Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
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, $1.00 Par Value Per Share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 0-14384 | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 73-1221379 | |
Entity Address, Address Line One | 100 N. Broadway Ave. | |
Entity Address, City or Town | Oklahoma City | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73102-8405 | |
City Area Code | 405 | |
Local Phone Number | 270-1086 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 33,022,124 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 194,273 | $ 225,462 |
Interest-bearing deposits with banks | 2,299,019 | 2,172,001 |
Federal funds sold | 1,102 | 1,316 |
Debt securities held for investment (fair value: $838 and $1,190, respectively) | 838 | 1,190 |
Debt securities available for sale at fair value | 1,440,527 | 1,553,905 |
Loans held for sale | 7,408 | 3,489 |
Loans held for investment (net of unearned interest) | 8,047,448 | 7,656,645 |
Allowance for credit losses | (99,626) | (96,800) |
Loans, net of allowance for credit losses | 7,947,822 | 7,559,845 |
Premises and equipment, net | 285,131 | 278,594 |
Other real estate owned | 37,823 | 33,718 |
Intangible assets, net | 14,931 | 16,704 |
Goodwill | 182,263 | 182,263 |
Accrued interest receivable and other assets | 326,181 | 343,555 |
Total assets | 12,737,318 | 12,372,042 |
Deposits: | ||
Noninterest-bearing | 3,815,818 | 3,982,226 |
Interest-bearing | 7,199,784 | 6,717,896 |
Total deposits | 11,015,602 | 10,700,122 |
Short-term borrowings | 4,264 | 3,351 |
Accrued interest payable and other liabilities | 118,831 | 148,577 |
Subordinated debt | 86,129 | 86,101 |
Total liabilities | 11,224,826 | 10,938,151 |
Stockholders' equity: | ||
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and outstanding: 33,022,124 and 32,933,018, respectively | 33,022 | 32,933 |
Capital surplus | 178,806 | 174,695 |
Retained earnings | 1,348,905 | 1,276,305 |
Accumulated other comprehensive loss, net of tax benefit of $14,938 and $15,473, respectively | (48,241) | (50,042) |
Total stockholders' equity | 1,512,492 | 1,433,891 |
Total liabilities and stockholders' equity | 12,737,318 | 12,372,042 |
Senior Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value | ||
Cumulative Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Securities, fair value | $ 838 | $ 1,190 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 33,022,124 | 32,933,018 |
Common stock, shares outstanding | 33,022,124 | 32,933,018 |
Accumulated other comprehensive loss, net of tax benefit | $ 14,938 | $ 15,473 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
INTEREST INCOME | ||||
Loans, including fees | $ 137,710 | $ 114,612 | $ 269,836 | $ 219,008 |
Securities: | ||||
Taxable | 8,932 | 9,408 | 18,113 | 18,399 |
Tax-exempt | 18 | 23 | 38 | 30 |
Federal funds sold | 5 | 81 | 24 | 113 |
Interest-bearing deposits with banks | 31,800 | 26,694 | 62,097 | 58,714 |
Total interest income | 178,465 | 150,818 | 350,108 | 296,264 |
INTEREST EXPENSE | ||||
Deposits | 67,479 | 43,732 | 131,892 | 78,909 |
Short-term borrowings | 59 | 129 | 155 | 212 |
Subordinated debt | 1,031 | 1,031 | 2,061 | 2,061 |
Total interest expense | 68,569 | 44,892 | 134,108 | 81,182 |
Net interest income | 109,896 | 105,926 | 216,000 | 215,082 |
Provision for credit losses | 3,358 | 2,824 | 7,373 | 5,146 |
Net interest income after provision for credit losses | 106,538 | 103,102 | 208,627 | 209,936 |
NONINTEREST INCOME | ||||
Securities transactions | 317 | 110 | 50 | (103) |
Sales of loans | 733 | 757 | 1,224 | 1,361 |
Insurance commissions | 6,668 | 6,225 | 16,123 | 14,966 |
Cash management | 9,149 | 7,927 | 17,800 | 14,661 |
Gain/(loss) on sale of other assets | 55 | 315 | (4) | 794 |
Other | 4,252 | 5,782 | 9,365 | 11,812 |
Total noninterest income | 43,944 | 47,974 | 88,844 | 95,802 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 51,928 | 49,803 | 103,456 | 99,055 |
Occupancy, net | 5,233 | 5,118 | 10,439 | 10,101 |
Depreciation | 4,504 | 4,769 | 9,060 | 9,412 |
Amortization of intangible assets | 887 | 880 | 1,773 | 1,760 |
Data processing services | 2,696 | 2,217 | 5,312 | 4,324 |
Net expense from other real estate owned | 1,656 | 2,889 | 3,858 | 5,348 |
Marketing and business promotion | 2,246 | 1,900 | 4,502 | 4,427 |
Deposit insurance | 1,614 | 1,463 | 3,052 | 3,076 |
Other | 14,552 | 12,071 | 26,643 | 23,924 |
Total noninterest expense | 85,316 | 81,110 | 168,095 | 161,427 |
Income before taxes | 65,166 | 69,966 | 129,376 | 144,311 |
Income tax expense | 14,525 | 14,956 | 28,401 | 31,768 |
Net income | $ 50,641 | $ 55,010 | $ 100,975 | $ 112,543 |
NET INCOME PER COMMON SHARE | ||||
Basic | $ 1.53 | $ 1.67 | $ 3.06 | $ 3.42 |
Diluted | $ 1.51 | $ 1.64 | $ 3.01 | $ 3.36 |
OTHER COMPREHENSIVE GAIN/(LOSS) | ||||
Unrealized income/(loss) on debt securities, net of tax (expense)/benefit of $(1,263), $4,350, $(535) and $(154), respectively | $ 4,105 | $ (14,091) | $ 1,801 | $ 558 |
Other comprehensive income/(loss), net of tax (expense)/benefit of $(1,263), $4,350, $(535) and $(154), respectively | 4,105 | (14,091) | 1,801 | 558 |
Comprehensive income | 54,746 | 40,919 | 102,776 | 113,101 |
Trust Revenue [Member] | ||||
NONINTEREST INCOME | ||||
Revenue | 5,490 | 4,590 | 10,578 | 8,812 |
Service Charges on Deposits [Member] | ||||
NONINTEREST INCOME | ||||
Revenue | $ 17,280 | $ 22,268 | $ 33,708 | $ 43,499 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Unrealized (losses)/gains on debt securities, net of tax benefit/(expense) | $ (1,263) | $ 4,350 | $ (535) | $ (154) |
Other comprehensive (loss)/gain, net of tax benefit/(expense) | $ (1,263) | $ 4,350 | $ (535) | $ (154) |
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 LOSS [Member] |
Balance at beginning of period at Dec. 31, 2022 | $ 32,876 | $ 169,231 | $ 1,120,292 | $ (71,563) | |
Shares issued for stock options | 63 | 1,914 | |||
Net income | $ 112,543 | 112,543 | |||
Dividends on common stock | (26,336) | ||||
Stock-based compensation arrangements | 1,213 | ||||
Net change | 558 | ||||
Balance at end of period at Jun. 30, 2023 | 1,340,791 | 32,939 | 172,358 | 1,206,499 | (71,005) |
Balance at beginning of period at Mar. 31, 2023 | 32,900 | 170,231 | 1,164,665 | (56,914) | |
Shares issued for stock options | 39 | 1,296 | |||
Net income | 55,010 | 55,010 | |||
Dividends on common stock | (13,176) | ||||
Stock-based compensation arrangements | 831 | ||||
Net change | (14,091) | ||||
Balance at end of period at Jun. 30, 2023 | 1,340,791 | 32,939 | 172,358 | 1,206,499 | (71,005) |
Balance at beginning of period at Dec. 31, 2023 | 1,433,891 | 32,933 | 174,695 | 1,276,305 | (50,042) |
Shares issued for stock options | 89 | 2,476 | |||
Net income | 100,975 | 100,975 | |||
Dividends on common stock | (28,375) | ||||
Stock-based compensation arrangements | 1,635 | ||||
Net change | 1,801 | ||||
Balance at end of period at Jun. 30, 2024 | 1,512,492 | 33,022 | 178,806 | 1,348,905 | (48,241) |
Balance at beginning of period at Mar. 31, 2024 | 32,967 | 176,227 | 1,312,464 | (52,346) | |
Shares issued for stock options | 55 | 1,659 | |||
Net income | 50,641 | 50,641 | |||
Dividends on common stock | (14,200) | ||||
Stock-based compensation arrangements | 920 | ||||
Net change | 4,105 | ||||
Balance at end of period at Jun. 30, 2024 | $ 1,512,492 | $ 33,022 | $ 178,806 | $ 1,348,905 | $ (48,241) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
RETAINED EARNINGS [Member] | ||||
Dividend on common stock | $ 0.43 | $ 0.40 | $ 0.86 | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 100,975 | $ 112,543 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Provision for credit losses | 7,373 | 5,146 |
Depreciation and amortization | 10,833 | 11,172 |
Net amortization of securities premiums and discounts | (627) | (577) |
Realized securities (gains)/losses | (50) | 103 |
Gain on sales of loans | (1,224) | (1,361) |
Cash receipts from the sale of loans originated for sale | 110,096 | 77,758 |
Cash disbursements for loans originated for sale | (72,791) | (78,948) |
Deferred income tax benefit | (1,764) | (1,489) |
Gain on sale of other assets | (1,319) | (1,061) |
Increase in interest receivable | (3,074) | (3,387) |
Increase in interest payable | 5,314 | 3,005 |
Amortization of stock-based compensation arrangements | 1,635 | 1,213 |
Excess tax benefit from stock-based compensation arrangements | (750) | (734) |
Other, net | 11,848 | 5,797 |
Net cash provided by operating activities | 166,475 | 129,180 |
INVESTING ACTIVITIES | ||
Net decrease/(increase) in federal funds sold | 214 | (1,631) |
Purchases of available for sale debt securities | (270) | (94,112) |
Proceeds from maturities, calls and paydowns of held for investment debt securities | 352 | 1,349 |
Proceeds from maturities, calls and paydowns of available for sale debt securities | 116,611 | 64,036 |
Purchase of equity securities | (404) | (294) |
Proceeds from paydowns and sales of equity securities | 206 | 531 |
Net change in loans | (445,920) | (357,140) |
Net (payments)/receipts on derivative asset contracts | (22,293) | 11,628 |
Purchases of premises, equipment and computer software | (16,273) | (13,016) |
Purchase of tax credits | (2,469) | (3,813) |
Other, net | 8,978 | 23,302 |
Net cash used in investing activities | (361,268) | (369,160) |
FINANCING ACTIVITIES | ||
Net change in deposits | 315,480 | (499,048) |
Net change in short-term borrowings | 913 | 3,593 |
Issuance of common stock in connection with stock options, net | 2,565 | 1,977 |
Cash dividends paid | (28,336) | (26,310) |
Net cash provided by (used in) financing activities | 290,622 | (519,788) |
Net increase/(decrease) in cash, due from banks and interest-bearing deposits | 95,829 | (759,768) |
Cash, due from banks and interest-bearing deposits at the beginning of the period | 2,397,463 | 3,168,910 |
Cash, due from banks and interest-bearing deposits at the end of the period | 2,493,292 | 2,409,142 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 128,794 | 78,176 |
Cash paid during the period for income taxes | 22,349 | 31,180 |
Noncash investing and financing activities: | ||
Unpaid common stock dividends declared | $ 14,200 | $ 13,176 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023. 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, 2023, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. Reclassifications Certain items in prior consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. Recent Accounting Pronouncements Standards Not Yet Adopted: In December 2023, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The amendments are to be applied retrospectively to all periods presented and segment expense categories are required to be based on the categories identified at adoption. The Company is currently evaluating the provisions of this ASU and expects to adopt them for the year ending December 31, 2024. The Company does no t expect the adoption to have a significant impact on the Company’s consolidated financial statements. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | (2) SECURITIES The following table summarizes the amortized cost and estimated fair values of debt securities held for investment: Amortized Gross Gross Estimated June 30, 2024 (Dollars in thousands) Mortgage backed securities (1) $ 3 $ — $ — $ 3 States and political subdivisions 335 — — 335 Other securities 500 — — 500 Total $ 838 $ — $ — $ 838 December 31, 2023 Mortgage backed securities (1) $ 5 $ — $ — $ 5 States and political subdivisions 685 — — 685 Other securities 500 — — 500 Total $ 1,190 $ — $ — $ 1,190 The following table summarizes the amortized cost and estimated fair values of debt securities available for sale: Amortized Gross Gross Estimated June 30, 2024 (Dollars in thousands) U.S. treasuries $ 1,450,915 $ — $ ( 60,133 ) $ 1,390,782 U.S. federal agencies 9,565 121 ( 3 ) 9,683 Mortgage backed securities (1) 15,647 7 ( 1,746 ) 13,908 States and political subdivisions 10,078 8 ( 135 ) 9,951 Asset backed securities 9,338 43 — 9,381 Other securities 8,163 — ( 1,341 ) 6,822 Total $ 1,503,706 $ 179 $ ( 63,358 ) $ 1,440,527 December 31, 2023 U.S. treasuries $ 1,560,265 $ 415 $ ( 62,635 ) $ 1,498,045 U.S. federal agencies 11,631 142 ( 3 ) 11,770 Mortgage backed securities (1) 16,459 13 ( 1,677 ) 14,795 States and political subdivisions 10,108 16 ( 114 ) 10,010 Asset backed securities 12,794 — ( 282 ) 12,512 Other securities 8,163 — ( 1,390 ) 6,773 Total $ 1,619,420 $ 586 $ ( 66,101 ) $ 1,553,905 (1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity. June 30, 2024 December 31, 2023 Amortized Estimated Amortized Estimated (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 275 $ 275 $ 350 $ 350 After one year but within five years 563 563 840 840 After five years but within ten years — — — — After ten years — — — — Total $ 838 $ 838 $ 1,190 $ 1,190 Available for Sale Contractual maturity of debt securities: Within one year $ 364,890 $ 358,962 $ 348,318 $ 341,645 After one year but within five years 1,097,339 1,043,120 1,223,529 1,167,973 After five years but within ten years 11,071 9,657 10,331 8,851 After ten years 30,406 28,788 37,242 35,436 Total debt securities $ 1,503,706 $ 1,440,527 $ 1,619,420 $ 1,553,905 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: June 30, 2024 December 31, 2023 (Dollars in thousands) Book value of pledged securities $ 910,357 $ 591,324 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 six months ended June 30, 2024 or June 30, 2023. 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 June 30, 2024 and December 31, 2023 respectively: Less than 12 Months More than 12 Months Total Number of investments Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) June 30, 2024 Available for Sale U.S. treasuries 62 $ 90,084 $ 926 $ 1,300,697 $ 59,207 $ 1,390,781 $ 60,133 U.S. federal agencies 2 205 2 688 1 893 3 Mortgage backed securities 69 1,188 9 12,455 1,737 13,643 1,746 States and political subdivisions 8 867 3 1,871 132 2,738 135 Other securities 3 — — 6,822 1,341 6,822 1,341 Total 144 $ 92,344 $ 940 $ 1,322,533 $ 62,418 $ 1,414,877 $ 63,358 December 31, 2023 Available for Sale U.S. treasuries 68 $ 4,838 $ 90 $ 1,401,669 $ 62,545 $ 1,406,507 $ 62,635 U.S. federal agencies 3 1,100 3 — — 1,100 3 Mortgage backed securities 74 80 — 13,261 1,677 13,341 1,677 States and political subdivisions 6 306 4 1,847 110 2,153 114 Asset backed securities 1 — — 12,512 282 12,512 282 Other securities 3 — — 6,773 1,390 6,773 1,390 Total 155 $ 6,324 $ 97 $ 1,436,062 $ 66,004 $ 1,442,386 $ 66,101 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 June 30, 2024 and December 31, 2023 , 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 | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans Held for Investment and Allowance for Credit Losses on Loans | (3) LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES ON LOANS Loans held for investment are summarized by portfolio segment as follows: June 30, 2024 December 31, 2023 (Dollars in thousands) Real estate: Commercial real estate owner occupied 954,942 960,944 Commercial real estate non-owner occupied 1,604,132 1,486,420 Construction and development < 60 months 680,807 642,643 Construction residential real estate < 60 months 288,900 283,486 Residential real estate first lien 1,335,124 1,258,744 Residential real estate all other 260,036 244,696 Agriculture 432,360 427,139 Commercial non-real estate 1,436,349 1,289,452 Consumer non-real estate 469,084 476,467 Oil and gas 585,714 586,654 Total (1) $ 8,047,448 $ 7,656,645 (1) Excludes accrued interest receivable of $ 42.8 million at June 30, 2024 and $ 39.4 million at December 31, 2023, that is recorded in accrued interest receivable and other assets. The C ompany's loans are currently 84 % held by BancFirst and 16 % 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/or securities. The Company’s interest in collateral is secured through filing mortgages and liens, or 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, 2023. Other Real Estate Owned and Repossessed Assets and Loan Modifications The following is a summary of other real estate owned and repossessed assets: June 30, 2024 December 31, 2023 (Dollars in thousands) Other real estate owned and repossessed assets $ 38,497 $ 34,200 As of both June 30, 2024 and December 31, 2023, other real estate owned included a commercial real estate property recorded at approximately $ 30.7 million and $ 29.4 m illion, respectively. The increase in OREO and this commercial real estate property was due to tenant improvements during the six months ended June 30, 2024. 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 noninterest expense on the consolidated statements of comprehensive income. This property had the following rental income and operating expenses for the periods presented. Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Rental income $ 3,085 $ 2,778 $ 6,026 $ 5,468 Operating expense 2,673 2,967 4,923 5,348 During the six months ended June 30, 2024, the Company sold property held in other real estate owned for a total gain of $ 1.3 million, compared to a total gain of $ 266,000 in the six months ended June 30, 2023. 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. The recorded balance of loans modified during the six months ended June 30, 2024 was approximately $ 5.9 million compared to $ 5.3 million during the year ended December 31, 2023. Nonaccrual loans The Company did no t recognize any interest income on nonaccrual loans for either the six months ended June 30, 2024 or 2023. In addition, all loans identified as nonaccrual loans have related allowances for credit losses at June 30, 2024 and December 31, 2023 , respectively. