Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BANF | |
Entity Registrant Name | BancFirst Corporation | |
Entity Central Index Key | 0000760498 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $1.00 Par Value Per Share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 0-14384 | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 73-1221379 | |
Entity Address, Address Line One | 100 N. Broadway Ave. | |
Entity Address, City or Town | Oklahoma City | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73102-8405 | |
City Area Code | 405 | |
Local Phone Number | 270-1086 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 32,572,217 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 274,057 | $ 280,518 |
Interest-bearing deposits with banks | 3,836,809 | 1,336,394 |
Debt securities held for investment (fair value: $2,984 and $2,984, respectively) | 2,982 | 2,964 |
Debt securities available for sale at fair value | 526,502 | 552,232 |
Loans held for sale | 20,950 | 53,719 |
Loans held for investment (net of unearned interest) | 6,016,936 | 6,394,506 |
Allowance for credit losses | (86,463) | (91,366) |
Loans, net of allowance for credit losses | 5,930,473 | 6,303,140 |
Premises and equipment, net | 268,160 | 261,677 |
Other real estate owned | 38,932 | 32,179 |
Intangible assets, net | 18,325 | 18,999 |
Goodwill | 149,922 | 149,922 |
Accrued interest receivable and other assets | 235,659 | 220,613 |
Total assets | 11,302,771 | 9,212,357 |
Deposits: | ||
Noninterest-bearing | 4,594,324 | 3,790,900 |
Interest-bearing | 5,397,720 | 4,273,804 |
Total deposits | 9,992,044 | 8,064,704 |
Short-term borrowings | 3,500 | 1,100 |
Accrued interest payable and other liabilities | 74,380 | 51,864 |
Subordinated debt | 85,973 | 26,804 |
Total liabilities | 10,155,897 | 8,144,472 |
Stockholders' equity: | ||
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and outstanding: 32,572,217 and 32,719,852, respectively | 32,572 | 32,720 |
Capital surplus | 158,877 | 156,574 |
Retained earnings | 950,560 | 871,161 |
Accumulated other comprehensive income, net of income tax of $1,533 and $2,513, respectively | 4,865 | 7,430 |
Total stockholders' equity | 1,146,874 | 1,067,885 |
Total liabilities and stockholders' equity | 11,302,771 | 9,212,357 |
Senior Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value | ||
Cumulative Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Securities, fair value | $ 2,984 | $ 2,984 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 32,572,217 | 32,719,852 |
Common stock, shares outstanding | 32,572,217 | 32,719,852 |
Accumulated other comprehensive income, net of tax expense (benefit) | $ 1,533 | $ 2,513 |
Senior Preferred Stock [Member] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Cumulative Preferred Stock [Member] | ||
Preferred stock, par value | $ 5 | $ 5 |
Preferred stock, shares authorized | 900,000 | 900,000 |
Preferred stock, shares issued | 0 | 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
INTEREST INCOME | ||||
Loans, including fees | $ 80,249 | $ 76,612 | $ 240,358 | $ 231,985 |
Securities: | ||||
Taxable | 1,484 | 2,032 | 4,779 | 6,665 |
Tax-exempt | 35 | 131 | 175 | 383 |
Interest-bearing deposits with banks | 1,441 | 422 | 2,861 | 5,586 |
Total interest income | 83,209 | 79,197 | 248,173 | 244,619 |
INTEREST EXPENSE | ||||
Deposits | 1,988 | 2,854 | 6,313 | 16,004 |
Short-term borrowings | 1 | 8 | ||
Subordinated debt | 1,031 | 491 | 2,100 | 1,474 |
Total interest expense | 3,019 | 3,345 | 8,414 | 17,486 |
Net interest income | 80,190 | 75,852 | 239,759 | 227,133 |
Provision for (benefit from) credit losses | 1,483 | 18,740 | (8,466) | 57,656 |
Net interest income after provision for/(benefit from) credit losses | 78,707 | 57,112 | 248,225 | 169,477 |
NONINTEREST INCOME | ||||
Securities transactions (includes no accumulated other comprehensive income reclassifications) | 150 | 417 | (545) | |
Income from sales of loans | 1,594 | 1,873 | 5,737 | 4,215 |
Insurance commissions | 6,666 | 5,197 | 17,670 | 15,316 |
Cash management | 3,127 | 3,701 | 9,198 | 12,276 |
Gain on sale of other assets | 34 | (15) | 2,746 | 120 |
Other | 3,299 | 1,610 | 17,665 | 5,624 |
Total noninterest income | 39,786 | 34,575 | 124,339 | 101,802 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 42,267 | 41,995 | 123,836 | 123,977 |
Occupancy, net | 5,086 | 4,503 | 13,962 | 11,888 |
Depreciation | 4,207 | 3,795 | 12,217 | 10,830 |
Amortization of intangible assets | 755 | 968 | 2,357 | 2,900 |
Data processing services | 1,734 | 1,669 | 5,072 | 4,990 |
Net loss/(income) from other real estate owned | 1,810 | 196 | 6,677 | (1,951) |
Marketing and business promotion | 1,796 | 1,485 | 5,323 | 5,325 |
Deposit insurance | 846 | 723 | 2,488 | 1,224 |
Other | 11,713 | 10,749 | 37,268 | 32,936 |
Total noninterest expense | 70,214 | 66,083 | 209,200 | 192,119 |
Income before taxes | 48,279 | 25,604 | 163,364 | 79,160 |
Income tax expense | 9,529 | 4,714 | 33,902 | 14,932 |
Net income | $ 38,750 | $ 20,890 | $ 129,462 | $ 64,228 |
NET INCOME PER COMMON SHARE | ||||
Basic | $ 1.18 | $ 0.64 | $ 3.95 | $ 1.97 |
Diluted | $ 1.16 | $ 0.63 | $ 3.88 | $ 1.94 |
OTHER COMPREHENSIVE (LOSS) GAIN | ||||
Unrealized (losses)/gains on debt securities, net of tax of $172, $335, $980 and $(1,756) respectively | $ (552) | $ (982) | $ (2,565) | $ 5,254 |
Comprehensive income | 38,198 | 19,908 | 126,897 | 69,482 |
Trust Revenue [Member] | ||||
NONINTEREST INCOME | ||||
Revenue | 3,210 | 3,131 | 9,576 | 10,154 |
Service Charges on Deposits [Member] | ||||
NONINTEREST INCOME | ||||
Revenue | $ 21,706 | $ 19,078 | $ 61,330 | $ 54,642 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Securities transactions accumulated other comprehensive income reclassifications | $ 0 | $ 0 | $ 0 | $ 0 |
Unrealized (loss) gain on debt securities, tax | $ 172,000 | $ 335,000 | $ 980,000 | $ (1,756,000) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | COMMON STOCK [Member] | CAPITAL SURPLUS [Member] | RETAINED EARNINGS [Member] | RETAINED EARNINGS [Member]CUMULATIVE EFFECT, PERIOD OF ADOPTION, ADJUSTMENT [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Member] |
Balance at beginning of period at Dec. 31, 2019 | $ 32,694 | $ 153,353 | $ 815,488 | $ 2,270 | $ 3,454 | |
Shares issued for stock options | 44 | 813 | ||||
Shares acquired and canceled | (59) | 3,039 | ||||
Net income | $ 64,228 | $ 64,228 | ||||
Accounting Standards Update Extensible List | us-gaap:AccountingStandardsUpdate201613Member | |||||
Dividends on common stock | $ (32,013) | |||||
Stock-based compensation arrangements | 1,265 | |||||
Net change | 5,254 | |||||
Balance at end of period at Sep. 30, 2020 | 1,043,752 | 32,679 | 155,431 | 846,934 | 8,708 | |
Balance at beginning of period at Jun. 30, 2020 | 32,663 | 154,692 | 837,154 | 9,690 | ||
Shares issued for stock options | 16 | 306 | ||||
Net income | 20,890 | 20,890 | ||||
Dividends on common stock | (11,110) | |||||
Stock-based compensation arrangements | 433 | |||||
Net change | (982) | |||||
Balance at end of period at Sep. 30, 2020 | 1,043,752 | 32,679 | 155,431 | 846,934 | 8,708 | |
Balance at beginning of period at Dec. 31, 2020 | 1,067,885 | 32,720 | 156,574 | 871,161 | 7,430 | |
Shares issued for stock options | 65 | 1,657 | ||||
Shares acquired and canceled | (213) | (11,451) | ||||
Net income | 129,462 | 129,462 | ||||
Dividends on common stock | (34,091) | |||||
Net cash settlement of options | (958) | (4,521) | ||||
Stock-based compensation arrangements | 1,604 | |||||
Net change | (2,565) | |||||
Balance at end of period at Sep. 30, 2021 | 1,146,874 | 32,572 | 158,877 | 950,560 | 4,865 | |
Balance at beginning of period at Jun. 30, 2021 | 32,785 | 158,322 | 935,067 | 5,417 | ||
Shares acquired and canceled | (213) | (11,451) | ||||
Net income | 38,750 | 38,750 | ||||
Dividends on common stock | (11,806) | |||||
Stock-based compensation arrangements | 555 | |||||
Net change | (552) | |||||
Balance at end of period at Sep. 30, 2021 | $ 1,146,874 | $ 32,572 | $ 158,877 | $ 950,560 | $ 4,865 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - RETAINED EARNINGS [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cumulative effect of change in accounting principle tax | $ 925 | |||
Dividend on common stock | $ 0.36 | $ 0.34 | $ 1.04 | $ 0.98 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 129,462 | $ 64,228 |
Adjustments to reconcile to net cash provided by operating activities: | ||
(Benefit from)/provision for credit losses | (8,466) | 57,656 |
Depreciation and amortization | 14,574 | 13,730 |
Net amortization of securities premiums and discounts | 3,069 | (240) |
Realized securities (gains)/losses | (417) | 545 |
Gain on sales of loans | (5,737) | (4,215) |
Cash receipts from the sale of loans originated for sale | 294,387 | 297,690 |
Cash disbursements for loans originated for sale | (277,480) | (309,623) |
Deferred income tax provision/(benefit) | 4,662 | (8,664) |
Gain on sale of other assets | (2,991) | (2,308) |
Decrease/(increase) in interest receivable | 3,894 | (1,084) |
Increase/(decrease) in interest payable | 69 | (1,286) |
Amortization of stock-based compensation arrangements | 1,604 | 1,265 |
Excess tax benefit from stock-based compensation arrangements | (1,622) | (219) |
Other, net | 6,615 | 3,781 |
Net cash provided by operating activities | 161,623 | 111,256 |
INVESTING ACTIVITIES | ||
Net cash received from acquisitions, net of cash paid | 12,442 | 18,397 |
Net cash paid from sale of assets and liabilities, net of cash received | (13,733) | |
Net decrease in federal funds sold | 15,000 | 1,000 |
Purchases of held for investment debt securities | (845) | (1,395) |
Purchases of available for sale debt securities | (251,874) | (455,069) |
Proceeds from maturities, calls and paydowns of held for investment debt securities | 826 | 554 |
Proceeds from maturities, calls and paydowns of available for sale debt securities | 306,231 | 357,845 |
Purchase of equity securities | (490) | (624) |
Proceeds from paydowns and sales of equity securities | 638 | 445 |
Net change in loans | 561,540 | (955,531) |
Purchases of premises, equipment and computer software | (20,859) | (48,317) |
Purchase of tax credits | (4,107) | (731) |
Other, net | 6,454 | 6,565 |
Net cash provided by (used in) investing activities | 611,223 | (1,076,861) |
FINANCING ACTIVITIES | ||
Net change in deposits | 1,708,393 | 967,250 |
Net change in short-term borrowings | 2,400 | (800) |
Proceeds from long-term borrowings | 3,000 | |
Paydown of long-term borrowings | 0 | (3,000) |
Proceeds from issuance of subordinated notes, net of debt issuance costs | 59,150 | |
Issuance of common stock in connection with stock options, net | 1,722 | 857 |
Common stock acquired | (11,664) | (3,098) |
Net cash settlement of options | (5,479) | 0 |
Cash dividends paid | (33,414) | (31,361) |
Net cash provided by financing activities | 1,721,108 | 932,848 |
Net increase/(decrease) in cash, due from banks and interest-bearing deposits | 2,493,954 | (32,757) |
Cash, due from banks and interest-bearing deposits at the beginning of the period | 1,616,912 | 1,868,281 |
Cash, due from banks and interest-bearing deposits at the end of the period | 4,110,866 | 1,835,524 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 8,356 | 18,741 |
Cash paid during the period for income taxes | 27,800 | 22,025 |
Noncash investing and financing activities: | ||
Cash consideration for acquisitions | 21,000 | 2,861 |
Fair value of assets acquired in acquisitions | 283,962 | 47,838 |
Liabilities assumed in acquisitions | 258,165 | 45,040 |
Unpaid common stock dividends declared | $ 11,802 | $ 11,105 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | (1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of BancFirst Corporation and its subsidiaries (the “Company”) conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and general practice within the banking industry. A summary of significant accounting policies can be found in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc., BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements. The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. |
Recent Developments, Including
Recent Developments, Including Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Recent Developments Including Mergers And Acquisitions [Abstract] | |
Recent Developments, Including Mergers and Acquisitions | (2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $ 60 million aggregate principal amount of 3.50 % Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Subordinated Notes”) to various institutional accredited investors. See Note (7) of the Notes to Consolidated Financial Statements for a complete discussion of the Company’s subordinated debt. On May 20, 2021, the Company purchased approximately $ 284 million in total assets, which included approximately $ 195 million in loans, and assumed approximately $ 256 million in deposits and certain other obligations, from The First National Bank and Trust Company of Vinita, Oklahoma for a purchase price of approximately $ 21 million. The Company recorded a bargain purchase gain related to this purchase of approximately $ 4.8 million, which is included in other noninterest income on the statement of comprehensive income and other operating activities on the statement of cash flow. The bargain purchase gain is a noncash item on the statement of cash flow. In addition, the Company recorded expenses related to this purchase of approximately $ 4.8 million, which are included in noninterest expense. As a result of the purchase, the Company recorded a core deposit intangible of approximately $ 1.7 million. The effect of this purchase was included in the consolidated financial statement of the Company from the date of purchase forward. The purchase did not have a material effect on the Company’s consolidated financial statements. The First National Bank and Trust Company of Vinita was a nationally chartered bank with two banking locations in Vinita and Grove, Oklahoma. On January 22, 2021, the Company sold approximately $ 21 million in loans and approximately $ 38 million in deposits from its Hugo, Oklahoma branch to AmeriState Bank in Atoka, Oklahoma. The Company recorded a gain on the transaction of $ 2.5 million, which is included in noninterest income. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | (3) SECURITIES The following table summarizes the amortized cost and estimated fair values of debt securities held for investment: Gross Gross Estimated September 30, 2021 (Dollars in thousands) Mortgage backed securities (1) $ 37 $ 2 $ — $ 39 States and political subdivisions 2,445 — — 2,445 Other securities 500 — — 500 Total $ 2,982 $ 2 $ — $ 2,984 December 31, 2020 Mortgage backed securities (1) $ 59 $ 3 $ — $ 62 States and political subdivisions 2,405 18 ( 1 ) 2,422 Other securities 500 — — 500 Total $ 2,964 $ 21 $ ( 1 ) $ 2,984 The following table summarizes the amortized cost and estimated fair values of debt securities available for sale: Amortized Gross Gross Estimated September 30, 2021 (Dollars in thousands) U.S. treasuries $ 444,695 $ 5,582 $ ( 422 ) $ 449,855 U.S. federal agencies 23,193 354 ( 2 ) 23,545 Mortgage backed securities (1) 33,025 546 ( 10 ) 33,561 States and political subdivisions 5,841 219 ( 1 ) 6,059 Asset backed securities 13,350 132 — 13,482 Total $ 520,104 $ 6,833 $ ( 435 ) $ 526,502 December 31, 2020 U.S. treasuries $ 465,416 $ 9,820 $ — $ 475,236 U.S. federal agencies 19,697 1 ( 60 ) 19,638 Mortgage backed securities (1) 15,268 428 — 15,696 States and political subdivisions 28,571 377 — 28,948 Asset backed securities 13,337 — ( 623 ) 12,714 Total $ 542,289 $ 10,626 $ ( 683 ) $ 552,232 (1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity. September 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 576 $ 576 $ 807 $ 809 After one year but within five years 2,402 2,403 2,091 2,110 After five years but within ten years 4 5 65 64 After ten years — — 1 1 Total $ 2,982 $ 2,984 $ 2,964 $ 2,984 Available for Sale Contractual maturity of debt securities: Within one year $ 104,497 $ 105,174 $ 339,752 $ 341,102 After one year but within five years 351,947 356,554 162,401 171,135 After five years but within ten years 8,595 8,792 3,753 3,910 After ten years 55,065 55,982 36,383 36,085 Total debt securities $ 520,104 $ 526,502 $ 542,289 $ 552,232 The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law: September 30, 2021 December 31, 2020 (Dollars in thousands) Book value of pledged securities $ 462,720 $ 490,833 |
Loans Held for Investment and A
Loans Held for Investment and Allowance for Credit Losses on Loans | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans Held for Investment and Allowance for Credit Losses on Loans | (4) LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES ON LOANS Loans held for investment are summarized by portfolio segment as follows: September 30, 2021 December 31, 2020 Amount Amount (Dollars in thousands) BancFirst Real estate: Commercial real estate owner occupied $ 653,359 $ 641,987 Commercial real estate non-owner occupied 963,544 971,158 Construction and development < 60 months 302,075 229,615 Construction residential real estate < 60 months 227,294 206,195 Residential real estate first lien 877,160 853,316 Residential real estate all other 158,145 168,081 Farmland 270,215 252,958 Commercial and agricultural non-real estate 1,065,973 1,159,810 Consumer non-real estate 383,878 355,405 Oil and gas 118,444 179,355 Other loans (2) 378,161 822,078 Pegasus Bank 618,688 554,548 Total (1) $ 6,016,936 $ 6,394,506 (1) Excludes accrued interest receivable of $ 21.2 million at September 30, 2021 and $ 26.0 million at December 31, 2020, that is recorded in accrued interest receivable and other assets. (2) Includes PPP loans held for investment of $ 201.2 million, net of unamortized processing fees of $ 6.7 million at September 30, 2021 and $ 652.7 million, net of unamortized processing fees of $ 14.5 million at December 31, 2020. Other loans. Other loans consist of loans approved by the Small Business Administration (“SBA”), which include loans funded through the Paycheck Protection Program (“PPP”). Since PPP loans are fully guaranteed by the SBA, there is no expected credit loss related to these loans. In April 2020, the Company began originating loans to qualified small businesses under the PPP administered by the SBA. The Company had processing fees, which were recognized as interest income related to the PPP loans totaling $ 10.0 million and $ 3.8 million during the three months ended September 30, 2021 and 2020 , respectively and $ 31.7 million and $ 7.5 million during the nine months ended September 30, 2021 and 2020, respectively. BancFirst’s loans are mostly to customers within Oklahoma and approximately 57 % of the loans are secured by real estate. Credit risk on loans is managed through limits on amounts loaned to individual and related borrowers, underwriting standards and loan monitoring procedures. The amounts and types of collateral obtained, if any, to secure loans are based upon the Company’s underwriting standards and management’s credit evaluation. Collateral varies, but may include real estate, equipment, accounts receivable, inventory, livestock and securities. The Company’s interest in collateral is secured through filing mortgages and liens, and in some cases, by possession of the collateral. Pegasus Bank’s loans are mostly to customers within Texas and approximately $ 339 million or 55 % of the loans are secured by real estate at September 30, 2021 . Pegasus Bank’s commercial and agricultural non-real estate loans were approximately $ 257 million at September 30, 2021 and approximately $ 262 million at December 31, 2020. BancFirst and Pegasus Bank’s commercial and agricultural non-real estate and oil and gas loan categories include upstream and midstream energy loans, and loans to companies that provide ancillary services to the energy industry, such as transportation, wellsite preparation contractors and equipment manufacturers. Energy loans are summarized as follows: September 30, 2021 December 31, 2020 Amount Amount (Dollars in thousands) BancFirst energy loans Upstream $ 129,838 $ 190,788 Midstream 26,317 49,734 Ancillary services 66,294 59,410 Pegasus Bank energy loans Upstream 107,429 107,103 Midstream 8,797 11,047 Ancillary services 29,928 12,503 Total $ 368,603 $ 430,585 Accounting policies related to appraisals, and charge-offs are disclosed