BancFirst : Latest Earnings Release

FOR IMMEDIATE RELEASE	101 N. Broadway
Oklahoma City, OK 73102
Thursday, April 15, 2021	www.bancfirst.bank

BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS

BancFirst Corporation (NASDAQ GS:BANF) reported net income of $42.5 million, or $1.27 diluted earnings per share, for the first quarter of 2021 compared to net income of $22.6 million, or $0.68 diluted earnings per share, for the first quarter of 2020. For the first quarter of 2021, no provision for credit losses was recorded, compared to a provision for credit losses of $19.6 million for the first quarter of 2020.

BancFirst Corporation Executive Chairman David Rainbolt commented, "Clearly the worst case scenarios for credit losses resulting from the pandemic are off the table. The consequence is that large reserve balances from last year's provisions do not need to be augmented. Moreover, if the economy continues to progress, we will likely see reversal of those provisions to some degree over the balance of the year."

The Company's net interest income for the first quarter of 2021 increased to $77.2 million compared to $74.1 million for the first quarter of 2020. Net interest income increased for the first quarter of 2021 due to loan growth, PPP fee income of approximately $9.5 million and the decrease in interest rates paid on deposits. The net interest margin for the quarter was 3.36% compared to 3.82% a year ago. Noninterest income for the quarter totaled $39.9 million, compared to $35.1 million last year. The increase in noninterest income was due to a gain from the sale of the Company's Hugo, Oklahoma branch of $2.5 million, $2.4 million in rental income from a real estate property foreclosed on in the fourth quarter of 2020, and a $1.2 million increase in income from sales of mortgage loans, which were partially offset by a $1.3 million decrease in treasury management income. Noninterest expense for the quarter increased to $65.0 million compared to $61.4 million last year because of $1.4 million of expenses related to the aforementioned foreclosed property, and a $2.2 million gain on the sale of other real estate owned in the first quarter of 2020 that reduced noninterest expense. The Company's effective tax rate was 18.5% compared to 20.0% for the first quarter of 2020.

At March 31, 2021, the Company's total assets were $10.5 billion, an increase of $1.3 billion from December 31, 2020. Debt securities of $520.5 million were down $34.7 million from December 31, 2020. Loans totaled $6.4 billion, a decrease of $68.1 million from December 31, 2020 partially due to approximately $21 million of loans that were sold with the Company's Hugo, Oklahoma branch. Deposits totaled $9.4 billion, an increase of $1.3 billion from December 31, 2020. The increase in assets and deposits was primarily related to the Paycheck Protection Program (PPP) and other government stimulus payments. At March 31, 2021, the balance of the PPP loans was $713.7 million. The Company's total stockholders' equity was $1.1 billion, an increase of $26.8 million over December 31, 2020. Off-balance sheet sweep accounts were $2.2 billion at March 31, 2021 compared to $2.7 billion at December 31, 2020.

Nonaccrual loans represent 0.55% of total loans at March 31, 2021, down from 0.58% at year-end 2020. Net charge-offs for the quarter were 0.01% of average loans, compared to 0.02% of average loans for the first quarter of 2020. The allowance for credit losses to total loans was 1.42% at both March 31, 2021 and year-end 2020, and the allowance for credit losses to nonaccrual loans was 257.20% compared to 243.35% at year-end 2020.

On February 19, 2021, the Company entered into a purchase and assumption agreement with The First National Bank and Trust Company of Vinita, Oklahoma to purchase certain of its assets and assume its deposits and certain other obligations. The First National Bank and Trust Company of Vinita is a nationally chartered bank with banking locations in Vinita and Grove, Oklahoma. These banking locations would become branches of BancFirst. As of December 31, 2020, The First National Bank and Trust Company of Vinita had approximately $285 million in total assets, $209 million in loans, and $258 million in deposits. The purchase and assumption is expected to be completed during the second quarter of 2021 and is subject to regulatory approval.

