Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
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, $1.00 Par Value Per Share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 0-14384 | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 73-1221379 | |
Entity Address, Address Line One | 100 N. Broadway Ave. | |
Entity Address, City or Town | Oklahoma City | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73102-8405 | |
City Area Code | 405 | |
Local Phone Number | 270-1086 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 32,870,566 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 227,026 | $ 228,819 |
Interest-bearing deposits with banks | 3,106,279 | 1,821,203 |
Federal funds sold | 3,878 | 800 |
Debt securities held for investment (fair value: $2,386 and $2,978, respectively) | 2,386 | 2,977 |
Debt securities available for sale at fair value | 1,519,259 | 531,523 |
Loans held for sale | 4,823 | 24,776 |
Loans held for investment (net of unearned interest) | 6,827,772 | 6,169,442 |
Allowance for credit losses | (89,871) | (83,936) |
Loans, net of allowance for credit losses | 6,737,901 | 6,085,506 |
Premises and equipment, net | 278,159 | 269,047 |
Other real estate owned | 39,242 | 39,475 |
Intangible assets, net | 20,863 | 17,566 |
Goodwill | 182,055 | 149,922 |
Accrued interest receivable and other assets | 330,507 | 233,998 |
Total assets | 12,452,378 | 9,405,612 |
Deposits: | ||
Noninterest-bearing | 5,203,437 | 3,775,387 |
Interest-bearing | 5,855,503 | 4,316,527 |
Total deposits | 11,058,940 | 8,091,914 |
Short-term borrowings | 4,600 | 0 |
Accrued interest payable and other liabilities | 107,659 | 55,977 |
Subordinated debt | 86,030 | 85,987 |
Total liabilities | 11,257,229 | 8,233,878 |
Stockholders' equity: | ||
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and outstanding: 32,856,387 and 32,603,118, respectively | 32,856 | 32,603 |
Capital surplus | 168,217 | 159,914 |
Retained earnings | 1,076,316 | 977,067 |
Accumulated other comprehensive (loss) income, net of tax of $25,439 and $(684), respectively | (82,240) | 2,150 |
Total stockholders' equity | 1,195,149 | 1,171,734 |
Total liabilities and stockholders' equity | 12,452,378 | 9,405,612 |
Senior Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value | ||
Cumulative Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities, fair value | $ 2,386 | $ 2,978 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 32,856,387 | 32,603,118 |
Common stock, shares outstanding | 32,856,387 | 32,603,118 |
Accumulated other comprehensive (loss) income, net of tax expense (benefit) | $ 25,439 | $ (684) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST INCOME | ||||
Loans, including fees | $ 87,078 | $ 80,249 | $ 238,758 | $ 240,358 |
Debt securities: | ||||
Taxable | 6,793 | 1,484 | 15,716 | 4,779 |
Tax-exempt | 22 | 35 | 71 | 175 |
Federal funds sold | 24 | 30 | 0 | |
Interest-bearing deposits with banks | 20,095 | 1,441 | 29,452 | 2,861 |
Total interest income | 114,012 | 83,209 | 284,027 | 248,173 |
INTEREST EXPENSE | ||||
Deposits | 11,999 | 1,988 | 17,566 | 6,313 |
Short-term borrowings | 36 | 0 | 49 | 1 |
Subordinated debt | 1,030 | 1,031 | 3,091 | 2,100 |
Total interest expense | 13,065 | 3,019 | 20,706 | 8,414 |
Net interest income | 100,947 | 80,190 | 263,321 | 239,759 |
Provision for (benefit from) credit losses | 2,863 | 1,483 | 6,300 | (8,466) |
Net interest income after provision for (benefit from) credit losses | 98,084 | 78,707 | 257,021 | 248,225 |
NONINTEREST INCOME | ||||
Securities transactions (includes accumulated other comprehensive loss reclassifications of $0, $0, $1,536 and $0, respectively) | 966 | 150 | (2,949) | 417 |
Income from sales of loans | 969 | 1,594 | 3,891 | 5,737 |
Insurance commissions | 7,498 | 6,666 | 20,227 | 17,670 |
Cash management | 5,624 | 3,127 | 13,202 | 9,198 |
Gain on sale of other assets | 53 | 34 | 216 | 2,746 |
Other | 7,935 | 3,299 | 24,258 | 17,665 |
Total noninterest income | 49,331 | 39,786 | 135,579 | 124,339 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 47,741 | 42,267 | 136,957 | 123,836 |
Occupancy, net | 4,930 | 5,086 | 14,067 | 13,962 |
Depreciation | 4,612 | 4,207 | 14,034 | 12,217 |
Amortization of intangible assets | 880 | 755 | 2,568 | 2,357 |
Data processing services | 1,876 | 1,734 | 5,656 | 5,072 |
Net (income) expense from other real estate owned | 2,392 | 1,810 | 3,676 | 6,677 |
Marketing and business promotion | 1,945 | 1,796 | 5,609 | 5,323 |
Deposit insurance | 1,202 | 846 | 3,526 | 2,488 |
Other | 13,500 | 11,713 | 39,214 | 37,268 |
Total noninterest expense | 79,078 | 70,214 | 225,307 | 209,200 |
Income before taxes | 68,337 | 48,279 | 167,293 | 163,364 |
Income tax expense | 12,985 | 9,529 | 31,319 | 33,902 |
Net income | $ 55,352 | $ 38,750 | $ 135,974 | $ 129,462 |
NET INCOME PER COMMON SHARE | ||||
Basic | $ 1.69 | $ 1.18 | $ 4.15 | $ 3.95 |
Diluted | $ 1.65 | $ 1.16 | $ 4.07 | $ 3.88 |
OTHER COMPREHENSIVE (LOSS) GAIN | ||||
Unrealized losses on debt securities, net of tax of $11,033, $172, $26,492 and $980, respectively | $ (35,752) | $ (552) | $ (85,557) | $ (2,565) |
Reclassification adjustment for losses included in net income, net of tax of $0, $0, $(369) and $0, respectively | 1,167 | |||
Other comprehensive loss, net of tax of $11,033, $172, $26,123 and $980, respectively | (35,752) | (552) | (84,390) | (2,565) |
Comprehensive income | 19,600 | 38,198 | 51,584 | 126,897 |
Trust Revenue [Member] | ||||
NONINTEREST INCOME | ||||
Revenue | 4,125 | 3,210 | 11,580 | 9,576 |
Service Charges on Deposits [Member] | ||||
NONINTEREST INCOME | ||||
Revenue | $ 22,161 | $ 21,706 | $ 65,154 | $ 61,330 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Securities transactions accumulated other comprehensive loss reclassifications | $ 0 | $ 0 | $ 1,536 | $ 0 |
Unrealized losses on debt securities, tax | 11,033 | 172 | 26,492 | 980 |
Reclassification adjustment for losses included in net income, tax | 0 | 0 | (369) | 0 |
Other comprehensive loss, tax | $ 11,033 | $ 172 | $ 26,123 | $ 980 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | COMMON STOCK [Member] | CAPITAL SURPLUS [Member] | RETAINED EARNINGS [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Member] |
Balance at beginning of period at Dec. 31, 2020 | $ 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) | (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) | (552) | |||
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 Dec. 31, 2021 | 1,171,734 | 32,603 | 159,914 | 977,067 | 2,150 |
Shares issued for stock options | 253 | 6,758 | |||
Net income | 135,974 | 135,974 | |||
Dividends on common stock | (36,725) | ||||
Stock-based compensation arrangements | 1,545 | ||||
Net change | (84,390) | (84,390) | |||
Balance at end of period at Sep. 30, 2022 | 1,195,149 | 32,856 | 168,217 | 1,076,316 | (82,240) |
Balance at beginning of period at Jun. 30, 2022 | 32,781 | 165,295 | 1,034,107 | (46,488) | |
Shares issued for stock options | 75 | 2,295 | |||
Net income | 55,352 | 55,352 | |||
Dividends on common stock | (13,143) | ||||
Stock-based compensation arrangements | 627 | ||||
Net change | (35,752) | (35,752) | |||
Balance at end of period at Sep. 30, 2022 | $ 1,195,149 | $ 32,856 | $ 168,217 | $ 1,076,316 | $ (82,240) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
RETAINED EARNINGS [Member] | ||||
Dividend on common stock | $ 0.40 | $ 0.36 | $ 1.12 | $ 1.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 135,974,000 | $ 129,462,000 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Provision for (benefit from) credit losses | 6,300,000 | (8,466,000) |
Depreciation and amortization | 16,602,000 | 14,574,000 |
Net amortization of securities premiums and discounts | 3,002,000 | 3,069,000 |
Realized securities losses/(gains) | 2,949,000 | (417,000) |
Gain on sales of loans | (3,891,000) | (5,737,000) |
Cash receipts from the sale of loans originated for sale | 207,972,000 | 294,387,000 |
Cash disbursements for loans originated for sale | (184,129,000) | (277,480,000) |
Deferred income tax (benefit)/provision | (2,940,000) | 4,662,000 |
Gain on sale of other assets | (4,185,000) | (2,991,000) |
(Decrease)/increase in interest receivable | (11,703,000) | 3,894,000 |
Increase in interest payable | 528,000 | 69,000 |
Amortization of stock-based compensation arrangements | 1,545,000 | 1,604,000 |
Excess tax benefit from stock-based compensation arrangements | (3,058,000) | (1,622,000) |
Other, net | 14,326,000 | 22,309,000 |
Net cash provided by operating activities | 179,292,000 | 177,317,000 |
INVESTING ACTIVITIES | ||
Net cash received from acquisitions, net of cash paid | 121,099,000 | 12,442,000 |
Net cash paid from sale of assets and liabilities, net of cash received | (13,733,000) | |
Net (increase)/decrease in federal funds sold | (465,000) | 15,000,000 |
Purchases of held for investment debt securities | (845,000) | |
Purchases of available for sale debt securities | (1,375,496,000) | (251,874,000) |
Proceeds from maturities, calls and paydowns of held for investment debt securities | 72,000 | 826,000 |
Proceeds from maturities, calls and paydowns of available for sale debt securities | 48,300,000 | 306,231,000 |
Proceeds from sales of available for sale securities | 222,474,000 | 0 |
Purchase of equity securities | (3,952,000) | (490,000) |
Proceeds from paydowns and sales of equity securities | 1,378,000 | 638,000 |
Net change in loans | (405,052,000) | 561,540,000 |
Net payments on derivative asset contracts | (11,019,000) | (15,694,000) |
Purchases of premises, equipment and computer software | (15,105,000) | (20,859,000) |
Purchase of tax credits | (4,091,000) | (4,107,000) |
Other, net | 12,547,000 | 6,454,000 |
Net cash (used in) provided by investing activities | (1,409,310,000) | 595,529,000 |
FINANCING ACTIVITIES | ||
Net change in deposits | 2,537,009,000 | 1,708,393,000 |
Net change in short-term borrowings | 4,600,000 | 2,400,000 |
Proceeds from issuance of subordinated notes, net of debt issuance costs | 59,150,000 | |
Issuance of common stock in connection with stock options, net | 7,011,000 | 1,722,000 |
Common stock acquired | (11,664,000) | |
Net cash settlement of options | (5,479,000) | |
Cash dividends paid | (35,319,000) | (33,414,000) |
Net cash provided by financing activities | 2,513,301,000 | 1,721,108,000 |
Net increase in cash, due from banks and interest-bearing deposits | 1,283,283,000 | 2,493,954,000 |
Cash, due from banks and interest-bearing deposits at the beginning of the period | 2,050,022,000 | 1,616,912,000 |
Cash, due from banks and interest-bearing deposits at the end of the period | 3,333,305,000 | 4,110,866,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 20,154,000 | 8,356,000 |
Cash paid during the period for income taxes | 26,780,000 | 27,800,000 |
Noncash investing and financing activities: | ||
Cash consideration for acquisitions | 77,685,000 | 21,000,000 |
Fair value of assets acquired in acquisitions | 511,580,000 | 283,962,000 |
Liabilities assumed in acquisitions | 433,896,000 | 258,165,000 |
Unpaid common stock dividends declared | $ 13,143,000 | $ 11,802,000 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021. 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 ("Pegasus"), Worthington National Bank ("Worthington") 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 consolidated financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021, 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. Reclassifications Certain items in prior consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income. 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 assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. Recent Accounting Pronouncements Standards Not Yet Adopted: In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, “Financial Instruments – Credit Losses (Topic 326).” ASU 2022-02 eliminates the TDR recognition and measurement guidance and, instead, requires that the Company evaluate, based on the accounting for loan modifications, whether the modification represents a new loan or a continuation of an existing loan. The Company has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings when adopted. In addition, the update requires that the Company disclose current-period write-offs by year of origination for financing receivables. The current-period write-off amendment should be applied prospectively. The amendments are effective for annual periods beginning after December 15, 2022, including interim periods within those annual periods. Early adoption is permitted; however the Company expects to adopt ASU 2022-02 on January 1, 2023. ASU No. 2022-02 is not expected to have a significant impact on the Company’s consolidated financial statements. |
Recent Developments, Including
Recent Developments, Including Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Recent Developments Including Mergers And Acquisitions [Abstract] | |
Recent Developments, Including Mergers and Acquisitions | (2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS On February 8, 2022, BancFirst Corporation acquired Worthington for an aggregate cash purchase price of $ 77.7 million. Worthington is chartered and regulated by the Office of the Comptroller of the Currency (OCC) with one banking location in Arlington, Texas, one in Colleyville, Texas and two in Fort Worth, Texas. At acquisition, Worthington had approximately $ 478 million in total assets, $ 257 million in loans and $ 430 million in deposits. Worthington will continue to operate under a separate 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 earning assets. As a result of the acquisition, the Company recorded a core deposit intangible of approximately $ 5.9 million and goodwill of approximately $ 32.1 million. The effect of this acquisition was included in the consolidated financial statements of the Company from the date of acquisition forward. Pro forma information has not been presented because the acquisition did not have a material effect on the Company’s consolidated financial statements. The acquisition of Worthington complements the Company by expanding its Texas presence in the Dallas-Fort Worth market. 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 was included in other noninterest income on the consolidated statement of comprehensive income and in other operating activities on the consolidated statement of cash flow. The bargain purchase gain is a noncash item on the consolidated statement of cash flow. In addition, the Company recorded expenses related to this purchase of approximately $ 4.8 million, which were 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 in 2021. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
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: Amortized Gross Gross Estimated September 30, 2022 (Dollars in thousands) Mortgage backed securities (1) $ 16 $ — $ — $ 16 States and political subdivisions 1,870 — — 1,870 Other securities 500 — — 500 Total $ 2,386 $ — $ — $ 2,386 December 31, 2021 Mortgage backed securities (1) $ 32 $ 1 $ — $ 33 States and political subdivisions 2,445 — — 2,445 Other securities 500 — — 500 Total $ 2,977 $ 1 $ — $ 2,978 The following table summarizes the amortized cost and estimated fair values of debt securities available for sale: Amortized Gross Gross Estimated September 30, 2022 (Dollars in thousands) U.S. treasuries $ 1,563,520 $ - $ ( 104,430 ) $ 1,459,090 U.S. federal agencies 16,353 229 ( 5 ) 16,577 Mortgage backed securities (1) 17,866 13 ( 2,259 ) 15,620 States and political subdivisions 7,832 24 ( 256 ) 7,600 Asset backed securities 13,367 — ( 399 ) 12,968 Other securities 8,000 — ( 596 ) 7,404 Total $ 1,626,938 $ 266 $ ( 107,945 ) $ 1,519,259 December 31, 2021 U.S. treasuries $ 455,701 $ 3,693 $ ( 1,766 ) $ 457,628 U.S. federal agencies 21,609 335 ( 2 ) 21,942 Mortgage backed securities (1) 28,897 400 ( 14 ) 29,283 States and political subdivisions 6,128 194 ( 3 ) 6,319 Asset backed securities 13,354 3 — 13,357 Other securities 3,000 — ( 6 ) 2,994 Total $ 528,689 $ 4,625 $ ( 1,791 ) $ 531,523 (1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. On January 10, 2022, the Company purchased United States Treasury Notes of $ 600 million par value with an average yield of 1.42 % and an average maturity of 53 months. On August 25, 2022, the Company purchased United States Treasury Notes of $ 300 million par value with an average yield of 3.27 % and an average maturity of 58 months. 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, 2022 December 31, 2021 Amortized Estimated Amortized Estimated (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 1,187 $ 1,187 $ 577 $ 577 After one year but within five years 1,197 1,197 2,396 2,397 After five years but within ten years 2 2 4 4 After ten years — — — — Total $ 2,386 $ 2,386 $ 2,977 $ 2,978 Available for Sale Contractual maturity of debt securities: Within one year $ 96,447 $ 95,552 $ 58,478 $ 58,688 After one year but within five years 1,260,280 1,172,140 408,253 410,049 After five years but within ten years 226,894 211,100 10,851 11,011 After ten years 43,317 40,467 51,107 51,775 Total debt securities $ 1,626,938 $ 1,519,259 $ 528,689 $ 531,523 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, 2022 December 31, 2021 (Dollars in thousands) Book value of pledged securities $ 487,445 $ 473,026 The following is a detail of proceeds from sales and the realized losses on available for sale debt securities: Nine Months Ended September 30, 2022 2021 (Dollars in thousands) Proceeds $ 222,474 $ — Gross losses realized 3,990 — In March 2022, the Company sold $ 226 million of debt securities with an average yield of 0.16 %, the proceeds of which were subsequently reinvested in $ 220 million of debt securities with an average yield of 1.86 %. The Company used specific identification to reclassify the unrealized loss in other comprehensive income to a realized loss, as shown in the consolidated statements of comprehensive income. There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the nine months ended September 30, 2021. Realized gains/losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income. The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at September 30, 2022 and December 31, 2021 respectively: Less than 12 Months More than 12 Months Total Number of investments Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) September 30, 2022 Available for Sale U.S. treasuries 73 $ 1,440,283 $ 102,906 $ 18,807 $ 1,524 $ 1,459,090 $ 104,430 U.S. federal agencies 2 515 5 — — 515 5 Mortgage backed securities 98 13,199 1,976 2,042 283 15,241 2,259 States and political subdivisions 7 2,049 250 195 6 2,244 256 Asset backed securities 1 12,968 399 — — 12,968 399 Other securities 2 7,404 596 — — 7,404 596 Total 183 $ 1,476,418 $ 106,132 $ 21,044 $ 1,813 $ 1,497,462 $ 107,945 December 31, 2021 Available for Sale U.S. treasuries 10 $ 298,080 $ 1,766 $ — $ — $ 298,080 $ 1,766 U.S. federal agencies 1 376 2 — — 376 2 Mortgage backed securities 7 2,824 14 — — 2,824 14 States and political subdivisions 2 505 3 — — 505 3 Other securities 1 2,994 6 — — 2,994 6 Total 21 $ 304,779 $ 1,791 $ — $ — $ 304,779 $ 1,791 The Company has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities. Furthermore, as of September 30, 2022 and December 31, 2021, the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date, or if market yields for such investments decline. The Company has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no impairment loss was realized in the Company’s consolidated statement of comprehensive income. |
