Exhibit 99.1

 

100 N. Broadway Ave

Oklahoma City, OK 73102

www.bancfirst.bank

FOR IMMEDIATE RELEASE

Thursday, January 19, 2022

BANCFIRST CORPORATION REPORTS FOURTH QUARTER EARNINGS

BancFirst Corporation (NASDAQ GS:BANF) reported net income of $57.1 million, or $1.70 diluted earnings per share, for the fourth quarter of 2022 compared to net income of $38.2 million, or $1.15 diluted earnings per share, for the fourth quarter of 2021. Net income for the year ended December 31, 2022 was $193.1 million, or $5.77 diluted earnings per share, compared to $167.6 million, or $5.03 diluted earnings per share, for the year ended December 31, 2021.

The Company’s net interest income for the fourth quarter of 2022 increased to $110.4 million from $75.9 million for the quarter ended December 31, 2021. Rising short-term interest rates and loan growth drove the increase. The net interest margin for the quarter was 3.83% compared to 2.87% a year ago. The margin for the fourth quarter of 2021 included $4.7 million in PPP fees.

For the fourth quarter of 2022, the Company recorded a provision for credit losses of $3.8 million compared to a net benefit from reversal of provisions for credit losses of $224,000 for the quarter ended December 31, 2021. The Company believes there is a modest probability of a mild to moderate economic downturn in Oklahoma and Texas and therefore considers the current CECL reserve as a percentage of loans is appropriate.

Noninterest income for the quarter totaled $48.2 million up from $45.7 million last year. The increase in noninterest income in 2022 was mostly attributable to $4.0 million in sweep fees earned as yields have increased on the underlying mutual funds. Noninterest income for the fourth quarter included $3.8 million of income from an equity interest received from a debt previously contracted compared to $3.3 million of income from the same source in the fourth quarter of 2021.Total noninterest expense for the current quarter was $84.6 million, up from $76.8 million for the fourth quarter last year. The current quarter increase included a write down on other real estate owned of $3.7 million, additional expense from the Worthington acquisition, and salary increases. In addition, the fourth quarter of 2022 included $500,000 of amortization from investment in tax credits compared to $2.1 million of amortization from investment in tax credits for the fourth quarter of 2021.

The Company’s effective tax rate was 18.55% compared to 15.25% for the fourth quarter of 2021. The effective tax rates for both quarters were lower due to the recognition of the aforementioned tax credits.

At December 31, 2022, the Company’s total assets were $12.4 billion compared to $9.4 billion at December 31, 2021. Deposits totaled $11.0 billion, an increase of $2.9 billion from December 31, 2021. The growth in assets was driven by customer deposits that remained in the bank that had been swept into off-balance sheet money market accounts at year-end 2021. Off-balance sheet sweep accounts totaled $3.7 billion at December 31, 2022 compared to $5.1 billion at December 31, 2021. Loans totaled $6.9 billion compared to $6.2 billion at December 31, 2021. Loan growth during 2022, net of acquired loans and PPP loan runoffs, was $578 million, or 9%. Stockholders’ equity was $1.3 billion, an increase of $79.1 million over December 31, 2021.

Asset quality remained strong as nonaccrual loans declined to $15.3 million, representing 0.22% of total loans at December 31, 2022 compared to 0.34% at year-end 2021. The allowance for credit losses to total loans was 1.33% at December 31, 2022, down slightly from 1.36% at the end of 2021. Net charge-offs for the quarter were 0.01% of average loans, compared to 0.03% of average loans for the fourth quarter of 2021.

BancFirst Corporation CEO David Harlow commented, “Beginning with our first quarter acquisition of Worthington and followed by strong organic loan growth and margin expansion during the balance of the year, the Company reported record earnings in 2022. Our deposit franchise

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has held up well with total deposits essentially flat since rates began increasing in March. We believe the Federal Reserve will ultimately be successful in its goal to slow the economy and reduce inflation; however, our outlook for 2023 anticipates a more mild contraction for our region of the country when compared to the U.S. as a whole.”

