Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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, $1.00 Par Value Per Share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 0-14384 | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 73-1221379 | |
Entity Address, Address Line One | 100 N. Broadway Ave. | |
Entity Address, City or Town | Oklahoma City | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73102-8405 | |
City Area Code | 405 | |
Local Phone Number | 270-1086 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 32,899,898 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 212,826 | $ 259,049 |
Interest-bearing deposits with banks | 2,623,565 | 2,909,861 |
Federal funds sold | 1,084 | 2,850 |
Debt securities held for investment (fair value: $2,321 and $2,383, respectively) | 2,320 | 2,383 |
Debt securities available for sale at fair value | 1,615,913 | 1,538,221 |
Loans held for sale | 6,223 | 6,232 |
Loans held for investment (net of unearned interest) | 7,118,608 | 6,943,563 |
Allowance for credit losses | (94,760) | (92,728) |
Loans, net of allowance for credit losses | 7,023,848 | 6,850,835 |
Premises and equipment, net | 279,461 | 278,088 |
Other real estate owned | 38,587 | 36,756 |
Intangible assets, net | 19,103 | 19,983 |
Goodwill | 182,055 | 182,055 |
Accrued interest receivable and other assets | 327,120 | 301,550 |
Total assets | 12,332,105 | 12,387,863 |
Deposits: | ||
Noninterest-bearing | 4,540,363 | 4,944,730 |
Interest-bearing | 6,069,740 | 6,029,498 |
Total deposits | 10,610,103 | 10,974,228 |
Short-term borrowings | 203,494 | 300 |
Accrued interest payable and other liabilities | 121,568 | 76,455 |
Subordinated debt | 86,058 | 86,044 |
Total liabilities | 11,021,223 | 11,137,027 |
Stockholders' equity: | ||
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and outstanding: 32,899,493 and 32,875,560, respectively | 32,900 | 32,876 |
Capital surplus | 170,231 | 169,231 |
Retained earnings | 1,164,665 | 1,120,292 |
Accumulated other comprehensive loss, net of tax benefit of $17,603 and $22,107, respectively | (56,914) | (71,563) |
Total stockholders' equity | 1,310,882 | 1,250,836 |
Total liabilities and stockholders' equity | 12,332,105 | 12,387,863 |
Senior Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value | ||
Cumulative Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities, fair value | $ 2,321 | $ 2,383 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 32,899,493 | 32,875,560 |
Common stock, shares outstanding | 32,899,493 | 32,875,560 |
Accumulated other comprehensive loss, net of tax benefit | $ 17,603 | $ 22,107 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST INCOME | ||
Loans, including fees | $ 104,396 | $ 72,954 |
Debt securities: | ||
Taxable | 8,991 | 3,781 |
Tax-exempt | 7 | 26 |
Federal funds sold | 32 | 1 |
Interest-bearing deposits with banks | 32,020 | 1,757 |
Total interest income | 145,446 | 78,519 |
INTEREST EXPENSE | ||
Deposits | 35,177 | 1,981 |
Short-term borrowings | 83 | 1 |
Subordinated debt | 1,030 | 1,030 |
Total interest expense | 36,290 | 3,012 |
Net interest income | 109,156 | 75,507 |
Provision for credit losses | 2,322 | 2,936 |
Net interest income after provision for credit losses | 106,834 | 72,571 |
NONINTEREST INCOME | ||
Securities transactions (includes accumulated other comprehensive loss reclassifications of $0 and $1,536, respectively) | (213) | (3,915) |
Income from sales of loans | 604 | 1,666 |
Insurance commissions | 8,741 | 7,427 |
Cash management | 6,734 | 3,131 |
Gain on sale of other assets | 479 | 45 |
Other | 6,030 | 10,415 |
Total noninterest income | 47,828 | 43,650 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 49,252 | 43,932 |
Occupancy, net | 4,983 | 4,403 |
Depreciation | 4,643 | 4,775 |
Amortization of intangible assets | 880 | 831 |
Data processing services | 2,107 | 1,805 |
Net expense from other real estate owned | 2,459 | 1,794 |
Marketing and business promotion | 2,527 | 2,073 |
Deposit insurance | 1,613 | 1,128 |
Other | 11,853 | 11,771 |
Total noninterest expense | 80,317 | 72,512 |
Income before taxes | 74,345 | 43,709 |
Income tax expense | 16,812 | 7,794 |
Net income | $ 57,533 | $ 35,915 |
NET INCOME PER COMMON SHARE | ||
Basic | $ 1.75 | $ 1.10 |
Diluted | $ 1.72 | $ 1.08 |
OTHER COMPREHENSIVE (LOSS)/GAIN | ||
Unrealized income/(losses) on debt securities, net of tax (expense)/benefit of $(4,504) and $10,219, respectively | $ 14,649 | $ (32,833) |
Reclassification adjustment for losses included in net income, net of tax expense of $0 and $369, respectively | 0 | 1,167 |
Other comprehensive income/(loss), net of tax (expense)/benefit of $(4,504) and $9,850, respectively | 14,649 | (31,666) |
Comprehensive income | 72,182 | 4,249 |
Trust Revenue [Member] | ||
NONINTEREST INCOME | ||
Revenue | 4,222 | 3,506 |
Service Charges on Deposits [Member] | ||
NONINTEREST INCOME | ||
Revenue | $ 21,231 | $ 21,375 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Securities transactions accumulated other comprehensive loss reclassifications | $ 0 | $ 1,536 |
Unrealized losses on debt securities, tax | (4,504) | 10,219 |
Reclassification adjustment for losses included in net income, tax | 0 | 369 |
Other comprehensive loss, tax | $ (4,504) | $ 9,850 |
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, 2021 | $ 32,603 | $ 159,914 | $ 977,067 | $ 2,150 | |
Shares issued for stock options | 123 | 3,020 | |||
Net income | $ 35,915 | 35,915 | |||
Dividends on common stock | (11,782) | ||||
Stock-based compensation arrangements | 458 | ||||
Net change | (31,666) | ||||
Balance at end of period at Mar. 31, 2022 | 1,167,802 | 32,726 | 163,392 | 1,001,200 | (29,516) |
Balance at beginning of period at Dec. 31, 2022 | 1,250,836 | 32,876 | 169,231 | 1,120,292 | (71,563) |
Shares issued for stock options | 24 | 618 | |||
Net income | 57,533 | 57,533 | |||
Dividends on common stock | (13,160) | ||||
Stock-based compensation arrangements | 382 | ||||
Net change | (14,649) | ||||
Balance at end of period at Mar. 31, 2023 | $ 1,310,882 | $ 32,900 | $ 170,231 | $ 1,164,665 | $ (56,914) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
RETAINED EARNINGS [Member] | ||
Dividend on common stock | $ 0.40 | $ 0.36 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 57,533,000 | $ 35,915,000 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Provision for credit losses | 2,322,000 | 2,936,000 |
Depreciation and amortization | 5,523,000 | 5,606,000 |
Net amortization of securities premiums and discounts | (273,000) | 1,921,000 |
Realized securities losses | 213,000 | 3,915,000 |
Gain on sales of loans | (604,000) | (1,666,000) |
Cash receipts from the sale of loans originated for sale | 34,246,000 | 83,749,000 |
Cash disbursements for loans originated for sale | (33,634,000) | (67,444,000) |
Deferred income tax benefit | (778,000) | (968,000) |
Gain on sale of other assets | (578,000) | (771,000) |
Increase in interest receivable | (1,390,000) | (4,714,000) |
Increase in interest payable | 2,264,000 | 485,000 |
Amortization of stock-based compensation arrangements | 382,000 | 458,000 |
Excess tax benefit from stock-based compensation arrangements | (324,000) | (1,024,000) |
Other, net | 4,602,000 | 5,209,000 |
Net cash provided by operating activities | 69,504,000 | 63,607,000 |
INVESTING ACTIVITIES | ||
Net cash received from acquisitions, net of cash paid | 0 | 121,099,000 |
Net decrease/(increase) in federal funds sold | 1,766,000 | (76,000) |
Purchases of available for sale debt securities | (91,312,000) | (966,818,000) |
Proceeds from maturities, calls and paydowns of held for investment debt securities | 170,000 | 61,000 |
Proceeds from maturities, calls and paydowns of available for sale debt securities | 32,940,000 | 19,689,000 |
Proceeds from sales of available for sale securities | 0 | 222,473,000 |
Purchase of equity securities | (195,000) | (144,000) |
Proceeds from paydowns and sales of equity securities | 485,000 | 697,000 |
Net change in loans | (176,739,000) | (67,669,000) |
Net receipts/(payments) on derivative asset contracts | 11,141,000 | (70,694,000) |
Purchases of premises, equipment and computer software | (7,962,000) | (6,896,000) |
Purchase of tax credits | (536,000) | (770,000) |
Other, net | 1,658,000 | 3,078,000 |
Net cash used in investing activities | (228,584,000) | (2,723,745,000) |
FINANCING ACTIVITIES | ||
Net change in deposits | (364,125,000) | 2,729,040,000 |
Net change in short-term borrowings | 203,194,000 | 3,300,000 |
Issuance of common stock in connection with stock options, net | 642,000 | 3,143,000 |
Cash dividends paid | (13,150,000) | (11,738,000) |
Net cash used in financing activities | (173,439,000) | 745,970,000 |
Net (decrease)/increase in cash, due from banks and interest-bearing deposits | (332,519,000) | 2,041,382,000 |
Cash, due from banks and interest-bearing deposits at the beginning of the period | 3,168,910,000 | 2,050,022,000 |
Cash, due from banks and interest-bearing deposits at the end of the period | 2,836,391,000 | 4,091,404,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 34,026,000 | 2,503,000 |
Cash paid during the period for income taxes | 1,880,000 | 0 |
Noncash investing and financing activities: | ||
Cash consideration for acquisitions | 0 | 77,685,000 |
Fair value of assets acquired in acquisitions | 0 | 510,888,000 |
Liabilities assumed in acquisitions | 0 | 433,203,000 |
Unpaid common stock dividends declared | $ 13,160,000 | $ 11,781,000 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022. 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 Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst"). The principal operating subsidiaries of BancFirst are 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, 2022, 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 Adopted During the Current Period: In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminated the Troubled Debt Restructurings (“TDR”) recognition and measurement guidance and, instead, required 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 when a borrower is experiencing financial difficulty. In addition, the update required that the Company disclose current-period charge-offs by year of origination for financing receivables. The current-period charge-off amendment was applied prospectively. The amendments were effective for annual periods beginning after December 15, 2022, including interim periods within those annual periods. The Company adopted ASU 2022-02 on January 1, 2023 . ASU No. 2022-02 did no t have a significant impact on the Company’s consolidated financial statements. In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323)." ASU 2023-02 permits the election of accounting for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method, if certain conditions are met. Using the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). The amendments are effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. Early adoption is permitted for all entities in any interim period. The Company adopted the amendment as of January 1, 2023 using the modified retrospective transition. The Company has investments in New Markets Tax Credits (NMTC) and Low-Income Housing Tax Credits (LIHTC) that will be affected by ASU 2023-02. Upon adoption of ASU No. 2023-02, the Company recorded $ 21.8 million in other assets and other liabilities on the consolidated balance sheet for unfunded LIHTC commitments and amortized $ 977,000 of NMTC investments to income tax expense during the period that would have previously been recorded to other expense. ASU No. 2023-02 did no t have a significant impact on the Company’s consolidated financial statements. |
Recent Developments, Including
Recent Developments, Including Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Recent Developments Including Mergers And Acquisitions [Abstract] | |
Recent Developments, Including Mergers and Acquisitions | (2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS On March 30, 2023, the Company took an advance of $ 200.0 million on its line of credit from the Federal Home Loan Bank (“FHLB”) of Topeka, Kansas, which was paid off on April 3, 2023. On February 8, 2022, the Company acquired Worthington for an aggregate cash purchase price of $ 77.7 million. Worthington is chartered and regulated by the Texas State Banking Department 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 the Company governed by its existing board of directors. The Company 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 $ 5.9 million and goodwill of $ 32.1 million. The Company did not incur a material amount of acquisition-related expenses. 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. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 (Dollars in thousands) Mortgage backed securities (1) $ 10 $ 1 $ — $ 11 States and political subdivisions 1,810 — — 1,810 Other securities 500 — — 500 Total $ 2,320 $ 1 $ — $ 2,321 December 31, 2022 Mortgage backed securities (1) $ 13 $ — $ — $ 13 States and political subdivisions 1,870 — — 1,870 Other securities 500 — — 500 Total $ 2,383 $ — $ — $ 2,383 The following table summarizes the amortized cost and estimated fair values of debt securities available for sale: Amortized Gross Gross Estimated March 31, 2023 (Dollars in thousands) U.S. treasuries $ 1,629,245 $ 1,341 $ ( 72,992 ) $ 1,557,594 U.S. federal agencies 14,072 183 ( 1 ) 14,254 Mortgage backed securities (1) 17,934 26 ( 1,773 ) 16,187 States and political subdivisions 8,236 33 ( 114 ) 8,155 Asset backed securities 12,780 — ( 417 ) 12,363 Other securities 8,163 — ( 803 ) 7,360 Total $ 1,690,430 $ 1,583 $ ( 76,100 ) $ 1,615,913 December 31, 2022 U.S. treasuries $ 1,568,563 $ — $ ( 90,699 ) $ 1,477,864 U.S. federal agencies 15,025 198 ( 1 ) 15,222 Mortgage backed securities (1) 18,449 21 ( 1,884 ) 16,586 States and political subdivisions 8,320 35 ( 221 ) 8,134 Asset backed securities 13,371 — ( 361 ) 13,010 Other securities 8,163 — ( 758 ) 7,405 Total $ 1,631,891 $ 254 $ ( 93,924 ) $ 1,538,221 (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. 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. March 31, 2023 December 31, 2022 Amortized Estimated Amortized Estimated (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 1,186 $ 1,186 $ 1,186 $ 1,186 After one year but within five years 1,132 1,133 1,195 1,195 After five years but within ten years 2 2 2 2 After ten years — — — — Total $ 2,320 $ 2,321 $ 2,383 $ 2,383 Available for Sale Contractual maturity of debt securities: Within one year $ 105,557 $ 104,164 $ 101,607 $ 100,655 After one year but within five years 1,336,179 1,267,384 1,316,874 1,233,725 After five years but within ten years 207,450 205,173 170,513 163,101 After ten years 41,244 39,192 42,897 40,740 Total debt securities $ 1,690,430 $ 1,615,913 $ 1,631,891 $ 1,538,221 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: March 31, 2023 December 31, 2022 (Dollars in thousands) Book value of pledged securities $ 580,946 $ 573,952 The following is a detail of proceeds from sales and the realized losses on available for sale debt securities: March 31, 2023 March 31, 2022 (Dollars in thousands) Proceeds $ — $ 222,473 Gross losses realized — 3,990 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 three months ended March 31, 2023. During the three months ended March 31, 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. 