Loans Held for Investment and A
Loans Held for Investment and Allowance for Credit Losses on Loans | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 (Dollars in thousands) Real estate: Commercial real estate owner occupied $ 896,202 $ 775,554 Commercial real estate non-owner occupied 1,230,074 1,095,324 Construction and development < 60 months 473,631 415,466 Construction residential real estate < 60 months 311,168 254,524 Residential real estate first lien 1,097,710 937,006 Residential real estate all other 188,508 161,018 Farmland 256,821 272,179 Commercial and agricultural non-real estate (2) 1,429,401 1,416,093 Consumer non-real estate 431,913 413,370 Oil and gas 512,344 428,908 Total (1) $ 6,827,772 $ 6,169,442 (1) Excludes accrued interest receivable of $ 25.4 million at September 30, 2022 and $ 21.0 million at December 31, 2021, that is recorded in accrued interest receivable and other assets. (2) Includes PPP loans held for investment of $ 1.1 million, net of unamortized processing fees of $ 0 , at September 30, 2022 and $ 80.4 million, net of unamortized processing fees of $ 2.0 million, at December 31, 2021. Loans that were designated as Other and consisted mainly of Small Business Administration (“SBA”) loans were moved to their more descriptive portfolio segment. Therefore, we no longer have an Other loan portfolio segment. In April 2020, the Company began originating loans to qualified small businesses under the Paycheck Protection Program (“PPP”) administered by the SBA. Since PPP loans are fully guaranteed by the SBA, there is no expected credit loss related to these loans. T he Company had processing fees, which were recognized as interest income related to the PPP loans totaling approximately $ 0 and $ 10.0 million during the three months ended September 30, 2022 and 2021, respectively and $ 2.1 million and $ 31.7 million during the nine months ended September 30, 2022 and 2021, respectively. The Company's loans are currently 82 % held by BancFirst and 18 % held by Pegasus and Worthington. In addition, approximately 65 % of the Company's 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. The Company's portfolio segment descriptions and the weighted average remaining life of portfolio segments are disclosed in Note (5) to the Company's Annual Report on Form 10-K for the year ended December 31, 2021. 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, 2022 December 31, 2021 (Dollars in thousands) Troubled debt restructurings $ 2,249 $ 3,665 Other real estate owned and repossessed assets $ 39,419 $ 39,553 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. Other real estate owned included a commercial real estate property recorded at approximately $ 31.2 million at September 30, 2022 and $ 29.5 million at December 31, 2021. Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income. Operating expense for this property is included in net expense from other real estate owned in other noninterest expense on the consolidated statements of comprehensive income. This property had the following rental income and operating expenses for the periods presented. Three Months Ended Nine Months Ended 2022 2021 2022 2021 (Dollars in thousands) Rental income $ 2,347 $ 2,703 $ 7,750 $ 7,277 Operating expense $ 2,381 $ 2,036 $ 7,120 $ 6,599 At December 31, 2021, other real estate owned also included approximately $ 2.4 million related to the Company's previous headquarters. The previous headquarters was sold during the second quarter of 2022. During the nine months ended September 30, 2022, the Company sold property held in other real estate owned for a total gain of $ 4.0 million, compared to a total gain of $ 245,000 in the nine months ended September 30, 2021. Nonaccrual loans The Company did no t recognize any interest income on nonaccrual loans for either of the nine months ended September 30, 2022 or 2021. In addition, there were no nonaccrual loans for which there is no related allowance for credit losses at both September 30, 2022 and December 31, 2021. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $ 992,000 for the nine months ended September 30, 2022 and approximately $ 1.7 million for the nine months ended September 30, 2021. Nonaccrual loans guaranteed by government agencies totaled approximately $ 2.0 million at September 30, 2022 and approximately $ 3.3 million at December 31, 2021. The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment. September 30, 2022 December 31, 2021 (Dollars in thousands) Real estate: Commercial real estate owner occupied $ 1,845 $ 4,351 Commercial real estate non-owner occupied — 407 Construction and development < 60 months 98 80 Construction residential real estate < 60 months 103 — Residential real estate first lien 2,156 2,763 Residential real estate all other 58 280 Farmland 1,463 4,224 Commercial and agricultural non-real estate 5,048 7,569 Consumer non-real estate 191 148 Oil and gas 1,000 1,070 Total $ 11,962 $ 20,892 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 the Company's 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, 2022 Real estate: Commercial real estate owner occupied $ 4,518 $ 64 $ 339 $ 4,921 $ 891,281 $ 896,202 $ 339 Commercial real estate non-owner occupied 525 — 36 561 1,229,513 1,230,074 36 Construction and development < 60 months 224 274 33 531 473,100 473,631 — Construction residential real estate < 60 months 245 — 469 714 310,454 311,168 366 Residential real estate first lien 2,918 770 1,158 4,846 1,092,864 1,097,710 365 Residential real estate all other 136 155 102 393 188,115 188,508 83 Farmland 391 — 302 693 256,128 256,821 92 Commercial and agricultural non-real estate 2,027 307 4,677 7,011 1,422,390 1,429,401 667 Consumer non-real estate 2,171 776 657 3,604 428,309 431,913 565 Oil and gas 83 60 654 797 511,547 512,344 654 Total $ 13,238 $ 2,406 $ 8,427 $ 24,071 $ 6,803,701 $ 6,827,772 $ 3,167 As of December 31, 2021 Real estate: Commercial real estate owner occupied $ 2,046 $ 223 $ 1,465 $ 3,734 $ 771,820 $ 775,554 $ 18 Commercial real estate non-owner occupied 7,244 — — 7,244 1,088,080 1,095,324 — Construction and development < 60 months 136 — — 136 415,330 415,466 — Construction residential real estate < 60 months 2,264 — — 2,264 252,260 254,524 — Residential real estate first lien 3,351 567 2,817 6,735 930,271 937,006 1,704 Residential real estate all other 293 30 451 774 160,244 161,018 431 Farmland 253 37 2,077 2,367 269,812 272,179 139 Commercial and agricultural non-real estate 2,506 546 7,118 10,170 1,405,923 1,416,093 2,418 Consumer non-real estate 1,873 321 272 2,466 410,904 413,370 254 Oil and gas — — — — 428,908 428,908 — Total $ 19,966 $ 1,724 $ 14,200 $ 35,890 $ 6,133,552 $ 6,169,442 $ 4,964 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. These indicators are reviewed and updated regularly throughout the year. 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 the Company’s gross loans held for investment by year of origination and internally assigned credit grades as of December 31, 2021, are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The Company’s revolving loans that are converted to term loans are not material and therefore have not been presented. The following table summarizes the Company’s gross loans held for investment by year of origination and internally assigned credit grades : Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (Dollars in thousands) As of September 30, 2022 Commercial real estate owner occupied Grade 1 $ 141,987 $ 145,596 $ 114,356 $ 93,878 $ 47,340 $ 129,610 $ 48,189 $ 720,956 Grade 2 30,513 36,392 29,012 18,542 9,327 30,565 15,436 169,787 Grade 3 — 126 76 1,302 337 1,421 62 3,324 Grade 4 45 269 — 1,128 186 507 — 2,135 Total commercial real estate owner occupied 172,545 182,383 143,444 114,850 57,190 162,103 63,687 896,202 Commercial real estate non-owner occupied Grade 1 198,064 238,174 177,410 109,128 26,907 77,085 39,667 866,435 Grade 2 88,113 56,473 30,068 47,428 25,178 72,943 30,663 350,866 Grade 3 7,126 — — 2,748 79 2,784 — 12,737 Grade 4 — — — — 36 — — 36 Total commercial real estate non-owner occupied 293,303 294,647 207,478 159,304 52,200 152,812 70,330 1,230,074 Construction and development < 60 months Grade 1 138,067 122,780 41,667 10,473 3,510 5,479 33,306 355,282 Grade 2 29,324 20,056 1,589 14,711 1,709 1,249 48,254 116,892 Grade 3 1,098 — 102 — — — 159 1,359 Grade 4 — — 33 50 — 15 — 98 Total construction and development < 60 months 168,489 142,836 43,391 25,234 5,219 6,743 81,719 473,631 Construction residential real estate < 60 months Grade 1 178,568 47,012 261 22 — 43 46,695 272,601 Grade 2 26,903 8,606 179 — — 407 2,136 38,231 Grade 3 233 — — — — — — 233 Grade 4 — 103 — — — — — 103 Total construction residential real estate < 60 months 205,704 55,721 440 22 — 450 48,831 311,168 Residential real estate first lien Grade 1 251,829 218,962 150,043 90,854 58,348 146,667 4,922 921,625 Grade 2 34,687 37,637 25,916 13,497 11,075 39,349 — 162,161 Grade 3 1,543 1,171 651 1,516 1,870 4,143 — 10,894 Grade 4 30 322 138 568 180 1,792 — 3,030 Total residential real estate first lien 288,089 258,092 176,748 106,435 71,473 191,951 4,922 1,097,710 Residential real estate all other Grade 1 24,287 11,519 11,471 5,940 3,909 11,865 41,165 110,156 Grade 2 4,387 1,896 1,860 1,676 1,261 2,646 62,195 75,921 Grade 3 200 204 88 84 222 890 602 2,290 Grade 4 — 18 30 — 39 54 — 141 Total residential real estate all other 28,874 13,637 13,449 7,700 5,431 15,455 103,962 188,508 Farmland Grade 1 39,963 36,229 30,416 19,528 10,297 30,735 5,256 172,424 Grade 2 12,439 15,174 6,903 7,816 5,835 16,093 9,619 73,879 Grade 3 2,201 113 1,799 1,365 70 2,057 1,891 9,496 Grade 4 — 318 434 — 58 212 — 1,022 Total farmland 54,603 51,834 39,552 28,709 16,260 49,097 16,766 256,821 Commercial and agricultural non-real estate Grade 1 239,757 257,163 83,658 58,217 17,413 46,390 361,517 1,064,115 Grade 2 79,522 65,913 23,868 15,699 17,090 4,710 136,388 343,190 Grade 3 3,575 2,290 1,843 936 1,896 932 6,094 17,566 Grade 4 439 553 591 1,121 497 1,159 170 4,530 Total commercial and agricultural non-real estate 323,293 325,919 109,960 75,973 36,896 53,191 504,169 1,429,401 Consumer non-real estate Grade 1 163,610 121,331 46,856 24,674 8,419 2,989 20,821 388,700 Grade 2 15,625 12,007 4,564 4,113 1,079 1,511 968 39,867 Grade 3 663 817 370 381 159 67 3 2,460 Grade 4 231 307 108 175 52 12 1 886 Total consumer non-real estate 180,129 134,462 51,898 29,343 9,709 4,579 21,793 431,913 Oil and gas Grade 1 137,122 76,145 24,844 864 1,732 313 175,742 416,762 Grade 2 4,432 4,603 2,890 19,655 19,248 200 36,964 87,992 Grade 3 209 4,557 7 — — 171 1,646 6,590 Grade 4 — 1,000 — — — — — 1,000 Total oil and gas 141,763 86,305 27,741 20,519 20,980 684 214,352 512,344 Total loans held for investment $ 1,856,792 $ 1,545,836 $ 814,101 $ 568,089 $ 275,358 $ 637,065 $ 1,130,531 $ 6,827,772 Allowance for Credit Losses Methodology The Company determines its provision for credit losses and allowance for credit losses using the expected loss methodology that is referred to as the CECL model. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The increase in allowance for credit losses during 2022 was related to the purchase of loans without credit deterioration during the year along with loan growth. The decrease in the allowance for credit losses during 2021 was driven by a reversal of a pandemic-related provision during 2021 based on sustained improvements in the economy, both nationally and in the Company's markets, which reduced the amount of expected credit losses within the loan portfolio. This reduction during 2021 was partially offset by additional allowance for credit losses required for newly acquired loans. The allowance for credit losses for the oil and gas category was reduced during 2021 due to the increases in oil and gas commodity prices contributing to a more stable and profitable energy industry; however this decrease was offset by an increase in allowance for credit losses for the commercial real estate non-owner occupied category due to ongoing uncertainty regarding the pandemic's long-term impact on the office and retail sectors. 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 Provision for /(benefit from) credit losses on loans Balance at (Dollars in thousands) Three Months Ended September 30, 2022 Real estate: Commercial real estate owner occupied $ 6,945 $ — $ — $ 426 $ 426 $ ( 291 ) $ 7,080 Commercial real estate non-owner occupied 22,937 — — — — 988 23,925 Construction and development < 60 months 3,728 — — 3 3 449 4,180 Construction residential real estate < 60 months 2,292 — — — — 115 2,407 Residential real estate first lien 3,383 — ( 11 ) 15 4 ( 8 ) 3,379 Residential real estate all other 2,051 — ( 2 ) 1 ( 1 ) 59 2,109 Farmland 4,365 — — — — ( 101 ) 4,264 Commercial and agricultural non-real estate 27,833 ( 4 ) ( 267 ) 27 ( 240 ) 545 28,134 Consumer non-real estate 4,094 ( 3 ) ( 171 ) 59 ( 112 ) 268 4,247 Oil and gas 9,307 — — — — 839 10,146 Total $ 86,935 $ ( 7 ) $ ( 451 ) $ 531 $ 80 $ 2,863 $ 89,871 Nine Months Ended September 30, 2022 Real estate: Commercial real estate owner occupied $ 7,568 $ — $ ( 20 ) $ 504 $ 484 $ ( 972 ) $ 7,080 Commercial real estate non-owner occupied 16,987 — — — — 6,938 23,925 Construction and development < 60 months 3,490 — — 8 8 682 4,180 Construction residential real estate < 60 months 1,092 — — — — 1,315 2,407 Residential real estate first lien 3,076 2 ( 60 ) 28 ( 32 ) 333 3,379 Residential real estate all other 2,104 — ( 38 ) 403 365 ( 360 ) 2,109 Farmland 4,822 — — — — ( 558 ) 4,264 Commercial and agricultural non-real estate 28,085 44 ( 1,166 ) 170 ( 996 ) 1,001 28,134 Consumer non-real estate 3,734 25 ( 404 ) 139 ( 265 ) 753 4,247 Oil and gas 12,978 — — — — ( 2,832 ) 10,146 Total $ 83,936 $ 71 $ ( 1,688 ) $ 1,252 $ ( 436 ) $ 6,300 $ 89,871 Allowance for Credit Losses Balance at 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, 2021 Real estate: Commercial real estate owner occupied $ 8,298 $ 93 $ ( 3 ) $ 72 $ 69 $ 91 $ 8,551 Commercial real estate non-owner occupied 15,038 191 ( 7 ) 67 60 46 15,335 Construction and development < 60 months 3,095 — — 4 4 417 3,516 Construction residential real estate < 60 months 998 — — — — ( 25 ) 973 Residential real estate first lien 2,921 9 ( 4 ) 9 5 199 3,134 Residential real estate all other 1,963 — — 46 46 206 2,215 Farmland 3,727 ( 248 ) — — — 969 4,448 Commercial and agricultural non-real estate 34,310 952 ( 219 ) 43 ( 176 ) ( 489 ) 34,597 Consumer non-real estate 3,481 30 ( 67 ) 49 ( 18 ) 66 3,559 Oil and gas 10,132 — — — — 3 10,135 Total $ 83,963 $ 1,027 $ ( 300 ) $ 290 $ ( 10 ) $ 1,483 $ 86,463 Nine Months Ended September 30, 2021 Real estate: Commercial real estate owner occupied $ 8,470 $ 1,080 $ ( 3 ) $ 73 $ 70 $ ( 1,069 ) $ 8,551 Commercial real estate non-owner occupied 12,318 824 ( 803 ) 67 ( 736 ) 2,929 15,335 Construction and development < 60 months 2,723 173 — 9 9 611 3,516 Construction residential real estate < 60 months 726 — — — — 247 973 Residential real estate first lien 2,822 126 ( 56 ) 36 ( 20 ) 206 3,134 Residential real estate all other 2,236 — ( 46 ) 50 4 ( 25 ) 2,215 Farmland 3,153 395 — 1 1 899 4,448 Commercial and agricultural non-real estate 34,643 5,663 ( 3,817 ) 195 ( 3,622 ) ( 2,087 ) 34,597 Consumer non-real estate 3,542 38 ( 689 ) 247 ( 442 ) 421 3,559 Oil and gas 20,733 — — — — ( 10,598 ) 10,135 Total $ 91,366 $ 8,299 $ ( 5,414 ) $ 678 $ ( 4,736 ) $ ( 8,466 ) $ 86,463 Purchased Credit Deteriorated Loans The Company has 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-month periods ended September 30, 2022 and September 30, 2021 were as follows: Loans acquired (Dollars in thousands) For the period ended September 30, 2022 Purchase price of loans at acquisition $ 661 Allowance for credit losses at acquisition 71 Par value of acquired loans at acquisition $ 732 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 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, 2022 and 2021 , 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, 2022 Real estate: Commercial real estate owner occupied $ 1,307 $ — $ — $ — $ 1,307 $ 488 Commercial real estate non-owner occupied 595 — — — 595 64 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 372 — — — 372 96 Residential real estate all other — — — — — — Farmland 4,746 — — — 4,746 971 Commercial and agricultural non-real estate — 6,088 — 3,816 9,904 3,998 Consumer non-real estate — — — 107 107 59 Oil and gas — — — — — — Total collateral-dependent loans held for investment $ 7,020 $ 6,088 $ — $ 3,923 $ 17,031 $ 5,676 Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2021 Real estate: Commercial real estate owner occupied $ 1,952 $ — $ — $ — $ 1,952 $ 576 Commercial real estate non-owner occupied 1,404 — — — 1,404 263 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 871 — — — 871 143 Residential real estate all other 199 — — — 199 178 Farmland 8,703 — — — 8,703 1,805 Commercial and agricultural non-real estate — 6,472 — 5,202 11,674 4,938 Consumer non-real estate — — — 54 54 20 Oil and gas — — — — — — Total collateral-dependent loans held for investment $ 13,129 $ 6,472 $ — $ 5,256 $ 24,857 $ 7,923 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, 2022 2021 (Dollars in thousands) Other real estate owned $ 4,393 $ 10,564 Repossessed assets 696 594 Total $ 5,089 $ 11,158 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2022 | |
