Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
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, $1.00 Par Value Per Share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 0-14384 | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 73-1221379 | |
Entity Address, Address Line One | 100 N. Broadway Ave. | |
Entity Address, City or Town | Oklahoma City | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73102-8405 | |
City Area Code | 405 | |
Local Phone Number | 270-1086 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 32,784,513 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 268,299 | $ 280,518 |
Interest-bearing deposits with banks | 3,373,099 | 1,336,394 |
Debt securities held for investment (fair value: $2,990 and $2,984, respectively) | 2,988 | 2,964 |
Debt securities available for sale at fair value | 560,783 | 552,232 |
Loans held for sale | 16,032 | 53,719 |
Loans held for investment (net of unearned interest) | 6,191,230 | 6,394,506 |
Allowance for credit losses | (83,963) | (91,366) |
Loans, net of allowance for credit losses | 6,107,267 | 6,303,140 |
Premises and equipment, net | 267,284 | 261,677 |
Other real estate owned | 40,130 | 32,179 |
Intangible assets, net | 19,283 | 18,999 |
Goodwill | 149,922 | 149,922 |
Accrued interest receivable and other assets | 210,200 | 220,613 |
Total assets | 11,015,287 | 9,212,357 |
Deposits: | ||
Noninterest-bearing | 4,475,941 | 3,790,900 |
Interest-bearing | 5,252,448 | 4,273,804 |
Total deposits | 9,728,389 | 8,064,704 |
Short-term borrowings | 3,100 | 1,100 |
Accrued interest payable and other liabilities | 66,248 | 51,864 |
Subordinated debt | 85,959 | 26,804 |
Total liabilities | 9,883,696 | 8,144,472 |
Stockholders' equity: | ||
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and outstanding: 32,784,513 and 32,719,852, respectively | 32,785 | 32,720 |
Capital surplus | 158,322 | 156,574 |
Retained earnings | 935,067 | 871,161 |
Accumulated other comprehensive income, net of income tax of $1,705 and $2,513, respectively | 5,417 | 7,430 |
Total stockholders' equity | 1,131,591 | 1,067,885 |
Total liabilities and stockholders' equity | 11,015,287 | 9,212,357 |
Senior Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value | ||
Cumulative Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Securities, fair value | $ 2,990 | $ 2,984 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 32,784,513 | 32,719,852 |
Common stock, shares outstanding | 32,784,513 | 32,719,852 |
Accumulated other comprehensive income, net of tax expense (benefit) | $ 1,705 | $ 2,513 |
Senior Preferred Stock [Member] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Cumulative Preferred Stock [Member] | ||
Preferred stock, par value | $ 5 | $ 5 |
Preferred stock, shares authorized | 900,000 | 900,000 |
Preferred stock, shares issued | 0 | 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
INTEREST INCOME | ||||
Loans, including fees | $ 82,447 | $ 78,855 | $ 160,109 | $ 155,373 |
Securities: | ||||
Taxable | 1,602 | 2,047 | 3,295 | 4,633 |
Tax-exempt | 70 | 154 | 140 | 252 |
Interest-bearing deposits with banks | 825 | 395 | 1,420 | 5,164 |
Total interest income | 84,944 | 81,451 | 164,964 | 165,422 |
INTEREST EXPENSE | ||||
Deposits | 2,003 | 3,750 | 4,325 | 13,150 |
Short-term borrowings | 1 | 1 | 8 | |
Subordinated debt | 578 | 492 | 1,069 | 983 |
Total interest expense | 2,581 | 4,243 | 5,395 | 14,141 |
Net interest income | 82,363 | 77,208 | 159,569 | 151,281 |
(Benefit from) provision for credit losses | (9,949) | 19,333 | (9,949) | 38,916 |
Net interest income after (benefit from)/provision for credit losses | 92,312 | 57,875 | 169,518 | 112,365 |
NONINTEREST INCOME | ||||
Securities transactions (includes no accumulated other comprehensive income reclassifications) | 172 | (595) | 267 | (545) |
Income from sales of loans | 2,133 | 1,561 | 4,143 | 2,342 |
Insurance commissions | 5,015 | 4,443 | 11,004 | 10,119 |
Cash management | 3,068 | 4,255 | 6,071 | 8,575 |
Gain on sale of other assets | 73 | 49 | 2,712 | 135 |
Other | 10,369 | 2,241 | 14,366 | 4,014 |
Total noninterest income | 44,618 | 32,082 | 84,553 | 67,227 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 41,992 | 42,226 | 81,569 | 81,982 |
Occupancy, net | 4,528 | 3,839 | 8,876 | 7,385 |
Depreciation | 4,133 | 3,544 | 8,010 | 7,035 |
Amortization of intangible assets | 809 | 968 | 1,602 | 1,932 |
Data processing services | 1,660 | 1,629 | 3,338 | 3,321 |
Net loss/(income) from other real estate owned | 3,357 | (12) | 4,867 | (2,147) |
Marketing and business promotion | 1,648 | 1,485 | 3,527 | 3,840 |
Deposit insurance | 766 | 365 | 1,642 | 501 |
Other | 15,130 | 10,607 | 25,555 | 22,187 |
Total noninterest expense | 74,023 | 64,651 | 138,986 | 126,036 |
Income before taxes | 62,907 | 25,306 | 115,085 | 53,556 |
Income tax expense | 14,715 | 4,576 | 24,373 | 10,218 |
Net income | $ 48,192 | $ 20,730 | $ 90,712 | $ 43,338 |
NET INCOME PER COMMON SHARE | ||||
Basic | $ 1.47 | $ 0.64 | $ 2.77 | $ 1.33 |
Diluted | $ 1.45 | $ 0.63 | $ 2.72 | $ 1.31 |
OTHER COMPREHENSIVE (LOSS) GAIN | ||||
Unrealized (losses)/gains on debt securities, net of tax of $472, $85, $808 and $(2,091) respectively | $ (1,007) | $ (189) | $ (2,013) | $ 6,236 |
Comprehensive income | 47,185 | 20,541 | 88,699 | 49,574 |
Trust Revenue [Member] | ||||
NONINTEREST INCOME | ||||
Revenue | 3,264 | 3,368 | 6,366 | 7,023 |
Service Charges on Deposits [Member] | ||||
NONINTEREST INCOME | ||||
Revenue | $ 20,524 | $ 16,760 | $ 39,624 | $ 35,564 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Securities transactions accumulated other comprehensive income reclassifications | $ 0 | $ 0 | $ 0 | $ 0 |
Unrealized (loss) gain on debt securities, tax | $ 472,000 | $ 85,000 | $ 808,000 | $ (2,091,000) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | COMMON STOCK [Member] | CAPITAL SURPLUS [Member] | RETAINED EARNINGS [Member] | RETAINED EARNINGS [Member]CUMULATIVE EFFECT, PERIOD OF ADOPTION, ADJUSTMENT [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Member] |
Balance at beginning of period at Dec. 31, 2019 | $ 32,694 | $ 153,353 | $ 815,488 | $ 2,270 | $ 3,454 | |
Shares issued for stock options | 28 | 507 | ||||
Shares acquired and canceled | (59) | (3,039) | ||||
Net income | $ 43,338 | $ 43,338 | ||||
Accounting Standards Update Extensible List | us-gaap:AccountingStandardsUpdate201613Member | |||||
Dividends on common stock | $ (20,903) | |||||
Stock-based compensation arrangements | 832 | |||||
Net change | 6,236 | |||||
Balance at end of period at Jun. 30, 2020 | 1,034,199 | 32,663 | 154,692 | 837,154 | 9,690 | |
Balance at beginning of period at Mar. 31, 2020 | 32,647 | 153,999 | 826,855 | 9,879 | ||
Shares issued for stock options | 16 | 287 | ||||
Net income | 20,730 | 20,730 | ||||
Dividends on common stock | (10,431) | |||||
Stock-based compensation arrangements | 406 | |||||
Net change | (189) | |||||
Balance at end of period at Jun. 30, 2020 | 1,034,199 | 32,663 | 154,692 | 837,154 | 9,690 | |
Balance at beginning of period at Dec. 31, 2020 | 1,067,885 | 32,720 | 156,574 | 871,161 | 7,430 | |
Shares issued for stock options | 65 | 1,657 | ||||
Net income | 90,712 | 90,712 | ||||
Dividends on common stock | (22,285) | |||||
Net cash settlement of options | (958) | (4,521) | ||||
Stock-based compensation arrangements | 1,049 | |||||
Net change | (2,013) | |||||
Balance at end of period at Jun. 30, 2021 | 1,131,591 | 32,785 | 158,322 | 935,067 | 5,417 | |
Balance at beginning of period at Mar. 31, 2021 | 32,771 | 157,450 | 898,026 | 6,424 | ||
Shares issued for stock options | 14 | 399 | ||||
Net income | 48,192 | 48,192 | ||||
Dividends on common stock | (11,151) | |||||
Stock-based compensation arrangements | 473 | |||||
Net change | (1,007) | |||||
Balance at end of period at Jun. 30, 2021 | $ 1,131,591 | $ 32,785 | $ 158,322 | $ 935,067 | $ 5,417 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cumulative effect of change in accounting principle tax | $ 925 | |||
RETAINED EARNINGS [Member] | ||||
Dividend on common stock | $ 0.34 | $ 0.32 | $ 0.68 | $ 0.64 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 90,712 | $ 43,338 |
Adjustments to reconcile to net cash provided by operating activities: | ||
(Benefit from) provision for credit losses | (9,949) | 38,916 |
Depreciation and amortization | 9,612 | 8,967 |
Net amortization of securities premiums and discounts | 1,670 | (340) |
Realized securities (gains)/losses | (267) | 545 |
Gain on sales of loans | (4,143) | (2,342) |
Cash receipts from the sale of loans originated for sale | 221,051 | 171,433 |
Cash disbursements for loans originated for sale | (200,820) | (179,996) |
Deferred income tax benefit | (1,495) | (3,987) |
Gain on sale of other assets | (2,606) | (2,289) |
Increase/(decrease) in interest receivable | 2,048 | (3,438) |
Decrease in interest payable | (330) | (943) |
Amortization of stock-based compensation arrangements | 1,049 | 832 |
Excess tax benefit from stock-based compensation arrangements | (1,693) | (143) |
Other, net | 29,328 | 12,094 |
Net cash provided by operating activities | 134,167 | 82,647 |
INVESTING ACTIVITIES | ||
Net cash received from acquisitions, net of cash paid | 12,412 | 18,397 |
Net cash paid from sale of assets and liabilities, net of cash received | (13,733) | |
Net decrease in federal funds sold | 15,000 | 1,000 |
Purchases of held for investment debt securities | (845) | (1,395) |
Purchases of available for sale debt securities | (251,673) | (255,178) |
Proceeds from maturities, calls and paydowns of held for investment debt securities | 820 | 470 |
Proceeds from maturities, calls and paydowns of available for sale debt securities | 273,872 | 148,365 |
Purchase of equity securities | (470) | (234) |
Proceeds from paydowns and sales of equity securities | 392 | 437 |
Net change in loans | 388,357 | (993,997) |
Purchases of premises, equipment and computer software | (15,200) | (30,292) |
Purchase of tax credits | (2,048) | (357) |
Other, net | 3,567 | 5,641 |
Net cash provided by (used in) investing activities | 410,451 | (1,107,143) |
FINANCING ACTIVITIES | ||
Net change in deposits | 1,444,742 | 958,030 |
Net change in short-term borrowings | 2,000 | 7,000 |
Proceeds from long-term borrowings | 3,000 | |
Proceeds from issuance of subordinated notes, net of debt issuance costs | 59,150 | |
Issuance of common stock in connection with stock options, net | 1,722 | 535 |
Common stock acquired | (3,098) | |
Net cash settlement of options | (5,479) | |
Cash dividends paid | (22,267) | (20,909) |
Net cash provided by financing activities | 1,479,868 | 944,558 |
Net increase/(decrease) in cash, due from banks and interest-bearing deposits | 2,024,486 | (79,938) |
Cash, due from banks and interest-bearing deposits at the beginning of the period | 1,616,912 | 1,868,281 |
Cash, due from banks and interest-bearing deposits at the end of the period | 3,641,398 | 1,788,343 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 5,736 | 15,053 |
Cash paid during the period for income taxes | 15,400 | 5,075 |
Noncash investing and financing activities: | ||
Cash consideration for acquisitions | 21,000 | 2,861 |
Fair value of assets acquired in acquisitions | 284,224 | 47,838 |
Liabilities assumed in acquisitions | 256,412 | 45,040 |
Unpaid common stock dividends declared | $ 11,143 | $ 10,447 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | (1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of BancFirst Corporation and its subsidiaries (the “Company”) conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and general practice within the banking industry. A summary of significant accounting policies can be found in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc., BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements. The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. |
Recent Developments, Including
Recent Developments, Including Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Recent Developments Including Mergers And Acquisitions [Abstract] | |
Recent Developments, Including Mergers and Acquisitions | (2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $60 million aggregate principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Subordinated Notes”) to various institutional accredited investors. See Note (7) of the Notes to Consolidated Financial Statements for a complete discussion of the Company’s subordinated debt. On May 20, 2021, the Company purchased approximately $284 million in total assets, which included $195 million in loans, and assumed approximately $256 million in deposits and certain other obligations, from The First National Bank and Trust Company of Vinita, Oklahoma for a purchase price of $21.0 million. The Company recorded a bargain purchase gain related to this purchase of approximately $6.0 million, which is included in other noninterest income on the statement of comprehensive income and other operating activities on the statement of cash flow. The bargain purchase gain is a noncash item on the statement of cash flow. In addition, the Company recorded expenses related to this purchase of approximately $4.0 million, which are included in noninterest expense. As a result of the purchase, the Company recorded a core deposit intangible of approximately $1.9 million. The effect of this purchase was included in the consolidated financial statement of the Company from the date of purchase forward. The purchase did not have a material effect on the Company’s consolidated financial statements. The First National Bank and Trust Company of Vinita was a nationally chartered bank with two banking locations in Vinita and Grove, Oklahoma. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date. On January 22, 2021, the Company sold approximately $21 million in loans and approximately $38 million in deposits from its Hugo, Oklahoma branch to AmeriState Bank in Atoka, Oklahoma. The Company recorded a gain on the transaction of $2.5 million, which is included in noninterest income. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | ( 3 ) SECURITIES The following table summarizes the amortized cost and estimated fair values of debt securities held for investment: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2021 (Dollars in thousands) Mortgage backed securities (1) $ 43 $ 2 $ — $ 45 States and political subdivisions 2,445 — — 2,445 Other securities 500 — — 500 Total $ 2,988 $ 2 $ — $ 2,990 December 31, 2020 Mortgage backed securities (1) $ 59 $ 3 $ — $ 62 States and political subdivisions 2,405 18 (1 ) 2,422 Other securities 500 — — 500 Total $ 2,964 $ 21 $ (1 ) $ 2,984 The following table summarizes the amortized cost and estimated fair values of debt securities available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2021 (Dollars in thousands) U.S. treasuries $ 465,762 $ 6,680 $ (600 ) $ 471,842 U.S. federal agencies 25,273 324 (2 ) 25,595 Mortgage backed securities (1) 38,407 471 (109 ) 38,769 States and political subdivisions 10,874 227 — 11,101 Asset backed securities 13,346 130 — 13,476 Total $ 553,662 $ 7,832 $ (711 ) $ 560,783 December 31, 2020 U.S. treasuries $ 465,416 $ 9,820 $ — $ 475,236 U.S. federal agencies 19,697 1 (60 ) 19,638 Mortgage backed securities (1) 15,268 428 — 15,696 States and political subdivisions 28,571 377 — 28,948 Asset backed securities 13,337 — (623 ) 12,714 Total $ 542,289 $ 10,626 $ (683 ) $ 552,232 (1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity. June 30, 2021 December 31, 2020 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 576 $ 576 $ 807 $ 809 After one year but within five years 2,407 2,409 2,091 2,110 After five years but within ten years 4 4 65 64 After ten years 1 1 1 1 Total $ 2,988 $ 2,990 $ 2,964 $ 2,984 Available for Sale Contractual maturity of debt securities: Within one year $ 110,293 $ 111,495 $ 339,752 $ 341,102 After one year but within five years 373,494 378,554 162,401 171,135 After five years but within ten years 9,925 10,467 3,753 3,910 After ten years 59,950 60,267 36,383 36,085 Total debt securities $ 553,662 $ 560,783 $ 542,289 $ 552,232 The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law: June 30, 2021 December 31, 2020 (Dollars Book value of pledged securities $ 498,877 $ 490,833 |
Loans Held for Investment and A
Loans Held for Investment and Allowance for Credit Losses on Loans | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans Held for Investment and Allowance for Credit Losses on Loans | ( 4 ) LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES ON LOANS Loans held for investment are summarized by portfolio segment as follows: June 30, 2021 December 31, 2020 Amount Amount (Dollars in thousands) BancFirst Real estate: Commercial real estate owner occupied $ 661,530 $ 641,987 Commercial real estate non-owner occupied 989,560 971,158 Construction and development < 60 months 297,205 229,615 Construction residential real estate < 60 months 208,210 206,195 Residential real estate first lien 865,557 853,316 Residential real estate all other 163,290 168,081 Farmland 269,008 252,958 Commercial and agricultural non-real estate 1,105,777 1,159,810 Consumer non-real estate 371,557 355,405 Oil and gas 130,459 179,355 Other loans (2) 543,034 822,078 Pegasus Bank 586,043 554,548 Total (1) $ 6,191,230 $ 6,394,506 (1) Excludes accrued interest receivable of $22.9 million at June 30, 2021 and $26.0 million at December 31, 2020, that is recorded in accrued interest receivable and other assets. (2) Includes PPP loans held for investment of $368.6 million, net of unamortized processing fees of $16.6 million at June 30, 2021 and $652.7 million, net of unamortized processing fees of $14.5 million at December 31, 2020. Other loans. Other loans consist of loans approved by the Small Business Administration (“SBA”), which include loans funded through the Paycheck Protection Program (“PPP”). Since PPP loans are fully guaranteed by the SBA, there is no expected credit loss related to these loans. In April 2020, the Company began originating loans to qualified small businesses under the PPP administered by the SBA. T he Company had processing fees, which were recognized as interest income related to the PPP loans totaling $11.9 million and $3.7 million during the three months ended June 30, 2021 and 2020, respectively and $21.7 million and $3.7 million during the six months ended June 30, 2021 and 2020, respectively. BancFirst’s loans are mostly to customers within Oklahoma and approximately 56% of the loans are secured by real estate. Credit risk on loans is managed through limits on amounts loaned to individual and related borrowers, underwriting standards and loan monitoring procedures. The amounts and types of collateral obtained, if any, to secure loans are based upon the Company’s underwriting standards and management’s credit evaluation. Collateral varies, but may include real estate, equipment, accounts receivable, inventory, livestock and securities. The Company’s interest in collateral is secured through filing mortgages and liens, and in some cases, by possession of the collateral. Pegasus Bank’s loans are mostly to customers within Texas and approximately $297 million or 51% of the loans are secured by real estate at June 30, 2021. Pegasus Bank’s commercial and agricultural non-real estate loans were approximately $268 million at June 30, 2021 and approximately $262 million at December 31, 2020. BancFirst and Pegasus Bank’s commercial and agricultural non-real estate and oil and gas loan categories include upstream and midstream energy loans, and loans to companies that provide ancillary services to the energy industry, such as transportation, wellsite preparation contractors and equipment manufacturers. Energy loans are summarized as follows: June 30, 2021 December 31, 2020 Amount Amount (Dollars in thousands) BancFirst energy loans Upstream $ 141,651 $ 190,788 Midstream 37,134 49,734 Ancillary services 74,919 59,410 Pegasus Bank energy loans Upstream 127,736 107,103 Midstream 8,797 11,047 Ancillary services 14,049 12,503 Total $ 404,286 $ 430,585 Accounting policies related to appraisals, and charge-offs are disclosed in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Troubled Debt Restructurings, Other Real Estate Owned and Repossessed Assets and Held for Sale Assets The following