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 March 31, 2023 and December 31, 2022 respectively: Less than 12 Months More than 12 Months Total Number of investments Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) March 31, 2023 Available for Sale U.S. treasuries 71 $ 501,386 $ 9,684 $ 958,843 $ 63,308 $ 1,460,229 $ 72,992 U.S. federal agencies 1 344 1 — — 344 1 Mortgage backed securities 95 302 3 14,364 1,770 14,666 1,773 States and political subdivisions 8 1,486 14 1,311 100 2,797 114 Asset backed securities 1 — — 12,363 417 12,363 417 Other securities 3 4,793 370 2,567 433 7,360 803 Total 179 $ 508,311 $ 10,072 $ 989,448 $ 66,028 $ 1,497,759 $ 76,100 December 31, 2022 Available for Sale U.S. treasuries 74 $ 787,925 $ 27,078 $ 689,939 $ 63,621 $ 1,477,864 $ 90,699 U.S. federal agencies 1 — — 349 1 349 1 Mortgage backed securities 92 10,001 1,239 5,055 645 15,056 1,884 States and political subdivisions 8 2,308 184 464 37 2,772 221 Asset backed securities 1 13,010 361 — — 13,010 361 Other securities 3 4,871 291 2,534 467 7,405 758 Total 179 $ 818,115 $ 29,153 $ 698,341 $ 64,771 $ 1,516,456 $ 93,924 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 March 31, 2023 and December 31, 2022, 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 Certain loan segments were reclassified during the quarter. Each loan segment is made up of loan categories possessing similar risk characteristics. The Company’s re-alignment of the segments primarily consisted of reclassifying farmland and agriculture related loans that were previously included in consumer-related and commercial-related loans to the agriculture category. Management believes this accurately represents the risk profile of each loan segment. The prior period amounts have been revised to conform to the current period presentation. These reclassifications did not have a significant impact on the allowance for credit losses. Loans held for investment are summarized by portfolio segment as follows: March 31, 2023 December 31, 2022 (Dollars in thousands) Real estate: Commercial real estate owner occupied 920,104 908,494 Commercial real estate non-owner occupied 1,396,400 1,383,150 Construction and development < 60 months 534,847 475,236 Construction residential real estate < 60 months 304,766 303,305 Residential real estate first lien 1,147,800 1,117,899 Residential real estate all other 206,402 196,198 Agriculture 422,488 408,037 Commercial non-real estate 1,262,737 1,241,454 Consumer non-real estate 441,497 446,756 Oil and gas 481,567 463,034 Total (1) $ 7,118,608 $ 6,943,563 (1) Excludes accrued interest receivable of $ 30.9 million at March 31, 2023 and $ 30.6 million at December 31, 2022, that is recorded in accrued interest receivable and other assets. The Company's loans are currently 83 % held by BancFirst and 17 % held by Pegasus and Worthington. In addition, approximately 69 % 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, 2022. Loan Modifications, Other Real Estate Owned and Repossessed Assets and Held for Sale Assets The following is a summary of other real estate owned and repossessed assets: March 31, 2023 December 31, 2022 (Dollars in thousands) Other real estate owned and repossessed assets $ 38,874 $ 36,936 As of both March 31, 2023 and December 31, 2022, other real estate owned included a commercial real estate property recorded at approximately $ 30.1 million and $ 29.4 million, respectively. 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. For the Three Months Ended March 31, 2023 2022 (Dollars in thousands) Rental income $ 2,690 $ 2,670 Operating expense 2,381 2,439 During the three months ended March 31, 2023, the Company sold property held in other real estate owned for a total gain of $ 98,000 , compared to a total gain of $ 726,000 in the three months ended March 31, 2022. The Company charges interest on principal balances outstanding on modified loans during deferral periods. The current and future financial effects of the recorded balance of loans considered to be modified during the period were not considered to be material. Nonaccrual loans The Company did no t recognize any interest income on nonaccrual loans for either the three months ended March 31, 2023 or 2022. In addition, there were no nonaccrual loans for which there is no related allowance for credit losses at both March 31, 2023 and December 31, 2022. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $ 358,000 for the three months ended March 31, 2023 and approximately $ 376,000 for the three months ended March 31, 2022. Nonaccrual loans guaranteed by government agencies totaled approximately $ 6.4 million at March 31, 2023 and approximately $ 4.7 million at December 31, 2022. The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment. March 31, 2023 December 31, 2022 (Dollars in thousands) Real estate: Commercial real estate owner occupied $ 4,408 $ 1,795 Commercial real estate non-owner occupied 707 667 Construction and development < 60 months 114 93 Construction residential real estate < 60 months 388 430 Residential real estate first lien 2,646 1,947 Residential real estate all other 748 55 Agriculture 2,688 2,734 Commercial non-real estate 5,695 7,066 Consumer non-real estate 255 192 Oil and gas — 320 Total $ 17,649 $ 15,299 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 March 31, 2023 Real estate: Commercial real estate owner occupied $ 3,454 $ 41 $ 7,051 $ 10,546 $ 909,558 $ 920,104 $ 4,358 Commercial real estate non-owner occupied 6,257 1,079 242 7,578 1,388,822 1,396,400 201 Construction and development < 60 months 1,206 783 217 2,206 532,641 534,847 103 Construction residential real estate < 60 months 1,175 — 824 1,999 302,767 304,766 824 Residential real estate first lien 4,505 996 1,452 6,953 1,140,847 1,147,800 690 Residential real estate all other 789 860 130 1,779 204,623 206,402 113 Agriculture 4,372 596 1,350 6,318 416,170 422,488 22 Commercial non-real estate 2,709 2,264 3,802 8,775 1,253,962 1,262,737 415 Consumer non-real estate 2,668 724 616 4,008 437,489 441,497 449 Oil and gas 175 202 83 460 481,107 481,567 83 Total $ 27,310 $ 7,545 $ 15,767 $ 50,622 $ 7,067,986 $ 7,118,608 $ 7,258 As of December 31, 2022 Real estate: Commercial real estate owner occupied $ 1,314 $ 1,524 $ 4,580 $ 7,418 $ 901,076 $ 908,494 $ 4,580 Commercial real estate non-owner occupied 6,237 — 42 6,279 1,376,871 1,383,150 43 Construction and development < 60 months 535 40 114 689 474,547 475,236 81 Construction residential real estate < 60 months 1,320 282 148 1,750 301,555 303,305 — Residential real estate first lien 3,415 1,076 844 5,335 1,112,564 1,117,899 349 Residential real estate all other 265 37 185 487 195,711 196,198 166 Agriculture 2,357 34 2,265 4,656 403,381 408,037 1,054 Commercial non-real estate 2,490 2,142 2,772 7,404 1,234,050 1,241,454 345 Consumer non-real estate 2,591 648 585 3,824 442,932 446,756 467 Oil and gas 654 — — 654 462,380 463,034 — Total $ 21,178 $ 5,783 $ 11,535 $ 38,496 $ 6,905,067 $ 6,943,563 $ 7,085 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, 2022, are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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 along with the gross charge-offs by year of origination: Term Loans Amortized Cost Basis by Origination Year Revolving Loans (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Total As of March 31, 2023 Commercial real estate owner occupied Grade 1 $ 26,840 $ 171,896 $ 136,273 $ 98,471 $ 87,267 $ 158,659 $ 50,504 $ 729,910 Grade 2 15,333 37,268 33,356 25,810 20,013 32,197 19,018 182,995 Grade 3 18 6 1,694 75 1,277 1,469 62 4,601 Grade 4 — 252 250 311 798 648 — 2,259 Grade 5 — — — — 339 — — 339 Total commercial real estate owner occupied 42,191 209,422 171,573 124,667 109,694 192,973 69,584 920,104 Current-period gross charge-offs — 7 1 22 18 — — 48 Commercial real estate non-owner occupied Grade 1 $ 40,007 $ 333,790 $ 239,906 $ 164,977 $ 106,365 $ 86,491 $ 44,389 $ 1,015,925 Grade 2 13,477 122,684 48,822 28,644 36,980 79,557 31,249 361,413 Grade 3 — 6,996 — 152 9,864 1,343 — 18,355 Grade 4 45 620 — — — 42 — 707 Total commercial real estate non-owner occupied 53,529 464,090 288,728 193,773 153,209 167,433 75,638 1,396,400 Current-period gross charge-offs — — — — — 3 — 3 Construction and development < 60 months Grade 1 $ 44,459 $ 152,820 $ 80,373 $ 39,720 $ 5,063 $ 6,975 $ 51,743 $ 381,153 Grade 2 3,757 50,735 16,826 7,203 14,085 2,372 54,929 149,907 Grade 3 2,525 886 — 99 — 7 156 3,673 Grade 4 — 81 — 33 — — — 114 Total construction and development < 60 months 50,741 204,522 97,199 47,055 19,148 9,354 106,828 534,847 Current-period gross charge-offs — 2 — — — — — 2 Construction residential real estate < 60 months Grade 1 $ 59,006 $ 156,832 $ 4,707 $ 258 $ 13 $ 39 $ 35,474 $ 256,329 Grade 2 8,841 35,304 43 46 — 394 2,156 46,784 Grade 3 — 1,265 — — — — — 1,265 Grade 4 388 — — — — — — 388 Total construction residential real estate < 60 months 68,235 193,401 4,750 304 13 433 37,630 304,766 Residential real estate first lien Grade 1 $ 77,619 $ 281,309 $ 197,623 $ 135,722 $ 82,252 $ 180,597 $ 5,693 $ 960,815 Grade 2 8,715 43,684 35,764 25,194 13,434 46,291 — 173,082 Grade 3 428 1,910 1,254 905 1,587 3,937 — 10,021 Grade 4 66 110 1,155 369 245 1,937 — 3,882 Total residential real estate first lien 86,828 327,013 235,796 162,190 97,518 232,762 5,693 1,147,800 Current-period gross charge-offs — — — — — 2 — 2 Residential real estate all other Grade 1 $ 8,382 $ 30,718 $ 9,868 $ 9,884 $ 5,061 $ 14,304 $ 41,871 $ 120,088 Grade 2 987 5,712 2,002 1,729 1,500 3,624 66,883 82,437 Grade 3 172 224 139 48 122 1,113 1,242 3,060 Grade 4 — — — 27 — 18 772 817 Total residential real estate all other 9,541 36,654 12,009 11,688 6,683 19,059 110,768 206,402 Current-period gross charge-offs — 2 19 — 1 4 — 26 Agriculture Grade 1 $ 16,685 $ 69,811 $ 42,014 $ 34,467 $ 20,604 $ 39,693 $ 49,791 $ 273,065 Grade 2 10,701 24,320 21,468 9,205 10,223 19,584 32,697 128,198 Grade 3 592 6,337 977 3,356 112 3,290 4,896 19,560 Grade 4 59 646 98 477 50 305 30 1,665 Total Agriculture 28,037 101,114 64,557 47,505 30,989 62,872 87,414 422,488 Current-period gross charge-offs — 4 — 16 13 2 — 35 Commercial non-real estate Grade 1 $ 108,823 $ 212,982 $ 189,496 $ 58,782 $ 45,803 $ 47,346 $ 305,503 $ 968,735 Grade 2 22,343 73,851 42,567 15,526 12,546 21,578 94,656 283,067 Grade 3 952 2,000 392 308 675 1,773 2,035 8,135 Grade 4 20 308 351 741 608 305 203 2,536 Grade 5 — — — — 264 — — 264 Total commercial non-real estate 132,138 289,141 232,806 75,357 59,896 71,002 402,397 1,262,737 Current-period gross charge-offs — 67 62 — — 47 — 176 Consumer non-real estate Grade 1 $ 56,874 $ 174,237 $ 89,897 $ 33,413 $ 17,326 $ 6,763 $ 19,788 $ 398,298 Grade 2 3,455 19,044 9,375 3,409 1,301 1,961 1,156 39,701 Grade 3 101 831 738 372 152 149 170 2,513 Grade 4 — 339 382 44 160 60 — 985 Total consumer non-real estate 60,430 194,451 100,392 37,238 18,939 8,933 21,114 441,497 Current-period gross charge-offs — 76 32 15 9 6 2 140 Oil and gas Grade 1 $ 81,777 $ 21,451 $ 110,461 $ 12,661 $ 3,861 $ 2,469 $ 167,211 $ 399,891 Grade 2 1,080 5,968 3,504 729 21,421 15,971 29,233 77,906 Grade 3 — 2,080 247 4 — — 1,439 3,770 Total oil and gas 82,857 29,499 114,212 13,394 25,282 18,440 197,883 481,567 Total loans held for investment $ 614,527 $ 2,049,307 $ 1,322,022 $ 713,171 $ 521,371 $ 783,261 $ 1,114,949 $ 7,118,608 Total current-period gross charge-offs $ — $ 158 $ 114 $ 53 $ 41 $ 64 $ 2 $ 432 Allowance for Credit Losses Methodology The Company determines its provision for credit losses and allowance for credit losses using the current expected credit 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 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 Charge- Recoveries Net Provision for /(benefit from) credit losses on loans Balance at (Dollars in thousands) Three Months Ended March 31, 2023 Real estate: Commercial real estate owner occupied $ 6,416 $ ( 48 ) $ 49 $ 1 $ 130 $ 6,547 Commercial real estate non-owner occupied 30,190 ( 3 ) — ( 3 ) 1,933 32,120 Construction and development < 60 months 3,778 ( 2 ) 3 1 ( 171 ) 3,608 Construction residential real estate < 60 months 3,275 — — — ( 49 ) 3,226 Residential real estate first lien 4,092 ( 2 ) 3 1 361 4,454 Residential real estate all other 1,418 ( 26 ) 2 ( 24 ) 50 1,444 Agriculture 6,217 ( 35 ) 6 ( 29 ) 80 6,268 Commercial non-real estate 25,106 ( 176 ) 22 ( 154 ) 127 25,079 Consumer non-real estate 4,132 ( 140 ) 57 ( 83 ) 183 4,232 Oil and gas 8,104 — — — ( 322 ) 7,782 Total $ 92,728 $ ( 432 ) $ 142 $ ( 290 ) $ 2,322 $ 94,760 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 March 31, 2022 Real estate: Commercial real estate owner occupied $ 7,550 $ — $ ( 16 ) $ 48 $ 32 $ 680 $ 8,262 Commercial real estate non-owner occupied 16,807 — — — — ( 459 ) 16,348 Construction and development < 60 months 3,454 — — 3 3 ( 185 ) 3,272 Construction residential real estate < 60 months 1,051 — — — — 52 1,103 Residential real estate first lien 3,048 2 ( 44 ) 7 ( 37 ) 381 3,394 Residential real estate all other 1,567 — — 402 402 ( 409 ) 1,560 Agriculture 8,392 — ( 125 ) 3 ( 122 ) ( 252 ) 8,018 Commercial non-real estate 25,565 48 ( 57 ) 110 53 ( 503 ) 25,163 Consumer non-real estate 3,694 28 ( 80 ) 38 ( 42 ) 50 3,730 Oil and gas 12,808 — — — — 3,581 16,389 Total $ 83,936 $ 78 $ ( 322 ) $ 611 $ 289 $ 2,936 $ 87,239 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 Company did not purchase credit-deteriorated loans during the three month period ended March 31, 2023. The credit-deteriorated loans purchased during the three months ended March 31, 2022 were as follows: Loans acquired (Dollars in thousands) For the period ended March 31, 2022 Purchase price of loans at acquisition $ 661 Allowance for credit losses at acquisition 78 Par value of acquired loans at acquisition $ 739 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 three months ended March 31, 2023 and 2022 , 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 March 31, 2023 Real estate: Commercial real estate owner occupied $ 2,154 $ — $ — $ — $ 2,154 $ 863 Commercial real estate non-owner occupied 1,248 — — — 1,248 333 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months 388 — — — 388 45 Residential real estate first lien 387 — — — 387 118 Residential real estate all other 8 — — — 8 9 Agriculture 3,439 689 — 3,447 7,575 3,027 Commercial non-real estate — 5,190 — — 5,190 1,823 Consumer non-real estate — — — 183 183 95 Oil and gas — — — — — — Total collateral-dependent loans held for investment $ 7,624 $ 5,879 $ — $ 3,630 $ 17,133 $ 6,313 Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2022 Real estate: Commercial real estate owner occupied $ 2,213 $ — $ — $ — $ 2,213 $ 870 Commercial real estate non-owner occupied 1,263 — — — 1,263 333 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months 420 — — — 420 45 Residential real estate first lien 481 — — — 481 207 Residential real estate all other 9 — — — 9 9 Agriculture 3,447 701 — 3,592 7,740 3,114 Commercial non-real estate — 5,924 — 4 5,928 1,938 Consumer non-real estate — — — 117 117 81 Oil and gas — — — — — — Total collateral-dependent loans held for investment $ 7,833 $ 6,625 $ — $ 3,713 $ 18,171 $ 6,597 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 consolidated 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: Three Months Ended March 31, 2023 2022 (Dollars in thousands) Other real estate owned $ 565 $ 2,153 Repossessed assets 395 277 Total $ 960 $ 2,430 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | (5) INTANGIBLE ASSETS AND GOODWILL The following is a summary of intangible assets as of the date listed: Gross Accumulated Net (Dollars in thousands) March 31, 2023 Core deposit intangibles $ 33,298 $ ( 14,465 ) $ 18,833 Customer relationship intangibles 3,350 ( 3,080 ) 270 Total $ 36,648 $ ( 17,545 ) $ 19,103 December 31, 2022 Core deposit intangibles $ 33,298 $ ( 13,615 ) $ 19,683 Customer relationship intangibles 3,350 ( 3,050 ) 300 Total $ 36,648 $ ( 16,665 ) $ 19,983 The following is a summary of goodwill by business segment: BancFirst Metropolitan Banks BancFirst Community Banks Pegasus Worthington Other Financial Services Executive, Operations & Support Consolidated (Dollars in thousands) Three months ended March 31, 2023 Balance at beginning and end of period $ 13,767 $ 61,212 $ 68,855 $ 32,133 $ 5,464 $ 624 $ 182,055 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, 2022 . |
Subordinated Debt
Subordinated Debt | 3 Months Ended |
Mar. 31, 2023 | |
Broker-Dealer [Abstract] | |