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $ 1.8 million for the six months ended June 30, 2024 and approximately $ 718,000 for the six months ended June 30, 2023. Nonaccrual loans guaranteed by government agencies totaled approximately $ 8.5 million at June 30, 2024 and approximately $ 6.7 million at December 31, 2023. The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment. June 30, 2024 December 31, 2023 (Dollars in thousands) Real estate: Commercial real estate owner occupied $ 5,543 $ 1,686 Commercial real estate non-owner occupied 3,280 874 Construction and development < 60 months 20,142 800 Construction residential real estate < 60 months 745 638 Residential real estate first lien 3,425 3,336 Residential real estate all other 628 899 Agriculture 2,092 3,662 Commercial non-real estate 5,605 10,101 Consumer non-real estate 685 449 Oil and gas 1,876 2,128 Total $ 44,021 $ 24,573 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 June 30, 2024 Real estate: Commercial real estate owner occupied $ 3,020 $ 38 $ 5,379 $ 8,437 $ 946,505 $ 954,942 $ 532 Commercial real estate non-owner occupied — 141 1,544 1,685 1,602,447 1,604,132 803 Construction and development < 60 months 405 1,738 831 2,974 677,833 680,807 31 Construction residential real estate < 60 months 229 117 407 753 288,147 288,900 — Residential real estate first lien 4,929 2,144 2,213 9,286 1,325,838 1,335,124 961 Residential real estate all other 866 152 835 1,853 258,183 260,036 250 Agriculture 1,805 937 1,447 4,189 428,171 432,360 916 Commercial non-real estate 1,857 831 5,256 7,944 1,428,405 1,436,349 587 Consumer non-real estate 3,166 555 495 4,216 464,868 469,084 200 Oil and gas 588 416 — 1,004 584,710 585,714 — Total $ 16,865 $ 7,069 $ 18,407 $ 42,341 $ 8,005,107 $ 8,047,448 $ 4,280 As of December 31, 2023 Real estate: Commercial real estate owner occupied $ 1,386 $ 26 $ 5,598 $ 7,010 $ 953,934 $ 960,944 $ 4,377 Commercial real estate non-owner occupied 2,224 7,371 1,786 11,381 1,475,039 1,486,420 913 Construction and development < 60 months 198 158 800 1,156 641,487 642,643 — Construction residential real estate < 60 months 1,542 206 405 2,153 281,333 283,486 332 Residential real estate first lien 3,879 1,204 1,849 6,932 1,251,812 1,258,744 731 Residential real estate all other 757 190 613 1,560 243,136 244,696 549 Agriculture 1,694 724 1,227 3,645 423,494 427,139 579 Commercial non-real estate 1,501 436 10,028 11,965 1,277,487 1,289,452 1,714 Consumer non-real estate 3,248 1,090 594 4,932 471,535 476,467 347 Oil and gas — — 92 92 586,562 586,654 — Total $ 16,429 $ 11,405 $ 22,992 $ 50,826 $ 7,605,819 $ 7,656,645 $ 9,542 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 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, 2023, are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s revolving loans that are converted to term loans are not material and therefore have not been presented. The following table summarizes the Company’s gross loans held for investment by year of origination and internally assigned credit grades: Term Loans Amortized Cost Basis by Origination Year Revolving Loans (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Total As of June 30, 2024 Commercial real estate owner occupied Grade 1 $ 39,257 $ 104,695 $ 151,859 $ 111,308 $ 78,999 $ 186,219 $ 25,667 $ 698,004 Grade 2 23,094 34,818 49,139 44,044 21,710 34,604 24,187 231,596 Grade 3 128 7,339 3,574 4,489 939 4,121 2,100 22,690 Grade 4 — 372 21 170 352 1,615 122 2,652 Total commercial real estate owner occupied 62,479 147,224 204,593 160,011 102,000 226,559 52,076 954,942 Commercial real estate non-owner occupied Grade 1 $ 64,168 $ 258,439 $ 283,026 $ 187,391 $ 120,052 $ 126,177 $ 41,093 $ 1,080,346 Grade 2 61,660 104,871 126,693 89,290 38,105 71,591 3,122 495,332 Grade 3 8,934 141 13,635 1,690 — 245 — 24,645 Grade 4 185 2,043 643 316 98 524 — 3,809 Total commercial real estate non-owner occupied 134,947 365,494 423,997 278,687 158,255 198,537 44,215 1,604,132 Construction and development < 60 months Grade 1 $ 49,830 $ 76,166 $ 146,196 $ 33,350 $ 9,848 $ 7,591 $ 51,139 $ 374,120 Grade 2 64,768 118,553 62,487 8,296 1,590 14,969 10,703 281,366 Grade 3 2,641 1,829 — 354 71 68 19,287 24,250 Grade 4 — — 831 100 140 — — 1,071 Total construction and development < 60 months 117,239 196,548 209,514 42,100 11,649 22,628 81,129 680,807 Construction residential real estate < 60 months Grade 1 $ 78,419 $ 48,981 $ 15,922 $ 8,162 $ 98 $ 546 $ 30,001 $ 182,129 Grade 2 54,233 33,153 2,447 15 12 — 11,630 101,490 Grade 3 3,503 408 — — — — 396 4,307 Grade 4 568 200 206 — — — — 974 Total construction residential real estate < 60 months 136,723 82,742 18,575 8,177 110 546 42,027 288,900 Residential real estate first lien Grade 1 $ 134,305 $ 211,033 $ 205,048 $ 162,128 $ 130,865 $ 192,862 $ 5,031 $ 1,041,272 Grade 2 43,810 65,488 50,368 37,025 25,620 48,645 519 271,475 Grade 3 1,453 2,576 3,098 2,835 1,821 5,562 — 17,345 Grade 4 907 646 312 795 539 1,756 — 4,955 Grade 5 — 77 — — — — — 77 Total residential real estate first lien 180,475 279,820 258,826 202,783 158,845 248,825 5,550 1,335,124 Residential real estate all other Grade 1 $ 18,801 $ 34,325 $ 21,028 $ 6,512 $ 7,196 $ 12,957 $ 54,939 $ 155,758 Grade 2 3,804 5,198 4,467 1,341 1,462 3,918 79,266 99,456 Grade 3 756 344 106 176 295 437 1,507 3,621 Grade 4 — 174 67 — — 26 934 1,201 Total residential real estate all other 23,361 40,041 25,668 8,029 8,953 17,338 136,646 260,036 Agriculture Grade 1 $ 26,725 $ 36,340 $ 44,928 $ 31,695 $ 22,757 $ 46,282 $ 46,588 $ 255,315 Grade 2 23,833 21,355 20,788 16,052 9,606 19,830 39,081 150,545 Grade 3 5,833 8,951 1,119 1,076 2,589 3,072 1,686 24,326 Grade 4 354 886 612 51 5 262 4 2,174 Total Agriculture 56,745 67,532 67,447 48,874 34,957 69,446 87,359 432,360 Commercial non-real estate Grade 1 $ 98,481 $ 135,724 $ 155,712 $ 132,447 $ 28,731 $ 58,159 $ 421,728 $ 1,030,982 Grade 2 57,646 94,429 30,313 20,608 5,593 6,885 176,353 391,827 Grade 3 1,471 2,160 2,183 1,035 235 250 2,637 9,971 Grade 4 787 364 793 255 508 116 563 3,386 Grade 5 — — — 6 — 177 — 183 Total commercial non-real estate 158,385 232,677 189,001 154,351 35,067 65,587 601,281 1,436,349 Consumer non-real estate Grade 1 $ 105,282 $ 153,775 $ 77,329 $ 40,937 $ 11,724 $ 6,655 $ 12,793 $ 408,495 Grade 2 9,876 17,288 10,906 5,582 1,542 1,219 6,427 52,840 Grade 3 1,059 1,839 1,641 1,119 274 276 15 6,223 Grade 4 198 556 314 282 104 68 4 1,526 Total consumer non-real estate 116,415 173,458 90,190 47,920 13,644 8,218 19,239 469,084 Oil and gas Grade 1 $ 76,512 $ 63,488 $ 5,807 $ 26,153 $ 5,951 $ 3,116 $ 269,441 $ 450,468 Grade 2 60,737 9,097 5,045 677 374 267 58,161 134,358 Grade 3 29 109 — 183 — — — 321 Grade 4 — — — 127 — 440 — 567 Total oil and gas 137,278 72,694 10,852 27,140 6,325 3,823 327,602 585,714 Total loans held for investment $ 1,124,047 $ 1,658,230 $ 1,498,663 $ 978,072 $ 529,805 $ 861,507 $ 1,397,124 $ 8,047,448 The following tables summarize the Company's gross charge-offs by year of origination for the periods indicated: Term Loans Amortized Cost Basis by Origination Year Revolving Loans 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Total (Dollars in thousands) Three months ended June 30, 2024 Commercial real estate owner occupied Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate non-owner occupied Current-period gross charge-offs — — — 1 — — — 1 Construction and development < 60 months Current-period gross charge-offs — — — — — — — — Construction residential real estate < 60 months Current-period gross charge-offs — — — — — — — — Residential real estate first lien Current-period gross charge-offs 2 23 — 2 4 36 — 67 Residential real estate all other Current-period gross charge-offs — — — — — — — — Agriculture Current-period gross charge-offs — — 6 13 — — — 19 Commercial non-real estate Current-period gross charge-offs 6 155 43 8 — 190 378 780 Consumer non-real estate Current-period gross charge-offs 21 256 150 28 21 30 4 510 Oil and gas Current-period gross charge-offs — — — — — — — — Total current-period gross charge-offs $ 29 $ 434 $ 199 $ 52 $ 25 $ 256 $ 382 $ 1,377 Term Loans Amortized Cost Basis by Origination Year Revolving Loans 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Total (Dollars in thousands) Three months ended June 30, 2023 Commercial real estate owner occupied Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate non-owner occupied Current-period gross charge-offs — — — — — — — — Construction and development < 60 months Current-period gross charge-offs — — — 2 — — — 2 Construction residential real estate < 60 months Current-period gross charge-offs — — — — — — — — Residential real estate first lien Current-period gross charge-offs — — 19 21 — 2 — 42 Residential real estate all other Current-period gross charge-offs — 2 — — — — — 2 Agriculture Current-period gross charge-offs — — — 301 1 — — 302 Commercial non-real estate Current-period gross charge-offs 42 34 1 20 — 5 — 102 Consumer non-real estate Current-period gross charge-offs 29 186 115 14 28 11 15 398 Oil and gas Current-period gross charge-offs — 2 — — — — — 2 Total current-period gross charge-offs $ 71 $ 224 $ 135 $ 358 $ 29 $ 18 $ 15 $ 850 Term Loans Amortized Cost Basis by Origination Year Revolving Loans 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Total (Dollars in thousands) Six months ended June 30, 2024 Commercial real estate owner occupied Current-period gross charge-offs $ — $ — $ — $ 15 $ — $ — $ — $ 15 Commercial real estate non-owner occupied Current-period gross charge-offs — 12 — 1 1 — — 14 Construction and development < 60 months Current-period gross charge-offs — — — — — — — — Construction residential real estate < 60 months Current-period gross charge-offs — 3 — — — — — 3 Residential real estate first lien Current-period gross charge-offs 3 23 — 3 4 57 — 90 Residential real estate all other Current-period gross charge-offs — — — — — 2 27 29 Agriculture Current-period gross charge-offs — — 37 13 — — — 50 Commercial non-real estate Current-period gross charge-offs 6 1,156 318 140 12 316 1,886 3,834 Consumer non-real estate Current-period gross charge-offs 21 500 247 79 34 45 15 941 Oil and gas Current-period gross charge-offs — 9 83 — — — — 92 Total current-period gross charge-offs $ 30 $ 1,703 $ 685 $ 251 $ 51 $ 420 $ 1,928 $ 5,068 Term Loans Amortized Cost Basis by Origination Year Revolving Loans 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Total (Dollars in thousands) Six months ended June 30, 2023 Commercial real estate owner occupied Current-period gross charge-offs $ — $ 7 $ 1 $ 22 $ 18 $ — $ — $ 48 Commercial real estate non-owner occupied Current-period gross charge-offs — — — — — 3 — 3 Construction and development < 60 months Current-period gross charge-offs — 2 — 2 — — — 4 Construction residential real estate < 60 months Current-period gross charge-offs — — — — — — — — Residential real estate first lien Current-period gross charge-offs — — 19 21 — 4 — 44 Residential real estate all other Current-period gross charge-offs — 4 19 — 1 4 — 28 Agriculture Current-period gross charge-offs — 4 — 317 14 2 — 337 Commercial non-real estate Current-period gross charge-offs 42 101 63 20 — 52 — 278 Consumer non-real estate Current-period gross charge-offs 29 262 147 29 37 17 17 538 Oil and gas Current-period gross charge-offs — 2 — — — — — 2 Total current-period gross charge-offs $ 71 $ 382 $ 249 $ 411 $ 70 $ 82 $ 17 $ 1,282 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 current expected credit loss ("CECL") model. The allowance for current expected credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The allowance for credit losses methodology is disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The following tables detail 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 June 30, 2024 Real estate: Commercial real estate owner occupied $ 7,468 $ — $ 11 $ 11 $ ( 109 ) $ 7,370 Commercial real estate non-owner occupied 33,180 ( 1 ) — ( 1 ) 688 33,867 Construction and development < 60 months 6,596 — — — 184 6,780 Construction residential real estate < 60 months 3,464 — — — 55 3,519 Residential real estate first lien 4,923 ( 67 ) 21 ( 46 ) 695 5,572 Residential real estate all other 1,652 — 3 3 74 1,729 Agriculture 6,137 ( 19 ) 5 ( 14 ) ( 206 ) 5,917 Commercial non-real estate 20,482 ( 780 ) 280 ( 500 ) 1,493 21,475 Consumer non-real estate 4,335 ( 510 ) 58 ( 452 ) 500 4,383 Oil and gas 9,030 — — — ( 16 ) 9,014 Total $ 97,267 $ ( 1,377 ) $ 378 $ ( 999 ) $ 3,358 $ 99,626 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 June 30, 2023 Real estate: Commercial real estate owner occupied $ 6,547 $ — $ 3 $ 3 $ 258 $ 6,808 Commercial real estate non-owner occupied 32,120 — — — 1,312 33,432 Construction and development < 60 months 3,608 ( 2 ) 3 1 ( 169 ) 3,440 Construction residential real estate < 60 months 3,226 — — — 327 3,553 Residential real estate first lien 4,454 ( 42 ) 10 ( 32 ) 333 4,755 Residential real estate all other 1,444 ( 2 ) 1 ( 1 ) 218 1,661 Agriculture 6,268 ( 302 ) 7 ( 295 ) 453 6,426 Commercial non-real estate 25,079 ( 102 ) 127 25 23 25,127 Consumer non-real estate 4,232 ( 398 ) 35 ( 363 ) 475 4,344 Oil and gas 7,782 ( 2 ) — ( 2 ) ( 406 ) 7,374 Total $ 94,760 $ ( 850 ) $ 186 $ ( 664 ) $ 2,824 $ 96,920 Allowance for Credit Losses Balance at Charge- Recoveries Net Provision for/(benefit from) credit losses on loans Balance at (Dollars in thousands) Six Months Ended June 30, 2024 Real estate: Commercial real estate owner occupied $ 7,483 $ ( 15 ) $ 31 $ 16 $ ( 129 ) $ 7,370 Commercial real estate non-owner occupied 33,080 ( 14 ) — ( 14 ) 801 33,867 Construction and development < 60 months 3,950 — — — 2,830 6,780 Construction residential real estate < 60 months 3,414 ( 3 ) — ( 3 ) 108 3,519 Residential real estate first lien 4,914 ( 90 ) 25 ( 65 ) 723 5,572 Residential real estate all other 1,646 ( 29 ) 8 ( 21 ) 104 1,729 Agriculture 6,137 ( 50 ) 17 ( 33 ) ( 187 ) 5,917 Commercial non-real estate 22,745 ( 3,834 ) 313 ( 3,521 ) 2,251 21,475 Consumer non-real estate 4,401 ( 941 ) 127 ( 814 ) 796 4,383 Oil and gas 9,030 ( 92 ) — ( 92 ) 76 9,014 Total $ 96,800 $ ( 5,068 ) $ 521 $ ( 4,547 ) $ 7,373 $ 99,626 Allowance for Credit Losses Balance at Charge- Recoveries Net Provision for/(benefit from) credit losses on loans Balance at (Dollars in thousands) Six Months Ended June 30, 2023 Real estate: Commercial real estate owner occupied $ 6,416 $ ( 48 ) $ 52 $ 4 $ 388 $ 6,808 Commercial real estate non-owner occupied 30,190 ( 3 ) — ( 3 ) 3,245 33,432 Construction and development < 60 months 3,778 ( 4 ) 6 2 ( 340 ) 3,440 Construction residential real estate < 60 months 3,275 — — — 278 3,553 Residential real estate first lien 4,092 ( 44 ) 13 ( 31 ) 694 4,755 Residential real estate all other 1,418 ( 28 ) 3 ( 25 ) 268 1,661 Agriculture 6,217 ( 337 ) 13 ( 324 ) 533 6,426 Commercial non-real estate 25,106 ( 278 ) 149 ( 129 ) 150 25,127 Consumer non-real estate 4,132 ( 538 ) 92 ( 446 ) 658 4,344 Oil and gas 8,104 ( 2 ) — ( 2 ) ( 728 ) 7,374 Total $ 92,728 $ ( 1,282 ) $ 328 $ ( 954 ) $ 5,146 $ 96,920 Purchased Credit Deteriorated Loans The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The Company did not purchase credit-deteriorated loans during the six months ended June 30, 2024 and 2023. 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 six months ended June 30, 2024 and 2023, no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent. The following tables summarize collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows: Collateral Type Real Estate Business Assets Other Assets Total Specific Allocation (Dollars in thousands) As of June 30, 2024 Real estate: Commercial real estate owner occupied $ — $ — $ — $ — $ — Commercial real estate non-owner occupied 643 — — 643 250 Construction and development < 60 months 20,142 — — 20,142 2,825 Construction residential real estate < 60 months 618 — — 618 134 Residential real estate first lien 195 — — 195 66 Residential real estate all other 79 — — 79 81 Agriculture 1,833 401 14 2,248 1,193 Commercial non-real estate — 4,140 87 4,227 1,342 Consumer non-real estate — — 236 236 133 Oil and gas — — — — — Total collateral-dependent loans held for investment $ 23,510 $ 4,541 $ 337 $ 28,388 $ 6,024 Collateral Type Real Estate Business Assets Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2023 Real estate: Commercial real estate owner occupied $ — $ — $ — $ — $ — Commercial real estate non-owner occupied 632 — — 632 250 Construction and development < 60 months 800 — — 800 225 Construction residential real estate < 60 months 638 — — 638 134 Residential real estate first lien 189 — — 189 62 Residential real estate all other 140 — — 140 140 Agriculture 1,841 593 15 2,449 1,386 Commercial non-real estate — 6,090 241 6,331 1,867 Consumer non-real estate — — 147 147 88 Oil and gas — — — — — Total collateral-dependent loans held for investment $ 4,240 $ 6,683 $ 403 $ 11,326 $ 4,152 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: Six Months Ended June 30, 2024 2023 (Dollars in thousands) Other real estate owned $ 8,995 $ 667 Repossessed assets 1,575 946 Total $ 10,570 $ 1,613 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | (4) INTANGIBLE ASSETS AND GOODWILL The following is a summary of intangible assets as of the date listed: Gross Accumulated Net (Dollars in thousands) June 30, 2024 Core deposit intangibles $ 33,550 $ ( 18,741 ) $ 14,809 Customer relationship intangibles 3,350 ( 3,228 ) 122 Total $ 36,900 $ ( 21,969 ) $ 14,931 December 31, 2023 Core deposit intangibles $ 33,550 $ ( 17,027 ) $ 16,523 Customer relationship intangibles 3,350 ( 3,169 ) 181 Total $ 36,900 $ ( 20,196 ) $ 16,704 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) Six months ended June 30, 2024 Balance at beginning and end of period $ 13,767 $ 61,420 $ 68,855 $ 32,133 $ 5,464 $ 624 $ 182,263 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, 2023 . |
Subordinated Debt
Subordinated Debt | 6 Months Ended |
Jun. 30, 2024 | |
Broker-Dealer [Abstract] | |