is a summary of troubled debt restructurings and other real estate owned and repossessed assets: June 30, December 31, 2021 2020 (Dollars in thousands) Troubled debt restructurings $ 7,485 $ 7,784 Other real estate owned and repossessed assets $ 40,183 $ 32,480 The Company charges interest on principal balances outstanding on troubled debt restructurings during deferral periods. The current and future financial effects of the recorded balance of loans considered to be troubled debt restructurings were not considered to be material. During the first half of 2021, the Company completed the move to its new corporate headquarters and transferred approximately $2.4 million from premises and equipment to other real estate owned related to its previous headquarters. In addition, other real estate owned of approximately $2.5 million was purchased from the First National Bank and Trust Company of Vinita, Oklahoma. During the first half of 2021, the Company sold property held in other real estate owned for a total loss of $105,000, compared to a total gain of $2.3 million in the first half of 2020. Nonaccrual loans Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $1.2 million for the six months ended June 30, 2021 and approximately $983,000 for the six months ended June 30, 2020. Nonaccrual loans guaranteed by government agencies totaled approximately $3.5 million at June 30, 2021 and approximately $7.8 million at December 31, 2020. The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment. June 30, 2021 December 31, 2020 (Dollars in thousands) BancFirst Real estate: Commercial real estate owner occupied $ 2,572 $ 1,404 Commercial real estate non-owner occupied 422 4,719 Construction and development < 60 months 88 95 Construction residential real estate < 60 months — — Residential real estate first lien 3,518 3,615 Residential real estate all other 1,188 1,362 Farmland 6,354 7,901 Commercial and agricultural non-real estate 13,185 12,782 Consumer non-real estate 188 268 Oil and gas — — Other loans 2,287 5,399 Pegasus Bank — — Total $ 29,802 $ 37,545 Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents an age analysis of our loans held for investment: Age Analysis of Past Due Loans 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Total Past Due Loans Current Loans Total Loans Accruing Loans 90 Days or More Past Due (Dollars in thousands) As of June 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 604 $ — $ 1,012 $ 1,616 $ 659,914 $ 661,530 $ 80 Commercial real estate non-owner occupied 205 — 112 317 989,243 989,560 37 Construction and development < 60 months 53 1,605 137 1,795 295,410 297,205 137 Construction residential real estate < 60 months 103 — — 103 208,107 208,210 — Residential real estate first lien 3,639 447 3,989 8,075 857,482 865,557 2,070 Residential real estate all other 1,195 40 1,536 2,771 160,519 163,290 458 Farmland 1,036 989 4,327 6,352 262,656 269,008 157 Commercial and agricultural non-real estate 3,780 2,821 8,393 14,994 1,090,783 1,105,777 638 Consumer non-real estate 1,620 353 221 2,194 369,363 371,557 190 Oil and gas — — — — 130,459 130,459 — Other loans 1,472 478 2,102 4,052 538,982 543,034 619 Pegasus Bank — — — — 586,043 586,043 — Total $ 13,707 $ 6,733 $ 21,829 $ 42,269 $ 6,148,961 $ 6,191,230 $ 4,386 As of December 31, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 1,096 $ 108 $ 1,164 $ 2,368 $ 639,619 $ 641,987 $ — Commercial real estate non-owner occupied 323 — 34 357 970,801 971,158 35 Construction and development < 60 months 511 86 — 597 229,018 229,615 — Construction residential real estate < 60 months 1,106 — 282 1,388 204,807 206,195 282 Residential real estate first lien 5,428 1,463 2,978 9,869 843,447 853,316 945 Residential real estate all other 520 55 1,606 2,181 165,900 168,081 384 Farmland 1,297 344 6,223 7,864 245,094 252,958 135 Commercial and agricultural non-real estate 2,788 1,794 4,345 8,927 1,150,883 1,159,810 465 Consumer non-real estate 2,154 501 534 3,189 352,216 355,405 386 Oil and gas — — — — 179,355 179,355 — Other loans 951 1,223 6,618 8,792 813,286 822,078 2,170 Pegasus Bank — — — — 554,548 554,548 — Total $ 16,174 $ 5,574 $ 23,784 $ 45,532 $ 6,348,974 $ 6,394,506 $ 4,802 Due to the impacts of the COVID-19 pandemic, the Company had approximately $61.8 million in modified loans as of June 30, 2021 and $81.7 million in modified loans as of December 31, 2020, most of which were secured by commercial real estate. These modifications were undertaken in response to Section 4013 of the CARES Act and the regulatory intent outlined in the Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus and to provide businesses financial flexibility until the economy has time to recover to a more normal level of activity. However, these modifications, which typically involve payment modifications and forbearance, also have the effect of delaying recognition of loans that may ultimately be permanently impaired. The timing and extent of such consequences are difficult to ascertain at this time and are dependent on the duration of the COVID-19 pandemic, the level and success of the government’s economic stimulus, and further regulatory guidance. These modified loans are included in Current Loans in the table above. Credit Quality Indicators The Company considers credit quality indicators to monitor the credit risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical credit loss experience and economic conditions. An internal risk grading system is used to indicate the credit risk of loans. The loan grades used by the Company are for internal risk identification purposes and do not directly correlate to regulatory classification categories or any financial reporting definitions. The general characteristics of the risk grades and the table summarizing our gross loans held for investment by year of origination and internally assigned credit grades as of December 31, 2020, are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company’s revolving loans that are converted to term loans are not material and therefore have not been presented. The following table summarizes our gross loans held for investment by year of origination and internally assigned credit grades as of June 30, 2021: Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (Dollars in thousands) As of June 30, 2021 BancFirst Commercial real estate owner occupied Grade 1 $66,327 $135,671 $83,146 $53,559 $36,961 $112,760 $11,507 $499,931 Grade 2 17,354 38,028 30,351 10,695 9,710 40,707 4,904 151,749 Grade 3 3 3,905 27 266 476 2,621 — 7,298 Grade 4 349 — 921 539 — 436 307 2,552 Total commercial real estate owner occupied loans 84,033 177,604 114,445 65,059 47,147 156,524 16,718 661,530 Commercial real estate non-owner occupied Grade 1 95,260 227,302 147,192 62,169 61,402 137,491 18,024 748,840 Grade 2 16,345 59,541 44,838 37,862 19,357 43,884 4,657 226,484 Grade 3 7,453 — 3,412 214 1,607 865 — 13,551 Grade 4 — — 50 37 — 598 — 685 Total commercial real estate non-owner occupied loans 119,058 286,843 195,492 100,282 82,366 182,838 22,681 989,560 Construction and development < 60 months Grade 1 91,143 63,018 66,976 11,381 2,547 3,210 10,454 248,729 Grade 2 12,579 12,938 12,391 2,187 1,811 773 2,128 44,807 Grade 3 1,753 1,690 130 7 — — — 3,580 Grade 4 — — 61 8 20 — — 89 Total construction and development < 60 months 105,475 77,646 79,558 13,583 4,378 3,983 12,582 297,205 Construction residential real estate < 60 months Grade 1 101,482 69,169 52 — 20 30 7,264 178,017 Grade 2 14,182 14,919 — 109 — 437 — 29,647 Grade 3 546 — — — — — — 546 Total construction residential real estate < 60 months 116,210 84,088 52 109 20 467 7,264 208,210 Residential real estate first lien Grade 1 134,782 188,553 109,336 69,907 54,107 154,974 — 711,659 Grade 2 22,669 25,098 16,385 19,237 10,187 42,381 — 135,957 Grade 3 1,102 1,809 2,526 901 1,360 4,832 — 12,530 Grade 4 49 511 442 1,149 934 2,326 — 5,411 Total residential real estate first lien 158,602 215,971 128,689 91,194 66,588 204,513 — 865,557 Residential real estate all other Grade 1 9,847 16,428 11,139 8,009 5,157 15,276 28,321 94,177 Grade 2 746 3,263 1,743 1,325 1,137 2,367 53,510 64,091 Grade 3 272 140 410 248 718 376 1,042 3,206 Grade 4 14 211 — 579 15 652 345 1,816 Total residential real estate all other 10,879 20,042 13,292 10,161 7,027 18,671 83,218 163,290 Farmland Grade 1 26,621 46,638 25,418 18,375 13,983 35,431 7,521 173,987 Grade 2 8,767 9,048 26,148 5,702 5,457 13,424 10,709 79,255 Grade 3 2,786 2,068 1,676 300 742 1,213 1,842 10,627 Grade 4 — 1,195 — 3,187 296 183 278 5,139 Total farmland 38,174 58,949 53,242 27,564 20,478 50,251 20,350 269,008 Commercial and agricultural non-real estate Grade 1 190,653 135,726 105,770 64,491 54,567 54,870 220,348 826,425 Grade 2 38,938 47,478 29,481 11,780 3,885 18,985 68,353 218,900 Grade 3 4,900 5,500 1,706 12,010 1,858 639 21,708 48,321 Grade 4 262 1,783 1,555 599 811 1,299 5,822 12,131 Total commercial and agricultural non-real estate 234,753 190,487 138,512 88,880 61,121 75,793 316,231 1,105,777 Consumer non-real estate Grade 1 110,171 116,215 64,985 27,641 9,497 4,018 7,084 339,611 Grade 2 9,362 9,659 4,641 2,833 1,099 1,653 287 29,534 Grade 3 229 405 787 290 154 147 3 2,015 Grade 4 14 67 180 58 19 55 4 397 Total consumer non-real estate 119,776 126,346 70,593 30,822 10,769 5,873 7,378 371,557 Oil and gas Grade 1 53,326 115 59 66 — 3,444 33,676 90,686 Grade 2 10,051 3,347 69 — — — 9,419 22,886 Grade 3 16,887 — — — — — — 16,887 Total oil and gas 80,264 3,462 128 66 — 3,444 43,095 130,459 Other loans Grade 1 379,715 34,608 29,464 24,034 18,060 25,568 23,298 534,747 Grade 2 — — 250 17 2,638 2,434 820 6,159 Grade 3 — 11 225 10 1 99 199 545 Grade 4 — 137 — — 294 140 1,012 1,583 Total other loans 379,715 34,756 29,939 24,061 20,993 28,241 25,329 543,034 Pegasus Bank Grade 1 64,138 87,556 58,223 7,261 16,202 52,432 153,260 439,072 Grade 2 27,016 14,313 18,116 10,578 21,378 6,717 48,741 146,859 Grade 3 — 112 — — — — — 112 Total Pegasus Bank 91,154 101,981 76,339 17,839 37,580 59,149 202,001 586,043 Total loans held for investment $1,538,093 $1,378,175 $900,281 $469,620 $358,467 $789,747 $756,847 $6,191,230 Allowance for Credit Losses Methodology On January 1, 2020, the Company adopted ASC 326, which replaces the incurred loss methodology for determining its provision for credit losses and allowance for credit losses with an expected loss methodology that is referred to as the CECL model. Upon adoption, the allowance for credit losses was decreased by $3.2 million, with no impact to the consolidated statement of income. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist by identifying by portfolio segments, the applicable weighted average life and measuring the allowance for credit losses using the vintage loss analysis adjusted for qualitative factors. The weighted average lives of the Company’s loans segments are disclosed in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The decrease in the allowance for credit loss during the second quarter of 2021 was primarily driven by a reversal of provision during the quarter based on sustained improvements in the economy, both nationally and in Oklahoma, which reduced the amount of expected credit loss within the loan portfolio. This reduction was partially offset by additional allowance for credit loss required by newly acquired loans purchased with credit deterioration. The following table details activity in the allowance for credit losses on loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Allowance for Credit Losses Balance at beginning of period Initial allowance on loans purchased with credit deterioration Charge- offs Recoveries Net charge-offs (Benefit from) /Provision for credit losses on loans Balance at end of period (Dollars in thousands) Three Months Ended June 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 6,595 $ 987 $ — $ 1 $ 1 $ (828 ) $ 6,755 Commercial real estate non-owner occupied 16,955 633 (758 ) — (758 ) (2,340 ) 14,490 Construction and development < 60 months 2,743 173 — 2 2 (25 ) 2,893 Construction residential real estate < 60 months 983 — — — — (94 ) 889 Residential real estate first lien 2,592 117 (9 ) 12 3 93 2,805 Residential real estate all other 1,873 — (30 ) 1 (29 ) 97 1,941 Farmland 3,077 643 — 1 1 (6 ) 3,715 Commercial and agricultural non-real estate 32,685 4,711 (3,433 ) 125 (3,308 ) (2,473 ) 31,615 Consumer non-real estate 3,256 8 (209 ) 86 (123 ) 174 3,315 Oil and gas 12,131 — — — — (4,314 ) 7,817 Other loans 3,190 — (9 ) — (9 ) (43 ) 3,138 Pegasus Bank 4,780 — — — — (190 ) 4,590 Total $ 90,860 $ 7,272 $ (4,448 ) $ 228 $ (4,220 ) $ (9,949 ) $ 83,963 Six Months Ended June 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 7,035 $ 987 $ — $ 1 $ 1 $ (1,268 ) $ 6,755 Commercial real estate non-owner occupied 11,842 633 (796 ) — (796 ) 2,811 14,490 Construction and development < 60 months 2,560 173 — 5 5 155 2,893 Construction residential real estate < 60 months 627 — — — — 262 889 Residential real estate first lien 2,570 117 (52 ) 27 (25 ) 143 2,805 Residential real estate all other 2,230 — (46 ) 4 (42 ) (247 ) 1,941 Farmland 3,136 643 — 1 1 (65 ) 3,715 Commercial and agricultural non-real estate 32,400 4,711 (3,537 ) 151 (3,386 ) (2,110 ) 31,615 Consumer non-real estate 3,377 8 (622 ) 198 (424 ) 354 3,315 Oil and gas 17,851 — — — — (10,034 ) 7,817 Other loans 3,182 — (61 ) — (61 ) 17 3,138 Pegasus Bank 4,556 — — 1 1 33 4,590 Total $ 91,366 $ 7,272 $ (5,114 ) $ 388 $ (4,726 ) $ (9,949 ) $ 83,963 Allowance for Credit Losses Balance at beginning of period Impact of CECL adoption Initial allowance on loans purchased with credit deterioration Charge- offs Recoveries Net charge-offs Provision for /(benefit from) credit losses on loans Balance at end of period (Dollars in thousands) Three Months Ended June 30, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 4,544 $ — $ — $ (113 ) $ 1 $ (112 ) $ 2,198 $ 6,630 Commercial real estate non-owner occupied 5,935 — — — — — 3,548 9,483 Construction and development < 60 months 1,136 — — (56 ) 3 (53 ) 672 1,755 Construction residential real estate < 60 months 1,618 — — (28 ) — (28 ) 669 2,259 Residential real estate first lien 6,192 — — (66 ) 4 (62 ) 2,423 8,553 Residential real estate all other 2,292 — — (7 ) 1 (6 ) 434 2,720 Farmland 1,788 — — — — — 723 2,511 Commercial and agricultural non-real estate 33,993 — — (287 ) 66 (221 ) 264 34,036 Consumer non-real estate 3,385 — — (235 ) 57 (178 ) 1,507 4,714 Oil and gas 3,283 — — — — — 7,186 10,469 Other loans 2,751 — — — — — (238 ) 2,513 Pegasus Bank 3,163 — — 330 417 747 (53 ) 3,857 Total $ 70,080 $ — $ — $ (462 ) $ 549 $ 87 $ 19,333 $ 89,500 Six Months Ended June 30, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 5,625 $ (2,806 ) $ 432 $ (113 ) $ 1 $ (112 ) $ 3,491 $ 6,630 Commercial real estate non-owner occupied 8,358 (5,507 ) — — — — 6,632 9,483 Construction and development < 60 months 2,214 (1,056 ) — (59 ) 3 (56 ) 653 1,755 Construction residential real estate < 60 months 1,933 (778 ) — (29 ) — (29 ) 1,133 2,259 Residential real estate first lien 8,692 (3,831 ) 7 (218 ) 6 (212 ) 3,897 8,553 Residential real estate all other 2,767 (1,408 ) — (32 ) 28 (4 ) 1,365 2,720 Farmland 2,821 (1,408 ) 1 — — — 1,097 2,511 Commercial and agricultural non-real estate 13,462 13,195 62 (374 ) 83 (291 ) 7,608 34,036 Consumer non-real estate 3,252 (622 ) — (556 ) 114 (442 ) 2,526 4,714 Oil and gas 1,883 (1,346 ) — — — — 9,932 10,469 Other loans 2,632 (116 ) — — 2 2 (5 ) 2,513 Pegasus Bank 599 2,488 — (241 ) 424 183 587 3,857 Total $ 54,238 $ (3,195 ) $ 502 $ (1,622 ) $ 661 $ (961 ) $ 38,916 $ 89,500 Purchased Credit Deteriorated Loans The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The credit-deteriorated loans purchased during the six-month periods ended June 30, 2021 and June 30, 2020 were as follows: Loans acquired with deteriorated credit quality (Dollars in thousands) For the period ended June 30, 2021 Purchase price of loans at acquisition $ 26,779 Allowance for credit losses at acquisition 7,272 Par value of acquired loans at acquisition $ 34,051 For the period ended June 30, 2020 Purchase price of loans at acquisition $ 1,761 Allowance for credit losses at acquisition 502 Par value of acquired loans at acquisition $ 2,263 Collateral Dependent Loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the six months ended June 30, 2021 and 2020, no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent. The following table summarizes collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows: Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of June 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 645 $ — $ — $ — $ 645 $ 176 Commercial real estate non-owner occupied — — — — — — Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 806 — — — 806 158 Residential real estate all other 650 — — — 650 568 Farmland 3,215 — — — 3,215 1,123 Commercial and agricultural non-real estate — 5,211 — 5,188 10,399 778 Consumer non-real estate — — — 22 22 4 Oil and gas — — — — — — Other loans — 15 — — 15 15 Pegasus Bank — — — — — — Total collateral-dependent loans held for investment $ 5,316 $ 5,226 $ — $ 5,210 $ 15,752 $ 2,822 Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 848 $ — $ — $ — $ 848 $ 226 Commercial real estate non-owner occupied 4,719 — — — 4,719 1,000 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 860 — — — 860 151 Residential real estate all other 866 — — — 866 616 Farmland 3,258 — — — 3,258 1,114 Commercial and agricultural non-real estate — 8,460 — 413 8,873 2,813 Consumer non-real estate — — — 109 109 58 Oil and gas — — — — — — Other loans — 13 — — 13 12 Pegasus Bank 1,257 — — — 1,257 222 Total collateral-dependent loans held for investment $ 11,808 $ 8,473 $ — $ 522 $ 20,803 $ 6,212 Non-Cash Transfers from Loans and Premises and Equipment Transfers from loans and premises and equipment to other real estate owned and repossessed assets are non-cash transactions, and are not included in the statements of cash flow. Transfers from loans and premises and equipment to other real estate owned and repossessed assets during the periods presented are summarized as follows: Six Months Ended June 30, 2021 2020 (Dollars in thousands) Other real estate owned $ 9,438 $ 2,876 Repossessed assets 427 722 Total $ 9,865 $ 3,598 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | ( 5 ) INTANGIBLE ASSETS AND GOODWILL The following is a summary of intangible assets: Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) As of June 30, 2021 Core deposit intangibles $ 30,849 $ (12,120 ) $ 18,729 Customer relationship intangibles 3,350 (2,796 ) 554 Total $ 34,199 $ (14,916 ) $ 19,283 As of December 31, 2020 Core deposit intangibles $ 33,411 $ (15,076 ) $ 18,335 Customer relationship intangibles 3,350 (2,686 ) 664 Total $ 36,761 $ (17,762 ) $ 18,999 The following is a summary of goodwill by business segment: Other Executive, Metropolitan Community Pegasus Financial Operations Banks Banks Bank Services & Support Consolidated (Dollars in thousands) Six months ended June 30, 2021 Balance at beginning and end of period $ 13,767 $ 61,212 $ 68,855 $ 5,464 $ 624 $ 149,922 Additional information for intangible assets can be found in Note (7) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | (6) LEASES Lessee The Company has operating leases, which primarily consist of office space in buildings, ATM locations, storage facilities, parking lots, equipment and land on which it owns certain buildings. Rent expense for all operating leases, including those rented on a monthly or temporary basis, totaled approximately $462,000 and approximately $453,000 for the three months ended June 30, 2021 and June 30, 2020, respectively. Rent expense for all operating leases, including those rented on a monthly or temporary basis, totaled approximately $966,000 and $916,000 for the six months ended June 30, 2021 and June 30, 2020, respectively. As of June 30, 2021, right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $3.8 million, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $3.7 million. There have been no significant changes in our expected future minimum lease payments since December 31, 2020. The future minimum lease payments are disclosed in Note (20) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. As of June 30, 2021, our operating leases have a weighted-average remaining lease term of 3.3 years and a weighted-average discount rate of 2.8 percent. The following table presents minimum future commitments by year for the Company’s operating leases. Such commitments are reflected as undiscounted values and are reconciled to the discounted present value recognized on the balance sheet. June 30, 2021 (Dollars in thousands) 2021 (six months) $ 703 2022 1,212 2023 708 2024 345 2025 286 Thereafter 893 Total lease payments 4,147 Less imputed Interest (497 ) Operating lease liability $ 3,650 Lessor The Company is a lessor of operating leases, which primarily consist of office space in buildings and parking lots. These assets are classified on the balance sheet as premises and equipment. The Company had operating lease revenue of $1.3 million and $1.4 million for the three months ended June 30, 2021 and June 30, 2020, respectively. The Company had operating lease revenue of $2.7 million and $2.8 million for the six months ended June 30, 2021 and June 30, 2020, respectively. Lease revenue is included in occupancy, net on the consolidated statement of comprehensive income. The Company does not have operating leases that extend beyond 2031. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases: June 30, 2021 (Dollars in thousands) 2021 (six months) $ 1,765 2022 2,857 2023 2,636 2024 2,571 2025 1,946 2026-2031 6,146 Total future minimum lease payments $ 17,921 |