Subordinated Debt | (6) 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 | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | (7) 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 March 31, 2023 , there were 42,500 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 March 31, 2023 , 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. The Company had no cash settlements during the three months ended March 31, 2023 or March 31, 2022. 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) Three Months Ended March 31, 2023 Outstanding at December 31, 2022 1,310,290 $ 52.51 Options exercised ( 6,541 ) 33.72 Options canceled, forfeited, or expired ( 7,500 ) 87.62 Outstanding at March 31, 2023 1,296,249 52.40 10.37 Yrs. $ 39,796 Exercisable at March 31, 2023 500,499 31.48 6.69 Yrs. $ 25,833 The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan: Three Months Ended 2023 2022 (Dollars in thousands) Total intrinsic value of options exercised $ 352 $ 5,964 Cash received from options exercised 221 2,989 Tax benefit realized from options exercised 85 1,434 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 2023 2022 (Dollars in thousands) Stock-based compensation expense $ 382 $ 458 Tax benefit 92 110 Stock-based compensation expense, net of tax $ 290 $ 348 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: March 31, 2023 (Dollars in thousands) Unearned stock-based compensation expense $ 12,318 No stock options were granted during the three months ended March 31, 2023. 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: Three Months Ended 2023 2022 Weighted average grant-date fair value per share of options granted $ — $ 26.21 Risk-free interest rate — 1.75 to 2.14 % Dividend yield — 2.00 % Stock price volatility — 34.61 to 34.69 % Expected term — 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 March 31, 2023 , there are 24,435 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 17,392 and 6,177 shares of common stock distributed from the Deferred Stock Compensation Plan during the three months ended March 31, 2023 and 2022, respectively. A summary of the accumulated stock units is as follows: March 31, December 31, 2023 2022 Accumulated stock units 114,070 129,609 Average price $ 37.40 $ 34.91 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | (8) 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. The following table is a summary of the shares under the program: Three Months Ended 2023 2022 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 March 31, 2023 , 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 March 31, 2023: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,346,652 16.70 % $ 645,076 8.00 % $ 846,662 10.50 % N/A N/A BancFirst 1,125,839 16.62 % 541,939 8.00 % 711,294 10.50 % $ 677,423 10.00 % Pegasus 131,647 14.55 % 72,377 8.00 % 94,995 10.50 % 90,472 10.00 % Worthington 49,123 13.18 % 29,812 8.00 % 39,129 10.50 % 37,265 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,166,638 14.47 % $ 362,855 4.50 % $ 564,441 7.00 % N/A N/A BancFirst 1,023,399 15.11 % 304,840 4.50 % 474,196 7.00 % $ 440,325 6.50 % Pegasus 122,244 13.51 % 40,712 4.50 % 63,330 7.00 % 58,807 6.50 % Worthington 45,556 12.22 % 16,769 4.50 % 26,086 7.00 % 24,222 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,192,638 14.79 % $ 483,807 6.00 % $ 685,393 8.50 % N/A N/A BancFirst 1,043,399 15.40 % 406,454 6.00 % 575,810 8.50 % $ 541,939 8.00 % Pegasus 122,244 13.51 % 54,283 6.00 % 76,901 8.50 % 72,377 8.00 % Worthington 45,556 12.22 % 22,359 6.00 % 31,675 8.50 % 29,812 8.00 % Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 1,192,638 9.78 % $ 487,729 4.00 % N/A N/A N/A N/A BancFirst 1,043,399 10.11 % 412,824 4.00 % N/A N/A $ 516,030 5.00 % Pegasus 122,244 9.07 % 53,935 4.00 % N/A N/A 67,419 5.00 % Worthington 45,556 9.08 % 20,062 4.00 % N/A N/A 25,077 5.00 % As of March 31, 2023 , 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. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | (9) 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 March 31, 2023 Basic Income available to common stockholders $ 57,533 32,892,857 $ 1.75 Dilutive effect of stock options — 569,882 Diluted Income available to common stockholders plus assumed exercises of stock options $ 57,533 33,462,739 $ 1.72 Three Months Ended March 31, 2022 Basic Income available to common stockholders $ 35,915 32,666,916 $ 1.10 Dilutive effect of stock options — 648,417 Diluted Income available to common stockholders plus assumed exercises of stock options $ 35,915 33,315,333 $ 1.08 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 March 31, 2023 309,833 Three Months Ended March 31, 2022 105,278 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (10) 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 models. 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) March 31, 2023 Debt securities available for sale: U.S. Treasury $ 1,557,594 $ — $ — $ 1,557,594 U.S. federal agencies — 14,254 — 14,254 Mortgage-backed securities — 16,187 — 16,187 States and political subdivisions — 7,697 458 8,155 Asset backed securities — 12,363 — 12,363 Other debt securities — 7,360 — 7,360 Derivative assets — 25,970 — 25,970 Derivative liabilities — 24,955 — 24,955 December 31, 2022 Debt securities available for sale: U.S. Treasury $ 1,477,864 $ — $ — $ 1,477,864 U.S. federal agencies — 15,222 — 15,222 Mortgage-backed securities — 16,586 — 16,586 States and political subdivisions — 7,680 454 8,134 Asset backed securities — 13,010 — 13,010 Other debt securities 7,405 7,405 Derivative assets — 20,745 — 20,745 Derivative liabilities — 19,683 — 19,683 The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows: Three Months Ended March 31, Twelve Months Ended 2023 2022 (Dollars in thousands) Balance at the beginning of the year $ 454 $ 320 Transfers to level 2 — — Purchases — 255 Settlements — ( 110 ) Total unrealized gain 4 ( 11 ) Balance at the end of the period $ 458 $ 454 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 three months ended March 31, 2023, the Company did not transfer any debt securities. In addition, during the year ended December 31, 2022, the Company did not transfer any debt securities. 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 March 31, 2023 Equity securities $ 15,009 Collateral dependent loans 168 Repossessed assets 235 Other real estate owned 2,032 As of and for the Year-to-date Period Ended December 31, 2022 Equity securities $ 15,512 Collateral dependent loans 1,618 Repossessed assets 180 Other real estate owned 34,999 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: March 31, December 31, 2023 2022 Carrying Fair Value Carrying Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 2,836,391 $ 2,836,391 $ 3,168,910 $ 3,168,910 Federal funds sold 1,084 1,084 2,850 2,850 Debt securities held for investment 10 11 13 13 Loans held for sale 6,223 6,223 6,232 6,232 Level 3 inputs: Debt securities held for investment 2,310 2,310 2,370 2,370 Loans, net of allowance for credit losses 7,023,848 6,711,575 6,850,835 6,563,755 FINANCIAL LIABILITIES Level 2 inputs: Deposits 10,610,103 10,188,895 10,974,228 10,614,840 Short-term borrowings 203,494 203,534 300 300 Subordinated debt 86,058 80,540 86,044 82,385 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 4,691 4,598 Letters of credit 532 542 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 March 31, 2023 or December 31, 2022 . |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | (11) 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. At March 31, 2023 , the Company had a margin liability included in other liabilities in the amount of $ 4.6 million. At December 31, 2022 , the Company had a margin asset included in other assets in the amount of $ 6.6 million. 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: March 31, 2023 December 31, 2022 Oil and Natural Gas Swaps and Options Notional Units Notional Estimated Notional Estimated (Notional amounts and dollars in thousands) Oil Derivative assets Barrels 2,229 $ 9,965 2,698 $ 8,868 Derivative liabilities Barrels ( 2,229 ) ( 9,456 ) ( 2,698 ) ( 8,259 ) Gas/Natural Gas Liquids Derivative assets MMBTUs/Gallons 20,923 16,005 25,059 11,877 Derivative liabilities MMBTUs/Gallons ( 20,923 ) ( 15,499 ) ( 25,059 ) ( 11,424 ) Total Fair Value Included in Derivative assets Other assets 25,970 20,745 Derivative liabilities Other liabilities ( 24,955 ) ( 19,683 ) 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 March 31, 2023 2022 (Dollars in thousands) Derivative income $ 89 $ 159 The Company's credit exposure on oil and gas swaps and options varies based on the current market prices of oil and natural 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 following table is a summary of the Company's net credit exposure relating to oil and gas swaps and options with bank counterparties: March 31, 2023 December 31, 2022 (Dollars in thousands) Credit exposure $ — $ 6,560 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 | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | (12) SEGMENT INFORMATION The Company evaluates its performance with an internal profitability measurement system that measures the profitability of its business units on a pre-tax basis. The six principal business units are BancFirst metropolitan banks, BancFirst community banks, Pegasus, Worthington, other financial services and executive, operations and support. BancFirst metropolitan banks, BancFirst community banks, Pegasus and Worthington offer traditional banking products such as commercial and retail lending and a full line of deposit accounts. BancFirst metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. BancFirst community banks consist of banking locations in communities in Oklahoma outside the Oklahoma City and Tulsa metropolitan areas. Pegasus consists of banking locations in the Dallas metropolitan area. Worthington consists of banking locations in the Dallas and Fort Worth metropolitan areas. 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: BancFirst Metropolitan BancFirst Community Pegasus Worthington Other Executive, Eliminations Consolidated (Dollars in thousands) Three Months Ended March 31, 2023 Net interest income $ 30,739 $ 57,685 $ 15,151 $ 4,624 $ 942 $ 15 $ — $ 109,156 Noninterest income 6,087 19,532 214 279 14,172 66,143 ( 58,599 ) 47,828 Income before taxes 23,310 43,599 9,644 1,630 6,164 48,417 ( 58,419 ) 74,345 Three Months Ended March 31, 2022 Net interest income $ 19,608 $ 44,568 $ 7,620 $ 1,694 $ 2,913 $ ( 907 ) $ 11 $ 75,507 Noninterest income 9,773 16,845 191 133 12,983 42,574 ( 38,849 ) 43,650 Income before taxes 18,171 31,339 2,827 385 6,045 23,648 ( 38,706 ) 43,709 Total Assets: March 31, 2023 $ 3,413,494 $ 6,817,850 $ 1,390,459 $ 516,112 $ 147,971 $ 1,491,908 $ ( 1,445,689 ) $ 12,332,105 December 31, 2022 3,412,369 6,886,066 1,404,033 541,002 171,679 1,473,443 ( 1,500,729 ) 12,387,863 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) | 3 Months Ended |
Mar. 31, 2023 | |
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 Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst"). The principal operating subsidiaries of BancFirst are 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, 2022, 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 Adopted During the Current Period: In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminated the Troubled Debt Restructurings (“TDR”) recognition and measurement guidance and, instead, required 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 when a borrower is experiencing financial difficulty. In addition, the update required that the Company disclose current-period charge-offs by year of origination for financing receivables. The current-period charge-off amendment was applied prospectively. The amendments were effective for annual periods beginning after December 15, 2022, including interim periods within those annual periods. The Company adopted ASU 2022-02 on January 1, 2023 . ASU No. 2022-02 did no t have a significant impact on the Company’s consolidated financial statements. In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323)." ASU 2023-02 permits the election of accounting for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method, if certain conditions are met. Using the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). The amendments are effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. Early adoption is permitted for all entities in any interim period. The Company adopted the amendment as of January 1, 2023 using the modified retrospective transition. The Company has investments in New Markets Tax Credits (NMTC) and Low-Income Housing Tax Credits (LIHTC) that will be affected by ASU 2023-02. Upon adoption of ASU No. 2023-02, the Company recorded $ 21.8 million in other assets and other liabilities on the consolidated balance sheet for unfunded LIHTC commitments and amortized $ 977,000 of NMTC investments to income tax expense during the period that would have previously been recorded to other expense. ASU No. 2023-02 did no t have a significant impact on the Company’s consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 (Dollars in thousands) Mortgage backed securities (1) $ 10 $ 1 $ — $ 11 States and political subdivisions 1,810 — — 1,810 Other securities 500 — — 500 Total $ 2,320 $ 1 $ — $ 2,321 December 31, 2022 Mortgage backed securities (1) $ 13 $ — $ — $ 13 States and political subdivisions 1,870 — — 1,870 Other securities 500 — — 500 Total $ 2,383 $ — $ — $ 2,383 |
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 March 31, 2023 (Dollars in thousands) U.S. treasuries $ 1,629,245 $ 1,341 $ ( 72,992 ) $ 1,557,594 U.S. federal agencies 14,072 183 ( 1 ) 14,254 Mortgage backed securities (1) 17,934 26 ( 1,773 ) 16,187 States and political subdivisions 8,236 33 ( 114 ) 8,155 Asset backed securities 12,780 — ( 417 ) 12,363 Other securities 8,163 — ( 803 ) 7,360 Total $ 1,690,430 $ 1,583 $ ( 76,100 ) $ 1,615,913 December 31, 2022 U.S. treasuries $ 1,568,563 $ — $ ( 90,699 ) $ 1,477,864 U.S. federal agencies 15,025 198 ( 1 ) 15,222 Mortgage backed securities (1) 18,449 21 ( 1,884 ) 16,586 States and political subdivisions 8,320 35 ( 221 ) 8,134 Asset backed securities 13,371 — ( 361 ) 13,010 Other securities 8,163 — ( 758 ) 7,405 Total $ 1,631,891 $ 254 $ ( 93,924 ) $ 1,538,221 (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. March 31, 2023 December 31, 2022 Amortized Estimated Amortized Estimated (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 1,186 $ 1,186 $ 1,186 $ 1,186 After one year but within five years 1,132 1,133 1,195 1,195 After five years but within ten years 2 2 2 2 After ten years — — — — Total $ 2,320 $ 2,321 $ 2,383 $ 2,383 Available for Sale Contractual maturity of debt securities: Within one year $ 105,557 $ 104,164 $ 101,607 $ 100,655 After one year but within five years 1,336,179 1,267,384 1,316,874 1,233,725 After five years but within ten years 207,450 205,173 170,513 163,101 After ten years 41,244 39,192 42,897 40,740 Total debt securities $ 1,690,430 $ 1,615,913 $ 1,631,891 $ 1,538,221 |
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: March 31, 2023 December 31, 2022 (Dollars in thousands) Book value of pledged securities $ 580,946 $ 573,952 |
Proceeds from Sales and Realized Losses on Available foe Sale Debt Securities | The following is a detail of proceeds from sales and the realized losses on available for sale debt securities: March 31, 2023 March 31, 2022 (Dollars in thousands) Proceeds $ — $ 222,473 Gross losses realized — 3,990 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 three months ended March 31, 2023. |
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 March 31, 2023 and December 31, 2022 respectively: Less than 12 Months More than 12 Months Total Number of investments Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) March 31, 2023 Available for Sale U.S. treasuries 71 $ 501,386 $ 9,684 $ 958,843 $ 63,308 $ 1,460,229 $ 72,992 U.S. federal agencies 1 344 1 — — 344 1 Mortgage backed securities 95 302 3 14,364 1,770 14,666 1,773 States and political subdivisions 8 1,486 14 1,311 100 2,797 114 Asset backed securities 1 — — 12,363 417 12,363 417 Other securities 3 4,793 370 2,567 433 7,360 803 Total 179 $ 508,311 $ 10,072 $ 989,448 $ 66,028 $ 1,497,759 $ 76,100 December 31, 2022 Available for Sale U.S. treasuries 74 $ 787,925 $ 27,078 $ 689,939 $ 63,621 $ 1,477,864 $ 90,699 U.S. federal agencies 1 — — 349 1 349 1 Mortgage backed securities 92 10,001 1,239 5,055 645 15,056 1,884 States and political subdivisions 8 2,308 184 464 37 2,772 221 Asset backed securities 1 13,010 361 — — 13,010 361 Other securities 3 4,871 291 2,534 467 7,405 758 Total 179 $ 818,115 $ 29,153 $ 698,341 $ 64,771 $ 1,516,456 $ 93,924 |
Loans Held for Investment and_2
Loans Held for Investment and Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Loans Held for Investment by Portfolio Segment | Loans held for investment are summarized by portfolio segment as follows: March 31, 2023 December 31, 2022 (Dollars in thousands) Real estate: Commercial real estate owner occupied 920,104 908,494 Commercial real estate non-owner occupied 1,396,400 1,383,150 Construction and development < 60 months 534,847 475,236 Construction residential real estate < 60 months 304,766 303,305 Residential real estate first lien 1,147,800 1,117,899 Residential real estate all other 206,402 196,198 Agriculture 422,488 408,037 Commercial non-real estate 1,262,737 1,241,454 Consumer non-real estate 441,497 446,756 Oil and gas 481,567 463,034 Total (1) $ 7,118,608 $ 6,943,563 (1) Excludes accrued interest receivable of $ 30.9 million at March 31, 2023 and $ 30.6 million at December 31, 2022, that is recorded in accrued interest receivable and other assets. |
Summary of Modified Loans and Other Real Estate Owned and Repossessed Assets | The following is a summary of other real estate owned and repossessed assets: March 31, 2023 December 31, 2022 (Dollars in thousands) Other real estate owned and repossessed assets $ 38,874 $ 36,936 |
Summary of Rental Income and Operating Expenses | This property had the following rental income and operating expenses for the periods presented. For the Three Months Ended March 31, 2023 2022 (Dollars in thousands) Rental income $ 2,690 $ 2,670 Operating expense 2,381 2,439 |
