BancFirst Corporation (BANF) will raise its quarterly dividend by 42.9 percent to $0.30 per share in 2018, marking the 25th consecutive year of annual dividend increases.

The next dividend is payable October 15, 2018, to shareholders of record on September 28, 2018. The new annual dividend of $1.20 per share yields 1.9% at a stock price of $63.50.

BANF states that both improving net interest income and the recent passage of the Tax Cuts and Jobs Act have markedly increased earnings of the Company. Notwithstanding the large percentage increase, dividend payout relative to earnings remains at prudent levels in comparison to industry peers. Congressional changes to corporate tax rates could affect future dividend levels, according to the company.

BancFirst Corporation is an Oklahoma based financial services holding company. The company's principal subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank.  It has four business units, which include metropolitan banks, community banks, other financial services, and executive, operations and support. BANF also owns BancFirst Insurance Services, Inc., an independent insurance agency, and Council Oak Partners LLC, an Oklahoma limited liability company engaged in investing activities.