10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-14384

BancFirst Corporation

(Exact name of registrant as specified in charter)

Oklahoma	73-1221379
(State or other Jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

100 N. Broadway Ave., Oklahoma City, Oklahoma	73102-8405
(Address of principal executive offices)	(Zip Code)

(405) 270-1086

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 Par Value Per Share	BANF	NASDAQ Global Select Market System

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (sec. 232-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2024 there were 32,991,040 shares of the registrant’s Common Stock outstanding.

BancFirst Corporation

Quarterly Report on Form 10-Q

March 31, 2024

Table of Contents

Item	PART I – Financial Information	Page
1.	Financial Statements (Unaudited)	2
	Consolidated Balance Sheets	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Shareholders’ Equity	4
	Consolidated Statements of Cash Flow	5
	Notes to Consolidated Financial Statements	6
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
3.	Quantitative and Qualitative Disclosure About Market Risk	38
4.	Controls and Procedures	38
	PART II – Other Information
1.	Legal Proceedings	39
1A.	Risk Factors	39
2.	Unregistered Sales of Equity Securities	39
3.	Defaults Upon Senior Securities	39
4.	Mine Safety Disclosures	39
5.	Other Information	39
6.	Exhibits	40
Signatures		41

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	March 31,			December 31,
	2024			2023
	(unaudited)			(see Note 1)
ASSETS
Cash and due from banks	$	183,491		$	225,462
Interest-bearing deposits with banks		2,341,604			2,172,001
Federal funds sold		1,209			1,316
Debt securities held for investment (fair value: $1,129 and $1,190, respectively)		1,129			1,190
Debt securities available for sale at fair value		1,533,522			1,553,905
Loans held for sale		5,997			3,489
Loans held for investment (net of unearned interest)		7,781,860			7,656,645
Allowance for credit losses		(97,267	)		(96,800	)
Loans, net of allowance for credit losses		7,684,593			7,559,845
Premises and equipment, net		284,057			278,594
Other real estate owned		34,728			33,718
Intangible assets, net		15,818			16,704
Goodwill		182,263			182,263
Accrued interest receivable and other assets		334,014			343,555
Total assets	$	12,602,425		$	12,372,042
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing	$	3,849,807		$	3,982,226
Interest-bearing		7,059,814			6,717,896
Total deposits		10,909,621			10,700,122
Short-term borrowings		9,699			3,351
Accrued interest payable and other liabilities		127,678			148,577
Subordinated debt		86,115			86,101
Total liabilities		11,133,113			10,938,151
Stockholders' equity:
Senior preferred stock, $1.00 par; 10,000,000 shares authorized; none issued		—			—
Cumulative preferred stock, $5.00 par; 900,000 shares authorized; none issued		—			—
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and       outstanding: 32,966,678 and 32,933,018, respectively		32,967			32,933
Capital surplus		176,227			174,695
Retained earnings		1,312,464			1,276,305
Accumulated other comprehensive loss, net of tax benefit of $16,201       and $15,473, respectively		(52,346	)		(50,042	)
Total stockholders' equity		1,469,312			1,433,891
Total liabilities and stockholders' equity	$	12,602,425		$	12,372,042

The accompanying Notes are an integral part of these consolidated financial statements.

2

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended
	March 31,
	2024			2023
INTEREST INCOME
Loans, including fees	$	132,126		$	104,396
Securities:
Taxable		9,181			8,991
Tax-exempt		20			7
Federal funds sold		19			32
Interest-bearing deposits with banks		30,297			32,020
Total interest income		171,643			145,446
INTEREST EXPENSE
Deposits		64,413			35,177
Short-term borrowings		96			83
Subordinated debt		1,030			1,030
Total interest expense		65,539			36,290
Net interest income		106,104			109,156
Provision for credit losses		4,015			2,322
Net interest income after provision for credit losses		102,089			106,834
NONINTEREST INCOME
Trust revenue		5,088			4,222
Service charges on deposits		16,428			21,231
Securities transactions		(267	)		(213	)
Sales of loans		491			604
Insurance commissions		9,455			8,741
Cash management		8,651			6,734
(Loss)/gain on sale of other assets		(59	)		479
Other		5,113			6,030
Total noninterest income		44,900			47,828
NONINTEREST EXPENSE
Salaries and employee benefits		51,528			49,252
Occupancy, net		5,206			4,983
Depreciation		4,556			4,643
Amortization of intangible assets		886			880
Data processing services		2,616			2,107
Net expense from other real estate owned		2,202			2,459
Marketing and business promotion		2,256			2,527
Deposit insurance		1,438			1,613
Other		12,091			11,853
Total noninterest expense		82,779			80,317
Income before taxes		64,210			74,345
Income tax expense		13,876			16,812
Net income	$	50,334		$	57,533
NET INCOME PER COMMON SHARE
Basic	$	1.53		$	1.75
Diluted	$	1.50		$	1.72
OTHER COMPREHENSIVE (LOSS)/GAIN
Unrealized (losses)/gains on debt securities, net of tax benefit/(expense) of $728 and $(4,504), respectively		(2,304	)		14,649
Other comprehensive (loss)/gain, net of tax benefit/(expense) of $728 and $(4,504), respectively		(2,304	)		14,649
Comprehensive income	$	48,030		$	72,182

The accompanying Notes are an integral part of these consolidated financial statements.

3

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(Dollars in thousands)

	Three Months Ended
	March 31,
	2024			2023
COMMON STOCK
Issued at beginning of period	$	32,933		$	32,876
Shares issued for stock options		34			24
Issued at end of period	$	32,967		$	32,900
CAPITAL SURPLUS
Balance at beginning of period	$	174,695		$	169,231
Common stock issued for stock options		817			618
Stock-based compensation arrangements		715			382
Balance at end of period	$	176,227		$	170,231
RETAINED EARNINGS
Balance at beginning of period	$	1,276,305		$	1,120,292
Net income		50,334			57,533
Dividends on common stock ($0.43 and $0.40  per share, respectively)		(14,175	)		(13,160	)
Balance at end of period	$	1,312,464		$	1,164,665
ACCUMULATED OTHER COMPREHENSIVE LOSS
Unrealized (losses)/gains on securities:
Balance at beginning of period	$	(50,042	)	$	(71,563	)
Net change		(2,304	)		14,649
Balance at end of period	$	(52,346	)	$	(56,914	)
Total stockholders’ equity	$	1,469,312		$	1,310,882

The accompanying Notes are an integral part of these consolidated financial statements.

4

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(Dollars in thousands)

	Three Months Ended
	March 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	50,334		$	57,533
Adjustments to reconcile to net cash provided by operating activities:
Provision for credit losses		4,015			2,322
Depreciation and amortization		5,442			5,523
Net amortization of securities premiums and discounts		(306	)		(273	)
Realized securities losses		267			213
Gain on sales of loans		(491	)		(604	)
Cash receipts from the sale of loans originated for sale		28,773			34,246
Cash disbursements for loans originated for sale		(30,789	)		(33,634	)
Deferred income tax benefit		(822	)		(778	)
Gain on sale of other assets		(122	)		(578	)
Increase in interest receivable		(2,517	)		(1,390	)
Increase in interest payable		3,374			2,264
Amortization of stock-based compensation arrangements		715			382
Excess tax benefit from stock-based compensation arrangements		(470	)		(324	)
Other, net		8,921			4,602
Net cash provided by operating activities		66,324			69,504
INVESTING ACTIVITIES
Net decrease in federal funds sold		107			1,766
Purchases of available for sale debt securities		—			(91,312	)
Proceeds from maturities, calls and paydowns of held for investment debt securities		61			170
Proceeds from maturities, calls and paydowns of available for sale debt securities		17,657			32,940
Purchase of equity securities		(366	)		(195	)
Proceeds from paydowns and sales of equity securities		42			485
Net change in loans		(130,801	)		(176,739	)
Net (payments)/receipts on derivative asset contracts		(19,595	)		11,141
Purchases of premises, equipment and computer software		(10,251	)		(7,962	)
Purchase of tax credits		(429	)		(536	)
Other, net		2,346			1,658
Net cash used in investing activities		(141,229	)		(228,584	)
FINANCING ACTIVITIES
Net change in deposits		209,499			(364,125	)
Net change in short-term borrowings		6,348			203,194
Issuance of common stock in connection with stock options, net		851			642
Cash dividends paid		(14,161	)		(13,150	)
Net cash provided by (used in) financing activities		202,537			(173,439	)
Net increase/(decrease) in cash, due from banks and interest-bearing deposits		127,632			(332,519	)
Cash, due from banks and interest-bearing deposits at the beginning of the period		2,397,463			3,168,910
Cash, due from banks and interest-bearing deposits at the end of the period	$	2,525,095		$	2,836,391
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	62,164		$	34,026
Cash paid during the period for income taxes	$	249		$	1,880
Noncash investing and financing activities:
Unpaid common stock dividends declared	$	14,175		$	13,160

The accompanying Notes are an integral part of these consolidated financial statements.

5

BANCFIRST CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of BancFirst Corporation and its subsidiaries (the “Company”) conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and general practice within the banking industry. A summary of significant accounting policies can be found in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank ("Pegasus"), Worthington Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst"). The principal operating subsidiaries of BancFirst are BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements.

The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the consolidated financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature.

Reclassifications

Certain items in prior consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

Recent Accounting Pronouncements

Standards Not Yet Adopted:

In December 2023, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The amendments are to be applied retrospectively to all periods presented and segment expense categories are required to be based on the categories identified at adoption. The Company is currently evaluating the provisions of this ASU and expects to adopt them for the year ending December 31, 2024. The Company does not expect the adoption to have a significant impact on the Company’s consolidated financial statements.

6

(2) 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
March 31, 2024	(Dollars in thousands)
Mortgage backed securities (1)	$	4	$	—	$	—	$	4
States and political subdivisions		625		—		—		625
Other securities		500		—		—		500
Total	$	1,129	$	—	$	—	$	1,129
December 31, 2023
Mortgage backed securities (1)	$	5	$	—	$	—	$	5
States and political subdivisions		685		—		—		685
Other securities		500		—		—		500
Total	$	1,190	$	—	$	—	$	1,190

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2024	(Dollars in thousands)
U.S. treasuries	$	1,545,588	$	—	$	(65,207	)	$	1,480,381
U.S. federal agencies		10,729		119		(4	)		10,844
Mortgage backed securities (1)		16,049		9		(1,795	)		14,263
States and political subdivisions		10,100		7		(137	)		9,970
Asset backed securities		11,440		—		(188	)		11,252
Other securities		8,163		—		(1,351	)		6,812
Total	$	1,602,069	$	135	$	(68,682	)	$	1,533,522
December 31, 2023
U.S. treasuries	$	1,560,265	$	415	$	(62,635	)	$	1,498,045
U.S. federal agencies		11,631		142		(3	)		11,770
Mortgage backed securities (1)		16,459		13		(1,677	)		14,795
States and political subdivisions		10,108		16		(114	)		10,010
Asset backed securities		12,794		—		(282	)		12,512
Other securities		8,163		—		(1,390	)		6,773
Total	$	1,619,420	$	586	$	(66,101	)	$	1,553,905

(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

7

The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

	March 31, 2024				December 31, 2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	351	$	351	$	350	$	350
After one year but within five years		778		778		840		840
After five years but within ten years		—		—		—		—
After ten years		—		—		—		—
Total	$	1,129	$	1,129	$	1,190	$	1,190
Available for Sale
Contractual maturity of debt securities:
Within one year	$	389,115	$	382,870	$	348,318	$	341,645
After one year but within five years		1,167,880		1,108,898		1,223,529		1,167,973
After five years but within ten years		10,278		8,848		10,331		8,851
After ten years		34,796		32,906		37,242		35,436
Total debt securities	$	1,602,069	$	1,533,522	$	1,619,420	$	1,553,905

The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Book value of pledged securities	$	908,521	$	591,324

8

There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the three months ended March 31, 2024 or March 31, 2023.

Realized gains/losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income.

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at March 31, 2024 and December 31, 2023 respectively:

			Less than 12 Months				More than 12 Months				Total
	Number of investments		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
			(Dollars in thousands)
March 31, 2024
Available for Sale
U.S. treasuries		67	$	90,252	$	816	$	1,370,129	$	64,391	$	1,460,381	$	65,207
U.S. federal agencies		3		1,057		4		—		—		1,057		4
Mortgage backed securities		71		1,191		6		12,767		1,789		13,958		1,795
States and political subdivisions		9		867		3		2,128		134		2,995		137
Asset backed securities		1		—		—		11,252		188		11,252		188
Other securities		3		—		—		6,812		1,351		6,812		1,351
Total		154	$	93,367	$	829	$	1,403,088	$	67,853	$	1,496,455	$	68,682
December 31, 2023
Available for Sale
U.S. treasuries		68	$	4,838	$	90	$	1,401,669	$	62,545	$	1,406,507	$	62,635
U.S. federal agencies		3		1,100		3		—		—		1,100		3
Mortgage backed securities		74		80		—		13,261		1,677		13,341		1,677
States and political subdivisions		6		306		4		1,847		110		2,153		114
Asset backed securities		1		—		—		12,512		282		12,512		282
Other securities		3		—		—		6,773		1,390		6,773		1,390
Total		155	$	6,324	$	97	$	1,436,062	$	66,004	$	1,442,386	$	66,101

The Company has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities. Furthermore, as of March 31, 2024 and December 31, 2023, the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date, or if market yields for such investments decline. The Company has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no impairment loss was realized in the Company’s consolidated statement of comprehensive income.

9

(3) LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

Loans held for investment are summarized by portfolio segment as follows:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied		962,203		960,944
Commercial real estate non-owner occupied		1,531,185		1,486,420
Construction and development < 60 months		669,726		642,643
Construction residential real estate < 60 months		280,686		283,486
Residential real estate first lien		1,283,879		1,258,744
Residential real estate all other		252,635		244,696
Agriculture		449,812		427,139
Commercial non-real estate		1,320,840		1,289,452
Consumer non-real estate		465,166		476,467
Oil and gas		565,728		586,654
Total (1)	$	7,781,860	$	7,656,645
(1) Excludes accrued interest receivable of $40.9 million at March 31, 2024 and $39.4 million at December 31, 2023, that is recorded in accrued interest receivable and other assets.

The Company's loans are currently 84% held by BancFirst and 16% held by Pegasus and Worthington. In addition, approximately 70% of the Company's loans are secured by real estate. Credit risk on loans is managed through limits on amounts loaned to individual and related borrowers, underwriting standards and loan monitoring procedures. The amounts and types of collateral obtained, if any, to secure loans are based upon the Company’s underwriting standards and management’s credit evaluation. Collateral varies, but may include real estate, equipment, accounts receivable, inventory, livestock and/or securities. The Company’s interest in collateral is secured through filing mortgages and liens, or by possession of the collateral.

The Company's portfolio segment descriptions and the weighted average remaining life of portfolio segments are disclosed in Note (5) to the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Other Real Estate Owned and Repossessed Assets and Loan Modifications

The following is a summary of other real estate owned and repossessed assets:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Other real estate owned and repossessed assets	$	35,116	$	34,200

As of both March 31, 2024 and December 31, 2023, other real estate owned included a commercial real estate property recorded at approximately $30.4 million and $29.4 million, respectively. The increase in OREO and this commercial real estate property was due to tenant improvements during the three months ended March 31, 2024. Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income. Operating expense for this property is included in net expense from other real estate owned in noninterest expense on the consolidated statements of comprehensive income.

This property had the following rental income and operating expenses for the periods presented.

	For the Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Rental income	$	2,941	$	2,690
Operating expense		2,250		2,381

During the three months ended March 31, 2024, the Company sold property held in other real estate owned for a total gain of $177,000, compared to a total gain of $98,000 in the three months ended March 31, 2023.

10

The Company charges interest on principal balances outstanding on modified loans during deferral periods. The current and future financial effects of the recorded balance of loans considered to be modified during the period were not considered to be material. The recorded balance of loans modified during the three months ended March 31, 2024 was approximately $1.1 million compared to $5.3 million during the year ended December 31, 2023.

Nonaccrual loans

The Company did not recognize any interest income on nonaccrual loans for either the three months ended March 31, 2024 or 2023. In addition, all loans identified as nonaccrual loans have related allowances for credit losses at March 31, 2024 and December 31, 2023, respectively. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $696,000 for the three months ended March 31, 2024 and approximately $358,000 for the three months ended March 31, 2023.

Nonaccrual loans guaranteed by government agencies totaled approximately $6.6 million at March 31, 2024 and approximately $6.7 million at December 31, 2023.

The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment.

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied	$	2,282	$	1,686
Commercial real estate non-owner occupied		3,010		874
Construction and development < 60 months		20,142		800
Construction residential real estate < 60 months		755		638
Residential real estate first lien		2,919		3,336
Residential real estate all other		531		899
Agriculture		2,169		3,662
Commercial non-real estate		7,518		10,101
Consumer non-real estate		703		449
Oil and gas		1,967		2,128
Total	$	41,996	$	24,573

11

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents an age analysis of the Company's loans held for investment:

	Age Analysis of Past Due Loans
	30-59 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 March 31, 2024
Real estate:
Commercial real estate owner occupied	$	7,283	$	18	$	5,594	$	12,895	$	949,308	$	962,203	$	3,670
Commercial real estate non-owner occupied		297		63		1,806		2,166		1,529,019		1,531,185		876
Construction and development < 60 months		501		2,654		800		3,955		665,771		669,726		—
Construction residential real estate < 60 months		2,920		1,411		407		4,738		275,948		280,686		—
Residential real estate first lien		4,584		1,000		1,650		7,234		1,276,645		1,283,879		780
Residential real estate all other		1,297		370		624		2,291		250,344		252,635		115
Agriculture		1,348		1,032		728		3,108		446,704		449,812		215
Commercial non-real estate		2,550		1,385		6,461		10,396		1,310,444		1,320,840		312
Consumer non-real estate		3,672		755		867		5,294		459,872		465,166		364
Oil and gas		501		—		—		501		565,227		565,728		—
Total	$	24,953	$	8,688	$	18,937	$	52,578	$	7,729,282	$	7,781,860	$	6,332
As of December 31, 2023
Real estate:
Commercial real estate owner occupied	$	1,386	$	26	$	5,598	$	7,010	$	953,934	$	960,944	$	4,377
Commercial real estate non-owner occupied		2,224		7,371		1,786		11,381		1,475,039		1,486,420		913
Construction and development < 60 months		198		158		800		1,156		641,487		642,643		—
Construction residential real estate < 60 months		1,542		206		405		2,153		281,333		283,486		332
Residential real estate first lien		3,879		1,204		1,849		6,932		1,251,812		1,258,744		731
Residential real estate all other		757		190		613		1,560		243,136		244,696		549
Agriculture		1,694		724		1,227		3,645		423,494		427,139		579
Commercial non-real estate		1,501		436		10,028		11,965		1,277,487		1,289,452		1,714
Consumer non-real estate		3,248		1,090		594		4,932		471,535		476,467		347
Oil and gas		—		—		92		92		586,562		586,654		—
Total	$	16,429	$	11,405	$	22,992	$	50,826	$	7,605,819	$	7,656,645	$	9,542

Credit Quality Indicators

The Company considers credit quality indicators to monitor the credit risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical credit loss experience and economic conditions. These indicators are reviewed and updated regularly throughout the year. An internal risk grading system is used to indicate the credit risk of loans. The loan grades used by the Company are for internal risk identification purposes and do not directly correlate to regulatory classification categories or any financial reporting definitions. The general characteristics of the risk grades and the table summarizing the Company’s gross loans held for investment by year of origination and internally assigned credit grades as of December 31, 2023, are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company’s revolving loans that are converted to term loans are not material and therefore have not been presented.