Subordinated Debt
Subordinated Debt | 6 Months Ended |
Jun. 30, 2021 | |
Brokers And Dealers [Abstract] | |
Subordinated Debt | (7) SUBORDINATED DEBT In January 2004, the Company established BFC Capital Trust II (“BFC II”), a trust formed under the Delaware Business Trust Act. The Company owns all of the common securities of BFC II. In February 2004, BFC II issued $25 million of aggregate liquidation amount of 7.20% Cumulative Trust Preferred Securities (the “Cumulative Trust Preferred Securities”) to other investors. In March 2004, BFC II issued an additional $1 million in Cumulative Trust Preferred Securities through the execution of an over-allotment option. The proceeds from the sale of the Cumulative Trust Preferred Securities and the common securities of BFC II were invested in $26.8 million of 7.20% Junior Subordinated Debentures of the Company. Interest payments on the $26.8 million of 7.20% Junior Subordinated Debentures are payable January 15, April 15, July 15 and October 15 of each year. Such interest payments may be deferred for up to twenty consecutive quarters. The stated maturity date of the $26.8 million of 7.20% Junior Subordinated Debentures is March 31, 2034, but they are subject to mandatory redemption pursuant to optional prepayment terms. The Cumulative Trust Preferred Securities represent an undivided interest in the $26.8 million of 7.20% Junior Subordinated Debentures and are guaranteed by the Company. During any deferral period or during any event of default, the Company may not declare or pay any dividends on any of its capital stock. The Cumulative Trust Preferred Securities were callable at par, in whole or in part, after March 31, 2009. On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $60 million aggregate principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Subordinated Notes”) to various institutional accredited investors. The sale of the Subordinated Notes was pursuant to a Subordinated Note Purchase Agreement entered into with each of the investors. The Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. The net proceeds to the Company from the sale of the Subordinated Notes was approximately $59.15 million after deducting commissions and offering expenses of $850,000. The Company expects to use the proceeds from the sale of the Subordinated Notes for general corporate purposes. The Subordinated Notes will initially bear interest at a fixed rate of 3.50% per annum, from and including June 17, 2021 to but excluding June 30, 2031, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2021. Then, from and including June 30, 2031, to but excluding the maturity date, the Subordinated Notes will bear interest at a floating rate equal to the benchmark (initially, three-month term SOFR), reset quarterly, plus a spread of 229 basis points, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Subordinated Notes mature on June 30, 2036. The Company may, at its option, beginning with the interest payment date of June 30, 2031, and on any scheduled interest payment date thereafter, redeem the Subordinated Notes, in whole or in part. In addition, the Company may redeem all, but not less than all, of the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event” (each as defined in the Subordinated Notes). Any such redemption is subject to obtaining the prior approval of the Board of Governors of the Federal Reserve System (or its designee). The redemption price with respect to any such redemption will be equal to 100% of the principal amount of the Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest, if any, thereon to, but excluding, the redemption date. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | ( 8 ) STOCK-BASED COMPENSATION The Company has had a nonqualified incentive stock option plan the BancFirst Corporation Stock Option Plan (the “Employee Plan”) since May 1986. At June 30, 2021, there were 275,000 shares available for future grants. The Employee Plan will terminate on December 31, 2024, if not extended. The options vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years. Options expire no later than the end of fifteen years from the date of grant. The option price must be no less than 100% of the fair value of the stock relating to such option at the date of grant. The Company has had the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “Non-Employee Directors’ Plan”) since June 1999. Each non-employee director is granted an option for 10,000 shares. At June 30, 2021, there were 50,000 shares available for future grants. The Non-Employee Directors’ Plan will terminate on December 31, 2024, if not extended. The options vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant. The option price must be no less than 100% of the fair value of the stock relating to such option at the date of grant. The Company currently uses newly issued shares for stock option exercises, but reserves the right to use shares purchased under the Company’s Stock Repurchase Program (the “SRP”) in the future. Although not required or expected, the Company may settle some options in cash on a limited basis at the discretion of the Company. During the six months ended June 30, 2021, the Company had cash settlements for 121,330 shares for a total net cash settlement of options of $5.5 million that did not increase the outstanding shares of the Company. The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan: Wgtd. Avg. Wgtd. Avg. Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (Dollars in thousands, except option data) Six Months Ended June 30, 2021 Outstanding at December 31, 2020 1,343,080 $ 35.28 Options granted 53,000 69.57 Options exercised (183,830 ) 23.82 Options canceled, forfeited, or expired (5,000 ) 44.23 Outstanding at June 30, 2021 1,207,250 38.49 8.67 Yrs $ 28,896 Exercisable at June 30, 2021 596,750 26.68 7.27 Yrs $ 21,336 The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Total intrinsic value of options exercised $ 557 $ 337 $ 7,860 $ 726 Cash received from options exercised 413 303 4,379 504 Tax benefit realized from options exercised 142 86 2,002 185 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model and is based on certain assumptions including risk-free rate of return, dividend yield, stock price volatility and the expected term. The fair value of each option is expensed over its vesting period. The following table is a summary of the Company’s recorded stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Stock-based compensation expense $ 473 $ 406 $ 1,049 $ 832 Tax benefit 114 103 252 212 Stock-based compensation expense, net of tax $ 359 $ 303 $ 797 $ 620 The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years. The following table shows the unearned stock-based compensation expense: June 30, 2021 (Dollars in thousands) Unearned stock-based compensation expense $ 5,417 The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented: Six Months Ended June 30, 2021 2020 Weighted average grant-date fair value per share of options granted $ 23.74 $ 10.63 Risk-free interest rate 1.34 to 1.74% 0.66 to1.13% Dividend yield 2.00% 2.00% Stock price volatility 35.55 to 36.01% 22.84 to 33.56% Expected term 10 Yrs 10 Yrs The risk-free interest rate is determined by reference to the spot zero-coupon rate for the U.S. Treasury security with a maturity similar to the expected term of the options. The dividend yield is the expected yield for the expected term. The stock price volatility is estimated from the recent historical volatility of the Company’s stock. The expected term is estimated from the historical option exercise experience. The Company accounts for forfeitures as they occur. The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999. As of June 30, 2021, there are 40,000 shares available for future issuance under the Deferred Stock Compensation Plan. The Deferred Stock Compensation Plan will terminate on December 31, 2024, if not extended. Under the plan, directors and members of the community advisory boards of the Company and its subsidiaries may defer up to 100% of their board fees. They are credited for each deferral with a number of stock units based on the current market price of the Company’s stock, which accumulate in an account until such time as the director or community board member terminates serving as a board member. Shares of common stock of the Company are then distributed to the terminating director or community board member based upon the number of stock units accumulated in his or her account. There were 2,161 and 1,307 shares of common stock distributed from the Deferred Stock Compensation Plan during the six months ended June 30, 2021 and June 30, 2020, respectively. A summary of the accumulated stock units is as follows: June 30, December 31, 2021 2020 Accumulated stock units 150,118 148,278 Average price $ 29.61 $ 28.57 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | ( 9 ) STOCKHOLDERS’ EQUITY In November 1999, the Company adopted the SRP. The SRP may be used as a means to increase earnings per share and return on equity. In addition, the SRP may be used to purchase treasury stock for the exercise of stock options or for distributions under the Deferred Stock Compensation Plan, to provide liquidity for optionees to dispose of stock from exercises of their stock options and to provide liquidity for stockholders wishing to sell their stock. All shares repurchased under the SRP have been retired and not held as treasury stock. The timing, price and amount of stock repurchases under the SRP may be determined by management and approved by the Company’s Executive Committee. The following table is a summary of the shares under the program: Six Months Ended June 30, 2021 2020 Number of shares repurchased — 59,284 Average price of shares repurchased $ — $ 52.26 Shares remaining to be repurchased 62,782 62,782 The Company, BancFirst and Pegasus Bank are subject to risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (“FDIC”). These guidelines are used to evaluate capital adequacy and involve both quantitative and qualitative evaluations of the Company’s, BancFirst’s and Pegasus Bank’s assets, liabilities and certain off-balance-sheet items calculated under regulatory practices. Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s financial statements. Management believes that as of June 30, 2021, the Company, BancFirst and Pegasus Bank met all capital adequacy requirements to which they are subject. The actual and required capital amounts and ratios are shown in the following table: Required To Be Well For Capital With Capitalized Under Adequacy Capital Conservation Prompt Corrective Actual Purposes Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2021: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,123,056 17.35% $ 517,721 8.00% $ 679,508 10.50% N/A N/A BancFirst 954,496 16.23% 470,400 8.00% 617,400 10.50% $ 588,000 10.00% Pegasus Bank 76,186 12.61% 48,317 8.00% 63,416 10.50% 60,396 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 956,969 14.79% $ 291,218 4.50% $ 453,006 7.00% N/A N/A BancFirst 860,924 14.64% 264,600 4.50% 411,600 7.00% $ 382,200 6.50% Pegasus Bank 71,113 11.77% 27,178 4.50% 42,277 7.00% 39,257 6.50% Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 982,969 15.19% $ 388,291 6.00% $ 550,078 8.50% N/A N/A BancFirst 880,924 14.98% 352,800 6.00% 499,800 8.50% $ 470,400 8.00% Pegasus Bank 71,113 11.77% 36,238 6.00% 51,337 8.50% 48,317 8.00% Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 982,969 9.23% $ 425,962 4.00% N/A N/A N/A N/A BancFirst 880,924 9.13% 385,803 4.00% N/A N/A $ 482,254 5.00% Pegasus Bank 71,113 7.15% 39,786 4.00% N/A N/A 49,733 5.00% As of June 30, 2021, the most recent notification from the Federal Reserve Bank of Kansas City and the FDIC categorized BancFirst and Pegasus Bank as “well capitalized” under the prompt corrective action provisions. The Common Equity Tier 1 Capital of the Company, BancFirst and Pegasus Bank includes common stock and related paid-in capital and retained earnings. In connection with the adoption of the Basel III Capital Rules, the election was made to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 Capital. Common Equity Tier 1 Capital for the Company, BancFirst and Pegasus Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities. The Company’s trust preferred securities have continued to be included in Tier 1 capital, as the Company’s total assets do not exceed $ 15 billion. There are no conditions or events since the most recent notification of BancFirst and Pegasus Bank’s capital category that management believes would materially change its category under capital requirements existing as of the report date. In April 2020, the Company began originating loans to qualified small businesses under the PPP administered by the SBA. Federal bank regulatory agencies have issued an interim final rule that permits banks to neutralize the regulatory capital effects of participating in the Paycheck Protection Program Lending Facility (the “PPP Facility”) and clarify that PPP loans have a zero percent risk weight under applicable risk-based capital rules. Specifically, a bank may exclude all PPP loans pledged as collateral to the PPP Facility from its average total consolidated assets for the purposes of calculating its leverage ratio, while PPP loans that are not pledged as collateral to the PPP Facility are included. The PPP loans the Company originated in 2020 and 2021 are included in the calculation of the Company’s leverage ratio as of June 30, 2021 as the Company did not utilize the PPP Facility for funding purposes. On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $60 million aggregate principal amount of Subordinated Notes. The Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | ( 10 ) NET INCOME PER COMMON SHARE Basic and diluted net income per common share are calculated as follows: Income (Numerator) Shares (Denominator) Per Share Amount (Dollars in thousands, except per share data) Three Months Ended June 30, 2021 Basic Income available to common stockholders $ 48,192 32,779,227 $ 1.47 Dilutive effect of stock options — 626,696 Diluted Income available to common stockholders plus assumed exercises of stock options $ 48,192 33,405,923 $ 1.45 Three Months Ended June 30, 2020 Basic Income available to common stockholders $ 20,730 32,651,262 $ 0.64 Dilutive effect of stock options — 424,231 Diluted Income available to common stockholders plus assumed exercises of stock options $ 20,730 33,075,493 $ 0.63 Six Months Ended June 30, 2021 Basic Income available to common stockholders $ 90,712 32,768,102 $ 2.77 Dilutive effect of stock options — 639,591 Diluted Income available to common stockholders plus assumed exercises of stock options $ 90,712 33,407,693 $ 2.72 Six Months Ended June 30, 2020 Basic Income available to common stockholders $ 43,338 32,665,425 $ 1.33 Dilutive effect of stock options — 531,996 Diluted Income available to common stockholders plus assumed exercises of stock options $ 43,338 33,197,421 $ 1.31 The following table shows the number and average exercise price of options that were excluded from the computation of diluted net income per common share for each period because the options were anti-dilutive for the period: Shares Three Months Ended June 30, 2021 43,093 Three Months Ended June 30, 2020 448,016 Six Months Ended June 30, 2021 108,055 Six Months Ended June 30, 2020 424,939 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | ( 1 1 ) FAIR VALUE MEASUREMENTS Accounting standards define fair value as the price that would be received to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date. FASB Accounting Standards Codification (“ASC”) Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset and liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes certain collaterally dependent loans, repossessed assets, other real estate owned, goodwill and other intangible assets. Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis A description of the valuation methodologies and key inputs used to measure financial assets and financial liabilities at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to the following categories of the Company’s financial assets and financial liabilities. Debt Securities Available for Sale Debt securities classified as available for sale are reported at fair value. U.S. Treasuries are valued using Level 1 inputs. Other debt securities available for sale including U.S. federal agencies, registered mortgage backed debt securities and state and political subdivisions are valued using prices from an independent pricing service utilizing Level 2 data. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company also invests in private label mortgage backed debt securities for which observable information is not readily available. These debt securities are reported at fair value utilizing Level 3 inputs. For these debt securities, management determines the fair value based on replacement cost, the income approach or information provided by outside consultants or lead investors. Discount rates are primarily based on reference to interest rate spreads on comparable debt securities of similar duration and credit rating as determined by the nationally recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar debt securities. The Company reviews the prices for Level 1 and Level 2 debt securities supplied by the independent pricing service for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio debt securities that are esoteric or that have complicated structures. The Company’s portfolio primarily consists of traditional investments including U.S. Treasury obligations, federal agency mortgage pass-through debt securities, general obligation municipal bonds and a small amount of municipal revenue bonds. Pricing for such instruments is fairly generic and is easily obtained. For in-state bond issues that have relatively low issue sizes and liquidity, the Company utilizes the same parameters for pricing mentioned in the preceding paragraph adjusted for the specific issue. Periodically, the Company will validate prices supplied by the independent pricing service by comparison to prices obtained from third party sources. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (Dollars in thousands) June 30, 2021 Debt securities available for sale: U.S. Treasury $ 471,842 $ — $ — $ 471,842 U.S. federal agencies — 25,595 — 25,595 Mortgage-backed securities — 38,769 — 38,769 States and political subdivisions — 10,781 320 11,101 Asset backed securities — 13,476 — 13,476 December 31, 2020 Debt securities available for sale: U.S. Treasury $ 475,236 $ — $ — $ 475,236 U.S. federal agencies — 19,638 — 19,638 Mortgage-backed securities — 15,696 — 15,696 States and political subdivisions — 28,793 155 28,948 Asset backed securities — — 12,714 12,714 The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows: Six Months Ended June 30, Twelve Months Ended December 31, 2021 2020 (Dollars in thousands) Balance at the beginning of the year $ 12,869 $ 12,714 Transfers (to)/from level 2 (12,714 ) 1,643 Purchases 240 — Settlements (75 ) (1,473 ) Total unrealized losses — (15 ) Balance at the end of the period $ 320 $ 12,869 The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period. During the six months ended June 30, 2021, the Company transferred debt securities from Level 3 to Level 2 due to a review of the pricing models that determined some asset backed debt securities to be Level 2. During the year ended December 31, 2020, the Company transferred debt securities from Level 2 to Level 3 due to a review of the pricing models that determined some state and political subdivisions bonds to be Level 3. Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and financial liabilities are reported at fair value utilizing Level 3 inputs. The Company invests in equity securities without readily determinable fair values and utilizes Level 3 inputs. These equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income. Collateral dependent loans are reported at the fair value of the underlying collateral if repayment is dependent on liquidation of the collateral. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. In no case does the fair value of a collateral dependent loan exceed the fair value of the underlying collateral. The collateral dependent loans are adjusted to fair value through a specific allocation of the allowance for credit losses or a direct charge-down of the loan. Repossessed assets, upon initial recognition, are measured and adjusted to fair value through a charge-off to the allowance for possible credit losses based upon the fair value of the repossessed asset. Other real estate owned is revalued at fair value subsequent to initial recognition, with any losses recognized in net expense from other real estate owned. The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period: Total Fair Value Level 3 (Dollars in thousands) As of and for the Year-to-date Period Ended June 30, 2021 Equity securities $ 21,548 Collateral dependent loans 867 Repossessed assets 50 Other real estate owned 8,009 As of and for the Year-to-date Period Ended December 31, 2020 Equity securities $ 21,203 Collateral dependent loans 11,347 Repossessed assets 291 Other real estate owned 32,066 Estimated Fair Value of Financial Instruments The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instruments that are not recorded at fair value. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and Cash Equivalents Include: Cash and Due from Banks and Interest-Bearing Deposits with Banks The carrying amount of these short-term instruments is based on a reasonable estimate of fair value. Debt Securities Held for Investment For debt securities held for investment, which are generally traded in secondary markets, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar debt securities making adjustments for credit or liquidity if applicable. Loans Held For Sale The Company originates mortgage loans to be sold. At the time of origination, the acquiring bank has already been determined and the terms of the loan, including interest rate, have already been set by the acquiring bank, allowing the Company to originate the loan at fair value. Mortgage loans are generally sold within 30 days of origination. Loans held for sale are valued using Level 2 inputs. Gains or losses recognized upon the sale of the loans are determined on a specific identification basis. At December 31, 2020, the Company’s principal subsidiary bank, BancFirst, had approximately $21.6 million in loans held for sale at its Hugo, Oklahoma branch that were sold to AmeriState Bank in Atoka, Oklahoma in the first quarter of 2021. Loans To determine the fair value of loans, the Company uses an exit price calculation, which takes into account factors such as liquidity, credit and the nonperformance risk of loans. For certain homogeneous categories of loans, such as some residential mortgages, fair values are estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair values of other types of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Deposits The fair values of transaction and savings accounts are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using the rates currently offered for deposits of similar remaining maturities. Short-Term Borrowings The amounts payable on these short-term instruments are reasonable estimates of fair value. Subordinated Debt The fair values of subordinated debt are estimated using the rates that would be charged for subordinated debt of similar remaining maturities. Loan Commitments and Letters of Credit The fair values of commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the terms of the agreements. The fair values of letters of credit are based on fees currently charged for similar agreements. The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows: June 30, December 31, 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 3,641,398 $ 3,641,398 $ 1,616,912 $ 1,616,912 Debt securities held for investment 43 45 59 62 Loans held for sale 16,032 16,032 53,719 53,719 Level 3 inputs: Debt securities held for investment 2,945 2,945 2,905 2,922 Loans, net of allowance for credit losses 6,107,267 6,108,907 6,303,140 6,347,803 FINANCIAL LIABILITIES Level 2 inputs: Deposits 9,728,389 9,817,785 8,064,704 8,084,695 Short-term borrowings 3,100 3,100 1,100 1,100 Subordinated debt 85,959 89,270 26,804 30,535 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 3,313 3,115 Letters of credit 567 722 Non-financial Assets and Non-financial Liabilities Measured at Fair Value The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. Certain non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis include intangible assets and other non-financial long-lived assets measured at fair value and adjusted for impairment. These items are evaluated at least annually for impairment. The overall levels of non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis were not considered to be significant to the Company at June 30, 2021 or December 31, 2020. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | (12) SEGMENT INFORMATION The Company evaluates its performance with an internal profitability measurement system that measures the profitability of its business units on a pre-tax basis. The five principal business units are metropolitan banks, community banks, Pegasus Bank, other financial services and executive, operations and support. Metropolitan banks, community banks and Pegasus Bank offer traditional banking products such as commercial and retail lending and a full line of deposit accounts. Metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. Community banks consist of banking locations in communities throughout Oklahoma. Pegasus Bank consists of banking locations in the Dallas metropolitan area. Other financial services are specialty product business units including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions that are not allocated to the other business units. The results of operations and selected financial information for the five business units are as follows: Metropolitan Banks Community Banks Pegasus Bank Other Financial Services Executive, Operations & Support Eliminations Consolidated (Dollars in thousands) Three Months Ended June 30, 2021 Net interest income $ 19,848 $ 45,024 $ 5,808 $ 11,457 $ 9 $ 217 $ 82,363 Noninterest income 3,669 16,197 355 10,913 62,025 (48,541 ) 44,618 Income before taxes 17,602 36,514 1,947 5,220 49,790 (48,166 ) 62,907 Three Months Ended June 30, 2020 Net interest income $ 22,310 $ 43,917 $ 4,976 $ 5,905 $ 100 $ — $ 77,208 Noninterest income 4,571 13,841 121 9,328 25,774 (21,553 ) 32,082 Income before taxes 3,613 15,532 1,345 7,786 18,232 (21,202 ) 25,306 Six Months Ended June 30, 2021 Net interest income $ 39,181 $ 87,794 $ 11,167 $ 21,339 $ (398 ) $ 486 $ 159,569 Noninterest income 8,813 31,173 739 22,488 111,756 (90,416 ) 84,553 Income before taxes 31,526 66,283 3,592 11,171 92,130 (89,617 ) 115,085 Six Months Ended June 30, 2020 Net interest income $ 44,494 $ 88,415 $ 10,584 $ 7,488 $ 300 $ — $ 151,281 Noninterest income 9,271 29,694 252 20,218 53,257 (45,465 ) 67,227 Income before taxes 14,026 39,968 2,943 13,545 27,635 (44,561 ) 53,556 Total Assets: June 30, 2021 $ 3,247,686 $ 6,572,642 $ 966,809 $ 113,126 $ 1,437,732 $ (1,322,708 ) $ 11,015,287 December 31, 2020 2,729,886 5,527,611 919,572 137,122 1,073,507 (1,175,341 ) 9,212,357 The financial information for each business unit is presented on the basis used internally by management to evaluate performance and allocate resources. The Company utilizes a transfer pricing system to allocate the benefit or cost of funds provided or used by the various business units. Certain services provided by the support group to other business units, such as item processing, are allocated at rates approximating the cost of providing the services. Eliminations are adjustments to consolidate the business units and companies. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc., BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements. The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment | The following table summarizes the amortized cost and estimated fair values of debt securities held for investment: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2021 (Dollars in thousands) Mortgage backed securities (1) $ 43 $ 2 $ — $ 45 States and political subdivisions 2,445 — — 2,445 Other securities 500 — — 500 Total $ 2,988 $ 2 $ — $ 2,990 December 31, 2020 Mortgage backed securities (1) $ 59 $ 3 $ — $ 62 States and political subdivisions 2,405 18 (1 ) 2,422 Other securities 500 — — 500 Total $ 2,964 $ 21 $ (1 ) $ 2,984 |
Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale | The following table summarizes the amortized cost and estimated fair values of debt securities available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2021 (Dollars in thousands) U.S. treasuries $ 465,762 $ 6,680 $ (600 ) $ 471,842 U.S. federal agencies 25,273 324 (2 ) 25,595 Mortgage backed securities (1) 38,407 471 (109 ) 38,769 States and political subdivisions 10,874 227 — 11,101 Asset backed securities 13,346 130 — 13,476 Total $ 553,662 $ 7,832 $ (711 ) $ 560,783 December 31, 2020 U.S. treasuries $ 465,416 $ 9,820 $ — $ 475,236 U.S. federal agencies 19,697 1 (60 ) 19,638 Mortgage backed securities (1) 15,268 428 — 15,696 States and political subdivisions 28,571 377 — 28,948 Asset backed securities 13,337 — (623 ) 12,714 Total $ 542,289 $ 10,626 $ (683 ) $ 552,232 (1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. |
Maturity of Debt Securities | The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity. June 30, 2021 December 31, 2020 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 576 $ 576 $ 807 $ 809 After one year but within five years 2,407 2,409 2,091 2,110 After five years but within ten years 4 4 65 64 After ten years 1 1 1 1 Total $ 2,988 $ 2,990 $ 2,964 $ 2,984 Available for Sale Contractual maturity of debt securities: Within one year $ 110,293 $ 111,495 $ 339,752 $ 341,102 After one year but within five years 373,494 378,554 162,401 171,135 After five years but within ten years 9,925 10,467 3,753 3,910 After ten years 59,950 60,267 36,383 36,085 Total debt securities $ 553,662 $ 560,783 $ 542,289 $ 552,232 |
Company's Book Value of Pledged Debt Securities | The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law: June 30, 2021 December 31, 2020 (Dollars Book value of pledged securities $ 498,877 $ 490,833 |
Loans Held for Investment and_2
Loans Held for Investment and Allowance for Credit Losses on Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Summary of Loans Held for Investment by Portfolio Segment | Loans held for investment are summarized by portfolio segment as follows: June 30, 2021 December 31, 2020 Amount Amount (Dollars in thousands) BancFirst Real estate: Commercial real estate owner occupied $ 661,530 $ 641,987 Commercial real estate non-owner occupied 989,560 971,158 Construction and development < 60 months 297,205 229,615 Construction residential real estate < 60 months 208,210 206,195 Residential real estate first lien 865,557 853,316 Residential real estate all other 163,290 168,081 Farmland 269,008 252,958 Commercial and agricultural non-real estate 1,105,777 1,159,810 Consumer non-real estate 371,557 355,405 Oil and gas 130,459 179,355 Other loans (2) 543,034 822,078 Pegasus Bank 586,043 554,548 Total (1) $ 6,191,230 $ 6,394,506 (1) Excludes accrued interest receivable of $22.9 million at June 30, 2021 and $26.0 million at December 31, 2020, that is recorded in accrued interest receivable and other assets. (2) Includes PPP loans held for investment of $368.6 million, net of unamortized processing fees of $16.6 million at June 30, 2021 and $652.7 million, net of unamortized processing fees of $14.5 million at December 31, 2020. |
Summary of Energy Loans | BancFirst and Pegasus Bank’s commercial and agricultural non-real estate and oil and gas loan categories include upstream and midstream energy loans, and loans to companies that provide ancillary services to the energy industry, such as transportation, wellsite preparation contractors and equipment manufacturers. Energy loans are summarized as follows: June 30, 2021 December 31, 2020 Amount Amount (Dollars in thousands) BancFirst energy loans Upstream $ 141,651 $ 190,788 Midstream 37,134 49,734 Ancillary services 74,919 59,410 Pegasus Bank energy loans Upstream 127,736 107,103 Midstream 8,797 11,047 Ancillary services 14,049 12,503 Total $ 404,286 $ 430,585 |
Summary of Troubled Debt Restructurings and Other Real Estate Owned and Repossessed Assets | The following is a summary of troubled debt restructurings and other real estate owned and repossessed assets: June 30, December 31, 2021 2020 (Dollars in thousands) Troubled debt restructurings $ 7,485 $ 7,784 Other real estate owned and repossessed assets $ 40,183 $ 32,480 |
Summary of Amounts Included in Nonaccrual Loans Segregated by Portfolio Segment | The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment. June 30, 2021 December 31, 2020 (Dollars in thousands) BancFirst Real estate: Commercial real estate owner occupied $ 2,572 $ 1,404 Commercial real estate non-owner occupied 422 4,719 Construction and development < 60 months 88 95 Construction residential real estate < 60 months — — Residential real estate first lien 3,518 3,615 Residential real estate all other 1,188 1,362 Farmland 6,354 7,901 Commercial and agricultural non-real estate 13,185 12,782 Consumer non-real estate 188 268 Oil and gas — — Other loans 2,287 5,399 Pegasus Bank — — Total $ 29,802 $ 37,545 |
Age Analysis of Loans Held for Investments | Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents an age analysis of our loans held for investment: Age Analysis of Past Due Loans 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Total Past Due Loans Current Loans Total Loans Accruing Loans 90 Days or More Past Due (Dollars in thousands) As of June 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 604 $ — $ 1,012 $ 1,616 $ 659,914 $ 661,530 $ 80 Commercial real estate non-owner occupied 205 — 112 317 989,243 989,560 37 Construction and development < 60 months 53 1,605 137 1,795 295,410 297,205 137 Construction residential real estate < 60 months 103 — — 103 208,107 208,210 — Residential real estate first lien 3,639 447 3,989 8,075 857,482 865,557 2,070 Residential real estate all other 1,195 40 1,536 2,771 160,519 163,290 458 Farmland 1,036 989 4,327 6,352 262,656 269,008 157 Commercial and agricultural non-real estate 3,780 2,821 8,393 14,994 1,090,783 1,105,777 638 Consumer non-real estate 1,620 353 221 2,194 369,363 371,557 190 Oil and gas — — — — 130,459 130,459 — Other loans 1,472 478 2,102 4,052 538,982 543,034 619 Pegasus Bank — — — — 586,043 586,043 — Total $ 13,707 $ 6,733 $ 21,829 $ 42,269 $ 6,148,961 $ 6,191,230 $ 4,386 As of December 31, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 1,096 $ 108 $ 1,164 $ 2,368 $ 639,619 $ 641,987 $ — Commercial real estate non-owner occupied 323 — 34 357 970,801 971,158 35 Construction and development < 60 months 511 86 — 597 229,018 229,615 — Construction residential real estate < 60 months 1,106 — 282 1,388 204,807 206,195 282 Residential real estate first lien 5,428 1,463 2,978 9,869 843,447 853,316 945 Residential real estate all other 520 55 1,606 2,181 165,900 168,081 384 Farmland 1,297 344 6,223 7,864 245,094 252,958 135 Commercial and agricultural non-real estate 2,788 1,794 4,345 8,927 1,150,883 1,159,810 465 Consumer non-real estate 2,154 501 534 3,189 352,216 355,405 386 Oil and gas — — — — 179,355 179,355 — Other loans 951 1,223 6,618 8,792 813,286 822,078 2,170 Pegasus Bank — — — — 554,548 554,548 — Total $ 16,174 $ 5,574 $ 23,784 $ 45,532 $ 6,348,974 $ 6,394,506 $ 4,802 |
Gross Loans Held for Investment by Year of Origination and Internally Assigned Credit Grades | The following table summarizes our gross loans held for investment by year of origination and internally assigned credit grades as of June 30, 2021: Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (Dollars in thousands) As of June 30, 2021 BancFirst Commercial real estate owner occupied Grade 1 $66,327 $135,671 $83,146 $53,559 $36,961 $112,760 $11,507 $499,931 Grade 2 17,354 38,028 30,351 10,695 9,710 40,707 4,904 151,749 Grade 3 3 3,905 27 266 476 2,621 — 7,298 Grade 4 349 — 921 539 — 436 307 2,552 Total commercial real estate owner occupied loans 84,033 177,604 114,445 65,059 47,147 156,524 16,718 661,530 Commercial real estate non-owner occupied Grade 1 95,260 227,302 147,192 62,169 61,402 137,491 18,024 748,840 Grade 2 16,345 59,541 44,838 37,862 19,357 43,884 4,657 226,484 Grade 3 7,453 — 3,412 214 1,607 865 — 13,551 Grade 4 — — 50 37 — 598 — 685 Total commercial real estate non-owner occupied loans 119,058 286,843 195,492 100,282 82,366 182,838 22,681 989,560 Construction and development < 60 months Grade 1 91,143 63,018 66,976 11,381 2,547 3,210 10,454 248,729 Grade 2 12,579 12,938 12,391 2,187 1,811 773 2,128 44,807 Grade 3 1,753 1,690 130 7 — — — 3,580 Grade 4 — — 61 8 20 — — 89 Total construction and development < 60 months 105,475 77,646 79,558 13,583 4,378 3,983 12,582 297,205 Construction residential real estate < 60 months Grade 1 101,482 69,169 52 — 20 30 7,264 178,017 Grade 2 14,182 14,919 — 109 — 437 — 29,647 Grade 3 546 — — — — — — 546 Total construction residential real estate < 60 months 116,210 84,088 52 109 20 467 7,264 208,210 Residential real estate first lien Grade 1 134,782 188,553 109,336 69,907 54,107 154,974 — 711,659 Grade 2 22,669 25,098 16,385 19,237 10,187 42,381 — 135,957 Grade 3 1,102 1,809 2,526 901 1,360 4,832 — 12,530 Grade 4 49 511 442 1,149 934 2,326 — 5,411 Total residential real estate first lien 158,602 215,971 128,689 91,194 66,588 204,513 — 865,557 Residential real estate all other Grade 1 9,847 16,428 11,139 8,009 5,157 15,276 28,321 94,177 Grade 2 746 3,263 1,743 1,325 1,137 2,367 53,510 64,091 Grade 3 272 140 410 248 718 376 1,042 3,206 Grade 4 14 211 — 579 15 652 345 1,816 Total residential real estate all other 10,879 20,042 13,292 10,161 7,027 18,671 83,218 163,290 Farmland Grade 1 26,621 46,638 25,418 18,375 13,983 35,431 7,521 173,987 Grade 2 8,767 9,048 26,148 5,702 5,457 13,424 10,709 79,255 Grade 3 2,786 2,068 1,676 300 742 1,213 1,842 10,627 Grade 4 — 1,195 — 3,187 296 183 278 5,139 Total farmland 38,174 58,949 53,242 27,564 20,478 50,251 20,350 269,008 Commercial and agricultural non-real estate Grade 1 190,653 135,726 105,770 64,491 54,567 54,870 220,348 826,425 Grade 2 38,938 47,478 29,481 11,780 3,885 18,985 68,353 218,900 Grade 3 4,900 5,500 1,706 12,010 1,858 639 21,708 48,321 Grade 4 262 1,783 1,555 599 811 1,299 5,822 12,131 Total commercial and agricultural non-real estate 234,753 190,487 138,512 88,880 61,121 75,793 316,231 1,105,777 Consumer non-real estate Grade 1 110,171 116,215 64,985 27,641 9,497 4,018 7,084 339,611 Grade 2 9,362 9,659 4,641 2,833 1,099 1,653 287 29,534 Grade 3 229 405 787 290 154 147 3 2,015 Grade 4 14 67 180 58 19 55 4 397 Total consumer non-real estate 119,776 126,346 70,593 30,822 10,769 5,873 7,378 371,557 Oil and gas Grade 1 53,326 115 59 66 — 3,444 33,676 90,686 Grade 2 10,051 3,347 69 — — — 9,419 22,886 Grade 3 16,887 — — — — — — 16,887 Total oil and gas 80,264 3,462 128 66 — 3,444 43,095 130,459 Other loans Grade 1 379,715 34,608 29,464 24,034 18,060 25,568 23,298 534,747 Grade 2 — — 250 17 2,638 2,434 820 6,159 Grade 3 — 11 225 10 1 99 199 545 Grade 4 — 137 — — 294 140 1,012 1,583 Total other loans 379,715 34,756 29,939 24,061 20,993 28,241 25,329 543,034 Pegasus Bank Grade 1 64,138 87,556 58,223 7,261 16,202 52,432 153,260 439,072 Grade 2 27,016 14,313 18,116 10,578 21,378 6,717 48,741 146,859 Grade 3 — 112 — — — — — 112 Total Pegasus Bank 91,154 101,981 76,339 17,839 37,580 59,149 202,001 586,043 Total loans held for investment $1,538,093 $1,378,175 $900,281 $469,620 $358,467 $789,747 $756,847 $6,191,230 |