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 dates listed: Gross Accumulated Net (Dollars in thousands) September 30, 2022 Core deposit intangibles $ 33,298 $ ( 12,765 ) $ 20,533 Customer relationship intangibles 3,350 ( 3,020 ) 330 Total $ 36,648 $ ( 15,785 ) $ 20,863 December 31, 2021 Core deposit intangibles $ 27,433 $ ( 10,311 ) $ 17,122 Customer relationship intangibles 3,350 ( 2,906 ) 444 Total $ 30,783 $ ( 13,217 ) $ 17,566 The following is a summary of goodwill by business segment: Metropolitan Banks Community Banks Pegasus Worthington Other Financial Services Executive, Operations & Support Consolidated (Dollars in thousands) Nine months ended September 30, 2022 Balance at beginning of period $ 13,767 $ 61,212 $ 68,855 $ — $ 5,464 $ 624 $ 149,922 Acquisitions — — — 32,133 — — 32,133 Balance at end of period $ 13,767 $ 61,212 $ 68,855 $ 32,133 $ 5,464 $ 624 $ 182,055 The Company acquired Worthington on February 8, 2022, which added core deposit intangibles and goodwill shown in the tables above. See Note (2) of the Notes to Consolidated Financial Statements for disclosure regarding the Company’s recent developments, including mergers and acquisitions. 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, 2021 . |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
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 2022 2021 2022 2021 (Dollars in thousands) Rental expense $ 460 $ 226 $ 1,376 $ 1,192 As of September 30, 2022 , the right of use lease asset included in accrued interest receivable and other assets on the consolidated balance sheet totaled $ 6.0 million, and a related lease liability included in accrued interest payable and other liabilities on the consolidated balance sheet totaled $ 5.8 million. As of September 30, 2022 , the Company's operating leases have a weighted-average remaining lease term of 3.6 years and a weighted-average discount rate of 2.4 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 consolidated balance sheet. September 30, 2022 (Dollars in thousands) 2022 (three months) $ 498 2023 1,692 2024 1,334 2025 1,073 2026 672 Thereafter 1,329 Total lease payments 6,598 Less imputed Interest ( 770 ) Operating lease liability $ 5,828 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 consolidated balance sheet as premises and equipment. The Company had operating lease revenue of $ 1.3 million and $ 1.1 million for the three months ended September 30, 2022 and September 30, 2021, respectively. The Company had operating lease revenue of $ 4.0 million and $ 3.7 million for the nine months ended September 30, 2022 and September 30, 2021, 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 2031. 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, 2022 (Dollars in thousands) 2022 (three months) $ 920 2023 2,974 2024 2,849 2025 2,150 2026 1,778 2027-2031 3,547 Total future minimum lease payments $ 14,218 |
Subordinated Debt
Subordinated Debt | 9 Months Ended |
Sep. 30, 2022 | |
Broker-Dealer [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 used 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, 2022 | |
Share-Based Payment Arrangement [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, 2022 , there were 82,500 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, 2022 , there were 45,000 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, 2022 Outstanding at December 31, 2021 1,303,250 $ 40.90 Options granted 231,000 85.50 Options exercised ( 236,585 ) 27.80 Options canceled, forfeited, or expired ( 30,000 ) 66.31 Outstanding at September 30, 2022 1,267,665 50.87 8.23 Yrs $ 48,933 Exercisable at September 30, 2022 467,790 30.35 6.93 Yrs $ 27,654 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 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Total intrinsic value of options exercised $ 5,638 $ — $ 14,581 $ 7,860 Cash received from options exercised 2,285 — 6,577 4,379 Tax benefit realized from options exercised 1,355 — 3,505 2,002 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 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Stock-based compensation expense $ 627 $ 555 $ 1,545 $ 1,604 Tax benefit 151 134 372 386 Stock-based compensation expense, net of tax $ 476 $ 421 $ 1,173 $ 1,218 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, 2022 (Dollars in thousands) Unearned stock-based compensation expense $ 12,078 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 September 30, 2022 2021 Weighted average grant-date fair value per share of options granted $ 30.72 $ 20.92 Risk-free interest rate 1.75 to 3.25 % 1.30 to 1.74 % Dividend yield 2.00 % 2.00 % Stock price volatility 34.61 to 34.85 % 35.55 to 36.27 % 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, 2022 , there are 28,130 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 16,684 and 2,161 shares of common stock distributed from the Deferred Stock Compensation Plan during the nine months ended September 30, 2022 and 2021, respectively. A summary of the accumulated stock units is as follows: September 30, December 31, 2022 2021 Accumulated stock units 142,065 152,754 Average price $ 33.77 $ 30.86 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
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 2022 2021 Number of shares repurchased — 212,296 Average price of shares repurchased $ — $ 54.94 Shares remaining to be repurchased 500,486 500,486 BancFirst Corporation, BancFirst, Pegasus and Worthington 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 BancFirst Corporation’s, BancFirst’s, Pegasus’s and Worthington'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 consolidated financial statements. The Company believes that as of September 30, 2022 , BancFirst Corporation, BancFirst, Pegasus and Worthington 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, 2022: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,249,568 16.26 % $ 614,730 8.00 % $ 806,833 10.50 % N/A N/A BancFirst 1,068,974 16.60 % 515,130 8.00 % 676,108 10.50 % $ 643,912 10.00 % Pegasus 109,228 11.89 % 73,513 8.00 % 96,486 10.50 % 91,892 10.00 % Worthington 45,947 14.74 % 24,930 8.00 % 32,720 10.50 % 31,162 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,074,471 13.98 % $ 345,785 4.50 % $ 537,888 7.00 % N/A N/A BancFirst 970,166 15.07 % 289,760 4.50 % 450,738 7.00 % $ 418,543 6.50 % Pegasus 101,155 11.01 % 41,351 4.50 % 64,324 7.00 % 59,730 6.50 % Worthington 42,242 13.56 % 14,023 4.50 % 21,813 7.00 % 20,255 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,100,471 14.32 % $ 461,047 6.00 % $ 653,150 8.50 % N/A N/A BancFirst 990,166 15.38 % 386,347 6.00 % 547,325 8.50 % $ 515,130 8.00 % Pegasus 101,155 11.01 % 55,135 6.00 % 78,108 8.50 % 73,513 8.00 % Worthington 42,242 13.56 % 18,697 6.00 % 26,488 8.50 % 24,930 8.00 % Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 1,100,471 8.85 % $ 497,560 4.00 % N/A N/A N/A N/A BancFirst 990,166 9.46 % 418,890 4.00 % N/A N/A $ 523,612 5.00 % Pegasus 101,155 7.05 % 57,428 4.00 % N/A N/A 71,785 5.00 % Worthington 42,242 8.02 % 21,077 4.00 % N/A N/A 26,346 5.00 % As of September 30, 2022 , the most recent notifications from the Federal Reserve Bank of Kansas City, the FDIC and the Comptroller of the Currency, categorized BancFirst, Pegasus and Worthington as “well capitalized” under the prompt corrective action provisions. The Common Equity Tier 1 Capital of BancFirst Corporation, BancFirst, Pegasus and Worthington 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 BancFirst Corporation, BancFirst, Pegasus and Worthington 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 notifications to BancFirst Corporation, BancFirst, Pegasus and Worthington of their capital category that management believes would materially change their category under capital requirements existing as of the report date. 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. 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 2021 and 2020 are included in the calculation of the Company’s leverage ratio as of September 30, 2022 as the Company did not utilize the PPP Facility for funding purposes. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Basic Income available to common stockholders $ 55,352 32,825,931 $ 1.69 Dilutive effect of stock options — 710,627 Diluted Income available to common stockholders plus assumed exercises of stock options $ 55,352 33,536,558 $ 1.65 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 assumed exercises of stock options $ 38,750 33,267,955 $ 1.16 Nine Months Ended September 30, 2022 Basic Income available to common stockholders $ 135,974 32,748,116 $ 4.15 Dilutive effect of stock options — 681,045 Diluted Income available to common stockholders plus assumed exercises of stock options $ 135,974 33,429,161 $ 4.07 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 assumed exercises of stock options $ 129,462 33,358,837 $ 3.88 The following table shows the number 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, 2022 184,707 Three Months Ended September 30, 2021 533,701 Nine Months Ended September 30, 2022 149,669 Nine Months Ended September 30, 2021 161,690 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
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 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. Derivatives Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains dealer and market quotations to value its oil and gas swaps and options. The Company utilizes dealer quotes and observable market data inputs to substantiate internal valuation model. 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, 2022 Debt securities available for sale: U.S. Treasury $ 1,459,090 $ — $ — $ 1,459,090 U.S. federal agencies — 16,577 — 16,577 Mortgage-backed securities — 15,620 — 15,620 States and political subdivisions — 7,146 454 7,600 Asset backed securities — 12,968 — 12,968 Other debt securities — 7,404 — 7,404 Derivative assets — 45,166 — 45,166 Derivative liabilities — 43,856 — 43,856 December 31, 2021 Debt securities available for sale: U.S. Treasury $ 457,628 $ — $ — $ 457,628 U.S. federal agencies — 21,942 — 21,942 Mortgage-backed securities — 29,283 — 29,283 States and political subdivisions — 5,999 320 6,319 Asset backed securities — 13,357 — 13,357 Other debt securities 2,994 2,994 Derivative assets — 8,946 — 8,946 Derivative liabilities — 8,237 — 8,237 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 2022 2021 (Dollars in thousands) Balance at the beginning of the year $ 320 $ 12,869 Transfers to level 2 — ( 12,714 ) Purchases 255 240 Settlements ( 110 ) ( 75 ) Total unrealized losses ( 11 ) — Balance at the end of the period $ 454 $ 320 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, 2022, the Company did not transfer any debt securities. During the year ended December 31, 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. 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 the Company 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. These nonrecurring fair values do not represent all assets, only those assets that have been adjusted during the reporting period: Total Fair Value Level 3 (Dollars in thousands) As of and for the Year-to-date Period Ended September 30, 2022 Equity securities $ 14,280 Collateral dependent loans 448 Repossessed assets 176 Other real estate owned 3,728 As of and for the Year-to-date Period Ended December 31, 2021 Equity securities $ 10,590 Collateral dependent loans 13,195 Repossessed assets 78 Other real estate owned 7,496 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. Federal Funds Sold The carrying amount of these short-term instruments is 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. Loans Held For Investment To determine the fair value of loans held for investment, 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, 2022 2021 Carrying Fair Value Carrying Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 3,333,305 $ 3,333,305 $ 2,050,022 $ 2,050,022 Federal funds sold 3,878 3,878 800 800 Debt securities held for investment 16 16 32 33 Loans held for sale 4,823 4,823 24,776 24,776 Level 3 inputs: Debt securities held for investment 2,370 2,370 2,945 2,945 Loans, net of allowance for credit losses 6,737,901 6,400,990 6,085,506 6,059,716 FINANCIAL LIABILITIES Level 2 inputs: Deposits 11,058,940 10,645,253 8,091,914 8,161,553 Short-term borrowings 4,600 4,600 — — Subordinated debt 86,030 79,467 85,987 90,391 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 4,533 3,648 Letters of credit 547 621 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, 2022 or December 31, 2021 . |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | (12) DERIVATIVE FINANCIAL INSTRUMENTS The Company enters into oil and gas swaps and options contracts to accommodate the business needs of its customers. Upon the origination of an oil or gas swap or option contract with a customer, to mitigate the exposure to fluctuations in oil and gas prices, the Company simultaneously enters into an offsetting contract with a counterparty. These derivatives are not designated as hedged instruments and are recorded on the Company's consolidated balance sheet at fair value and are included in other assets. The Company's derivative financial instruments require a daily margin to be posted, which fluctuates with oil and gas prices. These margins have increased during 2022 due to the current increase in oil and gas prices and customer activity. These margins are included in other assets totaling $ 24.7 million at September 30, 2022 and $ 14.3 million at December 31, 2021. The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models. The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table: September 30, 2022 December 31, 2021 Oil and Gas Swaps and Options Notional Units Notional Estimated Notional Estimated (Notional amounts and dollars in thousands) Oil Derivative assets Barrels 3,463 $ 18,435 2,585 $ 6,563 Derivative liabilities Barrels ( 3,463 ) ( 17,684 ) ( 2,585 ) ( 6,129 ) Gas/Natural Gas Liquids Derivative assets MMBTUs/Gallons 32,233 26,731 19,752 2,383 Derivative liabilities MMBTUs/Gallons ( 32,233 ) ( 26,172 ) ( 19,752 ) ( 2,108 ) Total Fair Value Included in Derivative assets Other assets 45,166 8,946 Derivative liabilities Other liabilities ( 43,856 ) ( 8,237 ) The following table is a summary of the Company's recognized income related to the activity, which was included in other noninterest income: Three Months Ended Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Derivative income $ 118 $ 128 $ 406 $ 167 The Company's credit exposure on oil and gas swaps and options varies based on the current market prices of oil and gas. Other than credit risk, changes in the fair value of customer positions will be offset by equal and opposite changes in the counterparty positions. The net positive fair value of the contracts represents the profit derived from the activity and is unaffected by the market price movements. The Company's share of total profit is approximately 35 %. Customer credit exposure is managed by strict position limits and is primarily offset by first liens on production while the remainder is offset by cash. Counterparty credit exposure is managed by selecting highly rated counterparties (rated A- or better by Standard and Poor's) and monitoring market information. The Company's net credit exposure relating to oil and gas swaps and options with bank counterparties was $ 5.1 million at September 30, 2022 and $ 0 at December 31, 2021. Balance Sheet Offsetting Derivatives may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements. The Company's derivative transactions with upstream financial institution counterparties and bank customers are generally executed under International Swaps and Derivative Association ("ISDA") master agreements, which include "right of set-off" provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset such financial instruments for financial reporting purposes. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | (13) 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 six principal business units are metropolitan banks, community banks, Pegasus, Worthington, other financial services and executive, operations and support. Metropolitan banks, community banks, Pegasus and Worthington 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 consists of banking locations in the Dallas metropolitan area. Worthington consists of banking locations in the Fort Worth 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 six business units are as follows: Metropolitan Community Pegasus Worthington Other Executive, Eliminations Consolidated (Dollars in thousands) Three Months Ended September 30, 2022 Net interest income $ 26,022 $ 55,782 $ 13,815 $ 4,723 $ 1,604 $ ( 999 ) $ — $ 100,947 Noninterest income 8,722 18,764 246 305 14,106 62,969 ( 55,781 ) 49,331 Income before taxes 22,827 41,179 8,178 2,109 6,222 43,180 ( 55,358 ) 68,337 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 Nine Months Ended September 30, 2022 Net interest income $ 67,592 $ 149,965 $ 31,399 $ 10,160 $ 6,596 $ ( 2,411 ) $ 20 $ 263,321 Noninterest income 23,999 53,761 730 724 37,842 158,299 ( 139,776 ) $ 135,579 Income before taxes 56,140 108,980 15,677 3,930 16,910 104,729 ( 139,073 ) $ 167,293 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 Total Assets: September 30, 2022 $ 3,461,263 $ 6,928,972 $ 1,404,425 $ 569,554 $ 101,300 $ 1,446,447 $ ( 1,459,583 ) $ 12,452,378 December 31, 2021 2,627,874 5,821,220 1,045,699 — 71,694 1,201,974 ( 1,362,849 ) 9,405,612 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. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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 ("Pegasus"), Worthington National Bank ("Worthington") 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 consolidated financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021, 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. |
Reclassifications | Reclassifications Certain items in prior consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income. |