The following table summarizes the Company’s gross loans held for investment by year of origination and internally assigned credit grades:

12

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Total
As of March 31, 2024
Commercial real estate owner occupied
Grade 1	$	25,173	$	109,028	$	159,208	$	116,637	$	82,223	$	203,263	$	18,941	$	714,473
Grade 2		6,168		34,656		46,355		44,871		22,165		40,867		22,938		218,020
Grade 3		4,031		7,629		3,640		5,303		890		3,055		2,100		26,648
Grade 4		—		374		23		170		352		1,654		150		2,723
Grade 5		—		—		—		—		—		339		—		339
Total commercial real estate owner occupied		35,372		151,687		209,226		166,981		105,630		249,178		44,129		962,203
Commercial real estate non-owner occupied
Grade 1	$	30,431	$	217,786	$	266,193	$	187,861	$	116,004	$	120,132	$	32,534	$	970,941
Grade 2		13,104		163,293		144,208		85,378		45,784		93,020		2,731		547,518
Grade 3		6,109		—		781		1,703		—		247		—		8,840
Grade 4		—		2,280		632		352		98		524		—		3,886
Total commercial real estate non-owner occupied		49,644		383,359		411,814		275,294		161,886		213,923		35,265		1,531,185
Construction and development < 60 months
Grade 1	$	29,037	$	89,815	$	147,644	$	50,050	$	5,324	$	7,984	$	42,282	$	372,136
Grade 2		24,777		126,003		62,244		26,007		6,561		15,166		8,778		269,536
Grade 3		—		6,352		893		357		—		70		19,342		27,014
Grade 4		—		—		800		100		140		—		—		1,040
Total construction and development < 60 months		53,814		222,170		211,581		76,514		12,025		23,220		70,402		669,726
Construction residential real estate < 60 months
Grade 1	$	34,249	$	84,861	$	14,251	$	8,620	$	99	$	559	$	38,050	$	180,689
Grade 2		28,843		58,132		2,135		21		12		—		1,305		90,448
Grade 3		—		8,191		374		—		—		—		—		8,565
Grade 4		578		200		206		—		—		—		—		984
Total construction residential real estate < 60 months		63,670		151,384		16,966		8,641		111		559		39,355		280,686
Residential real estate first lien
Grade 1	$	72,174	$	268,280	$	214,401	$	167,456	$	110,847	$	204,350	$	4,637	$	1,042,145
Grade 2		14,813		49,624		42,664		37,763		24,732		51,823		—		221,419
Grade 3		232		2,987		2,691		2,538		1,710		5,622		—		15,780
Grade 4		91		913		218		725		712		1,876		—		4,535
Total residential real estate first lien		87,310		321,804		259,974		208,482		138,001		263,671		4,637		1,283,879
Residential real estate all other
Grade 1	$	8,258	$	36,264	$	21,550	$	6,892	$	7,585	$	14,383	$	55,776	$	150,708
Grade 2		1,682		5,082		5,290		1,434		1,595		3,611		78,539		97,233
Grade 3		455		292		176		196		166		671		1,590		3,546
Grade 4		—		119		24		—		—		111		894		1,148
Total residential real estate all other		10,395		41,757		27,040		8,522		9,346		18,776		136,799		252,635
Agriculture
Grade 1	$	13,547	$	57,413	$	47,429	$	33,676	$	25,336	$	48,773	$	49,003	$	275,177
Grade 2		11,754		25,588		21,021		17,212		9,303		20,012		48,165		153,055
Grade 3		1,602		8,528		819		966		2,591		3,328		1,931		19,765
Grade 4		—		768		627		53		99		267		1		1,815
Total Agriculture		26,903		92,297		69,896		51,907		37,329		72,380		99,100		449,812
Commercial non-real estate
Grade 1	$	38,088	$	177,037	$	163,957	$	148,673	$	32,770	$	64,198	$	317,586	$	942,309
Grade 2		24,463		106,857		33,066		17,747		6,480		13,144		161,984		363,741
Grade 3		1,184		1,930		2,260		1,015		283		196		3,411		10,279
Grade 4		126		122		1,494		228		473		360		1,240		4,043
Grade 5		—		18		—		—		—		450		—		468
Total commercial non-real estate		63,861		285,964		200,777		167,663		40,006		78,348		484,221		1,320,840
Consumer non-real estate
Grade 1	$	52,889	$	180,937	$	90,786	$	49,021	$	14,926	$	9,321	$	11,638	$	409,518
Grade 2		4,202		18,228		14,005		6,266		1,906		1,323		2,299		48,229
Grade 3		565		1,714		1,493		1,221		295		360		10		5,658
Grade 4		94		420		611		390		155		85		6		1,761
Total consumer non-real estate		57,750		201,299		106,895		56,898		17,282		11,089		13,953		465,166
Oil and gas
Grade 1	$	70,735	$	71,998	$	6,206	$	28,039	$	6,172	$	3,205	$	252,952	$	439,307
Grade 2		55,581		11,759		5,278		829		386		358		51,437		125,628
Grade 3		—		—		—		185		—		—		—		185
Grade 4		—		—		—		148		—		460		—		608
Total oil and gas		126,316		83,757		11,484		29,201		6,558		4,023		304,389		565,728
Total loans held for investment	$	575,035	$	1,935,478	$	1,525,653	$	1,050,103	$	528,174	$	935,167	$	1,232,250	$	7,781,860

13

The following tables summarize the Company's gross charge-offs by year of origination for the periods indicated:

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Three months ended March 31, 2024
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	15	$	—	$	—	$	—	$	15
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		12		—		—		1		—		—		13
Construction and development < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Construction residential real estate < 60 months
Current-period gross charge-offs		—		3		—		—		—		—		—		3
Residential real estate first lien
Current-period gross charge-offs		1		—		—		1		—		21		—		23
Residential real estate all other
Current-period gross charge-offs		—		—		—		—		—		2		27		29
Agriculture
Current-period gross charge-offs		—		—		31		—		—		—		—		31
Commercial non-real estate
Current-period gross charge-offs		—		1,001		275		132		12		126		1,508		3,054
Consumer non-real estate
Current-period gross charge-offs		—		244		97		51		13		15		11		431
Oil and gas
Current-period gross charge-offs		—		9		83		—		—		—		—		92
Total current-period gross charge-offs	$	1	$	1,269	$	486	$	199	$	26	$	164	$	1,546	$	3,691

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2023		2022		2021		2020		2019		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Three months ended March 31, 2023
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	7	$	1	$	22	$	18	$	—	$	—	$	48
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		—		—		—		—		3		—		3
Construction and development < 60 months
Current-period gross charge-offs		—		2		—		—		—		—		—		2
Construction residential real estate < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Residential real estate first lien
Current-period gross charge-offs		—		—		—		—		—		2		—		2
Residential real estate all other
Current-period gross charge-offs		—		2		19		—		1		4		—		26
Agriculture
Current-period gross charge-offs		—		4		—		16		13		2		—		35
Commercial non-real estate
Current-period gross charge-offs		—		67		62		—		—		47		—		176
Consumer non-real estate
Current-period gross charge-offs		—		76		32		15		9		6		2		140
Oil and gas
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Total current-period gross charge-offs	$	—	$	158	$	114	$	53	$	41	$	64	$	2	$	432

14

Allowance for Credit Losses Methodology

The Company determines its provision for credit losses and allowance for credit losses using the current expected credit loss methodology that is referred to as the current expected credit loss ("CECL") model. The allowance for current expected credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The allowance for credit losses methodology is disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The following 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		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 March 31, 2024
Real estate:
Commercial real estate owner occupied	$	7,483	$	(15	)	$	20	$	5		$	(20	)	$	7,468
Commercial real estate non-owner occupied		33,080		(13	)		—		(13	)		113			33,180
Construction and development < 60 months		3,950		—			—		—			2,646			6,596
Construction residential real estate < 60 months		3,414		(3	)		—		(3	)		53			3,464
Residential real estate first lien		4,914		(23	)		4		(19	)		28			4,923
Residential real estate all other		1,646		(29	)		5		(24	)		30			1,652
Agriculture		6,137		(31	)		12		(19	)		19			6,137
Commercial non-real estate		22,745		(3,054	)		33		(3,021	)		758			20,482
Consumer non-real estate		4,401		(431	)		69		(362	)		296			4,335
Oil and gas		9,030		(92	)		—		(92	)		92			9,030
Total	$	96,800	$	(3,691	)	$	143	$	(3,548	)	$	4,015		$	97,267

	Allowance for Credit Losses
	Balance at beginning of period		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 March 31, 2023
Real estate:
Commercial real estate owner occupied	$	6,416	$	(48	)	$	49	$	1		$	130		$	6,547
Commercial real estate non-owner occupied		30,190		(3	)		—		(3	)		1,933			32,120
Construction and development < 60 months		3,778		(2	)		3		1			(171	)		3,608
Construction residential real estate < 60 months		3,275		—			—		—			(49	)		3,226
Residential real estate first lien		4,092		(2	)		3		1			361			4,454
Residential real estate all other		1,418		(26	)		2		(24	)		50			1,444
Agriculture		6,217		(35	)		6		(29	)		80			6,268
Commercial non-real estate		25,106		(176	)		22		(154	)		127			25,079
Consumer non-real estate		4,132		(140	)		57		(83	)		183			4,232
Oil and gas		8,104		—			—		—			(322	)		7,782
Total	$	92,728	$	(432	)	$	142	$	(290	)	$	2,322		$	94,760

15

Purchased Credit Deteriorated Loans

The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The Company did not purchase credit-deteriorated loans during the three month period ended March 31, 2024 or March 31, 2023.

Collateral Dependent Loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the three months ended March 31, 2024 and 2023, 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		Other Assets		Total		Specific Allocation
	(Dollars in thousands)
As of March 31, 2024
Real estate:
Commercial real estate owner occupied	$	—	$	—	$	—	$	—	$	—
Commercial real estate non-owner occupied		632		—		—		632		250
Construction and development < 60 months		24,977		—		—		24,977		2,825
Construction residential real estate < 60 months		628		—		—		628		134
Residential real estate first lien		125		—		—		125		54
Residential real estate all other		81		—		—		81		82
Agriculture		1,837		490		15		2,342		1,386
Commercial non-real estate		—		5,320		112		5,432		1,582
Consumer non-real estate		—		—		280		280		140
Oil and gas		—		—		—		—		—
Total collateral-dependent loans held for investment	$	28,280	$	5,810	$	407	$	34,497	$	6,453
	Collateral Type
	Real Estate		Business Assets		Other Assets		Total		Specific Allocation
	(Dollars in thousands)
As of December 31, 2023
Real estate:
Commercial real estate owner occupied	$	—	$	—	$	—	$	—	$	—
Commercial real estate non-owner occupied		632		—		—		632		250
Construction and development < 60 months		800		—		—		800		225
Construction residential real estate < 60 months		638		—		—		638		134
Residential real estate first lien		189		—		—		189		62
Residential real estate all other		140		—		—		140		140
Agriculture		1,841		593		15		2,449		1,386
Commercial non-real estate		—		6,090		241		6,331		1,867
Consumer non-real estate		—		—		147		147		88
Oil and gas		—		—		—		—		—
Total collateral-dependent loans held for investment	$	4,240	$	6,683	$	403	$	11,326	$	4,152

Non-Cash Transfers from Loans and Premises and Equipment

Transfers from loans and premises and equipment to other real estate owned and repossessed assets are non-cash transactions, and are not included in the consolidated statements of cash flow.

16

Transfers from loans and premises and equipment to other real estate owned and repossessed assets during the periods presented are summarized as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Other real estate owned	$	1,582	$	565
Repossessed assets		455		395
Total	$	2,037	$	960

(4) INTANGIBLE ASSETS AND GOODWILL

The following is a summary of intangible assets as of the date listed:

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Dollars in thousands)
March 31, 2024
Core deposit intangibles	$	33,550	$	(17,884	)	$	15,666
Customer relationship intangibles		3,350		(3,198	)		152
Total	$	36,900	$	(21,082	)	$	15,818
December 31, 2023
Core deposit intangibles	$	33,550	$	(17,027	)	$	16,523
Customer relationship intangibles		3,350		(3,169	)		181
Total	$	36,900	$	(20,196	)	$	16,704

The following is a summary of goodwill by business segment:

	BancFirst Metropolitan Banks		BancFirst Community Banks		Pegasus		Worthington		Other Financial Services		Executive, Operations & Support		Consolidated
	(Dollars in thousands)
Three months ended March 31, 2024
Balance at beginning and end of period	$	13,767	$	61,420	$	68,855	$	32,133	$	5,464	$	624	$	182,263

Additional information for intangible assets can be found in Note (7) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

(5) SUBORDINATED DEBT

In January 2004, the Company established BFC Capital Trust II (“BFC II”), a trust formed under the Delaware Business Trust Act. The Company owns all of the common securities of BFC II. In February 2004, BFC II issued $25 million of aggregate liquidation amount of 7.20% Cumulative Trust Preferred Securities (the “Cumulative Trust Preferred Securities”) to other investors. In March 2004, BFC II issued an additional $1 million in Cumulative Trust Preferred Securities through the execution of an over-allotment option. The proceeds from the sale of the Cumulative Trust Preferred Securities and the common securities of BFC II were invested in $26.8 million of 7.20% Junior Subordinated Debentures of the Company. Interest payments on the $26.8 million of 7.20% Junior Subordinated Debentures are payable January 15, April 15, July 15 and October 15 of each year. Such interest payments may be deferred for up to twenty consecutive quarters. The stated maturity date of the $26.8 million of 7.20% Junior Subordinated Debentures is March 31, 2034, but they are subject to mandatory redemption pursuant to optional prepayment terms. The Cumulative Trust Preferred Securities represent an undivided interest in the $26.8 million of 7.20% Junior Subordinated Debentures and are guaranteed by the Company. During any deferral period or during any event of default, the Company may not declare or pay any dividends on any of its capital stock. The Cumulative Trust Preferred Securities have been callable at par, in whole or in part, since March 31, 2009.

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On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $60 million aggregate principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Subordinated Notes”) to various institutional accredited investors. The sale of the Subordinated Notes was pursuant to a Subordinated Note Purchase Agreement entered into with each of the investors. The Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. The net proceeds to the Company from the sale of the Subordinated Notes were approximately $59.15 million net of commissions and offering expenses. The Company used the proceeds from the sale of the Subordinated Notes for general corporate purposes. The Subordinated Notes 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.

(6) STOCK-BASED COMPENSATION

On May 25, 2023, the shareholders of the Company adopted the BancFirst Corporation 2023 Restricted Stock Unit Plan (the "RSU Plan"). The RSU Plan was effective as of June 1, 2023 and for a period of ten years thereafter. The RSU Plan will continue in effect after such ten-year period until all matters relating to the payment of awards and administration of the RSU Plan have been settled. At March 31, 2024 there were 462,925 shares available for future grants. The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20% per year for five years. The RSUs are settled and distributed as of each vesting date. The fair value of each RSU granted is equal to the market price of the Company’s stock at the date of grant.

The following table is a summary of the activity under the Company's RSU plan.

				Wgtd. Avg.
	Restricted			Grant Date
	Stock Units			Fair Value
Three Months Ended March 31, 2024
Nonvested at December 31, 2023		32,075		$	87.23
Granted		6,500			88.49
Forfeited		(1,500	)		83.61
Nonvested at March 31, 2024		37,075			87.59

The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999. As of March 31, 2024, there are 15,923 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 5,022 and 17,392 shares of common stock distributed from the Deferred Stock Compensation Plan during the three months ended March 31, 2024 and 2023, respectively.

A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:

	March 31, 2024		December 31, 2023
Accumulated stock units		116,816		119,575
Average price	$	41.58	$	40.03

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The Company terminated the BancFirst Corporation Stock Option Plan (the “Employee Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant.

The Company terminated the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “Non-Employee Directors’ Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant.

The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Three Months Ended March 31, 2024
Outstanding at December 31, 2023		1,241,391		$	53.12
Options exercised		(28,638	)		24.73
Options canceled, forfeited, or expired		(8,500	)		94.68
Outstanding at March 31, 2024		1,204,253			53.50	9.56 Yrs.	$	41,580
Exercisable at March 31, 2024		542,253			36.58	6.65 Yrs.	$	27,898

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Total intrinsic value of options exercised	$	1,831	$	352
Cash received from options exercised		708		221
Tax benefit realized from options exercised		440		85

The Company currently uses newly issued shares for stock option exercises, but reserves the right to use shares purchased under the Company’s Stock Repurchase Program (the “SRP”) in the future.

Although not required or expected, the Company may settle some options or restricted stock units in cash on a limited basis at the discretion of the Company. The Company had no cash settlements during the three months ended March 31, 2024 or March 31, 2023.

Stock-based compensation expense is charged to salaries and benefits expense on the Consolidated Statements of Comprehensive Income.

The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Stock-based compensation expense	$	715	$	382
Tax benefit		172		92
Stock-based compensation expense, net of tax	$	543	$	290

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The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs:

	March 31, 2024
	(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options	$	9,454
Unearned stock-based compensation expense for unvested RSU's		3,010

(7) STOCKHOLDERS’ EQUITY

The Company has adopted a Stock Repurchase Program (the “SRP”). The SRP may be used as a means to increase earnings per share and return on equity. In addition, the SRP may be used to purchase treasury stock for the exercise of stock options or for distributions under the Deferred Stock Compensation Plan, to provide liquidity for optionees to dispose of stock from exercises of their stock options and to provide liquidity for stockholders wishing to sell their stock. All shares repurchased under the SRP have been retired and not held as treasury stock. The timing, price and amount of stock repurchases under the SRP is determined by management and approved by the Company’s Executive Committee.