Activity in Allowance for Credit Losses on Loans | The following table details activity in the allowance for credit losses on loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Allowance for Credit Losses Balance at beginning of period Initial allowance on loans purchased with credit deterioration Charge- offs Recoveries Net charge-offs (Benefit from) /Provision for credit losses on loans Balance at end of period (Dollars in thousands) Three Months Ended June 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 6,595 $ 987 $ — $ 1 $ 1 $ (828 ) $ 6,755 Commercial real estate non-owner occupied 16,955 633 (758 ) — (758 ) (2,340 ) 14,490 Construction and development < 60 months 2,743 173 — 2 2 (25 ) 2,893 Construction residential real estate < 60 months 983 — — — — (94 ) 889 Residential real estate first lien 2,592 117 (9 ) 12 3 93 2,805 Residential real estate all other 1,873 — (30 ) 1 (29 ) 97 1,941 Farmland 3,077 643 — 1 1 (6 ) 3,715 Commercial and agricultural non-real estate 32,685 4,711 (3,433 ) 125 (3,308 ) (2,473 ) 31,615 Consumer non-real estate 3,256 8 (209 ) 86 (123 ) 174 3,315 Oil and gas 12,131 — — — — (4,314 ) 7,817 Other loans 3,190 — (9 ) — (9 ) (43 ) 3,138 Pegasus Bank 4,780 — — — — (190 ) 4,590 Total $ 90,860 $ 7,272 $ (4,448 ) $ 228 $ (4,220 ) $ (9,949 ) $ 83,963 Six Months Ended June 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 7,035 $ 987 $ — $ 1 $ 1 $ (1,268 ) $ 6,755 Commercial real estate non-owner occupied 11,842 633 (796 ) — (796 ) 2,811 14,490 Construction and development < 60 months 2,560 173 — 5 5 155 2,893 Construction residential real estate < 60 months 627 — — — — 262 889 Residential real estate first lien 2,570 117 (52 ) 27 (25 ) 143 2,805 Residential real estate all other 2,230 — (46 ) 4 (42 ) (247 ) 1,941 Farmland 3,136 643 — 1 1 (65 ) 3,715 Commercial and agricultural non-real estate 32,400 4,711 (3,537 ) 151 (3,386 ) (2,110 ) 31,615 Consumer non-real estate 3,377 8 (622 ) 198 (424 ) 354 3,315 Oil and gas 17,851 — — — — (10,034 ) 7,817 Other loans 3,182 — (61 ) — (61 ) 17 3,138 Pegasus Bank 4,556 — — 1 1 33 4,590 Total $ 91,366 $ 7,272 $ (5,114 ) $ 388 $ (4,726 ) $ (9,949 ) $ 83,963 Allowance for Credit Losses Balance at beginning of period Impact of CECL adoption Initial allowance on loans purchased with credit deterioration Charge- offs Recoveries Net charge-offs Provision for /(benefit from) credit losses on loans Balance at end of period (Dollars in thousands) Three Months Ended June 30, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 4,544 $ — $ — $ (113 ) $ 1 $ (112 ) $ 2,198 $ 6,630 Commercial real estate non-owner occupied 5,935 — — — — — 3,548 9,483 Construction and development < 60 months 1,136 — — (56 ) 3 (53 ) 672 1,755 Construction residential real estate < 60 months 1,618 — — (28 ) — (28 ) 669 2,259 Residential real estate first lien 6,192 — — (66 ) 4 (62 ) 2,423 8,553 Residential real estate all other 2,292 — — (7 ) 1 (6 ) 434 2,720 Farmland 1,788 — — — — — 723 2,511 Commercial and agricultural non-real estate 33,993 — — (287 ) 66 (221 ) 264 34,036 Consumer non-real estate 3,385 — — (235 ) 57 (178 ) 1,507 4,714 Oil and gas 3,283 — — — — — 7,186 10,469 Other loans 2,751 — — — — — (238 ) 2,513 Pegasus Bank 3,163 — — 330 417 747 (53 ) 3,857 Total $ 70,080 $ — $ — $ (462 ) $ 549 $ 87 $ 19,333 $ 89,500 Six Months Ended June 30, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 5,625 $ (2,806 ) $ 432 $ (113 ) $ 1 $ (112 ) $ 3,491 $ 6,630 Commercial real estate non-owner occupied 8,358 (5,507 ) — — — — 6,632 9,483 Construction and development < 60 months 2,214 (1,056 ) — (59 ) 3 (56 ) 653 1,755 Construction residential real estate < 60 months 1,933 (778 ) — (29 ) — (29 ) 1,133 2,259 Residential real estate first lien 8,692 (3,831 ) 7 (218 ) 6 (212 ) 3,897 8,553 Residential real estate all other 2,767 (1,408 ) — (32 ) 28 (4 ) 1,365 2,720 Farmland 2,821 (1,408 ) 1 — — — 1,097 2,511 Commercial and agricultural non-real estate 13,462 13,195 62 (374 ) 83 (291 ) 7,608 34,036 Consumer non-real estate 3,252 (622 ) — (556 ) 114 (442 ) 2,526 4,714 Oil and gas 1,883 (1,346 ) — — — — 9,932 10,469 Other loans 2,632 (116 ) — — 2 2 (5 ) 2,513 Pegasus Bank 599 2,488 — (241 ) 424 183 587 3,857 Total $ 54,238 $ (3,195 ) $ 502 $ (1,622 ) $ 661 $ (961 ) $ 38,916 $ 89,500 |
Purchased Credit Deteriorated Loans | The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The credit-deteriorated loans purchased during the six-month periods ended June 30, 2021 and June 30, 2020 were as follows: Loans acquired with deteriorated credit quality (Dollars in thousands) For the period ended June 30, 2021 Purchase price of loans at acquisition $ 26,779 Allowance for credit losses at acquisition 7,272 Par value of acquired loans at acquisition $ 34,051 For the period ended June 30, 2020 Purchase price of loans at acquisition $ 1,761 Allowance for credit losses at acquisition 502 Par value of acquired loans at acquisition $ 2,263 |
Collateral-Dependent Gross Loans Held for Investment by Collateral Type and Related Specific Allocation | The following table summarizes collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows: Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of June 30, 2021 BancFirst Real estate: Commercial real estate owner occupied $ 645 $ — $ — $ — $ 645 $ 176 Commercial real estate non-owner occupied — — — — — — Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 806 — — — 806 158 Residential real estate all other 650 — — — 650 568 Farmland 3,215 — — — 3,215 1,123 Commercial and agricultural non-real estate — 5,211 — 5,188 10,399 778 Consumer non-real estate — — — 22 22 4 Oil and gas — — — — — — Other loans — 15 — — 15 15 Pegasus Bank — — — — — — Total collateral-dependent loans held for investment $ 5,316 $ 5,226 $ — $ 5,210 $ 15,752 $ 2,822 Collateral Type Real Estate Business Assets Energy Reserves Other Assets Total Specific Allocation (Dollars in thousands) As of December 31, 2020 BancFirst Real estate: Commercial real estate owner occupied $ 848 $ — $ — $ — $ 848 $ 226 Commercial real estate non-owner occupied 4,719 — — — 4,719 1,000 Construction and development < 60 months — — — — — — Construction residential real estate < 60 months — — — — — — Residential real estate first lien 860 — — — 860 151 Residential real estate all other 866 — — — 866 616 Farmland 3,258 — — — 3,258 1,114 Commercial and agricultural non-real estate — 8,460 — 413 8,873 2,813 Consumer non-real estate — — — 109 109 58 Oil and gas — — — — — — Other loans — 13 — — 13 12 Pegasus Bank 1,257 — — — 1,257 222 Total collateral-dependent loans held for investment $ 11,808 $ 8,473 $ — $ 522 $ 20,803 $ 6,212 |
Transfers from Loans and Premises and Equipment to Other Real Estate Owned and Repossessed Assets | Transfers from loans and premises and equipment to other real estate owned and repossessed assets during the periods presented are summarized as follows: Six Months Ended June 30, 2021 2020 (Dollars in thousands) Other real estate owned $ 9,438 $ 2,876 Repossessed assets 427 722 Total $ 9,865 $ 3,598 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets: Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) As of June 30, 2021 Core deposit intangibles $ 30,849 $ (12,120 ) $ 18,729 Customer relationship intangibles 3,350 (2,796 ) 554 Total $ 34,199 $ (14,916 ) $ 19,283 As of December 31, 2020 Core deposit intangibles $ 33,411 $ (15,076 ) $ 18,335 Customer relationship intangibles 3,350 (2,686 ) 664 Total $ 36,761 $ (17,762 ) $ 18,999 |
Summary of Goodwill by Business Segment | The following is a summary of goodwill by business segment: Other Executive, Metropolitan Community Pegasus Financial Operations Banks Banks Bank Services & Support Consolidated (Dollars in thousands) Six months ended June 30, 2021 Balance at beginning and end of period $ 13,767 $ 61,212 $ 68,855 $ 5,464 $ 624 $ 149,922 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Minimum Future Commitments of Operating Leases | The following table presents minimum future commitments by year for the Company’s operating leases. Such commitments are reflected as undiscounted values and are reconciled to the discounted present value recognized on the balance sheet. June 30, 2021 (Dollars in thousands) 2021 (six months) $ 703 2022 1,212 2023 708 2024 345 2025 286 Thereafter 893 Total lease payments 4,147 Less imputed Interest (497 ) Operating lease liability $ 3,650 |
Scheduled of Minimum Future Contractual Rent To be Received Under The Remaining Non-Cancelable Term of Operating Leases | The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases: June 30, 2021 (Dollars in thousands) 2021 (six months) $ 1,765 2022 2,857 2023 2,636 2024 2,571 2025 1,946 2026-2031 6,146 Total future minimum lease payments $ 17,921 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity Under Stock Option Plan | The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan: Wgtd. Avg. Wgtd. Avg. Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (Dollars in thousands, except option data) Six Months Ended June 30, 2021 Outstanding at December 31, 2020 1,343,080 $ 35.28 Options granted 53,000 69.57 Options exercised (183,830 ) 23.82 Options canceled, forfeited, or expired (5,000 ) 44.23 Outstanding at June 30, 2021 1,207,250 38.49 8.67 Yrs $ 28,896 Exercisable at June 30, 2021 596,750 26.68 7.27 Yrs $ 21,336 |
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Total intrinsic value of options exercised $ 557 $ 337 $ 7,860 $ 726 Cash received from options exercised 413 303 4,379 504 Tax benefit realized from options exercised 142 86 2,002 185 |
Stock-based Employee Compensation Expense | The following table is a summary of the Company’s recorded stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) (Dollars in thousands) Stock-based compensation expense $ 473 $ 406 $ 1,049 $ 832 Tax benefit 114 103 252 212 Stock-based compensation expense, net of tax $ 359 $ 303 $ 797 $ 620 |
Unearned Stock-based Compensation Expense | The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years. The following table shows the unearned stock-based compensation expense: June 30, 2021 (Dollars in thousands) Unearned stock-based compensation expense $ 5,417 |
Assumptions Used for Computing Stock-Based Compensation Expense | The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented: Six Months Ended June 30, 2021 2020 Weighted average grant-date fair value per share of options granted $ 23.74 $ 10.63 Risk-free interest rate 1.34 to 1.74% 0.66 to1.13% Dividend yield 2.00% 2.00% Stock price volatility 35.55 to 36.01% 22.84 to 33.56% Expected term 10 Yrs 10 Yrs |
Summary of Accumulated Stock Units | A summary of the accumulated stock units is as follows: June 30, December 31, 2021 2020 Accumulated stock units 150,118 148,278 Average price $ 29.61 $ 28.57 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of Shares Repurchased Under Stock Purchase Program | The following table is a summary of the shares under the program: Six Months Ended June 30, 2021 2020 Number of shares repurchased — 59,284 Average price of shares repurchased $ — $ 52.26 Shares remaining to be repurchased 62,782 62,782 |
Required Capital Amounts and Company's Respective Ratios | The actual and required capital amounts and ratios are shown in the following table: Required To Be Well For Capital With Capitalized Under Adequacy Capital Conservation Prompt Corrective Actual Purposes Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2021: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 1,123,056 17.35% $ 517,721 8.00% $ 679,508 10.50% N/A N/A BancFirst 954,496 16.23% 470,400 8.00% 617,400 10.50% $ 588,000 10.00% Pegasus Bank 76,186 12.61% 48,317 8.00% 63,416 10.50% 60,396 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 956,969 14.79% $ 291,218 4.50% $ 453,006 7.00% N/A N/A BancFirst 860,924 14.64% 264,600 4.50% 411,600 7.00% $ 382,200 6.50% Pegasus Bank 71,113 11.77% 27,178 4.50% 42,277 7.00% 39,257 6.50% Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 982,969 15.19% $ 388,291 6.00% $ 550,078 8.50% N/A N/A BancFirst 880,924 14.98% 352,800 6.00% 499,800 8.50% $ 470,400 8.00% Pegasus Bank 71,113 11.77% 36,238 6.00% 51,337 8.50% 48,317 8.00% Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 982,969 9.23% $ 425,962 4.00% N/A N/A N/A N/A BancFirst 880,924 9.13% 385,803 4.00% N/A N/A $ 482,254 5.00% Pegasus Bank 71,113 7.15% 39,786 4.00% N/A N/A 49,733 5.00% |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Common Share | Basic and diluted net income per common share are calculated as follows: Income (Numerator) Shares (Denominator) Per Share Amount (Dollars in thousands, except per share data) Three Months Ended June 30, 2021 Basic Income available to common stockholders $ 48,192 32,779,227 $ 1.47 Dilutive effect of stock options — 626,696 Diluted Income available to common stockholders plus assumed exercises of stock options $ 48,192 33,405,923 $ 1.45 Three Months Ended June 30, 2020 Basic Income available to common stockholders $ 20,730 32,651,262 $ 0.64 Dilutive effect of stock options — 424,231 Diluted Income available to common stockholders plus assumed exercises of stock options $ 20,730 33,075,493 $ 0.63 Six Months Ended June 30, 2021 Basic Income available to common stockholders $ 90,712 32,768,102 $ 2.77 Dilutive effect of stock options — 639,591 Diluted Income available to common stockholders plus assumed exercises of stock options $ 90,712 33,407,693 $ 2.72 Six Months Ended June 30, 2020 Basic Income available to common stockholders $ 43,338 32,665,425 $ 1.33 Dilutive effect of stock options — 531,996 Diluted Income available to common stockholders plus assumed exercises of stock options $ 43,338 33,197,421 $ 1.31 |
Average Exercise Price of Options Excluded from Computation of Diluted Net Income Per Common Share | The following table shows the number and average exercise price of options that were excluded from the computation of diluted net income per common share for each period because the options were anti-dilutive for the period: Shares Three Months Ended June 30, 2021 43,093 Three Months Ended June 30, 2020 448,016 Six Months Ended June 30, 2021 108,055 Six Months Ended June 30, 2020 424,939 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (Dollars in thousands) June 30, 2021 Debt securities available for sale: U.S. Treasury $ 471,842 $ — $ — $ 471,842 U.S. federal agencies — 25,595 — 25,595 Mortgage-backed securities — 38,769 — 38,769 States and political subdivisions — 10,781 320 11,101 Asset backed securities — 13,476 — 13,476 December 31, 2020 Debt securities available for sale: U.S. Treasury $ 475,236 $ — $ — $ 475,236 U.S. federal agencies — 19,638 — 19,638 Mortgage-backed securities — 15,696 — 15,696 States and political subdivisions — 28,793 155 28,948 Asset backed securities — — 12,714 12,714 |
Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows: Six Months Ended June 30, Twelve Months Ended December 31, 2021 2020 (Dollars in thousands) Balance at the beginning of the year $ 12,869 $ 12,714 Transfers (to)/from level 2 (12,714 ) 1,643 Purchases 240 — Settlements (75 ) (1,473 ) Total unrealized losses — (15 ) Balance at the end of the period $ 320 $ 12,869 |
Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period: Total Fair Value Level 3 (Dollars in thousands) As of and for the Year-to-date Period Ended June 30, 2021 Equity securities $ 21,548 Collateral dependent loans 867 Repossessed assets 50 Other real estate owned 8,009 As of and for the Year-to-date Period Ended December 31, 2020 Equity securities $ 21,203 Collateral dependent loans 11,347 Repossessed assets 291 Other real estate owned 32,066 |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows: June 30, December 31, 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 3,641,398 $ 3,641,398 $ 1,616,912 $ 1,616,912 Debt securities held for investment 43 45 59 62 Loans held for sale 16,032 16,032 53,719 53,719 Level 3 inputs: Debt securities held for investment 2,945 2,945 2,905 2,922 Loans, net of allowance for credit losses 6,107,267 6,108,907 6,303,140 6,347,803 FINANCIAL LIABILITIES Level 2 inputs: Deposits 9,728,389 9,817,785 8,064,704 8,084,695 Short-term borrowings 3,100 3,100 1,100 1,100 Subordinated debt 85,959 89,270 26,804 30,535 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 3,313 3,115 Letters of credit 567 722 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Results of Operations and Selected Financial Information | The results of operations and selected financial information for the five business units are as follows: Metropolitan Banks Community Banks Pegasus Bank Other Financial Services Executive, Operations & Support Eliminations Consolidated (Dollars in thousands) Three Months Ended June 30, 2021 Net interest income $ 19,848 $ 45,024 $ 5,808 $ 11,457 $ 9 $ 217 $ 82,363 Noninterest income 3,669 16,197 355 10,913 62,025 (48,541 ) 44,618 Income before taxes 17,602 36,514 1,947 5,220 49,790 (48,166 ) 62,907 Three Months Ended June 30, 2020 Net interest income $ 22,310 $ 43,917 $ 4,976 $ 5,905 $ 100 $ — $ 77,208 Noninterest income 4,571 13,841 121 9,328 25,774 (21,553 ) 32,082 Income before taxes 3,613 15,532 1,345 7,786 18,232 (21,202 ) 25,306 Six Months Ended June 30, 2021 Net interest income $ 39,181 $ 87,794 $ 11,167 $ 21,339 $ (398 ) $ 486 $ 159,569 Noninterest income 8,813 31,173 739 22,488 111,756 (90,416 ) 84,553 Income before taxes 31,526 66,283 3,592 11,171 92,130 (89,617 ) 115,085 Six Months Ended June 30, 2020 Net interest income $ 44,494 $ 88,415 $ 10,584 $ 7,488 $ 300 $ — $ 151,281 Noninterest income 9,271 29,694 252 20,218 53,257 (45,465 ) 67,227 Income before taxes 14,026 39,968 2,943 13,545 27,635 (44,561 ) 53,556 Total Assets: June 30, 2021 $ 3,247,686 $ 6,572,642 $ 966,809 $ 113,126 $ 1,437,732 $ (1,322,708 ) $ 11,015,287 December 31, 2020 2,729,886 5,527,611 919,572 137,122 1,073,507 (1,175,341 ) 9,212,357 |
Recent Developments, Includin_2
Recent Developments, Including Mergers and Acquisitions - Additional Information (Detail) $ in Thousands | Jun. 17, 2021USD ($) | May 20, 2021USD ($)Location | Jan. 22, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Business Combination Separately Recognized Transactions [Line Items] | |||||
Total assets | $ 11,015,287 | $ 9,212,357 | |||
Loans held for investment (net of unearned interest) | 6,191,230 | 6,394,506 | |||
Deposits | $ 9,728,389 | $ 8,064,704 | |||
First National Bank and Trust [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Total assets | $ 284,000 | ||||
Loans held for investment (net of unearned interest) | 195,000 | ||||
Deposits | 256,000 | ||||
Purchase price | 21,000 | ||||
Bargain purchase gain | 6,000 | ||||
Purchase expenses | 4,000 | ||||
Intangibles assets, net | $ 1,900 | ||||
Subordinated Notes due 2036 [Member] | Private Placement [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Aggregate principal amount | $ 60,000 | ||||
Fixed-to-floating rate | 3.50% | ||||
Debt instrument maturity year | 2036 | ||||
Oklahoma [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Sale of Loans | $ 21,000 | ||||
Deposits sold | 38,000 | ||||
Oklahoma [Member] | Noninterest Income [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Gain on transaction | $ 2,500 | ||||
Oklahoma [Member] | First National Bank and Trust [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Number of banking locations | Location | 2 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,988 | $ 2,964 |
Gross Unrealized Gains | 2 | 21 |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 2,990 | 2,984 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 43 | 59 |
