BancFirst (NASDAQ:BANF) shareholders approved all three proposals presented at the company’s annual meeting, including the election of 17 directors, ratification of the company’s independent auditor and an advisory vote on executive compensation.
A company representative said the meeting drew a record level of shareholder voting participation, with more than 90% of shareholders voting. Brian, identified in the transcript as in-house counsel and the meeting operator, said notice of the meeting was mailed April 13, 2026, to shareholders of record as of March 31, 2026. As of the record date, BancFirst had 33,575,976 shares of common stock outstanding.
Shareholders Approve Board, Auditor and Compensation Proposals
Shareholders elected all 17 director nominees to one-year terms. The operator said 24,764,623 shares, or 84.81% of shares voting on the election, were voted in favor of the directors. No individual director received affirmative votes of less than a majority of the shares voting.
Shareholders also ratified Forvis Mazars as BancFirst’s independent registered public accounting firm for the upcoming year. A company representative said Forvis Mazars has served as the company’s auditor for 13 years and had been selected by the audit committee to continue in that role. The operator reported that 29,683,296 shares, representing 88.41% of shares outstanding, were voted in favor of the proposal.
The third proposal, an advisory vote to approve executive compensation, also passed. The operator said 28,660,802 shares, or 98.15% of the shares represented at the meeting, voted in favor.
CEO Highlights Fifth Consecutive Year of Record Earnings
Following the formal business portion of the meeting, David Harlow, BancFirst’s CEO and president, reviewed the company’s 2025 results. Harlow said the company’s performance reflected its “2,200 plus employees,” the markets it serves and its operating model, which he described as pushing decision-making “out to the field.” He said that model is “unique for a bank our size” and, while at times challenging, is a key reason for the company’s results.
Harlow said 2025 marked BancFirst’s fifth consecutive year of record earnings, with earnings “a little bit north of $240 million.” He also cited net interest income of $490 million and non-interest income of $200 million.
Harlow said non-interest income accounted for 30% of revenue, calling that level “unique and an outlier” for a bank of BancFirst’s size. He pointed to treasury income, the trust business, insurance and the mortgage company as contributors among the company’s fee-generating businesses.
The company reported diluted earnings per share of $7.11 for 2025, which Harlow described as another record year. He also highlighted growth in tangible book value and said assets ended the year “a little south of $15 billion.”
Loan Growth and Acquisition Activity
Harlow reviewed BancFirst’s recent loan growth, saying loans increased from $7.6 billion in 2023 to roughly $8 billion in 2024, and then to $8.5 billion in 2025. He characterized the 2025 increase as another $500 million in growth.
He also noted that BancFirst closed its acquisition of ABOK before year-end 2025 and converted it in the first quarter. Harlow said the transaction was about a $400 million acquisition in the Tulsa metropolitan statistical area of Collinsville.
Harlow said BancFirst posted return on assets of 1.7% and return on equity just short of 14%. He described those returns as top-quartile and top-decile among the company’s peer group.
Stock Metrics and Dividend Record
Harlow said BancFirst’s average stock price for 2025 was $119 and said tangible book value per share was $49.20. He said tangible book value per share had grown at a 10% compound annual growth rate over the prior eight years.
He also said BancFirst traded at about 2.2 times tangible book value, compared with a peer group level “far less than two time.” Harlow attributed the company’s premium valuation to its people and operating model.
Harlow said BancFirst has about 116 locations and serves more than 60 markets in Oklahoma, along with two banks in the Dallas-Fort Worth metroplex and eight locations there.
On dividends, Harlow said BancFirst has increased its dividend for 31 consecutive years and said the company “obviously” anticipates that occurring again this year.
Harlow closed by pointing to BancFirst’s stock performance since its 1993 initial public offering compared with the S&P 500 and two banking indexes the company follows. He said BancFirst likes to describe its objective as delivering “above market returns with below market risk.”
No shareholder questions were raised during the meeting, and the meeting was adjourned without objection.
About BancFirst (NASDAQ:BANF)
BancFirst Corporation is a regional banking holding company based in Oklahoma City, Oklahoma. As the largest state?chartered bank in Oklahoma, BancFirst offers a comprehensive suite of financial services to individuals, businesses and government entities. Its core business activities include commercial and consumer banking, mortgage lending, treasury management, equipment financing and electronic banking solutions.
The bank operates a network of more than 60 branches across Oklahoma, serving urban centers such as Oklahoma City and Tulsa, as well as rural communities throughout the state.