The following table is a summary of the shares under the SRP:

	Three Months Ended March 31,
	2024		2023
Shares remaining to be repurchased		479,784		500,486

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BancFirst Corporation, BancFirst, Pegasus and Worthington are subject to risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (“FDIC”). These guidelines are used to evaluate capital adequacy and involve both quantitative and qualitative evaluations of assets, liabilities and certain off-balance-sheet items calculated under regulatory practices. Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s consolidated financial statements. The Company believes that as of March 31, 2024, BancFirst Corporation, BancFirst, Pegasus and Worthington each met all capital adequacy requirements to which they are subject. The actual and required capital amounts and ratios are shown in the following table:

				Required						To Be Well
				For Capital			With			Capitalized Under
				Adequacy			Capital Conservation			Prompt Corrective
	Actual			Purposes			Buffer			Action Provisions
	Amount		Ratio	Amount		Ratio	Amount		Ratio	Amount		Ratio
	(Dollars in thousands)
As of March 31, 2024:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,506,155	17.19%	$	701,043	8.00%	$	920,119	10.50%	N/A		N/A
BancFirst		1,193,811	15.94%		599,307	8.00%		786,591	10.50%	$	749,134	10.00%
Pegasus		143,914	17.11%		67,275	8.00%		88,299	10.50%		84,094	10.00%
Worthington		52,335	12.10%		34,612	8.00%		45,428	10.50%		43,265	10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,323,577	15.10%	$	394,337	4.50%	$	613,413	7.00%	N/A		N/A
BancFirst		1,091,417	14.57%		337,110	4.50%		524,394	7.00%	$	486,937	6.50%
Pegasus		133,391	15.86%		37,842	4.50%		58,866	7.00%		54,661	6.50%
Worthington		48,295	11.16%		19,469	4.50%		30,285	7.00%		28,122	6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,349,577	15.40%	$	525,782	6.00%	$	744,858	8.50%	N/A		N/A
BancFirst		1,111,417	14.84%		449,480	6.00%		636,764	8.50%	$	599,307	8.00%
Pegasus		133,391	15.86%		50,456	6.00%		71,480	8.50%		67,275	8.00%
Worthington		48,295	11.16%		25,959	6.00%		36,775	8.50%		34,612	8.00%
Tier 1 Capital
(to Quarterly Average Assets)-
BancFirst Corporation	$	1,349,577	10.99%	$	491,387	4.00%	N/A		N/A	N/A		N/A
BancFirst		1,111,417	10.62%		418,449	4.00%	N/A		N/A	$	523,062	5.00%
Pegasus		133,391	10.64%		50,133	4.00%	N/A		N/A		62,666	5.00%
Worthington		48,295	8.49%		22,742	4.00%	N/A		N/A		28,427	5.00%

As of March 31, 2024, BancFirst, Pegasus and Worthington were classified by the Federal Reserve as “well capitalized” under the prompt corrective action provisions. The Common Equity Tier 1 Capital of BancFirst Corporation, BancFirst, Pegasus and Worthington includes common stock and related paid-in capital and retained earnings. In connection with the adoption of the Basel III Capital Rules, the election was made to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 Capital. Common Equity Tier 1 Capital for BancFirst Corporation, BancFirst, Pegasus and Worthington is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities. The Company’s trust preferred securities have continued to be included in Tier 1 capital, as the Company’s total assets do not exceed $15 billion. The Company's Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. BancFirst, Pegasus and Worthington have had no events or conditions that management believes would materially change their category under capital requirements existing as of the report dates.

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(8) NET INCOME PER COMMON SHARE

Basic and diluted net income per common share are calculated as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands, except per share data)
(Numerator)
Income available to common stockholders	$	50,334	$	57,533
(Denominator)
Weighted average shares outstanding for basic earnings per common share		32,947,983		32,892,857
Dilutive effect of stock compensation		565,429		569,882
Weighted-average shares outstanding for diluted earnings per common share		33,513,412		33,462,739
Basic earnings per share	$	1.53	$	1.75
Diluted earnings per share	$	1.50	$	1.72

The following table shows the number of options and RSU's that were excluded from the computation of diluted net income per common share for each period because they were anti-dilutive for the period:

	Shares
Three Months Ended March 31, 2024		270,417
Three Months Ended March 31, 2023		309,833

(9) FAIR VALUE MEASUREMENTS

Accounting standards define fair value as the price that would be received to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date.

FASB Accounting Standards Codification (“ASC”) Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

•Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset and liability, either directly or indirectly, for substantially the full term of the financial instrument.

•Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. This category includes certain collaterally dependent loans, repossessed assets, other real estate owned, goodwill and other intangible assets.

Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

A description of the valuation methodologies and key inputs used to measure financial assets and financial liabilities at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to the following categories of the Company’s financial assets and financial liabilities.

Debt Securities Available for Sale

Debt securities classified as available for sale are reported at fair value. U.S. Treasuries are valued using Level 1 inputs. Other debt securities available for sale including U.S. federal agencies, registered mortgage backed debt securities and state and political subdivisions are valued using prices from an independent pricing service utilizing Level 2 data. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade

22

execution data, market consensus prepayment speeds, credit information and a bond’s terms and conditions, among other things. The Company also invests in private label mortgage backed debt securities for which observable information is not readily available. These debt securities are reported at fair value utilizing Level 3 inputs. For these debt securities, management determines the fair value based on replacement cost, the income approach or information provided by outside consultants or lead investors. Discount rates are primarily based on reference to interest rate spreads on comparable debt securities of similar duration and credit rating as determined by the nationally recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar debt securities.

The Company reviews the prices for Level 1 and Level 2 debt securities supplied by the independent pricing service for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio debt securities that are esoteric or that have complicated structures. The Company’s portfolio primarily consists of traditional investments including U.S. Treasury obligations, federal agency mortgage pass-through debt securities, general obligation municipal bonds and municipal revenue bonds. Pricing for such instruments is easily obtained. For in-state bond issues that have relatively low issue sizes and liquidity, the Company utilizes the same parameters for pricing mentioned in the preceding paragraph adjusted for the specific issue. Periodically, the Company will validate prices supplied by the independent pricing service by comparison to prices obtained from third party sources.

Derivatives

Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains dealer and market quotations to value its oil and gas swaps and options. The Company utilizes dealer quotes and observable market data inputs to substantiate internal valuation models.

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
March 31, 2024
Debt securities available for sale:
U.S. Treasury	$	1,480,381	$	—	$	—	$	1,480,381
U.S. federal agencies		—		10,844		—		10,844
Mortgage-backed securities		—		14,263		—		14,263
States and political subdivisions		—		9,790		180		9,970
Asset backed securities		—		11,252		—		11,252
Other debt securities		—		6,812		—		6,812
Derivative assets		—		27,445		—		27,445
Derivative liabilities		—		25,520		—		25,520
December 31, 2023
Debt securities available for sale:
U.S. Treasury	$	1,498,045	$	—	$	—	$	1,498,045
U.S. federal agencies		—		11,770		—		11,770
Mortgage-backed securities		—		14,795		—		14,795
States and political subdivisions		—		9,830		180		10,010
Asset backed securities		—		12,512		—		12,512
Other debt securities				6,773				6,773
Derivative assets		—		41,099		—		41,099
Derivative liabilities		—		39,176		—		39,176

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The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Three Months Ended March 31,		Twelve Months Ended December 31,
	2024		2023
	(Dollars in thousands)
Balance at the beginning of the year	$	180	$	454
Transfers to level 2		—		(244	)
Settlements		—		(30	)
Balance at the end of the period	$	180	$	180

The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period. During the three months ended March 31, 2024, the Company did not transfer any debt securities. During the year ended December 31, 2023, the Company transferred debt securities from Level 3 to Level 2 due to a review of the pricing models that determined some state and political subdivision securities to be Level 2.

Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and financial liabilities are reported at fair value utilizing Level 3 inputs.

The Company invests in equity securities without readily determinable fair values and utilizes Level 3 inputs. These equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income.

Collateral dependent loans are reported at the fair value of the underlying collateral if repayment is dependent on liquidation of the collateral. When the Company determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. In no case does the fair value of a collateral dependent loan exceed the fair value of the underlying collateral. The collateral dependent loans are adjusted to fair value through a specific allocation of the allowance for credit losses or a direct charge-down of the loan.

Repossessed assets, upon initial recognition, are measured and adjusted to fair value through a charge-off to the allowance for possible credit losses based upon the fair value of the repossessed asset.

Other real estate owned is revalued at fair value subsequent to initial recognition, with any losses recognized in net expense from other real estate owned.

The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. These nonrecurring fair values do not represent all assets, only those assets that have been adjusted during the reporting period:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended March 31, 2024
Equity securities	$	13,176
Collateral dependent loans		230
Repossessed assets		238
Other real estate owned		2,709
As of and for the Year-to-date Period Ended December 31, 2023
Equity securities	$	13,144
Collateral dependent loans		1,894
Repossessed assets		474
Other real estate owned		31,773

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Estimated Fair Value of Financial Instruments

The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instruments that are not recorded at fair value. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The following methods and assumptions are used to estimate the fair value of each class of financial instruments:

Cash and Cash Equivalents Include: Cash and Due from Banks and Interest-Bearing Deposits with Banks

The carrying amount of these short-term instruments is based on a reasonable estimate of fair value.

Federal Funds Sold

The carrying amount of these short-term instruments is a reasonable estimate of fair value.

Debt Securities Held for Investment

For debt securities held for investment, which are generally traded in secondary markets, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar debt securities making adjustments for credit or liquidity if applicable.

Loans Held For Sale

The Company originates mortgage loans to be sold. At the time of origination, the acquiring bank has already been determined and the terms of the loan, including interest rate, have already been set by the acquiring bank, allowing the Company to originate the loan at fair value. Mortgage loans are generally sold within 30 days of origination. Loans held for sale are valued using Level 2 inputs. Gains or losses recognized upon the sale of the loans are determined on a specific identification basis.

Loans Held For Investment

To determine the fair value of loans held for investment, the Company uses an exit price calculation, which takes into account factors such as liquidity, credit and the nonperformance risk of loans. For certain homogeneous categories of loans, such as some residential mortgages, fair values are estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair values of other types of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Deposits

The fair values of transaction and savings accounts are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using the rates currently offered for deposits of similar remaining maturities.

Short-Term Borrowings

The amounts payable on these short-term instruments are reasonable estimates of fair value.

Subordinated Debt

The fair values of subordinated debt are estimated using the rates that would be charged for subordinated debt of similar remaining maturities.

Loan Commitments and Letters of Credit

The fair values of commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the terms of the agreements. The fair values of letters of credit are based on fees currently charged for similar agreements.

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The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	2,525,095	$	2,525,095	$	2,397,463	$	2,397,463
Federal funds sold		1,209		1,209	$	1,316		1,316
Debt securities held for investment		4		4		5		5
Loans held for sale		5,997		5,997		3,489		3,489
Level 3 inputs:
Debt securities held for investment		1,125		1,125		1,185		1,185
Loans, net of allowance for credit losses		7,684,593		8,436,154		7,559,845		7,356,768
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		10,909,621		10,421,046		10,700,122		10,413,348
Short-term borrowings		9,699		9,699		3,351		3,351
Subordinated debt		86,115		78,255		86,101		79,271
OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS
Loan commitments				4,577				4,875
Letters of credit				599				637

Non-financial Assets and Non-financial Liabilities Measured at Fair Value

The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. In addition, the Company has no non-financial liabilities measured at fair value on a nonrecurring basis. Non-financial assets measured at fair value on a nonrecurring basis include intangible assets. The intangible assets are evaluated at least annually for impairment. The overall levels of non-financial assets measured at fair value on a nonrecurring basis were not considered to be significant to the Company at March 31, 2024 or December 31, 2023.

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(10) DERIVATIVE FINANCIAL INSTRUMENTS

The Company enters into oil and gas swaps and options contracts to accommodate the business needs of its customers. Upon the origination of an oil or gas swap or option contract with a customer, to mitigate the exposure to fluctuations in oil and gas prices, the Company simultaneously enters into an offsetting contract with a counterparty. These derivatives are not designated as hedged instruments and are recorded on the Company's consolidated balance sheet at fair value and are included in other assets. The Company's derivative financial instruments require a daily margin to be posted, which fluctuates with oil and gas prices. At March 31, 2024, the Company had a margin asset included in other assets in the amount of $4.3 million. At December 31, 2023, the Company had a margin liability in other liabilities in the amount of $15.5 million.

The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models. The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table:

		March 31, 2024						December 31, 2023
Oil and Natural Gas Swaps and Options	Notional Units	Notional Amount			Estimated Fair Value			Notional Amount			Estimated Fair Value
		(Notional amounts and dollars in thousands)
Oil
Derivative assets	Barrels		4,489		$	5,892			3,896		$	20,567
Derivative liabilities	Barrels		(4,489	)		(4,822	)		(3,896	)		(19,512	)
Gas/Natural Gas Liquids
Derivative assets	MMBTUs/Gallons		40,106			21,553			46,140			20,532
Derivative liabilities	MMBTUs/Gallons		(40,106	)		(20,698	)		(46,140	)		(19,664	)
Total Fair Value	Included in
Derivative assets	Other assets					27,445						41,099
Derivative liabilities	Other liabilities					(25,520	)					(39,176	)

The following table is a summary of the Company's recognized income related to the activity, which was included in other noninterest income:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Derivative income	$	103	$	89

The Company's credit exposure on oil and gas swaps and options varies based on the current market prices of oil and natural gas. Other than credit risk, changes in the fair value of customer positions will be offset by equal and opposite changes in the counterparty positions. The net positive fair value of the contracts represents the profit derived from the activity and is unaffected by the market price movements. The Company's share of total profit is approximately 35%.

Customer credit exposure is managed by strict position limits and is primarily offset by first liens on production while the remainder is offset by cash. Counterparty credit exposure is managed by selecting highly rated counterparties (rated A- or better by Standard and Poor's) and monitoring market information.

The following table is a summary of the Company's net credit exposure relating to oil and gas swaps and options with bank counterparties:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Credit exposure	$	14,775	$	39,527

Balance Sheet Offsetting

Derivatives may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements. The Company's derivative transactions with upstream financial institution counterparties and bank customers are generally executed under International Swaps and Derivative Association ("ISDA") master agreements, which include "right of set-off" provisions. In such cases

27

there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset such financial instruments for financial reporting purposes.

(11) SEGMENT INFORMATION

The Company evaluates its performance with an internal profitability measurement system that measures the profitability of its business units on a pre-tax basis. The six principal business units are BancFirst metropolitan banks, BancFirst community banks, Pegasus, Worthington, other financial services and executive, operations and support. BancFirst metropolitan banks, BancFirst community banks, Pegasus and Worthington offer traditional banking products such as commercial and retail lending and a full line of deposit accounts. BancFirst metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. BancFirst community banks consist of banking locations in communities in Oklahoma outside the Oklahoma City and Tulsa metropolitan areas. Pegasus consists of banking locations in the Dallas metropolitan area. Worthington consists of banking locations in the Dallas and Fort Worth metropolitan areas. Other financial services are specialty product business units including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions that are not allocated to the other business units.

The results of operations and selected financial information for the six business units are as follows:

	BancFirst Metropolitan Banks		BancFirst Community Banks		Pegasus		Worthington		Other Financial Services		Executive, Operations & Support		Eliminations			Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2024
Net interest income	$	28,193	$	60,011	$	10,867	$	4,389	$	1,019	$	1,625	$	—		$	106,104
Noninterest income		5,169		15,918		320		221		15,163		58,428		(50,319	)		44,900
Income before taxes		22,331		38,792		3,145		669		6,335		43,071		(50,133	)		64,210
Three Months Ended March 31, 2023
Net interest income	$	30,739	$	57,685	$	15,151	$	4,624	$	942	$	15	$	—		$	109,156
Noninterest income		6,087		19,532		214		279		14,172		66,143		(58,599	)		47,828
Income before taxes		23,310		43,599		9,644		1,630		6,164		48,417		(58,419	)		74,345
Total Assets:
March 31, 2024	$	3,283,434	$	7,452,457	$	1,322,543	$	618,111	$	111,953	$	1,404,833	$	(1,590,906	)	$	12,602,425
December 31, 2023		3,598,888		7,012,905		1,280,618		600,364		121,601		1,307,714		(1,550,048	)		12,372,042

The financial information for each business unit is presented on the basis used internally by management to evaluate performance and allocate resources. The Company utilizes a transfer pricing system to allocate the benefit or cost of funds provided or used by the various business units. Certain services provided by the support group to other business units, such as item processing, are allocated at rates approximating the cost of providing the services. Eliminations are adjustments to consolidate the business units and companies.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition as of March 31, 2024 and December 31, 2023 and results of operations for the three months ended March 31, 2024 should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements for the year ended December 31, 2023, and the other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain risks, uncertainties and other factors, including those set forth under "Risk Factors" in Part I, Item 1A of the 2023 Form 10-K, and "Item 1A, Risk Factors" in this Quarterly Report on Form 10-Q, may cause actual results to differ materially from the results discussed in the forward-looking statements appearing in this discussion and analysis.

FORWARD LOOKING STATEMENTS

The Company may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management’s current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions; the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes”, “anticipates”, “expects”, “intends”, “targeted”, “continue”, “remain”, “will”, “should”, “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

•The impact of the Durbin Amendment of the Dodd-Frank Act ("Durbin Amendment") on noninterest income beginning July 1, 2023.

•Potential impacts of the adverse developments in the banking industry driven by high-profile bank failures, including impacts on customer confidence, demand deposit outflows and the regulatory response thereto.

•Deterioration in the market for commercial office property could have an adverse effect on the value of the Company's other real estate owned as well as commercial office collateral for the Company's commercial real estate loans.

•Political pressures could further limit our ability to charge NSF and overdraft fees.

•A continuing shift in deposit mix could negatively impact net interest margin.

•Changes in interest rates.

•The increased time, effort and non-interest expense related to ongoing and increased regulations from the Federal Reserve, the Consumer Financial Protection Bureau and the Securities and Exchange Commission, including requirements related to environmental, social and governance issues and climate disclosures.

•Local, regional, national and international economic conditions and the impact they may have on the Company and its customers.

•Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.

•Inflation, including wage inflation, energy prices, securities markets and monetary fluctuations.

