BancFirst Q2 net income rises on loan growth
BancFirst Q2 net income rises on loan growth
Overview
US regional bank's Q2 net income and EPS rose, both beating analyst expectations
Higher loan volume and earning asset growth drove net interest income increase
Company announced pending acquisition of SpiritBank, with Q4 close anticipated
Outlook
Company says its economic outlook remains guarded
BancFirst anticipates SpiritBank acquisition to close in fourth qtr pending regulatory approval
Result Drivers
LOAN AND ASSET GROWTH - Higher loan volume and general growth in earning assets drove net interest income and margin
NONINTEREST INCOME - Growth in trust revenue, service charges, securities transactions, and treasury income boosted noninterest income, partly offset by lower insurance commissions
EXPENSES AND CREDIT PROVISION - Noninterest expense rose mainly due to higher salaries and employee benefits, and provision for credit losses increased amid a guarded economic outlook
Company press release: ID:nPnb8jgkca
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS | Beat | $1.96 | $1.80 (3 Analysts) |
Q2 Net Income | Beat | $66.69 mln | $61.23 mln (3 Analysts) |
Q2 Net Interest Income |
| $133.54 mln |
|
Q2 Credit Loss Provision |
| $4.83 mln |
|
Q2 Net Interest Margin |
| 3.84% |
|
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 $125.00, about 8.4% above its July 22 closing price of $115.36
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 15 three months ago
Reuters Recommended Reads
July 23 - Amerant Bancorp Q2 net income rises, core deposits up 9.4%
July 23 - Dime Community Bancshares Q2 revenue hits record on loan growth
July 23 - Huntington CEO says bank made effort to attract deposits, prepare for loan growth in second half
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(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.)