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Published: 2022-01-20 00:00:00 ET

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Exhibit 99.1

BANCFIRST CORPORATION REPORTS FOURTH QUARTER EARNINGS

OKLAHOMA CITY, January 20, 2022 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $38.2 million, or $1.15 diluted earnings per share, for the fourth quarter of 2021 compared to net income of $35.4 million, or $1.06 diluted earnings per share, for the fourth quarter of 2020. The Company recorded a net benefit from reversal of provisions for credit losses of $224,000 for the three months ended December 31, 2021 compared to a provision for credit losses of $5.0 million for the three months ended December 31, 2020. Net income for the year ended December 31, 2021 was $167.6 million, or $5.03 diluted earnings per share, compared to $99.6 million, or $3.00 diluted earnings per share, for 2020. The Company recorded a net benefit from reversal of provisions for credit losses of $8.7 million for 2021 compared to a provision for credit losses of $62.6 million for the prior year.

BancFirst Corporation Executive Chairman David Rainbolt commented, “I have never seen back to back years with more financial noise than 2020 and 2021. Pandemic provisions and reversals thereof, the government’s fiscal stimulus, and Federal Reserve rate reductions affected both our balance sheet and income statement in dramatic ways. The net effect is that we find ourselves with an extremely liquid balance sheet and with overnight rates still close to zero. It will be interesting to see what the consequences are as the US economy reverts to the mean.”

The Company’s net interest income for the fourth quarter of 2021 decreased to $75.9 million compared to $79.5 million for the fourth quarter of 2020, largely as a result of a decrease of $3.3 million in fee income from the Paycheck Protection Program (PPP). The net interest margin for the quarter was 2.87% compared to 3.55% a year ago. Noninterest income for the quarter totaled $45.7 million, compared to $35.4 million last year. The increase in noninterest income was mostly attributable to $3.3 million of income resulting from the application of equity method accounting related to an equity interest received in the process of a loan collection, $2.8 million in rental income from other real estate property, and a $1.8 million increase in income from debit card interchange fees. Noninterest expense for the quarter increased to $76.8 million compared to $65.6 million last year because of the increase in salaries and employee benefits of approximately $2.1 million, $2.3 million of other real estate property operating costs, $2.1 million amortization of investment in tax credits purchased in the fourth quarter, $1.1 million incentive to customers that participated in the year-end sweep program and approximately $1.0 million in depreciation largely from the Company’s new corporate headquarters. The Company’s effective tax rate was 15.3% compared to 20.3% for the fourth quarter of 2020. The lower effective tax rate was due to the recognition of the aforementioned $2.6 million in tax credits.

At December 31, 2021, the Company’s total assets were $9.4 billion, an increase of $193.3 million from December 31, 2020. Loans totaled $6.2 billion, a decrease of $254.0 million from year-end 2020 due to payoffs of approximately $572.3 million in PPP loans, which were partially offset by approximately $126 million of acquired loans from the First National Bank and Trust Company of Vinita, Oklahoma. Absent PPP loans and acquired loans, the Company’s loans increased $213.1 million or 3.7% in 2021. Deposits totaled $8.1 billion, an increase of $27.2 million from December 31, 2020. The increase in assets and deposits was predominantly related to government stimulus payments. At December 31, 2021, the remaining balance of PPP loans was $80.4 million. The Company’s total stockholders’ equity was $1.2 billion, an increase of $103.8 million over December 31, 2020. Off-balance sheet sweep accounts totaled $5.1 billion at December 31, 2021 compared to $2.8 billion at December 31, 2020.

Nonaccrual loans represented 0.34% of total loans at December 31, 2021, down from 0.58% at year-end 2020. Net charge-offs for the quarter were negligible, compared to 0.30% in the fourth quarter of 2020. The allowance for credit losses to total loans was 1.36% at December 31, 2021 compared to 1.42% at year-end 2020, and the allowance for credit losses to nonaccrual loans was 401.76% compared to 243.35% at year-end 2020. At December 31, 2021, the Company’s nonaccrual loans were $20.9 million compared to $37.5 million at year-end 2020. At December 31, 2021, the Company’s other real estate owned (OREO) increased $7.3 million from December 31, 2020.