•Impairment of the Company’s goodwill or other intangible assets.

•Changes in consumer spending, borrowing and savings habits.

•Changes in the financial performance and/or condition of the Company’s borrowers, including the impact of rising interest rates.

•Technological changes.

•Cyber threats.

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•The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.

•The Company’s success at managing the risks involved in the foregoing items.

Actual results may differ materially from forward-looking statements.

SUMMARY

The Company’s net income for the first quarter of 2024 was $50.3 million, compared to $57.5 million for the first quarter of 2023. Diluted net income per common share was $1.50 and $1.72 for the first quarter of 2024 and 2023, respectively. The Company’s net interest income for the first quarter of 2024 decreased to $106.1 million from $109.2 million for the first quarter of 2023. Net interest income was negatively impacted by a change in the mix of interest-bearing and non-interest bearing deposits, partially offset by higher loan volume. Net interest margin for the first quarter of 2024 was 3.70% compared to 3.89% for the first quarter of 2023. For the first quarter of 2024, the Company recorded a provision for credit losses of $4.0 million compared to $2.3 million for the first quarter of 2023.

Noninterest income for the first quarter of 2024 totaled $44.9 million compared to $47.8 million for the first quarter of 2023. The decrease in noninterest income was primarily due to an approximate $5.3 million reduction of interchange fees related to the impact of the Durbin Amendment. Trust revenue, sweep fees and insurance commissions all increased when compared to last year.

Noninterest expense for the first quarter of 2024 increased to $82.8 million compared to $80.3 million for the first quarter of 2023. The increase in noninterest expense was primarily related to growth in salaries and employee benefits of $2.3 million.

The Company’s effective tax rate was 21.6% for the first quarter of 2024 compared to 22.6% for the first quarter of 2023.

At March 31, 2024, the Company’s total assets were $12.6 billion, an increase of $230.4 million from December 31, 2023. Loans grew $127.7 million, totaling $7.8 billion at March 31, 2024. Deposits totaled $10.9 billion, an increase of $209.5 million from December 31, 2023. Off-balance-sheet sweep accounts totaled $4.6 billion at March 31, 2024, up $224.2 million from December 31, 2023. The Company’s total stockholders’ equity at March 31, 2024 was $1.5 billion, an increase of $35.4 million over December 31, 2023.

Asset quality remained strong as the Company’s nonaccrual loans totaled $42.0 million, representing 0.54% of total loans at March 31, 2024 compared to 0.32% at year-end 2023. The allowance for credit losses to total loans was 1.25% at March 31, 2024 virtually unchanged from year-end. Net charge-offs were $3.5 million for the first quarter of 2024 compared to $290,000 for the first quarter of 2023.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

See Note (1) of the Notes to the Consolidated Financial Statements for disclosures regarding recently issued accounting pronouncements since December 31, 2023, the date of its most recent annual report to stockholders.

SEGMENT INFORMATION

See Note (11) of the Notes to the Consolidated Financial Statements for disclosures regarding business segments.

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RESULTS OF OPERATIONS

Average Balances, Income, Expenses and Rates

The following table presents certain information related to the Company's consolidated average balance sheet, average yields on assets and average costs of liabilities. Such yields are derived by dividing income or expense by the average balance of the corresponding assets or liabilities. For these computations: (i) average balances are derived from daily averages, (ii) information is shown on a taxable-equivalent basis assuming a 21% tax rate, and (iii) nonaccrual loans are included in the average loan balances and any interest on such nonaccrual loans is recognized on a cash basis. Loan fees included in interest income were $5.4 million for the three months ended March 31, 2024 compared to $5.6 million for the three months ended March 31, 2023.

BANCFIRST CORPORATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND INTEREST MARGIN ANALYSIS
(Unaudited)
Taxable Equivalent Basis
(Dollars in thousands)
	Three Months Ended March 31,
	2024								2023
				Interest		Average						Interest		Average
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate
ASSETS
Earning assets:
Loans (1)	$	7,730,753		$	132,249		6.86	%	$	7,005,731		$	104,481		6.05	%
Securities – taxable		1,557,806			9,181		2.36			1,572,278			8,991		2.32
Securities – tax exempt		2,642			25		3.76			3,481			9		1.07
Federal funds sold and interest-bearing deposits with banks		2,212,788			30,316		5.50			2,799,540			32,052		4.64
Total earning assets		11,503,989			171,771		5.99			11,381,030			145,533		5.19
Nonearning assets:
Cash and due from banks		202,300								218,164
Interest receivable and other assets		804,575								795,316
Allowance for credit losses		(97,061	)							(93,316	)
Total nonearning assets		909,814								920,164
Total assets	$	12,413,803							$	12,301,194
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Money market and interest-bearing checking deposits	$	4,814,772		$	44,217		3.68	%	$	4,216,293		$	26,866		2.58	%
Savings deposits		1,056,727			9,003		3.42			1,135,035			5,257		1.88
Time deposits		1,027,039			11,193		4.37			705,787			3,054		1.76
Short-term borrowings		8,018			96		4.79			6,844			83		4.94
Subordinated debt		86,106			1,030		4.80			86,049			1,030		4.86
Total interest-bearing liabilities		6,992,662			65,539		3.76			6,150,008			36,290		2.39
Interest-free funds:
Noninterest-bearing deposits		3,843,371								4,797,014
Interest payable and other liabilities		131,898								79,735
Stockholders’ equity		1,445,872								1,274,437
Total interest free funds		5,421,141								6,151,186
Total liabilities and stockholders’ equity	$	12,413,803							$	12,301,194
Net interest income				$	106,232							$	109,243
Net interest spread							2.23	%							2.80	%
Effect of interest free funds							1.47	%							1.09	%
Net interest margin							3.70	%							3.89	%

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Selected income statement data and other selected data for the comparable periods were as follows:

BANCFIRST CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended March 31,
	2024			2023
Income Statement Data
Net interest income	$	106,104		$	109,156
Provision for credit losses		4,015			2,322
Securities transactions		(267	)		(213	)
Total noninterest income		44,900			47,828
Salaries and employee benefits		51,528			49,252
Total noninterest expense		82,779			80,317
Net income		50,334			57,533
Per Common Share Data
Net income – basic	$	1.53		$	1.75
Net income – diluted		1.50			1.72
Cash dividends		0.43			0.40
Performance Data
Return on average assets		1.63	%		1.90	%
Return on average stockholders’ equity		13.96			18.31
Cash dividend payout ratio		28.10			22.86
Net interest spread		2.23			2.80
Net interest margin		3.70			3.89
Efficiency ratio		54.82			51.16
Net charge-offs to average loans		0.05			0.00

Net Interest Income

For the three months ended March 31, 2024, net interest income, which is the Company’s principal source of operating revenue, decreased $3.1 million or 2.8% compared to the three months ended March 31, 2023. Net interest income was negatively impacted by a change in the mix of interest-bearing and non-interest bearing deposits, partially offset by higher loan volume. Net interest margin is the ratio of taxable-equivalent net interest income to average earning assets for the period. As shown in the preceding table, the Company’s net interest margin for the first quarter of 2024 decreased compared to the first quarter of 2023.

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Changes in the volume of earning assets and interest-bearing liabilities and changes in interest rates, determine the changes in net interest income. The following volume/rate analysis summarizes the relative contribution of each of these components to the changes in net interest income.

VOLUME/RATE ANALYSIS

Taxable Equivalent Basis

	Change during the three months ended March 31, 2024
	Total			Due to Volume(1)			Due to Rate
	(Dollars in thousands)
INCREASE (DECREASE)
Interest Income:
Loans	$	27,768		$	12,224		$	15,544
Securities—taxable		190			(26	)		216
Securities—tax exempt		16			(2	)		18
Federal funds sold and interest-bearing deposits with banks		(1,736	)		(6,453	)		4,717
Total interest income		26,238			5,743			20,495
Interest Expense:
Money market and interest-bearing checking deposits		17,351			5,430			11,921
Savings deposits		3,746			(308	)		4,054
Time deposits		8,139			1,514			6,625
Short-term borrowings		13			(15	)		28
Subordinated debt		—			12			(12	)
Total interest expense		29,249			6,633			22,616
Net interest income	$	(3,011	)	$	(890	)	$	(2,121	)
(1) The effects of changes in the mix of earning assets and interest-bearing liabilities have been combined with the changes due to volume.

Provision for Credit Losses

The provision for credit losses is presented in the preceding table. The Company establishes an allowance as an estimate of the expected credit losses in the loan portfolio at the balance sheet date. Management believes the allowance for credit losses is appropriate based upon management’s best estimate of expected losses within the existing loan portfolio. Should any of the factors considered by management in evaluating the appropriate level of the allowance for credit losses change, the Company’s estimate of expected credit losses could also change which could affect the amount of future provisions for credit losses. Net loan charge-offs were $3.5 million for the first quarter of 2024 compared to net loan charge-offs of $290,000 for the first quarter of 2023. The rate of net charge-offs to average total loans, as presented in the preceding table, continues to be at a low level.

Noninterest Income

Noninterest income, as presented in the preceding table, decreased by $2.9 million for the first quarter of 2024 compared to the first quarter of 2023. The decrease in noninterest income was primarily due to an approximate $5.3 million reduction of interchange fees related to the impact of the Durbin Amendment. Trust revenue, sweep fees and insurance commissions all increased when compared to last year.

Noninterest income included non-sufficient funds ("NSF") and overdraft fees totaling $7.1 million and $6.4 million for the three months ended March 31, 2024 and 2023, respectively. This represents 15.9% and 13.5% of the Company’s noninterest income for the respective periods. In addition, the Company had debit card usage and interchange fees totaling $6.5 million and $12.0 million during the three months ended March 31, 2024 and 2023, respectively. This represents 14.6% and 25.2% of the Company’s noninterest income for the respective periods.

The Company is subject to political pressures that could limit our ability to charge for NSF and overdraft fees. Over the last few years the Company lowered the rates charged on NSF and overdraft fees. Also, the Company became subject to the reduced interchange fees under the Durbin Amendment effective July 1, 2023. Consequently, the Company's interchange fee revenue was reduced by approximately $11.2 million in the last half of 2023. The Company expects to experience a reduction of approximately $10.5 million in the first half of 2024.

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Noninterest Expense

Noninterest expense, as presented in the preceding table, increased by $2.5 million for first quarter of 2024 compared to the first quarter of 2023. The increase in noninterest expenses was primarily related to growth in salaries and employee benefits of $2.3 million.

Income Taxes

The Company’s effective tax rate was 21.6% for the first quarter of 2024, compared to 22.6% for the first quarter of 2023. The primary reasons for the difference between the Company’s effective tax rate and the federal statutory rate were tax-exempt income, nondeductible amortization, federal and state tax credits and state tax expense.

FINANCIAL POSITION

BANCFIRST CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share data)
	March 31,			December 31,
	2024			2023
	(unaudited)
Balance Sheet Data
Total assets	$	12,602,425		$	12,372,042
Total loans (net of unearned interest)		7,787,857			7,660,134
Allowance for credit losses		97,267			96,800
Debt securities		1,534,651			1,555,095
Deposits		10,909,621			10,700,122
Stockholders' equity		1,469,312			1,433,891
Book value per share		44.57			43.54
Tangible book value per share (non-GAAP)(1)		38.56			37.50
Reconciliation of Tangible Book Value per Common Share (non-GAAP)(2)
Stockholders' equity	$	1,469,312		$	1,433,891
Less goodwill		182,263			182,263
Less intangible assets, net		15,818			16,704
Tangible stockholders' equity (non-GAAP)	$	1,271,231		$	1,234,924
Common shares outstanding		32,966,678			32,933,018
Tangible book value per share (non-GAAP)	$	38.56		$	37.50
Selected Financial Ratios
Balance Sheet Ratios:
Average loans to deposits (year-to-date)		71.97	%		68.87	%
Average earning assets to total assets (year-to-date)		92.67			92.39
Average stockholders’ equity to average assets (year-to-date)		11.65			11.03
Asset Quality Data
Loans past due 90 days and still accruing	$	6,332		$	9,542
Nonaccrual loans (3)		41,996			24,573
Other real estate owned and repossessed assets		35,116			34,200
Asset Quality Ratios:
Nonaccrual loans to total loans		0.54	%		0.32	%
Allowance for credit losses to total loans		1.25			1.26
Allowance for credit losses to nonaccrual loans		231.61			393.92
(1) Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table.
(2) Tangible book value per common share is stockholders’ equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(3) Government agencies guaranteed approximately $6.6 million of nonaccrual loans at March 31, 2024.

Cash and Due from Banks, Federal Funds Sold and Interest-Bearing Deposits with Banks

The aggregate of cash and due from banks, federal funds sold and interest-bearing deposits with banks increased by $127.5 million or 5.3%, to $2.5 billion from December 31, 2023 to March 31, 2024. The increase was related to an increase of interest-bearing deposits.

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Securities

At March 31, 2024, total debt securities decreased $20.4 million, or 1.3% compared to December 31, 2023. The size of the Company’s securities portfolio is determined by the Company’s liquidity and asset/liability management. The net unrealized loss on debt securities available for sale, before taxes, was $68.5 million at March 31, 2024, compared to a net unrealized loss of $65.5 million at December 31, 2023. These unrealized losses of $52.3 million at March 31, 2024 and $50.0 million at December 31, 2023 are included in the Company’s stockholders’ equity as accumulated other comprehensive loss, net of income tax. The Company did not purchase or sell any debt securities during the quarter ended March 31, 2024.

See Note (2) of the Notes to Consolidated Financial Statements for disclosures regarding the Company’s securities.

Loans

At March 31, 2024, total loans increased $127.7 million or 1.7% compared to December 31, 2023 as a result of internal loan growth. The internal loan growth was primarily from the Company's Oklahoma subsidiary BancFirst, with loans essentially flat for the Company's Texas subsidiaries, Pegasus and Worthington.

See Note (3) of the Notes to Consolidated Financial Statements for disclosures regarding the Company’s loan portfolio segments.

Allowance for Credit Losses

The allowance for credit losses to total loans was 1.25% at March 31, 2024 compared to 1.26% at December 31, 2023. The overall credit quality of the Company's loan portfolio has remained strong. If unforeseen adverse changes occur in the national or local economy, or in the credit markets, it would be reasonable to expect that the allowance for credit losses would increase in future periods.

Nonaccrual Loans

Nonaccrual loans totaled $42.0 million at March 31, 2024 compared to $24.6 million at December 31, 2023. The level of the Company's nonaccrual loans remains low. The Company’s nonaccrual loans are primarily construction and development real estate loans and commercial non-real estate loans. Nonaccrual loans negatively impact the Company’s net interest margin. A loan is placed on nonaccrual status when, in the opinion of management, the future collectability of both interest and principal is in serious doubt. Interest income is not recognized until the principal balance is fully collected. However, if the full collection of the remaining principal balance is not in doubt, interest income is recognized on certain of these loans on a cash basis. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $696,000 for the three months ended March 31, 2024 and $358,000 for the three months ended March 31, 2023. Only a small amount of this interest is expected to be ultimately collected. Approximately $6.6 million of nonaccrual loans were guaranteed by government agencies at March 31, 2024.

The classification of a loan as nonaccrual does not necessarily indicate that loan principal and interest will ultimately be uncollectible; although, in an economic downturn, the Company’s experience has been that the risk of loss is heightened. The above normal risk associated with nonaccrual loans has been considered in the determination of the allowance for credit losses. The level of nonaccrual loans and credit losses could rise over time as a result of adverse economic conditions. The allowance for credit losses as a percentage of nonaccrual loans is shown in the table above.

Modified Loans

As of January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2022-02, which eliminated the Troubled Debt Restructurings (“TDR”) recognition and measurement guidance and, instead, requires that the Company evaluate, based on the accounting for loan modifications, whether the modification represents a new loan or a continuation of an existing loan when a borrower is experiencing financial difficulty. The current and future financial effects of the recorded balance of loans considered to be modified during the period were not considered to be material. The recorded balance of loans modified during the period ended March 31, 2024 was approximately $1.1 million compared to $5.3 million during the year ended December 31, 2023.

Other Real Estate Owned and Repossessed Assets

Other real estate owned (OREO) and repossessed assets totaled $35.1 million at March 31, 2024 compared to $34.2 million at December 31, 2023. OREO consists of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of foreclosure and premises held for sale. These properties are carried at the lower of the book values of the related loans or fair values based upon appraisals of the properties, less estimated costs to sell. Write-downs arising at the time of reclassification of such properties from loans to OREO are charged directly to the allowance for credit losses. Any losses on bank premises designated to be sold are charged to

35

operating expense at the time of transfer from premises to OREO. Decreases in values of properties subsequent to their classification as OREO are charged to operating expense.

OREO included a larger commercial real estate property recorded at $30.4 million at March 31, 2024 and $29.4 million at December 31, 2023. During the quarter ended March 31, 2024, the Company made $996,000 of tenant improvements to this property, which contributed to the increase of total OREO. Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income. Operating expense for this property is included in net expense from OREO in other noninterest expense on the consolidated statements of comprehensive income.

This property had the following rental income and operating expenses for the periods presented:

	For the Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Rental income	$	2,941	$	2,690
Operating expense		2,250		2,381

The Company's total rental income and operating expenses from OREO are presented in the following table:

	For the Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Rental income	$	3,002	$	2,820
Operating expense		2,329		2,557

Intangible Assets, Goodwill and Other Assets

Identifiable intangible assets and goodwill totaled $198.1 million and $199.0 million at March 31, 2024 and December 31, 2023, respectively.

Other assets includes the cash surrender value of key-man life insurance policies totaling $84.4 million at both March 31, 2024 and December 31, 2023.

Derivative financial instruments consisting of oil and gas swaps and option contracts are included in other assets and totaled $27.4 million at March 31, 2024 and $41.1 million at December 31, 2023. They require a daily margin to be posted, which fluctuates with oil and gas prices and customer activity. At March 31, 2024, the Company had a margin asset included in other assets in the amount of $4.3 million. At December 31, 2023, the Company had a margin liability included in other liabilities in the amount of $15.5 million. See Note (10) of the Notes to Consolidated Financial Statements for a complete discussion of the Company’s derivative financial instruments.

Equity securities are reported in other assets on the Company’s consolidated balance sheet. The Company invests in equity securities without readily determinable fair values. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income. The balance of equity securities was $13.2 million at March 31, 2024 and $13.1 million at December 31, 2023. The Company reviews its portfolio of equity securities for impairment at least quarterly.