in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Troubled Debt Restructurings, Other Real Estate Owned and Repossessed Assets and Held for Sale Assets The following is a summary of troubled debt restructurings and other real estate owned and repossessed assets: September 30, December 31, 2021 2020 (Dollars in thousands) Troubled debt restructurings $ 7,073 $ 7,784 Other real estate owned and repossessed assets $ 39,060 $ 32,480 The Company charges interest on principal balances outstanding on troubled debt restructurings during deferral periods. The current and future financial effects of the recorded balance of loans considered to be troubled debt restructurings were not considered to be material. During the nine months ended September 30, 2021 , the Company completed the move to its new corporate headquarters and transferred approximately $ 2.4 million from premises and equipment related to its previous headquarters to other real estate owned. During the nine months ended September 30, 2021 , the Company sold property held in other real estate owned for a total gain of $ 245,000 , compared to a total gain of $ 2.3 million in the nine months ended September 30, 2020. Nonaccrual loans Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $ 1.7 million for the nine months ended September 30, 2021 and approximately $ 2.1 million for the nine months ended September 30, 2020. Nonaccrual loans guaranteed by government agencies totaled approximately $ 3.1 million at September 30, 2021 and approximately $ 7.8 million at December 31, 2020. The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment. September 30, 2021 December 31, 2020 (Dollars in thousands) BancFirst Real estate: Commercial real estate owner occupied $ 2,332 $ 1,404 Commercial real estate non-owner occupied 492 4,719 Construction and development < 60 months 83 95 Construction residential real estate < 60 months — — Residential real estate first lien 3,167 3,615 Residential real estate all other 1,184 1,362 Farmland 5,561 7,901 Commercial and agricultural non-real estate 11,048 12,782 Consumer non-real estate 226 268 Oil and gas — — Other loans 2,514 5,399 Pegasus Bank — — Total $ 26,607 $ 37,545 Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents an age analysis of our loans held for investment: Age Analysis of Past Due Loans 30-59 60-89 90 Days Total Current Total Loans Accruing (Dollars in thousands) As of September 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 1,086 $ — $ 968 $ 2,054 $ 651,305 $ 653,359 $ 223 Commercial real estate non-owner occupied 109 — 75 184 963,360 963,544 — Construction and development < 60 months 114 — — 114 301,961 302,075 — Construction residential real estate < 60 months — — — — 227,294 227,294 — Residential real estate first lien 3,832 1,213 2,623 7,668 869,492 877,160 1,268 Residential real estate all other 728 128 1,465 2,321 155,824 158,145 386 Farmland 626 — 3,459 4,085 266,130 270,215 224 Commercial and agricultural non-real estate 1,052 2,026 5,114 8,192 1,057,781 1,065,973 639 Consumer non-real estate 1,098 379 270 1,747 382,131 383,878 221 Oil and gas — — — — 118,444 118,444 — Other loans 5,842 733 3,546 10,121 368,040 378,161 2,225 Pegasus Bank — — — — 618,688 618,688 — Total $ 14,487 $ 4,479 $ 17,520 $ 36,486 $ 5,980,450 $ 6,016,936 $ 5,186 As of December 31, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 1,096 $ 108 $ 1,164 $ 2,368 $ 639,619 $ 641,987 $ — Commercial real estate non-owner occupied 323 — 34 357 970,801 971,158 35 Construction and development < 60 months 511 86 — 597 229,018 229,615 — Construction residential real estate < 60 months 1,106 — 282 1,388 204,807 206,195 282 Residential real estate first lien 5,428 1,463 2,978 9,869 843,447 853,316 945 Residential real estate all other 520 55 1,606 2,181 165,900 168,081 384 Farmland 1,297 344 6,223 7,864 245,094 252,958 135 Commercial and agricultural non-real estate 2,788 1,794 4,345 8,927 1,150,883 1,159,810 465 Consumer non-real estate 2,154 501 534 3,189 352,216 355,405 386 Oil and gas — — — — 179,355 179,355 — Other loans 951 1,223 6,618 8,792 813,286 822,078 2,170 Pegasus Bank — — — — 554,548 554,548 — Total $ 16,174 $ 5,574 $ 23,784 $ 45,532 $ 6,348,974 $ 6,394,506 $ 4,802 Due to the impacts of the COVID-19 pandemic, the Company had approximately $ 58.4 million in modified loans as of September 30, 2021 and $ 81.7 million in modified loans as of December 31, 2020, most of which were secured by commercial real estate. These modifications were undertaken in response to Section 4013 of the CARES Act and the regulatory intent outlined in the Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus and to provide businesses financial flexibility until the economy has time to recover to a more normal level of activity. However, these modifications, which typically involve payment modifications and forbearance, also have the effect of delaying recognition of loans that may ultimately be permanently impaired. The timing and extent of such consequences are difficult to ascertain at this time and are dependent on the duration of the COVID-19 pandemic, the level and success of the government’s economic stimulus, and further regulatory guidance. These modified loans are included in Current Loans in the table above. Credit Quality Indicators The Company considers credit quality indicators to monitor the credit risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical credit loss experience and economic conditions. An internal risk grading system is used to indicate the credit risk of loans. The loan grades used by the Company are for internal risk identification purposes and do not directly correlate to regulatory classification categories or any financial reporting definitions. The general characteristics of the risk grades and the table summarizing our gross loans held for investment by year of origination and internally assigned credit grades as of December 31, 2020, are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company’s revolving loans that are converted to term loans are not material and therefore have not been presented. The following table summarizes our gross loans held for investment by year of origination and internally assigned credit grades as of September 30, 2021: Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (Dollars in thousands) As of September 30, 2021 BancFirst Commercial real estate owner occupied Grade 1 $ 89,910 $ 130,040 $ 78,492 $ 50,380 $ 34,793 $ 98,825 $ 11,514 $ 493,954 Grade 2 24,092 38,773 22,069 9,884 9,466 38,454 7,977 150,715 Grade 3 — 4,096 129 264 471 1,374 — 6,334 Grade 4 337 — 911 452 — 331 325 2,356 Total commercial real estate owner occupied loans 114,339 172,909 101,601 60,980 44,730 138,984 19,816 653,359 Commercial real estate non-owner occupied Grade 1 124,690 210,442 139,681 58,198 36,899 130,688 9,475 710,073 Grade 2 42,653 54,748 44,156 34,292 18,326 41,774 5,150 241,099 Grade 3 7,387 — 3,301 135 237 642 — 11,702 Grade 4 417 — 49 35 — 169 — 670 Total commercial real estate non-owner occupied loans 175,147 265,190 187,187 92,660 55,462 173,273 14,625 963,544 Construction and development < 60 months Grade 1 123,070 37,650 64,046 11,080 2,081 2,775 13,624 254,326 Grade 2 16,597 9,714 13,590 2,099 1,782 600 2,004 46,386 Grade 3 1,273 — — 7 — — — 1,280 Grade 4 — — 58 7 18 — — 83 Total construction and development < 60 months 140,940 47,364 77,694 13,193 3,881 3,375 15,628 302,075 Construction residential real estate < 60 months Grade 1 156,524 38,426 46 — 19 29 222 195,266 Grade 2 21,383 9,425 — 107 — 431 — 31,346 Grade 3 547 135 — — — — — 682 Total construction residential real estate < 60 months 178,454 47,986 46 107 19 460 222 227,294 Residential real estate first lien Grade 1 193,151 168,628 100,936 64,930 47,968 141,503 — 717,116 Grade 2 33,765 25,873 16,379 15,931 9,710 40,834 — 142,492 Grade 3 942 1,523 2,375 2,044 1,350 4,391 — 12,625 Grade 4 49 648 530 1,164 931 1,605 — 4,927 Total residential real estate first lien 227,907 196,672 120,220 84,069 59,959 188,333 — 877,160 Residential real estate all other Grade 1 12,798 14,033 9,976 6,381 4,203 13,338 27,591 88,320 Grade 2 1,355 3,188 1,763 1,563 914 2,284 54,473 65,540 Grade 3 279 102 264 240 709 327 556 2,477 Grade 4 14 183 — 580 13 649 369 1,808 Total residential real estate all other 14,446 17,506 12,003 8,764 5,839 16,598 82,989 158,145 Farmland Grade 1 41,033 40,571 24,326 17,269 13,249 31,871 5,473 173,792 Grade 2 13,328 9,683 24,655 5,522 4,069 12,184 9,628 79,069 Grade 3 2,785 4,069 1,439 319 1,330 1,272 1,973 13,187 Grade 4 773 414 — 2,383 110 209 278 4,167 Total farmland 57,919 54,737 50,420 25,493 18,758 45,536 17,352 270,215 Commercial and agricultural non-real estate Grade 1 222,156 110,551 93,150 46,932 50,431 48,206 216,301 787,727 Grade 2 52,100 37,867 26,032 9,759 3,176 13,683 72,080 214,697 Grade 3 4,577 5,676 1,357 11,555 1,452 623 28,105 53,345 Grade 4 2,675 421 1,607 958 810 1,268 2,465 10,204 Total commercial and agricultural non-real estate 281,508 154,515 122,146 69,204 55,869 63,780 318,951 1,065,973 Consumer non-real estate Grade 1 162,782 96,567 52,943 22,050 7,474 3,033 5,483 350,332 Grade 2 14,402 8,211 3,850 2,083 958 1,450 295 31,249 Grade 3 430 304 633 345 97 45 5 1,859 Grade 4 61 94 206 56 4 17 — 438 Total consumer non-real estate 177,675 105,176 57,632 24,534 8,533 4,545 5,783 383,878 Oil and gas Grade 1 56,060 — 54 59 — — 29,253 85,426 Grade 2 7,790 1,021 64 — — — 8,550 17,425 Grade 3 15,593 — — — — — — 15,593 Total oil and gas 79,443 1,021 118 59 — — 37,803 118,444 Other loans Grade 1 223,041 32,338 23,410 16,745 14,904 34,319 25,442 370,199 Grade 2 — — — — 2,140 3,047 1,010 6,197 Grade 3 — — — 10 — 47 1,052 1,109 Grade 4 — 54 125 — 283 83 111 656 Total other loans 223,041 32,392 23,535 16,755 17,327 37,496 27,615 378,161 Pegasus Bank Grade 1 90,125 92,819 55,004 5,023 14,241 36,338 156,927 450,477 Grade 2 62,861 9,238 17,008 11,199 22,578 6,365 38,605 167,854 Grade 3 251 106 — — — — — 357 Total Pegasus Bank 153,237 102,163 72,012 16,222 36,819 42,703 195,532 618,688 Total loans held for investment $ 1,824,056 $ 1,197,631 $ 824,614 $ 412,040 $ 307,196 $ 715,083 $ 736,316 $ 6,016,936 Allowance for Credit Losses Methodology On January 1, 2020, the Company adopted ASC 326, which replaces the incurred loss methodology for determining its provision for credit losses and allowance for credit losses with an expected loss methodology that is referred to as the CECL model. Upon adoption, the allowance for credit losses was decreased by $ 3.2 million, with no impact to the consolidated statement of income. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist by identifying by portfolio segments, the applicable weighted average life and measuring the allowance for credit losses using the vintage loss analysis adjusted for qualitative factors. The weighted average lives of the Company’s loans segments are disclosed in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The decrease in the allowance for credit loss during 2021 was primarily driven by a reversal of provision during 2021 based on sustained improvements in the economy, both nationally and in Oklahoma, which reduced the amount of expected credit loss within the loan portfolio. This reduction was partially offset by additional allowance for credit loss required by newly acquired loans purchased with credit deterioration. The following table details activity in the allowance for credit losses on loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Allowance for Credit Losses Balance at Initial allowance on loans purchased with credit deterioration Charge- Recoveries Net (Benefit from) /Provision Balance at (Dollars in thousands) Three Months Ended September 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 6,755 $ 93 $ ( 3 ) $ 72 $ 69 $ ( 51 ) $ 6,866 Commercial real estate non-owner occupied 14,490 191 ( 7 ) 67 60 ( 6 ) 14,735 Construction and development < 60 months 2,893 — — 4 4 398 3,295 Construction residential real estate < 60 months 889 — — — — ( 35 ) 854 Residential real estate first lien 2,805 9 ( 4 ) 9 5 186 3,005 Residential real estate all other 1,941 — — 46 46 202 2,189 Farmland 3,715 ( 248 ) — — — 967 4,434 Commercial and agricultural non-real estate 31,615 952 ( 146 ) 43 ( 103 ) ( 859 ) 31,605 Consumer non-real estate 3,315 30 ( 67 ) 49 ( 18 ) 51 3,378 Oil and gas 7,817 — — — — ( 38 ) 7,779 Other loans 3,138 — ( 73 ) — ( 73 ) 239 3,304 Pegasus Bank 4,590 — — — — 429 5,019 Total $ 83,963 $ 1,027 $ ( 300 ) $ 290 $ ( 10 ) $ 1,483 $ 86,463 Nine Months Ended September 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 7,035 $ 1,080 $ ( 3 ) $ 73 $ 70 $ ( 1,319 ) $ 6,866 Commercial real estate non-owner occupied 11,842 824 ( 803 ) 67 ( 736 ) 2,805 14,735 Construction and development < 60 months 2,560 173 — 9 9 553 3,295 Construction residential real estate < 60 months 627 — — — — 227 854 Residential real estate first lien 2,570 126 ( 56 ) 36 ( 20 ) 329 3,005 Residential real estate all other 2,230 — ( 46 ) 50 4 ( 45 ) 2,189 Farmland 3,136 395 — 1 1 902 4,434 Commercial and agricultural non-real estate 32,400 5,663 ( 3,683 ) 194 ( 3,489 ) ( 2,969 ) 31,605 Consumer non-real estate 3,377 38 ( 689 ) 247 ( 442 ) 405 3,378 Oil and gas 17,851 — — — — ( 10,072 ) 7,779 Other loans 3,182 — ( 134 ) — ( 134 ) 256 3,304 Pegasus Bank 4,556 — — 1 1 462 5,019 Total $ 91,366 $ 8,299 $ ( 5,414 ) $ 678 $ ( 4,736 ) $ ( 8,466 ) $ 86,463 Allowance for Credit Losses Balance at Impact of CECL adoption Initial allowance on loans purchased with credit deterioration Charge- Recoveries Net Provision for /(benefit from) credit losses on loans Balance at (Dollars in thousands) Three Months Ended September 30, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 6,630 $ — $ — $ ( 24 ) $ 1 $ ( 23 ) $ 1,287 $ 7,894 Commercial real estate non-owner occupied 9,483 — — ( 87 ) — ( 87 ) 5,508 14,904 Construction and development < 60 months 1,755 — — — 3 3 ( 169 ) 1,589 Construction residential real estate < 60 months 2,259 — — ( 368 ) — ( 368 ) 769 2,660 Residential real estate first lien 8,553 — — ( 133 ) 5 ( 128 ) 1,839 10,264 Residential real estate all other 2,720 — — ( 84 ) 1 ( 83 ) 219 2,856 Farmland 2,511 — — ( 3 ) — ( 3 ) 1,902 4,410 Commercial and agricultural non-real estate 34,036 — — ( 594 ) 13 ( 581 ) 2,463 35,918 Consumer non-real estate 4,714 — — ( 195 ) 43 ( 152 ) 539 5,101 Oil and gas 10,469 — — — — — 3,055 13,524 Other loans 2,513 — — ( 100 ) 8 ( 92 ) 800 3,221 Pegasus Bank 3,857 — — ( 600 ) — ( 600 ) 528 3,785 Total $ 89,500 $ — $ — $ ( 2,188 ) $ 74 $ ( 2,114 ) $ 18,740 $ 106,126 Nine Months Ended September 30, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 5,625 $ ( 2,806 ) $ 432 $ ( 137 ) $ 2 $ ( 135 ) $ 4,778 $ 7,894 Commercial real estate non-owner occupied 8,358 ( 5,507 ) — ( 87 ) — ( 87 ) 12,140 14,904 Construction and development < 60 months 2,214 ( 1,056 ) — ( 59 ) 6 ( 53 ) 484 1,589 Construction residential real estate < 60 months 1,933 ( 778 ) — ( 397 ) — ( 397 ) 1,902 2,660 Residential real estate first lien 8,692 ( 3,831 ) 7 ( 351 ) 11 ( 340 ) 5,736 10,264 Residential real estate all other 2,767 ( 1,408 ) — ( 116 ) 29 ( 87 ) 1,584 2,856 Farmland 2,821 ( 1,408 ) 1 ( 3 ) — ( 3 ) 2,999 4,410 Commercial and agricultural non-real estate 13,462 13,195 62 ( 968 ) 96 ( 872 ) 10,071 35,918 Consumer non-real estate 3,252 ( 622 ) — ( 751 ) 157 ( 594 ) 3,065 5,101 Oil and gas 1,883 ( 1,346 ) — — — — 12,987 13,524 Other loans 2,632 ( 116 ) — ( 100 ) 10 ( 90 ) 795 3,221 Pegasus Bank 599 2,488 — ( 841 ) 424 ( 417 ) 1,115 3,785 Total $ 54,238 $ ( 3,195 ) $ 502 $ ( 3,810 ) $ 735 $ ( 3,075 ) $ 57,656 $ 106,126 Purchased Credit Deteriorated Loans The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The credit-deteriorated loans purchased during the nine months ended September 30, 2021 and 2020 were as follows: Loans acquired (Dollars in thousands) For the period ended September 30, 2021 Purchase price of loans at acquisition $ 39,284 Allowance for credit losses at acquisition 8,299 Par value of acquired loans at acquisition $ 47,583 For the period ended September 30, 2020 Purchase price of loans at acquisition $ 1,761 Allowance for credit losses at acquisition 502 Par value of acquired loans at acquisition $ 2,263 Collateral Dependent Loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the nine months ended September 30, 2021 and 2020 , no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent. The following table summarizes collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows: Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of September 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 1,913 $ — $ — $ — $ 1,913 $ 692 Commercial real estate non-owner occupied 806 — — — 806 237 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 927 — — — 927 162 Residential real estate all other 1,190 — — — 1,190 803 Farmland 8,042 — — — 8,042 2,257 Commercial and agricultural non-real estate — 7,017 747 5,724 13,488 5,636 Consumer non-real estate — — — 82 82 26 Oil and gas — — — — — — Other loans — 10 — — 10 10 Pegasus Bank — — — — — — Total collateral-dependent loans held for investment $ 12,878 $ 7,027 $ 747 $ 5,806 $ 26,458 $ 9,823 Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 848 $ — $ — $ — $ 848 $ 226 Commercial real estate non-owner occupied 4,719 — — — 4,719 1,000 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 860 — — — 860 151 Residential real estate all other 866 — — — 866 616 Farmland 3,258 — — — 3,258 1,114 Commercial and agricultural non-real estate — 8,460 — 413 8,873 2,813 Consumer non-real estate — — — 109 109 58 Oil and gas — — — — — — Other loans — 13 — — 13 12 Pegasus Bank 1,257 — — — 1,257 222 Total collateral-dependent loans held for investment $ 11,808 $ 8,473 $ — $ 522 $ 20,803 $ 6,212 Non-Cash Transfers from Loans and Premises and Equipment Transfers from loans and premises and equipment to other real estate owned and repossessed assets are non-cash transactions, and are not included in the statements of cash flow. Transfers from loans and premises and equipment to other real estate owned and repossessed assets during the periods presented are summarized as follows: Nine Months Ended September 30, 2021 2020 (Dollars in thousands) Other real estate owned $ 10,564 $ 3,458 Repossessed assets 594 965 Total $ 11,158 $ 4,423 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | (5) INTANGIBLE ASSETS AND GOODWILL The following is a summary of intangible assets as of the date listed: Gross Accumulated Net (Dollars in thousands) September 30, 2021 Core deposit intangibles $ 27,433 $ ( 9,607 ) $ 17,826 Customer relationship intangibles 3,350 ( 2,851 ) 499 Total $ 30,783 $ ( 12,458 ) $ 18,325 December 31, 2020 Core deposit intangibles $ 33,411 $ ( 15,076 ) $ 18,335 Customer relationship intangibles 3,350 ( 2,686 ) 664 Total $ 36,761 $ ( 17,762 ) $ 18,999 The following is a summary of goodwill by business segment: Other Executive, Metropolitan Community Pegasus Financial Operations Banks Banks Bank Services & Support Consolidated (Dollars in thousands) Nine months ended September 30, 2021 Balance at beginning and end of period $ 13,767 $ 61,212 $ 68,855 $ 5,464 $ 624 $ 149,922 Additional information for intangible assets can be found in Note (7) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 . |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | (6) LEASES Lessee The Company has operating leases, which primarily consist of office space in buildings, ATM locations, storage facilities, parking lots, equipment and land on which it owns certain buildings. The following table presents rent expense for all operating leases, including those rented on a monthly or temporary basis as of the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Rental expense $ 226 $ 504 $ 1,192 $ 1,420 As of September 30, 2021 , right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $ 3.5 million, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $ 3.4 million. As of September 30, 2021 , our operating leases have a weighted-average remaining lease term of 3.4 years and a weighted-average discount rate of 2.7 percent. The following table presents minimum future commitments by year for the Company’s operating leases. Such commitments are reflected as undiscounted values and are reconciled to the discounted present value recognized on the balance sheet. September 30, 2021 (Dollars in thousands) 2021 (three months) $ 362 2022 1,254 2023 750 2024 397 2025 340 Thereafter 926 Total lease payments 4,029 Less imputed Interest ( 602 ) Operating lease liability $ 3,427 Lessor The Company is a lessor of operating leases, which primarily consist of office space in buildings and parking lots. These assets are classified on the balance sheet as premises and equipment. The Company had operating lease revenue of $ 1.1 million and $ 1.3 million for the three months ended September 30, 2021 and 2020 , respectively. The Company had operating lease revenue of $ 3.7 million and $ 4.1 million for the nine months ended September 30, 2021 and 2020, respectively. Lease revenue is included in occupancy, net on the consolidated statement of comprehensive income. The Company does not have operating leases that extend beyond 2030. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases: September 30, 2021 (Dollars in thousands) 2021 (three months) $ 883 2022 2,857 2023 2,636 2024 2,571 2025 1,946 2026-2030 4,467 Total future minimum lease payments $ 15,360 |