BancFirst Corporation CEO David Harlow commented, “2021 was a record earnings year for the Company buoyed by one-time PPP fees and a negative loan loss provision as a result of a more benign credit environment than envisioned at the beginning of the year. 2022’s outlook includes an improved margin as a result of expected fed tightening; however, the Company is well positioned for whatever the future holds with our strong asset quality, liquidity and capital base.”

On October 29, 2021, BancFirst Corporation entered into an agreement to acquire Worthington National Bank (“Worthington”). Worthington is a national bank chartered by the Office of the Comptroller of the Currency (OCC) with one location in Arlington, Texas, one location in Colleyville, Texas and two Fort Worth, Texas locations. As of September 30, 2021, Worthington had approximately $462.6 million in total assets, $269.0 million in loans and $421.5 million in deposits. The acquisition is expected to be completed during the first quarter of 2022. Upon acquisition, Worthington will continue to operate as “Worthington National Bank” under a separate OCC charter and remain a separate subsidiary of BancFirst Corporation governed by its existing board of directors. BancFirst Corporation intends to provide an appropriate amount of capital or other support to increase Worthington’s ability to approve larger loans and allow Worthington to continue to grow their assets.

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 108 banking locations serving 59 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 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.

BancFirst Corporation

Summary Financial Information

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


	2021			2021			2021			2021			2020
	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
Condensed Income Statements:
Net interest income	$	75,898		$	80,190		$	82,363		$	77,206		$	79,535
(Benefit from) provision for credit losses		(224	)		1,483			(9,949	)		—			4,992
Non-interest income:
Trust revenue		3,336			3,210			3,264			3,102			2,976
Service charges on deposits		22,095			21,706			20,524			19,100			19,796
Securities transactions		630			150			172			95			156
Income from sales of loans		1,545			1,594			2,133			2,010			1,852
Insurance commissions		6,075			6,666			5,015			5,989			5,680
Cash management		3,115			3,127			3,068			3,003			3,135
Other		8,897			3,333			10,442			6,636			1,825
Total noninterest income		45,693			39,786			44,618			39,935			35,420

Non-interest expense:
Salaries and employee benefits		42,887			42,267			41,992			39,577			40,750
Occupancy expense, net		4,521			5,086			4,528			4,348			4,533
Depreciation		4,708			4,207			4,133			3,877			3,779
Amortization of intangible assets		759			755			809			793			915
Data processing services		1,663			1,734			1,660			1,678			1,763
Net expense from other real estate owned		2,412			1,810			3,357			1,510			420
Marketing and business promotion		2,080			1,796			1,648			1,879			1,671
Deposit insurance		968			846			766			876			857
Other		16,783			11,713			15,130			10,425			10,923
Total noninterest expense		76,781			70,214			74,023			64,963			65,611
Income before income taxes		45,034			48,279			62,907			52,178			44,352
Income tax expense		6,866			9,529			14,715			9,658			8,994
Net income	$	38,168		$	38,750		$	48,192		$	42,520		$	35,358
Per Common Share Data:
Net income-basic	$	1.17		$	1.18		$	1.47		$	1.30		$	1.08
Net income-diluted		1.15			1.16			1.45			1.27			1.06
Cash dividends declared		0.36			0.36			0.34			0.34			0.34
Common shares outstanding		32,603,118			32,572,217			32,784,513			32,771,013			32,719,852
Average common shares outstanding -
Basic		32,585,784			32,744,104			32,779,227			32,756,852			32,690,296
Diluted		33,180,680			33,267,955			33,405,923			33,408,116			33,275,550
Performance Ratios:
Return on average assets		1.33	%		1.37	%		1.79	%		1.69	%		1.45	%
Return on average stockholders’ equity		13.02			13.42			17.42			15.90			13.25
Net interest margin		2.87			3.09			3.32			3.36			3.55
Efficiency ratio		63.15			58.52			58.29			55.46			57.08