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. March 31, 2023 December 31, 2022 (Dollars in thousands) Real estate: Commercial real estate owner occupied $ 4,408 $ 1,795 Commercial real estate non-owner occupied 707 667 Construction and development < 60 months 114 93 Construction residential real estate < 60 months 388 430 Residential real estate first lien 2,646 1,947 Residential real estate all other 748 55 Agriculture 2,688 2,734 Commercial non-real estate 5,695 7,066 Consumer non-real estate 255 192 Oil and gas — 320 Total $ 17,649 $ 15,299 |
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 March 31, 2023 Real estate: Commercial real estate owner occupied $ 3,454 $ 41 $ 7,051 $ 10,546 $ 909,558 $ 920,104 $ 4,358 Commercial real estate non-owner occupied 6,257 1,079 242 7,578 1,388,822 1,396,400 201 Construction and development < 60 months 1,206 783 217 2,206 532,641 534,847 103 Construction residential real estate < 60 months 1,175 — 824 1,999 302,767 304,766 824 Residential real estate first lien 4,505 996 1,452 6,953 1,140,847 1,147,800 690 Residential real estate all other 789 860 130 1,779 204,623 206,402 113 Agriculture 4,372 596 1,350 6,318 416,170 422,488 22 Commercial non-real estate 2,709 2,264 3,802 8,775 1,253,962 1,262,737 415 Consumer non-real estate 2,668 724 616 4,008 437,489 441,497 449 Oil and gas 175 202 83 460 481,107 481,567 83 Total $ 27,310 $ 7,545 $ 15,767 $ 50,622 $ 7,067,986 $ 7,118,608 $ 7,258 As of December 31, 2022 Real estate: Commercial real estate owner occupied $ 1,314 $ 1,524 $ 4,580 $ 7,418 $ 901,076 $ 908,494 $ 4,580 Commercial real estate non-owner occupied 6,237 — 42 6,279 1,376,871 1,383,150 43 Construction and development < 60 months 535 40 114 689 474,547 475,236 81 Construction residential real estate < 60 months 1,320 282 148 1,750 301,555 303,305 — Residential real estate first lien 3,415 1,076 844 5,335 1,112,564 1,117,899 349 Residential real estate all other 265 37 185 487 195,711 196,198 166 Agriculture 2,357 34 2,265 4,656 403,381 408,037 1,054 Commercial non-real estate 2,490 2,142 2,772 7,404 1,234,050 1,241,454 345 Consumer non-real estate 2,591 648 585 3,824 442,932 446,756 467 Oil and gas 654 — — 654 462,380 463,034 — Total $ 21,178 $ 5,783 $ 11,535 $ 38,496 $ 6,905,067 $ 6,943,563 $ 7,085 |
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 along with the gross charge-offs by year of origination: Term Loans Amortized Cost Basis by Origination Year Revolving Loans (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Total As of March 31, 2023 Commercial real estate owner occupied Grade 1 $ 26,840 $ 171,896 $ 136,273 $ 98,471 $ 87,267 $ 158,659 $ 50,504 $ 729,910 Grade 2 15,333 37,268 33,356 25,810 20,013 32,197 19,018 182,995 Grade 3 18 6 1,694 75 1,277 1,469 62 4,601 Grade 4 — 252 250 311 798 648 — 2,259 Grade 5 — — — — 339 — — 339 Total commercial real estate owner occupied 42,191 209,422 171,573 124,667 109,694 192,973 69,584 920,104 Current-period gross charge-offs — 7 1 22 18 — — 48 Commercial real estate non-owner occupied Grade 1 $ 40,007 $ 333,790 $ 239,906 $ 164,977 $ 106,365 $ 86,491 $ 44,389 $ 1,015,925 Grade 2 13,477 122,684 48,822 28,644 36,980 79,557 31,249 361,413 Grade 3 — 6,996 — 152 9,864 1,343 — 18,355 Grade 4 45 620 — — — 42 — 707 Total commercial real estate non-owner occupied 53,529 464,090 288,728 193,773 153,209 167,433 75,638 1,396,400 Current-period gross charge-offs — — — — — 3 — 3 Construction and development < 60 months Grade 1 $ 44,459 $ 152,820 $ 80,373 $ 39,720 $ 5,063 $ 6,975 $ 51,743 $ 381,153 Grade 2 3,757 50,735 16,826 7,203 14,085 2,372 54,929 149,907 Grade 3 2,525 886 — 99 — 7 156 3,673 Grade 4 — 81 — 33 — — — 114 Total construction and development < 60 months 50,741 204,522 97,199 47,055 19,148 9,354 106,828 534,847 Current-period gross charge-offs — 2 — — — — — 2 Construction residential real estate < 60 months Grade 1 $ 59,006 $ 156,832 $ 4,707 $ 258 $ 13 $ 39 $ 35,474 $ 256,329 Grade 2 8,841 35,304 43 46 — 394 2,156 46,784 Grade 3 — 1,265 — — — — — 1,265 Grade 4 388 — — — — — — 388 Total construction residential real estate < 60 months 68,235 193,401 4,750 304 13 433 37,630 304,766 Residential real estate first lien Grade 1 $ 77,619 $ 281,309 $ 197,623 $ 135,722 $ 82,252 $ 180,597 $ 5,693 $ 960,815 Grade 2 8,715 43,684 35,764 25,194 13,434 46,291 — 173,082 Grade 3 428 1,910 1,254 905 1,587 3,937 — 10,021 Grade 4 66 110 1,155 369 245 1,937 — 3,882 Total residential real estate first lien 86,828 327,013 235,796 162,190 97,518 232,762 5,693 1,147,800 Current-period gross charge-offs — — — — — 2 — 2 Residential real estate all other Grade 1 $ 8,382 $ 30,718 $ 9,868 $ 9,884 $ 5,061 $ 14,304 $ 41,871 $ 120,088 Grade 2 987 5,712 2,002 1,729 1,500 3,624 66,883 82,437 Grade 3 172 224 139 48 122 1,113 1,242 3,060 Grade 4 — — — 27 — 18 772 817 Total residential real estate all other 9,541 36,654 12,009 11,688 6,683 19,059 110,768 206,402 Current-period gross charge-offs — 2 19 — 1 4 — 26 Agriculture Grade 1 $ 16,685 $ 69,811 $ 42,014 $ 34,467 $ 20,604 $ 39,693 $ 49,791 $ 273,065 Grade 2 10,701 24,320 21,468 9,205 10,223 19,584 32,697 128,198 Grade 3 592 6,337 977 3,356 112 3,290 4,896 19,560 Grade 4 59 646 98 477 50 305 30 1,665 Total Agriculture 28,037 101,114 64,557 47,505 30,989 62,872 87,414 422,488 Current-period gross charge-offs — 4 — 16 13 2 — 35 Commercial non-real estate Grade 1 $ 108,823 $ 212,982 $ 189,496 $ 58,782 $ 45,803 $ 47,346 $ 305,503 $ 968,735 Grade 2 22,343 73,851 42,567 15,526 12,546 21,578 94,656 283,067 Grade 3 952 2,000 392 308 675 1,773 2,035 8,135 Grade 4 20 308 351 741 608 305 203 2,536 Grade 5 — — — — 264 — — 264 Total commercial non-real estate 132,138 289,141 232,806 75,357 59,896 71,002 402,397 1,262,737 Current-period gross charge-offs — 67 62 — — 47 — 176 Consumer non-real estate Grade 1 $ 56,874 $ 174,237 $ 89,897 $ 33,413 $ 17,326 $ 6,763 $ 19,788 $ 398,298 Grade 2 3,455 19,044 9,375 3,409 1,301 1,961 1,156 39,701 Grade 3 101 831 738 372 152 149 170 2,513 Grade 4 — 339 382 44 160 60 — 985 Total consumer non-real estate 60,430 194,451 100,392 37,238 18,939 8,933 21,114 441,497 Current-period gross charge-offs — 76 32 15 9 6 2 140 Oil and gas Grade 1 $ 81,777 $ 21,451 $ 110,461 $ 12,661 $ 3,861 $ 2,469 $ 167,211 $ 399,891 Grade 2 1,080 5,968 3,504 729 21,421 15,971 29,233 77,906 Grade 3 — 2,080 247 4 — — 1,439 3,770 Total oil and gas 82,857 29,499 114,212 13,394 25,282 18,440 197,883 481,567 Total loans held for investment $ 614,527 $ 2,049,307 $ 1,322,022 $ 713,171 $ 521,371 $ 783,261 $ 1,114,949 $ 7,118,608 Total current-period gross charge-offs $ — $ 158 $ 114 $ 53 $ 41 $ 64 $ 2 $ 432 |
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 Charge- Recoveries Net Provision for /(benefit from) credit losses on loans Balance at (Dollars in thousands) Three Months Ended March 31, 2023 Real estate: Commercial real estate owner occupied $ 6,416 $ ( 48 ) $ 49 $ 1 $ 130 $ 6,547 Commercial real estate non-owner occupied 30,190 ( 3 ) — ( 3 ) 1,933 32,120 Construction and development < 60 months 3,778 ( 2 ) 3 1 ( 171 ) 3,608 Construction residential real estate < 60 months 3,275 — — — ( 49 ) 3,226 Residential real estate first lien 4,092 ( 2 ) 3 1 361 4,454 Residential real estate all other 1,418 ( 26 ) 2 ( 24 ) 50 1,444 Agriculture 6,217 ( 35 ) 6 ( 29 ) 80 6,268 Commercial non-real estate 25,106 ( 176 ) 22 ( 154 ) 127 25,079 Consumer non-real estate 4,132 ( 140 ) 57 ( 83 ) 183 4,232 Oil and gas 8,104 — — — ( 322 ) 7,782 Total $ 92,728 $ ( 432 ) $ 142 $ ( 290 ) $ 2,322 $ 94,760 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 March 31, 2022 Real estate: Commercial real estate owner occupied $ 7,550 $ — $ ( 16 ) $ 48 $ 32 $ 680 $ 8,262 Commercial real estate non-owner occupied 16,807 — — — — ( 459 ) 16,348 Construction and development < 60 months 3,454 — — 3 3 ( 185 ) 3,272 Construction residential real estate < 60 months 1,051 — — — — 52 1,103 Residential real estate first lien 3,048 2 ( 44 ) 7 ( 37 ) 381 3,394 Residential real estate all other 1,567 — — 402 402 ( 409 ) 1,560 Agriculture 8,392 — ( 125 ) 3 ( 122 ) ( 252 ) 8,018 Commercial non-real estate 25,565 48 ( 57 ) 110 53 ( 503 ) 25,163 Consumer non-real estate 3,694 28 ( 80 ) 38 ( 42 ) 50 3,730 Oil and gas 12,808 — — — — 3,581 16,389 Total $ 83,936 $ 78 $ ( 322 ) $ 611 $ 289 $ 2,936 $ 87,239 |
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 Company did not purchase credit-deteriorated loans during the three month period ended March 31, 2023. The credit-deteriorated loans purchased during the three months ended March 31, 2022 were as follows: Loans acquired (Dollars in thousands) For the period ended March 31, 2022 Purchase price of loans at acquisition $ 661 Allowance for credit losses at acquisition 78 Par value of acquired loans at acquisition $ 739 |
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 March 31, 2023 Real estate: Commercial real estate owner occupied $ 2,154 $ — $ — $ — $ 2,154 $ 863 Commercial real estate non-owner occupied 1,248 — — — 1,248 333 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months 388 — — — 388 45 Residential real estate first lien 387 — — — 387 118 Residential real estate all other 8 — — — 8 9 Agriculture 3,439 689 — 3,447 7,575 3,027 Commercial non-real estate — 5,190 — — 5,190 1,823 Consumer non-real estate — — — 183 183 95 Oil and gas — — — — — — Total collateral-dependent loans held for investment $ 7,624 $ 5,879 $ — $ 3,630 $ 17,133 $ 6,313 Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2022 Real estate: Commercial real estate owner occupied $ 2,213 $ — $ — $ — $ 2,213 $ 870 Commercial real estate non-owner occupied 1,263 — — — 1,263 333 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months 420 — — — 420 45 Residential real estate first lien 481 — — — 481 207 Residential real estate all other 9 — — — 9 9 Agriculture 3,447 701 — 3,592 7,740 3,114 Commercial non-real estate — 5,924 — 4 5,928 1,938 Consumer non-real estate — — — 117 117 81 Oil and gas — — — — — — Total collateral-dependent loans held for investment $ 7,833 $ 6,625 $ — $ 3,713 $ 18,171 $ 6,597 |
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: Three Months Ended March 31, 2023 2022 (Dollars in thousands) Other real estate owned $ 565 $ 2,153 Repossessed assets 395 277 Total $ 960 $ 2,430 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets as of the date listed: Gross Accumulated Net (Dollars in thousands) March 31, 2023 Core deposit intangibles $ 33,298 $ ( 14,465 ) $ 18,833 Customer relationship intangibles 3,350 ( 3,080 ) 270 Total $ 36,648 $ ( 17,545 ) $ 19,103 December 31, 2022 Core deposit intangibles $ 33,298 $ ( 13,615 ) $ 19,683 Customer relationship intangibles 3,350 ( 3,050 ) 300 Total $ 36,648 $ ( 16,665 ) $ 19,983 |
Summary of Goodwill by Business Segment | The following is a summary of goodwill by business segment: BancFirst Metropolitan Banks BancFirst Community Banks Pegasus Worthington Other Financial Services Executive, Operations & Support Consolidated (Dollars in thousands) Three months ended March 31, 2023 Balance at beginning and end of period $ 13,767 $ 61,212 $ 68,855 $ 32,133 $ 5,464 $ 624 $ 182,055 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) Three Months Ended March 31, 2023 Outstanding at December 31, 2022 1,310,290 $ 52.51 Options exercised ( 6,541 ) 33.72 Options canceled, forfeited, or expired ( 7,500 ) 87.62 Outstanding at March 31, 2023 1,296,249 52.40 10.37 Yrs. $ 39,796 Exercisable at March 31, 2023 500,499 31.48 6.69 Yrs. $ 25,833 |
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 2023 2022 (Dollars in thousands) Total intrinsic value of options exercised $ 352 $ 5,964 Cash received from options exercised 221 2,989 Tax benefit realized from options exercised 85 1,434 |
Stock-based Employee Compensation Expense | The following table is a summary of the Company’s recorded stock-based compensation expense: Three Months Ended 2023 2022 (Dollars in thousands) Stock-based compensation expense $ 382 $ 458 Tax benefit 92 110 Stock-based compensation expense, net of tax $ 290 $ 348 |
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: March 31, 2023 (Dollars in thousands) Unearned stock-based compensation expense $ 12,318 No stock options were granted during the three months ended March 31, 2023. |
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: Three Months Ended 2023 2022 Weighted average grant-date fair value per share of options granted $ — $ 26.21 Risk-free interest rate — 1.75 to 2.14 % Dividend yield — 2.00 % Stock price volatility — 34.61 to 34.69 % Expected term — 10 Yrs |
Summary of Accumulated Stock Units | A summary of the accumulated stock units is as follows: March 31, December 31, 2023 2022 Accumulated stock units 114,070 129,609 Average price $ 37.40 $ 34.91 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Shares Repurchased Under Stock Purchase Program | The following table is a summary of the shares under the program: Three Months Ended 2023 2022 Shares remaining to be repurchased 500,486 500,486 BancFirst Corporation |
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 March 31, 2023: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,346,652 16.70 % $ 645,076 8.00 % $ 846,662 10.50 % N/A N/A BancFirst 1,125,839 16.62 % 541,939 8.00 % 711,294 10.50 % $ 677,423 10.00 % Pegasus 131,647 14.55 % 72,377 8.00 % 94,995 10.50 % 90,472 10.00 % Worthington 49,123 13.18 % 29,812 8.00 % 39,129 10.50 % 37,265 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,166,638 14.47 % $ 362,855 4.50 % $ 564,441 7.00 % N/A N/A BancFirst 1,023,399 15.11 % 304,840 4.50 % 474,196 7.00 % $ 440,325 6.50 % Pegasus 122,244 13.51 % 40,712 4.50 % 63,330 7.00 % 58,807 6.50 % Worthington 45,556 12.22 % 16,769 4.50 % 26,086 7.00 % 24,222 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,192,638 14.79 % $ 483,807 6.00 % $ 685,393 8.50 % N/A N/A BancFirst 1,043,399 15.40 % 406,454 6.00 % 575,810 8.50 % $ 541,939 8.00 % Pegasus 122,244 13.51 % 54,283 6.00 % 76,901 8.50 % 72,377 8.00 % Worthington 45,556 12.22 % 22,359 6.00 % 31,675 8.50 % 29,812 8.00 % Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 1,192,638 9.78 % $ 487,729 4.00 % N/A N/A N/A N/A BancFirst 1,043,399 10.11 % 412,824 4.00 % N/A N/A $ 516,030 5.00 % Pegasus 122,244 9.07 % 53,935 4.00 % N/A N/A 67,419 5.00 % Worthington 45,556 9.08 % 20,062 4.00 % N/A N/A 25,077 5.00 % |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Basic Income available to common stockholders $ 57,533 32,892,857 $ 1.75 Dilutive effect of stock options — 569,882 Diluted Income available to common stockholders plus assumed exercises of stock options $ 57,533 33,462,739 $ 1.72 Three Months Ended March 31, 2022 Basic Income available to common stockholders $ 35,915 32,666,916 $ 1.10 Dilutive effect of stock options — 648,417 Diluted Income available to common stockholders plus assumed exercises of stock options $ 35,915 33,315,333 $ 1.08 |
Average Exercise Price 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 March 31, 2023 309,833 Three Months Ended March 31, 2022 105,278 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) March 31, 2023 Debt securities available for sale: U.S. Treasury $ 1,557,594 $ — $ — $ 1,557,594 U.S. federal agencies — 14,254 — 14,254 Mortgage-backed securities — 16,187 — 16,187 States and political subdivisions — 7,697 458 8,155 Asset backed securities — 12,363 — 12,363 Other debt securities — 7,360 — 7,360 Derivative assets — 25,970 — 25,970 Derivative liabilities — 24,955 — 24,955 December 31, 2022 Debt securities available for sale: U.S. Treasury $ 1,477,864 $ — $ — $ 1,477,864 U.S. federal agencies — 15,222 — 15,222 Mortgage-backed securities — 16,586 — 16,586 States and political subdivisions — 7,680 454 8,134 Asset backed securities — 13,010 — 13,010 Other debt securities 7,405 7,405 Derivative assets — 20,745 — 20,745 Derivative liabilities — 19,683 — 19,683 |
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: Three Months Ended March 31, Twelve Months Ended 2023 2022 (Dollars in thousands) Balance at the beginning of the year $ 454 $ 320 Transfers to level 2 — — Purchases — 255 Settlements — ( 110 ) Total unrealized gain 4 ( 11 ) Balance at the end of the period $ 458 $ 454 |
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 March 31, 2023 Equity securities $ 15,009 Collateral dependent loans 168 Repossessed assets 235 Other real estate owned 2,032 As of and for the Year-to-date Period Ended December 31, 2022 Equity securities $ 15,512 Collateral dependent loans 1,618 Repossessed assets 180 Other real estate owned 34,999 |
