BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS

OKLAHOMA CITY, April 25, 2023

Noninterest income for the quarter totaled $47.8 million, compared to $43.7 million last year. The increase in noninterest income was mostly attributable to an increase in sweep fees due to rising interest rates and higher volume, along with a $1.3 million increase in insurance commissions. Noninterest income for the first quarter included $327,000 of income from an equity interest received from a prior loan settlement compared to $4.9 million of income from the same source in the first quarter of 2022. In addition, the first quarter of 2022 included a loss of $4.0 million on the sale of $226 million of low yielding securities, which were subsequently reinvested at higher yields.

Noninterest expense for the quarter increased to $80.3 million compared to $72.5 million last year. The increase in noninterest expense was primarily related to an increase in salaries and employee benefits of $5.3 million. The first quarter of 2022 included a gain on sale of OREO which reduced noninterest expense by $726,000.

The Company's effective tax rate for the period was 22.6% compared to 17.8% for the first quarter of 2022. During the quarter, the Company adopted ASU 2023-02 which required a reclassification of $977,000 from other expense to income tax expense. The lower effective tax rate in 2022 was also driven by the exercising of stock options during the quarter and a lower state income tax rate.

At March 31, 2023, the Company's total assets were $12.3 billion, a decrease of $55.8 million from December 31, 2022. Debt securities of $1.6 billion were up $77.6 million from December 31, 2022. Loans totaled $7.1 billion, an increase of $175.0 million from December 31, 2022. Deposits totaled $10.6 billion, a decrease of $364.1 million from December 31, 2022 as deposits moved into the Company's off balance sheet sweep product. Sweep accounts were $4.1 billion at March 31, 2023 up $394.9 million from December 31, 2022. The Company's total stockholders' equity was $1.3 billion, an increase of $60.0 million over December 31, 2022.

Asset quality remained strong as nonaccrual loans totaled $17.6 million, representing only 0.25% of total loans at March 31, 2023 compared to 0.22% at year-end 2022. The allowance for credit losses to total loans was 1.33% at both March 31, 2023 and December 31, 2022. Net charge-offs were minimal for both the first quarter of 2023 and 2022.

BancFirst Corporation CEO David Harlow commented, "While we were pleased with our first quarter results, our industry is facing growing challenges including the possibility of a recession.  However, we feel the Company is as well positioned to navigate these headwinds as any bank in the country. Top-tier liquidity supported by community based deposits, strong capital, and solid credit quality will allow us to continue to do what we have always done – focus on and support our customers and the communities that we serve."