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	Twelve months ended
	December 31,
	2021			2020
Condensed Income Statements:
Net interest income	$	315,657		$	306,668
(Benefit from) provision for credit losses		(8,690	)		62,648
Non-interest income:
Trust revenue		12,912			13,130
Service charges on deposits		83,425			74,438
Securities transactions		1,047			(389	)
Income from sales of loans		7,282			6,067
Insurance commissions		23,745			20,996
Cash management		12,313			15,411
Other		29,308			7,569
Total noninterest income		170,032			137,222

Non-interest expense:
Salaries and employee benefits		166,723			164,727
Occupancy expense, net		18,483			16,421
Depreciation		16,925			14,609
Amortization of intangible assets		3,116			3,815
Data processing services		6,735			6,753
Net expense (income) from other real estate owned		9,089			(1,531	)
Marketing and business promotion		7,403			6,996
Deposit insurance		3,456			2,081
Other		54,051			43,859
Total noninterest expense		285,981			257,730
Income before income taxes		208,398			123,512
Income tax expense		40,768			23,926
Net income	$	167,630		$	99,586
Per Common Share Data:
Net income-basic	$	5.12		$	3.05
Net income-diluted		5.03			3.00
Cash dividends declared		1.40			1.32
Common shares outstanding		32,603,118			32,719,852
Average common shares outstanding -
Basic		32,716,099			32,672,522
Diluted		33,314,146			33,210,952
Performance Ratios:
Return on average assets		1.54	%		1.06	%
Return on average stockholders’ equity		14.88			9.52
Net interest margin		3.15			3.57
Efficiency ratio		58.88			58.06


BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

	2021			2021			2021			2021			2020
	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
Balance Sheet Data:

Total assets	$	9,405,612		$	11,302,771		$	11,015,287		$	10,549,305		$	9,212,357
Interest-bearing deposits with banks		1,821,203			3,836,809			3,373,099			2,788,316			1,336,394
Debt securities		534,500			529,484			563,771			520,543			555,196
Total loans		6,194,218			6,037,886			6,207,262			6,380,108			6,448,225
Allowance for credit losses		(83,936	)		(86,463	)		(83,963	)		(90,860	)		(91,366	)
Deposits		8,091,914			9,992,044			9,728,389			9,371,940			8,064,704
Stockholders' equity		1,171,734			1,146,874			1,131,591			1,094,671			1,067,885
Book value per common share		35.94			35.21			34.52			33.40			32.64
Tangible book value per common share (non-GAAP)(1)		30.80			30.04			29.35			28.27			27.47
Balance Sheet Ratios:
Average loans to deposits		60.16	%		61.56	%		65.36	%		70.84	%		77.02	%
Average earning assets to total assets		92.13			92.13			92.01			91.54			91.82
Average stockholders' equity to average assets		10.19			10.22			10.25			10.64			10.91
Asset Quality Data:
Past due loans	$	4,964		$	5,186		$	4,386		$	5,282		$	4,802
Nonaccrual loans (5)		20,892			26,607			29,802			35,326			37,545
Restructured loans		3,665			7,073			7,485			7,801			7,784
Total nonperforming and restructured loans		29,521			38,866			41,673			48,409			50,131
Other real estate owned and repossessed assets		39,553			39,060			40,183			30,320			32,480
Total nonperforming and restructured assets		69,074			77,926			81,856			78,729			82,611
Nonaccrual loans to total loans		0.34	%		0.44	%		0.48	%		0.55	%		0.58	%
Nonaccrual loans to total Non-PPP loans (non-GAAP)(3)		0.34			0.46			0.51			0.62			0.65
Nonperforming and restructured loans to total loans		0.48			0.64			0.67			0.76			0.78
Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)(3)		0.48			0.67			0.71			0.85			0.86
Nonperforming and restructured assets to total assets		0.73			0.69			0.74			0.75			0.90
Allowance to total loans		1.36			1.43			1.35			1.42			1.42
Allowance to total Non-PPP loans (non-GAAP)(3)		1.37			1.48			1.44			1.60			1.58
Allowance to nonaccrual loans		401.76			324.96			281.73			257.20			243.35
Allowance to nonperforming and restructured loans		284.33			222.46			201.48			187.69			182.26
Net charge-offs to average loans		0.03			0.01			0.06			0.01			0.30