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 assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standards Not Yet Adopted: In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, “Financial Instruments – Credit Losses (Topic 326).” ASU 2022-02 eliminates the TDR recognition and measurement guidance and, instead, requires that the Company evaluate, based on the accounting for loan modifications, whether the modification represents a new loan or a continuation of an existing loan. The Company has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings when adopted. In addition, the update requires that the Company disclose current-period write-offs by year of origination for financing receivables. The current-period write-off amendment should be applied prospectively. The amendments are effective for annual periods beginning after December 15, 2022, including interim periods within those annual periods. Early adoption is permitted; however the Company expects to adopt ASU 2022-02 on January 1, 2023. ASU No. 2022-02 is not expected to have a significant impact on the Company’s consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: Amortized Gross Gross Estimated September 30, 2022 (Dollars in thousands) Mortgage backed securities (1) $ 16 $ — $ — $ 16 States and political subdivisions 1,870 — — 1,870 Other securities 500 — — 500 Total $ 2,386 $ — $ — $ 2,386 December 31, 2021 Mortgage backed securities (1) $ 32 $ 1 $ — $ 33 States and political subdivisions 2,445 — — 2,445 Other securities 500 — — 500 Total $ 2,977 $ 1 $ — $ 2,978 |
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, 2022 (Dollars in thousands) U.S. treasuries $ 1,563,520 $ - $ ( 104,430 ) $ 1,459,090 U.S. federal agencies 16,353 229 ( 5 ) 16,577 Mortgage backed securities (1) 17,866 13 ( 2,259 ) 15,620 States and political subdivisions 7,832 24 ( 256 ) 7,600 Asset backed securities 13,367 — ( 399 ) 12,968 Other securities 8,000 — ( 596 ) 7,404 Total $ 1,626,938 $ 266 $ ( 107,945 ) $ 1,519,259 December 31, 2021 U.S. treasuries $ 455,701 $ 3,693 $ ( 1,766 ) $ 457,628 U.S. federal agencies 21,609 335 ( 2 ) 21,942 Mortgage backed securities (1) 28,897 400 ( 14 ) 29,283 States and political subdivisions 6,128 194 ( 3 ) 6,319 Asset backed securities 13,354 3 — 13,357 Other securities 3,000 — ( 6 ) 2,994 Total $ 528,689 $ 4,625 $ ( 1,791 ) $ 531,523 (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, 2022 December 31, 2021 Amortized Estimated Amortized Estimated (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 1,187 $ 1,187 $ 577 $ 577 After one year but within five years 1,197 1,197 2,396 2,397 After five years but within ten years 2 2 4 4 After ten years — — — — Total $ 2,386 $ 2,386 $ 2,977 $ 2,978 Available for Sale Contractual maturity of debt securities: Within one year $ 96,447 $ 95,552 $ 58,478 $ 58,688 After one year but within five years 1,260,280 1,172,140 408,253 410,049 After five years but within ten years 226,894 211,100 10,851 11,011 After ten years 43,317 40,467 51,107 51,775 Total debt securities $ 1,626,938 $ 1,519,259 $ 528,689 $ 531,523 |
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, 2022 December 31, 2021 (Dollars in thousands) Book value of pledged securities $ 487,445 $ 473,026 |
Proceeds from Sales and Realized Losses on Available for Sale Debt Securities | The following is a detail of proceeds from sales and the realized losses on available for sale debt securities: Nine Months Ended September 30, 2022 2021 (Dollars in thousands) Proceeds $ 222,474 $ — Gross losses realized 3,990 — In |
Summary of Debt Securities with Unrealized Losses, Segregated by Duration of Unrealized Loss | The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at September 30, 2022 and December 31, 2021 respectively: Less than 12 Months More than 12 Months Total Number of investments Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) September 30, 2022 Available for Sale U.S. treasuries 73 $ 1,440,283 $ 102,906 $ 18,807 $ 1,524 $ 1,459,090 $ 104,430 U.S. federal agencies 2 515 5 — — 515 5 Mortgage backed securities 98 13,199 1,976 2,042 283 15,241 2,259 States and political subdivisions 7 2,049 250 195 6 2,244 256 Asset backed securities 1 12,968 399 — — 12,968 399 Other securities 2 7,404 596 — — 7,404 596 Total 183 $ 1,476,418 $ 106,132 $ 21,044 $ 1,813 $ 1,497,462 $ 107,945 December 31, 2021 Available for Sale U.S. treasuries 10 $ 298,080 $ 1,766 $ — $ — $ 298,080 $ 1,766 U.S. federal agencies 1 376 2 — — 376 2 Mortgage backed securities 7 2,824 14 — — 2,824 14 States and political subdivisions 2 505 3 — — 505 3 Other securities 1 2,994 6 — — 2,994 6 Total 21 $ 304,779 $ 1,791 $ — $ — $ 304,779 $ 1,791 |
Loans Held for Investment and_2
Loans Held for Investment and Allowance for Credit Losses on Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Summary of Loans Held for Investment by Portfolio Segment | Loans held for investment are summarized by portfolio segment as follows: September 30, 2022 December 31, 2021 (Dollars in thousands) Real estate: Commercial real estate owner occupied $ 896,202 $ 775,554 Commercial real estate non-owner occupied 1,230,074 1,095,324 Construction and development < 60 months 473,631 415,466 Construction residential real estate < 60 months 311,168 254,524 Residential real estate first lien 1,097,710 937,006 Residential real estate all other 188,508 161,018 Farmland 256,821 272,179 Commercial and agricultural non-real estate (2) 1,429,401 1,416,093 Consumer non-real estate 431,913 413,370 Oil and gas 512,344 428,908 Total (1) $ 6,827,772 $ 6,169,442 (1) Excludes accrued interest receivable of $ 25.4 million at September 30, 2022 and $ 21.0 million at December 31, 2021, that is recorded in accrued interest receivable and other assets. (2) Includes PPP loans held for investment of $ 1.1 million, net of unamortized processing fees of $ 0 , at September 30, 2022 and $ 80.4 million, net of unamortized processing fees of $ 2.0 million, at December 31, 2021. |
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, 2022 December 31, 2021 (Dollars in thousands) Troubled debt restructurings $ 2,249 $ 3,665 Other real estate owned and repossessed assets $ 39,419 $ 39,553 |
Summary of Rental Income and Operating Expenses | This property had the following rental income and operating expenses for the periods presented. Three Months Ended Nine Months Ended 2022 2021 2022 2021 (Dollars in thousands) Rental income $ 2,347 $ 2,703 $ 7,750 $ 7,277 Operating expense $ 2,381 $ 2,036 $ 7,120 $ 6,599 |
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, 2022 December 31, 2021 (Dollars in thousands) Real estate: Commercial real estate owner occupied $ 1,845 $ 4,351 Commercial real estate non-owner occupied — 407 Construction and development < 60 months 98 80 Construction residential real estate < 60 months 103 — Residential real estate first lien 2,156 2,763 Residential real estate all other 58 280 Farmland 1,463 4,224 Commercial and agricultural non-real estate 5,048 7,569 Consumer non-real estate 191 148 Oil and gas 1,000 1,070 Total $ 11,962 $ 20,892 |
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 the Company's 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, 2022 Real estate: Commercial real estate owner occupied $ 4,518 $ 64 $ 339 $ 4,921 $ 891,281 $ 896,202 $ 339 Commercial real estate non-owner occupied 525 — 36 561 1,229,513 1,230,074 36 Construction and development < 60 months 224 274 33 531 473,100 473,631 — Construction residential real estate < 60 months 245 — 469 714 310,454 311,168 366 Residential real estate first lien 2,918 770 1,158 4,846 1,092,864 1,097,710 365 Residential real estate all other 136 155 102 393 188,115 188,508 83 Farmland 391 — 302 693 256,128 256,821 92 Commercial and agricultural non-real estate 2,027 307 4,677 7,011 1,422,390 1,429,401 667 Consumer non-real estate 2,171 776 657 3,604 428,309 431,913 565 Oil and gas 83 60 654 797 511,547 512,344 654 Total $ 13,238 $ 2,406 $ 8,427 $ 24,071 $ 6,803,701 $ 6,827,772 $ 3,167 As of December 31, 2021 Real estate: Commercial real estate owner occupied $ 2,046 $ 223 $ 1,465 $ 3,734 $ 771,820 $ 775,554 $ 18 Commercial real estate non-owner occupied 7,244 — — 7,244 1,088,080 1,095,324 — Construction and development < 60 months 136 — — 136 415,330 415,466 — Construction residential real estate < 60 months 2,264 — — 2,264 252,260 254,524 — Residential real estate first lien 3,351 567 2,817 6,735 930,271 937,006 1,704 Residential real estate all other 293 30 451 774 160,244 161,018 431 Farmland 253 37 2,077 2,367 269,812 272,179 139 Commercial and agricultural non-real estate 2,506 546 7,118 10,170 1,405,923 1,416,093 2,418 Consumer non-real estate 1,873 321 272 2,466 410,904 413,370 254 Oil and gas — — — — 428,908 428,908 — Total $ 19,966 $ 1,724 $ 14,200 $ 35,890 $ 6,133,552 $ 6,169,442 $ 4,964 |
Gross Loans Held for Investment by Year of Origination and Internally Assigned Credit Grades | The following table summarizes the Company’s gross loans held for investment by year of origination and internally assigned credit grades : Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (Dollars in thousands) As of September 30, 2022 Commercial real estate owner occupied Grade 1 $ 141,987 $ 145,596 $ 114,356 $ 93,878 $ 47,340 $ 129,610 $ 48,189 $ 720,956 Grade 2 30,513 36,392 29,012 18,542 9,327 30,565 15,436 169,787 Grade 3 — 126 76 1,302 337 1,421 62 3,324 Grade 4 45 269 — 1,128 186 507 — 2,135 Total commercial real estate owner occupied 172,545 182,383 143,444 114,850 57,190 162,103 63,687 896,202 Commercial real estate non-owner occupied Grade 1 198,064 238,174 177,410 109,128 26,907 77,085 39,667 866,435 Grade 2 88,113 56,473 30,068 47,428 25,178 72,943 30,663 350,866 Grade 3 7,126 — — 2,748 79 2,784 — 12,737 Grade 4 — — — — 36 — — 36 Total commercial real estate non-owner occupied 293,303 294,647 207,478 159,304 52,200 152,812 70,330 1,230,074 Construction and development < 60 months Grade 1 138,067 122,780 41,667 10,473 3,510 5,479 33,306 355,282 Grade 2 29,324 20,056 1,589 14,711 1,709 1,249 48,254 116,892 Grade 3 1,098 — 102 — — — 159 1,359 Grade 4 — — 33 50 — 15 — 98 Total construction and development < 60 months 168,489 142,836 43,391 25,234 5,219 6,743 81,719 473,631 Construction residential real estate < 60 months Grade 1 178,568 47,012 261 22 — 43 46,695 272,601 Grade 2 26,903 8,606 179 — — 407 2,136 38,231 Grade 3 233 — — — — — — 233 Grade 4 — 103 — — — — — 103 Total construction residential real estate < 60 months 205,704 55,721 440 22 — 450 48,831 311,168 Residential real estate first lien Grade 1 251,829 218,962 150,043 90,854 58,348 146,667 4,922 921,625 Grade 2 34,687 37,637 25,916 13,497 11,075 39,349 — 162,161 Grade 3 1,543 1,171 651 1,516 1,870 4,143 — 10,894 Grade 4 30 322 138 568 180 1,792 — 3,030 Total residential real estate first lien 288,089 258,092 176,748 106,435 71,473 191,951 4,922 1,097,710 Residential real estate all other Grade 1 24,287 11,519 11,471 5,940 3,909 11,865 41,165 110,156 Grade 2 4,387 1,896 1,860 1,676 1,261 2,646 62,195 75,921 Grade 3 200 204 88 84 222 890 602 2,290 Grade 4 — 18 30 — 39 54 — 141 Total residential real estate all other 28,874 13,637 13,449 7,700 5,431 15,455 103,962 188,508 Farmland Grade 1 39,963 36,229 30,416 19,528 10,297 30,735 5,256 172,424 Grade 2 12,439 15,174 6,903 7,816 5,835 16,093 9,619 73,879 Grade 3 2,201 113 1,799 1,365 70 2,057 1,891 9,496 Grade 4 — 318 434 — 58 212 — 1,022 Total farmland 54,603 51,834 39,552 28,709 16,260 49,097 16,766 256,821 Commercial and agricultural non-real estate Grade 1 239,757 257,163 83,658 58,217 17,413 46,390 361,517 1,064,115 Grade 2 79,522 65,913 23,868 15,699 17,090 4,710 136,388 343,190 Grade 3 3,575 2,290 1,843 936 1,896 932 6,094 17,566 Grade 4 439 553 591 1,121 497 1,159 170 4,530 Total commercial and agricultural non-real estate 323,293 325,919 109,960 75,973 36,896 53,191 504,169 1,429,401 Consumer non-real estate Grade 1 163,610 121,331 46,856 24,674 8,419 2,989 20,821 388,700 Grade 2 15,625 12,007 4,564 4,113 1,079 1,511 968 39,867 Grade 3 663 817 370 381 159 67 3 2,460 Grade 4 231 307 108 175 52 12 1 886 Total consumer non-real estate 180,129 134,462 51,898 29,343 9,709 4,579 21,793 431,913 Oil and gas Grade 1 137,122 76,145 24,844 864 1,732 313 175,742 416,762 Grade 2 4,432 4,603 2,890 19,655 19,248 200 36,964 87,992 Grade 3 209 4,557 7 — — 171 1,646 6,590 Grade 4 — 1,000 — — — — — 1,000 Total oil and gas 141,763 86,305 27,741 20,519 20,980 684 214,352 512,344 Total loans held for investment $ 1,856,792 $ 1,545,836 $ 814,101 $ 568,089 $ 275,358 $ 637,065 $ 1,130,531 $ 6,827,772 |
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 Provision for /(benefit from) credit losses on loans Balance at (Dollars in thousands) Three Months Ended September 30, 2022 Real estate: Commercial real estate owner occupied $ 6,945 $ — $ — $ 426 $ 426 $ ( 291 ) $ 7,080 Commercial real estate non-owner occupied 22,937 — — — — 988 23,925 Construction and development < 60 months 3,728 — — 3 3 449 4,180 Construction residential real estate < 60 months 2,292 — — — — 115 2,407 Residential real estate first lien 3,383 — ( 11 ) 15 4 ( 8 ) 3,379 Residential real estate all other 2,051 — ( 2 ) 1 ( 1 ) 59 2,109 Farmland 4,365 — — — — ( 101 ) 4,264 Commercial and agricultural non-real estate 27,833 ( 4 ) ( 267 ) 27 ( 240 ) 545 28,134 Consumer non-real estate 4,094 ( 3 ) ( 171 ) 59 ( 112 ) 268 4,247 Oil and gas 9,307 — — — — 839 10,146 Total $ 86,935 $ ( 7 ) $ ( 451 ) $ 531 $ 80 $ 2,863 $ 89,871 Nine Months Ended September 30, 2022 Real estate: Commercial real estate owner occupied $ 7,568 $ — $ ( 20 ) $ 504 $ 484 $ ( 972 ) $ 7,080 Commercial real estate non-owner occupied 16,987 — — — — 6,938 23,925 Construction and development < 60 months 3,490 — — 8 8 682 4,180 Construction residential real estate < 60 months 1,092 — — — — 1,315 2,407 Residential real estate first lien 3,076 2 ( 60 ) 28 ( 32 ) 333 3,379 Residential real estate all other 2,104 — ( 38 ) 403 365 ( 360 ) 2,109 Farmland 4,822 — — — — ( 558 ) 4,264 Commercial and agricultural non-real estate 28,085 44 ( 1,166 ) 170 ( 996 ) 1,001 28,134 Consumer non-real estate 3,734 25 ( 404 ) 139 ( 265 ) 753 4,247 Oil and gas 12,978 — — — — ( 2,832 ) 10,146 Total $ 83,936 $ 71 $ ( 1,688 ) $ 1,252 $ ( 436 ) $ 6,300 $ 89,871 Allowance for Credit Losses Balance at 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, 2021 Real estate: Commercial real estate owner occupied $ 8,298 $ 93 $ ( 3 ) $ 72 $ 69 $ 91 $ 8,551 Commercial real estate non-owner occupied 15,038 191 ( 7 ) 67 60 46 15,335 Construction and development < 60 months 3,095 — — 4 4 417 3,516 Construction residential real estate < 60 months 998 — — — — ( 25 ) 973 Residential real estate first lien 2,921 9 ( 4 ) 9 5 199 3,134 Residential real estate all other 1,963 — — 46 46 206 2,215 Farmland 3,727 ( 248 ) — — — 969 4,448 Commercial and agricultural non-real estate 34,310 952 ( 219 ) 43 ( 176 ) ( 489 ) 34,597 Consumer non-real estate 3,481 30 ( 67 ) 49 ( 18 ) 66 3,559 Oil and gas 10,132 — — — — 3 10,135 Total $ 83,963 $ 1,027 $ ( 300 ) $ 290 $ ( 10 ) $ 1,483 $ 86,463 Nine Months Ended September 30, 2021 Real estate: Commercial real estate owner occupied $ 8,470 $ 1,080 $ ( 3 ) $ 73 $ 70 $ ( 1,069 ) $ 8,551 Commercial real estate non-owner occupied 12,318 824 ( 803 ) 67 ( 736 ) 2,929 15,335 Construction and development < 60 months 2,723 173 — 9 9 611 3,516 Construction residential real estate < 60 months 726 — — — — 247 973 Residential real estate first lien 2,822 126 ( 56 ) 36 ( 20 ) 206 3,134 Residential real estate all other 2,236 — ( 46 ) 50 4 ( 25 ) 2,215 Farmland 3,153 395 — 1 1 899 4,448 Commercial and agricultural non-real estate 34,643 5,663 ( 3,817 ) 195 ( 3,622 ) ( 2,087 ) 34,597 Consumer non-real estate 3,542 38 ( 689 ) 247 ( 442 ) 421 3,559 Oil and gas 20,733 — — — — ( 10,598 ) 10,135 Total $ 91,366 $ 8,299 $ ( 5,414 ) $ 678 $ ( 4,736 ) $ ( 8,466 ) $ 86,463 |
Purchased Credit Deteriorated Loans | The Company has 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-month periods ended September 30, 2022 and September 30, 2021 were as follows: Loans acquired (Dollars in thousands) For the period ended September 30, 2022 Purchase price of loans at acquisition $ 661 Allowance for credit losses at acquisition 71 Par value of acquired loans at acquisition $ 732 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 |
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, 2022 Real estate: Commercial real estate owner occupied $ 1,307 $ — $ — $ — $ 1,307 $ 488 Commercial real estate non-owner occupied 595 — — — 595 64 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 372 — — — 372 96 Residential real estate all other — — — — — — Farmland 4,746 — — — 4,746 971 Commercial and agricultural non-real estate — 6,088 — 3,816 9,904 3,998 Consumer non-real estate — — — 107 107 59 Oil and gas — — — — — — Total collateral-dependent loans held for investment $ 7,020 $ 6,088 $ — $ 3,923 $ 17,031 $ 5,676 Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2021 Real estate: Commercial real estate owner occupied $ 1,952 $ — $ — $ — $ 1,952 $ 576 Commercial real estate non-owner occupied 1,404 — — — 1,404 263 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 871 — — — 871 143 Residential real estate all other 199 — — — 199 178 Farmland 8,703 — — — 8,703 1,805 Commercial and agricultural non-real estate — 6,472 — 5,202 11,674 4,938 Consumer non-real estate — — — 54 54 20 Oil and gas — — — — — — Total collateral-dependent loans held for investment $ 13,129 $ 6,472 $ — $ 5,256 $ 24,857 $ 7,923 |
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, 2022 2021 (Dollars in thousands) Other real estate owned $ 4,393 $ 10,564 Repossessed assets 696 594 Total $ 5,089 $ 11,158 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets as of the dates listed: Gross Accumulated Net (Dollars in thousands) September 30, 2022 Core deposit intangibles $ 33,298 $ ( 12,765 ) $ 20,533 Customer relationship intangibles 3,350 ( 3,020 ) 330 Total $ 36,648 $ ( 15,785 ) $ 20,863 December 31, 2021 Core deposit intangibles $ 27,433 $ ( 10,311 ) $ 17,122 Customer relationship intangibles 3,350 ( 2,906 ) 444 Total $ 30,783 $ ( 13,217 ) $ 17,566 |
Summary of Goodwill by Business Segment | The following is a summary of goodwill by business segment: Metropolitan Banks Community Banks Pegasus Worthington Other Financial Services Executive, Operations & Support Consolidated (Dollars in thousands) Nine months ended September 30, 2022 Balance at beginning of period $ 13,767 $ 61,212 $ 68,855 $ — $ 5,464 $ 624 $ 149,922 Acquisitions — — — 32,133 — — 32,133 Balance at end of period $ 13,767 $ 61,212 $ 68,855 $ 32,133 $ 5,464 $ 624 $ 182,055 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 2022 2021 2022 2021 (Dollars in thousands) Rental expense $ 460 $ 226 $ 1,376 $ 1,192 |
