BancFirst (BANF) AGM 2025 summary

Opening remarks and agenda

• Meeting called to order with brief comments on navigating pandemic stimulus and quantitative tightening challenges.

• Proof of notice and quorum established, with 88.1% of shares represented.

Financial performance review

• 2023 was a strong year, with Q1 2024 EPS at $1.50, beating consensus of $1.39.

• Loan growth up $246 million through April 2024, reaching $7.9 billion, a 3.2% increase.

• Deposit growth recovered post-2023 bank failures, with improved deposit mix.

• Net interest margin improved to 3.71% in Q1 2024, up from 3.67% in Q4 2023.

• Non-interest income impacted by Durbin Amendment, but trust, insurance, and treasury businesses are growing.

• Asset quality and capital levels remain very strong, with tangible book value per share growing.

• Liquidity remains robust, with over $2.2 billion at the Fed and no brokered deposits.

Corporate governance

• Switched primary federal regulator from FDIC to Federal Reserve, with positive early experiences.

• Regulatory transition ongoing, with focus on understanding new expectations.