Subordinated Debt | (5) 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 Cumulative Trust Preferred Securities qualify as Tier 1 capital under regulatory guidelines. 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 have been callable at par, in whole or in part, since 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 qualify as Tier 2 capital under regulatory guidelines. The net proceeds to the Company from the sale of the Subordinated Notes were approximately $ 59.15 million net of commissions and offering expenses. The Company used the proceeds from the sale of the Subordinated Notes for general corporate purposes. The Subordinated Notes 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 | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | (6) STOCK-BASED COMPENSATION On May 25, 2023, the shareholders of the Company adopted the BancFirst Corporation 2023 Restricted Stock Unit Plan (the "RSU Plan"). The RSU Plan was effective as of June 1, 2023 and for a period of ten years thereafter. The RSU Plan will continue in effect after such ten-year period until all matters relating to the payment of awards and administration of the RSU Plan have been settled. At June 30, 2024 there were 462,175 shares available for future grants. The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20 % per year for five years . The RSUs are settled and distributed as of each vesting date. The fair value of each RSU granted is equal to the market price of the Company’s stock at the date of grant. The following table is a summary of the activity under the Company's RSU plan. Wgtd. Avg. Restricted Grant Date Stock Units Fair Value Six Months Ended June 30, 2024 Nonvested at December 31, 2023 32,075 $ 87.23 Granted 7,250 88.57 Forfeited ( 1,500 ) 83.61 Nonvested at June 30, 2024 37,825 87.63 The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999. As of June 30, 2024 , there are 39,525 shares available for future issuance under the Deferred Stock Compensation Plan. The Deferred Stock Compensation Plan will terminate on December 31, 2030 , 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 5,022 and 17,797 shares of common stock distributed from the Deferred Stock Compensation Plan during the six months ended June 30, 2024 and 2023, respectively. A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows: June 30, 2024 December 31, 2023 Accumulated stock units 119,115 119,575 Average price $ 42.43 $ 40.03 The Company terminated the BancFirst Corporation Stock Option Plan (the “Employee Plan”) on June 1, 2023 . The remaining options will continue to vest and are exercisable beginning four years 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 Company terminated the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “Non-Employee Directors’ Plan”) on June 1, 2023 . The remaining options will continue to 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 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) Six Months Ended June 30, 2024 Outstanding at December 31, 2023 1,241,391 $ 53.12 Options exercised ( 84,084 ) 28.80 Options canceled, forfeited, or expired ( 12,000 ) 91.64 Outstanding at June 30, 2024 1,145,307 54.50 9.57 Yrs. $ 38,022 Exercisable at June 30, 2024 502,932 37.51 6.64 Yrs. $ 25,243 The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Total intrinsic value of options exercised $ 3,254 $ 1,979 $ 5,085 $ 2,331 Cash received from options exercised 1,714 1,318 2,422 1,539 Tax benefit realized from options exercised 782 475 1,222 560 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 or restricted stock units in cash on a limited basis at the discretion of the Company. The Company had no cash settlements during the six months ended June 30, 2024 or 2023. Stock-based compensation expense is charged to salaries and benefits expense on the Consolidated Statements of Comprehensive Income. The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Stock-based compensation expense $ 920 $ 831 $ 1,635 $ 1,213 Tax benefit 221 200 393 292 Stock-based compensation expense, net of tax $ 699 $ 631 $ 1,242 $ 921 The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs: June 30, 2024 (Dollars in thousands) Unearned stock-based compensation expense for unvested stock options $ 8,769 Unearned stock-based compensation expense for unvested RSU's 2,940 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | (7) STOCKHOLDERS’ EQUITY The Company has adopted a Stock Repurchase Program (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 is determined by management and approved by the Company’s Executive Committee. The following table is a summary of the shares under the SRP: June 30, 2024 Shares remaining to be repurchased 479,784 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 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 June 30, 2024 , BancFirst Corporation, BancFirst, Pegasus and Worthington each 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 June 30, 2024: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,548,490 17.22 % $ 719,342 8.00 % $ 944,136 10.50 % N/A N/A BancFirst 1,224,212 16.09 % 608,791 8.00 % 799,039 10.50 % $ 760,989 10.00 % Pegasus 143,683 15.85 % 72,538 8.00 % 95,206 10.50 % 90,672 10.00 % Worthington 53,063 11.85 % 35,810 8.00 % 47,001 10.50 % 44,763 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,363,539 15.16 % $ 404,630 4.50 % $ 629,424 7.00 % N/A N/A BancFirst 1,119,672 14.71 % 342,445 4.50 % 532,693 7.00 % $ 494,643 6.50 % Pegasus 134,727 14.86 % 40,802 4.50 % 63,470 7.00 % 58,937 6.50 % Worthington 48,955 10.94 % 20,143 4.50 % 31,334 7.00 % 29,096 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,389,539 15.45 % $ 539,507 6.00 % $ 764,301 8.50 % N/A N/A BancFirst 1,139,672 14.98 % 456,594 6.00 % 646,841 8.50 % $ 608,791 8.00 % Pegasus 134,727 14.86 % 54,403 6.00 % 77,071 8.50 % 72,538 8.00 % Worthington 48,955 10.94 % 26,858 6.00 % 38,048 8.50 % 35,810 8.00 % Tier 1 Capital (to Quarterly Average Assets)- BancFirst Corporation $ 1,389,539 11.10 % $ 500,747 4.00 % N/A N/A N/A N/A BancFirst 1,139,672 10.69 % 426,413 4.00 % N/A N/A $ 533,017 5.00 % Pegasus 134,727 10.59 % 50,900 4.00 % N/A N/A 63,624 5.00 % Worthington 48,955 8.44 % 23,207 4.00 % N/A N/A 29,008 5.00 % As of June 30, 2024, BancFirst, Pegasus and Worthington were classified by the Federal Reserve 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 qualify as Tier 1 capital and its Subordinated Notes qualify as Tier 2 capital. The Company's Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. BancFirst, Pegasus and Worthington have had no events or conditions that management believes would materially change their category under capital requirements existing as of the report dates. |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | (8) NET INCOME PER COMMON SHARE Basic and diluted net income per common share are calculated as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands, except per share data) (Numerator) Income available to common stockholders $ 50,641 $ 55,010 $ 100,975 $ 112,543 (Denominator) Weighted average shares outstanding for basic earnings per common share 33,001,180 32,920,497 32,974,582 32,906,753 Dilutive effect of stock compensation 523,881 546,757 545,665 559,178 Weighted-average shares outstanding for diluted earnings per common share 33,525,061 33,467,254 33,520,247 33,465,931 Basic earnings per share $ 1.53 $ 1.67 $ 3.06 $ 3.42 Diluted earnings per share $ 1.51 $ 1.64 $ 3.01 $ 3.36 The following table shows the number of options and RSU's that were excluded from the computation of diluted net income per common share for each period because they were anti-dilutive for the period: Shares Three Months Ended June 30, 2024 260,548 Three Months Ended June 30, 2023 305,407 Six Months Ended June 30, 2024 262,251 Six Months Ended June 30, 2023 307,608 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (9) 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 a 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 municipal revenue bonds. Pricing for such instruments 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) June 30, 2024 Debt securities available for sale: U.S. Treasury $ 1,390,782 $ — $ — $ 1,390,782 U.S. federal agencies — 9,683 — 9,683 Mortgage-backed securities — 13,908 — 13,908 States and political subdivisions — 9,801 150 9,951 Asset backed securities — 9,381 — 9,381 Other debt securities — 6,822 — 6,822 Derivative assets — 15,239 — 15,239 Derivative liabilities — 13,420 — 13,420 December 31, 2023 Debt securities available for sale: U.S. Treasury $ 1,498,045 $ — $ — $ 1,498,045 U.S. federal agencies — 11,770 — 11,770 Mortgage-backed securities — 14,795 — 14,795 States and political subdivisions — 9,830 180 10,010 Asset backed securities — 12,512 — 12,512 Other debt securities 6,773 6,773 Derivative assets — 41,099 — 41,099 Derivative liabilities — 39,176 — 39,176 The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows: Six Months Ended June 30, Twelve Months Ended December 31, 2024 2023 (Dollars in thousands) Balance at the beginning of the year $ 180 $ 454 Transfers to level 2 — ( 244 ) Settlements ( 30 ) ( 30 ) Balance at the end of the period $ 150 $ 180 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 six months ended June 30, 2024, the Company did not transfer any debt securities. During the year ended December 31, 2023, the Company transferred debt securities from Level 3 to Level 2 due to a review of the pricing models that determined some state and political subdivision securities to be Level 2. Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; 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 June 30, 2024 Equity securities $ 13,331 Collateral dependent loans 230 Repossessed assets 657 Other real estate owned 6,838 As of and for the Year-to-date Period Ended December 31, 2023 Equity securities $ 13,144 Collateral dependent loans 1,894 Repossessed assets 474 Other real estate owned 31,773 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 are 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: June 30, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 2,493,292 $ 2,493,292 $ 2,397,463 $ 2,397,463 Federal funds sold 1,102 1,102 $ 1,316 1,316 Debt securities held for investment 3 3 5 5 Loans held for sale 7,408 7,408 3,489 3,489 Level 3 inputs: Debt securities held for investment 835 835 1,185 1,185 Loans, net of allowance for credit losses 7,947,822 8,692,589 7,559,845 7,356,768 FINANCIAL LIABILITIES Level 2 inputs: Deposits 11,015,602 10,511,836 10,700,122 10,413,348 Short-term borrowings 4,264 4,264 3,351 3,351 Subordinated debt 86,129 77,459 86,101 79,271 OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS Loan commitments 4,510 4,875 Letters of credit 671 637 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. In addition, the Company has no non-financial liabilities measured at fair value on a nonrecurring basis. Non-financial assets measured at fair value on a nonrecurring basis include intangible assets. The intangible assets are evaluated at least annually for impairment. The overall levels of non-financial assets measured at fair value on a nonrecurring basis were no t considered to be significant to the Company at June 30, 2024 or December 31, 2023 . |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | (10) 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 June 30, 2024 , the Company had a margin asset included in other assets in the amount of $ 7.2 million. At December 31, 2023 , the Company had a margin liability in other liabilities in the amount of $ 15.5 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: June 30, 2024 December 31, 2023 Oil and Natural Gas Swaps and Options Notional Units Notional Estimated Notional Estimated (Notional amounts and dollars in thousands) Oil Derivative assets Barrels 3,866 $ 4,033 3,896 $ 20,567 Derivative liabilities Barrels ( 3,866 ) ( 3,097 ) ( 3,896 ) ( 19,512 ) Gas/Natural Gas Liquids Derivative assets MMBTUs/Gallons 39,502 11,206 46,140 20,532 Derivative liabilities MMBTUs/Gallons ( 39,502 ) ( 10,323 ) ( 46,140 ) ( 19,664 ) Total Fair Value Included in Derivative assets Other assets 15,239 41,099 Derivative liabilities Other liabilities ( 13,420 ) ( 39,176 ) 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Derivative income $ 94 $ 260 $ 197 $ 349 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: June 30, 2024 December 31, 2023 (Dollars in thousands) Credit exposure $ 7,134 $ 39,527 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 | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | (11) 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 Arlington, Fort Worth and Denton Texas. 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 June 30, 2024 Net interest income $ 29,139 $ 61,710 $ 11,363 $ 4,462 $ 1,103 $ 2,119 $ — $ 109,896 Noninterest income 5,562 16,886 339 250 13,513 58,064 ( 50,670 ) 43,944 Income before taxes 21,209 42,267 6,112 744 4,139 41,225 ( 50,530 ) 65,166 Three Months Ended June 30, 2023 Net interest income $ 29,269 $ 57,617 $ 13,509 $ 4,123 $ 1,058 $ 350 $ — $ 105,926 Noninterest income 7,090 19,986 467 255 12,350 63,688 ( 55,862 ) 47,974 Income before taxes 21,588 43,184 9,857 791 4,298 45,925 ( 55,677 ) 69,966 Six Months Ended June 30, 2024 Net interest income $ 57,332 $ 121,721 $ 22,230 $ 8,851 $ 2,122 $ 3,744 $ — $ 216,000 Noninterest income 10,731 32,804 659 471 28,676 116,492 ( 100,989 ) 88,844 Income before taxes 43,540 81,059 9,257 1,413 10,474 84,296 ( 100,663 ) 129,376 Six Months Ended June 30, 2023 Net interest income $ 60,008 $ 115,302 $ 28,660 $ 8,747 $ 2,000 $ 365 $ — $ 215,082 Noninterest income 13,177 39,518 681 534 26,522 129,831 ( 114,461 ) 95,802 Income before taxes 44,898 86,783 19,501 2,421 10,462 94,342 ( 114,096 ) 144,311 Total Assets: June 30, 2024 $ 3,365,250 $ 7,489,606 $ 1,360,612 $ 622,902 $ 121,308 $ 1,392,169 $ ( 1,614,529 ) $ 12,737,318 December 31, 2023 3,598,888 7,012,905 1,280,618 600,364 121,601 1,307,714 ( 1,550,048 ) 12,372,042 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) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. |
Reclassifications | Reclassifications Certain items in prior consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standards Not Yet Adopted: In December 2023, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The amendments are to be applied retrospectively to all periods presented and segment expense categories are required to be based on the categories identified at adoption. The Company is currently evaluating the provisions of this ASU and expects to adopt them for the year ending December 31, 2024. The Company does no t expect the adoption to have a significant impact on the Company’s consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 (Dollars in thousands) Mortgage backed securities (1) $ 3 $ — $ — $ 3 States and political subdivisions 335 — — 335 Other securities 500 — — 500 Total $ 838 $ — $ — $ 838 December 31, 2023 Mortgage backed securities (1) $ 5 $ — $ — $ 5 States and political subdivisions 685 — — 685 Other securities 500 — — 500 Total $ 1,190 $ — $ — $ 1,190 |
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 June 30, 2024 (Dollars in thousands) U.S. treasuries $ 1,450,915 $ — $ ( 60,133 ) $ 1,390,782 U.S. federal agencies 9,565 121 ( 3 ) 9,683 Mortgage backed securities (1) 15,647 7 ( 1,746 ) 13,908 States and political subdivisions 10,078 8 ( 135 ) 9,951 Asset backed securities 9,338 43 — 9,381 Other securities 8,163 — ( 1,341 ) 6,822 Total $ 1,503,706 $ 179 $ ( 63,358 ) $ 1,440,527 December 31, 2023 U.S. treasuries $ 1,560,265 $ 415 $ ( 62,635 ) $ 1,498,045 U.S. federal agencies 11,631 142 ( 3 ) 11,770 Mortgage backed securities (1) 16,459 13 ( 1,677 ) 14,795 States and political subdivisions 10,108 16 ( 114 ) 10,010 Asset backed securities 12,794 — ( 282 ) 12,512 Other securities 8,163 — ( 1,390 ) 6,773 Total $ 1,619,420 $ 586 $ ( 66,101 ) $ 1,553,905 (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. June 30, 2024 December 31, 2023 Amortized Estimated Amortized Estimated (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 275 $ 275 $ 350 $ 350 After one year but within five years 563 563 840 840 After five years but within ten years — — — — After ten years — — — — Total $ 838 $ 838 $ 1,190 $ 1,190 Available for Sale Contractual maturity of debt securities: Within one year $ 364,890 $ 358,962 $ 348,318 $ 341,645 After one year but within five years 1,097,339 1,043,120 1,223,529 1,167,973 After five years but within ten years 11,071 9,657 10,331 8,851 After ten years 30,406 28,788 37,242 35,436 Total debt securities $ 1,503,706 $ 1,440,527 $ 1,619,420 $ 1,553,905 |
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: June 30, 2024 December 31, 2023 (Dollars in thousands) Book value of pledged securities $ 910,357 $ 591,324 |
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 June 30, 2024 and December 31, 2023 respectively: Less than 12 Months More than 12 Months Total Number of investments Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) June 30, 2024 Available for Sale U.S. treasuries 62 $ 90,084 $ 926 $ 1,300,697 $ 59,207 $ 1,390,781 $ 60,133 U.S. federal agencies 2 205 2 688 1 893 3 Mortgage backed securities 69 1,188 9 12,455 1,737 13,643 1,746 States and political subdivisions 8 867 3 1,871 132 2,738 135 Other securities 3 — — 6,822 1,341 6,822 1,341 Total 144 $ 92,344 $ 940 $ 1,322,533 $ 62,418 $ 1,414,877 $ 63,358 December 31, 2023 Available for Sale U.S. treasuries 68 $ 4,838 $ 90 $ 1,401,669 $ 62,545 $ 1,406,507 $ 62,635 U.S. federal agencies 3 1,100 3 — — 1,100 3 Mortgage backed securities 74 80 — 13,261 1,677 13,341 1,677 States and political subdivisions 6 306 4 1,847 110 2,153 114 Asset backed securities 1 — — 12,512 282 12,512 282 Other securities 3 — — 6,773 1,390 6,773 1,390 Total 155 $ 6,324 $ 97 $ 1,436,062 $ 66,004 $ 1,442,386 $ 66,101 |
Loans Held for Investment and_2
Loans Held for Investment and Allowance for Credit Losses on Loans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Summary of Loans Held for Investment by Portfolio Segment | Loans held for investment are summarized by portfolio segment as follows: June 30, 2024 December 31, 2023 (Dollars in thousands) Real estate: Commercial real estate owner occupied 954,942 960,944 Commercial real estate non-owner occupied 1,604,132 1,486,420 Construction and development < 60 months 680,807 642,643 Construction residential real estate < 60 months 288,900 283,486 Residential real estate first lien 1,335,124 1,258,744 Residential real estate all other 260,036 244,696 Agriculture 432,360 427,139 Commercial non-real estate 1,436,349 1,289,452 Consumer non-real estate 469,084 476,467 Oil and gas 585,714 586,654 Total (1) $ 8,047,448 $ 7,656,645 (1) Excludes accrued interest receivable of $ 42.8 million at June 30, 2024 and $ 39.4 million at December 31, 2023, that is recorded in accrued interest receivable and other assets. |
Summary of Other Real Estate Owned and Repossessed Assets | The following is a summary of other real estate owned and repossessed assets: June 30, 2024 December 31, 2023 (Dollars in thousands) Other real estate owned and repossessed assets $ 38,497 $ 34,200 |
Summary of Rental Income and Operating Expenses | This property had the following rental income and operating expenses for the periods presented. Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Rental income $ 3,085 $ 2,778 $ 6,026 $ 5,468 Operating expense 2,673 2,967 4,923 5,348 |
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. June 30, 2024 December 31, 2023 (Dollars in thousands) Real estate: Commercial real estate owner occupied $ 5,543 $ 1,686 Commercial real estate non-owner occupied 3,280 874 Construction and development < 60 months 20,142 800 Construction residential real estate < 60 months 745 638 Residential real estate first lien 3,425 3,336 Residential real estate all other 628 899 Agriculture 2,092 3,662 Commercial non-real estate 5,605 10,101 Consumer non-real estate 685 449 Oil and gas 1,876 2,128 Total $ 44,021 $ 24,573 |
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 June 30, 2024 Real estate: Commercial real estate owner occupied $ 3,020 $ 38 $ 5,379 $ 8,437 $ 946,505 $ 954,942 $ 532 Commercial real estate non-owner occupied — 141 1,544 1,685 1,602,447 1,604,132 803 Construction and development < 60 months 405 1,738 831 2,974 677,833 680,807 31 Construction residential real estate < 60 months 229 117 407 753 288,147 288,900 — Residential real estate first lien 4,929 2,144 2,213 9,286 1,325,838 1,335,124 961 Residential real estate all other 866 152 835 1,853 258,183 260,036 250 Agriculture 1,805 937 1,447 4,189 428,171 432,360 916 Commercial non-real estate 1,857 831 5,256 7,944 1,428,405 1,436,349 587 Consumer non-real estate 3,166 555 495 4,216 464,868 469,084 200 Oil and gas 588 416 — 1,004 584,710 585,714 — Total $ 16,865 $ 7,069 $ 18,407 $ 42,341 $ 8,005,107 $ 8,047,448 $ 4,280 As of December 31, 2023 Real estate: Commercial real estate owner occupied $ 1,386 $ 26 $ 5,598 $ 7,010 $ 953,934 $ 960,944 $ 4,377 Commercial real estate non-owner occupied 2,224 7,371 1,786 11,381 1,475,039 1,486,420 913 Construction and development < 60 months 198 158 800 1,156 641,487 642,643 — Construction residential real estate < 60 months 1,542 206 405 2,153 281,333 283,486 332 Residential real estate first lien 3,879 1,204 1,849 6,932 1,251,812 1,258,744 731 Residential real estate all other 757 190 613 1,560 243,136 244,696 549 Agriculture 1,694 724 1,227 3,645 423,494 427,139 579 Commercial non-real estate 1,501 436 10,028 11,965 1,277,487 1,289,452 1,714 Consumer non-real estate 3,248 1,090 594 4,932 471,535 476,467 347 Oil and gas — — 92 92 586,562 586,654 — Total $ 16,429 $ 11,405 $ 22,992 $ 50,826 $ 7,605,819 $ 7,656,645 $ 9,542 |