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 consolidated balance sheet. September 30, 2022 (Dollars in thousands) 2022 (three months) $ 498 2023 1,692 2024 1,334 2025 1,073 2026 672 Thereafter 1,329 Total lease payments 6,598 Less imputed Interest ( 770 ) Operating lease liability $ 5,828 |
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, 2022 (Dollars in thousands) 2022 (three months) $ 920 2023 2,974 2024 2,849 2025 2,150 2026 1,778 2027-2031 3,547 Total future minimum lease payments $ 14,218 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [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, 2022 Outstanding at December 31, 2021 1,303,250 $ 40.90 Options granted 231,000 85.50 Options exercised ( 236,585 ) 27.80 Options canceled, forfeited, or expired ( 30,000 ) 66.31 Outstanding at September 30, 2022 1,267,665 50.87 8.23 Yrs $ 48,933 Exercisable at September 30, 2022 467,790 30.35 6.93 Yrs $ 27,654 |
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 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Total intrinsic value of options exercised $ 5,638 $ — $ 14,581 $ 7,860 Cash received from options exercised 2,285 — 6,577 4,379 Tax benefit realized from options exercised 1,355 — 3,505 2,002 |
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 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Stock-based compensation expense $ 627 $ 555 $ 1,545 $ 1,604 Tax benefit 151 134 372 386 Stock-based compensation expense, net of tax $ 476 $ 421 $ 1,173 $ 1,218 |
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, 2022 (Dollars in thousands) Unearned stock-based compensation expense $ 12,078 |
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 September 30, 2022 2021 Weighted average grant-date fair value per share of options granted $ 30.72 $ 20.92 Risk-free interest rate 1.75 to 3.25 % 1.30 to 1.74 % Dividend yield 2.00 % 2.00 % Stock price volatility 34.61 to 34.85 % 35.55 to 36.27 % 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, 2022 2021 Accumulated stock units 142,065 152,754 Average price $ 33.77 $ 30.86 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 2022 2021 Number of shares repurchased — 212,296 Average price of shares repurchased $ — $ 54.94 Shares remaining to be repurchased 500,486 500,486 |
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, 2022: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,249,568 16.26 % $ 614,730 8.00 % $ 806,833 10.50 % N/A N/A BancFirst 1,068,974 16.60 % 515,130 8.00 % 676,108 10.50 % $ 643,912 10.00 % Pegasus 109,228 11.89 % 73,513 8.00 % 96,486 10.50 % 91,892 10.00 % Worthington 45,947 14.74 % 24,930 8.00 % 32,720 10.50 % 31,162 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,074,471 13.98 % $ 345,785 4.50 % $ 537,888 7.00 % N/A N/A BancFirst 970,166 15.07 % 289,760 4.50 % 450,738 7.00 % $ 418,543 6.50 % Pegasus 101,155 11.01 % 41,351 4.50 % 64,324 7.00 % 59,730 6.50 % Worthington 42,242 13.56 % 14,023 4.50 % 21,813 7.00 % 20,255 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,100,471 14.32 % $ 461,047 6.00 % $ 653,150 8.50 % N/A N/A BancFirst 990,166 15.38 % 386,347 6.00 % 547,325 8.50 % $ 515,130 8.00 % Pegasus 101,155 11.01 % 55,135 6.00 % 78,108 8.50 % 73,513 8.00 % Worthington 42,242 13.56 % 18,697 6.00 % 26,488 8.50 % 24,930 8.00 % Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 1,100,471 8.85 % $ 497,560 4.00 % N/A N/A N/A N/A BancFirst 990,166 9.46 % 418,890 4.00 % N/A N/A $ 523,612 5.00 % Pegasus 101,155 7.05 % 57,428 4.00 % N/A N/A 71,785 5.00 % Worthington 42,242 8.02 % 21,077 4.00 % N/A N/A 26,346 5.00 % |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Basic Income available to common stockholders $ 55,352 32,825,931 $ 1.69 Dilutive effect of stock options — 710,627 Diluted Income available to common stockholders plus assumed exercises of stock options $ 55,352 33,536,558 $ 1.65 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 assumed exercises of stock options $ 38,750 33,267,955 $ 1.16 Nine Months Ended September 30, 2022 Basic Income available to common stockholders $ 135,974 32,748,116 $ 4.15 Dilutive effect of stock options — 681,045 Diluted Income available to common stockholders plus assumed exercises of stock options $ 135,974 33,429,161 $ 4.07 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 assumed exercises of stock options $ 129,462 33,358,837 $ 3.88 |
Number of Options Excluded from Computation of Diluted Net Income Per Common Share | The following table shows the number 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, 2022 184,707 Three Months Ended September 30, 2021 533,701 Nine Months Ended September 30, 2022 149,669 Nine Months Ended September 30, 2021 161,690 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Debt securities available for sale: U.S. Treasury $ 1,459,090 $ — $ — $ 1,459,090 U.S. federal agencies — 16,577 — 16,577 Mortgage-backed securities — 15,620 — 15,620 States and political subdivisions — 7,146 454 7,600 Asset backed securities — 12,968 — 12,968 Other debt securities — 7,404 — 7,404 Derivative assets — 45,166 — 45,166 Derivative liabilities — 43,856 — 43,856 December 31, 2021 Debt securities available for sale: U.S. Treasury $ 457,628 $ — $ — $ 457,628 U.S. federal agencies — 21,942 — 21,942 Mortgage-backed securities — 29,283 — 29,283 States and political subdivisions — 5,999 320 6,319 Asset backed securities — 13,357 — 13,357 Other debt securities 2,994 2,994 Derivative assets — 8,946 — 8,946 Derivative liabilities — 8,237 — 8,237 |
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 2022 2021 (Dollars in thousands) Balance at the beginning of the year $ 320 $ 12,869 Transfers to level 2 — ( 12,714 ) Purchases 255 240 Settlements ( 110 ) ( 75 ) Total unrealized losses ( 11 ) — Balance at the end of the period $ 454 $ 320 |
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. These nonrecurring fair values do not represent all assets, only those assets that have been adjusted during the reporting period: Total Fair Value Level 3 (Dollars in thousands) As of and for the Year-to-date Period Ended September 30, 2022 Equity securities $ 14,280 Collateral dependent loans 448 Repossessed assets 176 Other real estate owned 3,728 As of and for the Year-to-date Period Ended December 31, 2021 Equity securities $ 10,590 Collateral dependent loans 13,195 Repossessed assets 78 Other real estate owned 7,496 |
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, 2022 2021 Carrying Fair Value Carrying Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 3,333,305 $ 3,333,305 $ 2,050,022 $ 2,050,022 Federal funds sold 3,878 3,878 800 800 Debt securities held for investment 16 16 32 33 Loans held for sale 4,823 4,823 24,776 24,776 Level 3 inputs: Debt securities held for investment 2,370 2,370 2,945 2,945 Loans, net of allowance for credit losses 6,737,901 6,400,990 6,085,506 6,059,716 FINANCIAL LIABILITIES Level 2 inputs: Deposits 11,058,940 10,645,253 8,091,914 8,161,553 Short-term borrowings 4,600 4,600 — — Subordinated debt 86,030 79,467 85,987 90,391 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 4,533 3,648 Letters of credit 547 621 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Estimated Fair Values of Oil and Gas Derivative Positions Outstanding | The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models. The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table: September 30, 2022 December 31, 2021 Oil and Gas Swaps and Options Notional Units Notional Estimated Notional Estimated (Notional amounts and dollars in thousands) Oil Derivative assets Barrels 3,463 $ 18,435 2,585 $ 6,563 Derivative liabilities Barrels ( 3,463 ) ( 17,684 ) ( 2,585 ) ( 6,129 ) Gas/Natural Gas Liquids Derivative assets MMBTUs/Gallons 32,233 26,731 19,752 2,383 Derivative liabilities MMBTUs/Gallons ( 32,233 ) ( 26,172 ) ( 19,752 ) ( 2,108 ) Total Fair Value Included in Derivative assets Other assets 45,166 8,946 Derivative liabilities Other liabilities ( 43,856 ) ( 8,237 ) |
Summary of Company's Recognized Income Related to Activity Included in Other Noninterest Income | The following table is a summary of the Company's recognized income related to the activity, which was included in other noninterest income: Three Months Ended Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) Derivative income $ 118 $ 128 $ 406 $ 167 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Results of Operations and Selected Financial Information | The results of operations and selected financial information for the six business units are as follows: Metropolitan Community Pegasus Worthington Other Executive, Eliminations Consolidated (Dollars in thousands) Three Months Ended September 30, 2022 Net interest income $ 26,022 $ 55,782 $ 13,815 $ 4,723 $ 1,604 $ ( 999 ) $ — $ 100,947 Noninterest income 8,722 18,764 246 305 14,106 62,969 ( 55,781 ) 49,331 Income before taxes 22,827 41,179 8,178 2,109 6,222 43,180 ( 55,358 ) 68,337 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 Nine Months Ended September 30, 2022 Net interest income $ 67,592 $ 149,965 $ 31,399 $ 10,160 $ 6,596 $ ( 2,411 ) $ 20 $ 263,321 Noninterest income 23,999 53,761 730 724 37,842 158,299 ( 139,776 ) $ 135,579 Income before taxes 56,140 108,980 15,677 3,930 16,910 104,729 ( 139,073 ) $ 167,293 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 Total Assets: September 30, 2022 $ 3,461,263 $ 6,928,972 $ 1,404,425 $ 569,554 $ 101,300 $ 1,446,447 $ ( 1,459,583 ) $ 12,452,378 December 31, 2021 2,627,874 5,821,220 1,045,699 — 71,694 1,201,974 ( 1,362,849 ) 9,405,612 |
Recent Developments, Includin_2
Recent Developments, Including Mergers and Acquisitions - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||||
Feb. 08, 2022 USD ($) Location | Jun. 17, 2021 USD ($) | May 20, 2021 USD ($) Location | Dec. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Jan. 22, 2021 USD ($) | |
Business Combination Separately Recognized Transactions [Line Items] | ||||||
Total assets | $ 9,405,612 | $ 12,452,378 | ||||
Loans held for investment (net of unearned interest) | 6,169,442 | 6,827,772 | ||||
Deposits | 8,091,914 | 11,058,940 | ||||
Goodwill | 149,922 | $ 182,055 | ||||
First National Bank and Trust [Member] | ||||||
Business Combination Separately Recognized Transactions [Line Items] | ||||||
Purchase price | $ 21,000 | |||||
Total assets | 284,000 | |||||
Loans held for investment (net of unearned interest) | 195,000 | |||||
Deposits | 256,000 | |||||
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 | |||||
Worthington [Member] | ||||||
Business Combination Separately Recognized Transactions [Line Items] | ||||||
Purchase price | $ 77,700 | |||||
Total assets | 478,000 | |||||
Loans held for investment (net of unearned interest) | 257,000 | |||||
Deposits | 430,000 | |||||
Intangibles assets, net | 5,900 | |||||
Goodwill | $ 32,100 | |||||
Worthington [Member] | Arlington, Texas [Member] | ||||||
Business Combination Separately Recognized Transactions [Line Items] | ||||||
Number of banking locations | Location | 1 | |||||
Worthington [Member] | Colleyville, Texas [Member] | ||||||
Business Combination Separately Recognized Transactions [Line Items] | ||||||
Number of banking locations | Location | 1 | |||||
Worthington [Member] | Fort Worth, Texas [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, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,386 | $ 2,977 |
Gross Unrealized Gains | 1 | |
Estimated Fair Value | 2,386 | 2,978 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 16 | 32 |
Gross Unrealized Gains | 1 | |
Estimated Fair Value | 16 | 33 |
States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,870 | 2,445 |
Estimated Fair Value | 1,870 | 2,445 |
Other Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 500 | 500 |
Estimated 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, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,626,938 | $ 528,689 |
Gross Unrealized Gains | 266 | 4,625 |
Gross Unrealized Losses | (107,945) | (1,791) |
Estimated Fair Value | 1,519,259 | 531,523 |
U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,563,520 | 455,701 |
Gross Unrealized Gains | 3,693 | |
Gross Unrealized Losses | (104,430) | (1,766) |
Estimated Fair Value | 1,459,090 | 457,628 |
U.S. Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 16,353 | 21,609 |
Gross Unrealized Gains | 229 | 335 |
Gross Unrealized Losses | (5) | (2) |
Estimated Fair Value | 16,577 | 21,942 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,866 | 28,897 |
Gross Unrealized Gains | 13 | 400 |
Gross Unrealized Losses | (2,259) | (14) |
Estimated Fair Value | 15,620 | 29,283 |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,832 | 6,128 |
Gross Unrealized Gains | 24 | 194 |
Gross Unrealized Losses | (256) | (3) |
Estimated Fair Value | 7,600 | 6,319 |
Asset backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,367 | 13,354 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (399) | |
Estimated Fair Value | 12,968 | 13,357 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,000 | 3,000 |
Gross Unrealized Losses | (596) | (6) |
Estimated Fair Value | $ 7,404 | $ 2,994 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 25, 2022 | Jan. 10, 2022 | |
Debt Securities, Available-for-Sale [Line Items] | |||||
Sale of low yielding securities | $ 226,000,000 | ||||
Debt securities. average yield percentage | 0.16% | ||||
Reinvested in debt securities | $ 220,000,000 | ||||
Reinvested debt securities, average yield percentage | 1.86% | ||||
Proceeds from sales of available for sale securities | $ 222,474,000 | $ 0 | |||
Avaliable for sale of debt securities realized gains or losses | $ 0 | ||||
United States Treasury Notes [Member] | |||||
Debt Securities, Available-for-Sale [Line Items] | |||||
Debt securities purchased at par value | $ 300,000,000 | $ 600,000,000 | |||
Debt securities. average yield percentage | 3.27% | 1.42% | |||
Debt securities, average maturity term | 58 months | 53 months |
Securities - Maturity of Debt S
Securities - Maturity of Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Held for Investment, Contractual maturity of debt securities, Amortized Cost | ||
Amortized cost, Within one year | $ 1,187 | $ 577 |
Amortized cost, After one year but within five years | 1,197 | 2,396 |
Amortized cost, After five years but within ten years | 2 | 4 |
Amortized Cost | 2,386 | 2,977 |
Available for sale, Contractual maturity of debt securities, Amortized Cost | ||
Amortized Cost, Within one year | 96,447 | 58,478 |
Amortized Cost, After one year but within five years | 1,260,280 | 408,253 |
Amortized Cost, After five years but within ten years | 226,894 | 10,851 |
Amortized Cost, After ten years | 43,317 | 51,107 |
Amortized Cost | 1,626,938 | 528,689 |
Held for Investment, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 1,187 | 577 |
Estimated Fair Value, After one year but within five years | 1,197 | 2,397 |
Estimated Fair Value, After five years but within ten years | 2 | 4 |
Estimated Fair Value | 2,386 | 2,978 |
Available for sale, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 95,552 | 58,688 |
Estimated Fair Value, After one year but within five years | 1,172,140 | 410,049 |
Estimated Fair Value, After five years but within ten years | 211,100 | 11,011 |
Estimated Fair Value, After ten years | 40,467 | 51,775 |
Total debt securities | $ 1,519,259 | $ 531,523 |
Securities - Company's Book Val
Securities - Company's Book Value of Pledged Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Book value of pledged securities | $ 220,000 | ||
Asset Pledged as Collateral without Right [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Book value of pledged securities | $ 487,445 | $ 473,026 |
Securities - Schedule of Procee
Securities - Schedule of Proceeds from Sales and Realized Losses on Available for Sale Sebt Securities (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 222,474,000 | $ 0 |
Gross losses realized | $ 3,990,000 |
Securities - Summary of Debt Se
Securities - Summary of Debt Securities with Unrealized Losses, Segregated by Duration of Unrealized Loss (Detail) $ in Thousands | Sep. 30, 2022 USD ($) Investments | Dec. 31, 2021 USD ($) Investments |
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 183 | 21 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 1,476,418 | $ 304,779 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 106,132 | 1,791 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 21,044 | |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 1,813 | |
Available-for-sale Securities, Fair Value, Total | 1,497,462 | 304,779 |
Available-for-sale Securities, Unrealized Losses, Total | $ 107,945 | $ 1,791 |
U.S. Treasuries [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 73 | 10 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 1,440,283 | $ 298,080 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 102,906 | 1,766 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 18,807 | |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 1,524 | |
Available-for-sale Securities, Fair Value, Total | 1,459,090 | 298,080 |
Available-for-sale Securities, Unrealized Losses, Total | $ 104,430 | $ 1,766 |
U.S. Federal Agencies [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 2 | 1 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 515 | $ 376 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 5 | 2 |
Available-for-sale Securities, Fair Value, Total | 515 | 376 |
Available-for-sale Securities, Unrealized Losses, Total | $ 5 | $ 2 |
Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 98 | 7 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 13,199 | $ 2,824 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 1,976 | 14 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 2,042 | |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 283 | |
Available-for-sale Securities, Fair Value, Total | 15,241 | 2,824 |
Available-for-sale Securities, Unrealized Losses, Total | $ 2,259 | $ 14 |
States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 7 | 2 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 2,049 | $ 505 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 250 | 3 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 195 | |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 6 | |
Available-for-sale Securities, Fair Value, Total | 2,244 | 505 |
