per common share for each period because they were anti-dilutive for the period:
−Removed: Three Months Ended June 30, 2024
−Removed: Three Months Ended June 30, 2023
−Removed: Six Months Ended June 30, 2024
−Removed: Six Months Ended June 30, 2023
+Added: Three Months Ended September 30, 2024
+Added: Three Months Ended September 30, 2023
+Added: Nine Months Ended September 30, 2024
+Added: Nine Months Ended September 30, 2023
(9) FAIR VALUE MEASUREMENTS
38 unchanged sentences
(Dollars in thousands)
−Removed: June 30, 2024
+Added: September 30, 2024
Debt securities available for sale:
16 unchanged sentences
The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Twelve Months Ended December 31,
4 unchanged sentences
The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period.
−Removed: During the six months ended June 30, 2024, the Company did not transfer any debt securities.
+Added: During the nine months ended September 30, 2024, the Company did not transfer any debt securities.
During the year ended December 31, 2023, the Company transferred debt securities from Level 3 to Level 2 due to a review of the pricing models that determined some state and political subdivision securities to be Level 2.
16 unchanged sentences
(Dollars in thousands)
−Removed: As of and for the Year-to-date Period Ended June 30, 2024
+Added: As of and for the Year-to-date Period Ended September 30, 2024
Equity securities
40 unchanged sentences
The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
21 unchanged sentences
The intangible assets are evaluated at least annually for impairment.
−Removed: The overall levels of non-financial assets measured at fair value on a nonrecurring basis were no t considered to be significant to the Company at June 30, 2024 or December 31, 2023 .
+Added: The overall levels of non-financial assets measured at fair value on a nonrecurring basis were no t considered to be significant to the Company at September 30, 2024 or December 31, 2023 .
(10) DERIVATIVE FINANCIAL INSTRUMENTS
3 unchanged sentences
The Company's derivative financial instruments require a daily margin to be posted, which fluctuates with oil and gas prices.
−Removed: At June 30, 2024 , the Company had a margin asset included in other assets in the amount of $ 7.2 million.
−Removed: At December 31, 2023 , the Company had a margin liability in other liabilities in the amount of $ 15.5 million.
+Added: The Company had a margin liability in other liabilities in the amount of $ 10.7 million at September 30, 2024 and $ 15.5 million at December 31, 2023.
The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models.
The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table:
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
14 unchanged sentences
The following table is a summary of the Company's recognized income related to the activity, which was included in other noninterest income:
−Removed: Three Months Ended June 30,
−Removed: Six Months Ended June 30,
+Added: Three Months Ended September 30,
+Added: Nine Months Ended September 30,
(Dollars in thousands)
8 unchanged sentences
The following table is a summary of the Company's net credit exposure relating to oil and gas swaps and options with bank counterparties:
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
20 unchanged sentences
(Dollars in thousands)
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Net interest income
1 unchanged sentence
Income before taxes
−Removed: Three Months Ended June 30, 2023
+Added: Three Months Ended September 30, 2023
Net interest income
1 unchanged sentence
Income before taxes
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Net interest income
1 unchanged sentence
Income before taxes
−Removed: Six Months Ended June 30, 2023
+Added: Nine Months Ended September 30, 2023
Net interest income
2 unchanged sentences
Total Assets:
−Removed: June 30, 2024
+Added: September 30, 2024
December 31, 2023
4 unchanged sentences
Management’s Discussio n and Analysis of Financial Condition and Results of Operations.
−Removed: The following discussion and analysis of our financial condition as of June 30, 2024 and December 31, 2023 and results of operations for the three and six months ended June 30, 2024 should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements for the year ended December 31, 2023, and the other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
+Added: The following discussion and analysis of our financial condition as of September 30, 2024 and December 31, 2023 and results of operations for the three and nine months ended September 30, 2024 should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements for the year ended December 31, 2023, and the other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Certain risks, uncertainties and other factors, including those set forth under "Risk Factors" in Part I, Item 1A of the 2023 Form 10-K, and "Item 1A, Risk Factors" in this Quarterly Report on Form 10-Q, may cause actual results to differ materially from the results discussed in the forward-looking statements appearing in this discussion and analysis.