Gross Unrealized Gains | 2 | 3 |
Estimated Fair Value | 45 | 62 |
States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,445 | 2,405 |
Gross Unrealized Gains | 18 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 2,445 | 2,422 |
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, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 553,662 | $ 542,289 |
Gross Unrealized Gains | 7,832 | 10,626 |
Gross Unrealized Losses | (711) | (683) |
Estimated Fair Value | 560,783 | 552,232 |
U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 465,762 | 465,416 |
Gross Unrealized Gains | 6,680 | 9,820 |
Gross Unrealized Losses | (600) | |
Estimated Fair Value | 471,842 | 475,236 |
U.S. Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,273 | 19,697 |
Gross Unrealized Gains | 324 | 1 |
Gross Unrealized Losses | (2) | (60) |
Estimated Fair Value | 25,595 | 19,638 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 38,407 | 15,268 |
Gross Unrealized Gains | 471 | 428 |
Gross Unrealized Losses | (109) | |
Estimated Fair Value | 38,769 | 15,696 |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,874 | 28,571 |
Gross Unrealized Gains | 227 | 377 |
Estimated Fair Value | 11,101 | 28,948 |
Asset backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,346 | 13,337 |
Gross Unrealized Gains | 130 | |
Gross Unrealized Losses | (623) | |
Estimated Fair Value | $ 13,476 | $ 12,714 |
Securities - Maturity of Debt S
Securities - Maturity of Debt Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Held for Investment, Contractual maturity of debt securities, Amortized Cost | ||
Amortized cost, Within one year | $ 576 | $ 807 |
Amortized cost, After one year but within five years | 2,407 | 2,091 |
Amortized cost, After five years but within ten years | 4 | 65 |
Amortized cost, After ten years | 1 | 1 |
Amortized Cost | 2,988 | 2,964 |
Available for sale, Contractual maturity of debt securities, Amortized Cost | ||
Amortized Cost, Within one year | 110,293 | 339,752 |
Amortized Cost, After one year but within five years | 373,494 | 162,401 |
Amortized Cost, After five years but within ten years | 9,925 | 3,753 |
Amortized Cost, After ten years | 59,950 | 36,383 |
Amortized Cost | 553,662 | 542,289 |
Held for Investment, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 576 | 809 |
Estimated Fair Value, After one year but within five years | 2,409 | 2,110 |
Estimated Fair Value, After five years but within ten years | 4 | 64 |
Estimated Fair Value, After ten years | 1 | 1 |
Estimated Fair Value | 2,990 | 2,984 |
Available for sale, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 111,495 | 341,102 |
Estimated Fair Value, After one year but within five years | 378,554 | 171,135 |
Estimated Fair Value, After five years but within ten years | 10,467 | 3,910 |
Estimated Fair Value, After ten years | 60,267 | 36,085 |
Total debt securities | $ 560,783 | $ 552,232 |
Securities - Company's Book Val
Securities - Company's Book Value of Pledged Debt Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Pledged Financial Instruments Not Separately Reported Securities Pledged By Type Of Security [Abstract] | ||
Book value of pledged securities | $ 498,877 | $ 490,833 |
Loans Held for Investment and_3
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Loans Held for Investment by Portfolio Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | $ 6,191,230 | $ 6,394,506 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 661,530 | 641,987 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 989,560 | 971,158 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 297,205 | 229,615 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 208,210 | 206,195 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 865,557 | 853,316 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 163,290 | 168,081 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 269,008 | 252,958 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 1,105,777 | 1,159,810 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 371,557 | 355,405 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 130,459 | 179,355 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 543,034 | 822,078 |
Pegasus Bank [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | 586,043 | $ 554,548 |
Pegasus Bank [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans (net of unearned interest) | $ 297,000 |
Loans Held for Investment and_4
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Loans Held for Investment by Portfolio Segment (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accrued interest receivable | $ 22.9 | $ 26 |
Pay check protection program loan held for investment | 368.6 | 652.7 |
Paycheck protection program unamortized processing fees | $ 16.6 | $ 14.5 |
Loans Held for Investment and_5
Loans Held for Investment and Allowance for Credit Losses on Loans - Additional Information (Detail) - USD ($) | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | May 20, 2021 |
Financing Receivable Recorded Investment [Line Items] | |||||||
Paycheck protection program amortized processing fees recognized as interest income | $ 21,700,000 | $ 3,700,000 | $ 11,900,000 | $ 3,700,000 | |||
Total loans | 6,191,230,000 | 6,191,230,000 | $ 6,394,506,000 | ||||
Gains (losses) on sale of property held in other real estate owned | (105,000) | 2,300,000 | |||||
Interest income that would have been recognized | 1,200 | 983,000,000 | |||||
Decrease in allowance for credit losses upon adoption of ASC 326 | $ 3,200,000 | 3,195,000 | |||||
Commercial Real Estate | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Loans modification | $ 61,800,000 | 61,800,000 | 81,700,000 | ||||
U.S. Federal Agencies [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Nonaccrual loans guaranteed by government agencies | 3,500,000 | 7,800,000 | |||||
Previous Corporate Headquarters [Member] | Other Real Estate Owned [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Transferred premises and equipment to other real estate | 2,400,000 | ||||||
First National Bank and Trust [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Total loans | $ 195,000,000 | ||||||
First National Bank and Trust [Member] | Oklahoma [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Other real estate owned purchased | $ 2,500,000 | ||||||
BancFirst’s [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Percentage of loans secured by real estate | 56.00% | 56.00% | |||||
Pegasus Bank [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Total loans | $ 586,043,000 | $ 586,043,000 | 554,548,000 | ||||
Decrease in allowance for credit losses upon adoption of ASC 326 | $ (2,488,000) | ||||||
Pegasus Bank [Member] | Real Estate [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Percentage of loans secured by real estate | 51.00% | 51.00% | |||||
Total loans | $ 297,000,000 | $ 297,000,000 | |||||
Pegasus Bank [Member] | Commercial and Agricultural Non-Real Estate [Member] | |||||||
Financing Receivable Recorded Investment [Line Items] | |||||||
Total loans | $ 268,000,000 | $ 268,000,000 | $ 262,000,000 |
Loans Held for Investment and_6
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Energy Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 6,191,230 | $ 6,394,506 |
Loans held for investment (net of unearned interest) | 6,191,230 | 6,394,506 |
Pegasus Bank [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 586,043 | 554,548 |
Loans held for investment (net of unearned interest) | 586,043 | 554,548 |
Energy [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 404,286 | 430,585 |
Loans held for investment (net of unearned interest) | 404,286 | 430,585 |
Energy [Member] | BancFirst’s [Member] | Upstream Energy Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 141,651 | 190,788 |
Loans held for investment (net of unearned interest) | 141,651 | 190,788 |
Energy [Member] | BancFirst’s [Member] | Midstream Energy Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 37,134 | 49,734 |
Loans held for investment (net of unearned interest) | 37,134 | 49,734 |
Energy [Member] | BancFirst’s [Member] | Ancillary Services [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 74,919 | 59,410 |
Loans held for investment (net of unearned interest) | 74,919 | 59,410 |
Energy [Member] | Pegasus Bank [Member] | Upstream Energy Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 127,736 | 107,103 |
Loans held for investment (net of unearned interest) | 127,736 | 107,103 |
Energy [Member] | Pegasus Bank [Member] | Midstream Energy Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,797 | 11,047 |
Loans held for investment (net of unearned interest) | 8,797 | 11,047 |
Energy [Member] | Pegasus Bank [Member] | Ancillary Services [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 14,049 | 12,503 |
Loans held for investment (net of unearned interest) | $ 14,049 | $ 12,503 |
Loans Held for Investment and_7
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Troubled Debt Restructurings and Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Summary Of Nonperforming And Restructured Assets [Abstract] | ||
Troubled debt restructurings | $ 7,485 | $ 7,784 |
Other real estate owned and repossessed assets | $ 40,183 | $ 32,480 |
Loans Held for Investment and_8
Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Amounts Included in Nonaccrual Loans Segregated by Portfolio Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 29,802 | $ 37,545 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 2,572 | 1,404 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 422 | 4,719 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 88 | 95 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 3,518 | 3,615 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 1,188 | 1,362 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 6,354 | 7,901 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 13,185 | 12,782 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 188 | 268 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 2,287 | $ 5,399 |
Loans Held for Investment and_9
Loans Held for Investment and Allowance for Credit Losses on Loans - Age Analysis of Loans Held for Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 42,269 | $ 45,532 |
Current Loans | 6,148,961 | 6,348,974 |
Total Loans | 6,191,230 | 6,394,506 |
Accruing Loans 90 Days or More Past Due | 4,386 | 4,802 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,616 | 2,368 |
Current Loans | 659,914 | 639,619 |
Total Loans | 661,530 | 641,987 |
Accruing Loans 90 Days or More Past Due | 80 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 317 | 357 |
Current Loans | 989,243 | 970,801 |
Total Loans | 989,560 | 971,158 |
Accruing Loans 90 Days or More Past Due | 37 | 35 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,795 | 597 |
Current Loans | 295,410 | 229,018 |
Total Loans | 297,205 | 229,615 |
Accruing Loans 90 Days or More Past Due | 137 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 103 | 1,388 |
Current Loans | 208,107 | 204,807 |
Total Loans | 208,210 | 206,195 |
Accruing Loans 90 Days or More Past Due | 282 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 8,075 | 9,869 |
Current Loans | 857,482 | 843,447 |
Total Loans | 865,557 | 853,316 |
Accruing Loans 90 Days or More Past Due | 2,070 | 945 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,771 | 2,181 |
Current Loans | 160,519 | 165,900 |
Total Loans | 163,290 | 168,081 |
Accruing Loans 90 Days or More Past Due | 458 | 384 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,352 | 7,864 |
Current Loans | 262,656 | 245,094 |
Total Loans | 269,008 | 252,958 |
Accruing Loans 90 Days or More Past Due | 157 | 135 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 14,994 | 8,927 |
Current Loans | 1,090,783 | 1,150,883 |
Total Loans | 1,105,777 | 1,159,810 |
Accruing Loans 90 Days or More Past Due | 638 | 465 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,194 | 3,189 |
Current Loans | 369,363 | 352,216 |
Total Loans | 371,557 | 355,405 |
Accruing Loans 90 Days or More Past Due | 190 | 386 |
Oil and Gas [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 130,459 | 179,355 |
Total Loans | 130,459 | 179,355 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,052 | 8,792 |
Current Loans | 538,982 | 813,286 |
Total Loans | 543,034 | 822,078 |
Accruing Loans 90 Days or More Past Due | 619 | 2,170 |
Pegasus Bank [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Loans | 586,043 | 554,548 |
Total Loans | 586,043 | 554,548 |
Pegasus Bank [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 297,000 | |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 13,707 | 16,174 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 604 | 1,096 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 205 | 323 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 53 | 511 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 103 | 1,106 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,639 | 5,428 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,195 | 520 |
30 to 59 Days Past Due [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,036 | 1,297 |
30 to 59 Days Past Due [Member] | Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,780 | 2,788 |
30 to 59 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,620 | 2,154 |
30 to 59 Days Past Due [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,472 | 951 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,733 | 5,574 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 108 | |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,605 | 86 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 447 | 1,463 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 40 | 55 |
60 to 89 Days Past Due [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 989 | 344 |
60 to 89 Days Past Due [Member] | Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,821 | 1,794 |
60 to 89 Days Past Due [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 353 | 501 |
60 to 89 Days Past Due [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 478 | 1,223 |
90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 21,829 | 23,784 |
90 Days and Greater [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,012 | 1,164 |
90 Days and Greater [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 112 | 34 |
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 | 137 | |
90 Days and Greater [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 282 | |
90 Days and Greater [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,989 | 2,978 |
90 Days and Greater [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,536 | 1,606 |
90 Days and Greater [Member] | Real Estate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,327 | 6,223 |
90 Days and Greater [Member] | Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 8,393 | 4,345 |
90 Days and Greater [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 221 | 534 |
90 Days and Greater [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 2,102 | $ 6,618 |
Loans Held for Investment an_10
Loans Held for Investment and Allowance for Credit Losses on Loans - Gross Loans Held for Investment by Year of Origination and Internally Assigned Credit Grades (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
2021 | $ 1,538,093 | |
2020 | 1,378,175 | |
2019 | 900,281 | |
2018 | 469,620 | |
2017 | 358,467 | |
Prior | 789,747 | |
Revolving Loans Amortized Cost Basis | 756,847 | |
Total Loans | 6,191,230 | $ 6,394,506 |
Pegasus Bank [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 91,154 | |
2020 | 101,981 | |
2019 | 76,339 | |
2018 | 17,839 | |
2017 | 37,580 | |
Prior | 59,149 | |
Revolving Loans Amortized Cost Basis | 202,001 | |
Total Loans | 586,043 | 554,548 |
Pegasus Bank [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 64,138 | |
2020 | 87,556 | |
2019 | 58,223 | |
2018 | 7,261 | |
2017 | 16,202 | |
Prior | 52,432 | |
Revolving Loans Amortized Cost Basis | 153,260 | |
Total Loans | 439,072 | |
Pegasus Bank [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 27,016 | |
2020 | 14,313 | |
2019 | 18,116 | |
2018 | 10,578 | |
2017 | 21,378 | |
Prior | 6,717 | |
Revolving Loans Amortized Cost Basis | 48,741 | |
Total Loans | 146,859 | |
Pegasus Bank [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 112 | |
Total Loans | 112 | |
Real Estate [Member] | Pegasus Bank [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 297,000 | |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 38,174 | |
2020 | 58,949 | |
2019 | 53,242 | |
2018 | 27,564 | |
2017 | 20,478 | |
Prior | 50,251 | |
Revolving Loans Amortized Cost Basis | 20,350 | |
Total Loans | 269,008 | 252,958 |
Real Estate [Member] | Farmland [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 26,621 | |
2020 | 46,638 | |
2019 | 25,418 | |
2018 | 18,375 | |
2017 | 13,983 | |
Prior | 35,431 | |
Revolving Loans Amortized Cost Basis | 7,521 | |
Total Loans | 173,987 | |
Real Estate [Member] | Farmland [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 8,767 | |
2020 | 9,048 | |
2019 | 26,148 | |
2018 | 5,702 | |
2017 | 5,457 | |
Prior | 13,424 | |
Revolving Loans Amortized Cost Basis | 10,709 | |
Total Loans | 79,255 | |
Real Estate [Member] | Farmland [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 2,786 | |
2020 | 2,068 | |
2019 | 1,676 | |
2018 | 300 | |
2017 | 742 | |
Prior | 1,213 | |
Revolving Loans Amortized Cost Basis | 1,842 | |
Total Loans | 10,627 | |
Real Estate [Member] | Farmland [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 1,195 | |
2018 | 3,187 | |
2017 | 296 | |
Prior | 183 | |
Revolving Loans Amortized Cost Basis | 278 | |
Total Loans | 5,139 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 84,033 | |
2020 | 177,604 | |
2019 | 114,445 | |
2018 | 65,059 | |
2017 | 47,147 | |
Prior | 156,524 | |
Revolving Loans Amortized Cost Basis | 16,718 | |
Total Loans | 661,530 | 641,987 |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 66,327 | |
2020 | 135,671 | |
2019 | 83,146 | |
2018 | 53,559 | |
2017 | 36,961 | |
Prior | 112,760 | |
Revolving Loans Amortized Cost Basis | 11,507 | |
Total Loans | 499,931 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 17,354 | |
2020 | 38,028 | |
2019 | 30,351 | |
2018 | 10,695 | |
2017 | 9,710 | |
Prior | 40,707 | |
Revolving Loans Amortized Cost Basis | 4,904 | |
Total Loans | 151,749 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 3 | |
2020 | 3,905 | |
2019 | 27 | |
2018 | 266 | |
2017 | 476 | |
Prior | 2,621 | |
Total Loans | 7,298 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 349 | |
2019 | 921 | |
2018 | 539 | |
Prior | 436 | |
Revolving Loans Amortized Cost Basis | 307 | |
Total Loans | 2,552 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 119,058 | |
2020 | 286,843 | |
2019 | 195,492 | |
2018 | 100,282 | |
2017 | 82,366 | |
Prior | 182,838 | |
Revolving Loans Amortized Cost Basis | 22,681 | |
Total Loans | 989,560 | 971,158 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 95,260 | |
2020 | 227,302 | |
2019 | 147,192 | |
2018 | 62,169 | |
2017 | 61,402 | |
Prior | 137,491 | |
Revolving Loans Amortized Cost Basis | 18,024 | |
Total Loans | 748,840 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 16,345 | |
2020 | 59,541 | |
2019 | 44,838 | |
2018 | 37,862 | |
2017 | 19,357 | |
Prior | 43,884 | |
Revolving Loans Amortized Cost Basis | 4,657 | |
Total Loans | 226,484 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 7,453 | |
2019 | 3,412 | |
2018 | 214 | |
2017 | 1,607 | |
Prior | 865 | |
Total Loans | 13,551 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 50 | |
2018 | 37 | |
Prior | 598 | |
Total Loans | 685 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 105,475 | |
2020 | 77,646 | |
2019 | 79,558 | |
2018 | 13,583 | |
2017 | 4,378 | |
Prior | 3,983 | |
Revolving Loans Amortized Cost Basis | 12,582 | |
Total Loans | 297,205 | 229,615 |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 91,143 | |
2020 | 63,018 | |
2019 | 66,976 | |
2018 | 11,381 | |
2017 | 2,547 | |
Prior | 3,210 | |
Revolving Loans Amortized Cost Basis | 10,454 | |
Total Loans | 248,729 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 12,579 | |
2020 | 12,938 | |
2019 | 12,391 | |
2018 | 2,187 | |
2017 | 1,811 | |
Prior | 773 | |