BancFirst Corporation CEO David Harlow commented, "Government stimulus continued to inject liquidity into the economy and drive deposit totals materially higher. Absent PPP, overall loan demand continues to be soft. PPP fees generated from both round 1 and round 2 bolstered net interest income while both core non-interest income and core non-interest expense were essentially flat. With zero provision for the quarter compared to $19.6 million a year ago, a nominally strong quarter at $1.28 per share is the result."

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates two subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 106 banking locations serving 58 communities across Oklahoma, and Pegasus Bank, with 3 banking locations in Dallas, TX. 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

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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 [phone] or

David Harlow, Chief Executive Officer at [phone].

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BancFirst Corporation

Summary Financial Information

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

2021

1st Qtr

Condensed Income Statements:

2020

4th Qtr

2020

3rd Qtr

2020	2020
2nd Qtr		1st Qtr

Net interest income	$	77,206		$
Provision for credit losses		-
Non-interest income:
Trust revenue		3,102
Service charges on deposits		19,100
Securities transactions		95
Income from sales of loans		2,010
Insurance commissions		5,989
Cash management		3,003
Other		6,636
Total noninterest income		39,935
Non-interest expense:
Salaries and employee benefits		39,577
Occupancy expense, net		4,348
Depreciation		3,877
Amortization of intangible assets		793
Data processing services		1,678
Net expense from other real estate owned		1,510
Marketing and business promotion		1,879
Deposit insurance		876
Other		10,425
Total noninterest expense		64,963
Income before income taxes		52,178
Income tax expense		9,658
Net income	$	42,520		$
Per Common Share Data:
Net income-basic	$	1.30		$
Net income-diluted		1.27
Cash dividends declared		0.34
Common shares outstanding		32,771,013
Average common shares outstanding -
Basic		32,756,852
Diluted		33,408,116
Performance Ratios:
Return on average assets		1.69%
Return on average stockholders' equity		15.90
Net interest margin		3.36
Efficiency ratio		55.46

79,535 $

4,992

2,976

19,796

156

1,852

5,680

3,135

1,825

35,420

40,750

4,533

3,779

915

1,763

420

1,671

857

10,923

65,611

44,352

8,994

35,358 $

1.08 $

1.06

0.34

32,719,852

32,690,296

33,275,550

1.45%

13.25

3.54

57.08

75,852 $

18,740

3,131

19,078

-

1,873

5,197

3,701

1,595

34,575

41,995

4,503

3,795

968

1,669

196

1,485

723

10,749

66,083

25,604

4,714

20,890 $

0.64 $

0.63

0.34

32,679,191

32,668,789

33,168,938

0.86%

7.89

3.40

59.84

77,208 $

19,333

3,368

16,760

(595)

1,561

4,443

4,255

2,290

32,082

42,226

3,839

3,544

968

1,629

(12)

1,485

365

10,607

64,651

25,306

4,576

20,730 $

0.64 $

0.63

0.32

32,662,691

32,651,262

33,075,493

0.88%

7.99

3.54

59.16

74,073

19,583

3,655

18,804

50

781

5,676

4,320

1,859

35,145

39,756

3,546

3,491

964

1,692

(2,135)