Subordinated Debt
Subordinated Debt | 9 Months Ended |
Sep. 30, 2021 | |
Brokers And Dealers [Abstract] | |
Subordinated Debt | (7) SUBORDINATED DEBT In January 2004, the Company established BFC Capital Trust II (“BFC II”), a trust formed under the Delaware Business Trust Act. The Company owns all of the common securities of BFC II. In February 2004, BFC II issued $ 25 million of aggregate liquidation amount of 7.20 % Cumulative Trust Preferred Securities (the “Cumulative Trust Preferred Securities”) to other investors. In March 2004, BFC II issued an additional $ 1 million in Cumulative Trust Preferred Securities through the execution of an over-allotment option. The proceeds from the sale of the Cumulative Trust Preferred Securities and the common securities of BFC II were invested in $ 26.8 million of 7.20 % Junior Subordinated Debentures of the Company. Interest payments on the $ 26.8 million of 7.20 % Junior Subordinated Debentures are payable January 15, April 15, July 15 and October 15 of each year. Such interest payments may be deferred for up to twenty consecutive quarters. The stated maturity date of the $ 26.8 million of 7.20 % Junior Subordinated Debentures is March 31, 2034 , but they are subject to mandatory redemption pursuant to optional prepayment terms. The Cumulative Trust Preferred Securities represent an undivided interest in the $ 26.8 million of 7.20 % Junior Subordinated Debentures and are guaranteed by the Company. During any deferral period or during any event of default, the Company may not declare or pay any dividends on any of its capital stock. The Cumulative Trust Preferred Securities were callable at par, in whole or in part, after March 31, 2009. On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $ 60 million aggregate principal amount of 3.50 % Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Subordinated Notes”) to various institutional accredited investors. The sale of the Subordinated Notes was pursuant to a Subordinated Note Purchase Agreement entered into with each of the investors. The Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. The net proceeds to the Company from the sale of the Subordinated Notes were approximately $ 59.15 million after deducting commissions and offering expenses of $ 850,000 . The Company expects to use the proceeds from the sale of the Subordinated Notes for general corporate purposes. The Subordinated Notes will initially bear interest at a fixed rate of 3.50 % per annum, from and including June 17, 2021 to but excluding June 30, 2031, payable semi-annually in arrears on June 30 and December 31 of each year , commencing December 31, 2021 . Then, from and including June 30, 2031, to but excluding the maturity date, the Subordinated Notes will bear interest at a floating rate equal to the benchmark (initially, three-month term SOFR), reset quarterly, plus a spread of 229 basis points, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Subordinated Notes mature on June 30, 2036 . The Company may, at its option, beginning with the interest payment date of June 30, 2031, and on any scheduled interest payment date thereafter, redeem the Subordinated Notes, in whole or in part. In addition, the Company may redeem all, but not less than all, of the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event” (each as defined in the Subordinated Notes). Any such redemption is subject to obtaining the prior approval of the Board of Governors of the Federal Reserve System (or its designee). The redemption price with respect to any such redemption will be equal to 100 % of the principal amount of the Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest, if any, thereon to, but excluding, the redemption date. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (8) STOCK-BASED COMPENSATION The Company has had a nonqualified incentive stock option plan, the BancFirst Corporation Stock Option Plan (the “Employee Plan”), since May 1986. At September 30, 2021 , there were 186,000 shares available for future grants. The Employee Plan will terminate on December 31, 2024 , if not extended. The options vest and are exercisable beginning four years from the date of grant at the rate of 25 % per year for four years . Options expire no later than the end of fifteen years from the date of grant . The option price must be no less than 100 % of the fair value of the stock relating to such option at the date of grant. The Company has had the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “Non-Employee Directors’ Plan”) since June 1999. Each non-employee director is granted an option for 10,000 shares. At September 30, 2021 , there were 40,000 shares available for future grants. The Non-Employee Directors’ Plan will terminate on December 31, 2024 , if not extended. The options vest and are exercisable beginning one year from the date of grant at the rate of 25 % per year for four years , and expire no later than the end of fifteen years from the date of grant. The option price must be no less than 100 % of the fair value of the stock relating to such option at the date of grant. The Company currently uses newly issued shares for stock option exercises, but reserves the right to use shares purchased under the Company’s Stock Repurchase Program (the “SRP”) in the future. Although not required or expected, the Company may settle some options in cash on a limited basis at the discretion of the Company. During the nine months ended September 30, 2021 , the Company had cash settlements for 121,330 shares for a total net cash settlement of options of $ 5.5 million that did not increase the outstanding shares of the Company. The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan: Wgtd. Avg. Wgtd. Avg. Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (Dollars in thousands, except option data) Nine Months Ended September 30, 2021 Outstanding at December 31, 2020 1,343,080 $ 35.28 Options granted 152,000 61.63 Options exercised ( 183,830 ) 23.82 Options canceled, forfeited, or expired ( 5,000 ) 44.23 Outstanding at September 30, 2021 1,306,250 39.93 8.52 Yrs $ 26,379 Exercisable at September 30, 2021 617,500 27.24 7.15 Yrs $ 20,304 The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Total intrinsic value of options exercised $ — $ 414 $ 7,860 $ 1,140 Cash received from options exercised — 323 4,379 827 Tax benefit realized from options exercised — 105 2,002 290 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model and is based on certain assumptions including risk-free rate of return, dividend yield, stock price volatility and the expected term. The fair value of each option is expensed over its vesting period. The following table is a summary of the Company’s recorded stock-based compensation expense: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Stock-based compensation expense $ 555 $ 433 $ 1,604 $ 1,265 Tax benefit 134 110 386 322 Stock-based compensation expense, net of tax $ 421 $ 323 $ 1,218 $ 943 The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years . The following table shows the unearned stock-based compensation expense: September 30, 2021 (Dollars in thousands) Unearned stock-based compensation expense $ 6,921 The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented: Nine Months Ended 2021 2020 Weighted average grant-date fair value per share of options granted $ 20.92 $ 11.70 Risk-free interest rate 1.30 to 1.74 % 0.64 to 1.13 % Dividend yield 2.00 % 2.00 % Stock price volatility 35.55 to 36.27 % 22.84 to 35.94 % Expected term 10 Yrs 10 Yrs The risk-free interest rate is determined by reference to the spot zero-coupon rate for the U.S. Treasury security with a maturity similar to the expected term of the options. The dividend yield is the expected yield for the expected term. The stock price volatility is estimated from the recent historical volatility of the Company’s stock. The expected term is estimated from the historical option exercise experience. The Company accounts for forfeitures as they occur. The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999. As of September 30, 2021 , there are 37,269 shares available for future issuance under the Deferred Stock Compensation Plan. The Deferred Stock Compensation Plan will terminate on December 31, 2024 , if not extended. Under the plan, directors and members of the community advisory boards of the Company and its subsidiaries may defer up to 100 % of their board fees. They are credited for each deferral with a number of stock units based on the current market price of the Company’s stock, which accumulate in an account until such time as the director or community board member terminates serving as a board member. Shares of common stock of the Company are then distributed to the terminating director or community board member based upon the number of stock units accumulated in his or her account. There were 2,161 and 1,307 shares of common stock distributed from the Deferred Stock Compensation Plan during the nine months ended September 30, 2021 and 2020, respectively. A summary of the accumulated stock units is as follows: September 30, December 31, 2021 2020 Accumulated stock units 152,849 148,278 Average price $ 30.12 $ 28.57 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | (9) STOCKHOLDERS’ EQUITY In November 1999, the Company adopted the SRP. The SRP may be used as a means to increase earnings per share and return on equity. In addition, the SRP may be used to purchase treasury stock for the exercise of stock options or for distributions under the Deferred Stock Compensation Plan, to provide liquidity for optionees to dispose of stock from exercises of their stock options and to provide liquidity for stockholders wishing to sell their stock. All shares repurchased under the SRP have been retired and not held as treasury stock. The timing, price and amount of stock repurchases under the SRP may be determined by management and approved by the Company’s Executive Committee. During September 2021, the SRP was amended to permit the repurchase of an additional 650,000 shares. The following table is a summary of the shares under the program: Nine Months Ended 2021 2020 Number of shares repurchased 212,296 59,284 Average price of shares repurchased $ 54.94 $ 52.26 Shares remaining to be repurchased 500,486 62,782 The Company, BancFirst and Pegasus Bank are subject to risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (“FDIC”). These guidelines are used to evaluate capital adequacy and involve both quantitative and qualitative evaluations of the Company’s, BancFirst’s and Pegasus Bank’s assets, liabilities and certain off-balance-sheet items calculated under regulatory practices. Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s financial statements. Management believes that as of September 30, 2021 , the Company, BancFirst and Pegasus Bank met all capital adequacy requirements to which they are subject. The actual and required capital amounts and ratios are shown in the following table: Required To Be Well For Capital With Capitalized Under Adequacy Capital Conservation Prompt Corrective Actual Purposes Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2021: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,140,098 17.57 % $ 519,044 8.00 % $ 681,245 10.50 % N/A N/A BancFirst 979,699 16.77 % 467,478 8.00 % 613,565 10.50 % $ 584,348 10.00 % Pegasus Bank 80,244 12.53 % 51,251 8.00 % 67,267 10.50 % 64,064 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 973,762 15.01 % $ 291,962 4.50 % $ 454,163 7.00 % N/A N/A BancFirst 886,552 15.17 % 262,957 4.50 % 409,043 7.00 % $ 379,826 6.50 % Pegasus Bank 74,911 11.69 % 28,829 4.50 % 44,845 7.00 % 41,642 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 999,762 15.41 % $ 389,283 6.00 % $ 551,484 8.50 % N/A N/A BancFirst 906,552 15.51 % 350,609 6.00 % 496,696 8.50 % $ 467,478 8.00 % Pegasus Bank 74,911 11.69 % 38,438 6.00 % 54,454 8.50 % 51,251 8.00 % Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 999,762 9.06 % $ 441,402 4.00 % N/A N/A N/A N/A BancFirst 906,552 9.06 % 400,265 4.00 % N/A N/A $ 500,331 5.00 % Pegasus Bank 74,911 7.28 % 41,173 4.00 % N/A N/A 51,466 5.00 % As of September 30, 2021 , the most recent notification from the Federal Reserve Bank of Kansas City and the FDIC categorized BancFirst and Pegasus Bank as “well capitalized” under the prompt corrective action provisions. The Common Equity Tier 1 Capital of the Company, BancFirst and Pegasus Bank includes common stock and related paid-in capital and retained earnings. In connection with the adoption of the Basel III Capital Rules, the election was made to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 Capital. Common Equity Tier 1 Capital for the Company, BancFirst and Pegasus Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities. The Company’s trust preferred securities have continued to be included in Tier 1 capital, as the Company’s total assets do not exceed $ 15 billion. There are no conditions or events since the most recent notification of BancFirst and Pegasus Bank’s capital category that management believes would materially change its category under capital requirements existing as of the report date. In April 2020, the Company began originating loans to qualified small businesses under the PPP administered by the SBA. Federal bank regulatory agencies have issued an interim final rule that permits banks to neutralize the regulatory capital effects of participating in the Paycheck Protection Program Lending Facility (the “PPP Facility”) and clarify that PPP loans have a zero percent risk weight under applicable risk-based capital rules. Specifically, a bank may exclude all PPP loans pledged as collateral to the PPP Facility from its average total consolidated assets for the purposes of calculating its leverage ratio, while PPP loans that are not pledged as collateral to the PPP Facility are included. The PPP loans the Company originated in 2020 and 2021 are included in the calculation of the Company’s leverage ratio as of September 30, 2021 as the Company did not utilize the PPP Facility for funding purposes. On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $ 60 million aggregate principal amount of Subordinated Notes. The Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | (10) NET INCOME PER COMMON SHARE Basic and diluted net income per common share are calculated as follows: Income Shares Per Share (Dollars in thousands, except per share data) Three Months Ended September 30, 2021 Basic Income available to common stockholders $ 38,750 32,744,104 $ 1.18 Dilutive effect of stock options — 523,851 Diluted Income available to common stockholders plus $ 38,750 33,267,955 $ 1.16 Three Months Ended September 30, 2020 Basic Income available to common stockholders $ 20,890 32,668,789 $ 0.64 Dilutive effect of stock options — 500,149 Diluted Income available to common stockholders $ 20,890 33,168,938 $ 0.63 Nine Months Ended September 30, 2021 Basic Income available to common stockholders $ 129,462 32,760,015 $ 3.95 Dilutive effect of stock options — 598,822 Diluted Income available to common stockholders plus $ 129,462 33,358,837 $ 3.88 Nine Months Ended September 30, 2020 Basic Income available to common stockholders $ 64,228 32,666,554 $ 1.97 Dilutive effect of stock options — 523,740 Diluted Income available to common stockholders plus $ 64,228 33,190,294 $ 1.94 The following table shows the number and average exercise price of options that were excluded from the computation of diluted net income per common share for each period because the options were anti-dilutive for the period: Shares Three Months Ended September 30, 2021 533,701 Three Months Ended September 30, 2020 377,071 Nine Months Ended September 30, 2021 161,690 Nine Months Ended September 30, 2020 408,867 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (11) FAIR VALUE MEASUREMENTS Accounting standards define fair value as the price that would be received to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date. FASB Accounting Standards Codification (“ASC”) Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset and liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes certain collaterally dependent loans, repossessed assets, other real estate owned, goodwill and other intangible assets. Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis A description of the valuation methodologies and key inputs used to measure financial assets and financial liabilities at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to the following categories of the Company’s financial assets and financial liabilities. Debt Securities Available for Sale Debt securities classified as available for sale are reported at fair value. U.S. Treasuries are valued using Level 1 inputs. Other debt securities available for sale including U.S. federal agencies, registered mortgage backed debt securities and state and political subdivisions are valued using prices from an independent pricing service utilizing Level 2 data. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company also invests in private label mortgage backed debt securities for which observable information is not readily available. These debt securities are reported at fair value utilizing Level 3 inputs. For these debt securities, management determines the fair value based on replacement cost, the income approach or information provided by outside consultants or lead investors. Discount rates are primarily based on reference to interest rate spreads on comparable debt securities of similar duration and credit rating as determined by the nationally recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar debt securities. The Company reviews the prices for Level 1 and Level 2 debt securities supplied by the independent pricing service for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio debt securities that are esoteric or that have complicated structures. The Company’s portfolio primarily consists of traditional investments including U.S. Treasury obligations, federal agency mortgage pass-through debt securities, general obligation municipal bonds and a small amount of municipal revenue bonds. Pricing for such instruments is fairly generic and is easily obtained. For in-state bond issues that have relatively low issue sizes and liquidity, the Company utilizes the same parameters for pricing mentioned in the preceding paragraph adjusted for the specific issue. Periodically, the Company will validate prices supplied by the independent pricing service by comparison to prices obtained from third party sources. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (Dollars in thousands) September 30, 2021 Debt securities available for sale: U.S. Treasury $ 449,855 $ — $ — $ 449,855 U.S. federal agencies — 23,545 — 23,545 Mortgage-backed securities — 33,561 — 33,561 States and political subdivisions — 5,739 320 6,059 Asset backed securities — 13,482 — 13,482 December 31, 2020 Debt securities available for sale: U.S. Treasury $ 475,236 $ — $ — $ 475,236 U.S. federal agencies — 19,638 — 19,638 Mortgage-backed securities — 15,696 — 15,696 States and political subdivisions — 28,793 155 28,948 Asset backed securities — — 12,714 12,714 The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows: Nine Months Ended September 30, Twelve Months Ended 2021 2020 (Dollars in thousands) Balance at the beginning of the year $ 12,869 $ 12,714 Transfers (to)/from level 2 ( 12,714 ) 1,643 Purchases 240 — Settlements ( 75 ) ( 1,473 ) Total unrealized losses — ( 15 ) Balance at the end of the period $ 320 $ 12,869 The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period. During the nine months ended September 30, 2021, the Company transferred debt securities from Level 3 to Level 2 due to a review of the pricing models that determined some asset backed debt securities to be Level 2. During the year ended December 31, 2020, the Company transferred debt securities from Level 2 to Level 3 due to a review of the pricing models that determined some state and political subdivisions bonds to be Level 3. Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and financial liabilities are reported at fair value utilizing Level 3 inputs. The Company invests in equity securities without readily determinable fair values and utilizes Level 3 inputs. These equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income. Collateral dependent loans are reported at the fair value of the underlying collateral if repayment is dependent on liquidation of the collateral. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. In no case does the fair value of a collateral dependent loan exceed the fair value of the underlying collateral. The collateral dependent loans are adjusted to fair value through a specific allocation of the allowance for credit losses or a direct charge-down of the loan. Repossessed assets, upon initial recognition, are measured and adjusted to fair value through a charge-off to the allowance for possible credit losses based upon the fair value of the repossessed asset. Other real estate owned is revalued at fair value subsequent to initial recognition, with any losses recognized in net expense from other real estate owned. The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period: Total Fair Value Level 3 (Dollars in thousands) As of and for the Year-to-date Period Ended September 30, 2021 Equity securities $ 23,491 Collateral dependent loans 11,858 Repossessed assets 128 Other real estate owned 6,824 As of and for the Year-to-date Period Ended December 31, 2020 Equity securities $ 21,203 Collateral dependent loans 11,347 Repossessed assets 291 Other real estate owned 32,066 Estimated Fair Value of Financial Instruments The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instruments that are not recorded at fair value. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and Cash Equivalents Include: Cash and Due from Banks and Interest-Bearing Deposits with Banks The carrying amount of these short-term instruments is based on a reasonable estimate of fair value. Debt Securities Held for Investment For debt securities held for investment, which are generally traded in secondary markets, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar debt securities making adjustments for credit or liquidity if applicable. Loans Held For Sale The Company originates mortgage loans to be sold. At the time of origination, the acquiring bank has already been determined and the terms of the loan, including interest rate, have already been set by the acquiring bank, allowing the Company to originate the loan at fair value. Mortgage loans are generally sold within 30 days of origination. Loans held for sale are valued using Level 2 inputs. Gains or losses recognized upon the sale of the loans are determined on a specific identification basis. At December 31, 2020, the Company’s principal subsidiary bank, BancFirst, had approximately $ 21.6 million in loans held for sale at its Hugo, Oklahoma branch that were sold to AmeriState Bank in Atoka, Oklahoma in the first quarter of 2021. Loans To determine the fair value of loans, the Company uses an exit price calculation, which takes into account factors such as liquidity, credit and the nonperformance risk of loans. For certain homogeneous categories of loans, such as some residential mortgages, fair values are estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair values of other types of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Deposits The fair values of transaction and savings accounts are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using the rates currently offered for deposits of similar remaining maturities. Short-Term Borrowings The amounts payable on these short-term instruments are reasonable estimates of fair value. Subordinated Debt The fair values of subordinated debt are estimated using the rates that would be charged for subordinated debt of similar remaining maturities. Loan Commitments and Letters of Credit The fair values of commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the terms of the agreements. The fair values of letters of credit are based on fees currently charged for similar agreements. The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows: September 30, December 31, 2021 2020 Carrying Fair Value Carrying Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 4,110,866 $ 4,110,866 $ 1,616,912 $ 1,616,912 Debt securities held for investment 37 39 59 62 Loans held for sale 20,950 20,950 53,719 53,719 Level 3 inputs: Debt securities held for investment 2,945 2,945 2,905 2,922 Loans, net of allowance for credit losses 5,930,473 5,919,882 6,303,140 6,347,803 FINANCIAL LIABILITIES Level 2 inputs: Deposits 9,992,044 10,064,348 8,064,704 8,084,695 Short-term borrowings 3,500 3,500 1,100 1,100 Subordinated debt 85,973 88,072 26,804 30,535 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 3,584 3,115 Letters of credit 560 722 Non-financial Assets and Non-financial Liabilities Measured at Fair Value The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. Certain non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis include intangible assets and other non-financial long-lived assets measured at fair value and adjusted for impairment. These items are evaluated at least annually for impairment. The overall levels of non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis were no t considered to be significant to the Company at September 30, 2021 or December 31, 2020 . |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | (12) SEGMENT INFORMATION The Company evaluates its performance with an internal profitability measurement system that measures the profitability of its business units on a pre-tax basis. The five principal business units are metropolitan banks, community banks, Pegasus Bank, other financial services and executive, operations and support. Metropolitan banks, community banks and Pegasus Bank offer traditional banking products such as commercial and retail lending and a full line of deposit accounts. Metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. Community banks consist of banking locations in communities throughout Oklahoma. Pegasus Bank consists of banking locations in the Dallas metropolitan area. Other financial services are specialty product business units including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions that are not allocated to the other business units. The results of operations and selected financial information for the five business units are as follows: Metropolitan Community Pegasus Other Executive, Eliminations Consolidated (Dollars in thousands) Three Months Ended September 30, 2021 Net interest income $ 18,728 $ 47,817 $ 6,141 $ 8,718 $ ( 1,386 ) $ 172 $ 80,190 Noninterest income 5,681 16,978 359 12,198 45,214 ( 40,644 ) 39,786 Income before taxes 15,072 31,722 2,158 5,069 34,298 ( 40,040 ) 48,279 Three Months Ended September 30, 2020 Net interest income $ 20,476 $ 43,369 $ 5,078 $ 6,816 $ ( 104 ) $ 217 $ 75,852 Noninterest income 4,735 15,149 379 10,882 25,969 ( 22,539 ) 34,575 Income before taxes 6,669 18,257 1,429 3,819 17,158 ( 21,728 ) 25,604 Nine Months Ended September 30, 2021 Net interest income $ 57,909 $ 135,611 $ 17,308 $ 30,057 $ ( 1,784 ) $ 658 $ 239,759 Noninterest income 14,494 48,151 1,098 34,686 156,970 ( 131,060 ) 124,339 Income before taxes 46,598 98,005 5,750 16,240 126,428 ( 129,657 ) 163,364 Nine Months Ended September 30, 2020 Net interest income $ 64,970 $ 131,784 $ 15,662 $ 14,304 $ 196 $ 217 $ 227,133 Noninterest income 14,006 44,843 631 31,100 79,226 ( 68,004 ) 101,802 Income before taxes 20,695 58,225 4,372 17,364 44,793 ( 66,289 ) 79,160 Total Assets: September 30, 2021 $ 3,292,422 $ 6,558,085 $ 1,101,900 $ 120,743 $ 1,570,064 $ ( 1,340,443 ) $ 11,302,771 December 31, 2020 2,729,886 5,527,611 919,572 137,122 1,073,507 ( 1,175,341 ) 9,212,357 The financial information for each business unit is presented on the basis used internally by management to evaluate performance and allocate resources. The Company utilizes a transfer pricing system to allocate the benefit or cost of funds provided or used by the various business units. Certain services provided by the support group to other business units, such as item processing, are allocated at rates approximating the cost of providing the services. Eliminations are adjustments to consolidate the business units and companies. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | (13) SUBSEQUENT EVENT On October 29, 2021, BancFirst Corporation entered into an agreement to acquire Worthington National Bank (“Worthington”). Worthington is a national bank chartered by the Office of the Comptroller of the Currency (OCC) with one location in Arlington, Texas, one location in Colleyville, Texas and two Fort Worth, Texas locations. As of September 30, 2021, Worthington had approximately $ 462.6 million in total assets, $ 269.0 million in loans and $ 421.5 million in deposits. The acquisition is expected to be completed during the first quarter of 2022. Upon acquisition, Worthington will continue to operate as “Worthington National Bank” under a separate OCC charter and remain a separate subsidiary of BancFirst Corporation governed by its existing board of directors. BancFirst Corporation intends to provide an appropriate amount of capital or other support to increase Worthington’s ability to approve larger loans and allow Worthington to continue to grow their assets. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc., BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements. The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment | The following table summarizes the amortized cost and estimated fair values of debt securities held for investment: Gross Gross Estimated September 30, 2021 (Dollars in thousands) Mortgage backed securities (1) $ 37 $ 2 $ — $ 39 States and political subdivisions 2,445 — — 2,445 Other securities 500 — — 500 Total $ 2,982 $ 2 $ — $ 2,984 December 31, 2020 Mortgage backed securities (1) $ 59 $ 3 $ — $ 62 States and political subdivisions 2,405 18 ( 1 ) 2,422 Other securities 500 — — 500 Total $ 2,964 $ 21 $ ( 1 ) $ 2,984 |
Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale | The following table summarizes the amortized cost and estimated fair values of debt securities available for sale: Amortized Gross Gross Estimated September 30, 2021 (Dollars in thousands) U.S. treasuries $ 444,695 $ 5,582 $ ( 422 ) $ 449,855 U.S. federal agencies 23,193 354 ( 2 ) 23,545 Mortgage backed securities (1) 33,025 546 ( 10 ) 33,561 States and political subdivisions 5,841 219 ( 1 ) 6,059 Asset backed securities 13,350 132 — 13,482 Total $ 520,104 $ 6,833 $ ( 435 ) $ 526,502 December 31, 2020 U.S. treasuries $ 465,416 $ 9,820 $ — $ 475,236 U.S. federal agencies 19,697 1 ( 60 ) 19,638 Mortgage backed securities (1) 15,268 428 — 15,696 States and political subdivisions 28,571 377 — 28,948 Asset backed securities 13,337 — ( 623 ) 12,714 Total $ 542,289 $ 10,626 $ ( 683 ) $ 552,232 (1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. |
Maturity of Debt Securities | The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity. September 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 576 $ 576 $ 807 $ 809 After one year but within five years 2,402 2,403 2,091 2,110 After five years but within ten years 4 5 65 64 After ten years — — 1 1 Total $ 2,982 $ 2,984 $ 2,964 $ 2,984 Available for Sale Contractual maturity of debt securities: Within one year $ 104,497 $ 105,174 $ 339,752 $ 341,102 After one year but within five years 351,947 356,554 162,401 171,135 After five years but within ten years 8,595 8,792 3,753 3,910 After ten years 55,065 55,982 36,383 36,085 Total debt securities $ 520,104 $ 526,502 $ 542,289 $ 552,232 |
Company's Book Value of Pledged Debt Securities | The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law: September 30, 2021 December 31, 2020 (Dollars in thousands) Book value of pledged securities $ 462,720 $ 490,833 |
Loans Held for Investment and_2
Loans Held for Investment and Allowance for Credit Losses on Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Summary of Loans Held for Investment by Portfolio Segment | Loans held for investment are summarized by portfolio segment as follows: September 30, 2021 December 31, 2020 Amount Amount (Dollars in thousands) BancFirst Real estate: Commercial real estate owner occupied $ 653,359 $ 641,987 Commercial real estate non-owner occupied 963,544 971,158 Construction and development < 60 months 302,075 229,615 Construction residential real estate < 60 months 227,294 206,195 Residential real estate first lien 877,160 853,316 Residential real estate all other 158,145 168,081 Farmland 270,215 252,958 Commercial and agricultural non-real estate 1,065,973 1,159,810 Consumer non-real estate 383,878 355,405 Oil and gas 118,444 179,355 Other loans (2) 378,161 822,078 Pegasus Bank 618,688 554,548 Total (1) $ 6,016,936 $ 6,394,506 (1) Excludes accrued interest receivable of $ 21.2 million at September 30, 2021 and $ 26.0 million at December 31, 2020, that is recorded in accrued interest receivable and other assets. (2) Includes PPP loans held for investment of $ 201.2 million, net of unamortized processing fees of $ 6.7 million at September 30, 2021 and $ 652.7 million, net of unamortized processing fees of $ 14.5 million at December 31, 2020. |
Summary of Energy Loans | BancFirst and Pegasus Bank’s commercial and agricultural non-real estate and oil and gas loan categories include upstream and midstream energy loans, and loans to companies that provide ancillary services to the energy industry, such as transportation, wellsite preparation contractors and equipment manufacturers. Energy loans are summarized as follows: September 30, 2021 December 31, 2020 Amount Amount (Dollars in thousands) BancFirst energy loans Upstream $ 129,838 $ 190,788 Midstream 26,317 49,734 Ancillary services 66,294 59,410 Pegasus Bank energy loans Upstream 107,429 107,103 Midstream 8,797 11,047 Ancillary services 29,928 12,503 Total $ 368,603 $ 430,585 |
Summary of Troubled Debt Restructurings and Other Real Estate Owned and Repossessed Assets | The following is a summary of troubled debt restructurings and other real estate owned and repossessed assets: September 30, December 31, 2021 2020 (Dollars in thousands) Troubled debt restructurings $ 7,073 $ 7,784 Other real estate owned and repossessed assets $ 39,060 $ 32,480 |
Summary of Amounts Included in Nonaccrual Loans Segregated by Portfolio Segment | The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment. September 30, 2021 December 31, 2020 (Dollars in thousands) BancFirst Real estate: Commercial real estate owner occupied $ 2,332 $ 1,404 Commercial real estate non-owner occupied 492 4,719 Construction and development < 60 months 83 95 Construction residential real estate < 60 months — — Residential real estate first lien 3,167 3,615 Residential real estate all other 1,184 1,362 Farmland 5,561 7,901 Commercial and agricultural non-real estate 11,048 12,782 Consumer non-real estate 226 268 Oil and gas — — Other loans 2,514 5,399 Pegasus Bank — — Total $ 26,607 $ 37,545 |
Age Analysis of Loans Held for Investments | Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents an age analysis of our loans held for investment: Age Analysis of Past Due Loans 30-59 60-89 90 Days Total Current Total Loans Accruing (Dollars in thousands) As of September 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 1,086 $ — $ 968 $ 2,054 $ 651,305 $ 653,359 $ 223 Commercial real estate non-owner occupied 109 — 75 184 963,360 963,544 — Construction and development < 60 months 114 — — 114 301,961 302,075 — Construction residential real estate < 60 months — — — — 227,294 227,294 — Residential real estate first lien 3,832 1,213 2,623 7,668 869,492 877,160 1,268 Residential real estate all other 728 128 1,465 2,321 155,824 158,145 386 Farmland 626 — 3,459 4,085 266,130 270,215 224 Commercial and agricultural non-real estate 1,052 2,026 5,114 8,192 1,057,781 1,065,973 639 Consumer non-real estate 1,098 379 270 1,747 382,131 383,878 221 Oil and gas — — — — 118,444 118,444 — Other loans 5,842 733 3,546 10,121 368,040 378,161 2,225 Pegasus Bank — — — — 618,688 618,688 — Total $ 14,487 $ 4,479 $ 17,520 $ 36,486 $ 5,980,450 $ 6,016,936 $ 5,186 As of December 31, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 1,096 $ 108 $ 1,164 $ 2,368 $ 639,619 $ 641,987 $ — Commercial real estate non-owner occupied 323 — 34 357 970,801 971,158 35 Construction and development < 60 months 511 86 — 597 229,018 229,615 — Construction residential real estate < 60 months 1,106 — 282 1,388 204,807 206,195 282 Residential real estate first lien 5,428 1,463 2,978 9,869 843,447 853,316 945 Residential real estate all other 520 55 1,606 2,181 165,900 168,081 384 Farmland 1,297 344 6,223 7,864 245,094 252,958 135 Commercial and agricultural non-real estate 2,788 1,794 4,345 8,927 1,150,883 1,159,810 465 Consumer non-real estate 2,154 501 534 3,189 352,216 355,405 386 Oil and gas — — — — 179,355 179,355 — Other loans 951 1,223 6,618 8,792 813,286 822,078 2,170 Pegasus Bank — — — — 554,548 554,548 — Total $ 16,174 $ 5,574 $ 23,784 $ 45,532 $ 6,348,974 $ 6,394,506 $ 4,802 |
Gross Loans Held for Investment by Year of Origination and Internally Assigned Credit Grades | The following table summarizes our gross loans held for investment by year of origination and internally assigned credit grades as of September 30, 2021: Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (Dollars in thousands) As of September 30, 2021 BancFirst Commercial real estate owner occupied Grade 1 $ 89,910 $ 130,040 $ 78,492 $ 50,380 $ 34,793 $ 98,825 $ 11,514 $ 493,954 Grade 2 24,092 38,773 22,069 9,884 9,466 38,454 7,977 150,715 Grade 3 — 4,096 129 264 471 1,374 — 6,334 Grade 4 337 — 911 452 — 331 325 2,356 Total commercial real estate owner occupied loans 114,339 172,909 101,601 60,980 44,730 138,984 19,816 653,359 Commercial real estate non-owner occupied Grade 1 124,690 210,442 139,681 58,198 36,899 130,688 9,475 710,073 Grade 2 42,653 54,748 44,156 34,292 18,326 41,774 5,150 241,099 Grade 3 7,387 — 3,301 135 237 642 — 11,702 Grade 4 417 — 49 35 — 169 — 670 Total commercial real estate non-owner occupied loans 175,147 265,190 187,187 92,660 55,462 173,273 14,625 963,544 Construction and development < 60 months Grade 1 123,070 37,650 64,046 11,080 2,081 2,775 13,624 254,326 Grade 2 16,597 9,714 13,590 2,099 1,782 600 2,004 46,386 Grade 3 1,273 — — 7 — — — 1,280 Grade 4 — — 58 7 18 — — 83 Total construction and development < 60 months 140,940 47,364 77,694 13,193 3,881 3,375 15,628 302,075 Construction residential real estate < 60 months Grade 1 156,524 38,426 46 — 19 29 222 195,266 Grade 2 21,383 9,425 — 107 — 431 — 31,346 Grade 3 547 135 — — — — — 682 Total construction residential real estate < 60 months 178,454 47,986 46 107 19 460 222 227,294 Residential real estate first lien Grade 1 193,151 168,628 100,936 64,930 47,968 141,503 — 717,116 Grade 2 33,765 25,873 16,379 15,931 9,710 40,834 — 142,492 Grade 3 942 1,523 2,375 2,044 1,350 4,391 — 12,625 Grade 4 49 648 530 1,164 931 1,605 — 4,927 Total residential real estate first lien 227,907 196,672 120,220 84,069 59,959 188,333 — 877,160 Residential real estate all other Grade 1 12,798 14,033 9,976 6,381 4,203 13,338 27,591 88,320 Grade 2 1,355 3,188 1,763 1,563 914 2,284 54,473 65,540 Grade 3 279 102 264 240 709 327 556 2,477 Grade 4 14 183 — 580 13 649 369 1,808 Total residential real estate all other 14,446 17,506 12,003 8,764 5,839 16,598 82,989 158,145 Farmland Grade 1 41,033 40,571 24,326 17,269 13,249 31,871 5,473 173,792 Grade 2 13,328 9,683 24,655 5,522 4,069 12,184 9,628 79,069 Grade 3 2,785 4,069 1,439 319 1,330 1,272 1,973 13,187 Grade 4 773 414 — 2,383 110 209 278 4,167 Total farmland 57,919 54,737 50,420 25,493 18,758 45,536 17,352 270,215 Commercial and agricultural non-real estate Grade 1 222,156 110,551 93,150 46,932 50,431 48,206 216,301 787,727 Grade 2 52,100 37,867 26,032 9,759 3,176 13,683 72,080 214,697 Grade 3 4,577 5,676 1,357 11,555 1,452 623 28,105 53,345 Grade 4 2,675 421 1,607 958 810 1,268 2,465 10,204 Total commercial and agricultural non-real estate 281,508 154,515 122,146 69,204 55,869 63,780 318,951 1,065,973 Consumer non-real estate Grade 1 162,782 96,567 52,943 22,050 7,474 3,033 5,483 350,332 Grade 2 14,402 8,211 3,850 2,083 958 1,450 295 31,249 Grade 3 430 304 633 345 97 45 5 1,859 Grade 4 61 94 206 56 4 17 — 438 Total consumer non-real estate 177,675 105,176 57,632 24,534 8,533 4,545 5,783 383,878 Oil and gas Grade 1 56,060 — 54 59 — — 29,253 85,426 Grade 2 7,790 1,021 64 — — — 8,550 17,425 Grade 3 15,593 — — — — — — 15,593 Total oil and gas 79,443 1,021 118 59 — — 37,803 118,444 Other loans Grade 1 223,041 32,338 23,410 16,745 14,904 34,319 25,442 370,199 Grade 2 — — — — 2,140 3,047 1,010 6,197 Grade 3 — — — 10 — 47 1,052 1,109 Grade 4 — 54 125 — 283 83 111 656 Total other loans 223,041 32,392 23,535 16,755 17,327 37,496 27,615 378,161 Pegasus Bank Grade 1 90,125 92,819 55,004 5,023 14,241 36,338 156,927 450,477 Grade 2 62,861 9,238 17,008 11,199 22,578 6,365 38,605 167,854 Grade 3 251 106 — — — — — 357 Total Pegasus Bank 153,237 102,163 72,012 16,222 36,819 42,703 195,532 618,688 Total loans held for investment $ 1,824,056 $ 1,197,631 $ 824,614 $ 412,040 $ 307,196 $ 715,083 $ 736,316 $ 6,016,936 |