25 unchanged sentences
• Changes in consumer spending, borrowing and savings habits.
−Removed: • Changes in the financial performance and/or condition of the Company’s borrowers, including the impact of rising interest rates.
+Added: • Changes in the financial performance and/or condition of the Company’s borrowers, including the impact of higher interest rates.
• Technological changes.
3 unchanged sentences
Actual results may differ materially from forward-looking statements.
−Removed: The Company’s net income for the second quarter of 2024 was $50.6 million, compared to $55.0 million for the second quarter of 2023.
−Removed: Diluted net income per common share was $1.51 and $1.64 for the second quarter of 2024 and 2023, respectively.
−Removed: The Company’s net interest income for the second quarter of 2024 increased to $109.9 million from $105.9 million for the second quarter of 2023.
−Removed: Higher loan volume was the primary driver of the change in net interest income, which was partially offset by the impact of the shifting mix between interest-bearing and noninterest-bearing deposits.
−Removed: Net interest margin for the second quarter of 2024 was 3.76% compared to 3.87% for the second quarter of 2023.
−Removed: For the second quarter of 2024, the Company recorded a provision for credit losses of $3.4 million compared to $2.8 million for the second quarter of 2023.
−Removed: Noninterest income for the second quarter of 2024 totaled $43.9 million compared to $48.0 million for the second quarter of 2023.
−Removed: The decrease in noninterest income was primarily due to an approximate $5.7 million reduction of interchange fees related to the impact of the Durbin Amendment.
−Removed: Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to second quarter last year.
−Removed: Noninterest expense for the second quarter of 2024 increased to $85.3 million compared to $81.1 million for the second quarter of 2023.
+Added: The Company’s net income for the third quarter of 2024 was $58.9 million compared to $51.0 million for the third quarter of 2023.
+Added: Diluted net income per common share was $1.75 and $1.52 for the third quarter of 2024 and 2023, respectively.
+Added: The Company’s net interest income for the third quarter of 2024 increased to $115.0 million from $104.3 million for the third quarter of 2023.
+Added: Loan volume was the primary driver of the change in net interest income, but was partially offset by the impact of the shifting mix between interest-bearing and noninterest-bearing deposits.
+Added: Net interest margin for the third quarter of 2024 was 3.78% compared to 3.73% for the third quarter of 2023.
+Added: For the third quarter of 2024, the Company recorded a provision for credit losses of $3.0 million compared to $2.3 million for the third quarter of 2023.
+Added: Noninterest income for the third quarter of 2024 totaled $48.7 million compared to $44.4 million for the third quarter of 2023.
+Added: Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to third quarter last year.
+Added: Noninterest expense for the third quarter of 2024 increased to $86.7 million compared to $81.2 million for the third quarter of 2023.
The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $4.0 million.
−Removed: The Company’s effective tax rate was 22.3% for the second quarter of 2024 compared to 21.4% for the second quarter of 2023.
−Removed: At June 30, 2024, the Company’s total assets were $12.7 billion, an increase of $365.3 million from December 31, 2023.
−Removed: Loans grew $394.7 million from December 31, 2023, totaling $8.1 billion at June 30, 2024.
+Added: At September 30, 2024, the Company’s total assets were $13.3 billion, an increase of $941.4 million from December 31, 2023.
+Added: Loans grew $528.1 million from December 31, 2023, totaling $8.2 billion at September 30, 2024.
Deposits totaled $11.5 billion, an increase of $774.2 million from December 31, 2023.
−Removed: Off-balance-sheet sweep accounts totaled $4.5 billion at June 30, 2024, up $153.9 million from December 31, 2023.
−Removed: The Company’s total stockholders’ equity at June 30, 2024 was $1.5 billion, an increase of $78.6 million over December 31, 2023.
−Removed: The Company’s nonaccrual loans totaled $44.0 million, representing 0.55% of total loans at June 30, 2024 compared to 0.32% at year-end 2023.