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 107 banking locations serving 59 communities across Oklahoma, Pegasus Bank, with three banking locations in Dallas, Texas and Worthington Bank with one location in Arlington, Texas, one location in Colleyville, Texas and two Fort Worth, Texas locations. More information can be found at www.bancfirst.bank.

The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management’s current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.

For additional information call:

Kevin Lawrence, Chief Financial Officer at (405) 270-1003 or

David Harlow, Chief Executive Officer at (405) 270-1082.

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BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

		2022				2022				2022				2022				2021
		4th Qtr				3rd Qtr				2nd Qtr				1st Qtr				4th Qtr
Condensed Income Statements:
Net interest income		$	110,352			$	100,947			$	86,867			$	75,507			$	75,898
Provision for (benefit from) credit losses			3,776				2,863				501				2,936				(224	)
Noninterest income:
Trust revenue			4,065				4,125				3,949				3,506				3,336
Service charges on deposits			21,603				22,161				21,618				21,375				22,095
Securities transactions			1,116				966				-				(3,915	)			630
Income from sales of loans			657				969				1,256				1,666				1,545
Insurance commissions			6,656				7,498				5,302				7,427				6,075
Cash management			6,124				5,624				4,447				3,131				3,115
Other			7,947				7,988				6,026				10,460				8,897
Total noninterest income			48,168				49,331				42,598				43,650				45,693
Noninterest expense:
Salaries and employee benefits			48,019				47,741				45,284				43,932				42,887
Occupancy expense, net			5,259				4,930				4,734				4,403				4,521
Depreciation			4,566				4,612				4,647				4,775				4,708
Amortization of intangible assets			880				880				857				831				759
Data processing services			1,928				1,876				1,975				1,805				1,663
Net (income) expense from other real estate owned			6,235				2,392				(510	)			1,794				2,412
Marketing and business promotion			2,465				1,945				1,591				2,073				2,080
Deposit insurance			1,209				1,202				1,196				1,128				968
Other			14,044				13,500				13,943				11,771				16,783
Total noninterest expense			84,605				79,078				73,717				72,512				76,781
Income before income taxes			70,139				68,337				55,247				43,709				45,034
Income tax expense			13,013				12,985				10,540				7,794				6,866
Net income		$	57,126			$	55,352			$	44,707			$	35,915			$	38,168
Per Common Share Data:
Net income-basic		$	1.74			$	1.69			$	1.36			$	1.10			$	1.17
Net income-diluted			1.70				1.65				1.34				1.08				1.15
Cash dividends declared			0.40				0.40				0.36				0.36				0.36
Common shares outstanding			32,875,560				32,856,387				32,781,198				32,725,587				32,603,118
Average common shares outstanding -
Basic			32,868,087				32,825,931				32,749,752				32,666,916				32,585,784
Diluted			33,503,937				33,536,558				33,418,482				33,315,333				33,180,680
Performance Ratios:
Return on average assets			1.82	%			1.75	%			1.42	%			1.22	%			1.33	%
Return on average stockholders’ equity			18.62				18.13				15.14				12.33				13.02
Net interest margin			3.83				3.48				3.05				2.78				2.87
Efficiency ratio			53.37				52.62				56.94				60.85				63.15