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

Stockholders' equity	$	1,171,734		$	1,146,874		$	1,131,591		$	1,094,671		$	1,067,885
Less goodwill		149,922			149,922			149,922			149,922			149,922
Less intangible assets, net		17,566			18,325			19,283			18,206			18,999
Tangible stockholders’ equity (non-GAAP)	$	1,004,246		$	978,627		$	962,386		$	926,543		$	898,964
Common shares outstanding		32,603,118			32,572,217			32,784,513			32,771,013			32,719,852
Tangible book value per common share (non-GAAP)	$	30.80		$	30.04		$	29.35		$	28.27		$	27.47

(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	$	6,194,218		$	6,037,886		$	6,207,262		$	6,380,108		$	6,448,225


Less PPP loans		80,412			201,208			368,620			713,714			652,693
Total Non-PPP loans (non-GAAP)	$	6,113,806		$	5,836,678		$	5,838,642		$	5,666,394		$	5,795,532

Nonaccrual loans (5)		20,892			26,607			29,802			35,326			37,545
Nonaccrual loans to total Non-PPP loans (non-GAAP)		0.34	%		0.46	%		0.51	%		0.62	%		0.65	%
Total nonperforming and restructured loans		29,521			38,866			41,673			48,409			50,131
Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)		0.48	%		0.67	%		0.71	%		0.85	%		0.86	%
Allowance for credit losses		(83,936	)		(86,463	)		(83,963	)		(90,860	)		(91,366	)
Allowance to total Non-PPP loans (non-GAAP)		1.37	%		1.48	%		1.44	%		1.60	%		1.58	%

(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 $2.5 million of nonaccrual loans at December 31, 2021.

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, 2021								December 31, 2021
				Interest		Average						Interest		Average
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate
ASSETS
Earning assets:
Loans	$	6,080,771		$	75,884		4.95	%	$	6,220,192		$	316,618	5.09		%
Debt securities – taxable		559,070			1,548		1.10			538,157			6,327		1.18
Debt securities – tax exempt		4,967		36		2.89				11,372		258			2.27
Interest bearing deposits with banks and FFS		3,872,577			1,505		0.15			3,268,443			4,366		0.13
Total earning assets		10,517,385			78,973		2.98			10,038,164			327,569	3.26

Nonearning assets:
Cash and due from banks		271,834								271,004
Interest receivable and other assets		711,908								694,191
Allowance for credit losses		(84,802	)							(88,028	)
Total nonearning assets		898,940								877,167
Total assets	$	11,416,325							$	10,915,331

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Transaction deposits	$	887,619		$	169	0.08		%	$	848,535		$	634	0.07		%
Savings deposits		3,920,225			1,021		0.10			3,736,901			4,055	0.11
Time deposits		644,401			729		0.45			654,801			3,543	0.54
Short-term borrowings		2,649			1		0.11			2,608		2			0.08
Subordinated debt		85,978			1,030	4.75				56,793			3,130	5.51
Total interest bearing liabilities		5,540,872			2,950		0.21			5,299,638			11,364	0.21

Interest free funds:
Noninterest bearing deposits		4,655,240								4,437,352
Interest payable and other liabilities		56,818								52,069
Stockholders’ equity		1,163,395								1,126,272
Total interest free funds		5,875,453								5,615,693
Total liabilities and stockholders’ equity	$	11,416,325							$	10,915,331
Net interest income				$	76,023							$	316,205
Net interest spread							2.77	%							3.05	%
Effect of interest free funds							0.10	%							0.10	%
Net interest margin							2.87	%						3.15		%