BancFirst reports Q3 EPS $1.75, consensus $1.58

Reports Q3 net interest margin 3.78% vs. 3.73% last year. Tangible book value per common share was $41.91 from $39.83 at previous quarter end. CEO David Harlow commented, “Loan growth, an improved net interest margin, and growth across all major components of non-interest income resulted in a strong quarter for the company. While the Federal Reserve’s late September 50 basis point rate cut had little impact on the quarter, the potential for further short-term rate reductions combined with a recent increase in the longer-term portion of the yield curve changes the landscape considerably and causes our outlook on net interest margin to be unclear. However, we believe the company is well positioned to reasonably manage and balance our asset and liability pricing in the coming months. Our perspective on credit is unchanged as the Federal Reserve’s goal of a “soft landing,” while more likely, is far from certain, thus our Loan Loss Reserve as a percentage of loans is the same when compared to last quarter.”