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BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
		Twelve months ended
		December 31,
		2022				2021
Condensed Income Statements:
Net interest income		$	373,673			$	315,657
Provision for (benefit from) credit losses			10,076				(8,690	)
Noninterest income:
Trust revenue			15,645				12,912
Service charges on deposits			86,757				83,425
Securities transactions			(1,833	)			1,047
Income from sales of loans			4,548				7,282
Insurance commissions			26,883				23,745
Cash management			19,326				12,313
Other			32,421				29,308
Total noninterest income			183,747				170,032
Noninterest expense:
Salaries and employee benefits			184,976				166,723
Occupancy expense, net			19,326				18,483
Depreciation			18,600				16,925
Amortization of intangible assets			3,448				3,116
Data processing services			7,584				6,735
Net expense from other real estate owned			9,911				9,089
Marketing and business promotion			8,074				7,403
Deposit insurance			4,735				3,456
Other			53,258				54,051
Total noninterest expense			309,912				285,981
Income before income taxes			237,432				208,398
Income tax expense			44,332				40,768
Net income		$	193,100			$	167,630
Per Common Share Data:
Net income-basic		$	5.89			$	5.12
Net income-diluted			5.77				5.03
Cash dividends declared			1.52				1.40
Common shares outstanding			32,875,560				32,603,118
Average common shares outstanding -
Basic			32,778,355				32,716,099
Diluted			33,439,496				33,314,146
Performance Ratios:
Return on average assets			1.56	%			1.54	%
Return on average stockholders’ equity			16.11				14.88
Net interest margin			3.29				3.15
Efficiency ratio			55.60				58.88

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	BancFirst Corporation
	Summary Financial Information
	(Dollars in thousands, except per share and share data - Unaudited)
			2022				2022				2022				2022				2021
			4th Qtr				3rd Qtr				2nd Qtr				1st Qtr				4th Qtr
	Balance Sheet Data:
	Total assets		$	12,387,863			$	12,452,378			$	12,530,073			$	12,624,431			$	9,405,612
	Interest-bearing deposits with banks			2,909,861				3,106,279				3,590,311				3,816,532				1,821,203
	Debt securities			1,540,604				1,521,645				1,205,894				1,211,668				534,500
	Total loans			6,949,795				6,832,595				6,620,643				6,504,477				6,194,218
	Allowance for credit losses			(92,728	)			(89,871	)			(86,935	)			(87,239	)			(83,936	)
	Deposits			10,974,228				11,058,940				11,142,688				11,250,971				8,091,914
	Stockholders' equity			1,250,836				1,195,149				1,185,695				1,167,802				1,171,734
	Book value per common share			38.05				36.37				36.17				35.68				35.94
	Tangible book value per common share (non-GAAP)(1)			31.90				30.20				29.90				29.51				30.80
	Balance Sheet Ratios:
	Average loans to deposits			62.25	%			59.62	%			58.66	%			59.72	%			60.16	%
	Average earning assets to total assets			92.14				91.58				90.89				91.92				92.13
	Average stockholders' equity to average assets			9.80				9.63				9.40				9.86				10.19
	Asset Quality Data:
	Past due loans		$	7,085			$	3,167			$	4,771			$	6,360			$	4,964
	Nonaccrual loans (5)			15,299				11,962				13,712				17,453				20,892
	Restructured loans			2,234				2,249				2,174				2,345				3,665
	Total nonperforming and restructured loans			24,618				17,378				20,657				26,158				29,521
	Other real estate owned and repossessed assets			36,936				39,419				39,209				39,729				39,553
	Total nonperforming and restructured assets			61,554				56,797				59,866				65,887				69,074
	Nonaccrual loans to total loans			0.22	%			0.18	%			0.21	%			0.27	%			0.34	%
	Nonaccrual loans to total Non-PPP loans (non-GAAP)(3)			0.22				0.18				0.21				0.27				0.34
	Nonperforming and restructured loans to total loans			0.35				0.25				0.31				0.40				0.48
	Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)(3)			0.35				0.25				0.31				0.40				0.48
	Nonperforming and restructured assets to total assets			0.50				0.46				0.48				0.52				0.73
	Allowance to total loans			1.33				1.32				1.31				1.34				1.36
	Allowance to total Non-PPP loans (non-GAAP)(3)			1.33				1.32				1.31				1.35				1.37
	Allowance to nonaccrual loans			606.10				751.32				634.01				499.83				401.76
	Allowance to nonperforming and restructured loans			376.67				517.17				420.84				333.51				284.33
	Net charge-offs to average loans			0.01				0.00				0.01				0.00				0.03
	Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
	Stockholders' equity		$	1,250,836			$	1,195,149			$	1,185,695			$	1,167,802			$	1,171,734
	Less goodwill			182,055				182,055				183,639				176,563				149,922
	Less intangible assets, net			19,983				20,863				21,743				25,456				17,566
	Tangible stockholders’ equity (non-GAAP)		$	1,048,798			$	992,231			$	980,313			$	965,783			$	1,004,246
	Common shares outstanding			32,875,560				32,856,387				32,781,198				32,725,587				32,603,118
	Tangible book value per common share (non-GAAP)		$	31.90			$	30.20			$	29.90			$	29.51			$	30.80
	(1) Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table.
	(2) Tangible book value per common share is stockholders’ equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
	Reconciliation of Non-PPP loan ratios (non-GAAP)(4):
	Total loans		$	6,949,795			$	6,832,595			$	6,620,643			$	6,504,477			$	6,194,218
	Less PPP loans			1,131				1,140				3,206				30,605				80,412
	Total Non-PPP loans (non-GAAP)		$	6,948,664			$	6,831,455			$	6,617,437			$	6,473,872			$	6,113,806
	Nonaccrual loans (5)			15,299				11,962				13,712				17,453				20,892
	Nonaccrual loans to total Non-PPP loans (non-GAAP)			0.22	%			0.18	%			0.21	%			0.27	%			0.34	%
	Total nonperforming and restructured loans			24,618				17,378				20,657				26,158				29,521
	Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)			0.35	%			0.25	%			0.31	%			0.40	%			0.48	%
	Allowance for credit losses			(92,728	)			(89,871	)			(86,935	)			(87,239	)			(83,936	)