Activity in Allowance for Credit Losses on Loans | The following table details activity in the allowance for credit losses on loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Allowance for Credit Losses Balance at Initial allowance on loans purchased with credit deterioration Charge- Recoveries Net (Benefit from) /Provision Balance at (Dollars in thousands) Three Months Ended September 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 6,755 $ 93 $ ( 3 ) $ 72 $ 69 $ ( 51 ) $ 6,866 Commercial real estate non-owner occupied 14,490 191 ( 7 ) 67 60 ( 6 ) 14,735 Construction and development < 60 months 2,893 — — 4 4 398 3,295 Construction residential real estate < 60 months 889 — — — — ( 35 ) 854 Residential real estate first lien 2,805 9 ( 4 ) 9 5 186 3,005 Residential real estate all other 1,941 — — 46 46 202 2,189 Farmland 3,715 ( 248 ) — — — 967 4,434 Commercial and agricultural non-real estate 31,615 952 ( 146 ) 43 ( 103 ) ( 859 ) 31,605 Consumer non-real estate 3,315 30 ( 67 ) 49 ( 18 ) 51 3,378 Oil and gas 7,817 — — — — ( 38 ) 7,779 Other loans 3,138 — ( 73 ) — ( 73 ) 239 3,304 Pegasus Bank 4,590 — — — — 429 5,019 Total $ 83,963 $ 1,027 $ ( 300 ) $ 290 $ ( 10 ) $ 1,483 $ 86,463 Nine Months Ended September 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 7,035 $ 1,080 $ ( 3 ) $ 73 $ 70 $ ( 1,319 ) $ 6,866 Commercial real estate non-owner occupied 11,842 824 ( 803 ) 67 ( 736 ) 2,805 14,735 Construction and development < 60 months 2,560 173 — 9 9 553 3,295 Construction residential real estate < 60 months 627 — — — — 227 854 Residential real estate first lien 2,570 126 ( 56 ) 36 ( 20 ) 329 3,005 Residential real estate all other 2,230 — ( 46 ) 50 4 ( 45 ) 2,189 Farmland 3,136 395 — 1 1 902 4,434 Commercial and agricultural non-real estate 32,400 5,663 ( 3,683 ) 194 ( 3,489 ) ( 2,969 ) 31,605 Consumer non-real estate 3,377 38 ( 689 ) 247 ( 442 ) 405 3,378 Oil and gas 17,851 — — — — ( 10,072 ) 7,779 Other loans 3,182 — ( 134 ) — ( 134 ) 256 3,304 Pegasus Bank 4,556 — — 1 1 462 5,019 Total $ 91,366 $ 8,299 $ ( 5,414 ) $ 678 $ ( 4,736 ) $ ( 8,466 ) $ 86,463 Allowance for Credit Losses Balance at Impact of CECL adoption Initial allowance on loans purchased with credit deterioration Charge- Recoveries Net Provision for /(benefit from) credit losses on loans Balance at (Dollars in thousands) Three Months Ended September 30, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 6,630 $ — $ — $ ( 24 ) $ 1 $ ( 23 ) $ 1,287 $ 7,894 Commercial real estate non-owner occupied 9,483 — — ( 87 ) — ( 87 ) 5,508 14,904 Construction and development < 60 months 1,755 — — — 3 3 ( 169 ) 1,589 Construction residential real estate < 60 months 2,259 — — ( 368 ) — ( 368 ) 769 2,660 Residential real estate first lien 8,553 — — ( 133 ) 5 ( 128 ) 1,839 10,264 Residential real estate all other 2,720 — — ( 84 ) 1 ( 83 ) 219 2,856 Farmland 2,511 — — ( 3 ) — ( 3 ) 1,902 4,410 Commercial and agricultural non-real estate 34,036 — — ( 594 ) 13 ( 581 ) 2,463 35,918 Consumer non-real estate 4,714 — — ( 195 ) 43 ( 152 ) 539 5,101 Oil and gas 10,469 — — — — — 3,055 13,524 Other loans 2,513 — — ( 100 ) 8 ( 92 ) 800 3,221 Pegasus Bank 3,857 — — ( 600 ) — ( 600 ) 528 3,785 Total $ 89,500 $ — $ — $ ( 2,188 ) $ 74 $ ( 2,114 ) $ 18,740 $ 106,126 Nine Months Ended September 30, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 5,625 $ ( 2,806 ) $ 432 $ ( 137 ) $ 2 $ ( 135 ) $ 4,778 $ 7,894 Commercial real estate non-owner occupied 8,358 ( 5,507 ) — ( 87 ) — ( 87 ) 12,140 14,904 Construction and development < 60 months 2,214 ( 1,056 ) — ( 59 ) 6 ( 53 ) 484 1,589 Construction residential real estate < 60 months 1,933 ( 778 ) — ( 397 ) — ( 397 ) 1,902 2,660 Residential real estate first lien 8,692 ( 3,831 ) 7 ( 351 ) 11 ( 340 ) 5,736 10,264 Residential real estate all other 2,767 ( 1,408 ) — ( 116 ) 29 ( 87 ) 1,584 2,856 Farmland 2,821 ( 1,408 ) 1 ( 3 ) — ( 3 ) 2,999 4,410 Commercial and agricultural non-real estate 13,462 13,195 62 ( 968 ) 96 ( 872 ) 10,071 35,918 Consumer non-real estate 3,252 ( 622 ) — ( 751 ) 157 ( 594 ) 3,065 5,101 Oil and gas 1,883 ( 1,346 ) — — — — 12,987 13,524 Other loans 2,632 ( 116 ) — ( 100 ) 10 ( 90 ) 795 3,221 Pegasus Bank 599 2,488 — ( 841 ) 424 ( 417 ) 1,115 3,785 Total $ 54,238 $ ( 3,195 ) $ 502 $ ( 3,810 ) $ 735 $ ( 3,075 ) $ 57,656 $ 106,126 |
Purchased Credit Deteriorated Loans | The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The credit-deteriorated loans purchased during the nine months ended September 30, 2021 and 2020 were as follows: Loans acquired (Dollars in thousands) For the period ended September 30, 2021 Purchase price of loans at acquisition $ 39,284 Allowance for credit losses at acquisition 8,299 Par value of acquired loans at acquisition $ 47,583 For the period ended September 30, 2020 Purchase price of loans at acquisition $ 1,761 Allowance for credit losses at acquisition 502 Par value of acquired loans at acquisition $ 2,263 |
Collateral-Dependent Gross Loans Held for Investment by Collateral Type and Related Specific Allocation | The following table summarizes collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows: Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of September 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 1,913 $ — $ — $ — $ 1,913 $ 692 Commercial real estate non-owner occupied 806 — — — 806 237 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 927 — — — 927 162 Residential real estate all other 1,190 — — — 1,190 803 Farmland 8,042 — — — 8,042 2,257 Commercial and agricultural non-real estate — 7,017 747 5,724 13,488 5,636 Consumer non-real estate — — — 82 82 26 Oil and gas — — — — — — Other loans — 10 — — 10 10 Pegasus Bank — — — — — — Total collateral-dependent loans held for investment $ 12,878 $ 7,027 $ 747 $ 5,806 $ 26,458 $ 9,823 Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 848 $ — $ — $ — $ 848 $ 226 Commercial real estate non-owner occupied 4,719 — — — 4,719 1,000 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 860 — — — 860 151 Residential real estate all other 866 — — — 866 616 Farmland 3,258 — — — 3,258 1,114 Commercial and agricultural non-real estate — 8,460 — 413 8,873 2,813 Consumer non-real estate — — — 109 109 58 Oil and gas — — — — — — Other loans — 13 — — 13 12 Pegasus Bank 1,257 — — — 1,257 222 Total collateral-dependent loans held for investment $ 11,808 $ 8,473 $ — $ 522 $ 20,803 $ 6,212 |
Transfers from Loans and Premises and Equipment to Other Real Estate Owned and Repossessed Assets | Transfers from loans and premises and equipment to other real estate owned and repossessed assets during the periods presented are summarized as follows: Nine Months Ended September 30, 2021 2020 (Dollars in thousands) Other real estate owned $ 10,564 $ 3,458 Repossessed assets 594 965 Total $ 11,158 $ 4,423 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets as of the date listed: Gross Accumulated Net (Dollars in thousands) September 30, 2021 Core deposit intangibles $ 27,433 $ ( 9,607 ) $ 17,826 Customer relationship intangibles 3,350 ( 2,851 ) 499 Total $ 30,783 $ ( 12,458 ) $ 18,325 December 31, 2020 Core deposit intangibles $ 33,411 $ ( 15,076 ) $ 18,335 Customer relationship intangibles 3,350 ( 2,686 ) 664 Total $ 36,761 $ ( 17,762 ) $ 18,999 |
Summary of Goodwill by Business Segment | The following is a summary of goodwill by business segment: Other Executive, Metropolitan Community Pegasus Financial Operations Banks Banks Bank Services & Support Consolidated (Dollars in thousands) Nine months ended September 30, 2021 Balance at beginning and end of period $ 13,767 $ 61,212 $ 68,855 $ 5,464 $ 624 $ 149,922 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Rent Expense of Operating Leases | The following table presents rent expense for all operating leases, including those rented on a monthly or temporary basis as of the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Rental expense $ 226 $ 504 $ 1,192 $ 1,420 |
Schedule of Minimum Future Commitments of Operating Leases | The following table presents minimum future commitments by year for the Company’s operating leases. Such commitments are reflected as undiscounted values and are reconciled to the discounted present value recognized on the balance sheet. September 30, 2021 (Dollars in thousands) 2021 (three months) $ 362 2022 1,254 2023 750 2024 397 2025 340 Thereafter 926 Total lease payments 4,029 Less imputed Interest ( 602 ) Operating lease liability $ 3,427 |
Scheduled of Minimum Future Contractual Rent To be Received Under The Remaining Non-Cancelable Term of Operating Leases | The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases: September 30, 2021 (Dollars in thousands) 2021 (three months) $ 883 2022 2,857 2023 2,636 2024 2,571 2025 1,946 2026-2030 4,467 Total future minimum lease payments $ 15,360 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity Under Stock Option Plan | The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan: Wgtd. Avg. Wgtd. Avg. Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (Dollars in thousands, except option data) Nine Months Ended September 30, 2021 Outstanding at December 31, 2020 1,343,080 $ 35.28 Options granted 152,000 61.63 Options exercised ( 183,830 ) 23.82 Options canceled, forfeited, or expired ( 5,000 ) 44.23 Outstanding at September 30, 2021 1,306,250 39.93 8.52 Yrs $ 26,379 Exercisable at September 30, 2021 617,500 27.24 7.15 Yrs $ 20,304 |
Options Exercised Under Stock Option Plan | The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Total intrinsic value of options exercised $ — $ 414 $ 7,860 $ 1,140 Cash received from options exercised — 323 4,379 827 Tax benefit realized from options exercised — 105 2,002 290 |
Stock-based Employee Compensation Expense | The following table is a summary of the Company’s recorded stock-based compensation expense: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Stock-based compensation expense $ 555 $ 433 $ 1,604 $ 1,265 Tax benefit 134 110 386 322 Stock-based compensation expense, net of tax $ 421 $ 323 $ 1,218 $ 943 |
Unearned Stock-based Compensation Expense | The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years . The following table shows the unearned stock-based compensation expense: September 30, 2021 (Dollars in thousands) Unearned stock-based compensation expense $ 6,921 |
Assumptions Used for Computing Stock-Based Compensation Expense | The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented: Nine Months Ended 2021 2020 Weighted average grant-date fair value per share of options granted $ 20.92 $ 11.70 Risk-free interest rate 1.30 to 1.74 % 0.64 to 1.13 % Dividend yield 2.00 % 2.00 % Stock price volatility 35.55 to 36.27 % 22.84 to 35.94 % Expected term 10 Yrs 10 Yrs |
Summary of Accumulated Stock Units | A summary of the accumulated stock units is as follows: September 30, December 31, 2021 2020 Accumulated stock units 152,849 148,278 Average price $ 30.12 $ 28.57 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Shares Repurchased Under Stock Purchase Program | The following table is a summary of the shares under the program: Nine Months Ended 2021 2020 Number of shares repurchased 212,296 59,284 Average price of shares repurchased $ 54.94 $ 52.26 Shares remaining to be repurchased 500,486 62,782 |
Required Capital Amounts and Company's Respective Ratios | The actual and required capital amounts and ratios are shown in the following table: Required To Be Well For Capital With Capitalized Under Adequacy Capital Conservation Prompt Corrective Actual Purposes Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2021: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,140,098 17.57 % $ 519,044 8.00 % $ 681,245 10.50 % N/A N/A BancFirst 979,699 16.77 % 467,478 8.00 % 613,565 10.50 % $ 584,348 10.00 % Pegasus Bank 80,244 12.53 % 51,251 8.00 % 67,267 10.50 % 64,064 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 973,762 15.01 % $ 291,962 4.50 % $ 454,163 7.00 % N/A N/A BancFirst 886,552 15.17 % 262,957 4.50 % 409,043 7.00 % $ 379,826 6.50 % Pegasus Bank 74,911 11.69 % 28,829 4.50 % 44,845 7.00 % 41,642 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 999,762 15.41 % $ 389,283 6.00 % $ 551,484 8.50 % N/A N/A BancFirst 906,552 15.51 % 350,609 6.00 % 496,696 8.50 % $ 467,478 8.00 % Pegasus Bank 74,911 11.69 % 38,438 6.00 % 54,454 8.50 % 51,251 8.00 % Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 999,762 9.06 % $ 441,402 4.00 % N/A N/A N/A N/A BancFirst 906,552 9.06 % 400,265 4.00 % N/A N/A $ 500,331 5.00 % Pegasus Bank 74,911 7.28 % 41,173 4.00 % N/A N/A 51,466 5.00 % |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Common Share | Basic and diluted net income per common share are calculated as follows: Income Shares Per Share (Dollars in thousands, except per share data) Three Months Ended September 30, 2021 Basic Income available to common stockholders $ 38,750 32,744,104 $ 1.18 Dilutive effect of stock options — 523,851 Diluted Income available to common stockholders plus $ 38,750 33,267,955 $ 1.16 Three Months Ended September 30, 2020 Basic Income available to common stockholders $ 20,890 32,668,789 $ 0.64 Dilutive effect of stock options — 500,149 Diluted Income available to common stockholders $ 20,890 33,168,938 $ 0.63 Nine Months Ended September 30, 2021 Basic Income available to common stockholders $ 129,462 32,760,015 $ 3.95 Dilutive effect of stock options — 598,822 Diluted Income available to common stockholders plus $ 129,462 33,358,837 $ 3.88 Nine Months Ended September 30, 2020 Basic Income available to common stockholders $ 64,228 32,666,554 $ 1.97 Dilutive effect of stock options — 523,740 Diluted Income available to common stockholders plus $ 64,228 33,190,294 $ 1.94 |
Average Exercise Price of Options Excluded from Computation of Diluted Net Income Per Common Share | The following table shows the number and average exercise price of options that were excluded from the computation of diluted net income per common share for each period because the options were anti-dilutive for the period: Shares Three Months Ended September 30, 2021 533,701 Three Months Ended September 30, 2020 377,071 Nine Months Ended September 30, 2021 161,690 Nine Months Ended September 30, 2020 408,867 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (Dollars in thousands) September 30, 2021 Debt securities available for sale: U.S. Treasury $ 449,855 $ — $ — $ 449,855 U.S. federal agencies — 23,545 — 23,545 Mortgage-backed securities — 33,561 — 33,561 States and political subdivisions — 5,739 320 6,059 Asset backed securities — 13,482 — 13,482 December 31, 2020 Debt securities available for sale: U.S. Treasury $ 475,236 $ — $ — $ 475,236 U.S. federal agencies — 19,638 — 19,638 Mortgage-backed securities — 15,696 — 15,696 States and political subdivisions — 28,793 155 28,948 Asset backed securities — — 12,714 12,714 |
Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows: Nine Months Ended September 30, Twelve Months Ended 2021 2020 (Dollars in thousands) Balance at the beginning of the year $ 12,869 $ 12,714 Transfers (to)/from level 2 ( 12,714 ) 1,643 Purchases 240 — Settlements ( 75 ) ( 1,473 ) Total unrealized losses — ( 15 ) Balance at the end of the period $ 320 $ 12,869 |
Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period: Total Fair Value Level 3 (Dollars in thousands) As of and for the Year-to-date Period Ended September 30, 2021 Equity securities $ 23,491 Collateral dependent loans 11,858 Repossessed assets 128 Other real estate owned 6,824 As of and for the Year-to-date Period Ended December 31, 2020 Equity securities $ 21,203 Collateral dependent loans 11,347 Repossessed assets 291 Other real estate owned 32,066 |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows: September 30, December 31, 2021 2020 Carrying Fair Value Carrying Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 4,110,866 $ 4,110,866 $ 1,616,912 $ 1,616,912 Debt securities held for investment 37 39 59 62 Loans held for sale 20,950 20,950 53,719 53,719 Level 3 inputs: Debt securities held for investment 2,945 2,945 2,905 2,922 Loans, net of allowance for credit losses 5,930,473 5,919,882 6,303,140 6,347,803 FINANCIAL LIABILITIES Level 2 inputs: Deposits 9,992,044 10,064,348 8,064,704 8,084,695 Short-term borrowings 3,500 3,500 1,100 1,100 Subordinated debt 85,973 88,072 26,804 30,535 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 3,584 3,115 Letters of credit 560 722 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Results of Operations and Selected Financial Information | The results of operations and selected financial information for the five business units are as follows: Metropolitan Community Pegasus Other Executive, Eliminations Consolidated (Dollars in thousands) Three Months Ended September 30, 2021 Net interest income $ 18,728 $ 47,817 $ 6,141 $ 8,718 $ ( 1,386 ) $ 172 $ 80,190 Noninterest income 5,681 16,978 359 12,198 45,214 ( 40,644 ) 39,786 Income before taxes 15,072 31,722 2,158 5,069 34,298 ( 40,040 ) 48,279 Three Months Ended September 30, 2020 Net interest income $ 20,476 $ 43,369 $ 5,078 $ 6,816 $ ( 104 ) $ 217 $ 75,852 Noninterest income 4,735 15,149 379 10,882 25,969 ( 22,539 ) 34,575 Income before taxes 6,669 18,257 1,429 3,819 17,158 ( 21,728 ) 25,604 Nine Months Ended September 30, 2021 Net interest income $ 57,909 $ 135,611 $ 17,308 $ 30,057 $ ( 1,784 ) $ 658 $ 239,759 Noninterest income 14,494 48,151 1,098 34,686 156,970 ( 131,060 ) 124,339 Income before taxes 46,598 98,005 5,750 16,240 126,428 ( 129,657 ) 163,364 Nine Months Ended September 30, 2020 Net interest income $ 64,970 $ 131,784 $ 15,662 $ 14,304 $ 196 $ 217 $ 227,133 Noninterest income 14,006 44,843 631 31,100 79,226 ( 68,004 ) 101,802 Income before taxes 20,695 58,225 4,372 17,364 44,793 ( 66,289 ) 79,160 Total Assets: September 30, 2021 $ 3,292,422 $ 6,558,085 $ 1,101,900 $ 120,743 $ 1,570,064 $ ( 1,340,443 ) $ 11,302,771 December 31, 2020 2,729,886 5,527,611 919,572 137,122 1,073,507 ( 1,175,341 ) 9,212,357 |
Recent Developments, Includin_2
Recent Developments, Including Mergers and Acquisitions - Additional Information (Detail) $ in Thousands | Jun. 17, 2021USD ($) | May 20, 2021USD ($)Location | Jan. 22, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Business Combination Separately Recognized Transactions [Line Items] | |||||
Total assets | $ 11,302,771 | $ 9,212,357 | |||
Loans held for investment (net of unearned interest) | 6,016,936 | 6,394,506 | |||
Deposits | $ 9,992,044 | $ 8,064,704 | |||
First National Bank and Trust [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Total assets | $ 284,000 | ||||
Loans held for investment (net of unearned interest) | 195,000 | ||||
Deposits | 256,000 | ||||
Purchase price | 21,000 | ||||
Bargain purchase gain | 4,800 | ||||
Purchase expenses | 4,800 | ||||
Intangibles assets, net | $ 1,700 | ||||
Subordinated Notes due 2036 [Member] | Private Placement [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Aggregate principal amount | $ 60,000 | ||||
Fixed-to-floating rate | 3.50% | ||||
Debt instrument maturity year | 2036 | ||||
Oklahoma [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Sale of Loans | $ 21,000 | ||||
Deposits sold | 38,000 | ||||