Available-for-sale Securities, Unrealized Losses, Total | $ 256 | $ 3 |
Asset backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 1 | |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 12,968 | |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 399 | |
Available-for-sale Securities, Fair Value, Total | 12,968 | |
Available-for-sale Securities, Unrealized Losses, Total | $ 399 | |
Other Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 2 | 1 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 7,404 | $ 2,994 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 596 | 6 |
Available-for-sale Securities, Fair Value, Total | 7,404 | 2,994 |
Available-for-sale Securities, Unrealized Losses, Total | $ 596 | $ 6 |
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, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | $ 6,827,772 | $ 6,169,442 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 896,202 | 775,554 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 1,230,074 | 1,095,324 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 473,631 | 415,466 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 311,168 | 254,524 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 1,097,710 | 937,006 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 188,508 | 161,018 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 256,821 | 272,179 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 1,429,401 | 1,416,093 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 431,913 | 413,370 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | $ 512,344 | $ 428,908 |
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 ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Accrued interest receivable | $ 25,400,000 | $ 21,000,000 |
Pay check protection program loan held for investment | 1,100,000 | 80,400,000 |
Paycheck protection program unamortized processing fees | $ 0 | $ 2,000,000 |
Loans Held for Investment and_5
Loans Held for Investment and Allowance for Credit Losses on Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable Recorded Investment [Line Items] | |||||
Paycheck protection program amortized processing fees recognized as interest income | $ 0 | $ 10,000,000 | $ 2,100,000 | $ 31,700,000 | |
Gains (losses) on sale of property held in other real estate owned | 4,000,000 | 245,000 | |||
Interest income recognized on nonaccrual loans | 0 | 0 | |||
Nonaccrual loans with no related allowance for credit losses | 0 | 0 | $ 0 | ||
Interest income that would have been recognized | 992,000 | $ 1,700,000 | |||
U.S. Federal Agencies [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Nonaccrual loans guaranteed by government agencies | 2,000,000 | 3,300,000 | |||
Other Real Estate Owned [Member] | Commercial Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Other real estate | $ 31,200 | $ 31,200 | 29,500,000 | ||
Previous Corporate Headquarters [Member] | Other Real Estate Owned [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Other real estate | $ 2,400,000 | ||||
Parent Company [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Percentage of loans secured by real estate | 65% | 65% | |||
BancFirst [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loan percentage | 82% | ||||
Pegasus and Worthington [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loan percentage | 18% |
Loans Held for Investment and_6
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, 2022 | Dec. 31, 2021 |
Summary Of Nonperforming And Restructured Assets [Abstract] | ||
Troubled debt restructurings | $ 2,249 | $ 3,665 |
Other real estate owned and repossessed assets | $ 39,419 | $ 39,553 |
Loans Held for Investment and_7
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Rental Income and Operating Expenses (Details) - Commercial Real Estate - Other Real Estate Owned [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Rental income | $ 2,347 | $ 2,703 | $ 7,750 | $ 7,277 |
Operating expense | $ 2,381 | $ 2,036 | $ 7,120 | $ 6,599 |
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, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 11,962 | $ 20,892 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 1,845 | 4,351 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 407 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 98 | 80 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 103 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 2,156 | 2,763 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 58 | 280 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 1,463 | 4,224 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 5,048 | 7,569 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 191 | 148 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 1,000 | $ 1,070 |
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, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 6,827,772 | $ 6,169,442 |
Accruing Loans 90 Days or More Past Due | 3,167 | 4,964 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 896,202 | 775,554 |
Accruing Loans 90 Days or More Past Due | 339 | 18 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,230,074 | 1,095,324 |
Accruing Loans 90 Days or More Past Due | 36 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 473,631 | 415,466 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 311,168 | 254,524 |
Accruing Loans 90 Days or More Past Due | 366 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,097,710 | 937,006 |
Accruing Loans 90 Days or More Past Due | 365 | 1,704 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 188,508 | 161,018 |
Accruing Loans 90 Days or More Past Due | 83 | 431 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 256,821 | 272,179 |
Accruing Loans 90 Days or More Past Due | 92 | 139 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,429,401 | 1,416,093 |
Accruing Loans 90 Days or More Past Due | 667 | 2,418 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 431,913 | 413,370 |
Accruing Loans 90 Days or More Past Due | 565 | 254 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 512,344 | 428,908 |
Accruing Loans 90 Days or More Past Due | 654 | |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 13,238 | 19,966 |
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 | 4,518 | 2,046 |
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 | 525 | 7,244 |
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 | 224 | 136 |
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 | 245 | 2,264 |
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 | 2,918 | 3,351 |
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 | 136 | 293 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 391 | 253 |
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 | 2,027 | 2,506 |
30 to 59 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,171 | 1,873 |
30 to 59 Days Past Due [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 83 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,406 | 1,724 |
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 | 64 | 223 |
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 | 274 | |
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 | 770 | 567 |
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 | 155 | 30 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 37 | |
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 | 307 | 546 |
60 to 89 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 776 | 321 |
60 to 89 Days Past Due [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 60 | |
90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 8,427 | 14,200 |
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 | 339 | 1,465 |
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 | 36 | |
90 Days and Greater [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 33 | |
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 | 469 | |
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 | 1,158 | 2,817 |
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 | 102 | 451 |
90 Days and Greater [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 302 | 2,077 |
90 Days and Greater [Member] | Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,677 | 7,118 |
90 Days and Greater [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 657 | 272 |
90 Days and Greater [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 654 | |
Past Due Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 24,071 | 35,890 |
Past Due Loans [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,921 | 3,734 |
Past Due Loans [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 561 | 7,244 |
Past Due Loans [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 531 | 136 |
Past Due Loans [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 | 714 | 2,264 |
Past Due Loans [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,846 | 6,735 |
Past Due Loans [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 393 | 774 |
Past Due Loans [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 693 | 2,367 |
Past Due Loans [Member] | Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 7,011 | 10,170 |
Past Due Loans [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,604 | 2,466 |
Past Due Loans [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 797 | |
Current Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,803,701 | 6,133,552 |
Current Loans [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 891,281 | 771,820 |
Current Loans [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,229,513 | 1,088,080 |
Current Loans [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 473,100 | 415,330 |
Current Loans [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 | 310,454 | 252,260 |
Current Loans [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,092,864 | 930,271 |
Current Loans [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 188,115 | 160,244 |
Current Loans [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 256,128 | 269,812 |
Current Loans [Member] | Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,422,390 | 1,405,923 |
Current Loans [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 428,309 | 410,904 |
Current Loans [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 511,547 | $ 428,908 |
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, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | $ 1,856,792 | |
Fiscal year before current fiscal year | 1,545,836 | |
Two years before current fiscal year | 814,101 | |
Three years before current fiscal year | 568,089 | |
Four years before current fiscal year | 275,358 | |
Prior | 637,065 | |
Revolving Loans Amortized Cost Basis | 1,130,531 | |
Total Loans | 6,827,772 | $ 6,169,442 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 172,545 | |
Fiscal year before current fiscal year | 182,383 | |
Two years before current fiscal year | 143,444 | |
Three years before current fiscal year | 114,850 | |
Four years before current fiscal year | 57,190 | |
Prior | 162,103 | |
Revolving Loans Amortized Cost Basis | 63,687 | |
Total Loans | 896,202 | 775,554 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 141,987 | |
Fiscal year before current fiscal year | 145,596 | |
Two years before current fiscal year | 114,356 | |
Three years before current fiscal year | 93,878 | |
Four years before current fiscal year | 47,340 | |
Prior | 129,610 | |
Revolving Loans Amortized Cost Basis | 48,189 | |
Total Loans | 720,956 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 30,513 | |
Fiscal year before current fiscal year | 36,392 | |
Two years before current fiscal year | 29,012 | |
Three years before current fiscal year | 18,542 | |
Four years before current fiscal year | 9,327 | |
Prior | 30,565 | |
Revolving Loans Amortized Cost Basis | 15,436 | |
Total Loans | 169,787 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 126 | |
Two years before current fiscal year | 76 | |
Three years before current fiscal year | 1,302 | |
Four years before current fiscal year | 337 | |
Prior | 1,421 | |
Revolving Loans Amortized Cost Basis | 62 | |
Total Loans | 3,324 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 45 | |
Fiscal year before current fiscal year | 269 | |
Three years before current fiscal year | 1,128 | |
Four years before current fiscal year | 186 | |
Prior | 507 | |
Total Loans | 2,135 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 293,303 | |
Fiscal year before current fiscal year | 294,647 | |
Two years before current fiscal year | 207,478 | |
Three years before current fiscal year | 159,304 | |
Four years before current fiscal year | 52,200 | |
Prior | 152,812 | |
Revolving Loans Amortized Cost Basis | 70,330 | |
Total Loans | 1,230,074 | 1,095,324 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 198,064 | |
Fiscal year before current fiscal year | 238,174 | |
Two years before current fiscal year | 177,410 | |
Three years before current fiscal year | 109,128 | |
Four years before current fiscal year | 26,907 | |
Prior | 77,085 | |
Revolving Loans Amortized Cost Basis | 39,667 | |
Total Loans | 866,435 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 88,113 | |
Fiscal year before current fiscal year | 56,473 | |
Two years before current fiscal year | 30,068 | |
Three years before current fiscal year | 47,428 | |
Four years before current fiscal year | 25,178 | |
Prior | 72,943 | |
Revolving Loans Amortized Cost Basis | 30,663 | |
Total Loans | 350,866 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 7,126 | |
Three years before current fiscal year | 2,748 | |
Four years before current fiscal year | 79 | |
Prior | 2,784 | |
Total Loans | 12,737 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Four years before current fiscal year | 36 | |
Total Loans | 36 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 168,489 | |
Fiscal year before current fiscal year | 142,836 | |
Two years before current fiscal year | 43,391 | |
Three years before current fiscal year | 25,234 | |
Four years before current fiscal year | 5,219 | |
Prior | 6,743 | |
Revolving Loans Amortized Cost Basis | 81,719 | |
Total Loans | 473,631 | 415,466 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 138,067 | |
Fiscal year before current fiscal year | 122,780 | |
Two years before current fiscal year | 41,667 | |
Three years before current fiscal year | 10,473 | |
Four years before current fiscal year | 3,510 | |
Prior | 5,479 | |
Revolving Loans Amortized Cost Basis | 33,306 | |
Total Loans | 355,282 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 29,324 | |
Fiscal year before current fiscal year | 20,056 | |
Two years before current fiscal year | 1,589 | |
Three years before current fiscal year | 14,711 | |
Four years before current fiscal year | 1,709 | |
Prior | 1,249 | |
Revolving Loans Amortized Cost Basis | 48,254 | |
Total Loans | 116,892 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 1,098 | |
Two years before current fiscal year | 102 | |
Revolving Loans Amortized Cost Basis | 159 | |
Total Loans | 1,359 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Two years before current fiscal year | 33 | |
Three years before current fiscal year | 50 | |
Prior | 15 | |
Total Loans | 98 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 205,704 | |
Fiscal year before current fiscal year | 55,721 | |
Two years before current fiscal year | 440 | |
Three years before current fiscal year | 22 | |
Prior | 450 | |
Revolving Loans Amortized Cost Basis | 48,831 | |
Total Loans | 311,168 | 254,524 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 178,568 | |
Fiscal year before current fiscal year | 47,012 | |
Two years before current fiscal year | 261 | |
Three years before current fiscal year | 22 | |
Prior | 43 | |
Revolving Loans Amortized Cost Basis | 46,695 | |
Total Loans | 272,601 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 26,903 | |
Fiscal year before current fiscal year | 8,606 | |
Two years before current fiscal year | 179 | |
Prior | 407 | |
Revolving Loans Amortized Cost Basis | 2,136 | |
Total Loans | 38,231 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 233 | |
Total Loans | 233 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 103 | |
Total Loans | 103 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 288,089 | |
Fiscal year before current fiscal year | 258,092 | |
Two years before current fiscal year | 176,748 | |
Three years before current fiscal year | 106,435 | |
Four years before current fiscal year | 71,473 | |
Prior | 191,951 | |
Revolving Loans Amortized Cost Basis | 4,922 | |
Total Loans | 1,097,710 | 937,006 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 251,829 | |
Fiscal year before current fiscal year | 218,962 | |
Two years before current fiscal year | 150,043 | |
Three years before current fiscal year | 90,854 | |
Four years before current fiscal year | 58,348 | |
Prior | 146,667 | |
Revolving Loans Amortized Cost Basis | 4,922 | |
Total Loans | 921,625 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 34,687 | |
Fiscal year before current fiscal year | 37,637 | |
Two years before current fiscal year | 25,916 | |
Three years before current fiscal year | 13,497 | |
Four years before current fiscal year | 11,075 | |
Prior | 39,349 | |
Total Loans | 162,161 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 1,543 | |
Fiscal year before current fiscal year | 1,171 | |
Two years before current fiscal year | 651 | |
Three years before current fiscal year | 1,516 | |
Four years before current fiscal year | 1,870 | |
Prior | 4,143 | |
Total Loans | 10,894 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 30 | |
Fiscal year before current fiscal year | 322 | |
Two years before current fiscal year | 138 | |
Three years before current fiscal year | 568 | |
Four years before current fiscal year | 180 | |
Prior | 1,792 | |
Total Loans | 3,030 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 28,874 | |
Fiscal year before current fiscal year | 13,637 | |
Two years before current fiscal year | 13,449 | |
Three years before current fiscal year | 7,700 | |
Four years before current fiscal year | 5,431 | |
Prior | 15,455 | |
Revolving Loans Amortized Cost Basis | 103,962 | |
Total Loans | 188,508 | 161,018 |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 24,287 | |
Fiscal year before current fiscal year | 11,519 | |
Two years before current fiscal year | 11,471 | |
Three years before current fiscal year | 5,940 | |