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	Allowance to total Non-PPP loans (non-GAAP)			1.33	%			1.32	%			1.31	%			1.35	%			1.37	%
	(3) Refer to the “Reconciliation of Non-PPP loan ratios (non-GAAP)” Table.
	(4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP.
	(5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022.

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BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

		Three Months Ended												Twleve Months Ended
		December 31, 2022												December 31, 2022
						Interest				Average								Interest				Average
		Average				Income/				Yield/				Average				Income/				Yield/
		Balance				Expense				Rate				Balance				Expense				Rate
ASSETS
Earning assets:
Loans		$	6,861,657			$	97,667				5.65		%	$	6,611,617			$	336,739				5.09		%
Debt securities – taxable			1,526,241				8,740				2.27				1,295,762				24,456				1.89
Debt securities – tax exempt			3,530			29				3.29					3,877			118					3.03
Interest bearing deposits with banks and FFS			3,057,092				29,449				3.82				3,450,093				58,931				1.71
Total earning assets			11,448,520				135,885				4.71				11,361,349				420,244				3.70
Nonearning assets:
Cash and due from banks			227,292												260,028
Interest receivable and other assets			840,115												865,744
Allowance for credit losses			(90,599	)											(87,567	)
Total nonearning assets			976,808												1,038,205
Total assets		$	12,425,328											$	12,399,554
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Transaction deposits		$	953,143			$	1,203				0.50		%	$	957,719			$	2,049			0.21			%
Savings deposits			4,306,704				21,278				1.96				4,280,052				35,598			0.83
Time deposits			689,953				1,918				1.10				672,179				4,318			0.64
Short-term borrowings			1,162				11				3.81				4,333				60				1.39
Subordinated debt			86,033				1,031			4.75					86,013				4,122			4.79
Total interest bearing liabilities			6,036,995				25,441				1.67				6,000,296				46,147			0.77
Interest free funds:
Noninterest bearing deposits			5,073,241												5,097,813
Interest payable and other liabilities			97,914												102,691
Stockholders’ equity			1,217,178												1,198,754
Total interest free funds			6,388,333												6,399,258
Total liabilities and stockholders’ equity		$	12,425,328											$	12,399,554
Net interest income						$	110,444											$	374,097
Net interest spread											3.04		%										2.93		%
Effect of interest free funds											0.79		%										0.36		%
Net interest margin											3.83		%									3.29			%

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