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: March 31, December 31, 2023 2022 Carrying Fair Value Carrying Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 2,836,391 $ 2,836,391 $ 3,168,910 $ 3,168,910 Federal funds sold 1,084 1,084 2,850 2,850 Debt securities held for investment 10 11 13 13 Loans held for sale 6,223 6,223 6,232 6,232 Level 3 inputs: Debt securities held for investment 2,310 2,310 2,370 2,370 Loans, net of allowance for credit losses 7,023,848 6,711,575 6,850,835 6,563,755 FINANCIAL LIABILITIES Level 2 inputs: Deposits 10,610,103 10,188,895 10,974,228 10,614,840 Short-term borrowings 203,494 203,534 300 300 Subordinated debt 86,058 80,540 86,044 82,385 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 4,691 4,598 Letters of credit 532 542 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 Oil and Natural Gas Swaps and Options Notional Units Notional Estimated Notional Estimated (Notional amounts and dollars in thousands) Oil Derivative assets Barrels 2,229 $ 9,965 2,698 $ 8,868 Derivative liabilities Barrels ( 2,229 ) ( 9,456 ) ( 2,698 ) ( 8,259 ) Gas/Natural Gas Liquids Derivative assets MMBTUs/Gallons 20,923 16,005 25,059 11,877 Derivative liabilities MMBTUs/Gallons ( 20,923 ) ( 15,499 ) ( 25,059 ) ( 11,424 ) Total Fair Value Included in Derivative assets Other assets 25,970 20,745 Derivative liabilities Other liabilities ( 24,955 ) ( 19,683 ) |
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 March 31, 2023 2022 (Dollars in thousands) Derivative income $ 89 $ 159 |
Summary of Company's Net Credit Exposure Relating to Oil and Gas Swaps and Options with Bank Counterparties | The following table is a summary of the Company's net credit exposure relating to oil and gas swaps and options with bank counterparties: March 31, 2023 December 31, 2022 (Dollars in thousands) Credit exposure $ — $ 6,560 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: BancFirst Metropolitan BancFirst Community Pegasus Worthington Other Executive, Eliminations Consolidated (Dollars in thousands) Three Months Ended March 31, 2023 Net interest income $ 30,739 $ 57,685 $ 15,151 $ 4,624 $ 942 $ 15 $ — $ 109,156 Noninterest income 6,087 19,532 214 279 14,172 66,143 ( 58,599 ) 47,828 Income before taxes 23,310 43,599 9,644 1,630 6,164 48,417 ( 58,419 ) 74,345 Three Months Ended March 31, 2022 Net interest income $ 19,608 $ 44,568 $ 7,620 $ 1,694 $ 2,913 $ ( 907 ) $ 11 $ 75,507 Noninterest income 9,773 16,845 191 133 12,983 42,574 ( 38,849 ) 43,650 Income before taxes 18,171 31,339 2,827 385 6,045 23,648 ( 38,706 ) 43,709 Total Assets: March 31, 2023 $ 3,413,494 $ 6,817,850 $ 1,390,459 $ 516,112 $ 147,971 $ 1,491,908 $ ( 1,445,689 ) $ 12,332,105 December 31, 2022 3,412,369 6,886,066 1,404,033 541,002 171,679 1,473,443 ( 1,500,729 ) 12,387,863 |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
ASU 2022-02 [Member] | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
ASU 2023-02 [Member] | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Unfunded LIHTC commitments | $ 21,800,000 |
Amortization of NMTC investments | $ 977,000 |
Recent Developments Including M
Recent Developments Including Mergers and Acquisitions - Additional Information (Detail) $ in Thousands | Feb. 08, 2022 USD ($) Location | Mar. 31, 2023 USD ($) | Mar. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 17, 2021 USD ($) |
Business Combination Separately Recognized Transactions [Line Items] | |||||
Total assets | $ 12,332,105 | $ 12,387,863 | |||
Loans held for investment (net of unearned interest) | 7,118,608 | 6,943,563 | |||
Deposits | 10,610,103 | 10,974,228 | |||
Goodwill | $ 182,055 | $ 182,055 | |||
Federal Home Loan Bank [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Line of credit | $ 200,000 | ||||
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% | ||||
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,320 | $ 2,383 |
Gross Unrealized Gains | 1 | |
Estimated Fair Value | 2,321 | 2,383 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 10 | 13 |
Gross Unrealized Gains | 1 | |
Estimated Fair Value | 11 | 13 |
States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,810 | 1,870 |
Estimated Fair Value | 1,810 | 1,870 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,690,430 | $ 1,631,891 |
Gross Unrealized Gains | 1,583 | 254 |
Gross Unrealized Losses | (76,100) | (93,924) |
Estimated Fair Value | 1,615,913 | 1,538,221 |
U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,629,245 | 1,568,563 |
Gross Unrealized Gains | 1,341 | |
Gross Unrealized Losses | (72,992) | (90,699) |
Estimated Fair Value | 1,557,594 | 1,477,864 |
U.S. Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,072 | 15,025 |
Gross Unrealized Gains | 183 | 198 |
Gross Unrealized Losses | (1) | (1) |
Estimated Fair Value | 14,254 | 15,222 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,934 | 18,449 |
Gross Unrealized Gains | 26 | 21 |
Gross Unrealized Losses | (1,773) | (1,884) |
Estimated Fair Value | 16,187 | 16,586 |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,236 | 8,320 |
Gross Unrealized Gains | 33 | 35 |
Gross Unrealized Losses | (114) | (221) |
Estimated Fair Value | 8,155 | 8,134 |
Asset backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,780 | 13,371 |
Gross Unrealized Losses | (417) | (361) |
Estimated Fair Value | 12,363 | 13,010 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,163 | 8,163 |
Gross Unrealized Losses | (803) | (758) |
Estimated Fair Value | $ 7,360 | $ 7,405 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 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 | $ 0 | $ 222,473,000 | |
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 | $ 600,000,000 | ||
Debt securities. average yield percentage | 1.42% | ||
Debt securities, average maturity term | 53 months |
Securities - Maturity of Debt S
Securities - Maturity of Debt Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Held for Investment, Contractual maturity of debt securities, Amortized Cost | ||
Amortized cost, Within one year | $ 1,186 | $ 1,186 |
Amortized cost, After one year but within five years | 1,336,179 | 1,316,874 |
Amortized cost, After five years but within ten years | 2 | 2 |
Amortized Cost | 2,320 | 2,383 |
Available for sale, Contractual maturity of debt securities, Amortized Cost | ||
Amortized Cost, Within one year | 105,557 | 101,607 |
Amortized Cost, After one year but within five years | 1,132 | 1,195 |
Amortized Cost, After five years but within ten years | 207,450 | 170,513 |
Amortized Cost, After ten years | 41,244 | 42,897 |
Amortized Cost | 1,690,430 | 1,631,891 |
Held for Investment, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 1,186 | 1,186 |
Estimated Fair Value, After one year but within five years | 1,267,384 | 1,233,725 |
Estimated Fair Value, After five years but within ten years | 2 | 2 |
Estimated Fair Value | 2,321 | 2,383 |
Available for sale, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 104,164 | 100,655 |
Estimated Fair Value, After one year but within five years | 1,133 | 1,195 |
Estimated Fair Value, After five years but within ten years | 205,173 | 163,101 |
Estimated Fair Value, After ten years | 39,192 | 40,740 |
Total debt securities | $ 1,615,913 | $ 1,538,221 |
Securities - Company's Book Val
Securities - Company's Book Value of Pledged Debt Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
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 | $ 580,946 | $ 573,952 |
Securities - Schedule of Procee
Securities - Schedule of Proceeds from Sales and Realized Losses on Available for Sale Sebt Securities (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 0 | $ 222,473,000 |
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 | Mar. 31, 2023 USD ($) Investments | Dec. 31, 2022 USD ($) Investments |
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 179 | 179 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 508,311 | $ 818,115 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 10,072 | 29,153 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 989,448 | 698,341 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 66,028 | 64,771 |
Available-for-sale Securities, Fair Value, Total | 1,497,759 | 1,516,456 |
Available-for-sale Securities, Unrealized Losses, Total | $ 76,100 | $ 93,924 |
U.S. Treasuries [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 71 | 74 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 501,386 | $ 787,925 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 9,684 | 27,078 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 958,843 | 689,939 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 63,308 | 63,621 |
Available-for-sale Securities, Fair Value, Total | 1,460,229 | 1,477,864 |
Available-for-sale Securities, Unrealized Losses, Total | $ 72,992 | $ 90,699 |
U.S. Federal Agencies [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 1 | 1 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 344 | |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 1 | |
Available-for-sale Securities, 12 Months or Longer, Fair Value | $ 349 | |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 1 | |
Available-for-sale Securities, Fair Value, Total | 344 | 349 |
Available-for-sale Securities, Unrealized Losses, Total | $ 1 | $ 1 |
Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 95 | 92 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 302 | $ 10,001 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 3 | 1,239 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 14,364 | 5,055 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 1,770 | 645 |
Available-for-sale Securities, Fair Value, Total | 14,666 | 15,056 |
Available-for-sale Securities, Unrealized Losses, Total | $ 1,773 | $ 1,884 |
States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 8 | 8 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 1,486 | $ 2,308 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 14 | 184 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 1,311 | 464 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 100 | 37 |
Available-for-sale Securities, Fair Value, Total | 2,797 | 2,772 |
Available-for-sale Securities, Unrealized Losses, Total | $ 114 | $ 221 |
Asset backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 1 | 1 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 13,010 | |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 361 | |
Available-for-sale Securities, 12 Months or Longer, Fair Value | $ 12,363 | |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 417 | |
Available-for-sale Securities, Fair Value, Total | 12,363 | 13,010 |
Available-for-sale Securities, Unrealized Losses, Total | $ 417 | $ 361 |
Other Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 3 | 3 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 4,793 | $ 4,871 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 370 | 291 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 2,567 | 2,534 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 433 | 467 |
Available-for-sale Securities, Fair Value, Total | 7,360 | 7,405 |
Available-for-sale Securities, Unrealized Losses, Total | $ 803 | $ 758 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | $ 7,118,608 | $ 6,943,563 |
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) | 920,104 | 908,494 |
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) | 1,396,400 | 1,383,150 |
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) | 534,847 | 475,236 |
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) | 304,766 | 303,305 |
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) | 1,147,800 | 1,117,899 |
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) | 206,402 | 196,198 |
Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 422,488 | 408,037 |
Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 1,262,737 | 1,241,454 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 441,497 | 446,756 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | $ 481,567 | $ 463,034 |
Loans Held for Investment and_4
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Loans Held for Investment by Portfolio Segment (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Accrued interest receivable | $ 30.9 | $ 30.6 |
Loans Held for Investment and_5
Loans Held for Investment and Allowance for Credit Losses on Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable Recorded Investment [Line Items] | |||
Gains (losses) on sale of property held in other real estate owned | $ 98,000 | $ 726,000 | |
Interest income recognized on nonaccrual loans | 0 | 0 | |
Nonaccrual loans with no related allowance for credit losses | 0 | $ 0 | |
Interest income that would have been recognized | 358,000 | $ 376,000 | |
U.S. Federal Agencies [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Nonaccrual loans guaranteed by government agencies | 6,400,000 | 4,700,000 | |
Other Real Estate Owned [Member] | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Other real estate | $ 30,100,000 | $ 29,400,000 | |
Parent Company [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Percentage of loans secured by real estate | 69% | ||
BancFirst [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loan percentage | 83% | ||
Pegasus and Worthington [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loan percentage | 17% |
Loans Held for Investment and_6
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Modified Loans and Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Summary Of Nonperforming And Restructured Assets [Abstract] | ||
Other real estate owned and repossessed assets | $ 38,874 | $ 36,936 |
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) - Real Estate Investment [Member] - Commercial Real Estate [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Rental income | $ 2,690 | $ 2,670 |
Operating expense | $ 2,381 | $ 2,439 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 17,649 | $ 15,299 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 4,408 | 1,795 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 707 | 667 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 114 | 93 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 388 | 430 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 2,646 | 1,947 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 748 | 55 |
Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 2,688 | 2,734 |
Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 5,695 | 7,066 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 255 | 192 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 320 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 7,118,608 | $ 6,943,563 |
Accruing Loans 90 Days or More Past Due | 7,258 | 7,085 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 920,104 | 908,494 |
Accruing Loans 90 Days or More Past Due | 4,358 | 4,580 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,396,400 | 1,383,150 |
Accruing Loans 90 Days or More Past Due | 201 | 43 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 534,847 | 475,236 |
Accruing Loans 90 Days or More Past Due | 103 | 81 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 304,766 | 303,305 |
Accruing Loans 90 Days or More Past Due | 824 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,147,800 | 1,117,899 |
Accruing Loans 90 Days or More Past Due | 690 | 349 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 206,402 | 196,198 |
Accruing Loans 90 Days or More Past Due | 113 | 166 |
Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 422,488 | 408,037 |
Accruing Loans 90 Days or More Past Due | 22 | 1,054 |
Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,262,737 | 1,241,454 |
Accruing Loans 90 Days or More Past Due | 415 | 345 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 441,497 | 446,756 |
Accruing Loans 90 Days or More Past Due | 449 | 467 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 481,567 | 463,034 |
Accruing Loans 90 Days or More Past Due | 83 | |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 27,310 | 21,178 |
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 | 3,454 | 1,314 |
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 | 6,257 | 6,237 |
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 | 1,206 | 535 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,175 | 1,320 |
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 | 4,505 | 3,415 |
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 | 789 | 265 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,372 | 2,357 |
30 to 59 Days Past Due [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,709 | 2,490 |
30 to 59 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,668 | 2,591 |
30 to 59 Days Past Due [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 175 | 654 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 7,545 | 5,783 |
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 | 41 | 1,524 |
60 to 89 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 | 1,079 | |
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 | 783 | 40 |
60 to 89 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 | 282 | |
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 | 996 | 1,076 |
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 | 860 | 37 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 596 | 34 |
60 to 89 Days Past Due [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,264 | 2,142 |