−Removed: The allowance for credit losses to total loans was 1.24% at June 30, 2024, compared to 1.26% at the end of 2023.
−Removed: Net charge-offs were $1.0 million for the second quarter of 2024 compared to $664,000 for the second quarter of 2023.
+Added: Off-balance-sheet sweep accounts totaled $4.3 billion at September 30, 2024, down $60.6 million from December 31, 2023.
+Added: The Company’s total stockholders’ equity at September 30, 2024 was $1.6 billion, an increase of $150.7 million over December 31, 2023.
FUTURE APPLICATION OF ACCOUNTING STANDARDS
8 unchanged sentences
(i) average balances are derived from daily averages, (ii) information is shown on a taxable-equivalent basis assuming a 21% tax rate, and (iii) nonaccrual loans are included in the average loan balances and any interest on such nonaccrual loans is recognized on a cash basis.
−Removed: Loan fees included in interest income were $5.5 million for the three months ended June 30, 2024 compared to $5.7 million for the three months ended June 30, 2023.
−Removed: Loan fees included in interest income were $10.9 million for the six months ended June 30, 2024 compared to $11.3 million for the six months ended June 30, 2023.
+Added: Loan fees included in interest income were $5.0 million for the three months ended September 30, 2024 compared to $6.0 million for the three months ended September 30, 2023.
+Added: Loan fees included in interest income were $15.9 million for the nine months ended September 30, 2024 compared to $17.3 million for the nine months ended September 30, 2023.
BANCFIRST CORPORATION
2 unchanged sentences
(Dollars in thousands)
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
Earning assets:
30 unchanged sentences
(Dollars in thousands)
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Earning assets:
31 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
Income Statement Data
18 unchanged sentences
Net Interest Income
−Removed: For the three months ended June 30, 2024, net interest income, which is the Company’s principal source of operating revenue, increased $4.0 million or 3.7% compared to the three months ended June 30, 2023.
−Removed: Higher loan volume was the primary driver of the change in net interest income, which was partially offset by the impact of the shifting mix between interest-bearing and noninterest-bearing deposits.
+Added: For the three months ended September 30, 2024, net interest income, which is the Company’s principal source of operating revenue, increased $10.6 million or 10.2% compared to the three months ended September 30, 2023.
+Added: The primary driver of the increase in net interest income was higher loan volume.
+Added: Rate increases also attributed to the increase in net interest income.
+Added: Higher loan volume and increasing rates were partially offset by the expense associated with the shifting mix between interest and noninterest-bearing deposits.
Net interest margin is the ratio of taxable-equivalent net interest income to average earning assets for the period.
−Removed: The Company’s net interest margin for the second quarter of 2024 decreased compared to the second quarter of 2023.
−Removed: Net interest income for the six months ended June 30, 2024 increased $918,000 or 0.4% compared to the six months ended June 30, 2023.
−Removed: Higher loan volume was the primary driver to the increase.
−Removed: The Company’s net interest margin for the six months ended June 30, 2024 decreased compared to the six months ended June 30, 2023.
+Added: The Company’s net interest margin for the third quarter of 2024 increased compared to the third quarter of 2023.
+Added: Net interest income for the nine months ended September 30, 2024 increased $11.6 million or 3.6% compared to the nine months ended September 30, 2023.
+Added: The primary driver of the increase in net interest income was higher loan volume.
+Added: Rate increases also attributed to the increase in net interest income.
+Added: Higher loan volume and increasing rates were partially offset by the expense associated with the shifting mix between interest and noninterest-bearing deposits.
+Added: The Company’s net interest margin for the nine months ended September 30, 2024 decreased compared to the nine months ended September 30, 2023.
Changes in the volume of earning assets and interest-bearing liabilities and changes in interest rates, determine the changes in net interest income.
2 unchanged sentences
Taxable Equivalent Basis
−Removed: The following table presents the change in net interest income for the three months ended June 30, 2024 compared to the three months ended June 30, 2023.
+Added: The following table presents the change in net interest income for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
(Dollars in thousands)
14 unchanged sentences
(1) The effects of changes in the mix of earning assets and interest-bearing liabilities have been combined with the changes due to volume.