Four years before current fiscal year | 3,909 | |
Prior | 11,865 | |
Revolving Loans Amortized Cost Basis | 41,165 | |
Total Loans | 110,156 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 4,387 | |
Fiscal year before current fiscal year | 1,896 | |
Two years before current fiscal year | 1,860 | |
Three years before current fiscal year | 1,676 | |
Four years before current fiscal year | 1,261 | |
Prior | 2,646 | |
Revolving Loans Amortized Cost Basis | 62,195 | |
Total Loans | 75,921 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 200 | |
Fiscal year before current fiscal year | 204 | |
Two years before current fiscal year | 88 | |
Three years before current fiscal year | 84 | |
Four years before current fiscal year | 222 | |
Prior | 890 | |
Revolving Loans Amortized Cost Basis | 602 | |
Total Loans | 2,290 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 18 | |
Two years before current fiscal year | 30 | |
Four years before current fiscal year | 39 | |
Prior | 54 | |
Total Loans | 141 | |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 54,603 | |
Fiscal year before current fiscal year | 51,834 | |
Two years before current fiscal year | 39,552 | |
Three years before current fiscal year | 28,709 | |
Four years before current fiscal year | 16,260 | |
Prior | 49,097 | |
Revolving Loans Amortized Cost Basis | 16,766 | |
Total Loans | 256,821 | 272,179 |
Real Estate [Member] | Farmland [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 39,963 | |
Fiscal year before current fiscal year | 36,229 | |
Two years before current fiscal year | 30,416 | |
Three years before current fiscal year | 19,528 | |
Four years before current fiscal year | 10,297 | |
Prior | 30,735 | |
Revolving Loans Amortized Cost Basis | 5,256 | |
Total Loans | 172,424 | |
Real Estate [Member] | Farmland [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 12,439 | |
Fiscal year before current fiscal year | 15,174 | |
Two years before current fiscal year | 6,903 | |
Three years before current fiscal year | 7,816 | |
Four years before current fiscal year | 5,835 | |
Prior | 16,093 | |
Revolving Loans Amortized Cost Basis | 9,619 | |
Total Loans | 73,879 | |
Real Estate [Member] | Farmland [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 2,201 | |
Fiscal year before current fiscal year | 113 | |
Two years before current fiscal year | 1,799 | |
Three years before current fiscal year | 1,365 | |
Four years before current fiscal year | 70 | |
Prior | 2,057 | |
Revolving Loans Amortized Cost Basis | 1,891 | |
Total Loans | 9,496 | |
Real Estate [Member] | Farmland [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 318 | |
Two years before current fiscal year | 434 | |
Four years before current fiscal year | 58 | |
Prior | 212 | |
Total Loans | 1,022 | |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 323,293 | |
Fiscal year before current fiscal year | 325,919 | |
Two years before current fiscal year | 109,960 | |
Three years before current fiscal year | 75,973 | |
Four years before current fiscal year | 36,896 | |
Prior | 53,191 | |
Revolving Loans Amortized Cost Basis | 504,169 | |
Total Loans | 1,429,401 | 1,416,093 |
Commercial and Agricultural Non-Real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 239,757 | |
Fiscal year before current fiscal year | 257,163 | |
Two years before current fiscal year | 83,658 | |
Three years before current fiscal year | 58,217 | |
Four years before current fiscal year | 17,413 | |
Prior | 46,390 | |
Revolving Loans Amortized Cost Basis | 361,517 | |
Total Loans | 1,064,115 | |
Commercial and Agricultural Non-Real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 79,522 | |
Fiscal year before current fiscal year | 65,913 | |
Two years before current fiscal year | 23,868 | |
Three years before current fiscal year | 15,699 | |
Four years before current fiscal year | 17,090 | |
Prior | 4,710 | |
Revolving Loans Amortized Cost Basis | 136,388 | |
Total Loans | 343,190 | |
Commercial and Agricultural Non-Real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 3,575 | |
Fiscal year before current fiscal year | 2,290 | |
Two years before current fiscal year | 1,843 | |
Three years before current fiscal year | 936 | |
Four years before current fiscal year | 1,896 | |
Prior | 932 | |
Revolving Loans Amortized Cost Basis | 6,094 | |
Total Loans | 17,566 | |
Commercial and Agricultural Non-Real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 439 | |
Fiscal year before current fiscal year | 553 | |
Two years before current fiscal year | 591 | |
Three years before current fiscal year | 1,121 | |
Four years before current fiscal year | 497 | |
Prior | 1,159 | |
Revolving Loans Amortized Cost Basis | 170 | |
Total Loans | 4,530 | |
Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 180,129 | |
Fiscal year before current fiscal year | 134,462 | |
Two years before current fiscal year | 51,898 | |
Three years before current fiscal year | 29,343 | |
Four years before current fiscal year | 9,709 | |
Prior | 4,579 | |
Revolving Loans Amortized Cost Basis | 21,793 | |
Total Loans | 431,913 | 413,370 |
Consumer Non-real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 163,610 | |
Fiscal year before current fiscal year | 121,331 | |
Two years before current fiscal year | 46,856 | |
Three years before current fiscal year | 24,674 | |
Four years before current fiscal year | 8,419 | |
Prior | 2,989 | |
Revolving Loans Amortized Cost Basis | 20,821 | |
Total Loans | 388,700 | |
Consumer Non-real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 15,625 | |
Fiscal year before current fiscal year | 12,007 | |
Two years before current fiscal year | 4,564 | |
Three years before current fiscal year | 4,113 | |
Four years before current fiscal year | 1,079 | |
Prior | 1,511 | |
Revolving Loans Amortized Cost Basis | 968 | |
Total Loans | 39,867 | |
Consumer Non-real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 663 | |
Fiscal year before current fiscal year | 817 | |
Two years before current fiscal year | 370 | |
Three years before current fiscal year | 381 | |
Four years before current fiscal year | 159 | |
Prior | 67 | |
Revolving Loans Amortized Cost Basis | 3 | |
Total Loans | 2,460 | |
Consumer Non-real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 231 | |
Fiscal year before current fiscal year | 307 | |
Two years before current fiscal year | 108 | |
Three years before current fiscal year | 175 | |
Four years before current fiscal year | 52 | |
Prior | 12 | |
Revolving Loans Amortized Cost Basis | 1 | |
Total Loans | 886 | |
Oil and Gas [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 141,763 | |
Fiscal year before current fiscal year | 86,305 | |
Two years before current fiscal year | 27,741 | |
Three years before current fiscal year | 20,519 | |
Four years before current fiscal year | 20,980 | |
Prior | 684 | |
Revolving Loans Amortized Cost Basis | 214,352 | |
Total Loans | 512,344 | $ 428,908 |
Oil and Gas [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 137,122 | |
Fiscal year before current fiscal year | 76,145 | |
Two years before current fiscal year | 24,844 | |
Three years before current fiscal year | 864 | |
Four years before current fiscal year | 1,732 | |
Prior | 313 | |
Revolving Loans Amortized Cost Basis | 175,742 | |
Total Loans | 416,762 | |
Oil and Gas [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 4,432 | |
Fiscal year before current fiscal year | 4,603 | |
Two years before current fiscal year | 2,890 | |
Three years before current fiscal year | 19,655 | |
Four years before current fiscal year | 19,248 | |
Prior | 200 | |
Revolving Loans Amortized Cost Basis | 36,964 | |
Total Loans | 87,992 | |
Oil and Gas [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 209 | |
Fiscal year before current fiscal year | 4,557 | |
Two years before current fiscal year | 7 | |
Prior | 171 | |
Revolving Loans Amortized Cost Basis | 1,646 | |
Total Loans | 6,590 | |
Oil and Gas [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 1,000 | |
Total Loans | $ 1,000 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 86,935 | $ 83,963 | $ 83,936 | $ 91,366 |
Initial allowance on loans purchased with credit deterioration | (7) | 1,027 | 71 | 8,299 |
Charge- offs | (451) | (300) | (1,688) | (5,414) |
Recoveries | 531 | 290 | 1,252 | 678 |
Net charge-offs | 80 | (10) | (436) | (4,736) |
Provision for (benefit from) credit losses | 2,863 | 1,483 | 6,300 | (8,466) |
Balance at end of period | 89,871 | 86,463 | 89,871 | 86,463 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 6,945 | 8,298 | 7,568 | 8,470 |
Initial allowance on loans purchased with credit deterioration | 93 | 1,080 | ||
Charge- offs | (3) | (20) | (3) | |
Recoveries | 426 | 72 | 504 | 73 |
Net charge-offs | 426 | 69 | 484 | 70 |
Provision for (benefit from) credit losses | (291) | 91 | (972) | (1,069) |
Balance at end of period | 7,080 | 8,551 | 7,080 | 8,551 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 22,937 | 15,038 | 16,987 | 12,318 |
Initial allowance on loans purchased with credit deterioration | 191 | 824 | ||
Charge- offs | (7) | (803) | ||
Recoveries | 67 | 67 | ||
Net charge-offs | 60 | (736) | ||
Provision for (benefit from) credit losses | 988 | 46 | 6,938 | 2,929 |
Balance at end of period | 23,925 | 15,335 | 23,925 | 15,335 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 3,728 | 3,095 | 3,490 | 2,723 |
Initial allowance on loans purchased with credit deterioration | 173 | |||
Recoveries | 3 | 4 | 8 | 9 |
Net charge-offs | 3 | 4 | 8 | 9 |
Provision for (benefit from) credit losses | 449 | (417) | 682 | 611 |
Balance at end of period | 4,180 | 3,516 | 4,180 | 3,516 |
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 | 2,292 | 998 | 1,092 | 726 |
Provision for (benefit from) credit losses | 115 | (25) | 1,315 | 247 |
Balance at end of period | 2,407 | 973 | 2,407 | 973 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 3,383 | 2,921 | 3,076 | 2,822 |
Initial allowance on loans purchased with credit deterioration | 9 | 2 | 126 | |
Charge- offs | (11) | (4) | (60) | (56) |
Recoveries | 15 | 9 | 28 | 36 |
Net charge-offs | 4 | 5 | (32) | (20) |
Provision for (benefit from) credit losses | (8) | (199) | 333 | 206 |
Balance at end of period | 3,379 | 3,134 | 3,379 | 3,134 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 2,051 | 1,963 | 2,104 | 2,236 |
Charge- offs | (2) | (38) | (46) | |
Recoveries | 1 | 46 | 403 | 50 |
Net charge-offs | (1) | 46 | 365 | 4 |
Provision for (benefit from) credit losses | 59 | 206 | (360) | (25) |
Balance at end of period | 2,109 | 2,215 | 2,109 | 2,215 |
Commercial and Agricultural Non-Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 27,833 | 34,310 | 28,085 | 34,643 |
Initial allowance on loans purchased with credit deterioration | (4) | 952 | 44 | 5,663 |
Charge- offs | (267) | (219) | (1,166) | (3,817) |
Recoveries | 27 | 43 | 170 | 195 |
Net charge-offs | (240) | (176) | (996) | (3,622) |
Provision for (benefit from) credit losses | 545 | (489) | 1,001 | (2,087) |
Balance at end of period | 28,134 | 34,597 | 28,134 | 34,597 |
Consumer Non-real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 4,094 | 3,481 | 3,734 | 3,542 |
Initial allowance on loans purchased with credit deterioration | (3) | 30 | 25 | 38 |
Charge- offs | (171) | (67) | (404) | (689) |
Recoveries | 59 | 49 | 139 | 247 |
Net charge-offs | (112) | (18) | (265) | (442) |
Provision for (benefit from) credit losses | 268 | 66 | 753 | 421 |
Balance at end of period | 4,247 | 3,559 | 4,247 | 3,559 |
Oil and Gas [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 9,307 | 10,132 | 12,978 | 20,733 |
Provision for (benefit from) credit losses | 839 | (3) | (2,832) | (10,598) |
Balance at end of period | 10,146 | 10,135 | 10,146 | 10,135 |
Farmland [Member] | Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 4,365 | 3,727 | 4,822 | 3,153 |
Initial allowance on loans purchased with credit deterioration | (248) | 395 | ||
Recoveries | 1 | |||
Net charge-offs | 1 | |||
Provision for (benefit from) credit losses | (101) | 969 | (558) | (899) |
Balance at end of period | $ 4,264 | $ 4,448 | $ 4,264 | $ 4,448 |
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, 2022 | Sep. 30, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Purchase price of loans at acquisition | $ 661 | $ 39,284 |
Allowance for credit losses at acquisition | 71 | 8,299 |
Par value of acquired loans at acquisition | $ 732 | $ 47,583 |
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, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | $ 17,031 | $ 24,857 |
Real Estate Asset [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 7,020 | 13,129 |
Business Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 6,088 | 6,472 |
Other Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 3,923 | 5,256 |
Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 5,676 | 7,923 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,307 | 1,952 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 595 | 1,404 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 372 | 871 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 199 | |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 4,746 | 8,703 |
Real Estate [Member] | Real Estate Asset [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,307 | 1,952 |
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 | 595 | 1,404 |
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 372 | 871 |
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 199 | |
Real Estate [Member] | Real Estate Asset [Member] | Farmland [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 4,746 | 8,703 |
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 488 | 576 |
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 64 | 263 |
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 96 | 143 |
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 178 | |
Real Estate [Member] | Specific Allocation [Member] | Farmland [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 971 | 1,805 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 9,904 | 11,674 |
Commercial and Agricultural Non-Real Estate [Member] | Business Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 6,088 | 6,472 |
Commercial and Agricultural Non-Real Estate [Member] | Other Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 3,816 | 5,202 |
Commercial and Agricultural Non-Real Estate [Member] | Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 3,998 | 4,938 |
Consumer Non-real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 107 | 54 |
Consumer Non-real Estate [Member] | Other Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 107 | 54 |
Consumer Non-real Estate [Member] | Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | $ 59 | $ 20 |
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, 2022 | Sep. 30, 2021 | |
Noncash Investing and Financing Items [Abstract] | ||
Other real estate owned | $ 4,393 | $ 10,564 |
Repossessed assets | 696 | 594 |
Total | $ 5,089 | $ 11,158 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 36,648 | $ 30,783 |
Accumulated Amortization | (15,785) | (13,217) |
Net Carrying Amount | 20,863 | 17,566 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,298 | 27,433 |
Accumulated Amortization | (12,765) | (10,311) |
Net Carrying Amount | 20,533 | 17,122 |
Customer Relationship Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,350 | 3,350 |
Accumulated Amortization | (3,020) | (2,906) |
Net Carrying Amount | $ 330 | $ 444 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Summary of Goodwill by Business Segment (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill [Line Items] | |
Balance at beginning of period | $ 149,922 |
Acquisitions | 32,133 |
Balance at end of period | 182,055 |
Metropolitan Banks [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 13,767 |
Balance at end of period | 13,767 |
Community Banks [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 61,212 |
Balance at end of period | 61,212 |
Pegasus [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 68,855 |
Balance at end of period | 68,855 |
Worthington [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 0 |
Acquisitions | 32,133 |
Balance at end of period | 32,133 |
Other Financial Services [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 5,464 |
Balance at end of period | 5,464 |
Executive, Operations & Support [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 624 |
Balance at end of period | $ 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Rent expense | $ 460 | $ 226 | $ 1,376 | $ 1,192 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Right of use lease asset | $ 6,000 | $ 6,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Accrued interest receivable and other assets | Accrued interest receivable and other assets | ||
Operating lease liability | $ 5,828 | $ 5,828 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | ||
Operating lease weighted-average remaining lease term | 3 years 7 months 6 days | 3 years 7 months 6 days | ||
Operating lease weighted-average discount rate | 2.40% | 2.40% | ||
Operating lease revenue | $ 1,300 | $ 1,100 | $ 4,000 | $ 3,700 |
Leases - Schedule of Minimum Fu
Leases - Schedule of Minimum Future Commitments of Operating Leases (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (three months) | $ 498 |
2023 | 1,692 |
2024 | 1,334 |
2025 | 1,073 |
2026 | 672 |
Thereafter | 1,329 |
Total lease payments | 6,598 |
Less imputed Interest | (770) |
Operating lease liability | $ 5,828 |
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, 2022 USD ($) |
Leases [Abstract] | |
2022 (three months) | $ 920 |
2023 | 2,974 |
2024 | 2,849 |
2025 | 2,150 |
2026 | 1,778 |
2027-2031 | 3,547 |
Total future minimum lease payments | $ 14,218 |
Subordinated Debt - Additional
Subordinated Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Jun. 17, 2021 | Mar. 31, 2004 | Feb. 29, 2004 | Sep. 30, 2022 | |
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 to be redeemed | 100% | |||
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, 2022 | Sep. 30, 2021 | |
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% | |
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 | 82,500 | |
Stock option plan termination date | Dec. 31, 2024 | |
Option exercisable rate | 25% | |
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% | |