60 to 89 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 724 | 648 |
60 to 89 Days Past Due [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 202 | |
90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 15,767 | 11,535 |
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 | 7,051 | 4,580 |
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 | 242 | 42 |
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 | 217 | 114 |
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 | 824 | 148 |
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 | 1,452 | 844 |
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 | 130 | 185 |
90 Days and Greater [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,350 | 2,265 |
90 Days and Greater [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,802 | 2,772 |
90 Days and Greater [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 616 | 585 |
90 Days and Greater [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 83 | |
Past Due Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 50,622 | 38,496 |
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 | 10,546 | 7,418 |
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 | 7,578 | 6,279 |
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 | 2,206 | 689 |
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 | 1,999 | 1,750 |
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 | 6,953 | 5,335 |
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 | 1,779 | 487 |
Past Due Loans [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,318 | 4,656 |
Past Due Loans [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 8,775 | 7,404 |
Past Due Loans [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,008 | 3,824 |
Past Due Loans [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 460 | 654 |
Current Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 7,067,986 | 6,905,067 |
Current Loans [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 909,558 | 901,076 |
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 | 1,388,822 | 1,376,871 |
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 | 532,641 | 474,547 |
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 | 302,767 | 301,555 |
Current Loans [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,140,847 | 1,112,564 |
Current Loans [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 204,623 | 195,711 |
Current Loans [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 416,170 | 403,381 |
Current Loans [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,253,962 | 1,234,050 |
Current Loans [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 437,489 | 442,932 |
Current Loans [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 481,107 | $ 462,380 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | $ 614,527 | |
Fiscal year before current fiscal year | 2,049,307 | |
Two years before current fiscal year | 1,322,022 | |
Three years before current fiscal year | 713,171 | |
Four years before current fiscal year | 521,371 | |
Prior | 783,261 | |
Revolving Loans Amortized Cost Basis | 1,114,949 | |
Total loans | 7,118,608 | $ 6,943,563 |
Fiscal year before current fiscal year gross charge-offs | 158 | |
Two years before current fiscal year gross charge-offs | 114 | |
Three years before current fiscal year gross charge-offs | 53 | |
Four years before current fiscal year gross charge-offs | 41 | |
Prior gross charge-offs | 64 | |
Revolving Loans Amortized Cost Basis gross charge-offs | 2 | |
Current-period gross charge-offs | 432 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 42,191 | |
Fiscal year before current fiscal year | 209,422 | |
Two years before current fiscal year | 171,573 | |
Three years before current fiscal year | 124,667 | |
Four years before current fiscal year | 109,694 | |
Prior | 192,973 | |
Revolving Loans Amortized Cost Basis | 69,584 | |
Total loans | 920,104 | 908,494 |
Fiscal year before current fiscal year gross charge-offs | 7 | |
Two years before current fiscal year gross charge-offs | 1 | |
Three years before current fiscal year gross charge-offs | 22 | |
Four years before current fiscal year gross charge-offs | 18 | |
Current-period gross charge-offs | 48 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 26,840 | |
Fiscal year before current fiscal year | 171,896 | |
Two years before current fiscal year | 136,273 | |
Three years before current fiscal year | 98,471 | |
Four years before current fiscal year | 87,267 | |
Prior | 158,659 | |
Revolving Loans Amortized Cost Basis | 50,504 | |
Total loans | 729,910 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 15,333 | |
Fiscal year before current fiscal year | 37,268 | |
Two years before current fiscal year | 33,356 | |
Three years before current fiscal year | 25,810 | |
Four years before current fiscal year | 20,013 | |
Prior | 32,197 | |
Revolving Loans Amortized Cost Basis | 19,018 | |
Total loans | 182,995 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 18 | |
Fiscal year before current fiscal year | 6 | |
Two years before current fiscal year | 1,694 | |
Three years before current fiscal year | 75 | |
Four years before current fiscal year | 1,277 | |
Prior | 1,469 | |
Revolving Loans Amortized Cost Basis | 62 | |
Total loans | 4,601 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 252 | |
Two years before current fiscal year | 250 | |
Three years before current fiscal year | 311 | |
Four years before current fiscal year | 798 | |
Prior | 648 | |
Total loans | 2,259 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 5 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Four years before current fiscal year | 339 | |
Total loans | 339 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 53,529 | |
Fiscal year before current fiscal year | 464,090 | |
Two years before current fiscal year | 288,728 | |
Three years before current fiscal year | 193,773 | |
Four years before current fiscal year | 153,209 | |
Prior | 167,433 | |
Revolving Loans Amortized Cost Basis | 75,638 | |
Total loans | 1,396,400 | 1,383,150 |
Prior gross charge-offs | 3 | |
Current-period gross charge-offs | 3 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 40,007 | |
Fiscal year before current fiscal year | 333,790 | |
Two years before current fiscal year | 239,906 | |
Three years before current fiscal year | 164,977 | |
Four years before current fiscal year | 106,365 | |
Prior | 86,491 | |
Revolving Loans Amortized Cost Basis | 44,389 | |
Total loans | 1,015,925 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 13,477 | |
Fiscal year before current fiscal year | 122,684 | |
Two years before current fiscal year | 48,822 | |
Three years before current fiscal year | 28,644 | |
Four years before current fiscal year | 36,980 | |
Prior | 79,557 | |
Revolving Loans Amortized Cost Basis | 31,249 | |
Total loans | 361,413 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 6,996 | |
Three years before current fiscal year | 152 | |
Four years before current fiscal year | 9,864 | |
Prior | 1,343 | |
Total loans | 18,355 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 45 | |
Fiscal year before current fiscal year | 620 | |
Prior | 42 | |
Total loans | 707 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 50,741 | |
Fiscal year before current fiscal year | 204,522 | |
Two years before current fiscal year | 97,199 | |
Three years before current fiscal year | 47,055 | |
Four years before current fiscal year | 19,148 | |
Prior | 9,354 | |
Revolving Loans Amortized Cost Basis | 106,828 | |
Total loans | 534,847 | 475,236 |
Fiscal year before current fiscal year gross charge-offs | 2 | |
Current-period gross charge-offs | 2 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 44,459 | |
Fiscal year before current fiscal year | 152,820 | |
Two years before current fiscal year | 80,373 | |
Three years before current fiscal year | 39,720 | |
Four years before current fiscal year | 5,063 | |
Prior | 6,975 | |
Revolving Loans Amortized Cost Basis | 51,743 | |
Total loans | 381,153 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 3,757 | |
Fiscal year before current fiscal year | 50,735 | |
Two years before current fiscal year | 16,826 | |
Three years before current fiscal year | 7,203 | |
Four years before current fiscal year | 14,085 | |
Prior | 2,372 | |
Revolving Loans Amortized Cost Basis | 54,929 | |
Total loans | 149,907 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 2,525 | |
Fiscal year before current fiscal year | 886 | |
Three years before current fiscal year | 99 | |
Prior | 7 | |
Revolving Loans Amortized Cost Basis | 156 | |
Total loans | 3,673 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 81 | |
Three years before current fiscal year | 33 | |
Total loans | 114 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 68,235 | |
Fiscal year before current fiscal year | 193,401 | |
Two years before current fiscal year | 4,750 | |
Three years before current fiscal year | 304 | |
Four years before current fiscal year | 13 | |
Prior | 433 | |
Revolving Loans Amortized Cost Basis | 37,630 | |
Total loans | 304,766 | 303,305 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 59,006 | |
Fiscal year before current fiscal year | 156,832 | |
Two years before current fiscal year | 4,707 | |
Three years before current fiscal year | 258 | |
Four years before current fiscal year | 13 | |
Prior | 39 | |
Revolving Loans Amortized Cost Basis | 35,474 | |
Total loans | 256,329 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 8,841 | |
Fiscal year before current fiscal year | 35,304 | |
Two years before current fiscal year | 43 | |
Three years before current fiscal year | 46 | |
Prior | 394 | |
Revolving Loans Amortized Cost Basis | 2,156 | |
Total loans | 46,784 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 1,265 | |
Total loans | 1,265 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 388 | |
Total loans | 388 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 86,828 | |
Fiscal year before current fiscal year | 327,013 | |
Two years before current fiscal year | 235,796 | |
Three years before current fiscal year | 162,190 | |
Four years before current fiscal year | 97,518 | |
Prior | 232,762 | |
Revolving Loans Amortized Cost Basis | 5,693 | |
Total loans | 1,147,800 | 1,117,899 |
Prior gross charge-offs | 2 | |
Current-period gross charge-offs | 2 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 77,619 | |
Fiscal year before current fiscal year | 281,309 | |
Two years before current fiscal year | 197,623 | |
Three years before current fiscal year | 135,722 | |
Four years before current fiscal year | 82,252 | |
Prior | 180,597 | |
Revolving Loans Amortized Cost Basis | 5,693 | |
Total loans | 960,815 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 8,715 | |
Fiscal year before current fiscal year | 43,684 | |
Two years before current fiscal year | 35,764 | |
Three years before current fiscal year | 25,194 | |
Four years before current fiscal year | 13,434 | |
Prior | 46,291 | |
Total loans | 173,082 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 428 | |
Fiscal year before current fiscal year | 1,910 | |
Two years before current fiscal year | 1,254 | |
Three years before current fiscal year | 905 | |
Four years before current fiscal year | 1,587 | |
Prior | 3,937 | |
Total loans | 10,021 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 66 | |
Fiscal year before current fiscal year | 110 | |
Two years before current fiscal year | 1,155 | |
Three years before current fiscal year | 369 | |
Four years before current fiscal year | 245 | |
Prior | 1,937 | |
Total loans | 3,882 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 9,541 | |
Fiscal year before current fiscal year | 36,654 | |
Two years before current fiscal year | 12,009 | |
Three years before current fiscal year | 11,688 | |
Four years before current fiscal year | 6,683 | |
Prior | 19,059 | |
Revolving Loans Amortized Cost Basis | 110,768 | |
Total loans | 206,402 | 196,198 |
Fiscal year before current fiscal year gross charge-offs | 2 | |
Two years before current fiscal year gross charge-offs | 19 | |
Four years before current fiscal year gross charge-offs | 1 | |
Prior gross charge-offs | 4 | |
Current-period gross charge-offs | 26 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 8,382 | |
Fiscal year before current fiscal year | 30,718 | |
Two years before current fiscal year | 9,868 | |
Three years before current fiscal year | 9,884 | |
Four years before current fiscal year | 5,061 | |
Prior | 14,304 | |
Revolving Loans Amortized Cost Basis | 41,871 | |
Total loans | 120,088 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 987 | |
Fiscal year before current fiscal year | 5,712 | |
Two years before current fiscal year | 2,002 | |
Three years before current fiscal year | 1,729 | |
Four years before current fiscal year | 1,500 | |
Prior | 3,624 | |
Revolving Loans Amortized Cost Basis | 66,883 | |
Total loans | 82,437 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 172 | |
Fiscal year before current fiscal year | 224 | |
Two years before current fiscal year | 139 | |
Three years before current fiscal year | 48 | |
Four years before current fiscal year | 122 | |
Prior | 1,113 | |
Revolving Loans Amortized Cost Basis | 1,242 | |
Total loans | 3,060 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Three years before current fiscal year | 27 | |
Prior | 18 | |
Revolving Loans Amortized Cost Basis | 772 | |
Total loans | 817 | |
Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 28,037 | |
Fiscal year before current fiscal year | 101,114 | |
Two years before current fiscal year | 64,557 | |
Three years before current fiscal year | 47,505 | |
Four years before current fiscal year | 30,989 | |
Prior | 62,872 | |
Revolving Loans Amortized Cost Basis | 87,414 | |
Total loans | 422,488 | 408,037 |
Fiscal year before current fiscal year gross charge-offs | 4 | |
Three years before current fiscal year gross charge-offs | 16 | |
Four years before current fiscal year gross charge-offs | 13 | |
Prior gross charge-offs | 2 | |
Current-period gross charge-offs | 35 | |
Real Estate [Member] | Agriculture [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 16,685 | |
Fiscal year before current fiscal year | 69,811 | |
Two years before current fiscal year | 42,014 | |
Three years before current fiscal year | 34,467 | |
Four years before current fiscal year | 20,604 | |
Prior | 39,693 | |
Revolving Loans Amortized Cost Basis | 49,791 | |
Total loans | 273,065 | |
Real Estate [Member] | Agriculture [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 10,701 | |
Fiscal year before current fiscal year | 24,320 | |
Two years before current fiscal year | 21,468 | |
Three years before current fiscal year | 9,205 | |
Four years before current fiscal year | 10,223 | |
Prior | 19,584 | |
Revolving Loans Amortized Cost Basis | 32,697 | |
Total loans | 128,198 | |
Real Estate [Member] | Agriculture [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 592 | |
Fiscal year before current fiscal year | 6,337 | |
Two years before current fiscal year | 977 | |
Three years before current fiscal year | 3,356 | |
Four years before current fiscal year | 112 | |
Prior | 3,290 | |
Revolving Loans Amortized Cost Basis | 4,896 | |
Total loans | 19,560 | |
Real Estate [Member] | Agriculture [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 59 | |
Fiscal year before current fiscal year | 646 | |
Two years before current fiscal year | 98 | |
Three years before current fiscal year | 477 | |
Four years before current fiscal year | 50 | |
Prior | 305 | |
Revolving Loans Amortized Cost Basis | 30 | |
Total loans | 1,665 | |
Commercial Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 132,138 | |
Fiscal year before current fiscal year | 289,141 | |
Two years before current fiscal year | 232,806 | |
Three years before current fiscal year | 75,357 | |
Four years before current fiscal year | 59,896 | |
Prior | 71,002 | |
Revolving Loans Amortized Cost Basis | 402,397 | |
Total loans | 1,262,737 | 1,241,454 |
Fiscal year before current fiscal year gross charge-offs | 67 | |
Two years before current fiscal year gross charge-offs | 62 | |
Prior gross charge-offs | 47 | |
Current-period gross charge-offs | 176 | |
Commercial Non-real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 108,823 | |
Fiscal year before current fiscal year | 212,982 | |
Two years before current fiscal year | 189,496 | |
Three years before current fiscal year | 58,782 | |
Four years before current fiscal year | 45,803 | |
Prior | 47,346 | |
Revolving Loans Amortized Cost Basis | 305,503 | |
Total loans | 968,735 | |
Commercial Non-real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 22,343 | |
Fiscal year before current fiscal year | 73,851 | |