Oklahoma [Member] | Noninterest Income [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Gain on transaction | $ 2,500 | ||||
Oklahoma [Member] | First National Bank and Trust [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Number of banking locations | Location | 2 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,982 | $ 2,964 |
Gross Unrealized Gains | 2 | 21 |
Gross Unrealized Losses | (1) | |
Securities, fair value | 2,984 | 2,984 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 37 | 59 |
Gross Unrealized Gains | 2 | 3 |
Securities, fair value | 39 | 62 |
States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,445 | 2,405 |
Gross Unrealized Gains | 18 | |
Gross Unrealized Losses | (1) | |
Securities, fair value | 2,445 | 2,422 |
Other Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 500 | 500 |
Securities, fair value | $ 500 | $ 500 |
Securities - Summary of Amort_2
Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 520,104 | $ 542,289 |
Gross Unrealized Gains | 6,833 | 10,626 |
Gross Unrealized Losses | (435) | (683) |
Debt securities available for sale | 526,502 | 552,232 |
U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 444,695 | 465,416 |
Gross Unrealized Gains | 5,582 | 9,820 |
Gross Unrealized Losses | (422) | |
Debt securities available for sale | 449,855 | 475,236 |
U.S. Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,193 | 19,697 |
Gross Unrealized Gains | 354 | 1 |
Gross Unrealized Losses | (2) | (60) |
Debt securities available for sale | 23,545 | 19,638 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,025 | 15,268 |
Gross Unrealized Gains | 546 | 428 |
Gross Unrealized Losses | (10) | |
Debt securities available for sale | 33,561 | 15,696 |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,841 | 28,571 |
Gross Unrealized Gains | 219 | 377 |
Gross Unrealized Losses | (1) | |
Debt securities available for sale | 6,059 | 28,948 |
Asset backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,350 | 13,337 |
Gross Unrealized Gains | 132 | |
Gross Unrealized Losses | (623) | |
Debt securities available for sale | $ 13,482 | $ 12,714 |
Securities - Maturity of Debt S
Securities - Maturity of Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Held for Investment, Contractual maturity of debt securities, Amortized Cost | ||
Amortized cost, Within one year | $ 576 | $ 807 |
Amortized cost, After one year but within five years | 2,402 | 2,091 |
Amortized cost, After five years but within ten years | 4 | 65 |
Amortized cost, After ten years | 1 | |
Amortized Cost | 2,982 | 2,964 |
Available for sale, Contractual maturity of debt securities, Amortized Cost | ||
Amortized Cost, Within one year | 104,497 | 339,752 |
Amortized Cost, After one year but within five years | 351,947 | 162,401 |
Amortized Cost, After five years but within ten years | 8,595 | 3,753 |
Amortized Cost, After ten years | 55,065 | 36,383 |
Amortized Cost | 520,104 | 542,289 |
Held for Investment, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 576 | 809 |
Estimated Fair Value, After one year but within five years | 2,403 | 2,110 |
Estimated Fair Value, After five years but within ten years | 5 | 64 |
Estimated Fair Value, After ten years | 1 | |
Estimated Fair Value | 2,984 | 2,984 |
Available for sale, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 105,174 | 341,102 |
Estimated Fair Value, After one year but within five years | 356,554 | 171,135 |
Estimated Fair Value, After five years but within ten years | 8,792 | 3,910 |
Estimated Fair Value, After ten years | 55,982 | 36,085 |
Total debt securities | $ 526,502 | $ 552,232 |
Securities - Company's Book Val
Securities - Company's Book Value of Pledged Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Pledged Financial Instruments Not Separately Reported Securities Pledged By Type Of Security [Abstract] | ||
Book value of pledged securities | $ 462,720 | $ 490,833 |
Loans Held for Investment and_3
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Loans Held for Investment by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | $ 6,016,936 | $ 6,394,506 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 653,359 | 641,987 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 963,544 | 971,158 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 302,075 | 229,615 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 227,294 | 206,195 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 877,160 | 853,316 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 158,145 | 168,081 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 270,215 | 252,958 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 1,065,973 | 1,159,810 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 383,878 | 355,405 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 118,444 | 179,355 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 378,161 | 822,078 |
Pegasus Bank [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 618,688 | $ 554,548 |
Pegasus Bank [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | $ 339,000 |
Loans Held for Investment and_4
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Loans Held for Investment by Portfolio Segment (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accrued interest receivable | $ 21.2 | $ 26 |
Pay check protection program loan held for investment | 201.2 | 652.7 |
Paycheck protection program unamortized processing fees | $ 6.7 | $ 14.5 |
Loans Held for Investment and_5
Loans Held for Investment and Allowance for Credit Losses on Loans - Additional Information (Detail) - USD ($) | Jan. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | May 20, 2021 |
Financing Receivable Recorded Investment [Line Items] | |||||||
Paycheck protection program amortized processing fees recognized as interest income | $ 10,000,000 | $ 3,800,000 | $ 31,700,000 | $ 7,500,000 | |||
Total Loans | 6,016,936,000 | 6,016,936,000 | $ 6,394,506,000 | ||||
Gains (losses) on sale of property held in other real estate owned | 245,000 | 2,300,000 | |||||
Interest income that would have been recognized | 1,700,000 | 2,100,000 | |||||
Decrease in allowance for credit losses upon adoption of ASC 326 | $ 3,200,000 | 3,195,000 | |||||
Commercial Real Estate | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Loans modification | $ 58,400,000 | 58,400,000 | 81,700,000 | ||||
U.S. Federal Agencies [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Nonaccrual loans guaranteed by government agencies | 3,100,000 | 7,800,000 | |||||
Previous Corporate Headquarters [Member] | Other Real Estate Owned [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Transferred premises and equipment to other real estate | $ 2,400,000 | ||||||
First National Bank and Trust [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Total Loans | $ 195,000,000 | ||||||
BancFirst’s [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Percentage of loans secured by real estate | 57.00% | 57.00% | |||||
Pegasus Bank [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Total Loans | $ 618,688,000 | $ 618,688,000 | 554,548,000 | ||||
Decrease in allowance for credit losses upon adoption of ASC 326 | $ (2,488,000) | ||||||
Pegasus Bank [Member] | Real Estate [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Percentage of loans secured by real estate | 55.00% | 55.00% | |||||
Total Loans | $ 339,000,000 | $ 339,000,000 | |||||
Pegasus Bank [Member] | Commercial and Agricultural Non-Real Estate [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Total Loans | $ 257,000,000 | $ 257,000,000 | $ 262,000,000 |
Loans Held for Investment and_6
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Energy Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans held for investment (net of unearned interest) | $ 6,016,936 | $ 6,394,506 |
Pegasus Bank [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans held for investment (net of unearned interest) | 618,688 | 554,548 |
Energy [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans held for investment (net of unearned interest) | 368,603 | 430,585 |
Energy [Member] | BancFirst’s [Member] | Upstream Energy Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans held for investment (net of unearned interest) | 129,838 | 190,788 |
Energy [Member] | BancFirst’s [Member] | Midstream Energy Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans held for investment (net of unearned interest) | 26,317 | 49,734 |
Energy [Member] | BancFirst’s [Member] | Ancillary Services [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans held for investment (net of unearned interest) | 66,294 | 59,410 |
Energy [Member] | Pegasus Bank [Member] | Upstream Energy Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans held for investment (net of unearned interest) | 107,429 | 107,103 |
Energy [Member] | Pegasus Bank [Member] | Midstream Energy Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans held for investment (net of unearned interest) | 8,797 | 11,047 |
Energy [Member] | Pegasus Bank [Member] | Ancillary Services [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans held for investment (net of unearned interest) | $ 29,928 | $ 12,503 |
Loans Held for Investment and_7
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Troubled Debt Restructurings and Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Summary Of Nonperforming And Restructured Assets [Abstract] | ||
Troubled debt restructurings | $ 7,073 | $ 7,784 |
Other real estate owned and repossessed assets | $ 39,060 | $ 32,480 |
Loans Held for Investment and_8
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Amounts Included in Nonaccrual Loans Segregated by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 26,607 | $ 37,545 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 2,332 | 1,404 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 492 | 4,719 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 83 | 95 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 3,167 | 3,615 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 1,184 | 1,362 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 5,561 | 7,901 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 11,048 | 12,782 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 226 | 268 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 2,514 | $ 5,399 |
Loans Held for Investment and_9
Loans Held for Investment and Allowance for Credit Losses on Loans - Age Analysis of Loans Held for Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 36,486 | $ 45,532 |
Current Loans | 5,980,450 | 6,348,974 |
Total Loans | 6,016,936 | 6,394,506 |
Accruing Loans 90 Days or More Past Due | 5,186 | 4,802 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,054 | 2,368 |
Current Loans | 651,305 | 639,619 |
Total Loans | 653,359 | 641,987 |
Accruing Loans 90 Days or More Past Due | 223 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 184 | 357 |
Current Loans | 963,360 | 970,801 |
Total Loans | 963,544 | 971,158 |
Accruing Loans 90 Days or More Past Due | 35 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 114 | 597 |
Current Loans | 301,961 | 229,018 |
Total Loans | 302,075 | 229,615 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 1,388 |
Current Loans | 227,294 | 204,807 |
Total Loans | 227,294 | 206,195 |
Accruing Loans 90 Days or More Past Due | 282 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 7,668 | 9,869 |
Current Loans | 869,492 | 843,447 |
Total Loans | 877,160 | 853,316 |
Accruing Loans 90 Days or More Past Due | 1,268 | 945 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,321 | 2,181 |
Current Loans | 155,824 | 165,900 |
Total Loans | 158,145 | 168,081 |
Accruing Loans 90 Days or More Past Due | 386 | 384 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,085 | 7,864 |
Current Loans | 266,130 | 245,094 |
Total Loans | 270,215 | 252,958 |
Accruing Loans 90 Days or More Past Due | 224 | 135 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 8,192 | 8,927 |
Current Loans | 1,057,781 | 1,150,883 |
Total Loans | 1,065,973 | 1,159,810 |
Accruing Loans 90 Days or More Past Due | 639 | 465 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,747 | 3,189 |
Current Loans | 382,131 | 352,216 |
Total Loans | 383,878 | 355,405 |
Accruing Loans 90 Days or More Past Due | 221 | 386 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 118,444 | 179,355 |
Total Loans | 118,444 | 179,355 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 10,121 | 8,792 |
Current Loans | 368,040 | 813,286 |
Total Loans | 378,161 | 822,078 |
Accruing Loans 90 Days or More Past Due | 2,225 | 2,170 |
Pegasus Bank [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 618,688 | 554,548 |
Total Loans | 618,688 | 554,548 |
Pegasus Bank [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 339,000 | |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 14,487 | 16,174 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,086 | 1,096 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 109 | 323 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 114 | 511 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,106 | |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,832 | 5,428 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 728 | 520 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 626 | 1,297 |
30 to 59 Days Past Due [Member] | Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,052 | 2,788 |
30 to 59 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,098 | 2,154 |
30 to 59 Days Past Due [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 5,842 | 951 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,479 | 5,574 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 108 | |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 86 | |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,213 | 1,463 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 128 | 55 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 344 |
60 to 89 Days Past Due [Member] | Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,026 | 1,794 |
60 to 89 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 379 | 501 |
60 to 89 Days Past Due [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 733 | 1,223 |
90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 17,520 | 23,784 |
90 Days and Greater [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 968 | 1,164 |
90 Days and Greater [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 75 | 34 |
90 Days and Greater [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 282 | |
90 Days and Greater [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,623 | 2,978 |
90 Days and Greater [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,465 | 1,606 |
90 Days and Greater [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,459 | 6,223 |
90 Days and Greater [Member] | Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 5,114 | 4,345 |
90 Days and Greater [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 270 | 534 |
90 Days and Greater [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 3,546 | $ 6,618 |
Loans Held for Investment an_10
Loans Held for Investment and Allowance for Credit Losses on Loans - Gross Loans Held for Investment by Year of Origination and Internally Assigned Credit Grades (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
2021 | $ 1,824,056 | |
2020 | 1,197,631 | |
2019 | 824,614 | |
2018 | 412,040 | |
2017 | 307,196 | |
Prior | 715,083 | |
Revolving Loans Amortized Cost Basis | 736,316 | |
Total Loans | 6,016,936 | $ 6,394,506 |
Pegasus Bank [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 153,237 | |
2020 | 102,163 | |
2019 | 72,012 | |
2018 | 16,222 | |
2017 | 36,819 | |
Prior | 42,703 | |
Revolving Loans Amortized Cost Basis | 195,532 | |
Total Loans | 618,688 | 554,548 |
Pegasus Bank [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 90,125 | |
2020 | 92,819 | |
2019 | 55,004 | |
2018 | 5,023 | |
2017 | 14,241 | |
Prior | 36,338 | |
Revolving Loans Amortized Cost Basis | 156,927 | |
Total Loans | 450,477 | |
Pegasus Bank [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 62,861 | |
2020 | 9,238 | |
2019 | 17,008 | |
2018 | 11,199 | |
2017 | 22,578 | |
Prior | 6,365 | |
Revolving Loans Amortized Cost Basis | 38,605 | |
Total Loans | 167,854 | |
Pegasus Bank [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 251 | |
2020 | 106 | |
Total Loans | 357 | |
Real Estate [Member] | Pegasus Bank [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 339,000 | |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 57,919 | |
2020 | 54,737 | |
2019 | 50,420 | |
2018 | 25,493 | |
2017 | 18,758 | |
Prior | 45,536 | |
Revolving Loans Amortized Cost Basis | 17,352 | |
Total Loans | 270,215 | 252,958 |
Real Estate [Member] | Farmland [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 41,033 | |
2020 | 40,571 | |
2019 | 24,326 | |
2018 | 17,269 | |
2017 | 13,249 | |
Prior | 31,871 | |
Revolving Loans Amortized Cost Basis | 5,473 | |
Total Loans | 173,792 | |
Real Estate [Member] | Farmland [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 13,328 | |
2020 | 9,683 | |
2019 | 24,655 | |
2018 | 5,522 | |
2017 | 4,069 | |
Prior | 12,184 | |
Revolving Loans Amortized Cost Basis | 9,628 | |
Total Loans | 79,069 | |
Real Estate [Member] | Farmland [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 2,785 | |
2020 | 4,069 | |
2019 | 1,439 | |
2018 | 319 | |
2017 | 1,330 | |
Prior | 1,272 | |
Revolving Loans Amortized Cost Basis | 1,973 | |
Total Loans | 13,187 | |
Real Estate [Member] | Farmland [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 773 | |
2020 | 414 | |
2018 | 2,383 | |
2017 | 110 | |
Prior | 209 | |
Revolving Loans Amortized Cost Basis | 278 | |
Total Loans | 4,167 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 114,339 | |
2020 | 172,909 | |
2019 | 101,601 | |
2018 | 60,980 | |
2017 | 44,730 | |
Prior | 138,984 | |
Revolving Loans Amortized Cost Basis | 19,816 | |
Total Loans | 653,359 | 641,987 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 89,910 | |
2020 | 130,040 | |
2019 | 78,492 | |
2018 | 50,380 | |
2017 | 34,793 | |
Prior | 98,825 | |
Revolving Loans Amortized Cost Basis | 11,514 | |
Total Loans | 493,954 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 24,092 | |
2020 | 38,773 | |
2019 | 22,069 | |
2018 | 9,884 | |
2017 | 9,466 | |
Prior | 38,454 | |
Revolving Loans Amortized Cost Basis | 7,977 | |
Total Loans | 150,715 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 4,096 | |
2019 | 129 | |
2018 | 264 | |
2017 | 471 | |
Prior | 1,374 | |
Total Loans | 6,334 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 337 | |
2019 | 911 | |
2018 | 452 | |
Prior | 331 | |
Revolving Loans Amortized Cost Basis | 325 | |
Total Loans | 2,356 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 175,147 | |
2020 | 265,190 | |
2019 | 187,187 | |
2018 | 92,660 | |
2017 | 55,462 | |
Prior | 173,273 | |
Revolving Loans Amortized Cost Basis | 14,625 | |
Total Loans | 963,544 | 971,158 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 124,690 | |
2020 | 210,442 | |
2019 | 139,681 | |
2018 | 58,198 | |
2017 | 36,899 | |
Prior | 130,688 | |
Revolving Loans Amortized Cost Basis | 9,475 | |
Total Loans | 710,073 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 42,653 | |
2020 | 54,748 | |
2019 | 44,156 | |
2018 | 34,292 | |
2017 | 18,326 | |
Prior | 41,774 | |
Revolving Loans Amortized Cost Basis | 5,150 | |
Total Loans | 241,099 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 7,387 | |
2019 | 3,301 | |
2018 | 135 | |
2017 | 237 | |
Prior | 642 | |
Total Loans | 11,702 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 417 | |
2019 | 49 | |
2018 | 35 | |
Prior | 169 | |
Total Loans | 670 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 140,940 | |
2020 | 47,364 | |
2019 | 77,694 | |
2018 | 13,193 | |
2017 | 3,881 | |
Prior | 3,375 | |
Revolving Loans Amortized Cost Basis | 15,628 | |
Total Loans | 302,075 | 229,615 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 123,070 | |
2020 | 37,650 | |
2019 | 64,046 | |
2018 | 11,080 | |
2017 | 2,081 | |
Prior | 2,775 | |
Revolving Loans Amortized Cost Basis | 13,624 | |
Total Loans | 254,326 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 16,597 | |
2020 | 9,714 | |
2019 | 13,590 | |
2018 | 2,099 | |
2017 | 1,782 | |
Prior | 600 | |
Revolving Loans Amortized Cost Basis | 2,004 | |
Total Loans | 46,386 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,273 | |
2020 | 0 | |
2019 | 0 | |