Revolving Loans Amortized Cost Basis | 2,128 | |
Total Loans | 44,807 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,753 | |
2020 | 1,690 | |
2019 | 130 | |
2018 | 7 | |
Total Loans | 3,580 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 61 | |
2018 | 8 | |
2017 | 20 | |
Total Loans | 89 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 116,210 | |
2020 | 84,088 | |
2019 | 52 | |
2018 | 109 | |
2017 | 20 | |
Prior | 467 | |
Revolving Loans Amortized Cost Basis | 7,264 | |
Total Loans | 208,210 | 206,195 |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 101,482 | |
2020 | 69,169 | |
2019 | 52 | |
2017 | 20 | |
Prior | 30 | |
Revolving Loans Amortized Cost Basis | 7,264 | |
Total Loans | 178,017 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 14,182 | |
2020 | 14,919 | |
2018 | 109 | |
Prior | 437 | |
Total Loans | 29,647 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 546 | |
Total Loans | 546 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 158,602 | |
2020 | 215,971 | |
2019 | 128,689 | |
2018 | 91,194 | |
2017 | 66,588 | |
Prior | 204,513 | |
Total Loans | 865,557 | 853,316 |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 134,782 | |
2020 | 188,553 | |
2019 | 109,336 | |
2018 | 69,907 | |
2017 | 54,107 | |
Prior | 154,974 | |
Total Loans | 711,659 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 22,669 | |
2020 | 25,098 | |
2019 | 16,385 | |
2018 | 19,237 | |
2017 | 10,187 | |
Prior | 42,381 | |
Total Loans | 135,957 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,102 | |
2020 | 1,809 | |
2019 | 2,526 | |
2018 | 901 | |
2017 | 1,360 | |
Prior | 4,832 | |
Total Loans | 12,530 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 49 | |
2020 | 511 | |
2019 | 442 | |
2018 | 1,149 | |
2017 | 934 | |
Prior | 2,326 | |
Total Loans | 5,411 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 10,879 | |
2020 | 20,042 | |
2019 | 13,292 | |
2018 | 10,161 | |
2017 | 7,027 | |
Prior | 18,671 | |
Revolving Loans Amortized Cost Basis | 83,218 | |
Total Loans | 163,290 | 168,081 |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 9,847 | |
2020 | 16,428 | |
2019 | 11,139 | |
2018 | 8,009 | |
2017 | 5,157 | |
Prior | 15,276 | |
Revolving Loans Amortized Cost Basis | 28,321 | |
Total Loans | 94,177 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 746 | |
2020 | 3,263 | |
2019 | 1,743 | |
2018 | 1,325 | |
2017 | 1,137 | |
Prior | 2,367 | |
Revolving Loans Amortized Cost Basis | 53,510 | |
Total Loans | 64,091 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 272 | |
2020 | 140 | |
2019 | 410 | |
2018 | 248 | |
2017 | 718 | |
Prior | 376 | |
Revolving Loans Amortized Cost Basis | 1,042 | |
Total Loans | 3,206 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 14 | |
2020 | 211 | |
2018 | 579 | |
2017 | 15 | |
Prior | 652 | |
Revolving Loans Amortized Cost Basis | 345 | |
Total Loans | 1,816 | |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 234,753 | |
2020 | 190,487 | |
2019 | 138,512 | |
2018 | 88,880 | |
2017 | 61,121 | |
Prior | 75,793 | |
Revolving Loans Amortized Cost Basis | 316,231 | |
Total Loans | 1,105,777 | 1,159,810 |
Commercial and Agricultural Non-Real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 190,653 | |
2020 | 135,726 | |
2019 | 105,770 | |
2018 | 64,491 | |
2017 | 54,567 | |
Prior | 54,870 | |
Revolving Loans Amortized Cost Basis | 220,348 | |
Total Loans | 826,425 | |
Commercial and Agricultural Non-Real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 38,938 | |
2020 | 47,478 | |
2019 | 29,481 | |
2018 | 11,780 | |
2017 | 3,885 | |
Prior | 18,985 | |
Revolving Loans Amortized Cost Basis | 68,353 | |
Total Loans | 218,900 | |
Commercial and Agricultural Non-Real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 4,900 | |
2020 | 5,500 | |
2019 | 1,706 | |
2018 | 12,010 | |
2017 | 1,858 | |
Prior | 639 | |
Revolving Loans Amortized Cost Basis | 21,708 | |
Total Loans | 48,321 | |
Commercial and Agricultural Non-Real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 262 | |
2020 | 1,783 | |
2019 | 1,555 | |
2018 | 599 | |
2017 | 811 | |
Prior | 1,299 | |
Revolving Loans Amortized Cost Basis | 5,822 | |
Total Loans | 12,131 | |
Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 119,776 | |
2020 | 126,346 | |
2019 | 70,593 | |
2018 | 30,822 | |
2017 | 10,769 | |
Prior | 5,873 | |
Revolving Loans Amortized Cost Basis | 7,378 | |
Total Loans | 371,557 | 355,405 |
Consumer Non-real Estate [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 110,171 | |
2020 | 116,215 | |
2019 | 64,985 | |
2018 | 27,641 | |
2017 | 9,497 | |
Prior | 4,018 | |
Revolving Loans Amortized Cost Basis | 7,084 | |
Total Loans | 339,611 | |
Consumer Non-real Estate [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 9,362 | |
2020 | 9,659 | |
2019 | 4,641 | |
2018 | 2,833 | |
2017 | 1,099 | |
Prior | 1,653 | |
Revolving Loans Amortized Cost Basis | 287 | |
Total Loans | 29,534 | |
Consumer Non-real Estate [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 229 | |
2020 | 405 | |
2019 | 787 | |
2018 | 290 | |
2017 | 154 | |
Prior | 147 | |
Revolving Loans Amortized Cost Basis | 3 | |
Total Loans | 2,015 | |
Consumer Non-real Estate [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 14 | |
2020 | 67 | |
2019 | 180 | |
2018 | 58 | |
2017 | 19 | |
Prior | 55 | |
Revolving Loans Amortized Cost Basis | 4 | |
Total Loans | 397 | |
Oil and Gas [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 80,264 | |
2020 | 3,462 | |
2019 | 128 | |
2018 | 66 | |
Prior | 3,444 | |
Revolving Loans Amortized Cost Basis | 43,095 | |
Total Loans | 130,459 | 179,355 |
Oil and Gas [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 53,326 | |
2020 | 115 | |
2019 | 59 | |
2018 | 66 | |
Prior | 3,444 | |
Revolving Loans Amortized Cost Basis | 33,676 | |
Total Loans | 90,686 | |
Oil and Gas [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 10,051 | |
2020 | 3,347 | |
2019 | 69 | |
Revolving Loans Amortized Cost Basis | 9,419 | |
Total Loans | 22,886 | |
Oil and Gas [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 16,887 | |
Total Loans | 16,887 | |
Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 379,715 | |
2020 | 34,756 | |
2019 | 29,939 | |
2018 | 24,061 | |
2017 | 20,993 | |
Prior | 28,241 | |
Revolving Loans Amortized Cost Basis | 25,329 | |
Total Loans | 543,034 | $ 822,078 |
Other Loans [Member] | Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 379,715 | |
2020 | 34,608 | |
2019 | 29,464 | |
2018 | 24,034 | |
2017 | 18,060 | |
Prior | 25,568 | |
Revolving Loans Amortized Cost Basis | 23,298 | |
Total Loans | 534,747 | |
Other Loans [Member] | Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 250 | |
2018 | 17 | |
2017 | 2,638 | |
Prior | 2,434 | |
Revolving Loans Amortized Cost Basis | 820 | |
Total Loans | 6,159 | |
Other Loans [Member] | Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 11 | |
2019 | 225 | |
2018 | 10 | |
2017 | 1 | |
Prior | 99 | |
Revolving Loans Amortized Cost Basis | 199 | |
Total Loans | 545 | |
Other Loans [Member] | Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 137 | |
2017 | 294 | |
Prior | 140 | |
Revolving Loans Amortized Cost Basis | 1,012 | |
Total Loans | $ 1,583 |
Loans Held for Investment an_11
Loans Held for Investment and Allowance for Credit Losses on Loans - Activity in Allowance for Credit Losses on Loans (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | $ 54,238 | $ 90,860 | $ 70,080 | $ 91,366 | $ 54,238 |
Impact of CECL adoption | (3,200) | (3,195) | |||
Initial allowance on loans purchased with credit deterioration | 7,272 | 7,272 | 502 | ||
Charge- offs | (4,448) | (462) | (5,114) | (1,622) | |
Recoveries | 228 | 549 | 388 | 661 | |
Net charge-offs | (4,220) | 87 | (4,726) | (961) | |
(Benefit from) provision for credit losses | (9,949) | 19,333 | (9,949) | 38,916 | |
Balance at end of period | 83,963 | 89,500 | 83,963 | 89,500 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 5,625 | 6,595 | 4,544 | 7,035 | 5,625 |
Impact of CECL adoption | (2,806) | ||||
Initial allowance on loans purchased with credit deterioration | 987 | 987 | 432 | ||
Charge- offs | (113) | (113) | |||
Recoveries | 1 | 1 | 1 | 1 | |
Net charge-offs | 1 | (112) | 1 | (112) | |
(Benefit from) provision for credit losses | (828) | 2,198 | (1,268) | 3,491 | |
Balance at end of period | 6,755 | 6,630 | 6,755 | 6,630 | |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 8,358 | 16,955 | 5,935 | 11,842 | 8,358 |
Impact of CECL adoption | (5,507) | ||||
Initial allowance on loans purchased with credit deterioration | 633 | 633 | |||
Charge- offs | (758) | (796) | |||
Net charge-offs | (758) | (796) | |||
(Benefit from) provision for credit losses | (2,340) | 3,548 | 2,811 | 6,632 | |
Balance at end of period | 14,490 | 9,483 | 14,490 | 9,483 | |
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 2,214 | 2,743 | 1,136 | 2,560 | 2,214 |
Impact of CECL adoption | (1,056) | ||||
Initial allowance on loans purchased with credit deterioration | 173 | 173 | |||
Charge- offs | (56) | (59) | |||
Recoveries | 2 | 3 | 5 | 3 | |
Net charge-offs | 2 | (53) | 5 | (56) | |
(Benefit from) provision for credit losses | (25) | 672 | 155 | 653 | |
Balance at end of period | 2,893 | 1,755 | 2,893 | 1,755 | |
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 1,933 | 983 | 1,618 | 627 | 1,933 |
Impact of CECL adoption | (778) | ||||
Charge- offs | (28) | (29) | |||
Net charge-offs | (28) | (29) | |||
(Benefit from) provision for credit losses | (94) | 669 | 262 | 1,133 | |
Balance at end of period | 889 | 2,259 | 889 | 2,259 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 8,692 | 2,592 | 6,192 | 2,570 | 8,692 |
Impact of CECL adoption | (3,831) | ||||
Initial allowance on loans purchased with credit deterioration | 117 | 117 | 7 | ||
Charge- offs | (9) | (66) | (52) | (218) | |
Recoveries | 12 | 4 | 27 | 6 | |
Net charge-offs | 3 | (62) | (25) | (212) | |
(Benefit from) provision for credit losses | 93 | 2,423 | 143 | 3,897 | |
Balance at end of period | 2,805 | 8,553 | 2,805 | 8,553 | |
Real Estate [Member] | Residential Real Estate All Other [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 2,767 | 1,873 | 2,292 | 2,230 | 2,767 |
Impact of CECL adoption | (1,408) | ||||
Charge- offs | (30) | (7) | (46) | (32) | |
Recoveries | 1 | 1 | 4 | 28 | |
Net charge-offs | (29) | (6) | (42) | (4) | |
(Benefit from) provision for credit losses | 97 | 434 | (247) | 1,365 | |
Balance at end of period | 1,941 | 2,720 | 1,941 | 2,720 | |
Commercial and Agricultural Non-Real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 13,462 | 32,685 | 33,993 | 32,400 | 13,462 |
Impact of CECL adoption | 13,195 | ||||
Initial allowance on loans purchased with credit deterioration | 4,711 | 4,711 | 62 | ||
Charge- offs | (3,433) | (287) | (3,537) | (374) | |
Recoveries | 125 | 66 | 151 | 83 | |
Net charge-offs | (3,308) | (221) | (3,386) | (291) | |
(Benefit from) provision for credit losses | (2,473) | 264 | (2,110) | 7,608 | |
Balance at end of period | 31,615 | 34,036 | 31,615 | 34,036 | |
Consumer Non-real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 3,252 | 3,256 | 3,385 | 3,377 | 3,252 |
Impact of CECL adoption | (622) | ||||
Initial allowance on loans purchased with credit deterioration | 8 | 8 | |||
Charge- offs | (209) | (235) | (622) | (556) | |
Recoveries | 86 | 57 | 198 | 114 | |
Net charge-offs | (123) | (178) | (424) | (442) | |
(Benefit from) provision for credit losses | 174 | 1,507 | 354 | 2,526 | |
Balance at end of period | 3,315 | 4,714 | 3,315 | 4,714 | |
Oil and Gas [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 1,883 | 12,131 | 3,283 | 17,851 | 1,883 |
Impact of CECL adoption | (1,346) | ||||
(Benefit from) provision for credit losses | (4,314) | 7,186 | (10,034) | 9,932 | |
Balance at end of period | 7,817 | 10,469 | 7,817 | 10,469 | |
Other Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 2,632 | 3,190 | 2,751 | 3,182 | 2,632 |
Impact of CECL adoption | (116) | ||||
Charge- offs | (9) | (61) | |||
Recoveries | 2 | ||||
Net charge-offs | (9) | (61) | 2 | ||
(Benefit from) provision for credit losses | (43) | (238) | 17 | (5) | |
Balance at end of period | 3,138 | 2,513 | 3,138 | 2,513 | |
Farmland [Member] | Real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | 2,821 | 3,077 | 1,788 | 3,136 | 2,821 |
Impact of CECL adoption | (1,408) | ||||
Initial allowance on loans purchased with credit deterioration | 643 | 643 | 1 | ||
Recoveries | 1 | 1 | |||
Net charge-offs | 1 | 1 | |||
(Benefit from) provision for credit losses | (6) | 723 | (65) | 1,097 | |
Balance at end of period | 3,715 | 2,511 | 3,715 | 2,511 | |
Pegasus Bank [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of period | $ 599 | 4,780 | 3,163 | 4,556 | 599 |
Impact of CECL adoption | 2,488 | ||||
Charge- offs | 330 | (241) | |||
Recoveries | 417 | 1 | 424 | ||
Net charge-offs | 747 | 1 | 183 | ||
(Benefit from) provision for credit losses | (190) | (53) | 33 | 587 | |
Balance at end of period | $ 4,590 | $ 3,857 | $ 4,590 | $ 3,857 |
Loans Held for Investment an_12
Loans Held for Investment and Allowance for Credit Losses on Loans - Purchased Credit Deteriorated Loans (Detail) - Loans Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Purchase price of loans at acquisition | $ 26,779 | $ 1,761 |
Allowance for credit losses at acquisition | 7,272 | 502 |
Par value of acquired loans at acquisition | $ 34,051 | $ 2,263 |
Loans Held for Investment an_13
Loans Held for Investment and Allowance for Credit Losses on Loans - Collateral-dependent Gross Loans Held for Investment by Collateral Type and Related Specific Allocation (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | $ 15,752 | $ 20,803 |
Pegasus Bank [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,257 | |
Real Estate Asset [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 5,316 | 11,808 |
Real Estate Asset [Member] | Pegasus Bank [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,257 | |
Business Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 5,226 | 8,473 |
Other Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 5,210 | 522 |
Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 2,822 | 6,212 |
Specific Allocation [Member] | Pegasus Bank [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 222 | |
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 645 | 848 |
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 4,719 | |
Real Estate [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 806 | 860 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 650 | 866 |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 3,215 | 3,258 |
Real Estate [Member] | Real Estate Asset [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 645 | 848 |
Real Estate [Member] | Real Estate Asset [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 4,719 | |
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 806 | 860 |
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 650 | 866 |
Real Estate [Member] | Real Estate Asset [Member] | Farmland [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 3,215 | 3,258 |
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 176 | 226 |
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,000 | |
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate First Lien [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 158 | 151 |
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 568 | 616 |
Real Estate [Member] | Specific Allocation [Member] | Farmland [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 1,123 | 1,114 |
Commercial and Agricultural Non-Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 10,399 | 8,873 |
Commercial and Agricultural Non-Real Estate [Member] | Business Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 5,211 | 8,460 |
Commercial and Agricultural Non-Real Estate [Member] | Other Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 5,188 | 413 |
Commercial and Agricultural Non-Real Estate [Member] | Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 778 | 2,813 |
Consumer Non-real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 22 | 109 |
Consumer Non-real Estate [Member] | Other Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 22 | 109 |
Consumer Non-real Estate [Member] | Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 4 | 58 |
Other Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 15 | 13 |
Other Loans [Member] | Business Assets [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | 15 | 13 |
Other Loans [Member] | Specific Allocation [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collateral Dependent Loans | $ 15 | $ 12 |
Loans Held for Investment an_14
Loans Held for Investment and Allowance for Credit Losses on Loans - Transfers from Loans and Premises and Equipment to Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Noncash Investing And Financing Items [Abstract] | ||
Other real estate owned | $ 9,438 | $ 2,876 |
Repossessed assets | 427 | 722 |
Total | $ 9,865 | $ 3,598 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 34,199 | $ 36,761 |
Accumulated Amortization | (14,916) | (17,762) |
Net Carrying Amount | 19,283 | 18,999 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 30,849 | 33,411 |
Accumulated Amortization | (12,120) | (15,076) |
Net Carrying Amount | 18,729 | 18,335 |
Customer Relationship Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,350 | 3,350 |
Accumulated Amortization | (2,796) | (2,686) |
Net Carrying Amount | $ 554 | $ 664 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Summary of Goodwill by Business Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 149,922 | $ 149,922 |
Metropolitan Banks [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 13,767 | |
Community Banks [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 61,212 | |
Pegasus Bank [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 68,855 | |
Other Financial Services [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 5,464 | |
Executive, Operations & Support [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 624 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Rent expense for operating leases | $ 462,000 | $ 453,000 | $ 966,000 | $ 916,000 |
Right of use lease asset | $ 3,800,000 | $ 3,800,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | banf:AccruedInterestReceivableAndOtherAssetsMember | banf:AccruedInterestReceivableAndOtherAssetsMember | ||
Operating lease liability | $ 3,650,000 | $ 3,650,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | banf:AccruedInterestPayableAndOtherLiabilitiesMember | banf:AccruedInterestPayableAndOtherLiabilitiesMember | ||
Operating lease weighted-average remaining lease term | 3 years 3 months 18 days | 3 years 3 months 18 days | ||
Operating lease weighted-average discount rate | 2.80% | 2.80% | ||
Operating lease revenue | $ 1,300,000 | $ 1,400,000 | $ 2,700,000 | $ 2,800,000 |
Leases - Schedule of Minimum Fu
Leases - Schedule of Minimum Future Commitments of Operating Leases (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
2021 (six months) | $ 703 |
2022 | 1,212 |
2023 | 708 |
2024 | 345 |
2025 | 286 |
Thereafter | 893 |
Total lease payments | 4,147 |
Less imputed Interest | (497) |
Operating lease liability | $ 3,650 |
Leases - Scheduled of Minimum F
Leases - Scheduled of Minimum Future Contractual Rent To be Received Under The Remaining Non-Cancelable Term of Operating Leases (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
2021 (six months) | $ 1,765 |
2022 | 2,857 |
2023 | 2,636 |
2024 | 2,571 |
2025 | 1,946 |
2026-2031 | 6,146 |
Total future minimum lease payments | $ 17,921 |
Subordinated Debt - Additional
Subordinated Debt - Additional Information (Detail) - USD ($) | Jun. 17, 2021 | Mar. 31, 2004 | Feb. 29, 2004 | Jun. 30, 2021 |
Subordinated Notes due 2036 [Member] | Private Placement [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Interest rate of securities | 3.50% | |||
Debt instrument maturity date | Jun. 30, 2036 | |||
Aggregate principal amount | $ 60,000,000 | |||
Net proceeds from sale of notes | 59,150,000 | |||
Commissions and offering expenses | $ 850,000 | |||