Low-Income Housing and New Market Tax Credit Investments

During 2024, there have not been any material changes in the Company’s low-income housing tax credit ("LIHTC") investments and New Markets Tax Credits ("NMTC") investments, which are included in other assets on the Company’s consolidated balance sheet.

See Note (6) of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for disclosures regarding these investments.

Liquidity and Funding

The Company’s principal source of liquidity and funding is its broad deposit base generated from customer relationships. The availability of deposits is affected by economic conditions, competition with other financial institutions and alternative investments available to customers. Through interest rates paid, service charge levels and services offered, the Company can affect its level of deposits to a limited extent. The level and maturity of funding necessary to support the Company’s lending and investment functions is

36

determined through the Company’s asset/liability management process. The Company currently does not rely heavily on long-term borrowings and does not utilize brokered CDs. The Company maintains lines of credit from the Federal Home Loan Bank (“FHLB”), federal funds lines of credit with other banks and could also utilize the sale of loans, securities and liquidation of other assets as sources of liquidity and funding. The Company is highly liquid with 20% of cash and due from banks, interest-bearing deposits with banks and federal funds sold to total assets.

There have not been any other material changes from the liquidity and funding discussion included in Management’s Discussion and Analysis in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Deposits

At March 31, 2024, deposits totaled $10.9 billion, an increase of $209.5 million from December 31, 2023. The Company’s core deposits provide it with a stable, low-cost funding source. The Company’s core deposits as a percentage of total deposits were 97.1% at March 31, 2024 and 97.4% at December 31, 2023. Noninterest-bearing deposits to total deposits were 35.3% at March 31, 2024 compared to 37.2% at December 31, 2023. Quantitative tightening by the Federal Reserve and competition for deposits has increased and available yields have similarly increased, causing non-interest bearing deposits to move to interest-bearing deposits and off-balance-sheet sweep account products.

Off-balance-sheet sweep accounts totaled $4.6 billion at March 31, 2024 compared to $4.3 billion at December 31, 2023. The movement of customers' funds into the Company's off-balance-sheet sweep accounts affected the balances of both cash and deposits.

Subordinated Debt

See Note (5) of the Notes to Consolidated Financial Statements for a complete discussion of the Company’s subordinated debt.

Short-Term Borrowings and Lines of Credit

Short-term borrowings, consisting primarily of federal funds purchased and repurchase agreements, are another source of funds for the Company. The level of these borrowings is determined by various factors, including customer demand and the Company’s ability to earn a favorable spread on the funds obtained. Short-term borrowings were $9.7 million at March 31, 2024 compared to $3.4 million at December 31, 2023.

The Company has several lines of credit available. At March 31, 2024, BancFirst had $835.0 million available on its line of credit from the FHLB of Topeka, Kansas and a $25.0 million line of credit with another financial institution that is an overnight federal funds facility. At March 31, 2024, BancFirst had no advances outstanding under either line of credit. Worthington has $10.5 million in lines of credit with other financial institutions that serve as overnight federal funds facilities, a Federal Reserve discount window capacity of $29.0 million and an $81.9 million line of credit from the FHLB of Dallas, Texas to use for liquidity or to match-fund certain long-term rate loans. Worthington has no advances outstanding at March 31, 2024 under any of these lines of credit.

Capital Resources

Stockholders’ equity totaled $1.5 billion at March 31, 2024, an increase of $35.4 million from December 31, 2023. In addition to net income of $50.3 million, other changes in stockholders’ equity during the three months ended March 31, 2024 included $851,000 related to common stock issuances for stock option exercises and $662,000 related to stock-based compensation that were partially offset by a $2.3 million decrease in accumulated other comprehensive income and $14.2 million in dividends. The Company’s leverage ratio and total risk-based capital ratios at March 31, 2024 were well in excess of the regulatory requirements.

See Note (7) of the Notes to Consolidated Financial Statements for a discussion of capital ratios and requirements.

Liquidity Risk and Off-Balance-Sheet Arrangements

There have not been any material changes in the Company’s liquidity risk and off-balance-sheet arrangements included in Management’s Discussion and Analysis which was included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

37

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no significant changes in the Company’s disclosures regarding market risk since December 31, 2023, the date of its most recent annual report to stockholders.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures. Pursuant to Rule 13a-15 of the Securities Exchange Act of 1934 (the “Exchange Act”), the Company’s Chief Executive Officer, Chief Financial Officer and its Disclosure Committee, which includes the Company’s Executive Chairman, Chief Risk Officer, Chief Internal Auditor, Chief Asset Quality Officer, Controller, General Counsel and Director of Financial Reporting, have evaluated, as of the last day of the period covered by this report, the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based on their evaluation they concluded that the disclosure controls and procedures of the Company are effective to ensure that information required to be disclosed by the Company in the reports filed or submitted by it under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms.

Changes in Internal Control Over Financial Reporting. During the period to which this report relates, there have not been any changes in the Company’s internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, such controls.

38

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

The Company has been named as a defendant in various legal actions arising from the conduct of its normal business activities. Although the amount of any liability that could arise with respect to these actions cannot be accurately predicted, in the opinion of the Company, any such liability will not have a material adverse effect on the consolidated financial statements of the Company.

Item 1A. Risk Factors.

As of March 31, 2024, there have been no material changes from the risk factors previously disclosed in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

39

Item 6. Exhibits.

Exhibit Number	Exhibit
3.1	Amended and Restated By-Laws of BancFirst Corporation (filed as Exhibit 3.1 to the Company's Quarterly Report on form 10Q for the Quarter Ended March 31, 2023 and incorporated herein by reference).
3.2	Restated Certificate of Incorporation of BancFirst Corporation dated August 5, 2021. (filed as Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2021).
31.1*	Chief Executive Officer’s Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a).
31.2*	Chief Financial Officer’s Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a).
32**	CEO’s & CFO’s Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents.
104	Cover page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).
*	Filed herewith.
**	This exhibit is furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

40

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BANCFIRST CORPORATION
	(Registrant)
Date: May 7, 2024	/s/ David Harlow
	David Harlow
	President
	Chief Executive Officer
	(Principal Executive Officer)
Date: May 7, 2024	/s/ Kevin Lawrence
	Kevin Lawrence
	Executive Vice President
	Chief Financial Officer
	(Principal Financial Officer)

41

EX-31.1

Exhibit 31.1

CEO’S CERTIFICATION PURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a)

I, David Harlow, certify that:

1.I have reviewed this quarterly report on Form 10-Q of BancFirst Corporation;

2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15 (e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and

d) Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: May 7, 2024	/s/ David Harlow
	David Harlow
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CFO’S CERTIFICATION PURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a)

I, Kevin Lawrence, certify that:

1.I have reviewed this quarterly report on Form 10-Q of BancFirst Corporation;

2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15 (e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and

d) Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: May 7, 2024	/s/ Kevin Lawrence
	Kevin Lawrence
	Executive Vice President
	Chief Financial Officer
	(Principal Financial Officer)

EX-32

Exhibit 32

Certification of periodic report

pursuant to section 906 of the sarbanes-oxley act of 2002

I, David Harlow, Chief Executive Officer and Kevin Lawrence, Chief Financial Officer of BancFirst Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1)The Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2024 (the “Form 10-Q”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 7, 2024

/s/ David Harlow

David Harlow

President and Chief Executive Officer

(Principal Executive Officer)

/s/ Kevin Lawrence

Kevin Lawrence

Executive Vice President

and Chief Financial Officer

(Principal Financial Officer)

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	BANF
Entity Registrant Name	BancFirst Corporation
Entity Central Index Key	0000760498
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $1.00 Par Value Per Share
Security Exchange Name	NASDAQ
Entity File Number	0-14384
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1221379
Entity Address, Address Line One	100 N. Broadway Ave.
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73102-8405
City Area Code	405
Local Phone Number	270-1086
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		32,991,040

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 183,491	$ 225,462
Interest-bearing deposits with banks	2,341,604	2,172,001
Federal funds sold	1,209	1,316
Debt securities held for investment (fair value: $1,129 and $1,190, respectively)	1,129	1,190
Debt securities available for sale at fair value	1,533,522	1,553,905
Loans held for sale	5,997	3,489
Loans held for investment (net of unearned interest)	7,781,860	7,656,645
Allowance for credit losses	(97,267)	(96,800)
Loans, net of allowance for credit losses	7,684,593	7,559,845
Premises and equipment, net	284,057	278,594
Other real estate owned	34,728	33,718
Intangible assets, net	15,818	16,704
Goodwill	182,263	182,263
Accrued interest receivable and other assets	334,014	343,555
Total assets	12,602,425	12,372,042
Deposits:
Noninterest-bearing	3,849,807	3,982,226
Interest-bearing	7,059,814	6,717,896
Total deposits	10,909,621	10,700,122
Short-term borrowings	9,699	3,351
Accrued interest payable and other liabilities	127,678	148,577
Subordinated debt	86,115	86,101
Total liabilities	11,133,113	10,938,151
Stockholders' equity:
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and outstanding: 32,966,678 and 32,933,018, respectively	32,967	32,933
Capital surplus	176,227	174,695
Retained earnings	1,312,464	1,276,305
Accumulated other comprehensive loss, net of tax benefit of $16,201 and $15,473, respectively	(52,346)	(50,042)
Total stockholders' equity	1,469,312	1,433,891
Total liabilities and stockholders' equity	12,602,425	12,372,042
Senior Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value
Cumulative Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Securities, fair value	$ 1,129	$ 1,190
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	32,966,678	32,933,018
Common stock, shares outstanding	32,966,678	32,933,018
Accumulated other comprehensive loss, net of tax benefit	$ 16,201	$ 15,473
Senior Preferred Stock [Member]
Preferred stock, par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Cumulative Preferred Stock [Member]
Preferred stock, par value	$ 5.00	$ 5.00
Preferred stock, shares authorized	900,000	900,000
Preferred stock, shares issued	0	0

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INTEREST INCOME
Loans, including fees	$ 132,126	$ 104,396
Securities:
Taxable	9,181	8,991
Tax-exempt	20	7
Federal funds sold	19	32
Interest-bearing deposits with banks	30,297	32,020
Total interest income	171,643	145,446
INTEREST EXPENSE
Deposits	64,413	35,177
Short-term borrowings	96	83
Subordinated debt	1,030	1,030
Total interest expense	65,539	36,290
Net interest income	106,104	109,156
Provision for credit losses	4,015	2,322
Net interest income after provision for credit losses	102,089	106,834
NONINTEREST INCOME
Securities transactions	(267)	(213)
Sales of loans	491	604
Insurance commissions	9,455	8,741
Cash management	8,651	6,734
(Loss)/gain on sale of other assets	(59)	479
Other	5,113	6,030
Total noninterest income	44,900	47,828
NONINTEREST EXPENSE
Salaries and employee benefits	51,528	49,252
Occupancy, net	5,206	4,983
Depreciation	4,556	4,643
Amortization of intangible assets	886	880
Data processing services	2,616	2,107
Net expense from other real estate owned	2,202	2,459
Marketing and business promotion	2,256	2,527
Deposit insurance	1,438	1,613
Other	12,091	11,853
Total noninterest expense	82,779	80,317
Income before taxes	64,210	74,345
Income tax expense	13,876	16,812
Net income	$ 50,334	$ 57,533
NET INCOME PER COMMON SHARE
Basic	$ 1.53	$ 1.75
Diluted	$ 1.5	$ 1.72
OTHER COMPREHENSIVE (LOSS)/GAIN
Unrealized (losses)/gains on debt securities, net of tax benefit/(expense) of $728 and $(4,504), respectively	$ (2,304)	$ 14,649
Other comprehensive (loss)/gain, net of tax benefit/(expense) of $728 and $(4,504), respectively	(2,304)	14,649
Comprehensive income	48,030	72,182
Trust Revenue [Member]
NONINTEREST INCOME
Revenue	5,088	4,222
Service Charges on Deposits [Member]
NONINTEREST INCOME
Revenue	$ 16,428	$ 21,231

XML

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Unrealized (losses)/gains on debt securities, net of tax benefit/(expense)	$ 728	$ (4,504)
Other comprehensive (loss)/gain, net of tax benefit/(expense)	$ 728	$ (4,504)

XML

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	COMMON STOCK [Member]	CAPITAL SURPLUS [Member]	RETAINED EARNINGS [Member]	ACCUMULATED OTHER COMPREHENSIVE LOSS [Member]
Balance at beginning of period at Dec. 31, 2022		$ 32,876	$ 169,231	$ 1,120,292	$ (71,563)
Shares issued for stock options		24	618
Net income	$ 57,533			57,533
Dividends on common stock				(13,160)
Stock-based compensation arrangements			382
Net change					14,649
Balance at end of period at Mar. 31, 2023	1,310,882	32,900	170,231	1,164,665	(56,914)
Balance at beginning of period at Dec. 31, 2023	1,433,891	32,933	174,695	1,276,305	(50,042)
Shares issued for stock options		34	817
Net income	50,334			50,334
Dividends on common stock				(14,175)
Stock-based compensation arrangements			715
Net change					(2,304)
Balance at end of period at Mar. 31, 2024	$ 1,469,312	$ 32,967	$ 176,227	$ 1,312,464	$ (52,346)

XML

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
RETAINED EARNINGS [Member]
Dividend on common stock	$ 0.43	$ 0.40

XML

Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 50,334	$ 57,533
Adjustments to reconcile to net cash provided by operating activities:
Provision for credit losses	4,015	2,322
Depreciation and amortization	5,442	5,523
Net amortization of securities premiums and discounts	(306)	(273)
Realized securities losses	267	213
Gain on sales of loans	(491)	(604)
Cash receipts from the sale of loans originated for sale	28,773	34,246
Cash disbursements for loans originated for sale	(30,789)	(33,634)
Deferred income tax benefit	(822)	(778)
Gain on sale of other assets	(122)	(578)
Increase in interest receivable	(2,517)	(1,390)
Increase in interest payable	3,374	2,264
Amortization of stock-based compensation arrangements	715	382
Excess tax benefit from stock-based compensation arrangements	(470)	(324)
Other, net	8,921	4,602
Net cash provided by operating activities	66,324	69,504
INVESTING ACTIVITIES
Net decrease in federal funds sold	107	1,766
Purchases of available for sale debt securities		(91,312)
Proceeds from maturities, calls and paydowns of held for investment debt securities	61	170
Proceeds from maturities, calls and paydowns of available for sale debt securities	17,657	32,940
Purchase of equity securities	(366)	(195)
Proceeds from paydowns and sales of equity securities	42	485
Net change in loans	(130,801)	(176,739)
Net (payments)/receipts on derivative asset contracts	(19,595)	11,141
Purchases of premises, equipment and computer software	(10,251)	(7,962)
Purchase of tax credits	(429)	(536)
Other, net	2,346	1,658
Net cash used in investing activities	(141,229)	(228,584)
FINANCING ACTIVITIES
Net change in deposits	209,499	(364,125)
Net change in short-term borrowings	6,348	203,194
Issuance of common stock in connection with stock options, net	851	642
Cash dividends paid	(14,161)	(13,150)
Net cash provided by (used in) financing activities	202,537	(173,439)
Net increase/(decrease) in cash, due from banks and interest-bearing deposits	127,632	(332,519)
Cash, due from banks and interest-bearing deposits at the beginning of the period	2,397,463	3,168,910
Cash, due from banks and interest-bearing deposits at the end of the period	2,525,095	2,836,391
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	62,164	34,026
Cash paid during the period for income taxes	249	1,880
Noncash investing and financing activities:
Unpaid common stock dividends declared	$ 14,175	$ 13,160

XML

Description of Business and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of BancFirst Corporation and its subsidiaries (the “Company”) conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and general practice within the banking industry. A summary of significant accounting policies can be found in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank ("Pegasus"), Worthington Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst"). The principal operating subsidiaries of BancFirst are BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements.

The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the consolidated financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature.

Reclassifications

Certain items in prior consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

Recent Accounting Pronouncements

Standards Not Yet Adopted:

In December 2023, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The amendments are to be applied retrospectively to all periods presented and segment expense categories are required to be based on the categories identified at adoption. The Company is currently evaluating the provisions of this ASU and expects to adopt them for the year ending December 31, 2024. The Company does not expect the adoption to have a significant impact on the Company’s consolidated financial statements.

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Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Securities

(2) SECURITIES

The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2024	(Dollars in thousands)
Mortgage backed securities (1)	$	4	$	—	$	—	$	4
States and political subdivisions		625		—		—		625
Other securities		500		—		—		500
Total	$	1,129	$	—	$	—	$	1,129
December 31, 2023
Mortgage backed securities (1)	$	5	$	—	$	—	$	5
States and political subdivisions		685		—		—		685
Other securities		500		—		—		500
Total	$	1,190	$	—	$	—	$	1,190

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2024	(Dollars in thousands)
U.S. treasuries	$	1,545,588	$	—	$	(65,207	)	$	1,480,381
U.S. federal agencies		10,729		119		(4	)		10,844
Mortgage backed securities (1)		16,049		9		(1,795	)		14,263
States and political subdivisions		10,100		7		(137	)		9,970
Asset backed securities		11,440		—		(188	)		11,252
Other securities		8,163		—		(1,351	)		6,812
Total	$	1,602,069	$	135	$	(68,682	)	$	1,533,522
December 31, 2023
U.S. treasuries	$	1,560,265	$	415	$	(62,635	)	$	1,498,045
U.S. federal agencies		11,631		142		(3	)		11,770
Mortgage backed securities (1)		16,459		13		(1,677	)		14,795
States and political subdivisions		10,108		16		(114	)		10,010
Asset backed securities		12,794		—		(282	)		12,512
Other securities		8,163		—		(1,390	)		6,773
Total	$	1,619,420	$	586	$	(66,101	)	$	1,553,905

(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

	March 31, 2024				December 31, 2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	351	$	351	$	350	$	350
After one year but within five years		778		778		840		840
After five years but within ten years		—		—		—		—
After ten years		—		—		—		—
Total	$	1,129	$	1,129	$	1,190	$	1,190
Available for Sale
Contractual maturity of debt securities:
Within one year	$	389,115	$	382,870	$	348,318	$	341,645
After one year but within five years		1,167,880		1,108,898		1,223,529		1,167,973
After five years but within ten years		10,278		8,848		10,331		8,851
After ten years		34,796		32,906		37,242		35,436
Total debt securities	$	1,602,069	$	1,533,522	$	1,619,420	$	1,553,905

The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Book value of pledged securities	$	908,521	$	591,324

There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the three months ended March 31, 2024 or March 31, 2023.

Realized gains/losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income.