Gross Loans Held for Investment by Year of Origination and Internally Assigned Credit Grades | The following table summarizes the Company’s gross loans held for investment by year of origination and internally assigned credit grades: Term Loans Amortized Cost Basis by Origination Year Revolving Loans (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Total As of June 30, 2024 Commercial real estate owner occupied Grade 1 $ 39,257 $ 104,695 $ 151,859 $ 111,308 $ 78,999 $ 186,219 $ 25,667 $ 698,004 Grade 2 23,094 34,818 49,139 44,044 21,710 34,604 24,187 231,596 Grade 3 128 7,339 3,574 4,489 939 4,121 2,100 22,690 Grade 4 — 372 21 170 352 1,615 122 2,652 Total commercial real estate owner occupied 62,479 147,224 204,593 160,011 102,000 226,559 52,076 954,942 Commercial real estate non-owner occupied Grade 1 $ 64,168 $ 258,439 $ 283,026 $ 187,391 $ 120,052 $ 126,177 $ 41,093 $ 1,080,346 Grade 2 61,660 104,871 126,693 89,290 38,105 71,591 3,122 495,332 Grade 3 8,934 141 13,635 1,690 — 245 — 24,645 Grade 4 185 2,043 643 316 98 524 — 3,809 Total commercial real estate non-owner occupied 134,947 365,494 423,997 278,687 158,255 198,537 44,215 1,604,132 Construction and development < 60 months Grade 1 $ 49,830 $ 76,166 $ 146,196 $ 33,350 $ 9,848 $ 7,591 $ 51,139 $ 374,120 Grade 2 64,768 118,553 62,487 8,296 1,590 14,969 10,703 281,366 Grade 3 2,641 1,829 — 354 71 68 19,287 24,250 Grade 4 — — 831 100 140 — — 1,071 Total construction and development < 60 months 117,239 196,548 209,514 42,100 11,649 22,628 81,129 680,807 Construction residential real estate < 60 months Grade 1 $ 78,419 $ 48,981 $ 15,922 $ 8,162 $ 98 $ 546 $ 30,001 $ 182,129 Grade 2 54,233 33,153 2,447 15 12 — 11,630 101,490 Grade 3 3,503 408 — — — — 396 4,307 Grade 4 568 200 206 — — — — 974 Total construction residential real estate < 60 months 136,723 82,742 18,575 8,177 110 546 42,027 288,900 Residential real estate first lien Grade 1 $ 134,305 $ 211,033 $ 205,048 $ 162,128 $ 130,865 $ 192,862 $ 5,031 $ 1,041,272 Grade 2 43,810 65,488 50,368 37,025 25,620 48,645 519 271,475 Grade 3 1,453 2,576 3,098 2,835 1,821 5,562 — 17,345 Grade 4 907 646 312 795 539 1,756 — 4,955 Grade 5 — 77 — — — — — 77 Total residential real estate first lien 180,475 279,820 258,826 202,783 158,845 248,825 5,550 1,335,124 Residential real estate all other Grade 1 $ 18,801 $ 34,325 $ 21,028 $ 6,512 $ 7,196 $ 12,957 $ 54,939 $ 155,758 Grade 2 3,804 5,198 4,467 1,341 1,462 3,918 79,266 99,456 Grade 3 756 344 106 176 295 437 1,507 3,621 Grade 4 — 174 67 — — 26 934 1,201 Total residential real estate all other 23,361 40,041 25,668 8,029 8,953 17,338 136,646 260,036 Agriculture Grade 1 $ 26,725 $ 36,340 $ 44,928 $ 31,695 $ 22,757 $ 46,282 $ 46,588 $ 255,315 Grade 2 23,833 21,355 20,788 16,052 9,606 19,830 39,081 150,545 Grade 3 5,833 8,951 1,119 1,076 2,589 3,072 1,686 24,326 Grade 4 354 886 612 51 5 262 4 2,174 Total Agriculture 56,745 67,532 67,447 48,874 34,957 69,446 87,359 432,360 Commercial non-real estate Grade 1 $ 98,481 $ 135,724 $ 155,712 $ 132,447 $ 28,731 $ 58,159 $ 421,728 $ 1,030,982 Grade 2 57,646 94,429 30,313 20,608 5,593 6,885 176,353 391,827 Grade 3 1,471 2,160 2,183 1,035 235 250 2,637 9,971 Grade 4 787 364 793 255 508 116 563 3,386 Grade 5 — — — 6 — 177 — 183 Total commercial non-real estate 158,385 232,677 189,001 154,351 35,067 65,587 601,281 1,436,349 Consumer non-real estate Grade 1 $ 105,282 $ 153,775 $ 77,329 $ 40,937 $ 11,724 $ 6,655 $ 12,793 $ 408,495 Grade 2 9,876 17,288 10,906 5,582 1,542 1,219 6,427 52,840 Grade 3 1,059 1,839 1,641 1,119 274 276 15 6,223 Grade 4 198 556 314 282 104 68 4 1,526 Total consumer non-real estate 116,415 173,458 90,190 47,920 13,644 8,218 19,239 469,084 Oil and gas Grade 1 $ 76,512 $ 63,488 $ 5,807 $ 26,153 $ 5,951 $ 3,116 $ 269,441 $ 450,468 Grade 2 60,737 9,097 5,045 677 374 267 58,161 134,358 Grade 3 29 109 — 183 — — — 321 Grade 4 — — — 127 — 440 — 567 Total oil and gas 137,278 72,694 10,852 27,140 6,325 3,823 327,602 585,714 Total loans held for investment $ 1,124,047 $ 1,658,230 $ 1,498,663 $ 978,072 $ 529,805 $ 861,507 $ 1,397,124 $ 8,047,448 |
Gross Charge-offs by Year of Origination | The following tables summarize the Company's gross charge-offs by year of origination for the periods indicated: Term Loans Amortized Cost Basis by Origination Year Revolving Loans 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Total (Dollars in thousands) Three months ended June 30, 2024 Commercial real estate owner occupied Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate non-owner occupied Current-period gross charge-offs — — — 1 — — — 1 Construction and development < 60 months Current-period gross charge-offs — — — — — — — — Construction residential real estate < 60 months Current-period gross charge-offs — — — — — — — — Residential real estate first lien Current-period gross charge-offs 2 23 — 2 4 36 — 67 Residential real estate all other Current-period gross charge-offs — — — — — — — — Agriculture Current-period gross charge-offs — — 6 13 — — — 19 Commercial non-real estate Current-period gross charge-offs 6 155 43 8 — 190 378 780 Consumer non-real estate Current-period gross charge-offs 21 256 150 28 21 30 4 510 Oil and gas Current-period gross charge-offs — — — — — — — — Total current-period gross charge-offs $ 29 $ 434 $ 199 $ 52 $ 25 $ 256 $ 382 $ 1,377 Term Loans Amortized Cost Basis by Origination Year Revolving Loans 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Total (Dollars in thousands) Three months ended June 30, 2023 Commercial real estate owner occupied Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate non-owner occupied Current-period gross charge-offs — — — — — — — — Construction and development < 60 months Current-period gross charge-offs — — — 2 — — — 2 Construction residential real estate < 60 months Current-period gross charge-offs — — — — — — — — Residential real estate first lien Current-period gross charge-offs — — 19 21 — 2 — 42 Residential real estate all other Current-period gross charge-offs — 2 — — — — — 2 Agriculture Current-period gross charge-offs — — — 301 1 — — 302 Commercial non-real estate Current-period gross charge-offs 42 34 1 20 — 5 — 102 Consumer non-real estate Current-period gross charge-offs 29 186 115 14 28 11 15 398 Oil and gas Current-period gross charge-offs — 2 — — — — — 2 Total current-period gross charge-offs $ 71 $ 224 $ 135 $ 358 $ 29 $ 18 $ 15 $ 850 Term Loans Amortized Cost Basis by Origination Year Revolving Loans 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Total (Dollars in thousands) Six months ended June 30, 2024 Commercial real estate owner occupied Current-period gross charge-offs $ — $ — $ — $ 15 $ — $ — $ — $ 15 Commercial real estate non-owner occupied Current-period gross charge-offs — 12 — 1 1 — — 14 Construction and development < 60 months Current-period gross charge-offs — — — — — — — — Construction residential real estate < 60 months Current-period gross charge-offs — 3 — — — — — 3 Residential real estate first lien Current-period gross charge-offs 3 23 — 3 4 57 — 90 Residential real estate all other Current-period gross charge-offs — — — — — 2 27 29 Agriculture Current-period gross charge-offs — — 37 13 — — — 50 Commercial non-real estate Current-period gross charge-offs 6 1,156 318 140 12 316 1,886 3,834 Consumer non-real estate Current-period gross charge-offs 21 500 247 79 34 45 15 941 Oil and gas Current-period gross charge-offs — 9 83 — — — — 92 Total current-period gross charge-offs $ 30 $ 1,703 $ 685 $ 251 $ 51 $ 420 $ 1,928 $ 5,068 Term Loans Amortized Cost Basis by Origination Year Revolving Loans 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Total (Dollars in thousands) Six months ended June 30, 2023 Commercial real estate owner occupied Current-period gross charge-offs $ — $ 7 $ 1 $ 22 $ 18 $ — $ — $ 48 Commercial real estate non-owner occupied Current-period gross charge-offs — — — — — 3 — 3 Construction and development < 60 months Current-period gross charge-offs — 2 — 2 — — — 4 Construction residential real estate < 60 months Current-period gross charge-offs — — — — — — — — Residential real estate first lien Current-period gross charge-offs — — 19 21 — 4 — 44 Residential real estate all other Current-period gross charge-offs — 4 19 — 1 4 — 28 Agriculture Current-period gross charge-offs — 4 — 317 14 2 — 337 Commercial non-real estate Current-period gross charge-offs 42 101 63 20 — 52 — 278 Consumer non-real estate Current-period gross charge-offs 29 262 147 29 37 17 17 538 Oil and gas Current-period gross charge-offs — 2 — — — — — 2 Total current-period gross charge-offs $ 71 $ 382 $ 249 $ 411 $ 70 $ 82 $ 17 $ 1,282 |
Activity in Allowance for Credit Losses on Loans | The following tables detail 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 June 30, 2024 Real estate: Commercial real estate owner occupied $ 7,468 $ — $ 11 $ 11 $ ( 109 ) $ 7,370 Commercial real estate non-owner occupied 33,180 ( 1 ) — ( 1 ) 688 33,867 Construction and development < 60 months 6,596 — — — 184 6,780 Construction residential real estate < 60 months 3,464 — — — 55 3,519 Residential real estate first lien 4,923 ( 67 ) 21 ( 46 ) 695 5,572 Residential real estate all other 1,652 — 3 3 74 1,729 Agriculture 6,137 ( 19 ) 5 ( 14 ) ( 206 ) 5,917 Commercial non-real estate 20,482 ( 780 ) 280 ( 500 ) 1,493 21,475 Consumer non-real estate 4,335 ( 510 ) 58 ( 452 ) 500 4,383 Oil and gas 9,030 — — — ( 16 ) 9,014 Total $ 97,267 $ ( 1,377 ) $ 378 $ ( 999 ) $ 3,358 $ 99,626 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 June 30, 2023 Real estate: Commercial real estate owner occupied $ 6,547 $ — $ 3 $ 3 $ 258 $ 6,808 Commercial real estate non-owner occupied 32,120 — — — 1,312 33,432 Construction and development < 60 months 3,608 ( 2 ) 3 1 ( 169 ) 3,440 Construction residential real estate < 60 months 3,226 — — — 327 3,553 Residential real estate first lien 4,454 ( 42 ) 10 ( 32 ) 333 4,755 Residential real estate all other 1,444 ( 2 ) 1 ( 1 ) 218 1,661 Agriculture 6,268 ( 302 ) 7 ( 295 ) 453 6,426 Commercial non-real estate 25,079 ( 102 ) 127 25 23 25,127 Consumer non-real estate 4,232 ( 398 ) 35 ( 363 ) 475 4,344 Oil and gas 7,782 ( 2 ) — ( 2 ) ( 406 ) 7,374 Total $ 94,760 $ ( 850 ) $ 186 $ ( 664 ) $ 2,824 $ 96,920 Allowance for Credit Losses Balance at Charge- Recoveries Net Provision for/(benefit from) credit losses on loans Balance at (Dollars in thousands) Six Months Ended June 30, 2024 Real estate: Commercial real estate owner occupied $ 7,483 $ ( 15 ) $ 31 $ 16 $ ( 129 ) $ 7,370 Commercial real estate non-owner occupied 33,080 ( 14 ) — ( 14 ) 801 33,867 Construction and development < 60 months 3,950 — — — 2,830 6,780 Construction residential real estate < 60 months 3,414 ( 3 ) — ( 3 ) 108 3,519 Residential real estate first lien 4,914 ( 90 ) 25 ( 65 ) 723 5,572 Residential real estate all other 1,646 ( 29 ) 8 ( 21 ) 104 1,729 Agriculture 6,137 ( 50 ) 17 ( 33 ) ( 187 ) 5,917 Commercial non-real estate 22,745 ( 3,834 ) 313 ( 3,521 ) 2,251 21,475 Consumer non-real estate 4,401 ( 941 ) 127 ( 814 ) 796 4,383 Oil and gas 9,030 ( 92 ) — ( 92 ) 76 9,014 Total $ 96,800 $ ( 5,068 ) $ 521 $ ( 4,547 ) $ 7,373 $ 99,626 Allowance for Credit Losses Balance at Charge- Recoveries Net Provision for/(benefit from) credit losses on loans Balance at (Dollars in thousands) Six Months Ended June 30, 2023 Real estate: Commercial real estate owner occupied $ 6,416 $ ( 48 ) $ 52 $ 4 $ 388 $ 6,808 Commercial real estate non-owner occupied 30,190 ( 3 ) — ( 3 ) 3,245 33,432 Construction and development < 60 months 3,778 ( 4 ) 6 2 ( 340 ) 3,440 Construction residential real estate < 60 months 3,275 — — — 278 3,553 Residential real estate first lien 4,092 ( 44 ) 13 ( 31 ) 694 4,755 Residential real estate all other 1,418 ( 28 ) 3 ( 25 ) 268 1,661 Agriculture 6,217 ( 337 ) 13 ( 324 ) 533 6,426 Commercial non-real estate 25,106 ( 278 ) 149 ( 129 ) 150 25,127 Consumer non-real estate 4,132 ( 538 ) 92 ( 446 ) 658 4,344 Oil and gas 8,104 ( 2 ) — ( 2 ) ( 728 ) 7,374 Total $ 92,728 $ ( 1,282 ) $ 328 $ ( 954 ) $ 5,146 $ 96,920 |
Collateral-Dependent Gross Loans Held for Investment by Collateral Type and Related Specific Allocation | The following tables summarize collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows: Collateral Type Real Estate Business Assets Other Assets Total Specific Allocation (Dollars in thousands) As of June 30, 2024 Real estate: Commercial real estate owner occupied $ — $ — $ — $ — $ — Commercial real estate non-owner occupied 643 — — 643 250 Construction and development < 60 months 20,142 — — 20,142 2,825 Construction residential real estate < 60 months 618 — — 618 134 Residential real estate first lien 195 — — 195 66 Residential real estate all other 79 — — 79 81 Agriculture 1,833 401 14 2,248 1,193 Commercial non-real estate — 4,140 87 4,227 1,342 Consumer non-real estate — — 236 236 133 Oil and gas — — — — — Total collateral-dependent loans held for investment $ 23,510 $ 4,541 $ 337 $ 28,388 $ 6,024 Collateral Type Real Estate Business Assets Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2023 Real estate: Commercial real estate owner occupied $ — $ — $ — $ — $ — Commercial real estate non-owner occupied 632 — — 632 250 Construction and development < 60 months 800 — — 800 225 Construction residential real estate < 60 months 638 — — 638 134 Residential real estate first lien 189 — — 189 62 Residential real estate all other 140 — — 140 140 Agriculture 1,841 593 15 2,449 1,386 Commercial non-real estate — 6,090 241 6,331 1,867 Consumer non-real estate — — 147 147 88 Oil and gas — — — — — Total collateral-dependent loans held for investment $ 4,240 $ 6,683 $ 403 $ 11,326 $ 4,152 |
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: Six Months Ended June 30, 2024 2023 (Dollars in thousands) Other real estate owned $ 8,995 $ 667 Repossessed assets 1,575 946 Total $ 10,570 $ 1,613 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) June 30, 2024 Core deposit intangibles $ 33,550 $ ( 18,741 ) $ 14,809 Customer relationship intangibles 3,350 ( 3,228 ) 122 Total $ 36,900 $ ( 21,969 ) $ 14,931 December 31, 2023 Core deposit intangibles $ 33,550 $ ( 17,027 ) $ 16,523 Customer relationship intangibles 3,350 ( 3,169 ) 181 Total $ 36,900 $ ( 20,196 ) $ 16,704 |
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) Six months ended June 30, 2024 Balance at beginning and end of period $ 13,767 $ 61,420 $ 68,855 $ 32,133 $ 5,464 $ 624 $ 182,263 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Activity Under RSU Plan | The following table is a summary of the activity under the Company's RSU plan. Wgtd. Avg. Restricted Grant Date Stock Units Fair Value Six Months Ended June 30, 2024 Nonvested at December 31, 2023 32,075 $ 87.23 Granted 7,250 88.57 Forfeited ( 1,500 ) 83.61 Nonvested at June 30, 2024 37,825 87.63 |
Summary of Accumulated Stock Units | A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows: June 30, 2024 December 31, 2023 Accumulated stock units 119,115 119,575 Average price $ 42.43 $ 40.03 |
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) Six Months Ended June 30, 2024 Outstanding at December 31, 2023 1,241,391 $ 53.12 Options exercised ( 84,084 ) 28.80 Options canceled, forfeited, or expired ( 12,000 ) 91.64 Outstanding at June 30, 2024 1,145,307 54.50 9.57 Yrs. $ 38,022 Exercisable at June 30, 2024 502,932 37.51 6.64 Yrs. $ 25,243 |
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 Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Total intrinsic value of options exercised $ 3,254 $ 1,979 $ 5,085 $ 2,331 Cash received from options exercised 1,714 1,318 2,422 1,539 Tax benefit realized from options exercised 782 475 1,222 560 |
Stock-based Employee Compensation Expense | The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Stock-based compensation expense $ 920 $ 831 $ 1,635 $ 1,213 Tax benefit 221 200 393 292 Stock-based compensation expense, net of tax $ 699 $ 631 $ 1,242 $ 921 The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs: |
Unearned Stock-based Compensation Expense | June 30, 2024 (Dollars in thousands) Unearned stock-based compensation expense for unvested stock options $ 8,769 Unearned stock-based compensation expense for unvested RSU's 2,940 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Summary of Shares Repurchased Under Stock Purchase Program | The following table is a summary of the shares under the SRP: June 30, 2024 Shares remaining to be repurchased 479,784 |
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 June 30, 2024: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,548,490 17.22 % $ 719,342 8.00 % $ 944,136 10.50 % N/A N/A BancFirst 1,224,212 16.09 % 608,791 8.00 % 799,039 10.50 % $ 760,989 10.00 % Pegasus 143,683 15.85 % 72,538 8.00 % 95,206 10.50 % 90,672 10.00 % Worthington 53,063 11.85 % 35,810 8.00 % 47,001 10.50 % 44,763 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,363,539 15.16 % $ 404,630 4.50 % $ 629,424 7.00 % N/A N/A BancFirst 1,119,672 14.71 % 342,445 4.50 % 532,693 7.00 % $ 494,643 6.50 % Pegasus 134,727 14.86 % 40,802 4.50 % 63,470 7.00 % 58,937 6.50 % Worthington 48,955 10.94 % 20,143 4.50 % 31,334 7.00 % 29,096 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,389,539 15.45 % $ 539,507 6.00 % $ 764,301 8.50 % N/A N/A BancFirst 1,139,672 14.98 % 456,594 6.00 % 646,841 8.50 % $ 608,791 8.00 % Pegasus 134,727 14.86 % 54,403 6.00 % 77,071 8.50 % 72,538 8.00 % Worthington 48,955 10.94 % 26,858 6.00 % 38,048 8.50 % 35,810 8.00 % Tier 1 Capital (to Quarterly Average Assets)- BancFirst Corporation $ 1,389,539 11.10 % $ 500,747 4.00 % N/A N/A N/A N/A BancFirst 1,139,672 10.69 % 426,413 4.00 % N/A N/A $ 533,017 5.00 % Pegasus 134,727 10.59 % 50,900 4.00 % N/A N/A 63,624 5.00 % Worthington 48,955 8.44 % 23,207 4.00 % N/A N/A 29,008 5.00 % |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Common Share | Basic and diluted net income per common share are calculated as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands, except per share data) (Numerator) Income available to common stockholders $ 50,641 $ 55,010 $ 100,975 $ 112,543 (Denominator) Weighted average shares outstanding for basic earnings per common share 33,001,180 32,920,497 32,974,582 32,906,753 Dilutive effect of stock compensation 523,881 546,757 545,665 559,178 Weighted-average shares outstanding for diluted earnings per common share 33,525,061 33,467,254 33,520,247 33,465,931 Basic earnings per share $ 1.53 $ 1.67 $ 3.06 $ 3.42 Diluted earnings per share $ 1.51 $ 1.64 $ 3.01 $ 3.36 |