2018 | 7 | |
Total Loans | 1,280 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 58 | |
2018 | 7 | |
2017 | 18 | |
Total Loans | 83 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 178,454 | |
2020 | 47,986 | |
2019 | 46 | |
2018 | 107 | |
2017 | 19 | |
Prior | 460 | |
Revolving Loans Amortized Cost Basis | 222 | |
Total Loans | 227,294 | 206,195 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 156,524 | |
2020 | 38,426 | |
2019 | 46 | |
2017 | 19 | |
Prior | 29 | |
Revolving Loans Amortized Cost Basis | 222 | |
Total Loans | 195,266 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 21,383 | |
2020 | 9,425 | |
2018 | 107 | |
Prior | 431 | |
Total Loans | 31,346 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 547 | |
2020 | 135 | |
Total Loans | 682 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 227,907 | |
2020 | 196,672 | |
2019 | 120,220 | |
2018 | 84,069 | |
2017 | 59,959 | |
Prior | 188,333 | |
Total Loans | 877,160 | 853,316 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 193,151 | |
2020 | 168,628 | |
2019 | 100,936 | |
2018 | 64,930 | |
2017 | 47,968 | |
Prior | 141,503 | |
Total Loans | 717,116 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 33,765 | |
2020 | 25,873 | |
2019 | 16,379 | |
2018 | 15,931 | |
2017 | 9,710 | |
Prior | 40,834 | |
Total Loans | 142,492 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 942 | |
2020 | 1,523 | |
2019 | 2,375 | |
2018 | 2,044 | |
2017 | 1,350 | |
Prior | 4,391 | |
Total Loans | 12,625 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 49 | |
2020 | 648 | |
2019 | 530 | |
2018 | 1,164 | |
2017 | 931 | |
Prior | 1,605 | |
Total Loans | 4,927 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 14,446 | |
2020 | 17,506 | |
2019 | 12,003 | |
2018 | 8,764 | |
2017 | 5,839 | |
Prior | 16,598 | |
Revolving Loans Amortized Cost Basis | 82,989 | |
Total Loans | 158,145 | 168,081 |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 12,798 | |
2020 | 14,033 | |
2019 | 9,976 | |
2018 | 6,381 | |
2017 | 4,203 | |
Prior | 13,338 | |
Revolving Loans Amortized Cost Basis | 27,591 | |
Total Loans | 88,320 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,355 | |
2020 | 3,188 | |
2019 | 1,763 | |
2018 | 1,563 | |
2017 | 914 | |
Prior | 2,284 | |
Revolving Loans Amortized Cost Basis | 54,473 | |
Total Loans | 65,540 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 279 | |
2020 | 102 | |
2019 | 264 | |
2018 | 240 | |
2017 | 709 | |
Prior | 327 | |
Revolving Loans Amortized Cost Basis | 556 | |
Total Loans | 2,477 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 14 | |
2020 | 183 | |
2018 | 580 | |
2017 | 13 | |
Prior | 649 | |
Revolving Loans Amortized Cost Basis | 369 | |
Total Loans | 1,808 | |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 281,508 | |
2020 | 154,515 | |
2019 | 122,146 | |
2018 | 69,204 | |
2017 | 55,869 | |
Prior | 63,780 | |
Revolving Loans Amortized Cost Basis | 318,951 | |
Total Loans | 1,065,973 | 1,159,810 |
Commercial and Agricultural Non-Real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 222,156 | |
2020 | 110,551 | |
2019 | 93,150 | |
2018 | 46,932 | |
2017 | 50,431 | |
Prior | 48,206 | |
Revolving Loans Amortized Cost Basis | 216,301 | |
Total Loans | 787,727 | |
Commercial and Agricultural Non-Real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 52,100 | |
2020 | 37,867 | |
2019 | 26,032 | |
2018 | 9,759 | |
2017 | 3,176 | |
Prior | 13,683 | |
Revolving Loans Amortized Cost Basis | 72,080 | |
Total Loans | 214,697 | |
Commercial and Agricultural Non-Real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 4,577 | |
2020 | 5,676 | |
2019 | 1,357 | |
2018 | 11,555 | |
2017 | 1,452 | |
Prior | 623 | |
Revolving Loans Amortized Cost Basis | 28,105 | |
Total Loans | 53,345 | |
Commercial and Agricultural Non-Real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 2,675 | |
2020 | 421 | |
2019 | 1,607 | |
2018 | 958 | |
2017 | 810 | |
Prior | 1,268 | |
Revolving Loans Amortized Cost Basis | 2,465 | |
Total Loans | 10,204 | |
Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 177,675 | |
2020 | 105,176 | |
2019 | 57,632 | |
2018 | 24,534 | |
2017 | 8,533 | |
Prior | 4,545 | |
Revolving Loans Amortized Cost Basis | 5,783 | |
Total Loans | 383,878 | 355,405 |
Consumer Non-real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 162,782 | |
2020 | 96,567 | |
2019 | 52,943 | |
2018 | 22,050 | |
2017 | 7,474 | |
Prior | 3,033 | |
Revolving Loans Amortized Cost Basis | 5,483 | |
Total Loans | 350,332 | |
Consumer Non-real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 14,402 | |
2020 | 8,211 | |
2019 | 3,850 | |
2018 | 2,083 | |
2017 | 958 | |
Prior | 1,450 | |
Revolving Loans Amortized Cost Basis | 295 | |
Total Loans | 31,249 | |
Consumer Non-real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 430 | |
2020 | 304 | |
2019 | 633 | |
2018 | 345 | |
2017 | 97 | |
Prior | 45 | |
Revolving Loans Amortized Cost Basis | 5 | |
Total Loans | 1,859 | |
Consumer Non-real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 61 | |
2020 | 94 | |
2019 | 206 | |
2018 | 56 | |
2017 | 4 | |
Prior | 17 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 438 | |
Oil and Gas [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 79,443 | |
2020 | 1,021 | |
2019 | 118 | |
2018 | 59 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 37,803 | |
Total Loans | 118,444 | 179,355 |
Oil and Gas [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 56,060 | |
2020 | 0 | |
2019 | 54 | |
2018 | 59 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 29,253 | |
Total Loans | 85,426 | |
Oil and Gas [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 7,790 | |
2020 | 1,021 | |
2019 | 64 | |
Revolving Loans Amortized Cost Basis | 8,550 | |
Total Loans | 17,425 | |
Oil and Gas [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 15,593 | |
Total Loans | 15,593 | |
Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 223,041 | |
2020 | 32,392 | |
2019 | 23,535 | |
2018 | 16,755 | |
2017 | 17,327 | |
Prior | 37,496 | |
Revolving Loans Amortized Cost Basis | 27,615 | |
Total Loans | 378,161 | $ 822,078 |
Other Loans [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 223,041 | |
2020 | 32,338 | |
2019 | 23,410 | |
2018 | 16,745 | |
2017 | 14,904 | |
Prior | 34,319 | |
Revolving Loans Amortized Cost Basis | 25,442 | |
Total Loans | 370,199 | |
Other Loans [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 0 | |
2018 | 0 | |
2017 | 2,140 | |
Prior | 3,047 | |
Revolving Loans Amortized Cost Basis | 1,010 | |
Total Loans | 6,197 | |
Other Loans [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 10 | |
2017 | 0 | |
Prior | 47 | |
Revolving Loans Amortized Cost Basis | 1,052 | |
Total Loans | 1,109 | |
Other Loans [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 54 | |
2019 | 125 | |
2017 | 283 | |
Prior | 83 | |
Revolving Loans Amortized Cost Basis | 111 | |
Total Loans | $ 656 |
Loans Held for Investment an_11
Loans Held for Investment and Allowance for Credit Losses on Loans - Activity in Allowance for Credit Losses on Loans (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | $ 54,238 | $ 83,963 | $ 89,500 | $ 91,366 | $ 54,238 |
Impact of CECL adoption | (3,200) | (3,195) | |||
Initial allowance on loans purchased with credit deterioration | 1,027 | 8,299 | 502 | ||
Charge- offs | (300) | (2,188) | (5,414) | (3,810) | |
Recoveries | 290 | 74 | 678 | 735 | |
Net charge-offs | (10) | (2,114) | (4,736) | (3,075) | |
(Benefit from) provision for credit losses | 1,483 | 18,740 | (8,466) | 57,656 | |
Balance at end of period | 86,463 | 106,126 | 86,463 | 106,126 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 5,625 | 6,755 | 6,630 | 7,035 | 5,625 |
Impact of CECL adoption | (2,806) | ||||
Initial allowance on loans purchased with credit deterioration | 93 | 1,080 | 432 | ||
Charge- offs | (3) | (24) | (3) | (137) | |
Recoveries | 72 | 1 | 73 | 2 | |
Net charge-offs | 69 | (23) | 70 | (135) | |
(Benefit from) provision for credit losses | (51) | 1,287 | (1,319) | 4,778 | |
Balance at end of period | 6,866 | 7,894 | 6,866 | 7,894 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 8,358 | 14,490 | 9,483 | 11,842 | 8,358 |
Impact of CECL adoption | (5,507) | ||||
Initial allowance on loans purchased with credit deterioration | 191 | 824 | |||
Charge- offs | (7) | (87) | (803) | (87) | |
Recoveries | 67 | 67 | |||
Net charge-offs | 60 | (87) | (736) | (87) | |
(Benefit from) provision for credit losses | (6) | 5,508 | 2,805 | 12,140 | |
Balance at end of period | 14,735 | 14,904 | 14,735 | 14,904 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 2,214 | 2,893 | 1,755 | 2,560 | 2,214 |
Impact of CECL adoption | (1,056) | ||||
Initial allowance on loans purchased with credit deterioration | 0 | 173 | |||
Charge- offs | (59) | ||||
Recoveries | 4 | 3 | 9 | 6 | |
Net charge-offs | 4 | 3 | 9 | (53) | |
(Benefit from) provision for credit losses | 398 | (169) | 553 | 484 | |
Balance at end of period | 3,295 | 1,589 | 3,295 | 1,589 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 1,933 | 889 | 2,259 | 627 | 1,933 |
Impact of CECL adoption | (778) | ||||
Charge- offs | (368) | (397) | |||
Net charge-offs | (368) | (397) | |||
(Benefit from) provision for credit losses | (35) | 769 | 227 | 1,902 | |
Balance at end of period | 854 | 2,660 | 854 | 2,660 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 8,692 | 2,805 | 8,553 | 2,570 | 8,692 |
Impact of CECL adoption | (3,831) | ||||
Initial allowance on loans purchased with credit deterioration | 9 | 126 | 7 | ||
Charge- offs | (4) | (133) | (56) | (351) | |
Recoveries | 9 | 5 | 36 | 11 | |
Net charge-offs | 5 | (128) | (20) | (340) | |
(Benefit from) provision for credit losses | 186 | 1,839 | 329 | 5,736 | |
Balance at end of period | 3,005 | 10,264 | 3,005 | 10,264 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 2,767 | 1,941 | 2,720 | 2,230 | 2,767 |
Impact of CECL adoption | (1,408) | ||||
Charge- offs | 0 | (84) | (46) | (116) | |
Recoveries | 46 | 1 | 50 | 29 | |
Net charge-offs | 46 | (83) | 4 | (87) | |
(Benefit from) provision for credit losses | 202 | 219 | (45) | 1,584 | |
Balance at end of period | 2,189 | 2,856 | 2,189 | 2,856 | |
Commercial and Agricultural Non-Real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 13,462 | 31,615 | 34,036 | 32,400 | 13,462 |
Impact of CECL adoption | 13,195 | ||||
Initial allowance on loans purchased with credit deterioration | 952 | 5,663 | 62 | ||
Charge- offs | (146) | (594) | (3,683) | (968) | |
Recoveries | 43 | 13 | 194 | 96 | |
Net charge-offs | (103) | (581) | (3,489) | (872) | |
(Benefit from) provision for credit losses | (859) | 2,463 | (2,969) | 10,071 | |
Balance at end of period | 31,605 | 35,918 | 31,605 | 35,918 | |
Consumer Non-real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 3,252 | 3,315 | 4,714 | 3,377 | 3,252 |
Impact of CECL adoption | (622) | ||||
Initial allowance on loans purchased with credit deterioration | 30 | 38 | |||
Charge- offs | (67) | (195) | (689) | (751) | |
Recoveries | 49 | 43 | 247 | 157 | |
Net charge-offs | (18) | (152) | (442) | (594) | |
(Benefit from) provision for credit losses | 51 | 539 | 405 | 3,065 | |
Balance at end of period | 3,378 | 5,101 | 3,378 | 5,101 | |
Oil and Gas [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 1,883 | 7,817 | 10,469 | 17,851 | 1,883 |
Impact of CECL adoption | (1,346) | ||||
(Benefit from) provision for credit losses | (38) | 3,055 | (10,072) | 12,987 | |
Balance at end of period | 7,779 | 13,524 | 7,779 | 13,524 | |
Other Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 2,632 | 3,138 | 2,513 | 3,182 | 2,632 |
Impact of CECL adoption | (116) | ||||
Charge- offs | (73) | (100) | (134) | (100) | |
Recoveries | 8 | 10 | |||
Net charge-offs | (73) | (92) | (134) | (90) | |
(Benefit from) provision for credit losses | 239 | 800 | 256 | 795 | |
Balance at end of period | 3,304 | 3,221 | 3,304 | 3,221 | |
Farmland [Member] | Real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 2,821 | 3,715 | 2,511 | 3,136 | 2,821 |
Impact of CECL adoption | (1,408) | ||||
Initial allowance on loans purchased with credit deterioration | (248) | 395 | 1 | ||
Charge- offs | (3) | (3) | |||
Recoveries | 0 | 1 | |||
Net charge-offs | 0 | (3) | 1 | (3) | |
(Benefit from) provision for credit losses | 967 | 1,902 | 902 | 2,999 | |
Balance at end of period | 4,434 | 4,410 | 4,434 | 4,410 | |
Pegasus Bank [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | $ 599 | 4,590 | 3,857 | 4,556 | 599 |
Impact of CECL adoption | 2,488 | ||||
Charge- offs | (600) | (841) | |||
Recoveries | 1 | 424 | |||
Net charge-offs | (600) | 1 | (417) | ||
(Benefit from) provision for credit losses | 429 | 528 | 462 | 1,115 | |
Balance at end of period | $ 5,019 | $ 3,785 | $ 5,019 | $ 3,785 |
Loans Held for Investment an_12
Loans Held for Investment and Allowance for Credit Losses on Loans - Purchased Credit Deteriorated Loans (Detail) - Loans Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Purchase price of loans at acquisition | $ 39,284 | $ 1,761 |
Allowance for credit losses at acquisition | 8,299 | 502 |
Par value of acquired loans at acquisition | $ 47,583 | $ 2,263 |
Loans Held for Investment an_13
Loans Held for Investment and Allowance for Credit Losses on Loans - Collateral-dependent Gross Loans Held for Investment by Collateral Type and Related Specific Allocation (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | $ 26,458 | $ 20,803 |
Pegasus Bank [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,257 | |
Real Estate Asset [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 12,878 | 11,808 |
Real Estate Asset [Member] | Pegasus Bank [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,257 | |
Business Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 7,027 | 8,473 |
Energy Reserves [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 747 | |
Other Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 5,806 | 522 |
Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 9,823 | 6,212 |
Specific Allocation [Member] | Pegasus Bank [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 222 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,913 | 848 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 806 | 4,719 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 927 | 860 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,190 | 866 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 8,042 | 3,258 |
Real Estate [Member] | Real Estate Asset [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,913 | 848 |
Real Estate [Member] | Real Estate Asset [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 806 | 4,719 |
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 927 | 860 |
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,190 | 866 |
Real Estate [Member] | Real Estate Asset [Member] | Farmland [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 8,042 | 3,258 |
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 692 | 226 |
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 237 | 1,000 |
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 162 | 151 |
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 803 | 616 |
Real Estate [Member] | Specific Allocation [Member] | Farmland [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 2,257 | 1,114 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 13,488 | 8,873 |
Commercial and Agricultural Non-Real Estate [Member] | Business Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 7,017 | 8,460 |
Commercial and Agricultural Non-Real Estate [Member] | Energy Reserves [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 747 | |
Commercial and Agricultural Non-Real Estate [Member] | Other Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 5,724 | 413 |
Commercial and Agricultural Non-Real Estate [Member] | Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 5,636 | 2,813 |
Consumer Non-real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 82 | 109 |
Consumer Non-real Estate [Member] | Other Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 82 | 109 |
Consumer Non-real Estate [Member] | Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 26 | 58 |
Other Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 10 | 13 |
Other Loans [Member] | Business Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 10 | 13 |
Other Loans [Member] | Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | $ 10 | $ 12 |
Loans Held for Investment an_14
Loans Held for Investment and Allowance for Credit Losses on Loans - Transfers from Loans and Premises and Equipment to Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Noncash Investing And Financing Items [Abstract] | ||
Other real estate owned | $ 10,564 | $ 3,458 |
Repossessed assets | 594 | 965 |
Total | $ 11,158 | $ 4,423 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 30,783 | $ 36,761 |
Accumulated Amortization | (12,458) | (17,762) |
Net Carrying Amount | 18,325 | 18,999 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,433 | 33,411 |
Accumulated Amortization | (9,607) | (15,076) |
Net Carrying Amount | 17,826 | 18,335 |
Customer Relationship Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,350 | 3,350 |
Accumulated Amortization | (2,851) | (2,686) |
Net Carrying Amount | $ 499 | $ 664 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Summary of Goodwill by Business Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 149,922 | $ 149,922 |
Metropolitan Banks [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 13,767 | |
Community Banks [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 61,212 | |
Pegasus Bank [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 68,855 | |
Other Financial Services [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 5,464 | |
Executive, Operations & Support [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 624 |
Leases - Schedule of Rent Expen
Leases - Schedule of Rent Expenses of Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Rent expense | $ 226 | $ 504 | $ 1,192 | $ 1,420 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Right of use lease asset | $ 3,500 | $ 3,500 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | banf:AccruedInterestReceivableAndOtherAssetsMember | banf:AccruedInterestReceivableAndOtherAssetsMember | ||
Operating lease liability | $ 3,427 | $ 3,427 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | banf:AccruedInterestPayableAndOtherLiabilitiesMember | banf:AccruedInterestPayableAndOtherLiabilitiesMember | ||
Operating lease weighted-average remaining lease term | 3 years 4 months 24 days | 3 years 4 months 24 days | ||
Operating lease weighted-average discount rate | 2.70% | 2.70% | ||
Operating lease revenue | $ 1,100 | $ 1,300 | $ 3,700 | $ 4,100 |
Leases - Schedule of Minimum Fu
Leases - Schedule of Minimum Future Commitments of Operating Leases (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
2021 (three months) | $ 362 |
2022 | 1,254 |
2023 | 750 |
2024 | 397 |
2025 | 340 |
Thereafter | 926 |
Total lease payments | 4,029 |
Less imputed Interest | (602) |
Operating lease liability | $ 3,427 |
Leases - Scheduled of Minimum F
Leases - Scheduled of Minimum Future Contractual Rent To be Received Under The Remaining Non-Cancelable Term of Operating Leases (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
2021 (three months) | $ 883 |
2022 | 2,857 |
2023 | 2,636 |
2024 | 2,571 |
2025 | 1,946 |
2026-2030 | 4,467 |
Total future minimum lease payments | $ 15,360 |
Subordinated Debt - Additional
Subordinated Debt - Additional Information (Detail) - USD ($) | Jun. 17, 2021 | Mar. 31, 2004 | Feb. 29, 2004 | Sep. 30, 2021 |
Subordinated Notes due 2036 [Member] | Private Placement [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Interest rate of securities | 3.50% | |||
Debt instrument maturity date | Jun. 30, 2036 | |||
Aggregate principal amount | $ 60,000,000 | |||
Net proceeds from sale of notes | 59,150,000 | |||
Commissions and offering expenses | $ 850,000 | |||
Debt instrument, redemption, description | the Company may redeem all, but not less than all, of the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event” (each as defined in the Subordinated Notes). Any such redemption is subject to obtaining the prior approval of the Board of Governors of the Federal Reserve System (or its designee). The redemption price with respect to any such redemption will be equal to 100% of the principal amount of the Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest, if any, thereon to, but excluding, the redemption date. | |||