−Removed: The following table presents the change in net interest income for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
+Added: The following table presents the change in net interest income for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
(Dollars in thousands)
18 unchanged sentences
Should any of the factors considered by management in evaluating the appropriate level of the allowance for credit losses change, the Company’s estimate of expected credit losses could also change which could affect the amount of future provisions for credit losses.
−Removed: The increased provision for credit losses for the three months ended June 30, 2024 compared to the three months ended June 30, 2023 was primarily due to loan growth.
−Removed: Net loan charge-offs were $1.0 million for the second quarter of 2024 compared to net loan charge-offs of $664,000 for the second quarter of 2023.
−Removed: The increased provision for credit losses for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 was primarily due to loan growth.
−Removed: Net loan charge-offs were $4.5 million for the six months ended June 30, 2024, compared to $954,000 for the same period of the prior year.
+Added: The increased provision for credit losses for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily due to loan growth.
+Added: Net loan charge-offs were $775,000 for the third quarter of 2024 compared to net loan charge-offs of $1.5 million for the third quarter of 2023.
+Added: The increased provision for credit losses for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to loan growth.
+Added: Net loan charge-offs were $5.3 million for the nine months ended September 30, 2024, compared to $2.4 million for the same period of the prior year.
Noninterest Income
−Removed: Noninterest income decreased by $4.0 million for the second quarter of 2024 compared to the second quarter of 2023.
−Removed: The decrease in noninterest income was primarily due to an approximate $5.7 million reduction of interchange fees related to the impact of the Durbin Amendment.
+Added: Noninterest income increased by $4.3 million for the third quarter of 2024 compared to the third quarter of 2023.
Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to last year.
−Removed: Noninterest income included non-sufficient funds ("NSF") and overdraft fees totaling $7.3 million and $6.6 million for the three months ended June 30, 2024 and 2023, respectively.
+Added: Noninterest income included non-sufficient funds ("NSF") and overdraft fees totaling $8.2 million and $7.4 million for the three months ended September 30, 2024 and 2023, respectively.
This represents 16.9% and 16.7% of the Company’s noninterest income for the respective periods.
−Removed: In addition, the Company had debit card usage and interchange fees totaling $6.8 million and $12.4 million during the three months ended June 30, 2024 and 2023, respectively.
+Added: In addition, the Company had debit card usage and interchange fees totaling $6.7 million and $6.6 million during the three months ended September 30, 2024 and 2023, respectively.
This represents 13.7% and 14.9% of the Company’s noninterest income for the respective periods.
−Removed: Noninterest income decreased by $7.0 million for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
−Removed: The decrease in noninterest income was primarily due to an approximate $10.9 million reduction of interchange fees related to the impact of the Durbin Amendment.
−Removed: Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to last year.
−Removed: Noninterest income included NSF and overdraft fees totaling $14.4 million and $13.1 million during the six months ended June 30, 2024 and 2023, respectively.
+Added: Noninterest income decreased by $2.7 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
+Added: The decrease in noninterest income was primarily due to an approximate $10.9 million reduction of interchange fees related to the impact of the Durbin Amendment, which was offset by increases in trust revenue, treasury income, sweep fees and insurance commissions.
+Added: Noninterest income included NSF and overdraft fees totaling $22.7 million and $20.5 million during the nine months ended September 30, 2024 and 2023, respectively.
This represents 16.5% and 14.6% of the Company’s noninterest income for the respective periods.
−Removed: In addition, the Company had debit card usage and interchange fees totaling $13.3 million and $24.4 million during the six months ended June 30, 2024 and 2023, respectively.
+Added: In addition, the Company had debit card usage and interchange fees totaling $20.0 million and $31.0 million during the nine months ended September 30, 2024 and 2023, respectively.
This represents 14.5% and 22.1% of the Company’s noninterest income for the respective periods.
−Removed: The Company is subject to political pressures that could limit our ability to charge for NSF and overdraft fees.
−Removed: Over the last few years the Company lowered the rates charged on NSF and overdraft fees.
