Bancfirst (BANF) Q1 FY2024 earnings: revenue $151 million, down 3.8% on the year

Bancfirst Corp. (BANF) reported revenue of $151 million for Q1 FY2024, the quarter ended 31 March 2024, down 3.8% on the same quarter a year earlier. Net income was $50 million, down 12.5% on the year, and diluted earnings per share $1.50. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2024.

Revenue$151 milliondown 3.8%

Net income$50 milliondown 12.5%

Diluted EPS$1.50

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	151	150	n/a	n/a
Interest expense	65.5	62.4	n/a	n/a
Pre-tax income	64.2	60.4	n/a	n/a
Income tax	13.9	11.5	n/a	n/a
Effective tax rate	21.6%	19.0%	n/a
Net income	50.3	48.9	n/a	n/a
Net margin	33.3%	32.6%	n/a
Diluted EPS	$1.50	$1.46	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	66.3	42.8	n/a	n/a
Capital expenditure	10.3	4.8	n/a	n/a
Free cash flow	56.1	38.0	n/a	n/a
Cash from investing	-141	-134	n/a	n/a
Cash from financing	203	152	n/a	n/a
Depreciation and amortisation	5.4	5.4	n/a	n/a
Share-based compensation	0.7	0.9	n/a	n/a
Dividends paid	14.2	14.2	n/a	n/a
Dividend per share	$0.43	n/a	n/a	n/a
Diluted shares, weighted	34m	33m	n/a	n/a
Shares outstanding at period end	33m	33m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,469	1,434	n/a	n/a
Deposits	10,910	10,700	n/a	n/a
Short-term borrowings	9.7	3.4	n/a	n/a
Other liabilities	214	235	n/a	n/a
Total liabilities and equity	12,602	12,372	n/a	n/a
Fixed assets	284	279	n/a	n/a
Goodwill	182	182	n/a	n/a
Intangible assets	15.8	16.7	n/a	n/a
Securities held for sale or to maturity	1,535	1,555	n/a	n/a
Loans	7,685	7,560	n/a	n/a
Cash and equivalents	2,525	2,397	n/a	n/a
Other assets	376	382	n/a	n/a
Total assets	12,602	12,372	n/a	n/a

Questions

What was Bancfirst's revenue in Q1 FY2024?

Bancfirst (BANF) reported revenue of $151 million for Q1 FY2024, the quarter ended 31 March 2024, down 3.8% on the same quarter a year earlier.

How much did Bancfirst earn in Q1 FY2024?

Net income for Q1 FY2024 was $50 million, down 12.5% on the year, and diluted earnings per share $1.50.

When did Bancfirst report Q1 FY2024 results?

Bancfirst filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 7 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	149	150	151	154	164	163	165	169	175	181	179	187
Interest expense	55.9	62.4	65.5	68.6	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	65.2	60.4	64.2	65.2	73.9	72.0	71.1	79.7	79.0	75.4	80.1	85.1
Tax rate	22%	19%	22%	22%	20%	22%	21%	22%	21%	21%	21%	22%
Net income	51.0	48.9	50.3	50.6	58.9	56.5	56.1	62.3	62.7	59.5	63.0	66.7
Net margin	34%	33%	33%	33%	36%	35%	34%	37%	36%	33%	35%	36%
Diluted EPS	$1.52	$1.46	$1.50	$1.51	$1.75	$1.68	$1.66	$1.85	$1.85	$1.75	$1.85	$1.96
Operating cash flow	61.1	42.8	66.3	100	77.6	17.1	77.0	78.1	75.4	54.8	75.8	83.1
Capital expenditure	4.7	4.8	10.3	6.0	5.2	15.1	11.3	13.7	11.7	11.5	10.8	9.8
Free cash flow	56.4	38.0	56.1	94.1	72.4	2.0	65.6	64.4	63.7	43.2	65.1	73.3
Dividends paid	13.2	14.2	14.2	14.2	14.2	15.2	15.3	15.3	15.3	16.3	16.4	16.5
Shares outstanding	33m	33m	33m	33m	33m	33m	33m	33m	33m	34m	34m	34m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 7 May 2024, accession 0000950170-24-054176: the filing on EDGAR. All of Bancfirst Corp.'s filings: EDGAR company page.

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