Non-Employee Directors Stock Option Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares for future grants | 45,000 | |
Stock option plan termination date | Dec. 31, 2024 | |
Option exercisable rate | 25% | |
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% | |
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 | 28,130 | |
Number of shares of common stock distributed | 16,684 | 2,161 |
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, 2022 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Outstanding at beginning period - Options | shares | 1,303,250 |
Options granted | shares | 231,000 |
Options exercised | shares | (236,585) |
Options canceled, forfeited, or expired | shares | (30,000) |
Outstanding at ending period - Options | shares | 1,267,665 |
Exercisable at ending period - Options | shares | 467,790 |
Outstanding at beginning period - Wgtd. Avg. Exercise Price | $ / shares | $ 40.90 |
Options granted - Wgtd. Avg. Exercise Price | $ / shares | 85.50 |
Options exercised - Wgtd. Avg. Exercise Price | $ / shares | 27.80 |
Options cancelled, forfeited, or expired - Wgtd. Avg. Exercise Price | $ / shares | 66.31 |
Outstanding at ending period - Wgtd. Avg. Exercise Price | $ / shares | 50.87 |
Exercisable at ending period - Wgtd. Avg. Exercise Price | $ / shares | $ 30.35 |
Outstanding at ending period - Wgtd. Avg. Remaining Contractual Term, years | 8 years 2 months 23 days |
Exercisable at ending period - Wgtd. Avg. Remaining Contractual Term, years | 6 years 11 months 4 days |
Outstanding at ending period - Aggregate Intrinsic Value | $ | $ 48,933 |
Exercisable at ending period - Aggregate Intrinsic Value | $ | $ 27,654 |
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, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | |||
Total intrinsic value of options exercised | $ 5,638 | $ 14,581 | $ 7,860 |
Cash received from options exercised | 2,285 | 6,577 | 4,379 |
Tax benefit realized from options exercised | $ 1,355 | $ 3,505 | $ 2,002 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Employee Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement Compensation Expense Items [Abstract] | ||||
Stock-based compensation expense | $ 627 | $ 555 | $ 1,545 | $ 1,604 |
Tax benefit | 151 | 134 | 372 | 386 |
Stock-based compensation expense, net of tax | $ 476 | $ 421 | $ 1,173 | $ 1,218 |
Stock-Based Compensation - Unea
Stock-Based Compensation - Unearned Stock-based Compensation Expense (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Unearned stock-based compensation expense | $ 12,078 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Computing Stock-Based Compensation Expense (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
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 | $ 30.72 | $ 20.92 |
Risk-free interest rate, minimum | 1.75% | 1.30% |
Risk-free interest rate, maximum | 3.25% | 1.74% |
Dividend yield | 2% | 2% |
Stock price volatility, minimum | 34.61% | 35.55% |
Stock price volatility, maximum | 34.85% | 36.27% |
Expected term | 10 years | 10 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Accumulated Stock Units (Detail) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Share-Based Payment Arrangement [Abstract] | ||
Accumulated stock units | 142,065 | 152,754 |
Average price | $ 33.77 | $ 30.86 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2022 | 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% | ||
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, 2022 | |
Summary Of Shares Repurchased Under Stock Purchase Program [Abstract] | ||
Number of shares repurchased | 212,296 | |
Average price of shares repurchased | $ 54.94 | |
Shares remaining to be repurchased | 500,486 | 500,486 |
Stockholders' Equity - Required
Stockholders' Equity - Required Capital Amounts and Company's Respective Ratios (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Parent Company [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 1,249,568 |
Total Capital To Risk Weighted Assets Actual Ratio | 16.26 |
Capital Required For Capital Adequacy Amount | $ 614,730 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 806,833 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Common Equity Tier 1 Risk Based Capital Amount | $ 1,074,471 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 13.98 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 345,785 |
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 | $ 537,888 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 7 |
Tier 1 Risk Based Capital Amount | $ 1,100,471 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 14.32 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 461,047 |
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 | $ 653,150 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 8.50 |
Tier 1 Capital Amount | $ 1,100,471 |
Tier 1 Capital To Average Assets Ratio | 8.85 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 497,560 |
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 | $ 1,068,974 |
Total Capital To Risk Weighted Assets Actual Ratio | 16.60 |
Capital Required For Capital Adequacy Amount | $ 515,130 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 676,108 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Capital Required To Be Well Capitalized Amount | $ 643,912 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 970,166 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 15.07 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 289,760 |
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 | $ 450,738 |
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 | $ 418,543 |
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 | $ 990,166 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 15.38 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 386,347 |
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 | $ 547,325 |
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 | $ 515,130 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 8 |
Tier 1 Capital Amount | $ 990,166 |
Tier 1 Capital To Average Assets Ratio | 9.46 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 418,890 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 523,612 |
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio | 5 |
Pegasus [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 109,228 |
Total Capital To Risk Weighted Assets Actual Ratio | 11.89 |
Capital Required For Capital Adequacy Amount | $ 73,513 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 96,486 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Capital Required To Be Well Capitalized Amount | $ 91,892 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 101,155 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 11.01 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 41,351 |
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 | $ 64,324 |
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 | $ 59,730 |
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 | $ 101,155 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 11.01 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 55,135 |
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 | $ 78,108 |
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 | $ 73,513 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 8 |
Tier 1 Capital Amount | $ 101,155 |
Tier 1 Capital To Average Assets Ratio | 7.05 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 57,428 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 71,785 |
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio | 5 |
Worthington [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 45,947 |
Total Capital To Risk Weighted Assets Actual Ratio | 14.74 |
Capital Required For Capital Adequacy Amount | $ 24,930 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 32,720 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Capital Required To Be Well Capitalized Amount | $ 31,162 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 42,242 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 13.56 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 14,023 |
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 | $ 21,813 |
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 | $ 20,255 |
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 | $ 42,242 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 13.56 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 18,697 |
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 | $ 26,488 |
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 | $ 24,930 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 8 |
Tier 1 Capital Amount | $ 42,242 |
Tier 1 Capital To Average Assets Ratio | 8.02 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 21,077 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 26,346 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Income available to common stockholders | $ 55,352 | $ 38,750 | $ 135,974 | $ 129,462 |
Income available to common stockholders plus assumed exercises of stock options | $ 55,352 | $ 38,750 | $ 135,974 | $ 129,462 |
Income available to common stockholders - Shares | 32,825,931 | 32,744,104 | 32,748,116 | 32,760,015 |
Dilutive effect of stock options - Shares | 710,627 | 523,851 | 681,045 | 598,822 |
Income available to common stockholders plus assumed exercises of stock options - Shares | 33,536,558 | 33,267,955 | 33,429,161 | 33,358,837 |
Income available to common stockholders - Per Share Amount | $ 1.69 | $ 1.18 | $ 4.15 | $ 3.95 |
Income available to common stockholders plus assumed exercises of stock options - Per Share Amount | $ 1.65 | $ 1.16 | $ 4.07 | $ 3.88 |
Net Income Per Common Share - N
Net Income Per Common Share - Number of Options Excluded from Computation of Diluted Net Income Per Common Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Abstract] | ||||
Shares | 184,707 | 533,701 | 149,669 | 161,690 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 1,519,259 | $ 531,523 |
Derivative assets | 45,166 | 8,946 |
Derivative liabilities | 43,856 | 8,237 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 1,459,090 | 457,628 |
U.S. Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 16,577 | 21,942 |
Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 15,620 | 29,283 |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 7,600 | 6,319 |
Asset backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 12,968 | 13,357 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 7,404 | 2,994 |
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 | 1,459,090 | 457,628 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 45,166 | 8,946 |
Derivative liabilities | 43,856 | 8,237 |
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 | 16,577 | 21,942 |
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 | 15,620 | 29,283 |
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 | 7,146 | 5,999 |
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 | 12,968 | 13,357 |
Level 2 Inputs [Member] | Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 7,404 | 2,994 |
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 | $ 454 | $ 320 |
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, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the year | $ 320 | $ 12,869 |
Transfers (to)/from level 2 | (12,714) | |
Purchases | 255 | 240 |
Settlements | (110) | (75) |
Total unrealized losses | (11) | |
Balance at the end of the period | $ 454 | $ 320 |
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, 2022 | Dec. 31, 2021 |
Equity Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 14,280 | $ 10,590 |
Collateral Dependent Loans | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 448 | 13,195 |
Repossessed Assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 176 | 78 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 3,728 | $ 7,496 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
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 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
FINANCIAL ASSETS | ||
Federal funds sold, Carrying Amount | $ 3,878 | $ 800 |
Debt securities held for investment, Carrying Amount | 2,386 | 2,977 |
Loans, net of allowance for credit losses, Carrying Amount | 6,737,901 | 6,085,506 |
Debt securities held for investment, Fair Value | 2,386 | 2,978 |
Loans held for sale, Fair Value | 4,823 | 24,776 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 11,058,940 | 8,091,914 |
Short-term borrowings, Carrying Amount | 4,600 | 0 |
Subordinated debt, Carrying Amount | 86,030 | 85,987 |
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS | ||
Loan commitments, Fair Value | 4,533 | 3,648 |
Letters of credit, Fair Value | 547 | 621 |
Level 2 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents, Carrying Amount | 3,333,305 | 2,050,022 |
Federal funds sold, Carrying Amount | 3,878 | 800 |
Debt securities held for investment, Carrying Amount | 16 | 32 |
Loans held for sale, Carrying Amount | 4,823 | 24,776 |
Cash and cash equivalents, Fair Value | 3,333,305 | 2,050,022 |
Federal funds sold, Fair Value | 3,878 | 800 |
Debt securities held for investment, Fair Value | 16 | 33 |
Loans held for sale, Fair Value | 4,823 | 24,776 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 11,058,940 | 8,091,914 |
Short-term borrowings, Carrying Amount | 4,600 | |
Subordinated debt, Carrying Amount | 86,030 | 85,987 |
Deposits, Fair Value | 10,645,253 | 8,161,553 |
Short-term Debt, Fair Value | 4,600 | |
Subordinated debt, Fair Value | 79,467 | 90,391 |
Level 3 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Debt securities held for investment, Carrying Amount | 2,370 | 2,945 |
Loans, net of allowance for credit losses, Carrying Amount | 6,737,901 | 6,085,506 |
Debt securities held for investment, Fair Value | 2,370 | 2,945 |
Loans, net of allowance for credit losses, Fair Value | $ 6,400,990 | $ 6,059,716 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 Business_Unit | |
Segment Reporting [Abstract] | |
Number of principal business units | 6 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 100,947 | $ 80,190 | $ 263,321 | $ 239,759 | |
Noninterest income | 49,331 | 39,786 | 135,579 | 124,339 | |
Income before taxes | 68,337 | 48,279 | 167,293 | 163,364 | |
Total assets | 12,452,378 | 12,452,378 | $ 9,405,612 | ||
Operating Segments [Member] | Metropolitan Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 26,022 | 18,728 | 67,592 | 57,909 | |
Noninterest income | 8,722 | 5,681 | 23,999 | 14,494 | |
Income before taxes | 22,827 | 15,072 | 56,140 | 46,598 | |
Total assets | 3,461,263 | 3,461,263 | 2,627,874 | ||
Operating Segments [Member] | Community Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 55,782 | 47,817 | 149,965 | 135,611 | |
Noninterest income | 18,764 | 16,978 | 53,761 | 48,151 | |
Income before taxes | 41,179 | 31,722 | 108,980 | 98,005 | |
Total assets | 6,928,972 | 6,928,972 | 5,821,220 | ||
Operating Segments [Member] | Pegasus [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 13,815 | 6,141 | 31,399 | 17,308 | |
Noninterest income | 246 | 359 | 730 | 1,098 | |
Income before taxes | 8,178 | 2,158 | 15,677 | 5,750 | |
Total assets | 1,404,425 | 1,404,425 | 1,045,699 | ||
Operating Segments [Member] | Worthington [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 4,723 | 10,160 | |||
Noninterest income | 305 | 724 | |||
Income before taxes | 2,109 | 3,930 | |||
Total assets | 569,554 | 569,554 | |||
Operating Segments [Member] | Other Financial Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,604 | 8,718 | 6,596 | 30,057 | |
Noninterest income | 14,106 | 12,198 | 37,842 | 34,686 | |
Income before taxes | 6,222 | 5,069 | 16,910 | 16,240 | |
Total assets | 101,300 | 101,300 | 71,694 | ||
Operating Segments [Member] | Executive, Operations & Support [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (999) | (1,386) | (2,411) | (1,784) | |
Noninterest income | 62,969 | 45,214 | 158,299 | 156,970 | |
Income before taxes | 43,180 | 34,298 | 104,729 | 126,428 | |
Total assets | 1,446,447 | 1,446,447 | 1,201,974 | ||
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 172 | 20 | 658 | ||
Noninterest income | (55,781) | (40,644) | (139,776) | (131,060) | |
Income before taxes | (55,358) | $ (40,040) | (139,073) | $ (129,657) | |
Total assets | $ (1,459,583) | $ (1,459,583) | $ (1,362,849) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Notional Amounts and Estimated Fair Values of Oil and Gas Derivative Positions Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Estimated Fair Value | $ 45,166 | $ 8,946 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Interest Receivable and Other Assets | Interest Receivable and Other Assets |
Derivative liabilities, Estimated Fair Value | $ (43,856) | $ (8,237) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Not Designated as Hedging Instrument [Member] | Oil and Gas Swaps and Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Estimated Fair Value | $ 45,166 | $ 8,946 |
Derivative liabilities, Estimated Fair Value | (43,856) | (8,237) |
Not Designated as Hedging Instrument [Member] | Oil and Gas Swaps and Options [Member] | Oil [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional Amount | 3,463 | 2,585 |
Derivative liabilities, Notional Amount | (3,463) | (2,585) |
Derivative assets, Estimated Fair Value | 18,435 | 6,563 |
Derivative liabilities, Estimated Fair Value | (17,684) | (6,129) |
Not Designated as Hedging Instrument [Member] | Oil and Gas Swaps and Options [Member] | Gas/Natural Gas Liquids [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional Amount | 32,233 | 19,752 |
Derivative liabilities, Notional Amount | (32,233) | (19,752) |
Derivative assets, Estimated Fair Value | 26,731 | 2,383 |
Derivative liabilities, Estimated Fair Value | $ (26,172) | $ (2,108) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Company's Recognized Income Related to Activity Included in Other Noninterest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Oil and Gas Swaps and Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income | $ 118 | $ 128 | $ 406 | $ 167 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Percentage share of total profit | 35% | |
Oil and Gas Swaps and Options [Member] | ||
Derivative [Line Items] | ||
Credit exposure | $ 5.1 | $ 0 |
Other Assets [Member] | Oil and Gas Reserves [Member] | ||
Derivative [Line Items] | ||
Derivative instrument margin amount | $ 24.7 | $ 14.3 |