−Removed: Also, the Company became subject to the reduced interchange fees under the Durbin Amendment effective July 1, 2023.
−Removed: Consequently, the Company's interchange fee revenue was reduced by approximately $11.2 million in the last half of 2023 and $10.9 million in the first half of 2024.
+Added: The Company is subject to political pressures that could limit our ability to charge for NSF and overdraft fees and could adversely impact our noninterest income.
+Added: On April 1, 2022, the Company lowered the rates charged on NSF and overdraft fees.
+Added: The Company also became subject to the reduced interchange fees under the Durbin Amendment, effective July 1, 2023.
+Added: Consequently, the Company's interchange fee revenue was reduced by approximately $10.9 million in the first half of 2024, as shown above, and reduced by $11.2 million in the last half of 2023.
+Added: The reduced interchange fees under the Durbin Amendment have now been fully implemented.
Noninterest Expense
−Removed: Noninterest expense increased by $4.2 million for second quarter of 2024 compared to the second quarter of 2023.
+Added: Noninterest expense increased by $5.5 million for third quarter of 2024 compared to the third quarter of 2023.
The increase in noninterest expenses was primarily related to growth in salaries and employee benefits of $4.0 million.
−Removed: For the six months ended June 30, 2024, noninterest expense increased by $6.7 million compared to the six months ended June 30, 2023.
+Added: For the nine months ended September 30, 2024, noninterest expense increased by $12.2 million compared to the nine months ended September 30, 2023.
Higher noninterest expenses in 2024 was primarily related to growth in salaries and employee benefits of $8.4 million.
−Removed: The Company’s effective tax rate was 22.3% for the second quarter of 2024, compared to 21.4% for the second quarter of 2023.
−Removed: The Company’s effective tax rate was 22.0% for the first six months of 2024 and 2023.
+Added: The Company’s effective tax rate was 20.3% for the third quarter of 2024, compared to 21.8% for the third quarter of 2023.
+Added: The Company’s effective tax rate was 21.4% for the first nine months of 2024, compared to 22.0% or the first nine months of 2023.
The primary reasons for the difference between the Company’s effective tax rate and the federal statutory rate were tax-exempt income, nondeductible expenses, federal and state tax credits and state tax expense.
3 unchanged sentences
(Dollars in thousands, except per share data)
+Added: September 30,
Balance Sheet Data
29 unchanged sentences
This measure should not be considered a substitute for operating results determined in accordance with GAAP.
−Removed: (3) Government agencies guaranteed approximately $8.5 million of nonaccrual loans at June 30, 2024.
+Added: (3) Government agencies guaranteed approximately $7.5 million of nonaccrual loans at September 30, 2024.
Cash and Due from Banks, Federal Funds Sold and Interest-Bearing Deposits with Banks
−Removed: The aggregate of cash and due from banks, federal funds sold and interest-bearing deposits with banks increased by $95.6 million or 4.0%, to $2.5 billion from December 31, 2023 to June 30, 2024.
−Removed: The increase was related to an increase of interest-bearing deposits.
−Removed: At June 30, 2024, total debt securities decreased $113.7 million, or 7.3% compared to December 31, 2023.
+Added: The aggregate of cash and due from banks, federal funds sold and interest-bearing deposits with banks increased by $593.3 million or 24.7%, to $3.0 billion from December 31, 2023 to September 30, 2024.
+Added: The increase was related to an increase of interest-bearing deposits partially driven by maturing securities.
+Added: At September 30, 2024, total debt securities decreased $178.2 million, or 11.5% compared to December 31, 2023.
The size of the Company’s securities portfolio is determined by the Company’s liquidity and asset/liability management.
−Removed: The net unrealized loss on debt securities available for sale, before taxes, was $63.2 million at June 30, 2024, compared to a net unrealized loss of $65.5 million at December 31, 2023.
−Removed: These unrealized losses, net of income tax, are included in the Company’s stockholders’ equity as accumulated other comprehensive loss in the amounts of $48.2 million at June 30, 2024 and $50.0 million at December 31, 2023.
−Removed: During the six months ended June 30, 2024, the Company purchased $270,000 of debt securities and did not sell any debt securities.