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at March 31, 2024 and December 31, 2023 respectively:

			Less than 12 Months				More than 12 Months				Total
	Number of investments		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
			(Dollars in thousands)
March 31, 2024
Available for Sale
U.S. treasuries		67	$	90,252	$	816	$	1,370,129	$	64,391	$	1,460,381	$	65,207
U.S. federal agencies		3		1,057		4		—		—		1,057		4
Mortgage backed securities		71		1,191		6		12,767		1,789		13,958		1,795
States and political subdivisions		9		867		3		2,128		134		2,995		137
Asset backed securities		1		—		—		11,252		188		11,252		188
Other securities		3		—		—		6,812		1,351		6,812		1,351
Total		154	$	93,367	$	829	$	1,403,088	$	67,853	$	1,496,455	$	68,682
December 31, 2023
Available for Sale
U.S. treasuries		68	$	4,838	$	90	$	1,401,669	$	62,545	$	1,406,507	$	62,635
U.S. federal agencies		3		1,100		3		—		—		1,100		3
Mortgage backed securities		74		80		—		13,261		1,677		13,341		1,677
States and political subdivisions		6		306		4		1,847		110		2,153		114
Asset backed securities		1		—		—		12,512		282		12,512		282
Other securities		3		—		—		6,773		1,390		6,773		1,390
Total		155	$	6,324	$	97	$	1,436,062	$	66,004	$	1,442,386	$	66,101

The Company has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities. Furthermore, as of March 31, 2024 and December 31, 2023, the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date, or if market yields for such investments decline. The Company has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no impairment loss was realized in the Company’s consolidated statement of comprehensive income.

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Loans Held for Investment and Allowance for Credit Losses on Loans

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Loans Held for Investment and Allowance for Credit Losses on Loans

(3) LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

Loans held for investment are summarized by portfolio segment as follows:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied		962,203		960,944
Commercial real estate non-owner occupied		1,531,185		1,486,420
Construction and development < 60 months		669,726		642,643
Construction residential real estate < 60 months		280,686		283,486
Residential real estate first lien		1,283,879		1,258,744
Residential real estate all other		252,635		244,696
Agriculture		449,812		427,139
Commercial non-real estate		1,320,840		1,289,452
Consumer non-real estate		465,166		476,467
Oil and gas		565,728		586,654
Total (1)	$	7,781,860	$	7,656,645
(1) Excludes accrued interest receivable of $40.9 million at March 31, 2024 and $39.4 million at December 31, 2023, that is recorded in accrued interest receivable and other assets.

The Company's loans are currently 84% held by BancFirst and 16% held by Pegasus and Worthington. In addition, approximately 70% of the Company's loans are secured by real estate. Credit risk on loans is managed through limits on amounts loaned to individual and related borrowers, underwriting standards and loan monitoring procedures. The amounts and types of collateral obtained, if any, to secure loans are based upon the Company’s underwriting standards and management’s credit evaluation. Collateral varies, but may include real estate, equipment, accounts receivable, inventory, livestock and/or securities. The Company’s interest in collateral is secured through filing mortgages and liens, or by possession of the collateral.

The Company's portfolio segment descriptions and the weighted average remaining life of portfolio segments are disclosed in Note (5) to the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Other Real Estate Owned and Repossessed Assets and Loan Modifications

The following is a summary of other real estate owned and repossessed assets:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Other real estate owned and repossessed assets	$	35,116	$	34,200

As of both March 31, 2024 and December 31, 2023, other real estate owned included a commercial real estate property recorded at approximately $30.4 million and $29.4 million, respectively. The increase in OREO and this commercial real estate property was due to tenant improvements during the three months ended March 31, 2024. Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income. Operating expense for this property is included in net expense from other real estate owned in noninterest expense on the consolidated statements of comprehensive income.

This property had the following rental income and operating expenses for the periods presented.

	For the Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Rental income	$	2,941	$	2,690
Operating expense		2,250		2,381

During the three months ended March 31, 2024, the Company sold property held in other real estate owned for a total gain of $177,000, compared to a total gain of $98,000 in the three months ended March 31, 2023.

The Company charges interest on principal balances outstanding on modified loans during deferral periods. The current and future financial effects of the recorded balance of loans considered to be modified during the period were not considered to be material. The recorded balance of loans modified during the three months ended March 31, 2024 was approximately $1.1 million compared to $5.3 million during the year ended December 31, 2023.

Nonaccrual loans

The Company did not recognize any interest income on nonaccrual loans for either the three months ended March 31, 2024 or 2023. In addition, all loans identified as nonaccrual loans have related allowances for credit losses at March 31, 2024 and December 31, 2023, respectively. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $696,000 for the three months ended March 31, 2024 and approximately $358,000 for the three months ended March 31, 2023.

Nonaccrual loans guaranteed by government agencies totaled approximately $6.6 million at March 31, 2024 and approximately $6.7 million at December 31, 2023.

The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment.

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied	$	2,282	$	1,686
Commercial real estate non-owner occupied		3,010		874
Construction and development < 60 months		20,142		800
Construction residential real estate < 60 months		755		638
Residential real estate first lien		2,919		3,336
Residential real estate all other		531		899
Agriculture		2,169		3,662
Commercial non-real estate		7,518		10,101
Consumer non-real estate		703		449
Oil and gas		1,967		2,128
Total	$	41,996	$	24,573

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents an age analysis of the Company's loans held for investment:

	Age Analysis of Past Due Loans
	30-59 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 March 31, 2024
Real estate:
Commercial real estate owner occupied	$	7,283	$	18	$	5,594	$	12,895	$	949,308	$	962,203	$	3,670
Commercial real estate non-owner occupied		297		63		1,806		2,166		1,529,019		1,531,185		876
Construction and development < 60 months		501		2,654		800		3,955		665,771		669,726		—
Construction residential real estate < 60 months		2,920		1,411		407		4,738		275,948		280,686		—
Residential real estate first lien		4,584		1,000		1,650		7,234		1,276,645		1,283,879		780
Residential real estate all other		1,297		370		624		2,291		250,344		252,635		115
Agriculture		1,348		1,032		728		3,108		446,704		449,812		215
Commercial non-real estate		2,550		1,385		6,461		10,396		1,310,444		1,320,840		312
Consumer non-real estate		3,672		755		867		5,294		459,872		465,166		364
Oil and gas		501		—		—		501		565,227		565,728		—
Total	$	24,953	$	8,688	$	18,937	$	52,578	$	7,729,282	$	7,781,860	$	6,332
As of December 31, 2023
Real estate:
Commercial real estate owner occupied	$	1,386	$	26	$	5,598	$	7,010	$	953,934	$	960,944	$	4,377
Commercial real estate non-owner occupied		2,224		7,371		1,786		11,381		1,475,039		1,486,420		913
Construction and development < 60 months		198		158		800		1,156		641,487		642,643		—
Construction residential real estate < 60 months		1,542		206		405		2,153		281,333		283,486		332
Residential real estate first lien		3,879		1,204		1,849		6,932		1,251,812		1,258,744		731
Residential real estate all other		757		190		613		1,560		243,136		244,696		549
Agriculture		1,694		724		1,227		3,645		423,494		427,139		579
Commercial non-real estate		1,501		436		10,028		11,965		1,277,487		1,289,452		1,714
Consumer non-real estate		3,248		1,090		594		4,932		471,535		476,467		347
Oil and gas		—		—		92		92		586,562		586,654		—
Total	$	16,429	$	11,405	$	22,992	$	50,826	$	7,605,819	$	7,656,645	$	9,542

Credit Quality Indicators

The Company considers credit quality indicators to monitor the credit risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical credit loss experience and economic conditions. These indicators are reviewed and updated regularly throughout the year. An internal risk grading system is used to indicate the credit risk of loans. The loan grades used by the Company are for internal risk identification purposes and do not directly correlate to regulatory classification categories or any financial reporting definitions. The general characteristics of the risk grades and the table summarizing the Company’s gross loans held for investment by year of origination and internally assigned credit grades as of December 31, 2023, are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company’s revolving loans that are converted to term loans are not material and therefore have not been presented.

The following table summarizes the Company’s gross loans held for investment by year of origination and internally assigned credit grades:

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Total
As of March 31, 2024
Commercial real estate owner occupied
Grade 1	$	25,173	$	109,028	$	159,208	$	116,637	$	82,223	$	203,263	$	18,941	$	714,473
Grade 2		6,168		34,656		46,355		44,871		22,165		40,867		22,938		218,020
Grade 3		4,031		7,629		3,640		5,303		890		3,055		2,100		26,648
Grade 4		—		374		23		170		352		1,654		150		2,723
Grade 5		—		—		—		—		—		339		—		339
Total commercial real estate owner occupied		35,372		151,687		209,226		166,981		105,630		249,178		44,129		962,203
Commercial real estate non-owner occupied
Grade 1	$	30,431	$	217,786	$	266,193	$	187,861	$	116,004	$	120,132	$	32,534	$	970,941
Grade 2		13,104		163,293		144,208		85,378		45,784		93,020		2,731		547,518
Grade 3		6,109		—		781		1,703		—		247		—		8,840
Grade 4		—		2,280		632		352		98		524		—		3,886
Total commercial real estate non-owner occupied		49,644		383,359		411,814		275,294		161,886		213,923		35,265		1,531,185
Construction and development < 60 months
Grade 1	$	29,037	$	89,815	$	147,644	$	50,050	$	5,324	$	7,984	$	42,282	$	372,136
Grade 2		24,777		126,003		62,244		26,007		6,561		15,166		8,778		269,536
Grade 3		—		6,352		893		357		—		70		19,342		27,014
Grade 4		—		—		800		100		140		—		—		1,040
Total construction and development < 60 months		53,814		222,170		211,581		76,514		12,025		23,220		70,402		669,726
Construction residential real estate < 60 months
Grade 1	$	34,249	$	84,861	$	14,251	$	8,620	$	99	$	559	$	38,050	$	180,689
Grade 2		28,843		58,132		2,135		21		12		—		1,305		90,448
Grade 3		—		8,191		374		—		—		—		—		8,565
Grade 4		578		200		206		—		—		—		—		984
Total construction residential real estate < 60 months		63,670		151,384		16,966		8,641		111		559		39,355		280,686
Residential real estate first lien
Grade 1	$	72,174	$	268,280	$	214,401	$	167,456	$	110,847	$	204,350	$	4,637	$	1,042,145
Grade 2		14,813		49,624		42,664		37,763		24,732		51,823		—		221,419
Grade 3		232		2,987		2,691		2,538		1,710		5,622		—		15,780
Grade 4		91		913		218		725		712		1,876		—		4,535
Total residential real estate first lien		87,310		321,804		259,974		208,482		138,001		263,671		4,637		1,283,879
Residential real estate all other
Grade 1	$	8,258	$	36,264	$	21,550	$	6,892	$	7,585	$	14,383	$	55,776	$	150,708
Grade 2		1,682		5,082		5,290		1,434		1,595		3,611		78,539		97,233
Grade 3		455		292		176		196		166		671		1,590		3,546
Grade 4		—		119		24		—		—		111		894		1,148
Total residential real estate all other		10,395		41,757		27,040		8,522		9,346		18,776		136,799		252,635
Agriculture
Grade 1	$	13,547	$	57,413	$	47,429	$	33,676	$	25,336	$	48,773	$	49,003	$	275,177
Grade 2		11,754		25,588		21,021		17,212		9,303		20,012		48,165		153,055
Grade 3		1,602		8,528		819		966		2,591		3,328		1,931		19,765
Grade 4		—		768		627		53		99		267		1		1,815
Total Agriculture		26,903		92,297		69,896		51,907		37,329		72,380		99,100		449,812
Commercial non-real estate
Grade 1	$	38,088	$	177,037	$	163,957	$	148,673	$	32,770	$	64,198	$	317,586	$	942,309
Grade 2		24,463		106,857		33,066		17,747		6,480		13,144		161,984		363,741
Grade 3		1,184		1,930		2,260		1,015		283		196		3,411		10,279
Grade 4		126		122		1,494		228		473		360		1,240		4,043
Grade 5		—		18		—		—		—		450		—		468
Total commercial non-real estate		63,861		285,964		200,777		167,663		40,006		78,348		484,221		1,320,840
Consumer non-real estate
Grade 1	$	52,889	$	180,937	$	90,786	$	49,021	$	14,926	$	9,321	$	11,638	$	409,518
Grade 2		4,202		18,228		14,005		6,266		1,906		1,323		2,299		48,229
Grade 3		565		1,714		1,493		1,221		295		360		10		5,658
Grade 4		94		420		611		390		155		85		6		1,761
Total consumer non-real estate		57,750		201,299		106,895		56,898		17,282		11,089		13,953		465,166
Oil and gas
Grade 1	$	70,735	$	71,998	$	6,206	$	28,039	$	6,172	$	3,205	$	252,952	$	439,307
Grade 2		55,581		11,759		5,278		829		386		358		51,437		125,628
Grade 3		—		—		—		185		—		—		—		185
Grade 4		—		—		—		148		—		460		—		608
Total oil and gas		126,316		83,757		11,484		29,201		6,558		4,023		304,389		565,728
Total loans held for investment	$	575,035	$	1,935,478	$	1,525,653	$	1,050,103	$	528,174	$	935,167	$	1,232,250	$	7,781,860

The following tables summarize the Company's gross charge-offs by year of origination for the periods indicated:

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Three months ended March 31, 2024
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	15	$	—	$	—	$	—	$	15
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		12		—		—		1		—		—		13
Construction and development < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Construction residential real estate < 60 months
Current-period gross charge-offs		—		3		—		—		—		—		—		3
Residential real estate first lien
Current-period gross charge-offs		1		—		—		1		—		21		—		23
Residential real estate all other
Current-period gross charge-offs		—		—		—		—		—		2		27		29
Agriculture
Current-period gross charge-offs		—		—		31		—		—		—		—		31
Commercial non-real estate
Current-period gross charge-offs		—		1,001		275		132		12		126		1,508		3,054
Consumer non-real estate
Current-period gross charge-offs		—		244		97		51		13		15		11		431
Oil and gas
Current-period gross charge-offs		—		9		83		—		—		—		—		92
Total current-period gross charge-offs	$	1	$	1,269	$	486	$	199	$	26	$	164	$	1,546	$	3,691

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2023		2022		2021		2020		2019		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Three months ended March 31, 2023
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	7	$	1	$	22	$	18	$	—	$	—	$	48
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		—		—		—		—		3		—		3
Construction and development < 60 months
Current-period gross charge-offs		—		2		—		—		—		—		—		2
Construction residential real estate < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Residential real estate first lien
Current-period gross charge-offs		—		—		—		—		—		2		—		2
Residential real estate all other
Current-period gross charge-offs		—		2		19		—		1		4		—		26
Agriculture
Current-period gross charge-offs		—		4		—		16		13		2		—		35
Commercial non-real estate
Current-period gross charge-offs		—		67		62		—		—		47		—		176
Consumer non-real estate
Current-period gross charge-offs		—		76		32		15		9		6		2		140
Oil and gas
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Total current-period gross charge-offs	$	—	$	158	$	114	$	53	$	41	$	64	$	2	$	432

Allowance for Credit Losses Methodology

The Company determines its provision for credit losses and allowance for credit losses using the current expected credit loss methodology that is referred to as the current expected credit loss ("CECL") model. The allowance for current expected credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The allowance for credit losses methodology is disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The following 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		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 March 31, 2024
Real estate:
Commercial real estate owner occupied	$	7,483	$	(15	)	$	20	$	5		$	(20	)	$	7,468
Commercial real estate non-owner occupied		33,080		(13	)		—		(13	)		113			33,180
Construction and development < 60 months		3,950		—			—		—			2,646			6,596
Construction residential real estate < 60 months		3,414		(3	)		—		(3	)		53			3,464
Residential real estate first lien		4,914		(23	)		4		(19	)		28			4,923
Residential real estate all other		1,646		(29	)		5		(24	)		30			1,652
Agriculture		6,137		(31	)		12		(19	)		19			6,137
Commercial non-real estate		22,745		(3,054	)		33		(3,021	)		758			20,482
Consumer non-real estate		4,401		(431	)		69		(362	)		296			4,335
Oil and gas		9,030		(92	)		—		(92	)		92			9,030
Total	$	96,800	$	(3,691	)	$	143	$	(3,548	)	$	4,015		$	97,267

	Allowance for Credit Losses
	Balance at beginning of period		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 March 31, 2023
Real estate:
Commercial real estate owner occupied	$	6,416	$	(48	)	$	49	$	1		$	130		$	6,547
Commercial real estate non-owner occupied		30,190		(3	)		—		(3	)		1,933			32,120
Construction and development < 60 months		3,778		(2	)		3		1			(171	)		3,608
Construction residential real estate < 60 months		3,275		—			—		—			(49	)		3,226
Residential real estate first lien		4,092		(2	)		3		1			361			4,454
Residential real estate all other		1,418		(26	)		2		(24	)		50			1,444
Agriculture		6,217		(35	)		6		(29	)		80			6,268
Commercial non-real estate		25,106		(176	)		22		(154	)		127			25,079
Consumer non-real estate		4,132		(140	)		57		(83	)		183			4,232
Oil and gas		8,104		—			—		—			(322	)		7,782
Total	$	92,728	$	(432	)	$	142	$	(290	)	$	2,322		$	94,760

Purchased Credit Deteriorated Loans

The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The Company did not purchase credit-deteriorated loans during the three month period ended March 31, 2024 or March 31, 2023.

Collateral Dependent Loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the three months ended March 31, 2024 and 2023, 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		Other Assets		Total		Specific Allocation
	(Dollars in thousands)
As of March 31, 2024
Real estate:
Commercial real estate owner occupied	$	—	$	—	$	—	$	—	$	—
Commercial real estate non-owner occupied		632		—		—		632		250
Construction and development < 60 months		24,977		—		—		24,977		2,825
Construction residential real estate < 60 months		628		—		—		628		134
Residential real estate first lien		125		—		—		125		54
Residential real estate all other		81		—		—		81		82
Agriculture		1,837		490		15		2,342		1,386
Commercial non-real estate		—		5,320		112		5,432		1,582
Consumer non-real estate		—		—		280		280		140
Oil and gas		—		—		—		—		—
Total collateral-dependent loans held for investment	$	28,280	$	5,810	$	407	$	34,497	$	6,453
	Collateral Type
	Real Estate		Business Assets		Other Assets		Total		Specific Allocation
	(Dollars in thousands)
As of December 31, 2023
Real estate:
Commercial real estate owner occupied	$	—	$	—	$	—	$	—	$	—
Commercial real estate non-owner occupied		632		—		—		632		250
Construction and development < 60 months		800		—		—		800		225
Construction residential real estate < 60 months		638		—		—		638		134
Residential real estate first lien		189		—		—		189		62
Residential real estate all other		140		—		—		140		140
Agriculture		1,841		593		15		2,449		1,386
Commercial non-real estate		—		6,090		241		6,331		1,867
Consumer non-real estate		—		—		147		147		88
Oil and gas		—		—		—		—		—
Total collateral-dependent loans held for investment	$	4,240	$	6,683	$	403	$	11,326	$	4,152

Non-Cash Transfers from Loans and Premises and Equipment

Transfers from loans and premises and equipment to other real estate owned and repossessed assets are non-cash transactions, and are not included in the consolidated statements of cash flow.