Average Exercise Price of Options Excluded from Computation of Diluted Net Income Per Common Share | The following table shows the number of options and RSU's that were excluded from the computation of diluted net income per common share for each period because they were anti-dilutive for the period: Shares Three Months Ended June 30, 2024 260,548 Three Months Ended June 30, 2023 305,407 Six Months Ended June 30, 2024 262,251 Six Months Ended June 30, 2023 307,608 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) June 30, 2024 Debt securities available for sale: U.S. Treasury $ 1,390,782 $ — $ — $ 1,390,782 U.S. federal agencies — 9,683 — 9,683 Mortgage-backed securities — 13,908 — 13,908 States and political subdivisions — 9,801 150 9,951 Asset backed securities — 9,381 — 9,381 Other debt securities — 6,822 — 6,822 Derivative assets — 15,239 — 15,239 Derivative liabilities — 13,420 — 13,420 December 31, 2023 Debt securities available for sale: U.S. Treasury $ 1,498,045 $ — $ — $ 1,498,045 U.S. federal agencies — 11,770 — 11,770 Mortgage-backed securities — 14,795 — 14,795 States and political subdivisions — 9,830 180 10,010 Asset backed securities — 12,512 — 12,512 Other debt securities 6,773 6,773 Derivative assets — 41,099 — 41,099 Derivative liabilities — 39,176 — 39,176 |
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: Six Months Ended June 30, Twelve Months Ended December 31, 2024 2023 (Dollars in thousands) Balance at the beginning of the year $ 180 $ 454 Transfers to level 2 — ( 244 ) Settlements ( 30 ) ( 30 ) Balance at the end of the period $ 150 $ 180 |
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 June 30, 2024 Equity securities $ 13,331 Collateral dependent loans 230 Repossessed assets 657 Other real estate owned 6,838 As of and for the Year-to-date Period Ended December 31, 2023 Equity securities $ 13,144 Collateral dependent loans 1,894 Repossessed assets 474 Other real estate owned 31,773 |
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: June 30, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 2,493,292 $ 2,493,292 $ 2,397,463 $ 2,397,463 Federal funds sold 1,102 1,102 $ 1,316 1,316 Debt securities held for investment 3 3 5 5 Loans held for sale 7,408 7,408 3,489 3,489 Level 3 inputs: Debt securities held for investment 835 835 1,185 1,185 Loans, net of allowance for credit losses 7,947,822 8,692,589 7,559,845 7,356,768 FINANCIAL LIABILITIES Level 2 inputs: Deposits 11,015,602 10,511,836 10,700,122 10,413,348 Short-term borrowings 4,264 4,264 3,351 3,351 Subordinated debt 86,129 77,459 86,101 79,271 OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS Loan commitments 4,510 4,875 Letters of credit 671 637 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, 2024 December 31, 2023 Oil and Natural Gas Swaps and Options Notional Units Notional Estimated Notional Estimated (Notional amounts and dollars in thousands) Oil Derivative assets Barrels 3,866 $ 4,033 3,896 $ 20,567 Derivative liabilities Barrels ( 3,866 ) ( 3,097 ) ( 3,896 ) ( 19,512 ) Gas/Natural Gas Liquids Derivative assets MMBTUs/Gallons 39,502 11,206 46,140 20,532 Derivative liabilities MMBTUs/Gallons ( 39,502 ) ( 10,323 ) ( 46,140 ) ( 19,664 ) Total Fair Value Included in Derivative assets Other assets 15,239 41,099 Derivative liabilities Other liabilities ( 13,420 ) ( 39,176 ) |
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) Derivative income $ 94 $ 260 $ 197 $ 349 |
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: June 30, 2024 December 31, 2023 (Dollars in thousands) Credit exposure $ 7,134 $ 39,527 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 Net interest income $ 29,139 $ 61,710 $ 11,363 $ 4,462 $ 1,103 $ 2,119 $ — $ 109,896 Noninterest income 5,562 16,886 339 250 13,513 58,064 ( 50,670 ) 43,944 Income before taxes 21,209 42,267 6,112 744 4,139 41,225 ( 50,530 ) 65,166 Three Months Ended June 30, 2023 Net interest income $ 29,269 $ 57,617 $ 13,509 $ 4,123 $ 1,058 $ 350 $ — $ 105,926 Noninterest income 7,090 19,986 467 255 12,350 63,688 ( 55,862 ) 47,974 Income before taxes 21,588 43,184 9,857 791 4,298 45,925 ( 55,677 ) 69,966 Six Months Ended June 30, 2024 Net interest income $ 57,332 $ 121,721 $ 22,230 $ 8,851 $ 2,122 $ 3,744 $ — $ 216,000 Noninterest income 10,731 32,804 659 471 28,676 116,492 ( 100,989 ) 88,844 Income before taxes 43,540 81,059 9,257 1,413 10,474 84,296 ( 100,663 ) 129,376 Six Months Ended June 30, 2023 Net interest income $ 60,008 $ 115,302 $ 28,660 $ 8,747 $ 2,000 $ 365 $ — $ 215,082 Noninterest income 13,177 39,518 681 534 26,522 129,831 ( 114,461 ) 95,802 Income before taxes 44,898 86,783 19,501 2,421 10,462 94,342 ( 114,096 ) 144,311 Total Assets: June 30, 2024 $ 3,365,250 $ 7,489,606 $ 1,360,612 $ 622,902 $ 121,308 $ 1,392,169 $ ( 1,614,529 ) $ 12,737,318 December 31, 2023 3,598,888 7,012,905 1,280,618 600,364 121,601 1,307,714 ( 1,550,048 ) 12,372,042 |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) | Jun. 30, 2024 |
ASU 2023-07 [Member] | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Recent Developments Including M
Recent Developments Including Mergers and Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 17, 2021 |
Business Combination Separately Recognized Transactions [Line Items] | |||
Total assets | $ 12,737,318 | $ 12,372,042 | |
Deposits | 11,015,602 | 10,700,122 | |
Goodwill | $ 182,263 | $ 182,263 | |
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% |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 838 | $ 1,190 |
Estimated Fair Value | 838 | 1,190 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3 | 5 |
Estimated Fair Value | 3 | 5 |
States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 335 | 685 |
Estimated Fair Value | 335 | 685 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,503,706 | $ 1,619,420 |
Gross Unrealized Gains | 179 | 586 |
Gross Unrealized Losses | (63,358) | (66,101) |
Estimated Fair Value | 1,440,527 | 1,553,905 |
U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,450,915 | 1,560,265 |
Gross Unrealized Gains | 415 | |
Gross Unrealized Losses | (60,133) | (62,635) |
Estimated Fair Value | 1,390,782 | 1,498,045 |
U.S. Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,565 | 11,631 |
Gross Unrealized Gains | 121 | 142 |
Gross Unrealized Losses | (3) | (3) |
Estimated Fair Value | 9,683 | 11,770 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,647 | 16,459 |
Gross Unrealized Gains | 7 | 13 |
Gross Unrealized Losses | (1,746) | (1,677) |
Estimated Fair Value | 13,908 | 14,795 |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,078 | 10,108 |
Gross Unrealized Gains | 8 | 16 |
Gross Unrealized Losses | (135) | (114) |
Estimated Fair Value | 9,951 | 10,010 |
Asset backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,338 | 12,794 |
Gross Unrealized Gains | 43 | |
Gross Unrealized Losses | (282) | |
Estimated Fair Value | 9,381 | 12,512 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,163 | 8,163 |
Gross Unrealized Losses | (1,341) | (1,390) |
Estimated Fair Value | $ 6,822 | $ 6,773 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Proceeds from sales of available for sale securities | $ 0 | $ 0 |
Avaliable for sale of debt securities realized gains or losses | $ 0 | $ 0 |
Securities - Maturity of Debt S
Securities - Maturity of Debt Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Held for Investment, Contractual maturity of debt securities, Amortized Cost | ||
Amortized cost, Within one year | $ 275 | $ 350 |
Amortized cost, After one year but within five years | 563 | 840 |
Amortized Cost | 838 | 1,190 |
Available for sale, Contractual maturity of debt securities, Amortized Cost | ||
Amortized Cost, Within one year | 364,890 | 348,318 |
Amortized Cost, After one year but within five years | 1,097,339 | 1,223,529 |
Amortized Cost, After five years but within ten years | 11,071 | 10,331 |
Amortized Cost, After ten years | 30,406 | 37,242 |
Amortized Cost | 1,503,706 | 1,619,420 |
Held for Investment, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 275 | 350 |
Estimated Fair Value, After one year but within five years | 563 | 840 |
Estimated Fair Value | 838 | 1,190 |
Available for sale, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 358,962 | 341,645 |
Estimated Fair Value, After one year but within five years | 1,043,120 | 1,167,973 |
Estimated Fair Value, After five years but within ten years | 9,657 | 8,851 |
Estimated Fair Value, After ten years | 28,788 | 35,436 |
Total debt securities | $ 1,440,527 | $ 1,553,905 |
Securities - Company's Book Val
Securities - Company's Book Value of Pledged Debt Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Asset Pledged as Collateral without Right [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Book value of pledged securities | $ 910,357 | $ 591,324 |
Securities - Summary of Debt Se
Securities - Summary of Debt Securities with Unrealized Losses, Segregated by Duration of Unrealized Loss (Detail) $ in Thousands | Jun. 30, 2024 USD ($) Investments | Dec. 31, 2023 USD ($) Investments |
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 144 | 155 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 92,344 | $ 6,324 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 940 | 97 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 1,322,533 | 1,436,062 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 62,418 | 66,004 |
Available-for-sale Securities, Fair Value, Total | 1,414,877 | 1,442,386 |
Available-for-sale Securities, Unrealized Losses, Total | $ 63,358 | $ 66,101 |
U.S. Treasuries [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 62 | 68 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 90,084 | $ 4,838 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 926 | 90 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 1,300,697 | 1,401,669 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 59,207 | 62,545 |
Available-for-sale Securities, Fair Value, Total | 1,390,781 | 1,406,507 |
Available-for-sale Securities, Unrealized Losses, Total | $ 60,133 | $ 62,635 |
U.S. Federal Agencies [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 2 | 3 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 205 | $ 1,100 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 2 | 3 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 688 | |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 1 | |
Available-for-sale Securities, Fair Value, Total | 893 | 1,100 |
Available-for-sale Securities, Unrealized Losses, Total | $ 3 | $ 3 |
Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 69 | 74 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 1,188 | $ 80 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 9 | |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 12,455 | 13,261 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 1,737 | 1,677 |
Available-for-sale Securities, Fair Value, Total | 13,643 | 13,341 |
Available-for-sale Securities, Unrealized Losses, Total | $ 1,746 | $ 1,677 |
States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 8 | 6 |
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 867 | $ 306 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 3 | 4 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 1,871 | 1,847 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 132 | 110 |
Available-for-sale Securities, Fair Value, Total | 2,738 | 2,153 |
Available-for-sale Securities, Unrealized Losses, Total | $ 135 | $ 114 |
Asset backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 1 | |
Available-for-sale Securities, 12 Months or Longer, Fair Value | $ 12,512 | |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 282 | |
Available-for-sale Securities, Fair Value, Total | 12,512 | |
Available-for-sale Securities, Unrealized Losses, Total | $ 282 | |
Other Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments | Investments | 3 | 3 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | $ 6,822 | $ 6,773 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 1,341 | 1,390 |
Available-for-sale Securities, Fair Value, Total | 6,822 | 6,773 |
Available-for-sale Securities, Unrealized Losses, Total | $ 1,341 | $ 1,390 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | $ 8,047,448 | $ 7,656,645 |
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) | 954,942 | 960,944 |
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) | 1,604,132 | 1,486,420 |
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) | 680,807 | 642,643 |
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) | 288,900 | 283,486 |
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) | 1,335,124 | 1,258,744 |
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) | 260,036 | 244,696 |
Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 432,360 | 427,139 |
Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 1,436,349 | 1,289,452 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | 469,084 | 476,467 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment (net of unearned interest) | $ 585,714 | $ 586,654 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Accrued interest receivable | $ 42.8 | $ 39.4 |
Loans Held for Investment and_5
Loans Held for Investment and Allowance for Credit Losses on Loans - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable Recorded Investment [Line Items] | |||
Gains (losses) on sale of property held in other real estate owned | $ 1,300,000 | $ 266,000 | |
Interest income recognized on nonaccrual loans | 0 | 0 | |
Interest income that would have been recognized | 1,800,000 | $ 718,000 | |
Balance of modifies loans | 5,900,000 | $ 5,300,000 | |
Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Other real estate | 30,700,000 | 29,400,000 | |
U.S. Federal Agencies [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Nonaccrual loans guaranteed by government agencies | $ 8,500,000 | $ 6,700,000 | |
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 | 84% | ||
Pegasus and Worthington [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loan percentage | 16% |
Loans Held for Investment and_6
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Summary Of Nonperforming And Restructured Assets [Abstract] | ||
Other real estate owned and repossessed assets | $ 38,497 | $ 34,200 |
Loans Held for Investment and_7
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Rental Income and Operating Expenses (Details) - Commercial Real Estate [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Rental income | $ 3,085 | $ 2,778 | $ 6,026 | $ 5,468 |
Operating expense | $ 2,673 | $ 2,967 | $ 4,923 | $ 5,348 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 44,021 | $ 24,573 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 5,543 | 1,686 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 3,280 | 874 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 20,142 | 800 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 745 | 638 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 3,425 | 3,336 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 628 | 899 |
Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 2,092 | 3,662 |
Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 5,605 | 10,101 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 685 | 449 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 1,876 | $ 2,128 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 8,047,448 | $ 7,656,645 |
Accruing Loans 90 Days or More Past Due | 4,280 | 9,542 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 954,942 | 960,944 |
Accruing Loans 90 Days or More Past Due | 532 | 4,377 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,604,132 | 1,486,420 |
Accruing Loans 90 Days or More Past Due | 803 | 913 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 680,807 | 642,643 |
Accruing Loans 90 Days or More Past Due | 31 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 288,900 | 283,486 |
Accruing Loans 90 Days or More Past Due | 332 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,335,124 | 1,258,744 |
Accruing Loans 90 Days or More Past Due | 961 | 731 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 260,036 | 244,696 |
Accruing Loans 90 Days or More Past Due | 250 | 549 |
Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 432,360 | 427,139 |
Accruing Loans 90 Days or More Past Due | 916 | 579 |
Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,436,349 | 1,289,452 |
Accruing Loans 90 Days or More Past Due | 587 | 1,714 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 469,084 | 476,467 |
Accruing Loans 90 Days or More Past Due | 200 | 347 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 585,714 | 586,654 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 16,865 | 16,429 |
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 | 3,020 | 1,386 |
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 | 0 | 2,224 |
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 | 405 | 198 |
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 | 229 | 1,542 |
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 | 4,929 | 3,879 |
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 | 866 | 757 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,805 | 1,694 |
30 to 59 Days Past Due [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,857 | 1,501 |
30 to 59 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,166 | 3,248 |
30 to 59 Days Past Due [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 588 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 7,069 | 11,405 |
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 | 38 | 26 |
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 | 141 | 7,371 |
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 | 1,738 | 158 |
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 | 117 | 206 |
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 | 2,144 | 1,204 |
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 | 152 | 190 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 937 | 724 |
60 to 89 Days Past Due [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 831 | 436 |
60 to 89 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 555 | 1,090 |
60 to 89 Days Past Due [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 416 | |
90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 18,407 | 22,992 |
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 | 5,379 | 5,598 |
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 | 1,544 | 1,786 |
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 | 831 | 800 |
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 | 407 | 405 |
90 Days and Greater [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,213 | 1,849 |
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 | 835 | 613 |
90 Days and Greater [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,447 | 1,227 |
90 Days and Greater [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 5,256 | 10,028 |
90 Days and Greater [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 495 | 594 |