+Added: The net unrealized loss on debt securities available for sale, before taxes, was $31.9 million at September 30, 2024, compared to a net unrealized loss of $65.5 million at December 31, 2023.
+Added: These unrealized losses, net of income tax, are included in the Company’s stockholders’ equity as
+Added: accumulated other comprehensive loss in the amounts of $24.4 million at September 30, 2024 and $50.0 million at December 31, 2023.
+Added: During the nine months ended September 30, 2024, the Company purchased $522,000 of debt securities and did not sell any debt securities.
See Note (2) of the Notes to Consolidated Financial Statements for disclosures regarding the Company’s securities.
−Removed: At June 30, 2024, total loans increased $394.7 million or 5.2% compared to December 31, 2023 as a result of internal loan growth.
−Removed: The internal loan growth was primarily from the Company's Oklahoma subsidiary BancFirst, with loans essentially flat for the Company's Texas subsidiaries, Pegasus and Worthington.
+Added: At September 30, 2024, total loans increased $528.1 million or 6.9% compared to December 31, 2023 as a result of internal loan growth.
+Added: The preponderance of internal loan growth was from the Company's Oklahoma subsidiary BancFirst.
+Added: BancFirst's strong liquidity was the driving force behind the loan growth.
See Note (3) of the Notes to Consolidated Financial Statements for disclosures regarding the Company’s loan portfolio segments.
Allowance for Credit Losses
−Removed: The allowance for credit losses to total loans was 1.24% at June 30, 2024 compared to 1.26% at December 31, 2023.
The overall credit quality of the Company's loan portfolio has remained strong.
1 unchanged sentence
Nonaccrual Loans
−Removed: Nonaccrual loans totaled $44.0 million at June 30, 2024 compared to $24.6 million at December 31, 2023.
−Removed: The level of the Company's nonaccrual loans remains low.
+Added: The Company's nonaccrual and past due loans have increased, however, the level of these loans remains low.
The Company’s nonaccrual loans are primarily comprised of construction and development real estate loans, commercial real estate loans and commercial non-real estate loans.
3 unchanged sentences
However, if the full collection of the remaining principal balance is not in doubt, interest income is recognized on certain of these loans on a cash basis.
−Removed: Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $1.8 million for the six months ended June 30, 2024 and $718,000 for the six months ended June 30, 2023.
+Added: Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $2.6 million for the nine months ended September 30, 2024 and $1.1 million for the nine months ended September 30, 2023.
Only a small amount of this interest is expected to be ultimately collected.
−Removed: Approximately $8.5 million of nonaccrual loans were guaranteed by government agencies at June 30, 2024.
+Added: Approximately $7.5 million of nonaccrual loans were guaranteed by government agencies at September 30, 2024.
The classification of a loan as nonaccrual does not necessarily indicate that loan principal and interest will ultimately be uncollectible;
2 unchanged sentences
The level of nonaccrual loans and credit losses could rise over time as a result of adverse economic conditions.
−Removed: The allowance for credit losses as a percentage of nonaccrual loans is shown in the table above.
Modified Loans
2 unchanged sentences
The current and future financial effects of the recorded balance of loans considered to be modified during the period were not considered to be material.
−Removed: The recorded balance of loans modified during the period ended June 30, 2024 was approximately $5.9 million compared to $5.3 million during the year ended December 31, 2023.
+Added: The recorded balance of loans modified during the period ended September 30, 2024 was approximately $8.4 million compared to $5.3 million during the year ended December 31, 2023.
Other Real Estate Owned and Repossessed Assets
−Removed: Other real estate owned (OREO) and repossessed assets totaled $38.5 million at June 30, 2024 compared to $34.2 million at December 31, 2023.
OREO consists of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of foreclosure and premises held for sale.
3 unchanged sentences
Decreases in values of properties subsequent to their classification as OREO are charged to operating expense.
−Removed: OREO included a larger commercial real estate property recorded at $30.7 million at June 30, 2024 and $29.4 million at December 31, 2023.