2,355

136

11,580

61,385

28,250

5,642

22,608

0.69

0.68

0.32

32,646,691

32,679,587

33,287,359

1.07%

8.87

3.82

56.20

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BancFirst Corporation

Summary Financial Information

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

			2021			2020			2020			2020			2020
			1st Qtr		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
Balance Sheet Data:
Total assets	$	10,549,305		$	9,212,357		$	9,618,868		$	9,612,453		$	8,669,096
Interest-bearing deposits with banks			2,788,316			1,336,394			1,609,462			1,583,116			1,356,826
Debt securities			520,543			555,196			596,941			608,031			591,987
Total loans			6,380,108			6,448,225			6,660,694			6,696,856			6,006,065
Allowance for credit losses			(90,860)		(91,366)		(106,126)		(89,500)		(70,080)
Deposits			9,371,940			8,064,704			8,495,891			8,486,671			7,573,200
Stockholders' equity			1,094,671			1,067,885			1,043,752			1,034,199			1,023,380
Book value per common share			33.40			32.64			31.94			31.66			31.35
Tangible book value per common share (non-GAAP)(1)			28.27			27.47			26.74			26.43			26.09
Balance Sheet Ratios:
Average loans to deposits			70.84%		77.02%		78.55%		79.78%		77.75%
Average earning assets to total assets			91.54			91.82			91.99			92.23			91.51
Average stockholders' equity to average assets			10.64			10.91			10.90			10.96			12.02
Asset Quality Data:
Past due loans	$	5,282		$	4,802		$	6,412		$	5,382		$	10,065
Nonaccrual loans (5)			35,326			37,545			82,385			49,477			45,181
Restructured loans			7,801			7,784			2,837			3,213			3,158
Total nonperforming and restructured loans			48,409			50,131			91,634			58,072			58,404
Other real estate owned and repossessed assets			30,320			32,480			4,939			4,948			6,001
Total nonperforming and restructured assets			78,729			82,611			96,573			63,020			64,405
Nonaccrual loans to total loans			0.55%		0.58%		1.24%		0.74%		0.75%
Nonaccrual loans to total Non-PPP loans (non-GAAP)(3)			0.62			0.65			1.41			0.84			0.75
Nonperforming and restructured loans to total loans			0.76			0.78			1.38			0.87			0.97
Nonperforming and restructured loans to total Non-PPP loans			0.85			0.86			1.57			0.99			0.97
(non-GAAP)(3)
Nonperforming and restructured assets to total assets			0.75			0.90			1.00			0.66			0.74
Allowance for credit losses to total loans			1.42			1.42			1.59			1.34			1.17
Allowance for credit losses to total Non-PPP loans (non-			1.60			1.58			1.82			1.52			1.17
GAAP)(3)
Allowance for credit losses to nonaccrual loans			257.20			243.35			128.82			180.89			155.11
Allowance for credit losses to nonperforming and restructured			187.69			182.26			115.81			154.12			119.99
loans
Net charge-offs to average loans			0.01			0.30			0.03			0.00			0.02
Reconciliation of Tangible Book Value Per Common Share
(non-GAAP)(2):
Stockholders' equity	$	1,094,671		$	1,067,885		$	1,043,752		$	1,034,199		$	1,023,380
Less goodwill			149,922			149,922			149,922			149,922			149,923
Less intangible assets, net			18,206			18,999			19,914			20,882			21,850
Tangible stockholders' equity (non-GAAP)	$	926,543		$	898,964		$	873,916		$	863,395		$	851,607
Common shares outstanding			32,771,013			32,719,852			32,679,191			32,662,691			32,646,691
Tangible book value per common share (non-GAAP)	$	28.27		$	27.47		$	26.74		$	26.43		$	26.09

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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	$	6,380,108		$	6,448,225		$	6,660,694		$	6,696,856		$	6,006,065
Less PPP loans		713,714			652,693			831,703			825,093			-
Total Non-PPP loans (non-GAAP)	$	5,666,394		$	5,795,532		$	5,828,991		$	5,871,763		$	6,006,065
Nonaccrual loans (5)		35,326			37,545			82,385			49,477			45,181
Nonaccrual loans to total Non-PPP loans (non-GAAP)		0.62%		0.65%		1.41%		0.84%		0.75%
Total nonperforming and restructured loans		48,409			50,131			91,634			58,072			58,404
Nonperforming and restructured loans to total Non-PPP loans
(non-GAAP)		0.85%		0.86%		1.57%		0.99%		0.97%
Allowance for credit losses		(90,860)		(91,366)		(106,126)		(89,500)		(70,080)
Allowance for credit losses to total Non-PPP loans (non-GAAP)		1.60%		1.58%		1.82%		1.52%		1.17%

1. Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table.
2. 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.
3. Government Agencies guarantee approximately $6.6 million of nonaccrual loans at March 31, 2021.

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