Two years before current fiscal year | 42,567 | |
Three years before current fiscal year | 15,526 | |
Four years before current fiscal year | 12,546 | |
Prior | 21,578 | |
Revolving Loans Amortized Cost Basis | 94,656 | |
Total loans | 283,067 | |
Commercial Non-real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 952 | |
Fiscal year before current fiscal year | 2,000 | |
Two years before current fiscal year | 392 | |
Three years before current fiscal year | 308 | |
Four years before current fiscal year | 675 | |
Prior | 1,773 | |
Revolving Loans Amortized Cost Basis | 2,035 | |
Total loans | 8,135 | |
Commercial Non-real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 20 | |
Fiscal year before current fiscal year | 308 | |
Two years before current fiscal year | 351 | |
Three years before current fiscal year | 741 | |
Four years before current fiscal year | 608 | |
Prior | 305 | |
Revolving Loans Amortized Cost Basis | 203 | |
Total loans | 2,536 | |
Commercial Non-real Estate [Member] | Grade 5 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Four years before current fiscal year | 264 | |
Total loans | 264 | |
Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 60,430 | |
Fiscal year before current fiscal year | 194,451 | |
Two years before current fiscal year | 100,392 | |
Three years before current fiscal year | 37,238 | |
Four years before current fiscal year | 18,939 | |
Prior | 8,933 | |
Revolving Loans Amortized Cost Basis | 21,114 | |
Total loans | 441,497 | 446,756 |
Fiscal year before current fiscal year gross charge-offs | 76 | |
Two years before current fiscal year gross charge-offs | 32 | |
Three years before current fiscal year gross charge-offs | 15 | |
Four years before current fiscal year gross charge-offs | 9 | |
Prior gross charge-offs | 6 | |
Revolving Loans Amortized Cost Basis gross charge-offs | 2 | |
Current-period gross charge-offs | 140 | |
Consumer Non-real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 56,874 | |
Fiscal year before current fiscal year | 174,237 | |
Two years before current fiscal year | 89,897 | |
Three years before current fiscal year | 33,413 | |
Four years before current fiscal year | 17,326 | |
Prior | 6,763 | |
Revolving Loans Amortized Cost Basis | 19,788 | |
Total loans | 398,298 | |
Consumer Non-real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 3,455 | |
Fiscal year before current fiscal year | 19,044 | |
Two years before current fiscal year | 9,375 | |
Three years before current fiscal year | 3,409 | |
Four years before current fiscal year | 1,301 | |
Prior | 1,961 | |
Revolving Loans Amortized Cost Basis | 1,156 | |
Total loans | 39,701 | |
Consumer Non-real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 101 | |
Fiscal year before current fiscal year | 831 | |
Two years before current fiscal year | 738 | |
Three years before current fiscal year | 372 | |
Four years before current fiscal year | 152 | |
Prior | 149 | |
Revolving Loans Amortized Cost Basis | 170 | |
Total loans | 2,513 | |
Consumer Non-real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 339 | |
Two years before current fiscal year | 382 | |
Three years before current fiscal year | 44 | |
Four years before current fiscal year | 160 | |
Prior | 60 | |
Total loans | 985 | |
Oil and Gas [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 82,857 | |
Fiscal year before current fiscal year | 29,499 | |
Two years before current fiscal year | 114,212 | |
Three years before current fiscal year | 13,394 | |
Four years before current fiscal year | 25,282 | |
Prior | 18,440 | |
Revolving Loans Amortized Cost Basis | 197,883 | |
Total loans | 481,567 | $ 463,034 |
Oil and Gas [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 81,777 | |
Fiscal year before current fiscal year | 21,451 | |
Two years before current fiscal year | 110,461 | |
Three years before current fiscal year | 12,661 | |
Four years before current fiscal year | 3,861 | |
Prior | 2,469 | |
Revolving Loans Amortized Cost Basis | 167,211 | |
Total loans | 399,891 | |
Oil and Gas [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 1,080 | |
Fiscal year before current fiscal year | 5,968 | |
Two years before current fiscal year | 3,504 | |
Three years before current fiscal year | 729 | |
Four years before current fiscal year | 21,421 | |
Prior | 15,971 | |
Revolving Loans Amortized Cost Basis | 29,233 | |
Total loans | 77,906 | |
Oil and Gas [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 2,080 | |
Two years before current fiscal year | 247 | |
Three years before current fiscal year | 4 | |
Revolving Loans Amortized Cost Basis | 1,439 | |
Total loans | $ 3,770 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | $ 92,728 | $ 83,936 |
Initial allowance on loans purchased with credit deterioration | 78 | |
Charge- offs | (432) | (322) |
Recoveries | 142 | 611 |
Net charge-offs | (290) | 289 |
Provision for/(benefit from) credit losses | 2,322 | 2,936 |
Balance at end of period | 94,760 | 87,239 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 6,416 | 7,550 |
Charge- offs | (48) | (16) |
Recoveries | 49 | 48 |
Net charge-offs | 1 | 32 |
Provision for/(benefit from) credit losses | 130 | 680 |
Balance at end of period | 6,547 | 8,262 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 30,190 | 16,807 |
Charge- offs | (3) | |
Net charge-offs | (3) | |
Provision for/(benefit from) credit losses | 1,933 | 459 |
Balance at end of period | 32,120 | 16,348 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 3,778 | 3,454 |
Charge- offs | (2) | |
Recoveries | 3 | 3 |
Net charge-offs | 1 | 3 |
Provision for/(benefit from) credit losses | (171) | (185) |
Balance at end of period | 3,608 | 3,272 |
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 | 3,275 | 1,051 |
Provision for/(benefit from) credit losses | (49) | 52 |
Balance at end of period | 3,226 | 1,103 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 4,092 | 3,048 |
Initial allowance on loans purchased with credit deterioration | 2 | |
Charge- offs | (2) | (44) |
Recoveries | 3 | 7 |
Net charge-offs | 1 | (37) |
Provision for/(benefit from) credit losses | 361 | 381 |
Balance at end of period | 4,454 | 3,394 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 1,418 | 1,567 |
Charge- offs | (26) | |
Recoveries | 2 | 402 |
Net charge-offs | (24) | 402 |
Provision for/(benefit from) credit losses | 50 | (409) |
Balance at end of period | 1,444 | 1,560 |
Commercial Non-real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 25,106 | 25,565 |
Initial allowance on loans purchased with credit deterioration | 48 | |
Charge- offs | (176) | (57) |
Recoveries | 22 | 110 |
Net charge-offs | (154) | 53 |
Provision for/(benefit from) credit losses | 127 | (503) |
Balance at end of period | 25,079 | 25,163 |
Consumer Non-real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 4,132 | 3,694 |
Initial allowance on loans purchased with credit deterioration | 28 | |
Charge- offs | (140) | (80) |
Recoveries | 57 | 38 |
Net charge-offs | (83) | (42) |
Provision for/(benefit from) credit losses | 183 | 50 |
Balance at end of period | 4,232 | 3,730 |
Oil and Gas [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 8,104 | 12,808 |
Provision for/(benefit from) credit losses | (322) | (3,581) |
Balance at end of period | 7,782 | 16,389 |
Agriculture [Member] | Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Balance at beginning of period | 6,217 | 8,392 |
Charge- offs | (35) | (125) |
Recoveries | 6 | 3 |
Net charge-offs | (29) | (122) |
Provision for/(benefit from) credit losses | 80 | (252) |
Balance at end of period | $ 6,268 | $ 8,018 |
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] $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Purchase price of loans at acquisition | $ 661 |
Allowance for credit losses at acquisition | 78 |
Par value of acquired loans at acquisition | $ 739 |
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 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | $ 17,133 | $ 18,171 | ||
Specific Allocation | 94,760 | 92,728 | $ 87,239 | $ 83,936 |
Real Estate Asset [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 7,624 | 7,833 | ||
Business Assets [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 5,879 | 6,625 | ||
Other Assets [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 3,630 | 3,713 | ||
Specific Allocation [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 6,313 | 6,597 | ||
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 2,154 | 2,213 | ||
Specific Allocation | 6,547 | 6,416 | 8,262 | 7,550 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 1,248 | 1,263 | ||
Specific Allocation | 32,120 | 30,190 | 16,348 | 16,807 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 3,608 | 3,778 | 3,272 | 3,454 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 388 | 420 | ||
Specific Allocation | 3,226 | 3,275 | 1,103 | 1,051 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 387 | 481 | ||
Specific Allocation | 4,454 | 4,092 | 3,394 | 3,048 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 8 | 9 | ||
Specific Allocation | 1,444 | 1,418 | 1,560 | 1,567 |
Real Estate [Member] | Agriculture [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 7,575 | 7,740 | ||
Real Estate [Member] | Real Estate Asset [Member] | Commercial Real Estate Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 2,154 | 2,213 | ||
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 | 1,248 | 1,263 | ||
Real Estate [Member] | Real Estate Asset [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 388 | 420 | ||
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate First Lien [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 387 | 481 | ||
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate All Other [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 8 | 9 | ||
Real Estate [Member] | Real Estate Asset [Member] | Agriculture [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 3,439 | 3,447 | ||
Real Estate [Member] | Business Assets [Member] | Agriculture [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 689 | 701 | ||
Real Estate [Member] | Other Assets [Member] | Agriculture [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 3,447 | 3,592 | ||
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 863 | 870 | ||
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 333 | 333 | ||
Real Estate [Member] | Specific Allocation [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 45 | 45 | ||
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate First Lien [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 118 | 207 | ||
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate All Other [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 9 | 9 | ||
Real Estate [Member] | Specific Allocation [Member] | Agriculture [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 3,027 | 3,114 | ||
Commercial and Agricultural Non-Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 5,928 | |||
Commercial and Agricultural Non-Real Estate [Member] | Business Assets [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 5,924 | |||
Commercial and Agricultural Non-Real Estate [Member] | Other Assets [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 4 | |||
Commercial and Agricultural Non-Real Estate [Member] | Specific Allocation [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 1,938 | |||
Commercial Non-real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 5,190 | |||
Specific Allocation | 25,079 | 25,106 | 25,163 | 25,565 |
Commercial Non-real Estate [Member] | Business Assets [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 5,190 | |||
Commercial Non-real Estate [Member] | Specific Allocation [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | 1,823 | |||
Consumer Non-real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 183 | 117 | ||
Specific Allocation | 4,232 | 4,132 | $ 3,730 | $ 3,694 |
Consumer Non-real Estate [Member] | Other Assets [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Collateral Dependent Loans | 183 | 117 | ||
Consumer Non-real Estate [Member] | Specific Allocation [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific Allocation | $ 95 | $ 81 |
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 | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Noncash Investing and Financing Items [Abstract] | ||
Other real estate owned | $ 565 | $ 2,153 |
Repossessed assets | 395 | 277 |
Total | $ 960 | $ 2,430 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 36,648 | $ 36,648 |
Accumulated Amortization | (17,545) | (16,665) |
Net Carrying Amount | 19,103 | 19,983 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,298 | 33,298 |
Accumulated Amortization | (14,465) | (13,615) |
Net Carrying Amount | 18,833 | 19,683 |
Customer Relationship Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,350 | 3,350 |
Accumulated Amortization | (3,080) | (3,050) |
Net Carrying Amount | $ 270 | $ 300 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Summary of Goodwill by Business Segment (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Goodwill [Line Items] | |
Balance at beginning of period | $ 182,055 |
Balance at beginning and end of period | 182,055 |
BancFirst Metropolitan Banks [Member] | |
Goodwill [Line Items] | |
Balance at beginning and end of period | 13,767 |
BancFirst Community Banks [Member] | |
Goodwill [Line Items] | |
Balance at beginning and end of period | 61,212 |
Pegasus [Member] | |
Goodwill [Line Items] | |
Balance at beginning and end of period | 68,855 |
Worthington [Member] | |
Goodwill [Line Items] | |
Balance at beginning and end of period | 32,133 |
Other Financial Services [Member] | |
Goodwill [Line Items] | |
Balance at beginning and end of period | 5,464 |
Executive, Operations & Support [Member] | |
Goodwill [Line Items] | |
Balance at beginning and end of period | $ 624 |
Subordinated Debt - Additional
Subordinated Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jun. 17, 2021 | Mar. 31, 2004 | Feb. 29, 2004 | Mar. 31, 2023 | |
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] | ||||
Interest rate of securities | 7.20% | |||
Junior subordinated notes assumed | $ 26,800,000 | |||
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 ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock option granted | 0 | |
Net cash settlement for stock options, cost | $ 0 | $ 0 |
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 | 42,500 | |
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 | 24,435 | |
Number of shares of common stock distributed | 17,392 | 6,177 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity Under Stock Option Plan (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Outstanding at beginning period - Options | shares | 1,310,290 |
Options exercised | shares | (6,541) |
Options canceled, forfeited, or expired | shares | (7,500) |
Outstanding at ending period - Options | shares | 1,296,249 |
Exercisable at ending period - Options | shares | 500,499 |
Outstanding at beginning period - Wgtd. Avg. Exercise Price | $ / shares | $ 52.51 |
Options exercised - Wgtd. Avg. Exercise Price | $ / shares | 33.72 |
Options cancelled, forfeited, or expired - Wgtd. Avg. Exercise Price | $ / shares | 87.62 |
Outstanding at ending period - Wgtd. Avg. Exercise Price | $ / shares | 52.40 |
Exercisable at ending period - Wgtd. Avg. Exercise Price | $ / shares | $ 31.48 |
Outstanding at ending period - Wgtd. Avg. Remaining Contractual Term, years | 10 years 4 months 13 days |
Exercisable at ending period - Wgtd. Avg. Remaining Contractual Term, years | 6 years 8 months 8 days |
Outstanding at ending period - Aggregate Intrinsic Value | $ | $ 39,796 |
Exercisable at ending period - Aggregate Intrinsic Value | $ | $ 25,833 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Exercised Under Stock Option Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | ||
Total intrinsic value of options exercised | $ 352 | $ 5,964 |
Cash received from options exercised | 221 | 2,989 |
Tax benefit realized from options exercised | $ 85 | $ 1,434 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Employee Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement Compensation Expense Items [Abstract] | ||
Stock-based compensation expense | $ 382 | $ 458 |
Tax benefit | 92 | 110 |
Stock-based compensation expense, net of tax | $ 290 | $ 348 |
Stock-Based Compensation - Unea
Stock-Based Compensation - Unearned Stock-based Compensation Expense (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Unearned stock-based compensation expense | $ 12,318 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Computing Stock-Based Compensation Expense (Detail) | 3 Months Ended |
Mar. 31, 2022 $ / shares | |
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 | $ 26.21 |