−Removed: During the period ended June 30, 2024, the Company made $1.3 million of tenant improvements to this property, which contributed to the increase of total OREO.
+Added: OREO included a larger commercial real estate property recorded at $31.1 million at September 30, 2024 and $29.4 million at December 31, 2023.
+Added: During the period ended September 30, 2024, the Company made $1.7 million of tenant improvements to this property, which contributed to the increase of total OREO.
Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income.
2 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
(Dollars in thousands)
3 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: September 30,
+Added: Nine Months Ended
+Added: September 30,
(Dollars in thousands)
2 unchanged sentences
Intangible Assets, Goodwill and Other Assets
−Removed: Identifiable intangible assets and goodwill totaled $197.2 million and $199.0 million at June 30, 2024 and December 31, 2023, respectively.
−Removed: Other assets includes the cash surrender value of key-man life insurance policies totaling $84.1 million and $84.4 million at June 30, 2024 and December 31, 2023, respectively.
−Removed: Derivative financial instruments consisting of oil and gas swaps and option contracts are included in other assets and totaled $15.2 million at June 30, 2024 and $41.1 million at December 31, 2023.
+Added: Identifiable intangible assets and goodwill totaled $196.3 million and $199.0 million at September 30, 2024 and December 31, 2023, respectively.
+Added: Other assets includes the cash surrender value of key-man life insurance policies totaling $83.9 million and $84.4 million at September 30, 2024 and December 31, 2023, respectively.
+Added: Derivative financial instruments consisting of oil and gas swaps and option contracts are included in other assets and totaled $26.4 million at September 30, 2024 and $41.1 million at December 31, 2023.
They require a daily margin to be posted, which fluctuates with oil and gas prices and customer activity.
−Removed: At June 30, 2024, the Company had a margin asset included in other assets in the amount of $7.2 million.
−Removed: At December 31, 2023, the Company had a margin liability included in other liabilities in the amount of $15.5 million.
+Added: The Company had a margin liability included in other liabilities in the amount of $10.7 million at September 30, 2024 and $15.5 million at December 31, 2023.
See Note (10) of the Notes to Consolidated Financial Statements for a complete discussion of the Company’s derivative financial instruments.
2 unchanged sentences
The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income.
−Removed: The balance of equity securities was $13.3 million at June 30, 2024 and $13.1 million at December 31, 2023.
+Added: The balance of equity securities was $12.8 million at September 30, 2024 and $13.1 million at December 31, 2023.
The Company reviews its portfolio of equity securities for impairment at least quarterly.
Low-Income Housing and New Market Tax Credit Investments
−Removed: During 2024, there have not been any material changes in the Company’s low-income housing tax credit ("LIHTC") investments and New Markets Tax Credits ("NMTC") investments, which are included in other assets on the Company’s consolidated balance sheet.
+Added: During 2024, the Company’s low-income housing tax credit ("LIHTC") investments and New Markets Tax Credits ("NMTC") investments, which are included in other assets on the Company’s consolidated balance sheet, increased $10.2 million.
See Note (6) of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for disclosures regarding these investments.
6 unchanged sentences
The Company maintains lines of credit from the Federal Home Loan Bank (“FHLB”), federal funds lines of credit with other banks and could also utilize the sale of loans, securities and liquidation of other assets as sources of liquidity and funding.
−Removed: The Company is highly liquid with a total of cash and due from banks, interest-bearing deposits with banks and federal funds sold to total assets of 19.6%.
+Added: The Company is highly liquid with a total of cash and due from banks and interest-bearing deposits with banks to total assets of 22.5%.
There have not been any other material changes from the liquidity and funding discussion included in Management’s Discussion and Analysis in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
−Removed: At June 30, 2024, deposits totaled $11.0 billion, an increase of $315.5 million from December 31, 2023.
+Added: At September 30, 2024, deposits totaled $11.5 billion, an increase of $774.2 million from December 31, 2023.
The Company’s core deposits provide it with a stable, low-cost funding source.
−Removed: The Company’s core deposits as a percentage of total deposits were 96.8% at June 30, 2024 and 97.4% at December 31, 2023.
