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Stock impact report

BancFirst Corporation Reports First Quarter Earnings

BancFirst Corporation (BANF) 
Last bancfirst corporation earnings: 4/21 04:30 pm Check Earnings Report
US:NASDAQ Investor Relations: bancfirst.bank/investor-relations
Company Research Source: PR Newswire
OKLAHOMA CITY, April 21, 2020 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $22.6 million, or $0.68 diluted earnings per share, for the first quarter of 2020 compared to net income of $31.8 million, or $0.96 diluted earnings per share, for the first quarter of 2019. The results for the first quarter of 2020 were negatively impacted primarily by a higher provision for loan losses. The first quarter of 2020 includes the net income of Pegasus Bank in Dallas, Texas, which was acquired on August 15, 2019.The provision for loan losses for the first quarter of 2020 was $19.6 million compared to $1.7 million a year ago. BancFirst Corporation Executive Chairman David Rainbolt commented, "Even though it was optional, we have elected to go ahead and adopt CECL for our loan loss reserve methodology.  It is naïve to think that our region will not experience a residual economic effect from the combination of both the COVID-19 pandemic and low energy prices. The forwa Show less Read more
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