Transfers from loans and premises and equipment to other real estate owned and repossessed assets during the periods presented are summarized as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Other real estate owned	$	1,582	$	565
Repossessed assets		455		395
Total	$	2,037	$	960

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Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

(4) INTANGIBLE ASSETS AND GOODWILL

The following is a summary of intangible assets as of the date listed:

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Dollars in thousands)
March 31, 2024
Core deposit intangibles	$	33,550	$	(17,884	)	$	15,666
Customer relationship intangibles		3,350		(3,198	)		152
Total	$	36,900	$	(21,082	)	$	15,818
December 31, 2023
Core deposit intangibles	$	33,550	$	(17,027	)	$	16,523
Customer relationship intangibles		3,350		(3,169	)		181
Total	$	36,900	$	(20,196	)	$	16,704

The following is a summary of goodwill by business segment:

	BancFirst Metropolitan Banks		BancFirst Community Banks		Pegasus		Worthington		Other Financial Services		Executive, Operations & Support		Consolidated
	(Dollars in thousands)
Three months ended March 31, 2024
Balance at beginning and end of period	$	13,767	$	61,420	$	68,855	$	32,133	$	5,464	$	624	$	182,263

Additional information for intangible assets can be found in Note (7) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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Subordinated Debt

3 Months Ended

Mar. 31, 2024

Broker-Dealer [Abstract]

Subordinated Debt

(5) SUBORDINATED DEBT

In January 2004, the Company established BFC Capital Trust II (“BFC II”), a trust formed under the Delaware Business Trust Act. The Company owns all of the common securities of BFC II. In February 2004, BFC II issued $25 million of aggregate liquidation amount of 7.20% Cumulative Trust Preferred Securities (the “Cumulative Trust Preferred Securities”) to other investors. In March 2004, BFC II issued an additional $1 million in Cumulative Trust Preferred Securities through the execution of an over-allotment option. The proceeds from the sale of the Cumulative Trust Preferred Securities and the common securities of BFC II were invested in $26.8 million of 7.20% Junior Subordinated Debentures of the Company. Interest payments on the $26.8 million of 7.20% Junior Subordinated Debentures are payable January 15, April 15, July 15 and October 15 of each year. Such interest payments may be deferred for up to twenty consecutive quarters. The stated maturity date of the $26.8 million of 7.20% Junior Subordinated Debentures is March 31, 2034, but they are subject to mandatory redemption pursuant to optional prepayment terms. The Cumulative Trust Preferred Securities represent an undivided interest in the $26.8 million of 7.20% Junior Subordinated Debentures and are guaranteed by the Company. During any deferral period or during any event of default, the Company may not declare or pay any dividends on any of its capital stock. The Cumulative Trust Preferred Securities have been callable at par, in whole or in part, since March 31, 2009.

On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $60 million aggregate principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Subordinated Notes”) to various institutional accredited investors. The sale of the Subordinated Notes was pursuant to a Subordinated Note Purchase Agreement entered into with each of the investors. The Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. The net proceeds to the Company from the sale of the Subordinated Notes were approximately $59.15 million net of commissions and offering expenses. The Company used the proceeds from the sale of the Subordinated Notes for general corporate purposes. The Subordinated Notes 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.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(6) STOCK-BASED COMPENSATION

On May 25, 2023, the shareholders of the Company adopted the BancFirst Corporation 2023 Restricted Stock Unit Plan (the "RSU Plan"). The RSU Plan was effective as of June 1, 2023 and for a period of ten years thereafter. The RSU Plan will continue in effect after such ten-year period until all matters relating to the payment of awards and administration of the RSU Plan have been settled. At March 31, 2024 there were 462,925 shares available for future grants. The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20% per year for five years. The RSUs are settled and distributed as of each vesting date. The fair value of each RSU granted is equal to the market price of the Company’s stock at the date of grant.

The following table is a summary of the activity under the Company's RSU plan.

				Wgtd. Avg.
	Restricted			Grant Date
	Stock Units			Fair Value
Three Months Ended March 31, 2024
Nonvested at December 31, 2023		32,075		$	87.23
Granted		6,500			88.49
Forfeited		(1,500	)		83.61
Nonvested at March 31, 2024		37,075			87.59

The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999. As of March 31, 2024, there are 15,923 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 5,022 and 17,392 shares of common stock distributed from the Deferred Stock Compensation Plan during the three months ended March 31, 2024 and 2023, respectively.

A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:

	March 31, 2024		December 31, 2023
Accumulated stock units		116,816		119,575
Average price	$	41.58	$	40.03

The Company terminated the BancFirst Corporation Stock Option Plan (the “Employee Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant.

The Company terminated the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “Non-Employee Directors’ Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant.

The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Three Months Ended March 31, 2024
Outstanding at December 31, 2023		1,241,391		$	53.12
Options exercised		(28,638	)		24.73
Options canceled, forfeited, or expired		(8,500	)		94.68
Outstanding at March 31, 2024		1,204,253			53.50	9.56 Yrs.	$	41,580
Exercisable at March 31, 2024		542,253			36.58	6.65 Yrs.	$	27,898

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Total intrinsic value of options exercised	$	1,831	$	352
Cash received from options exercised		708		221
Tax benefit realized from options exercised		440		85

The Company currently uses newly issued shares for stock option exercises, but reserves the right to use shares purchased under the Company’s Stock Repurchase Program (the “SRP”) in the future.

Although not required or expected, the Company may settle some options or restricted stock units in cash on a limited basis at the discretion of the Company. The Company had no cash settlements during the three months ended March 31, 2024 or March 31, 2023.

Stock-based compensation expense is charged to salaries and benefits expense on the Consolidated Statements of Comprehensive Income.

The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Stock-based compensation expense	$	715	$	382
Tax benefit		172		92
Stock-based compensation expense, net of tax	$	543	$	290

The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs:

	March 31, 2024
	(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options	$	9,454
Unearned stock-based compensation expense for unvested RSU's		3,010

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Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

(7) STOCKHOLDERS’ EQUITY

The Company has adopted a Stock Repurchase Program (the “SRP”). The SRP may be used as a means to increase earnings per share and return on equity. In addition, the SRP may be used to purchase treasury stock for the exercise of stock options or for distributions under the Deferred Stock Compensation Plan, to provide liquidity for optionees to dispose of stock from exercises of their stock options and to provide liquidity for stockholders wishing to sell their stock. All shares repurchased under the SRP have been retired and not held as treasury stock. The timing, price and amount of stock repurchases under the SRP is determined by management and approved by the Company’s Executive Committee.

The following table is a summary of the shares under the SRP:

	Three Months Ended March 31,
	2024		2023
Shares remaining to be repurchased		479,784		500,486

BancFirst Corporation, BancFirst, Pegasus and Worthington are subject to risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (“FDIC”). These guidelines are used to evaluate capital adequacy and involve both quantitative and qualitative evaluations of assets, liabilities and certain off-balance-sheet items calculated under regulatory practices. Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s consolidated financial statements. The Company believes that as of March 31, 2024, BancFirst Corporation, BancFirst, Pegasus and Worthington each met all capital adequacy requirements to which they are subject. The actual and required capital amounts and ratios are shown in the following table:

				Required						To Be Well
				For Capital			With			Capitalized Under
				Adequacy			Capital Conservation			Prompt Corrective
	Actual			Purposes			Buffer			Action Provisions
	Amount		Ratio	Amount		Ratio	Amount		Ratio	Amount		Ratio
	(Dollars in thousands)
As of March 31, 2024:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,506,155	17.19%	$	701,043	8.00%	$	920,119	10.50%	N/A		N/A
BancFirst		1,193,811	15.94%		599,307	8.00%		786,591	10.50%	$	749,134	10.00%
Pegasus		143,914	17.11%		67,275	8.00%		88,299	10.50%		84,094	10.00%
Worthington		52,335	12.10%		34,612	8.00%		45,428	10.50%		43,265	10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,323,577	15.10%	$	394,337	4.50%	$	613,413	7.00%	N/A		N/A
BancFirst		1,091,417	14.57%		337,110	4.50%		524,394	7.00%	$	486,937	6.50%
Pegasus		133,391	15.86%		37,842	4.50%		58,866	7.00%		54,661	6.50%
Worthington		48,295	11.16%		19,469	4.50%		30,285	7.00%		28,122	6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,349,577	15.40%	$	525,782	6.00%	$	744,858	8.50%	N/A		N/A
BancFirst		1,111,417	14.84%		449,480	6.00%		636,764	8.50%	$	599,307	8.00%
Pegasus		133,391	15.86%		50,456	6.00%		71,480	8.50%		67,275	8.00%
Worthington		48,295	11.16%		25,959	6.00%		36,775	8.50%		34,612	8.00%
Tier 1 Capital
(to Quarterly Average Assets)-
BancFirst Corporation	$	1,349,577	10.99%	$	491,387	4.00%	N/A		N/A	N/A		N/A
BancFirst		1,111,417	10.62%		418,449	4.00%	N/A		N/A	$	523,062	5.00%
Pegasus		133,391	10.64%		50,133	4.00%	N/A		N/A		62,666	5.00%
Worthington		48,295	8.49%		22,742	4.00%	N/A		N/A		28,427	5.00%

As of March 31, 2024, BancFirst, Pegasus and Worthington were classified by the Federal Reserve as “well capitalized” under the prompt corrective action provisions. The Common Equity Tier 1 Capital of BancFirst Corporation, BancFirst, Pegasus and Worthington includes common stock and related paid-in capital and retained earnings. In connection with the adoption of the Basel III Capital Rules, the election was made to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 Capital. Common Equity Tier 1 Capital for BancFirst Corporation, BancFirst, Pegasus and Worthington is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities. The Company’s trust preferred securities have continued to be included in Tier 1 capital, as the Company’s total assets do not exceed $15 billion. The Company's Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. BancFirst, Pegasus and Worthington have had no events or conditions that management believes would materially change their category under capital requirements existing as of the report dates.

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Net Income Per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Common Share

(8) NET INCOME PER COMMON SHARE

Basic and diluted net income per common share are calculated as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands, except per share data)
(Numerator)
Income available to common stockholders	$	50,334	$	57,533
(Denominator)
Weighted average shares outstanding for basic earnings per common share		32,947,983		32,892,857
Dilutive effect of stock compensation		565,429		569,882
Weighted-average shares outstanding for diluted earnings per common share		33,513,412		33,462,739
Basic earnings per share	$	1.53	$	1.75
Diluted earnings per share	$	1.50	$	1.72

The following table shows the number of options and RSU's that were excluded from the computation of diluted net income per common share for each period because they were anti-dilutive for the period:

	Shares
Three Months Ended March 31, 2024		270,417
Three Months Ended March 31, 2023		309,833

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

(9) FAIR VALUE MEASUREMENTS

Accounting standards define fair value as the price that would be received to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date.

FASB Accounting Standards Codification (“ASC”) Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

•Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset and liability, either directly or indirectly, for substantially the full term of the financial instrument.

•Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. This category includes certain collaterally dependent loans, repossessed assets, other real estate owned, goodwill and other intangible assets.

Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

A description of the valuation methodologies and key inputs used to measure financial assets and financial liabilities at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to the following categories of the Company’s financial assets and financial liabilities.

Debt Securities Available for Sale

Debt securities classified as available for sale are reported at fair value. U.S. Treasuries are valued using Level 1 inputs. Other debt securities available for sale including U.S. federal agencies, registered mortgage backed debt securities and state and political subdivisions are valued using prices from an independent pricing service utilizing Level 2 data. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade

execution data, market consensus prepayment speeds, credit information and a bond’s terms and conditions, among other things. The Company also invests in private label mortgage backed debt securities for which observable information is not readily available. These debt securities are reported at fair value utilizing Level 3 inputs. For these debt securities, management determines the fair value based on replacement cost, the income approach or information provided by outside consultants or lead investors. Discount rates are primarily based on reference to interest rate spreads on comparable debt securities of similar duration and credit rating as determined by the nationally recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar debt securities.

The Company reviews the prices for Level 1 and Level 2 debt securities supplied by the independent pricing service for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio debt securities that are esoteric or that have complicated structures. The Company’s portfolio primarily consists of traditional investments including U.S. Treasury obligations, federal agency mortgage pass-through debt securities, general obligation municipal bonds and municipal revenue bonds. Pricing for such instruments is easily obtained. For in-state bond issues that have relatively low issue sizes and liquidity, the Company utilizes the same parameters for pricing mentioned in the preceding paragraph adjusted for the specific issue. Periodically, the Company will validate prices supplied by the independent pricing service by comparison to prices obtained from third party sources.

Derivatives

Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains dealer and market quotations to value its oil and gas swaps and options. The Company utilizes dealer quotes and observable market data inputs to substantiate internal valuation models.

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
March 31, 2024
Debt securities available for sale:
U.S. Treasury	$	1,480,381	$	—	$	—	$	1,480,381
U.S. federal agencies		—		10,844		—		10,844
Mortgage-backed securities		—		14,263		—		14,263
States and political subdivisions		—		9,790		180		9,970
Asset backed securities		—		11,252		—		11,252
Other debt securities		—		6,812		—		6,812
Derivative assets		—		27,445		—		27,445
Derivative liabilities		—		25,520		—		25,520
December 31, 2023
Debt securities available for sale:
U.S. Treasury	$	1,498,045	$	—	$	—	$	1,498,045
U.S. federal agencies		—		11,770		—		11,770
Mortgage-backed securities		—		14,795		—		14,795
States and political subdivisions		—		9,830		180		10,010
Asset backed securities		—		12,512		—		12,512
Other debt securities				6,773				6,773
Derivative assets		—		41,099		—		41,099
Derivative liabilities		—		39,176		—		39,176

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Three Months Ended March 31,		Twelve Months Ended December 31,
	2024		2023
	(Dollars in thousands)
Balance at the beginning of the year	$	180	$	454
Transfers to level 2		—		(244	)
Settlements		—		(30	)
Balance at the end of the period	$	180	$	180

The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period. During the three months ended March 31, 2024, the Company did not transfer any debt securities. During the year ended December 31, 2023, the Company transferred debt securities from Level 3 to Level 2 due to a review of the pricing models that determined some state and political subdivision securities to be Level 2.

Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and financial liabilities are reported at fair value utilizing Level 3 inputs.

The Company invests in equity securities without readily determinable fair values and utilizes Level 3 inputs. These equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income.

Collateral dependent loans are reported at the fair value of the underlying collateral if repayment is dependent on liquidation of the collateral. When the Company determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. In no case does the fair value of a collateral dependent loan exceed the fair value of the underlying collateral. The collateral dependent loans are adjusted to fair value through a specific allocation of the allowance for credit losses or a direct charge-down of the loan.

Repossessed assets, upon initial recognition, are measured and adjusted to fair value through a charge-off to the allowance for possible credit losses based upon the fair value of the repossessed asset.

Other real estate owned is revalued at fair value subsequent to initial recognition, with any losses recognized in net expense from other real estate owned.

The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. These nonrecurring fair values do not represent all assets, only those assets that have been adjusted during the reporting period:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended March 31, 2024
Equity securities	$	13,176
Collateral dependent loans		230
Repossessed assets		238
Other real estate owned		2,709
As of and for the Year-to-date Period Ended December 31, 2023
Equity securities	$	13,144
Collateral dependent loans		1,894
Repossessed assets		474
Other real estate owned		31,773

Estimated Fair Value of Financial Instruments

The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instruments that are not recorded at fair value. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The following methods and assumptions are used to estimate the fair value of each class of financial instruments:

Cash and Cash Equivalents Include: Cash and Due from Banks and Interest-Bearing Deposits with Banks

The carrying amount of these short-term instruments is based on a reasonable estimate of fair value.

Federal Funds Sold

The carrying amount of these short-term instruments is a reasonable estimate of fair value.

Debt Securities Held for Investment

For debt securities held for investment, which are generally traded in secondary markets, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar debt securities making adjustments for credit or liquidity if applicable.

Loans Held For Sale

The Company originates mortgage loans to be sold. At the time of origination, the acquiring bank has already been determined and the terms of the loan, including interest rate, have already been set by the acquiring bank, allowing the Company to originate the loan at fair value. Mortgage loans are generally sold within 30 days of origination. Loans held for sale are valued using Level 2 inputs. Gains or losses recognized upon the sale of the loans are determined on a specific identification basis.

Loans Held For Investment

To determine the fair value of loans held for investment, the Company uses an exit price calculation, which takes into account factors such as liquidity, credit and the nonperformance risk of loans. For certain homogeneous categories of loans, such as some residential mortgages, fair values are estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair values of other types of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Deposits

The fair values of transaction and savings accounts are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using the rates currently offered for deposits of similar remaining maturities.

Short-Term Borrowings

The amounts payable on these short-term instruments are reasonable estimates of fair value.

Subordinated Debt

The fair values of subordinated debt are estimated using the rates that would be charged for subordinated debt of similar remaining maturities.

Loan Commitments and Letters of Credit

The fair values of commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the terms of the agreements. The fair values of letters of credit are based on fees currently charged for similar agreements.

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	2,525,095	$	2,525,095	$	2,397,463	$	2,397,463
Federal funds sold		1,209		1,209	$	1,316		1,316
Debt securities held for investment		4		4		5		5
Loans held for sale		5,997		5,997		3,489		3,489
Level 3 inputs:
Debt securities held for investment		1,125		1,125		1,185		1,185
Loans, net of allowance for credit losses		7,684,593		8,436,154		7,559,845		7,356,768
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		10,909,621		10,421,046		10,700,122		10,413,348
Short-term borrowings		9,699		9,699		3,351		3,351
Subordinated debt		86,115		78,255		86,101		79,271
OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS
Loan commitments				4,577				4,875
Letters of credit				599				637

Non-financial Assets and Non-financial Liabilities Measured at Fair Value

The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. In addition, the Company has no non-financial liabilities measured at fair value on a nonrecurring basis. Non-financial assets measured at fair value on a nonrecurring basis include intangible assets. The intangible assets are evaluated at least annually for impairment. The overall levels of non-financial assets measured at fair value on a nonrecurring basis were not considered to be significant to the Company at March 31, 2024 or December 31, 2023.