−Removed: Noninterest-bearing deposits to total deposits were 34.6% at June 30, 2024 compared to 37.2% at December 31, 2023.
+Added: The Company’s core deposits as a percentage of total deposits were 95.8% at September 30, 2024 and 97.4% at December 31, 2023.
+Added: Noninterest-bearing deposits to total deposits were 33.6% at September 30, 2024 compared to 37.2% at December 31, 2023.
Quantitative tightening by the Federal Reserve and competition for deposits has increased, and available yields have similarly increased, causing noninterest-bearing deposits to move to interest-bearing deposits and off-balance-sheet sweep account products.
−Removed: Off-balance-sheet sweep accounts totaled $4.5 billion at June 30, 2024 compared to $4.3 billion at December 31, 2023.
+Added: Off-balance-sheet sweep accounts totaled $4.3 billion at both September 30, 2024 and December 31, 2023.
The movement of customers' funds into the Company's off-balance-sheet sweep accounts affected the balances of both cash and deposits.
4 unchanged sentences
The level of these borrowings is determined by various factors, including customer demand and the Company’s ability to earn a favorable spread on the funds obtained.
−Removed: Short-term borrowings were $4.3 million at June 30, 2024 compared to $3.4 million at December 31, 2023.
+Added: Short-term borrowings were $4.4 million at September 30, 2024 compared to $3.4 million at December 31, 2023.
The Company has several lines of credit available.
−Removed: At June 30, 2024, BancFirst had $850.1 million available on its line of credit from the FHLB of Topeka, Kansas and a $25.0 million line of credit with another financial institution that is an overnight federal funds facility.
−Removed: At June 30, 2024, BancFirst had no advances outstanding under either line of credit.
−Removed: Worthington has $10.5 million in lines of credit with other financial institutions that serve as overnight federal funds facilities, a Federal Reserve discount window capacity of $28.8 million and a $77.7 million line of credit from the FHLB of Dallas, Texas to use for liquidity or to match-fund certain long-term rate loans.
−Removed: Worthington has no advances outstanding at June 30, 2024 under any of these lines of credit.
+Added: At September 30, 2024, BancFirst had $877.1 million available on its line of credit from the FHLB of Topeka, Kansas.
+Added: At September 30, 2024, BancFirst had no advances outstanding under this line of credit.
+Added: Pegasus had a Federal Reserve discount window capacity of $125.6 million.
+Added: At September 30, 2024, Pegasus had no advances outstanding under this line of credit.
+Added: Worthington had $10.5 million in lines of credit with other financial institutions that serve as overnight federal funds facilities, a Federal Reserve discount window capacity of $29.4 million and a $81.8 million line of credit from the FHLB of Dallas, Texas to use for liquidity or to match-fund certain long-term rate loans.
+Added: Worthington had no advances outstanding at September 30, 2024 under any of these lines of credit.
Capital Resources
−Removed: Stockholders’ equity totaled $1.5 billion at June 30, 2024, an increase of $78.6 million from December 31, 2023.
−Removed: In addition to net income of $101.0 million, other increases in stockholders’ equity during the six months ended June 30, 2024 included $2.6 million related to common stock issuances for stock option exercises, $1.4 million related to stock-based compensation and $1.8 million in accumulated other comprehensive income, that were partially offset by $28.4 million in dividends.
−Removed: The Company’s leverage ratio and other risk-based capital ratios at June 30, 2024 were well in excess of the regulatory requirements.
+Added: Stockholders’ equity totaled $1.6 billion at September 30, 2024, an increase of $150.7 million from December 31, 2023.
+Added: In addition to net income of $159.9 million, other increases in stockholders’ equity during the nine months ended September 30, 2024 included $6.2 million related to common stock issuances for stock option exercises, $2.6 million related to stock-based compensation and $25.6 million in accumulated other comprehensive income, that were partially offset by $43.6 million in dividends.
+Added: The Company’s leverage ratio and other risk-based capital ratios at September 30, 2024 were well in excess of the regulatory requirements.
See Note (7) of the Notes to Consolidated Financial Statements for a discussion of capital ratios and requirements.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.