Debt instrument, redemption price, percentage of principal amount redeemed | 100.00% | |||
Subordinated Notes due 2036 [Member] | Private Placement [Member] | Bear Interest at Fixed Rate of 3.50% [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Frequency of payment | payable semi-annually in arrears on June 30 and December 31 of each year | |||
Debt instrument, payment terms | The Subordinated Notes will initially bear interest at a fixed rate of 3.50% per annum, from and including June 17, 2021 to but excluding June 30, 2031, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2021. Then, from and including June 30, 2031, to but excluding the maturity date, the Subordinated Notes will bear interest at a floating rate equal to the benchmark (initially, three-month term SOFR), reset quarterly, plus a spread of 229 basis points, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Subordinated Notes mature on June 30, 2036. | |||
Fixed rate | 3.50% | |||
Debt instrument, commencing date | Dec. 31, 2021 | |||
Subordinated Notes due 2036 [Member] | Private Placement [Member] | Three-Month Term SOFR [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Frequency of payment | payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. | |||
Debt instrument, Basis point rate | 2.29% | |||
BancFirst Capital Trust Two [Member] | Subordinated Debentures Subject to Mandatory Redemption [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Junior subordinated notes assumed | $ 26,800,000 | |||
Interest rate of securities | 7.20% | |||
Frequency of payment | payable January 15, April 15, July 15 and October 15 of each year. | |||
Debt instrument maturity date | Mar. 31, 2034 | |||
BancFirst Capital Trust Two [Member] | Cumulative Preferred Stock [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Issue of securities | $ 1,000,000 | $ 25,000,000 | ||
Cumulative trust preferred securities interest rate | 7.20% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Cash settlement for stock options, number of shares | 121,330 | |
Net cash settlement for stock options, cost | $ 5.5 | |
Deferred board fees percentage for stock units accumulation | 100.00% | |
Nonqualified Incentive Stock Option Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period in years | 7 years | |
Nonqualified Incentive Stock Option Plan [Member] | Stock Option [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares for future grants | 186,000 | |
Stock option plan termination date | Dec. 31, 2024 | |
Option exercisable rate | 25.00% | |
Option exercisable period | 4 years | |
Options expire period | 15 years | |
Vesting period in years, start | 4 years | |
Options vest and exercisable Description | The options vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years. Options expire no later than the end of fifteen years from the date of grant | |
Nonqualified Incentive Stock Option Plan [Member] | Stock Option [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock price percentage to fair value at grant date | 100.00% | |
Non-Employee Directors Stock Option Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares for future grants | 40,000 | |
Stock option plan termination date | Dec. 31, 2024 | |
Option exercisable rate | 25.00% | |
Option exercisable period | 1 year | |
Options expire period | 15 years | |
Options vest and exercisable Description | The options vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years | |
Number of options granted for non-employee director | 10,000 | |
Vesting period in years | 4 years | |
Non-Employee Directors Stock Option Plan [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock price percentage to fair value at grant date | 100.00% | |
Banc First Deferred Stock Compensation Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock option plan termination date | Dec. 31, 2024 | |
Number of shares available for future issuance under deferred compensation plan | 37,269 | |
Number of shares of common stock distributed | 2,161 | 1,307 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity Under Stock Option Plan (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding at beginning period - Options | shares | 1,343,080 |
Options granted | shares | 152,000 |
Options exercised | shares | (183,830) |
Options canceled, forfeited, or expired | shares | (5,000) |
Outstanding at ending period - Options | shares | 1,306,250 |
Exercisable at ending period - Options | shares | 617,500 |
Outstanding at beginning period - Wgtd. Avg. Exercise Price | $ / shares | $ 35.28 |
Options granted - Wgtd. Avg. Exercise Price | $ / shares | 61.63 |
Options exercised - Wgtd. Avg. Exercise Price | $ / shares | 23.82 |
Options cancelled, forfeited, or expired - Wgtd. Avg. Exercise Price | $ / shares | 44.23 |
Outstanding at ending period - Wgtd. Avg. Exercise Price | $ / shares | 39.93 |
Exercisable at ending period - Wgtd. Avg. Exercise Price | $ / shares | $ 27.24 |
Outstanding at ending period - Wgtd. Avg. Remaining Contractual Term, years | 8 years 6 months 7 days |
Exercisable at ending period - Wgtd. Avg. Remaining Contractual Term, years | 7 years 1 month 24 days |
Outstanding at ending period - Aggregate Intrinsic Value | $ | $ 26,379 |
Exercisable at ending period - Aggregate Intrinsic Value | $ | $ 20,304 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Exercised Under Stock Option Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |||
Total intrinsic value of options exercised | $ 414 | $ 7,860 | $ 1,140 |
Cash received from options exercised | 323 | 4,379 | 827 |
Tax benefit realized from options exercised | $ 105 | $ 2,002 | $ 290 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Employee Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Labor And Related Expense [Abstract] | ||||
Stock-based compensation expense | $ 555 | $ 433 | $ 1,604 | $ 1,265 |
Tax benefit | 134 | 110 | 386 | 322 |
Stock-based compensation expense, net of tax | $ 421 | $ 323 | $ 1,218 | $ 943 |
Stock-Based Compensation - Unea
Stock-Based Compensation - Unearned Stock-based Compensation Expense (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Share Based Compensation [Abstract] | |
Unearned stock-based compensation expense | $ 6,921 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Computing Stock-Based Compensation Expense (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ||
Weighted average grant-date fair value per share of options granted | $ 20.92 | $ 11.70 |
Risk-free interest rate, minimum | 1.30% | 0.64% |
Risk-free interest rate, maximum | 1.74% | 1.13% |
Dividend yield | 2.00% | 2.00% |
Stock price volatility, minimum | 35.55% | 22.84% |
Stock price volatility, maximum | 36.27% | 35.94% |
Expected term | 10 years | 10 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Accumulated Stock Units (Detail) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Accumulated stock units | 152,849 | 148,278 |
Average price | $ 30.12 | $ 28.57 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | |
Sep. 30, 2021 | Jun. 17, 2021 | |
Stockholders Equity [Line Items] | ||
Additional shares to repurchase | 650,000 | |
Subordinated Notes due 2036 [Member] | Private Placement [Member] | ||
Stockholders Equity [Line Items] | ||
Aggregate principal amount | $ 60,000,000 | |
Small Business Administration (SBA), CARES Act, Paycheck Protection Program Lending Facility [Member] | ||
Stockholders Equity [Line Items] | ||
Percentage of risk weight under risk based capital rules | 0.00% | |
Maximum [Member] | ||
Stockholders Equity [Line Items] | ||
Quantitative limit for trust preferred securities to be included in tier 1 capital | $ 15,000,000,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares Repurchased Under Stock Purchase Program (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Summary Of Shares Repurchased Under Stock Purchase Program [Abstract] | ||
Number of shares repurchased | 212,296 | 59,284 |
Average price of shares repurchased | $ 54.94 | $ 52.26 |
Shares remaining to be repurchased | 500,486 | 62,782 |
Stockholders' Equity - Required
Stockholders' Equity - Required Capital Amounts and Company's Respective Ratios (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Parent Company [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 1,140,098 |
Total Capital To Risk Weighted Assets Actual Ratio | 17.57 |
Capital Required For Capital Adequacy Amount | $ 519,044 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 681,245 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Common Equity Tier 1 Risk Based Capital Amount | $ 973,762 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 15.01 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 291,962 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 4.50 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 454,163 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 7 |
Tier 1 Risk Based Capital Amount | $ 999,762 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 15.41 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 389,283 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 551,484 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 8.50 |
Tier 1 Capital Amount | $ 999,762 |
Tier 1 Capital To Average Assets Ratio | 9.06 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 441,402 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4 |
BancFirst [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 979,699 |
Total Capital To Risk Weighted Assets Actual Ratio | 16.77 |
Capital Required For Capital Adequacy Amount | $ 467,478 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 613,565 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Capital Required To Be Well Capitalized Amount | $ 584,348 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 886,552 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 15.17 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 262,957 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 4.50 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 409,043 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 7 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 379,826 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 6.50 |
Tier 1 Risk Based Capital Amount | $ 906,552 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 15.51 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 350,609 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 496,696 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 8.50 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 467,478 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 8 |
Tier 1 Capital Amount | $ 906,552 |
Tier 1 Capital To Average Assets Ratio | 9.06 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 400,265 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 500,331 |
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio | 5 |
Pegasus Bank [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 80,244 |
Total Capital To Risk Weighted Assets Actual Ratio | 12.53 |
Capital Required For Capital Adequacy Amount | $ 51,251 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 67,267 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Capital Required To Be Well Capitalized Amount | $ 64,064 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 74,911 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 11.69 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 28,829 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 4.50 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 44,845 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 7 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 41,642 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 6.50 |
Tier 1 Risk Based Capital Amount | $ 74,911 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 11.69 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 38,438 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 54,454 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 8.50 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 51,251 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 8 |
Tier 1 Capital Amount | $ 74,911 |
Tier 1 Capital To Average Assets Ratio | 7.28 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 41,173 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 51,466 |
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio | 5 |
Net Income Per Common Share - B
Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Income available to common stockholders | $ 38,750 | $ 20,890 | $ 129,462 | $ 64,228 |
Income available to common stockholders plus assumed exercises of stock options | $ 38,750 | $ 20,890 | $ 129,462 | $ 64,228 |
Income available to common stockholders - Shares | 32,744,104 | 32,668,789 | 32,760,015 | 32,666,554 |
Dilutive effect of stock options - Shares | 523,851 | 500,149 | 598,822 | 523,740 |
Income available to common stockholders plus assumed exercises of stock options - Shares | 33,267,955 | 33,168,938 | 33,358,837 | 33,190,294 |
Income available to common stockholders - Per Share Amount | $ 1.18 | $ 0.64 | $ 3.95 | $ 1.97 |
Income available to common stockholders plus assumed exercises of stock options - Per Share Amount | $ 1.16 | $ 0.63 | $ 3.88 | $ 1.94 |
Net Income Per Common Share - A
Net Income Per Common Share - Average Exercise Prices of Options Excluded from Computation of Diluted Net Income Per Common Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Abstract] | ||||
Shares | 533,701 | 377,071 | 161,690 | 408,867 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 526,502 | $ 552,232 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 449,855 | 475,236 |
U.S. Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 23,545 | 19,638 |
Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 33,561 | 15,696 |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 6,059 | 28,948 |
Asset backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 13,482 | 12,714 |
Level 1 Inputs [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 449,855 | 475,236 |
Level 2 Inputs [Member] | U.S. Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 23,545 | 19,638 |
Level 2 Inputs [Member] | Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 33,561 | 15,696 |
Level 2 Inputs [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 5,739 | 28,793 |
Level 2 Inputs [Member] | Asset backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 13,482 | |
Level 3 Inputs [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 320 | 155 |
Level 3 Inputs [Member] | Asset backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 12,714 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Calculation Roll Forward | ||
Balance at the beginning of the year | $ 12,869 | $ 12,714 |
Transfers (to)/from level 2 | (12,714) | 1,643 |
Purchases | 240 | |
Settlements | (75) | (1,473) |
Total unrealized losses | (15) | |
Balance at the end of the period | $ 320 | $ 12,869 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level 3 [Member] - Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Equity Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 23,491 | $ 21,203 |
Repossessed Assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 128 | 291 |
Collateral Dependent Loans | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 11,858 | 11,347 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 6,824 | $ 32,066 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Days from origination after which mortgage loans are sold | 30 days | |
Amount of non-financial assets (liabilities) measured at fair value on a recurring basis | $ 0 | $ 0 |
Non-financial assets or liabilities for which no impairment was provided | 0 | 0 |
Level 2 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held for sale | $ 20,950,000 | 53,719,000 |
Level 2 Inputs [Member] | BancFirst [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held for sale | $ 21,600,000 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
FINANCIAL ASSETS | ||
Debt securities held for investment (fair value: $2,984 and $2,984, respectively) | $ 2,982 | $ 2,964 |
Loans, net of allowance for credit losses, Carrying Amount | 5,930,473 | 6,303,140 |
Debt securities held for investment, Fair Value | 2,984 | 2,984 |
Loans held for sale, Fair Value | 20,950 | 53,719 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 9,992,044 | 8,064,704 |
Short-term borrowings, Carrying Amount | 3,500 | 1,100 |
Subordinated debt, Carrying Amount | 85,973 | 26,804 |
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS | ||
Loan commitments, Fair Value | 3,584 | 3,115 |
Letters of credit, Fair Value | 560 | 722 |
Level 2 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents, Carrying Amount | 4,110,866 | 1,616,912 |
Debt securities held for investment (fair value: $2,984 and $2,984, respectively) | 37 | 59 |
Loans held for sale, Carrying Amount | 20,950 | 53,719 |
Cash and cash equivalents, Fair Value | 4,110,866 | 1,616,912 |
Debt securities held for investment, Fair Value | 39 | 62 |
Loans held for sale, Fair Value | 20,950 | 53,719 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 9,992,044 | 8,064,704 |
Short-term borrowings, Carrying Amount | 3,500 | 1,100 |
Subordinated debt, Carrying Amount | 85,973 | 26,804 |
Deposits, Fair Value | 10,064,348 | 8,084,695 |
Short-term borrowings, Fair Value | 3,500 | 1,100 |
Subordinated debt, Fair Value | 88,072 | 30,535 |
Level 3 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Debt securities held for investment (fair value: $2,984 and $2,984, respectively) | 2,945 | 2,905 |
Loans, net of allowance for credit losses, Carrying Amount | 5,930,473 | 6,303,140 |
Debt securities held for investment, Fair Value | 2,945 | 2,922 |
Loans, net of allowance for credit losses, Fair Value | $ 5,919,882 | $ 6,347,803 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Business_Unit | |
Segment Reporting [Abstract] | |
Number of principal business units | 5 |
Segment Information - Results o
Segment Information - Results of Operations and Selected Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 80,190 | $ 75,852 | $ 239,759 | $ 227,133 | |
Noninterest income | 39,786 | 34,575 | 124,339 | 101,802 | |
Income before taxes | 48,279 | 25,604 | 163,364 | 79,160 | |
Total assets | 11,302,771 | 11,302,771 | $ 9,212,357 | ||
Operating Segments [Member] | Metropolitan Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 18,728 | 20,476 | 57,909 | 64,970 | |
Noninterest income | 5,681 | 4,735 | 14,494 | 14,006 | |
Income before taxes | 15,072 | 6,669 | 46,598 | 20,695 | |
Total assets | 3,292,422 | 3,292,422 | 2,729,886 | ||
Operating Segments [Member] | Community Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 47,817 | 43,369 | 135,611 | 131,784 | |
Noninterest income | 16,978 | 15,149 | 48,151 | 44,843 | |
Income before taxes | 31,722 | 18,257 | 98,005 | 58,225 | |
Total assets | 6,558,085 | 6,558,085 | 5,527,611 | ||
Operating Segments [Member] | Pegasus Bank [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 6,141 | 5,078 | 17,308 | 15,662 | |
Noninterest income | 359 | 379 | 1,098 | 631 | |
Income before taxes | 2,158 | 1,429 | 5,750 | 4,372 | |
Total assets | 1,101,900 | 1,101,900 | 919,572 | ||
Operating Segments [Member] | Other Financial Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 8,718 | 6,816 | 30,057 | 14,304 | |
Noninterest income | 12,198 | 10,882 | 34,686 | 31,100 | |
Income before taxes | 5,069 | 3,819 | 16,240 | 17,364 | |
Total assets | 120,743 | 120,743 | 137,122 | ||
Operating Segments [Member] | Executive, Operations & Support [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (1,386) | (104) | (1,784) | 196 | |
Noninterest income | 45,214 | 25,969 | 156,970 | 79,226 | |
Income before taxes | 34,298 | 17,158 | 126,428 | 44,793 | |
Total assets | 1,570,064 | 1,570,064 | 1,073,507 | ||
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 172 | 217 | 658 | 217 | |
Noninterest income | (40,644) | (22,539) | (131,060) | (68,004) | |
Income before taxes | (40,040) | $ (21,728) | (129,657) | $ (66,289) | |
Total assets | $ (1,340,443) | $ (1,340,443) | $ (1,175,341) |
Subsequent Event - Additional I
Subsequent Event - Additional Information - (Details) - Subsequent Event [Member] - Worthington National Bank [Member] $ in Millions | Oct. 29, 2021USD ($) |
Subsequent Event [Line Items] | |
Total assets not acquired yet | $ 462.6 |
Loans not acquired yet | 269 |
Deposits not acquired yet | $ 421.5 |