Debt instrument, redemption, description | the Company may redeem all, but not less than all, of the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event” (each as defined in the Subordinated Notes). Any such redemption is subject to obtaining the prior approval of the Board of Governors of the Federal Reserve System (or its designee). The redemption price with respect to any such redemption will be equal to 100% of the principal amount of the Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest, if any, thereon to, but excluding, the redemption date. | |||
Debt instrument, redemption price, percentage of principal amount redeemed | 100.00% | |||
Subordinated Notes due 2036 [Member] | Private Placement [Member] | Bear Interest at Fixed Rate of 3.50% [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Frequency of payment | payable semi-annually in arrears on June 30 and December 31 of each year | |||
Debt instrument, payment terms | The Subordinated Notes will initially bear interest at a fixed rate of 3.50% per annum, from and including June 17, 2021 to but excluding June 30, 2031, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2021. Then, from and including June 30, 2031, to but excluding the maturity date, the Subordinated Notes will bear interest at a floating rate equal to the benchmark (initially, three-month term SOFR), reset quarterly, plus a spread of 229 basis points, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Subordinated Notes mature on June 30, 2036. | |||
Fixed rate | 3.50% | |||
Debt instrument, commencing date | Dec. 31, 2021 | |||
Subordinated Notes due 2036 [Member] | Private Placement [Member] | Three-Month Term SOFR [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Frequency of payment | payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. | |||
Debt instrument, Basis point rate | 2.29% | |||
BancFirst Capital Trust Two [Member] | Subordinated Debentures Subject to Mandatory Redemption [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Junior subordinated notes assumed | $ 26,800,000 | |||
Interest rate of securities | 7.20% | |||
Frequency of payment | payable January 15, April 15, July 15 and October 15 of each year. | |||
Debt instrument maturity date | Mar. 31, 2034 | |||
BancFirst Capital Trust Two [Member] | Cumulative Preferred Stock [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Issue of securities | $ 1,000,000 | $ 25,000,000 | ||
Cumulative trust preferred securities interest rate | 7.20% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Cash settlement for stock options, number of shares | 121,330 | |
Net cash settlement for stock options, cost | $ 5.5 | |
Deferred board fees percentage for stock units accumulation | 100.00% | |
Nonqualified Incentive Stock Option Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period in years | 7 years | |
Nonqualified Incentive Stock Option Plan [Member] | Stock Option [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares for future grants | 275,000 | |
Stock option plan termination date | Dec. 31, 2024 | |
Option exercisable rate | 25.00% | |
Option exercisable period | 4 years | |
Options expire period | 15 years | |
Vesting period in years, start | 4 years | |
Options vest and exercisable Description | The options vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years. Options expire no later than the end of fifteen years from the date of grant | |
Nonqualified Incentive Stock Option Plan [Member] | Stock Option [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock price percentage to fair value at grant date | 100.00% | |
Non-Employee Directors Stock Option Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares for future grants | 50,000 | |
Stock option plan termination date | Dec. 31, 2024 | |
Option exercisable rate | 25.00% | |
Option exercisable period | 1 year | |
Options expire period | 15 years | |
Options vest and exercisable Description | The options vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years | |
Number of options granted for non-employee director | 10,000 | |
Vesting period in years | 4 years | |
Non-Employee Directors Stock Option Plan [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock price percentage to fair value at grant date | 100.00% | |
Banc First Deferred Stock Compensation Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock option plan termination date | Dec. 31, 2024 | |
Number of shares available for future issuance under deferred compensation plan | 40,000 | |
Number of shares of common stock distributed | 2,161 | 1,307 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity Under Stock Option Plan (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding at beginning period - Options | shares | 1,343,080 |
Options granted | shares | 53,000 |
Options exercised | shares | (183,830) |
Options canceled, forfeited, or expired | shares | (5,000) |
Outstanding at ending period - Options | shares | 1,207,250 |
Exercisable at ending period - Options | shares | 596,750 |
Outstanding at beginning period - Wgtd. Avg. Exercise Price | $ / shares | $ 35.28 |
Options granted - Wgtd. Avg. Exercise Price | $ / shares | 69.57 |
Options exercised - Wgtd. Avg. Exercise Price | $ / shares | 23.82 |
Options cancelled, forfeited, or expired - Wgtd. Avg. Exercise Price | $ / shares | 44.23 |
Outstanding at ending period - Wgtd. Avg. Exercise Price | $ / shares | 38.49 |
Exercisable at ending period - Wgtd. Avg. Exercise Price | $ / shares | $ 26.68 |
Outstanding at ending period - Wgtd. Avg. Remaining Contractual Term, years | 8 years 10 months 20 days |
Exercisable at ending period - Wgtd. Avg. Remaining Contractual Term, years | 7 years 3 months 29 days |
Outstanding at ending period - Aggregate Intrinsic Value | $ | $ 28,896 |
Exercisable at ending period - Aggregate Intrinsic Value | $ | $ 21,336 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | ||||
Total intrinsic value of options exercised | $ 557 | $ 337 | $ 7,860 | $ 726 |
Cash received from options exercised | 413 | 303 | 4,379 | 504 |
Tax benefit realized from options exercised | $ 142 | $ 86 | $ 2,002 | $ 185 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Employee Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Labor And Related Expense [Abstract] | ||||
Stock-based compensation expense | $ 473 | $ 406 | $ 1,049 | $ 832 |
Tax benefit | 114 | 103 | 252 | 212 |
Stock-based compensation expense, net of tax | $ 359 | $ 303 | $ 797 | $ 620 |
Stock-Based Compensation - Unea
Stock-Based Compensation - Unearned Stock-based Compensation Expense (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Share Based Compensation [Abstract] | |
Unearned stock-based compensation expense | $ 5,417 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Computing Stock-Based Compensation Expense (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ||
Weighted average grant-date fair value per share of options granted | $ 23.74 | $ 10.63 |
Risk-free interest rate, minimum | 1.34% | 0.66% |
Risk-free interest rate, maximum | 1.74% | 1.13% |
Dividend yield | 2.00% | 2.00% |
Stock price volatility, minimum | 35.55% | 22.84% |
Stock price volatility, maximum | 36.01% | 33.56% |
Expected term | 10 years | 10 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Accumulated Stock Units (Detail) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Accumulated stock units | 150,118 | 148,278 |
Average price | $ 29.61 | $ 28.57 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares Repurchased Under Stock Purchase Program (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | |
Summary Of Shares Repurchased Under Stock Purchase Program [Abstract] | ||
Number of shares repurchased | 59,284 | |
Average price of shares repurchased | $ 52.26 | |
Shares remaining to be repurchased | 62,782 | 62,782 |
Stockholders' Equity - Required
Stockholders' Equity - Required Capital Amounts and Company's Respective Ratios (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Parent Company [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 1,123,056 |
Total Capital To Risk Weighted Assets Actual Ratio | 17.35 |
Capital Required For Capital Adequacy Amount | $ 517,721 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 679,508 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Common Equity Tier 1 Risk Based Capital Amount | $ 956,969 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 14.79 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 291,218 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 4.50 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 453,006 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 7 |
Tier 1 Risk Based Capital Amount | $ 982,969 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 15.19 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 388,291 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 550,078 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 8.50 |
Tier 1 Capital Amount | $ 982,969 |
Tier 1 Capital To Average Assets Ratio | 9.23 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 425,962 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4 |
BancFirst [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 954,496 |
Total Capital To Risk Weighted Assets Actual Ratio | 16.23 |
Capital Required For Capital Adequacy Amount | $ 470,400 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 617,400 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Capital Required To Be Well Capitalized Amount | $ 588,000 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 860,924 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 14.64 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 264,600 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 4.50 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 411,600 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 7 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 382,200 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 6.50 |
Tier 1 Risk Based Capital Amount | $ 880,924 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 14.98 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 352,800 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 499,800 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 8.50 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 470,400 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 8 |
Tier 1 Capital Amount | $ 880,924 |
Tier 1 Capital To Average Assets Ratio | 9.13 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 385,803 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 482,254 |
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio | 5 |
Pegasus Bank [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 76,186 |
Total Capital To Risk Weighted Assets Actual Ratio | 12.61 |
Capital Required For Capital Adequacy Amount | $ 48,317 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8 |
Capital With Capital Conservation Buffer Amount | $ 63,416 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 10.50 |
Capital Required To Be Well Capitalized Amount | $ 60,396 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 10 |
Common Equity Tier 1 Risk Based Capital Amount | $ 71,113 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 11.77 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 27,178 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 4.50 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 42,277 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 7 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 39,257 |
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 6.50 |
Tier 1 Risk Based Capital Amount | $ 71,113 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 11.77 |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 36,238 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6 |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 51,337 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 8.50 |
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount | $ 48,317 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 8 |
Tier 1 Capital Amount | $ 71,113 |
Tier 1 Capital To Average Assets Ratio | 7.15 |
Tier 1 Capital Required For Capital Adequacy Amount | $ 39,786 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4 |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 49,733 |
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio | 5 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Jun. 17, 2021 |
Subordinated Notes due 2036 [Member] | Private Placement [Member] | ||
Stockholders Equity [Line Items] | ||
Aggregate principal amount | $ 60,000,000 | |
Small Business Administration (SBA), CARES Act, Paycheck Protection Program Lending Facility [Member] | ||
Stockholders Equity [Line Items] | ||
Percentage of risk weight under risk based capital rules | 0.00% | |
Maximum [Member] | ||
Stockholders Equity [Line Items] | ||
Quantitative limit for trust preferred securities to be included in tier 1 capital | $ 15,000,000,000 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Income available to common stockholders | $ 48,192 | $ 20,730 | $ 90,712 | $ 43,338 |
Income available to common stockholders plus assumed exercises of stock options | $ 48,192 | $ 20,730 | $ 90,712 | $ 43,338 |
Income available to common stockholders - Shares | 32,779,227 | 32,651,262 | 32,768,102 | 32,665,425 |
Dilutive effect of stock options - Shares | 626,696 | 424,231 | 639,591 | 531,996 |
Income available to common stockholders plus assumed exercises of stock options - Shares | 33,405,923 | 33,075,493 | 33,407,693 | 33,197,421 |
Income available to common stockholders - Per Share Amount | $ 1.47 | $ 0.64 | $ 2.77 | $ 1.33 |
Income available to common stockholders plus assumed exercises of stock options - Per Share Amount | $ 1.45 | $ 0.63 | $ 2.72 | $ 1.31 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Abstract] | ||||
Shares | 43,093 | 448,016 | 108,055 | 424,939 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 560,783 | $ 552,232 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 471,842 | 475,236 |
U.S. Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 25,595 | 19,638 |
Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 38,769 | 15,696 |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 11,101 | 28,948 |
Asset backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 13,476 | 12,714 |
Level 1 Inputs [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 471,842 | 475,236 |
Level 2 Inputs [Member] | U.S. Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 25,595 | 19,638 |
Level 2 Inputs [Member] | Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 38,769 | 15,696 |
Level 2 Inputs [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 10,781 | 28,793 |
Level 2 Inputs [Member] | Asset backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 13,476 | |
Level 3 Inputs [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 320 | 155 |
Level 3 Inputs [Member] | Asset backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 12,714 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Calculation Roll Forward | ||
Balance at the beginning of the year | $ 12,869 | $ 12,714 |
Transfers (to)/from level 2 | (12,714) | 1,643 |
Purchases | 240 | |
Settlements | (75) | (1,473) |
Total unrealized losses | (15) | |
Balance at the end of the period | $ 320 | $ 12,869 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level 3 [Member] - Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Equity Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 21,548 | $ 21,203 |
Repossessed Assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 50 | 291 |
Collateral Dependent Loans | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 867 | 11,347 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 8,009 | $ 32,066 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Days from origination after which mortgage loans are sold | 30 days | |
Amount of non-financial assets (liabilities) measured at fair value on a recurring basis | $ 0 | $ 0 |
Non-financial assets or liabilities for which no impairment was provided | 0 | 0 |
Level 2 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held for sale | $ 16,032,000 | 53,719,000 |
Level 2 Inputs [Member] | BancFirst [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held for sale | $ 21,600,000 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
FINANCIAL ASSETS | ||
Debt securities held for investment (fair value: $2,990 and $2,984, respectively) | $ 2,988 | $ 2,964 |
Loans, net of allowance for credit losses, Carrying Amount | 6,107,267 | 6,303,140 |
Debt securities held for investment, Fair Value | 2,990 | 2,984 |
Loans held for sale, Fair Value | 16,032 | 53,719 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 9,728,389 | 8,064,704 |
Short-term borrowings, Carrying Amount | 3,100 | 1,100 |
Subordinated debt, Carrying Amount | 85,959 | 26,804 |
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS | ||
Loan commitments, Fair Value | 3,313 | 3,115 |
Letters of credit, Fair Value | 567 | 722 |
Level 2 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents, Carrying Amount | 3,641,398 | 1,616,912 |
Debt securities held for investment (fair value: $2,990 and $2,984, respectively) | 43 | 59 |
Loans held for sale, Carrying Amount | 16,032 | 53,719 |
Cash and cash equivalents, Fair Value | 3,641,398 | 1,616,912 |
Debt securities held for investment, Fair Value | 45 | 62 |
Loans held for sale, Fair Value | 16,032 | 53,719 |
FINANCIAL LIABILITIES | ||
Deposits, Carrying Amount | 9,728,389 | 8,064,704 |
Short-term borrowings, Carrying Amount | 3,100 | 1,100 |
Subordinated debt, Carrying Amount | 85,959 | 26,804 |
Deposits, Fair Value | 9,817,785 | 8,084,695 |
Short-term borrowings, Fair Value | 3,100 | 1,100 |
Subordinated debt, Fair Value | 89,270 | 30,535 |
Level 3 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Debt securities held for investment (fair value: $2,990 and $2,984, respectively) | 2,945 | 2,905 |
Loans, net of allowance for credit losses, Carrying Amount | 6,107,267 | 6,303,140 |
Debt securities held for investment, Fair Value | 2,945 | 2,922 |
Loans, net of allowance for credit losses, Fair Value | $ 6,108,907 | $ 6,347,803 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021Business_Unit | |
Segment Reporting [Abstract] | |
Number of principal business units | 5 |
Segment Information - Results o
Segment Information - Results of Operations and Selected Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 82,363 | $ 77,208 | $ 159,569 | $ 151,281 | |
Noninterest income | 44,618 | 32,082 | 84,553 | 67,227 | |
Income before taxes | 62,907 | 25,306 | 115,085 | 53,556 | |
Total assets | 11,015,287 | 11,015,287 | $ 9,212,357 | ||
Operating Segments [Member] | Metropolitan Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 19,848 | 22,310 | 39,181 | 44,494 | |
Noninterest income | 3,669 | 4,571 | 8,813 | 9,271 | |
Income before taxes | 17,602 | 3,613 | 31,526 | 14,026 | |
Total assets | 3,247,686 | 3,247,686 | 2,729,886 | ||
Operating Segments [Member] | Community Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 45,024 | 43,917 | 87,794 | 88,415 | |
Noninterest income | 16,197 | 13,841 | 31,173 | 29,694 | |
Income before taxes | 36,514 | 15,532 | 66,283 | 39,968 | |
Total assets | 6,572,642 | 6,572,642 | 5,527,611 | ||
Operating Segments [Member] | Pegasus Bank [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 5,808 | 4,976 | 11,167 | 10,584 | |
Noninterest income | 355 | 121 | 739 | 252 | |
Income before taxes | 1,947 | 1,345 | 3,592 | 2,943 | |
Total assets | 966,809 | 966,809 | 919,572 | ||
Operating Segments [Member] | Other Financial Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 11,457 | 5,905 | 21,339 | 7,488 | |
Noninterest income | 10,913 | 9,328 | 22,488 | 20,218 | |
Income before taxes | 5,220 | 7,786 | 11,171 | 13,545 | |
Total assets | 113,126 | 113,126 | 137,122 | ||
Operating Segments [Member] | Executive, Operations & Support [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 9 | 100 | (398) | 300 | |
Noninterest income | 62,025 | 25,774 | 111,756 | 53,257 | |
Income before taxes | 49,790 | 18,232 | 92,130 | 27,635 | |
Total assets | 1,437,732 | 1,437,732 | 1,073,507 | ||
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 217 | 486 | |||
Noninterest income | (48,541) | (21,553) | (90,416) | (45,465) | |
Income before taxes | (48,166) | $ (21,202) | (89,617) | $ (44,561) | |
Total assets | $ (1,322,708) | $ (1,322,708) | $ (1,175,341) |