Risk-free interest rate, minimum | 1.75% |
Risk-free interest rate, maximum | 2.14% |
Dividend yield | 2% |
Stock price volatility, minimum | 34.61% |
Stock price volatility, maximum | 34.69% |
Expected term | 10 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Accumulated Stock Units (Detail) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] | ||
Accumulated stock units | 114,070 | 129,609 |
Average price | $ 37.40 | $ 34.91 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Mar. 31, 2023 | Jun. 17, 2021 |
Subordinated Notes due 2036 [Member] | Private Placement [Member] | ||
Stockholders Equity [Line Items] | ||
Aggregate principal amount | $ 60,000,000 | |
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 | Mar. 31, 2023 | Mar. 31, 2022 |
Summary Of Shares Repurchased Under Stock Purchase Program [Abstract] | ||
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 | Mar. 31, 2023 USD ($) |
Parent Company [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 1,346,652 |
Total Capital To Risk Weighted Assets Actual Ratio | 0.1670 |
Capital Required For Capital Adequacy Amount | $ 645,076 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 0.0800 |
Capital With Capital Conservation Buffer Amount | $ 846,662 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 0.1050 |
Common Equity Tier 1 Risk Based Capital Amount | $ 1,166,638 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1447 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 362,855 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.0450 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 564,441 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.0700 |
Tier 1 Risk Based Capital Amount | $ 1,192,638 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1479 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 483,807 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.0600 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 685,393 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.0850 |
Tier 1 Capital Amount | $ 1,192,638 |
Tier 1 Capital To Average Assets Ratio | 0.0978 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 487,729 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 0.0400 |
BancFirst [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 1,125,839 |
Total Capital To Risk Weighted Assets Actual Ratio | 0.1662 |
Capital Required For Capital Adequacy Amount | $ 541,939 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 0.0800 |
Capital With Capital Conservation Buffer Amount | $ 711,294 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 0.1050 |
Capital Required To Be Well Capitalized Amount | $ 677,423 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.1000 |
Common Equity Tier 1 Risk Based Capital Amount | $ 1,023,399 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1511 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 304,840 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.0450 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 474,196 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.0700 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 440,325 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.0650 |
Tier 1 Risk Based Capital Amount | $ 1,043,399 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1540 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 406,454 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.0600 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 575,810 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.0850 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 541,939 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.0800 |
Tier 1 Capital Amount | $ 1,043,399 |
Tier 1 Capital To Average Assets Ratio | 0.1011 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 412,824 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 0.0400 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 516,030 |
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio | 0.0500 |
Pegasus [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 131,647 |
Total Capital To Risk Weighted Assets Actual Ratio | 0.1455 |
Capital Required For Capital Adequacy Amount | $ 72,377 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 0.0800 |
Capital With Capital Conservation Buffer Amount | $ 94,995 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 0.1050 |
Capital Required To Be Well Capitalized Amount | $ 90,472 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.1000 |
Common Equity Tier 1 Risk Based Capital Amount | $ 122,244 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1351 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 40,712 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.0450 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 63,330 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.0700 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 58,807 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.0650 |
Tier 1 Risk Based Capital Amount | $ 122,244 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1351 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 54,283 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.0600 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 76,901 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.0850 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 72,377 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.0800 |
Tier 1 Capital Amount | $ 122,244 |
Tier 1 Capital To Average Assets Ratio | 0.0907 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 53,935 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 0.0400 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 67,419 |
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio | 0.0500 |
Worthington [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 49,123 |
Total Capital To Risk Weighted Assets Actual Ratio | 0.1318 |
Capital Required For Capital Adequacy Amount | $ 29,812 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 0.0800 |
Capital With Capital Conservation Buffer Amount | $ 39,129 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 0.1050 |
Capital Required To Be Well Capitalized Amount | $ 37,265 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.1000 |
Common Equity Tier 1 Risk Based Capital Amount | $ 45,556 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1222 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 16,769 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.0450 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 26,086 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.0700 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 24,222 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.0650 |
Tier 1 Risk Based Capital Amount | $ 45,556 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1222 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 22,359 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.0600 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 31,675 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.0850 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 29,812 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.0800 |
Tier 1 Capital Amount | $ 45,556 |
Tier 1 Capital To Average Assets Ratio | 0.0908 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 20,062 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 0.0400 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 25,077 |
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio | 0.0500 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share Reconciliation [Abstract] | ||
Income available to common stockholders | $ 57,533 | $ 35,915 |
Income available to common stockholders plus assumed exercises of stock options | $ 57,533 | $ 35,915 |
Income available to common stockholders - Shares | 32,892,857 | 32,666,916 |
Dilutive effect of stock options - Shares | 569,882 | 648,417 |
Income available to common stockholders plus assumed exercises of stock options - Shares | 33,462,739 | 33,315,333 |
Income available to common stockholders - Per Share Amount | $ 1.75 | $ 1.10 |
Income available to common stockholders plus assumed exercises of stock options - Per Share Amount | $ 1.72 | $ 1.08 |
Net Income Per Common Share - A
Net Income Per Common Share - Average Exercise Prices of Options Excluded from Computation of Diluted Net Income Per Common Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Abstract] | ||
Shares | 309,833 | 105,278 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 1,615,913 | $ 1,538,221 |
Derivative assets | $ 25,970 | $ 20,745 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Interest Receivable and Other Assets | Interest Receivable and Other Assets |
Derivative liabilities | $ 24,955 | $ 19,683 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 1,557,594 | $ 1,477,864 |
U.S. Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 14,254 | 15,222 |
Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 16,187 | 16,586 |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 8,155 | 8,134 |
Asset backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 12,363 | 13,010 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 7,360 | 7,405 |
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 | 1,557,594 | 1,477,864 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 25,970 | 20,745 |
Derivative liabilities | 24,955 | 19,683 |
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 | 14,254 | 15,222 |
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 | 16,187 | 16,586 |
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 | 7,697 | 7,680 |
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 | 12,363 | 13,010 |
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 | 7,360 | 7,405 |
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 | $ 458 | $ 454 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the year | $ 454 | $ 320 |
Purchases | 255 | |
Settlements | (110) | |
Total unrealized gain | $ 4 | $ (11) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax |
Balance at the end of the period | $ 458 | $ 454 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level 3 [Member] - Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Equity Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 15,009 | $ 15,512 |
Collateral Dependent Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 168 | 1,618 |
Repossessed Assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 235 | 180 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 2,032 | $ 34,999 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
FINANCIAL ASSETS | ||
Federal funds sold, Carrying Amount | $ 1,084 | $ 2,850 |
Debt securities held for investment, Carrying Amount | 2,320 | 2,383 |
Loans, net of allowance for credit losses, Carrying Amount | 7,023,848 | 6,850,835 |
Debt securities held for investment, Fair Value | 2,321 | 2,383 |
Loans held for sale, Fair Value | 6,223 | 6,232 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 10,610,103 | 10,974,228 |
Short-term borrowings, Carrying Amount | 203,494 | 300 |
Subordinated debt, Carrying Amount | 86,058 | 86,044 |
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS | ||
Loan commitments, Fair Value | 4,691 | 4,598 |
Letters of credit, Fair Value | 532 | 542 |
Level 2 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents, Carrying Amount | 2,836,391 | 3,168,910 |
Federal funds sold, Carrying Amount | 1,084 | 2,850 |
Debt securities held for investment, Carrying Amount | 10 | 13 |
Loans held for sale, Carrying Amount | 6,223 | 6,232 |
Cash and cash equivalents, Fair Value | 2,836,391 | 3,168,910 |
Federal funds sold, Fair Value | 1,084 | 2,850 |
Debt securities held for investment, Fair Value | 11 | 13 |
Loans held for sale, Fair Value | 6,223 | 6,232 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 10,610,103 | 10,974,228 |
Short-term borrowings, Carrying Amount | 203,494 | 300 |
Subordinated debt, Carrying Amount | 86,058 | 86,044 |
Deposits, Fair Value | 10,188,895 | 10,614,840 |
Short-term borrowings, Fair Value | 203,534 | 300 |
Subordinated debt, Fair Value | 80,540 | 82,385 |
Level 3 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Debt securities held for investment, Carrying Amount | 2,310 | 2,370 |
Loans, net of allowance for credit losses, Carrying Amount | 7,023,848 | 6,850,835 |
Debt securities held for investment, Fair Value | 2,310 | 2,370 |
Loans, net of allowance for credit losses, Fair Value | $ 6,711,575 | $ 6,563,755 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Percentage share of total profit | 35% | |
Other Assets [Member] | Oil and Gas Reserves [Member] | ||
Derivative [Line Items] | ||
Derivative instrument margin amount | $ 6.6 | |
Other Liabilities [Member] | Oil and Gas Reserves [Member] | ||
Derivative [Line Items] | ||
Derivative instrument margin amount | $ 4.6 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Notional Amounts and Estimated Fair Values of Oil and Gas Derivative Positions Outstanding (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Estimated Fair Value | $ 25,970 | $ 20,745 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Interest Receivable and Other Assets | Interest Receivable and Other Assets |
Derivative liabilities, Estimated Fair Value | $ (24,955) | $ (19,683) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Not Designated as Hedging Instrument [Member] | Oil and Natural Gas Swaps and Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Estimated Fair Value | $ 25,970 | $ 20,745 |
Derivative liabilities, Estimated Fair Value | 24,955 | (19,683) |
Not Designated as Hedging Instrument [Member] | Oil and Natural Gas Swaps and Options [Member] | Oil [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Notional Amount | 2,229 | 2,698 |
Derivative liabilities, Notional Amount | (2,229) | (2,698) |
Derivative assets, Estimated Fair Value | 9,965 | 8,868 |
Derivative liabilities, Estimated Fair Value | 9,456 | (8,259) |
Not Designated as Hedging Instrument [Member] | Oil and Natural Gas Swaps and Options [Member] | Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Notional Amount | 20,923 | 25,059 |
Derivative liabilities, Notional Amount | (20,923) | (25,059) |
Derivative assets, Estimated Fair Value | 16,005 | 11,877 |
Derivative liabilities, Estimated Fair Value | $ 15,499 | $ (11,424) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Company's Recognized Income Related to Activity Included in Other Noninterest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other |
Oil and Natural Gas Swaps and Options [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative income | $ 89 | $ 159 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Company's Net Credit Exposure Relating to Oil and Gas Swaps and Options with Bank Counterparties (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Oil and Natural Gas Swaps and Options [Member] | |
Credit Derivatives [Line Items] | |
Credit exposure | $ 6,560 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 109,156 | $ 75,507 | |
Noninterest income | 47,828 | 43,650 | |
Income before taxes | 74,345 | 43,709 | |
Total assets | 12,332,105 | $ 12,387,863 | |
Operating Segments [Member] | BancFirst Metropolitan Banks [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 30,739 | 19,608 | |
Noninterest income | 6,087 | 9,773 | |
Income before taxes | 23,310 | 18,171 | |
Total assets | 3,413,494 | 3,412,369 | |
Operating Segments [Member] | BancFirst Community Banks [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 57,685 | 44,568 | |
Noninterest income | 19,532 | 16,845 | |
Income before taxes | 43,599 | 31,339 | |
Total assets | 6,817,850 | 6,886,066 | |
Operating Segments [Member] | Pegasus [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 15,151 | 7,620 | |
Noninterest income | 214 | 191 | |
Income before taxes | 9,644 | 2,827 | |
Total assets | 1,390,459 | 1,404,033 | |
Operating Segments [Member] | Worthington [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 4,624 | 1,694 | |
Noninterest income | 279 | 133 | |
Income before taxes | 1,630 | 385 | |
Total assets | 516,112 | 541,002 | |
Operating Segments [Member] | Other Financial Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 942 | 2,913 | |
Noninterest income | 14,172 | 12,983 | |
Income before taxes | 6,164 | 6,045 | |
Total assets | 147,971 | 171,679 | |
Operating Segments [Member] | Executive, Operations & Support [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 15 | (907) | |
Noninterest income | 66,143 | 42,574 | |
Income before taxes | 48,417 | 23,648 | |
Total assets | 1,491,908 | 1,473,443 | |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 11 | ||
Noninterest income | (58,599) | (38,849) | |
Income before taxes | (58,419) | $ (38,706) | |
Total assets | $ (1,445,689) | $ (1,500,729) |