BancFirst Corporation ($BANF)

All right. We'll call the meeting to order, and welcome to everybody here in person and online. I heard when I walked in that, this year we had a record number of votes, over 90% of our shareholders voted. So we're proud and excited that we have a large engaged number of shareholders. Brian, in-house counsel, will you please provide proof of the notice of the meeting?

Certainly. I have a certified copy of the notice of this meeting that was mailed on April 13, 2026, to shareholders of record as of March 31, 2026. And on the record date, there were 33,575,976 shares of common stock outstanding. I also have a list of shareholders as of the record date.

Is there anyone present or on the conference call who intends to vote in person? Did I hear that someone on the conference call would like to vote? Okay. I did not. So I won't keep asking that question with each vote. If someone joins the conference call while we're underway, I need to -- let me know. Let me know [indiscernible] after this. Okay. Brian, do we have a quorum?

We do. The number of shares represented by proxy or in person is 30,433,895 shares, which represents 90.64% of the shares outstanding. So there is a quorum present.

Since quorum is present, the meeting is hereby declared convened. We'll consider Proposal #1 to elect 17 directors nominated by our Board of Directors for a 1-year term. Is there any discussion of the proposal? Brian, would you report the results of the election?

Yes, sir. 24,764,623 shares or 84.81% of the shares voting on the election were voted for the directors. No individual director received affirmative votes of less than a majority of the shares voting. All of the nominees have been elected.

Okay. Proposal 2 to ratify Forvis Mazars as the company's independent public accounting firm. Forvis Mazars has been selected by the Audit Committee to continue as our independent registered public accounting firm for the upcoming year. They have served as our auditors for 13 years. George Simon is a partner with Forvis. George is here. Any comments, George? That's good. No comments from your auditor is a good thing. Brian, will you please report on the results of the voting?

As to that proposal, there were 29,683,296 shares, representing 88.41% of the shares outstanding voted for the proposal. It has been approved.

Okay, Proposal 3 is the advisory vote to approve executive compensation. Any discussion of this proposal? Brian, would you please report on the results of the voting?

As to the Proposal #3, 28,660,802 shares or 98.15% of the shares represented at the meeting voted for the proposal. It has been approved.

Okay. That concludes the business portion of our meeting. David Harlow is here. And David come on up. Here's a microphone.

All right. Well, I'll -- since I'm kind of preaching to the acquire here, I'll be brief. But I'm going to focus on kind of just our results overall. But before I do that, I want to really talk about the reason for our results. And it's really our -- I believe our 2,200-plus employees that we have, the markets that we serve in our model. Our model been pushing decision-making out to the field, which is unique for a bank our size and at times can be challenging, but I do believe it is the reason why we enjoy the results I'm going to share with you here shortly. So Felicia, next slide. Okay. So here's just a 3-year history, a couple of things I'd like to point out. On looking at 2025, obviously, had a -- this is our fifth year in a row of record earnings, earned just a little bit north of $240 million. Our net interest income of $490 million and our non-interest income of $200 million, 30% of our revenue being non-interest income and a bank our size is unique in an outlier. I just want to point that out. It's our treasury income, our trust business, our insurance mortgage company, all of those fee-generating businesses that we enjoy really is a unique thing for a bank our size and our peer group. Again, a record year of $7.11 diluted EPS, good growth in tangible book value. I'll talk about that in a minute. Ended the year with assets a little over $14 billion. You can look at our 3-year history for loan growth there, $7.6 billion back in '23, a nice kind of $400 million increase in '24 and up to $8.5 billion in '25, so another $500 million in growth there. I would point out we did prior to year-end '25, closed our acquisition of ABOK, converted them in the first quarter. That was about a $400 million acquisition for us in Tulsa MSA of Collinsville. ROA, 1.7%, all these ratios and returns, ROE just short of 14% top quartile, top decile for our peer group in all these ratios. To the next slide. EPS, again, 5 years in a row with record earnings, $7.11. Good growth there, good trend lines, obviously. Next slide. So our stock price, the metrics that we look at, obviously, are growing -- if we're growing EPS and we're growing tangible book value per share, doing all the things we've got to do as a regulated business, we're doing our job. And for '25 -- 8-year history, you can see average stock price for the year in 2025, $119, the high and the low there and our tangible book value per share at $49.20 and a 10% compound annual growth rate over the last 8 years, which is very, very, very strong. And our multiple of trading at about 2.2x tangible book our peer groups far less than 2x. And so our -- again, our premium valuation, I believe, comes from our people, our model, we've got about 116 locations we serve in the markets in Oklahoma, 60-plus markets in Oklahoma. Obviously, our Dallas-Fort Worth, our 2 banks in Dallas-Fort Worth Metroplex and their 8 locations. So next slide. Dividend, 31 years in a row of increasing our dividend. You can see the line there is our payout ratio, but you can see the trend line on our dividends per share and obviously anticipate that occurring again this year. Next slide. We always like to look at -- we kind of close with this one. This is our drop to mic kind of closure. But you can see since our IPO in '93, our blue line is our BancFirst stock year-end 2025 there. The orange line is the S&P 500, and the gray and the yellow are the 2 indexes that we are -- that we follow that we are in, the KBW Index and I believe the other one is the KRE. So obviously, we like to talk about delivering above-market returns with below market risk. And I think this slide illustrates that. And I would be happy to answer any questions if there are any. Hearing none. All right.

Thank you, David. Is there anything that else that we need to discuss in the shareholders meeting? Anyone have any questions? Concerns I'd like to bring up? Seeing none, we'll stand adjourn unless there's an objection. And I don't see any objections. Thanks for being here.