90 Days and Greater [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 92 | |
Past Due Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 42,341 | 50,826 |
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 | 8,437 | 7,010 |
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 | 1,685 | 11,381 |
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 | 2,974 | 1,156 |
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 | 753 | 2,153 |
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 | 9,286 | 6,932 |
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 | 1,853 | 1,560 |
Past Due Loans [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,189 | 3,645 |
Past Due Loans [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 7,944 | 11,965 |
Past Due Loans [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,216 | 4,932 |
Past Due Loans [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,004 | 92 |
Current Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 8,005,107 | 7,605,819 |
Current Loans [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 946,505 | 953,934 |
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 | 1,602,447 | 1,475,039 |
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 | 677,833 | 641,487 |
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 | 288,147 | 281,333 |
Current Loans [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,325,838 | 1,251,812 |
Current Loans [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 258,183 | 243,136 |
Current Loans [Member] | Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 428,171 | 423,494 |
Current Loans [Member] | Commercial Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,428,405 | 1,277,487 |
Current Loans [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 464,868 | 471,535 |
Current Loans [Member] | Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 584,710 | $ 586,562 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | $ 1,124,047 | |
Fiscal year before current fiscal year | 1,658,230 | |
Two years before current fiscal year | 1,498,663 | |
Three years before current fiscal year | 978,072 | |
Four years before current fiscal year | 529,805 | |
Prior | 861,507 | |
Revolving Loans Amortized Cost Basis | 1,397,124 | |
Total Loans | 8,047,448 | $ 7,656,645 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 62,479 | |
Fiscal year before current fiscal year | 147,224 | |
Two years before current fiscal year | 204,593 | |
Three years before current fiscal year | 160,011 | |
Four years before current fiscal year | 102,000 | |
Prior | 226,559 | |
Revolving Loans Amortized Cost Basis | 52,076 | |
Total Loans | 954,942 | 960,944 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 39,257 | |
Fiscal year before current fiscal year | 104,695 | |
Two years before current fiscal year | 151,859 | |
Three years before current fiscal year | 111,308 | |
Four years before current fiscal year | 78,999 | |
Prior | 186,219 | |
Revolving Loans Amortized Cost Basis | 25,667 | |
Total Loans | 698,004 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 23,094 | |
Fiscal year before current fiscal year | 34,818 | |
Two years before current fiscal year | 49,139 | |
Three years before current fiscal year | 44,044 | |
Four years before current fiscal year | 21,710 | |
Prior | 34,604 | |
Revolving Loans Amortized Cost Basis | 24,187 | |
Total Loans | 231,596 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 128 | |
Fiscal year before current fiscal year | 7,339 | |
Two years before current fiscal year | 3,574 | |
Three years before current fiscal year | 4,489 | |
Four years before current fiscal year | 939 | |
Prior | 4,121 | |
Revolving Loans Amortized Cost Basis | 2,100 | |
Total Loans | 22,690 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 372 | |
Two years before current fiscal year | 21 | |
Three years before current fiscal year | 170 | |
Four years before current fiscal year | 352 | |
Prior | 1,615 | |
Revolving Loans Amortized Cost Basis | 122 | |
Total Loans | 2,652 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 134,947 | |
Fiscal year before current fiscal year | 365,494 | |
Two years before current fiscal year | 423,997 | |
Three years before current fiscal year | 278,687 | |
Four years before current fiscal year | 158,255 | |
Prior | 198,537 | |
Revolving Loans Amortized Cost Basis | 44,215 | |
Total Loans | 1,604,132 | 1,486,420 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 64,168 | |
Fiscal year before current fiscal year | 258,439 | |
Two years before current fiscal year | 283,026 | |
Three years before current fiscal year | 187,391 | |
Four years before current fiscal year | 120,052 | |
Prior | 126,177 | |
Revolving Loans Amortized Cost Basis | 41,093 | |
Total Loans | 1,080,346 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 61,660 | |
Fiscal year before current fiscal year | 104,871 | |
Two years before current fiscal year | 126,693 | |
Three years before current fiscal year | 89,290 | |
Four years before current fiscal year | 38,105 | |
Prior | 71,591 | |
Revolving Loans Amortized Cost Basis | 3,122 | |
Total Loans | 495,332 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 8,934 | |
Fiscal year before current fiscal year | 141 | |
Two years before current fiscal year | 13,635 | |
Three years before current fiscal year | 1,690 | |
Prior | 245 | |
Total Loans | 24,645 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 185 | |
Fiscal year before current fiscal year | 2,043 | |
Two years before current fiscal year | 643 | |
Three years before current fiscal year | 316 | |
Four years before current fiscal year | 98 | |
Prior | 524 | |
Total Loans | 3,809 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 117,239 | |
Fiscal year before current fiscal year | 196,548 | |
Two years before current fiscal year | 209,514 | |
Three years before current fiscal year | 42,100 | |
Four years before current fiscal year | 11,649 | |
Prior | 22,628 | |
Revolving Loans Amortized Cost Basis | 81,129 | |
Total Loans | 680,807 | 642,643 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 49,830 | |
Fiscal year before current fiscal year | 76,166 | |
Two years before current fiscal year | 146,196 | |
Three years before current fiscal year | 33,350 | |
Four years before current fiscal year | 9,848 | |
Prior | 7,591 | |
Revolving Loans Amortized Cost Basis | 51,139 | |
Total Loans | 374,120 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 64,768 | |
Fiscal year before current fiscal year | 118,553 | |
Two years before current fiscal year | 62,487 | |
Three years before current fiscal year | 8,296 | |
Four years before current fiscal year | 1,590 | |
Prior | 14,969 | |
Revolving Loans Amortized Cost Basis | 10,703 | |
Total Loans | 281,366 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 2,641 | |
Fiscal year before current fiscal year | 1,829 | |
Two years before current fiscal year | 0 | |
Three years before current fiscal year | 354 | |
Four years before current fiscal year | 71 | |
Prior | 68 | |
Revolving Loans Amortized Cost Basis | 19,287 | |
Total Loans | 24,250 | |
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 | 0 | |
Two years before current fiscal year | 831 | |
Three years before current fiscal year | 100 | |
Four years before current fiscal year | 140 | |
Total Loans | 1,071 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 136,723 | |
Fiscal year before current fiscal year | 82,742 | |
Two years before current fiscal year | 18,575 | |
Three years before current fiscal year | 8,177 | |
Four years before current fiscal year | 110 | |
Prior | 546 | |
Revolving Loans Amortized Cost Basis | 42,027 | |
Total Loans | 288,900 | 283,486 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 78,419 | |
Fiscal year before current fiscal year | 48,981 | |
Two years before current fiscal year | 15,922 | |
Three years before current fiscal year | 8,162 | |
Four years before current fiscal year | 98 | |
Prior | 546 | |
Revolving Loans Amortized Cost Basis | 30,001 | |
Total Loans | 182,129 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 54,233 | |
Fiscal year before current fiscal year | 33,153 | |
Two years before current fiscal year | 2,447 | |
Three years before current fiscal year | 15 | |
Four years before current fiscal year | 12 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 11,630 | |
Total Loans | 101,490 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 3,503 | |
Fiscal year before current fiscal year | 408 | |
Two years before current fiscal year | 0 | |
Three years before current fiscal year | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 396 | |
Total Loans | 4,307 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 568 | |
Fiscal year before current fiscal year | 200 | |
Two years before current fiscal year | 206 | |
Total Loans | 974 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 180,475 | |
Fiscal year before current fiscal year | 279,820 | |
Two years before current fiscal year | 258,826 | |
Three years before current fiscal year | 202,783 | |
Four years before current fiscal year | 158,845 | |
Prior | 248,825 | |
Revolving Loans Amortized Cost Basis | 5,550 | |
Total Loans | 1,335,124 | 1,258,744 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 134,305 | |
Fiscal year before current fiscal year | 211,033 | |
Two years before current fiscal year | 205,048 | |
Three years before current fiscal year | 162,128 | |
Four years before current fiscal year | 130,865 | |
Prior | 192,862 | |
Revolving Loans Amortized Cost Basis | 5,031 | |
Total Loans | 1,041,272 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 43,810 | |
Fiscal year before current fiscal year | 65,488 | |
Two years before current fiscal year | 50,368 | |
Three years before current fiscal year | 37,025 | |
Four years before current fiscal year | 25,620 | |
Prior | 48,645 | |
Revolving Loans Amortized Cost Basis | 519 | |
Total Loans | 271,475 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 1,453 | |
Fiscal year before current fiscal year | 2,576 | |
Two years before current fiscal year | 3,098 | |
Three years before current fiscal year | 2,835 | |
Four years before current fiscal year | 1,821 | |
Prior | 5,562 | |
Total Loans | 17,345 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 907 | |
Fiscal year before current fiscal year | 646 | |
Two years before current fiscal year | 312 | |
Three years before current fiscal year | 795 | |
Four years before current fiscal year | 539 | |
Prior | 1,756 | |
Total Loans | 4,955 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 5 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 77 | |
Prior | 0 | |
Total Loans | 77 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 23,361 | |
Fiscal year before current fiscal year | 40,041 | |
Two years before current fiscal year | 25,668 | |
Three years before current fiscal year | 8,029 | |
Four years before current fiscal year | 8,953 | |
Prior | 17,338 | |
Revolving Loans Amortized Cost Basis | 136,646 | |
Total Loans | 260,036 | 244,696 |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 18,801 | |
Fiscal year before current fiscal year | 34,325 | |
Two years before current fiscal year | 21,028 | |
Three years before current fiscal year | 6,512 | |
Four years before current fiscal year | 7,196 | |
Prior | 12,957 | |
Revolving Loans Amortized Cost Basis | 54,939 | |
Total Loans | 155,758 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 3,804 | |
Fiscal year before current fiscal year | 5,198 | |
Two years before current fiscal year | 4,467 | |
Three years before current fiscal year | 1,341 | |
Four years before current fiscal year | 1,462 | |
Prior | 3,918 | |
Revolving Loans Amortized Cost Basis | 79,266 | |
Total Loans | 99,456 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 756 | |
Fiscal year before current fiscal year | 344 | |
Two years before current fiscal year | 106 | |
Three years before current fiscal year | 176 | |
Four years before current fiscal year | 295 | |
Prior | 437 | |
Revolving Loans Amortized Cost Basis | 1,507 | |
Total Loans | 3,621 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Fiscal year before current fiscal year | 174 | |
Two years before current fiscal year | 67 | |
Three years before current fiscal year | 0 | |
Prior | 26 | |
Revolving Loans Amortized Cost Basis | 934 | |
Total Loans | 1,201 | |
Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 56,745 | |
Fiscal year before current fiscal year | 67,532 | |
Two years before current fiscal year | 67,447 | |
Three years before current fiscal year | 48,874 | |
Four years before current fiscal year | 34,957 | |
Prior | 69,446 | |
Revolving Loans Amortized Cost Basis | 87,359 | |
Total Loans | 432,360 | 427,139 |
Real Estate [Member] | Agriculture [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 26,725 | |
Fiscal year before current fiscal year | 36,340 | |
Two years before current fiscal year | 44,928 | |
Three years before current fiscal year | 31,695 | |
Four years before current fiscal year | 22,757 | |
Prior | 46,282 | |
Revolving Loans Amortized Cost Basis | 46,588 | |
Total Loans | 255,315 | |
Real Estate [Member] | Agriculture [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 23,833 | |
Fiscal year before current fiscal year | 21,355 | |
Two years before current fiscal year | 20,788 | |
Three years before current fiscal year | 16,052 | |
Four years before current fiscal year | 9,606 | |
Prior | 19,830 | |
Revolving Loans Amortized Cost Basis | 39,081 | |
Total Loans | 150,545 | |
Real Estate [Member] | Agriculture [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 5,833 | |
Fiscal year before current fiscal year | 8,951 | |
Two years before current fiscal year | 1,119 | |
Three years before current fiscal year | 1,076 | |
Four years before current fiscal year | 2,589 | |
Prior | 3,072 | |
Revolving Loans Amortized Cost Basis | 1,686 | |
Total Loans | 24,326 | |
Real Estate [Member] | Agriculture [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 354 | |
Fiscal year before current fiscal year | 886 | |
Two years before current fiscal year | 612 | |
Three years before current fiscal year | 51 | |
Four years before current fiscal year | 5 | |
Prior | 262 | |
Revolving Loans Amortized Cost Basis | 4 | |
Total Loans | 2,174 | |
Commercial Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 158,385 | |
Fiscal year before current fiscal year | 232,677 | |
Two years before current fiscal year | 189,001 | |
Three years before current fiscal year | 154,351 | |
Four years before current fiscal year | 35,067 | |
Prior | 65,587 | |
Revolving Loans Amortized Cost Basis | 601,281 | |
Total Loans | 1,436,349 | 1,289,452 |
Commercial Non-real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 98,481 | |
Fiscal year before current fiscal year | 135,724 | |
Two years before current fiscal year | 155,712 | |
Three years before current fiscal year | 132,447 | |
Four years before current fiscal year | 28,731 | |
Prior | 58,159 | |
Revolving Loans Amortized Cost Basis | 421,728 | |
Total Loans | 1,030,982 | |
Commercial Non-real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 57,646 | |
Fiscal year before current fiscal year | 94,429 | |
Two years before current fiscal year | 30,313 | |
Three years before current fiscal year | 20,608 | |
Four years before current fiscal year | 5,593 | |
Prior | 6,885 | |
Revolving Loans Amortized Cost Basis | 176,353 | |
Total Loans | 391,827 | |
Commercial Non-real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 1,471 | |
Fiscal year before current fiscal year | 2,160 | |
Two years before current fiscal year | 2,183 | |
Three years before current fiscal year | 1,035 | |
Four years before current fiscal year | 235 | |
Prior | 250 | |
Revolving Loans Amortized Cost Basis | 2,637 | |
Total Loans | 9,971 | |
Commercial Non-real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 787 | |
Fiscal year before current fiscal year | 364 | |
Two years before current fiscal year | 793 | |
Three years before current fiscal year | 255 | |
Four years before current fiscal year | 508 | |
Prior | 116 | |
Revolving Loans Amortized Cost Basis | 563 | |
Total Loans | 3,386 | |
Commercial Non-real Estate [Member] | Grade 5 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Three years before current fiscal year | 6 | |
Prior | 177 | |
Total Loans | 183 | |
Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 116,415 | |
Fiscal year before current fiscal year | 173,458 | |
Two years before current fiscal year | 90,190 | |
Three years before current fiscal year | 47,920 | |
Four years before current fiscal year | 13,644 | |
Prior | 8,218 | |
Revolving Loans Amortized Cost Basis | 19,239 | |
Total Loans | 469,084 | 476,467 |
Consumer Non-real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 105,282 | |
Fiscal year before current fiscal year | 153,775 | |
Two years before current fiscal year | 77,329 | |
Three years before current fiscal year | 40,937 | |
Four years before current fiscal year | 11,724 | |
Prior | 6,655 | |
Revolving Loans Amortized Cost Basis | 12,793 | |
Total Loans | 408,495 | |
Consumer Non-real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 9,876 | |
Fiscal year before current fiscal year | 17,288 | |
Two years before current fiscal year | 10,906 | |
Three years before current fiscal year | 5,582 | |
Four years before current fiscal year | 1,542 | |
Prior | 1,219 | |
Revolving Loans Amortized Cost Basis | 6,427 | |
Total Loans | 52,840 | |
Consumer Non-real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 1,059 | |
Fiscal year before current fiscal year | 1,839 | |
Two years before current fiscal year | 1,641 | |
Three years before current fiscal year | 1,119 | |
Four years before current fiscal year | 274 | |
Prior | 276 | |
Revolving Loans Amortized Cost Basis | 15 | |
Total Loans | 6,223 | |
Consumer Non-real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 198 | |
Fiscal year before current fiscal year | 556 | |
Two years before current fiscal year | 314 | |
Three years before current fiscal year | 282 | |
Four years before current fiscal year | 104 | |
Prior | 68 | |
Revolving Loans Amortized Cost Basis | 4 | |
Total Loans | 1,526 | |
Oil and Gas [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 137,278 | |
Fiscal year before current fiscal year | 72,694 | |
Two years before current fiscal year | 10,852 | |
Three years before current fiscal year | 27,140 | |
Four years before current fiscal year | 6,325 | |
Prior | 3,823 | |
Revolving Loans Amortized Cost Basis | 327,602 | |
Total Loans | 585,714 | $ 586,654 |
Oil and Gas [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 76,512 | |
Fiscal year before current fiscal year | 63,488 | |
Two years before current fiscal year | 5,807 | |
Three years before current fiscal year | 26,153 | |
Four years before current fiscal year | 5,951 | |
Prior | 3,116 | |
Revolving Loans Amortized Cost Basis | 269,441 | |
Total Loans | 450,468 | |
Oil and Gas [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 60,737 | |
Fiscal year before current fiscal year | 9,097 | |
Two years before current fiscal year | 5,045 | |
Three years before current fiscal year | 677 | |
Four years before current fiscal year | 374 | |
Prior | 267 | |
Revolving Loans Amortized Cost Basis | 58,161 | |
Total Loans | 134,358 | |
Oil and Gas [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current fiscal year | 29 | |
Fiscal year before current fiscal year | 109 | |
Three years before current fiscal year | 183 | |
Four years before current fiscal year | 0 | |
Total Loans | 321 | |
Oil and Gas [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Three years before current fiscal year | 127 | |
Prior | 440 | |
Total Loans | $ 567 |
Loans Held for investment an_11
Loans Held for investment and Allowance for Credit Losses on Loans - Gross charge-offs by year of origination (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current fiscal year gross charge-offs | $ 29 | $ 71 | $ 30 | $ 71 |
Fiscal year before current fiscal year gross charge-offs | 434 | 224 | 1,703 | 382 |
Two years before current fiscal year gross charge-offs | 199 | 135 | 685 | 249 |
Three years before current fiscal year gross charge-offs | 52 | 358 | 251 | 411 |
Four years before current fiscal year gross charge-offs | 25 | 29 | 51 | 70 |
Prior gross charge-offs | 256 | 18 | 420 | 82 |
Revolving Loans Amortized Cost Basis gross charge-offs | 382 | 15 | 1,928 | 17 |
Total current-period gross charge-offs | 1,377 | 850 | 5,068 | 1,282 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
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 | 15 | 22 | ||
Four years before current fiscal year gross charge-offs | 18 | |||
Total current-period gross charge-offs | 15 | 48 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Non Owner Occupied [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Fiscal year before current fiscal year gross charge-offs | 12 | |||
Three years before current fiscal year gross charge-offs | 1 | 1 | ||
Four years before current fiscal year gross charge-offs | 1 | |||
Prior gross charge-offs | 3 | |||
Total current-period gross charge-offs | 1 | 14 | 3 | |
Real Estate Portfolio Segment [Member] | Construction And Development Less Than Sixty Months [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Fiscal year before current fiscal year gross charge-offs | 2 | |||
Three years before current fiscal year gross charge-offs | 2 | 2 | ||
Total current-period gross charge-offs | 2 | 4 | ||
Real Estate Portfolio Segment [Member] | Construction Residential Real Estate Less Than Sixty Months [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Fiscal year before current fiscal year gross charge-offs | 3 | |||
Total current-period gross charge-offs | 0 | 3 | ||
Real Estate Portfolio Segment [Member] | Residential Real Estate First Lien [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current fiscal year gross charge-offs | 2 | 3 | ||
Fiscal year before current fiscal year gross charge-offs | 23 | 23 | ||
Two years before current fiscal year gross charge-offs | 19 | 19 | ||
Three years before current fiscal year gross charge-offs | 2 | 21 | 3 | 21 |
Four years before current fiscal year gross charge-offs | 4 | 4 | ||
Prior gross charge-offs | 36 | 2 | 57 | 4 |
Total current-period gross charge-offs | 67 | 42 | 90 | 44 |
Real Estate Portfolio Segment [Member] | Residential Real Estate All Other [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Fiscal year before current fiscal year gross charge-offs | 2 | 4 | ||
Two years before current fiscal year gross charge-offs | 19 | |||
Four years before current fiscal year gross charge-offs | 1 | |||
Prior gross charge-offs | 2 | 4 | ||
Revolving Loans Amortized Cost Basis gross charge-offs | 27 | |||
Total current-period gross charge-offs | 2 | 29 | 28 | |
Real Estate Portfolio Segment [Member] | Agriculture Member | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Fiscal year before current fiscal year gross charge-offs | 4 | |||
Two years before current fiscal year gross charge-offs | 6 | 37 | ||
Three years before current fiscal year gross charge-offs | 13 | 301 | 13 | 317 |
Four years before current fiscal year gross charge-offs | 1 | 14 | ||
Prior gross charge-offs | 2 | |||
Total current-period gross charge-offs | 19 | 302 | 50 | 337 |
Commercial Non Real Estate Member | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current fiscal year gross charge-offs | 6 | 42 | 6 | 42 |
Fiscal year before current fiscal year gross charge-offs | 155 | 34 | 1,156 | 101 |
Two years before current fiscal year gross charge-offs | 43 | 1 | 318 | 63 |
Three years before current fiscal year gross charge-offs | 8 | 20 | 140 | 20 |
Four years before current fiscal year gross charge-offs | 12 | |||
Prior gross charge-offs | 190 | 5 | 316 | 52 |
Revolving Loans Amortized Cost Basis gross charge-offs | 378 | 1,886 | ||
Total current-period gross charge-offs | 780 | 102 | 3,834 | 278 |
Consumer Non Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Current fiscal year gross charge-offs | 21 | 29 | 21 | 29 |
Fiscal year before current fiscal year gross charge-offs | 256 | 186 | 500 | 262 |
Two years before current fiscal year gross charge-offs | 150 | 115 | 247 | 147 |
Three years before current fiscal year gross charge-offs | 28 | 14 | 79 | 29 |
Four years before current fiscal year gross charge-offs | 21 | 28 | 34 | 37 |
Prior gross charge-offs | 30 | 11 | 45 | 17 |
Revolving Loans Amortized Cost Basis gross charge-offs | 4 | 15 | 15 | 17 |
Total current-period gross charge-offs | $ 510 | 398 | 941 | 538 |
Oil and Gas [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Fiscal year before current fiscal year gross charge-offs | 2 | 9 | 2 | |
Two years before current fiscal year gross charge-offs | 83 | |||
Total current-period gross charge-offs | $ 2 | $ 92 | $ 2 |
Loans Held for Investment an_12
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 97,267 | $ 94,760 | $ 96,800 | $ 92,728 |
Charge- offs | (1,377) | (850) | (5,068) | (1,282) |
Recoveries | 378 | 186 | 521 | 328 |
Net charge-offs | (999) | (664) | (4,547) | (954) |
Provision for/(benefit from) credit losses | 3,358 | 2,824 | 7,373 | 5,146 |
Balance at end of period | 99,626 | 96,920 | 99,626 | 96,920 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 7,468 | 6,547 | 7,483 | 6,416 |
Charge- offs | (15) | (48) | ||
Recoveries | 11 | 3 | 31 | 52 |
Net charge-offs | (11) | 3 | 16 | 4 |
Provision for/(benefit from) credit losses | (109) | 258 | (129) | 388 |
Balance at end of period | 7,370 | 6,808 | 7,370 | 6,808 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 33,180 | 32,120 | 33,080 | 30,190 |
Charge- offs | (1) | (14) | (3) | |
Recoveries | ||||
Net charge-offs | (1) | (14) | (3) | |
Provision for/(benefit from) credit losses | 688 | 1,312 | 801 | 3,245 |
Balance at end of period | 33,867 | 33,432 | 33,867 | 33,432 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 6,596 | 3,608 | 3,950 | 3,778 |
Charge- offs | (2) | (4) | ||
Recoveries | 3 | 6 | ||
Net charge-offs | 1 | 2 | ||
Provision for/(benefit from) credit losses | (184) | (169) | 2,830 | (340) |
Balance at end of period | 6,780 | 3,440 | 6,780 | 3,440 |
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 | 3,464 | 3,226 | 3,414 | 3,275 |
Charge- offs | (3) | |||
Net charge-offs | (3) | |||
Provision for/(benefit from) credit losses | 55 | 327 | 108 | 278 |
Balance at end of period | 3,519 | 3,553 | 3,519 | 3,553 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 4,923 | 4,454 | 4,914 | 4,092 |
Charge- offs | (67) | (42) | (90) | (44) |
Recoveries | 21 | 10 | 25 | 13 |
Net charge-offs | (46) | (32) | (65) | (31) |
Provision for/(benefit from) credit losses | 695 | 333 | 723 | 694 |
Balance at end of period | 5,572 | 4,755 | 5,572 | 4,755 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,652 | 1,444 | 1,646 | 1,418 |
Charge- offs | (2) | (29) | (28) | |
Recoveries | 3 | 1 | 8 | 3 |
Net charge-offs | 3 | (1) | (21) | (25) |
Provision for/(benefit from) credit losses | 74 | 218 | 104 | 268 |
Balance at end of period | 1,729 | 1,661 | 1,729 | 1,661 |
Commercial Non-real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 20,482 | 25,079 | 22,745 | 25,106 |
Charge- offs | (780) | (102) | (3,834) | (278) |
Recoveries | 280 | 127 | 313 | 149 |
Net charge-offs | (500) | 25 | (3,521) | (129) |
Provision for/(benefit from) credit losses | 1,493 | 23 | 2,251 | 150 |
Balance at end of period | 21,475 | 25,127 | 21,475 | 25,127 |
Consumer Non-real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 4,335 | 4,232 | 4,401 | 4,132 |
Charge- offs | (510) | (398) | (941) | (538) |
Recoveries | 58 | 35 | 127 | 92 |
Net charge-offs | (452) | (363) | (814) | (446) |
Provision for/(benefit from) credit losses | 500 | 475 | 796 | 658 |
Balance at end of period | 4,383 | 4,344 | 4,383 | 4,344 |
Oil and Gas [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 9,030 | 7,782 | 9,030 | 8,104 |
Charge- offs | (2) | (92) | (2) | |
Net charge-offs | (2) | (92) | (2) | |
Provision for/(benefit from) credit losses | (16) | (406) | 76 | (728) |
Balance at end of period | 9,014 | 7,374 | 9,014 | 7,374 |
Agriculture [Member] | Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 6,137 | 6,268 | 6,137 | 6,217 |
Charge- offs | (19) | (302) | (50) | (337) |
Recoveries | 5 | 7 | 17 | 13 |
Net charge-offs | (14) | (295) | (33) | (324) |
Provision for/(benefit from) credit losses | (206) | 453 | (187) | 533 |
Balance at end of period | $ 5,917 | $ 6,426 | $ 5,917 | $ 6,426 |
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 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | $ 8,047,448 | $ 7,656,645 | ||||
Specific Allocation | 99,626 | $ 97,267 | 96,800 | $ 96,920 | $ 94,760 | $ 92,728 |
Real Estate Asset [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 23,510 | 4,240 | ||||
Business Assets [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 4,541 | 6,683 | ||||
Other Assets [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 337 | 403 | ||||
Collateral Pledged [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 28,388 | 11,326 | ||||
Specific Allocation [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Specific Allocation | 6,024 | 4,152 | ||||
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 954,942 | 960,944 | ||||
Specific Allocation | 7,370 | 7,468 | 7,483 | 6,808 | 6,547 | 6,416 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 1,604,132 | 1,486,420 | ||||
Specific Allocation | 33,867 | 33,180 | 33,080 | 33,432 | 32,120 | 30,190 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 680,807 | 642,643 | ||||
Specific Allocation | 6,780 | 6,596 | 3,950 | 3,440 | 3,608 | 3,778 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 288,900 | 283,486 | ||||
Specific Allocation | 3,519 | 3,464 | 3,414 | 3,553 | 3,226 | 3,275 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 1,335,124 | 1,258,744 | ||||
Specific Allocation | 5,572 | 4,923 | 4,914 | 4,755 | 4,454 | 4,092 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 260,036 | 244,696 | ||||
Specific Allocation | 1,729 | 1,652 | 1,646 | 1,661 | 1,444 | 1,418 |
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 | 643 | 632 | ||||
Real Estate [Member] | Real Estate Asset [Member] | Construction and Development Less than 60 Months [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 20,142 | 800 | ||||
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 | 618 | 638 | ||||
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate First Lien [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 195 | 189 | ||||
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate All Other [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 79 | 140 | ||||
Real Estate [Member] | Real Estate Asset [Member] | Agriculture [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 1,833 | 1,841 | ||||
Real Estate [Member] | Business Assets [Member] | Agriculture [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 401 | 593 | ||||
Real Estate [Member] | Other Assets [Member] | Agriculture [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 14 | 15 | ||||
Real Estate [Member] | Collateral Pledged [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 643 | 632 | ||||
Real Estate [Member] | Collateral Pledged [Member] | Construction and Development Less than 60 Months [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 20,142 | 800 | ||||
Real Estate [Member] | Collateral Pledged [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 618 | 638 | ||||
Real Estate [Member] | Collateral Pledged [Member] | Residential Real Estate First Lien [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 195 | 189 | ||||
Real Estate [Member] | Collateral Pledged [Member] | Residential Real Estate All Other [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 79 | 140 | ||||
Real Estate [Member] | Collateral Pledged [Member] | Agriculture [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 2,248 | 2,449 | ||||
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Specific Allocation | 250 | 250 | ||||
Real Estate [Member] | Specific Allocation [Member] | Construction and Development Less than 60 Months [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Specific Allocation | 2,825 | 225 | ||||
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 | 134 | 134 | ||||
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate First Lien [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Specific Allocation | 66 | 62 | ||||
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate All Other [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Specific Allocation | 81 | 140 | ||||
Real Estate [Member] | Specific Allocation [Member] | Agriculture [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Specific Allocation | 1,193 | 1,386 | ||||
Commercial Non-real Estate [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 1,436,349 | 1,289,452 | ||||
Specific Allocation | 21,475 | 20,482 | 22,745 | 25,127 | 25,079 | 25,106 |
Commercial Non-real Estate [Member] | Business Assets [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 4,140 | 6,090 | ||||
Commercial Non-real Estate [Member] | Other Assets [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 87 | 241 | ||||
Commercial Non-real Estate [Member] | Collateral Pledged [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 4,227 | 6,331 | ||||
Commercial Non-real Estate [Member] | Specific Allocation [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Specific Allocation | 1,342 | 1,867 | ||||
Consumer Non-real Estate [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 469,084 | 476,467 | ||||
Specific Allocation | 4,383 | $ 4,335 | 4,401 | $ 4,344 | $ 4,232 | $ 4,132 |
Consumer Non-real Estate [Member] | Other Assets [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 236 | 147 | ||||
Consumer Non-real Estate [Member] | Collateral Pledged [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Collateral Dependent Loans | 236 | 147 | ||||
Consumer Non-real Estate [Member] | Specific Allocation [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Specific Allocation | $ 133 | $ 88 |
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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Noncash Investing and Financing Items [Abstract] | ||
Other real estate owned | $ 8,995 | $ 667 |
Repossessed assets | 1,575 | 946 |
Total | $ 10,570 | $ 1,613 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 36,900 | $ 36,900 |
Accumulated Amortization | (21,969) | (20,196) |
Net Carrying Amount | 14,931 | 16,704 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,550 | 33,550 |
Accumulated Amortization | (18,741) | (17,027) |
Net Carrying Amount | 14,809 | 16,523 |
Customer Relationship Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,350 | 3,350 |
Accumulated Amortization | (3,228) | (3,169) |
Net Carrying Amount | $ 122 | $ 181 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Summary of Goodwill by Business Segment (Detail) $ in Thousands | Jun. 30, 2024 USD ($) |
Goodwill [Line Items] | |
Balance at beginning of period | $ 182,263 |
Balance at beginning and end of period | 182,263 |
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 | 61,420 |
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 ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Jun. 17, 2021 | Mar. 31, 2004 | Feb. 29, 2004 | Jun. 30, 2024 | |
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 | |||
Net proceeds from sale of notes | $ 59,150 | |||
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 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 | |||
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 | $ 25,000 | ||
Cumulative trust preferred securities interest rate | 7.20% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 6 Months Ended | |||
Jun. 01, 2023 | May 25, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Net cash settlement for stock options, cost | $ 0 | $ 0 | ||
Deferred board fees percentage for stock units accumulation | 100% | |||
RSU's Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares for future grants | 462,175 | |||
Option exercisable rate | 20% | |||
Option exercisable period | 2 years | |||
Options expire period | 10 years | |||
Options vest and exercisable Description | The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20% per year for five years. | |||
Vesting period in years | 5 years | |||
Employee Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option plan termination date | Jun. 01, 2023 | |||
Option exercisable rate | 25% | |||
Options expire period | 15 years | |||
Vesting period in years, start | 4 years | |||
Options vest and exercisable Description | and are exercisable beginning four years 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 | |||
Vesting period in years | 4 years | |||
Employee Plan [Member] | Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period in years | 5 years | |||
Employee Plan [Member] | RSU's Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period in years | 6 years | |||
Non-Employee Directors Stock Option Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option plan termination date | Jun. 01, 2023 | |||
Option exercisable rate | 25% | |||
Option exercisable period | 1 year | |||
Options expire period | 15 years | |||
Options vest and exercisable Description | The remaining options will continue to vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years | |||
Vesting period in years | 4 years | |||
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, 2030 | |||
Number of shares available for future issuance under deferred compensation plan | 39,525 | |||
Number of shares of common stock distributed | 5,022 | 17,797 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity Under RSU Plan (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Restricted Stock Units, Nonvested Beginning Balance | 37,825 | 32,075 |
Restricted Stock Units, Granted | 7,250 | |
Restricted Stock Units, Forfeited | (1,500) | |
Restricted Stock Units, Nonvested Ending Balance | 37,825 | |
Weightage Average Grant Date Fair Value, Nonvested Beginning Balance | $ 87.23 | |
Weightage Average Grant Date Fair Value, Granted | 88.57 | |
Weightage Average Grant Date Fair Value, Forfeited | 83.61 | |
Weightage Average Grant Date Fair Value, Nonvested Ending Balance | $ 87.63 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Accumulated Stock Units (Detail) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] | ||
Accumulated stock units | 119,115 | 119,575 |
Average price | $ 42.43 | $ 40.03 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Activity Under Stock Option Plan (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Outstanding at beginning period - Options | shares | 1,241,391 |
Options exercised | shares | (84,084) |
Options canceled, forfeited, or expired | shares | (12,000) |
Outstanding at ending period - Options | shares | 1,145,307 |
Exercisable at ending period - Options | shares | 502,932 |
Outstanding at beginning period - Wgtd. Avg. Exercise Price | $ / shares | $ 53.12 |
Options exercised - Wgtd. Avg. Exercise Price | $ / shares | 28.8 |
Options cancelled, forfeited, or expired - Wgtd. Avg. Exercise Price | $ / shares | 91.64 |
Outstanding at ending period - Wgtd. Avg. Exercise Price | $ / shares | 54.5 |
Exercisable at ending period - Wgtd. Avg. Exercise Price | $ / shares | $ 37.51 |
Outstanding at ending period - Wgtd. Avg. Remaining Contractual Term, years | 9 years 6 months 25 days |
Exercisable at ending period - Wgtd. Avg. Remaining Contractual Term, years | 6 years 7 months 20 days |
Outstanding at ending period - Aggregate Intrinsic Value | $ | $ 38,022 |
Exercisable at ending period - Aggregate Intrinsic Value | $ | $ 25,243 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Exercised Under Stock Option Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Total intrinsic value of options exercised | $ 3,254 | $ 1,979 | $ 5,085 | $ 2,331 |
Cash received from options exercised | 1,714 | 1,318 | 2,422 | 1,539 |
Tax benefit realized from options exercised | $ 782 | $ 475 | $ 1,222 | $ 560 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Employee Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement Compensation Expense Items [Abstract] | ||||
Stock-based compensation expense | $ 920 | $ 831 | $ 1,635 | $ 1,213 |
Tax benefit | 221 | 200 | 393 | 292 |
Stock-based compensation expense, net of tax | $ 699 | $ 631 | $ 1,242 | $ 921 |
Stock-Based Compensation - Unea
Stock-Based Compensation - Unearned Stock-based Compensation Expense (Detail) $ in Thousands | Jun. 30, 2024 USD ($) |
Stock Option [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unearned stock-based compensation expense | $ 8,769 |
RSU's Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unearned stock-based compensation expense | $ 2,940 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares Repurchased Under Stock Purchase Program (Detail) | Jun. 30, 2024 shares |
Summary Of Shares Repurchased Under Stock Purchase Program [Abstract] | |
Shares remaining to be repurchased | 479,784 |
Stockholders' Equity - Required
Stockholders' Equity - Required Capital Amounts and Company's Respective Ratios (Detail) $ in Thousands | Jun. 30, 2024 USD ($) |
Parent Company [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 1,548,490 |
Total Capital To Risk Weighted Assets Actual Ratio | 0.1722 |
Capital Required For Capital Adequacy Amount | $ 719,342 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 0.08 |
Capital With Capital Conservation Buffer Amount | $ 944,136 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 0.105 |
Common Equity Tier 1 Risk Based Capital Amount | $ 1,363,539 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1516 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 404,630 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.045 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 629,424 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.07 |
Tier 1 Risk Based Capital Amount | $ 1,389,539 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1545 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 539,507 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.06 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 764,301 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.085 |
Tier 1 Capital Amount | $ 1,389,539 |
Tier 1 Capital To Quarterly Average Assets Ratio | 0.111 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 500,747 |
Tier 1 Capital Required For Capital Adequacy To Quarterly Average Assets Ratio | 0.04 |
BancFirst [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 1,224,212 |
Total Capital To Risk Weighted Assets Actual Ratio | 0.1609 |
Capital Required For Capital Adequacy Amount | $ 608,791 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 0.08 |
Capital With Capital Conservation Buffer Amount | $ 799,039 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 0.105 |
Capital Required To Be Well Capitalized Amount | $ 760,989 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 1,119,672 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1471 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 342,445 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.045 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 532,693 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.07 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 494,643 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.065 |
Tier 1 Risk Based Capital Amount | $ 1,139,672 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1498 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 456,594 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.06 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 646,841 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.085 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 608,791 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.08 |
Tier 1 Capital Amount | $ 1,139,672 |
Tier 1 Capital To Quarterly Average Assets Ratio | 0.1069 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 426,413 |
Tier 1 Capital Required For Capital Adequacy To Quarterly Average Assets Ratio | 0.04 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 533,017 |
Tier 1 Capital Required To Be Well Capitalized To Quarterly Average Assets Ratio | 0.05 |
Pegasus [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 143,683 |
Total Capital To Risk Weighted Assets Actual Ratio | 0.1585 |
Capital Required For Capital Adequacy Amount | $ 72,538 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 0.08 |
Capital With Capital Conservation Buffer Amount | $ 95,206 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 0.105 |
Capital Required To Be Well Capitalized Amount | $ 90,672 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 134,727 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1486 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 40,802 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.045 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 63,470 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.07 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 58,937 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.065 |
Tier 1 Risk Based Capital Amount | $ 134,727 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1486 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 54,403 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.06 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 77,071 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.085 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 72,538 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.08 |
Tier 1 Capital Amount | $ 134,727 |
Tier 1 Capital To Quarterly Average Assets Ratio | 0.1059 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 50,900 |
Tier 1 Capital Required For Capital Adequacy To Quarterly Average Assets Ratio | 0.04 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 63,624 |
Tier 1 Capital Required To Be Well Capitalized To Quarterly Average Assets Ratio | 0.05 |
Worthington [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 53,063 |
Total Capital To Risk Weighted Assets Actual Ratio | 0.1185 |
Capital Required For Capital Adequacy Amount | $ 35,810 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 0.08 |
Capital With Capital Conservation Buffer Amount | $ 47,001 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 0.105 |
Capital Required To Be Well Capitalized Amount | $ 44,763 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 48,955 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1094 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 20,143 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.045 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 31,334 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.07 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 29,096 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.065 |
Tier 1 Risk Based Capital Amount | $ 48,955 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 0.1094 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 26,858 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 0.06 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 38,048 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 0.085 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 35,810 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 0.08 |
Tier 1 Capital Amount | $ 48,955 |
Tier 1 Capital To Quarterly Average Assets Ratio | 0.0844 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 23,207 |
Tier 1 Capital Required For Capital Adequacy To Quarterly Average Assets Ratio | 0.04 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 29,008 |
Tier 1 Capital Required To Be Well Capitalized To Quarterly Average Assets Ratio | 0.05 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
(Numerator) | ||||
Income available to common stockholders | $ 50,641 | $ 55,010 | $ 100,975 | $ 112,543 |
(Denominator) | ||||
Weighted average shares outstanding for basic earnings per common share | 33,001,180 | 32,920,497 | 32,974,582 | 32,906,753 |
Dilutive effect of stock compensation | 523,881 | 546,757 | 545,665 | 559,178 |
Weighted-average shares outstanding for diluted earnings per common share | 33,525,061 | 33,467,254 | 33,520,247 | 33,465,931 |
Basic earnings per share | $ 1.53 | $ 1.67 | $ 3.06 | $ 3.42 |
Diluted earnings per share | $ 1.51 | $ 1.64 | $ 3.01 | $ 3.36 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Abstract] | ||||
Shares | 260,548 | 305,407 | 262,251 | 307,608 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 1,440,527 | $ 1,553,905 |
Derivative assets | $ 15,239 | $ 41,099 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Interest Receivable and Other Assets | Interest Receivable and Other Assets |
Derivative liabilities | $ 13,420 | $ 39,176 |
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 | $ 1,390,782 | $ 1,498,045 |
U.S. Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 9,683 | 11,770 |
Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 13,908 | 14,795 |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 9,951 | 10,010 |
Asset backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 9,381 | 12,512 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 6,822 | 6,773 |
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 | 1,390,782 | 1,498,045 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 15,239 | 41,099 |
Derivative liabilities | 13,420 | 39,176 |
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 | 9,683 | 11,770 |
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 | 13,908 | 14,795 |
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 | 9,801 | 9,830 |
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 | 9,381 | 12,512 |
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 | 6,822 | 6,773 |
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 | $ 150 | $ 180 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the year | $ 180 | $ 454 |
Transfers (to)/from level 2 | 0 | (244) |
Settlements | (30) | (30) |
Balance at the end of the period | $ 150 | $ 180 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level 3 [Member] - Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Equity Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 13,331 | $ 13,144 |
Collateral Dependent Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 230 | 1,894 |
Repossessed Assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 657 | 474 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 6,838 | $ 31,773 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
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 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 | Jun. 30, 2024 | Dec. 31, 2023 |
FINANCIAL ASSETS | ||
Federal funds sold, Carrying Amount | $ 1,102 | $ 1,316 |
Debt securities held for investment, Carrying Amount | 838 | 1,190 |
Loans, net of allowance for credit losses, Carrying Amount | 7,947,822 | 7,559,845 |
Debt securities held for investment, Fair Value | 838 | 1,190 |
Loans held for sale, Fair Value | 7,408 | 3,489 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 11,015,602 | 10,700,122 |
Short-term borrowings, Carrying Amount | 4,264 | 3,351 |
Subordinated debt, Carrying Amount | 86,129 | 86,101 |
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS | ||
Loan commitments, Fair Value | 4,510 | 4,875 |
Letters of credit, Fair Value | 671 | 637 |
Level 2 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents, Carrying Amount | 2,493,292 | 2,397,463 |
Federal funds sold, Carrying Amount | 1,102 | 1,316 |
Debt securities held for investment, Carrying Amount | 3 | 5 |
Loans held for sale, Carrying Amount | 7,408 | 3,489 |
Cash and cash equivalents, Fair Value | 2,493,292 | 2,397,463 |
Federal funds sold, Fair Value | 1,102 | 1,316 |
Debt securities held for investment, Fair Value | 3 | 5 |
Loans held for sale, Fair Value | 7,408 | 3,489 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 11,015,602 | 10,700,122 |
Short-term borrowings, Carrying Amount | 4,264 | 3,351 |
Subordinated debt, Carrying Amount | 86,129 | 86,101 |
Deposits, Fair Value | 10,511,836 | 10,413,348 |
Short-term borrowings, Fair Value | 4,264 | 3,351 |
Subordinated debt, Fair Value | 77,459 | 79,271 |
Level 3 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Debt securities held for investment, Carrying Amount | 835 | 1,185 |
Loans, net of allowance for credit losses, Carrying Amount | 7,947,822 | 7,559,845 |
Debt securities held for investment, Fair Value | 835 | 1,185 |
Loans, net of allowance for credit losses, Fair Value | $ 8,692,589 | $ 7,356,768 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | ||
Percentage share of total profit | 35% | |
Other Assets [Member] | Oil and Gas Reserves [Member] | ||
Derivative [Line Items] | ||
Derivative instrument margin amount | $ 7.2 | |
Other Liabilities [Member] | Oil and Gas Reserves [Member] | ||
Derivative [Line Items] | ||
Derivative instrument margin amount | $ 15.5 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Estimated Fair Value | $ 15,239 | $ 41,099 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Interest Receivable and Other Assets | Interest Receivable and Other Assets |
Derivative liabilities, Estimated Fair Value | $ (13,420) | $ (39,176) |
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 | $ 15,239 | $ 41,099 |
Derivative liabilities, Estimated Fair Value | (13,420) | (39,176) |
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 | 3,866 | 3,896 |
Derivative liabilities, Notional Amount | (3,866) | (3,896) |
Derivative assets, Estimated Fair Value | 4,033 | 20,567 |
Derivative liabilities, Estimated Fair Value | (3,097) | (19,512) |
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 | 39,502 | 46,140 |
Derivative liabilities, Notional Amount | (39,502) | (46,140) |
Derivative assets, Estimated Fair Value | 11,206 | 20,532 |
Derivative liabilities, Estimated Fair Value | $ (10,323) | $ (19,664) |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | Noninterest Income, Other | Noninterest Income, Other |
Oil and Natural Gas Swaps and Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income | $ 94 | $ 260 | $ 197 | $ 349 |
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) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Oil and Natural Gas Swaps and Options [Member] | ||
Credit Derivatives [Line Items] | ||
Credit exposure | $ 7,134 | $ 39,527 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2024 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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 109,896 | $ 105,926 | $ 216,000 | $ 215,082 | |
Noninterest income | 43,944 | 47,974 | 88,844 | 95,802 | |
Income before taxes | 65,166 | 69,966 | 129,376 | 144,311 | |
Total assets | 12,737,318 | 12,737,318 | $ 12,372,042 | ||
Operating Segments [Member] | BancFirst Metropolitan Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 29,139 | 29,269 | 57,332 | 60,008 | |
Noninterest income | 5,562 | 7,090 | 10,731 | 13,177 | |
Income before taxes | 21,209 | 21,588 | 43,540 | 44,898 | |
Total assets | 3,365,250 | 3,365,250 | 3,598,888 | ||
Operating Segments [Member] | BancFirst Community Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 61,710 | 57,617 | 121,721 | 115,302 | |
Noninterest income | 16,886 | 19,986 | 32,804 | 39,518 | |
Income before taxes | 42,267 | 43,184 | 81,059 | 86,783 | |
Total assets | 7,489,606 | 7,489,606 | 7,012,905 | ||
Operating Segments [Member] | Pegasus [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 11,363 | 13,509 | 22,230 | 28,660 | |
Noninterest income | 339 | 467 | 659 | 681 | |
Income before taxes | 6,112 | 9,857 | 9,257 | 19,501 | |
Total assets | 1,360,612 | 1,360,612 | 1,280,618 | ||
Operating Segments [Member] | Worthington [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 4,462 | 4,123 | 8,851 | 8,747 | |
Noninterest income | 250 | 255 | 471 | 534 | |
Income before taxes | 744 | 791 | 1,413 | 2,421 | |
Total assets | 622,902 | 622,902 | 600,364 | ||
Operating Segments [Member] | Other Financial Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,103 | 1,058 | 2,122 | 2,000 | |
Noninterest income | 13,513 | 12,350 | 28,676 | 26,522 | |
Income before taxes | 4,139 | 4,298 | 10,474 | 10,462 | |
Total assets | 121,308 | 121,308 | 121,601 | ||
Operating Segments [Member] | Executive, Operations & Support [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 2,119 | 350 | 3,744 | 365 | |
Noninterest income | 58,064 | 63,688 | 116,492 | 129,831 | |
Income before taxes | 41,225 | 45,925 | 84,296 | 94,342 | |
Total assets | 1,392,169 | 1,392,169 | 1,307,714 | ||
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest income | (50,670) | (55,862) | (100,989) | (114,461) | |
Income before taxes | (50,530) | $ (55,677) | (100,663) | $ (114,096) | |
Total assets | $ (1,614,529) | $ (1,614,529) | $ (1,550,048) |