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Derivative Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

(10) DERIVATIVE FINANCIAL INSTRUMENTS

The Company enters into oil and gas swaps and options contracts to accommodate the business needs of its customers. Upon the origination of an oil or gas swap or option contract with a customer, to mitigate the exposure to fluctuations in oil and gas prices, the Company simultaneously enters into an offsetting contract with a counterparty. These derivatives are not designated as hedged instruments and are recorded on the Company's consolidated balance sheet at fair value and are included in other assets. The Company's derivative financial instruments require a daily margin to be posted, which fluctuates with oil and gas prices. At March 31, 2024, the Company had a margin asset included in other assets in the amount of $4.3 million. At December 31, 2023, the Company had a margin liability in other liabilities in the amount of $15.5 million.

The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models. The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table:

		March 31, 2024						December 31, 2023
Oil and Natural Gas Swaps and Options	Notional Units	Notional Amount			Estimated Fair Value			Notional Amount			Estimated Fair Value
		(Notional amounts and dollars in thousands)
Oil
Derivative assets	Barrels		4,489		$	5,892			3,896		$	20,567
Derivative liabilities	Barrels		(4,489	)		(4,822	)		(3,896	)		(19,512	)
Gas/Natural Gas Liquids
Derivative assets	MMBTUs/Gallons		40,106			21,553			46,140			20,532
Derivative liabilities	MMBTUs/Gallons		(40,106	)		(20,698	)		(46,140	)		(19,664	)
Total Fair Value	Included in
Derivative assets	Other assets					27,445						41,099
Derivative liabilities	Other liabilities					(25,520	)					(39,176	)

The following table is a summary of the Company's recognized income related to the activity, which was included in other noninterest income:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Derivative income	$	103	$	89

The Company's credit exposure on oil and gas swaps and options varies based on the current market prices of oil and natural gas. Other than credit risk, changes in the fair value of customer positions will be offset by equal and opposite changes in the counterparty positions. The net positive fair value of the contracts represents the profit derived from the activity and is unaffected by the market price movements. The Company's share of total profit is approximately 35%.

Customer credit exposure is managed by strict position limits and is primarily offset by first liens on production while the remainder is offset by cash. Counterparty credit exposure is managed by selecting highly rated counterparties (rated A- or better by Standard and Poor's) and monitoring market information.

The following table is a summary of the Company's net credit exposure relating to oil and gas swaps and options with bank counterparties:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Credit exposure	$	14,775	$	39,527

Balance Sheet Offsetting

Derivatives may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements. The Company's derivative transactions with upstream financial institution counterparties and bank customers are generally executed under International Swaps and Derivative Association ("ISDA") master agreements, which include "right of set-off" provisions. In such cases

there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset such financial instruments for financial reporting purposes.

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Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

(11) SEGMENT INFORMATION

The Company evaluates its performance with an internal profitability measurement system that measures the profitability of its business units on a pre-tax basis. The six principal business units are BancFirst metropolitan banks, BancFirst community banks, Pegasus, Worthington, other financial services and executive, operations and support. BancFirst metropolitan banks, BancFirst community banks, Pegasus and Worthington offer traditional banking products such as commercial and retail lending and a full line of deposit accounts. BancFirst metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. BancFirst community banks consist of banking locations in communities in Oklahoma outside the Oklahoma City and Tulsa metropolitan areas. Pegasus consists of banking locations in the Dallas metropolitan area. Worthington consists of banking locations in the Dallas and Fort Worth metropolitan areas. Other financial services are specialty product business units including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions that are not allocated to the other business units.

The results of operations and selected financial information for the six business units are as follows:

	BancFirst Metropolitan Banks		BancFirst Community Banks		Pegasus		Worthington		Other Financial Services		Executive, Operations & Support		Eliminations			Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2024
Net interest income	$	28,193	$	60,011	$	10,867	$	4,389	$	1,019	$	1,625	$	—		$	106,104
Noninterest income		5,169		15,918		320		221		15,163		58,428		(50,319	)		44,900
Income before taxes		22,331		38,792		3,145		669		6,335		43,071		(50,133	)		64,210
Three Months Ended March 31, 2023
Net interest income	$	30,739	$	57,685	$	15,151	$	4,624	$	942	$	15	$	—		$	109,156
Noninterest income		6,087		19,532		214		279		14,172		66,143		(58,599	)		47,828
Income before taxes		23,310		43,599		9,644		1,630		6,164		48,417		(58,419	)		74,345
Total Assets:
March 31, 2024	$	3,283,434	$	7,452,457	$	1,322,543	$	618,111	$	111,953	$	1,404,833	$	(1,590,906	)	$	12,602,425
December 31, 2023		3,598,888		7,012,905		1,280,618		600,364		121,601		1,307,714		(1,550,048	)		12,372,042

The financial information for each business unit is presented on the basis used internally by management to evaluate performance and allocate resources. The Company utilizes a transfer pricing system to allocate the benefit or cost of funds provided or used by the various business units. Certain services provided by the support group to other business units, such as item processing, are allocated at rates approximating the cost of providing the services. Eliminations are adjustments to consolidate the business units and companies.

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Description of Business and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank ("Pegasus"), Worthington Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst"). The principal operating subsidiaries of BancFirst are BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements.

The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the consolidated financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature.

Reclassifications

Reclassifications

Certain items in prior consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income.

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Standards Not Yet Adopted:

In December 2023, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The amendments are to be applied retrospectively to all periods presented and segment expense categories are required to be based on the categories identified at adoption. The Company is currently evaluating the provisions of this ASU and expects to adopt them for the year ending December 31, 2024. The Company does not expect the adoption to have a significant impact on the Company’s consolidated financial statements.

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Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment

The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2024	(Dollars in thousands)
Mortgage backed securities (1)	$	4	$	—	$	—	$	4
States and political subdivisions		625		—		—		625
Other securities		500		—		—		500
Total	$	1,129	$	—	$	—	$	1,129
December 31, 2023
Mortgage backed securities (1)	$	5	$	—	$	—	$	5
States and political subdivisions		685		—		—		685
Other securities		500		—		—		500
Total	$	1,190	$	—	$	—	$	1,190

Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2024	(Dollars in thousands)
U.S. treasuries	$	1,545,588	$	—	$	(65,207	)	$	1,480,381
U.S. federal agencies		10,729		119		(4	)		10,844
Mortgage backed securities (1)		16,049		9		(1,795	)		14,263
States and political subdivisions		10,100		7		(137	)		9,970
Asset backed securities		11,440		—		(188	)		11,252
Other securities		8,163		—		(1,351	)		6,812
Total	$	1,602,069	$	135	$	(68,682	)	$	1,533,522
December 31, 2023
U.S. treasuries	$	1,560,265	$	415	$	(62,635	)	$	1,498,045
U.S. federal agencies		11,631		142		(3	)		11,770
Mortgage backed securities (1)		16,459		13		(1,677	)		14,795
States and political subdivisions		10,108		16		(114	)		10,010
Asset backed securities		12,794		—		(282	)		12,512
Other securities		8,163		—		(1,390	)		6,773
Total	$	1,619,420	$	586	$	(66,101	)	$	1,553,905

(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

Maturity of Debt Securities

The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

	March 31, 2024				December 31, 2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	351	$	351	$	350	$	350
After one year but within five years		778		778		840		840
After five years but within ten years		—		—		—		—
After ten years		—		—		—		—
Total	$	1,129	$	1,129	$	1,190	$	1,190
Available for Sale
Contractual maturity of debt securities:
Within one year	$	389,115	$	382,870	$	348,318	$	341,645
After one year but within five years		1,167,880		1,108,898		1,223,529		1,167,973
After five years but within ten years		10,278		8,848		10,331		8,851
After ten years		34,796		32,906		37,242		35,436
Total debt securities	$	1,602,069	$	1,533,522	$	1,619,420	$	1,553,905

Company's Book Value of Pledged Debt Securities

The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Book value of pledged securities	$	908,521	$	591,324

Summary of Debt Securities with Unrealized Losses, Segregated by Duration of Unrealized Loss

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at March 31, 2024 and December 31, 2023 respectively:

			Less than 12 Months				More than 12 Months				Total
	Number of investments		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
			(Dollars in thousands)
March 31, 2024
Available for Sale
U.S. treasuries		67	$	90,252	$	816	$	1,370,129	$	64,391	$	1,460,381	$	65,207
U.S. federal agencies		3		1,057		4		—		—		1,057		4
Mortgage backed securities		71		1,191		6		12,767		1,789		13,958		1,795
States and political subdivisions		9		867		3		2,128		134		2,995		137
Asset backed securities		1		—		—		11,252		188		11,252		188
Other securities		3		—		—		6,812		1,351		6,812		1,351
Total		154	$	93,367	$	829	$	1,403,088	$	67,853	$	1,496,455	$	68,682
December 31, 2023
Available for Sale
U.S. treasuries		68	$	4,838	$	90	$	1,401,669	$	62,545	$	1,406,507	$	62,635
U.S. federal agencies		3		1,100		3		—		—		1,100		3
Mortgage backed securities		74		80		—		13,261		1,677		13,341		1,677
States and political subdivisions		6		306		4		1,847		110		2,153		114
Asset backed securities		1		—		—		12,512		282		12,512		282
Other securities		3		—		—		6,773		1,390		6,773		1,390
Total		155	$	6,324	$	97	$	1,436,062	$	66,004	$	1,442,386	$	66,101

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Loans Held for Investment and Allowance for Credit Losses on Loans (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Summary of Loans Held for Investment by Portfolio Segment

Loans held for investment are summarized by portfolio segment as follows:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied		962,203		960,944
Commercial real estate non-owner occupied		1,531,185		1,486,420
Construction and development < 60 months		669,726		642,643
Construction residential real estate < 60 months		280,686		283,486
Residential real estate first lien		1,283,879		1,258,744
Residential real estate all other		252,635		244,696
Agriculture		449,812		427,139
Commercial non-real estate		1,320,840		1,289,452
Consumer non-real estate		465,166		476,467
Oil and gas		565,728		586,654
Total (1)	$	7,781,860	$	7,656,645
(1) Excludes accrued interest receivable of $40.9 million at March 31, 2024 and $39.4 million at December 31, 2023, that is recorded in accrued interest receivable and other assets.

Summary of Other Real Estate Owned and Repossessed Assets

The following is a summary of other real estate owned and repossessed assets:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Other real estate owned and repossessed assets	$	35,116	$	34,200

Summary of Rental Income and Operating Expenses

This property had the following rental income and operating expenses for the periods presented.

	For the Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Rental income	$	2,941	$	2,690
Operating expense		2,250		2,381

Summary of Amounts Included in Nonaccrual Loans Segregated by Portfolio Segment

The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment.

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied	$	2,282	$	1,686
Commercial real estate non-owner occupied		3,010		874
Construction and development < 60 months		20,142		800
Construction residential real estate < 60 months		755		638
Residential real estate first lien		2,919		3,336
Residential real estate all other		531		899
Agriculture		2,169		3,662
Commercial non-real estate		7,518		10,101
Consumer non-real estate		703		449
Oil and gas		1,967		2,128
Total	$	41,996	$	24,573

Age Analysis of Loans Held for Investments

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents an age analysis of the Company's loans held for investment:

	Age Analysis of Past Due Loans
	30-59 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 March 31, 2024
Real estate:
Commercial real estate owner occupied	$	7,283	$	18	$	5,594	$	12,895	$	949,308	$	962,203	$	3,670
Commercial real estate non-owner occupied		297		63		1,806		2,166		1,529,019		1,531,185		876
Construction and development < 60 months		501		2,654		800		3,955		665,771		669,726		—
Construction residential real estate < 60 months		2,920		1,411		407		4,738		275,948		280,686		—
Residential real estate first lien		4,584		1,000		1,650		7,234		1,276,645		1,283,879		780
Residential real estate all other		1,297		370		624		2,291		250,344		252,635		115
Agriculture		1,348		1,032		728		3,108		446,704		449,812		215
Commercial non-real estate		2,550		1,385		6,461		10,396		1,310,444		1,320,840		312
Consumer non-real estate		3,672		755		867		5,294		459,872		465,166		364
Oil and gas		501		—		—		501		565,227		565,728		—
Total	$	24,953	$	8,688	$	18,937	$	52,578	$	7,729,282	$	7,781,860	$	6,332
As of December 31, 2023
Real estate:
Commercial real estate owner occupied	$	1,386	$	26	$	5,598	$	7,010	$	953,934	$	960,944	$	4,377
Commercial real estate non-owner occupied		2,224		7,371		1,786		11,381		1,475,039		1,486,420		913
Construction and development < 60 months		198		158		800		1,156		641,487		642,643		—
Construction residential real estate < 60 months		1,542		206		405		2,153		281,333		283,486		332
Residential real estate first lien		3,879		1,204		1,849		6,932		1,251,812		1,258,744		731
Residential real estate all other		757		190		613		1,560		243,136		244,696		549
Agriculture		1,694		724		1,227		3,645		423,494		427,139		579
Commercial non-real estate		1,501		436		10,028		11,965		1,277,487		1,289,452		1,714
Consumer non-real estate		3,248		1,090		594		4,932		471,535		476,467		347
Oil and gas		—		—		92		92		586,562		586,654		—
Total	$	16,429	$	11,405	$	22,992	$	50,826	$	7,605,819	$	7,656,645	$	9,542

Gross Loans Held for Investment by Year of Origination and Internally Assigned Credit Grades

The following table summarizes the Company’s gross loans held for investment by year of origination and internally assigned credit grades:

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Total
As of March 31, 2024
Commercial real estate owner occupied
Grade 1	$	25,173	$	109,028	$	159,208	$	116,637	$	82,223	$	203,263	$	18,941	$	714,473
Grade 2		6,168		34,656		46,355		44,871		22,165		40,867		22,938		218,020
Grade 3		4,031		7,629		3,640		5,303		890		3,055		2,100		26,648
Grade 4		—		374		23		170		352		1,654		150		2,723
Grade 5		—		—		—		—		—		339		—		339
Total commercial real estate owner occupied		35,372		151,687		209,226		166,981		105,630		249,178		44,129		962,203
Commercial real estate non-owner occupied
Grade 1	$	30,431	$	217,786	$	266,193	$	187,861	$	116,004	$	120,132	$	32,534	$	970,941
Grade 2		13,104		163,293		144,208		85,378		45,784		93,020		2,731		547,518
Grade 3		6,109		—		781		1,703		—		247		—		8,840
Grade 4		—		2,280		632		352		98		524		—		3,886
Total commercial real estate non-owner occupied		49,644		383,359		411,814		275,294		161,886		213,923		35,265		1,531,185
Construction and development < 60 months
Grade 1	$	29,037	$	89,815	$	147,644	$	50,050	$	5,324	$	7,984	$	42,282	$	372,136
Grade 2		24,777		126,003		62,244		26,007		6,561		15,166		8,778		269,536
Grade 3		—		6,352		893		357		—		70		19,342		27,014
Grade 4		—		—		800		100		140		—		—		1,040
Total construction and development < 60 months		53,814		222,170		211,581		76,514		12,025		23,220		70,402		669,726
Construction residential real estate < 60 months
Grade 1	$	34,249	$	84,861	$	14,251	$	8,620	$	99	$	559	$	38,050	$	180,689
Grade 2		28,843		58,132		2,135		21		12		—		1,305		90,448
Grade 3		—		8,191		374		—		—		—		—		8,565
Grade 4		578		200		206		—		—		—		—		984
Total construction residential real estate < 60 months		63,670		151,384		16,966		8,641		111		559		39,355		280,686
Residential real estate first lien
Grade 1	$	72,174	$	268,280	$	214,401	$	167,456	$	110,847	$	204,350	$	4,637	$	1,042,145
Grade 2		14,813		49,624		42,664		37,763		24,732		51,823		—		221,419
Grade 3		232		2,987		2,691		2,538		1,710		5,622		—		15,780
Grade 4		91		913		218		725		712		1,876		—		4,535
Total residential real estate first lien		87,310		321,804		259,974		208,482		138,001		263,671		4,637		1,283,879
Residential real estate all other
Grade 1	$	8,258	$	36,264	$	21,550	$	6,892	$	7,585	$	14,383	$	55,776	$	150,708
Grade 2		1,682		5,082		5,290		1,434		1,595		3,611		78,539		97,233
Grade 3		455		292		176		196		166		671		1,590		3,546
Grade 4		—		119		24		—		—		111		894		1,148
Total residential real estate all other		10,395		41,757		27,040		8,522		9,346		18,776		136,799		252,635
Agriculture
Grade 1	$	13,547	$	57,413	$	47,429	$	33,676	$	25,336	$	48,773	$	49,003	$	275,177
Grade 2		11,754		25,588		21,021		17,212		9,303		20,012		48,165		153,055
Grade 3		1,602		8,528		819		966		2,591		3,328		1,931		19,765
Grade 4		—		768		627		53		99		267		1		1,815
Total Agriculture		26,903		92,297		69,896		51,907		37,329		72,380		99,100		449,812
Commercial non-real estate
Grade 1	$	38,088	$	177,037	$	163,957	$	148,673	$	32,770	$	64,198	$	317,586	$	942,309
Grade 2		24,463		106,857		33,066		17,747		6,480		13,144		161,984		363,741
Grade 3		1,184		1,930		2,260		1,015		283		196		3,411		10,279
Grade 4		126		122		1,494		228		473		360		1,240		4,043
Grade 5		—		18		—		—		—		450		—		468
Total commercial non-real estate		63,861		285,964		200,777		167,663		40,006		78,348		484,221		1,320,840
Consumer non-real estate
Grade 1	$	52,889	$	180,937	$	90,786	$	49,021	$	14,926	$	9,321	$	11,638	$	409,518
Grade 2		4,202		18,228		14,005		6,266		1,906		1,323		2,299		48,229
Grade 3		565		1,714		1,493		1,221		295		360		10		5,658
Grade 4		94		420		611		390		155		85		6		1,761
Total consumer non-real estate		57,750		201,299		106,895		56,898		17,282		11,089		13,953		465,166
Oil and gas
Grade 1	$	70,735	$	71,998	$	6,206	$	28,039	$	6,172	$	3,205	$	252,952	$	439,307
Grade 2		55,581		11,759		5,278		829		386		358		51,437		125,628
Grade 3		—		—		—		185		—		—		—		185
Grade 4		—		—		—		148		—		460		—		608
Total oil and gas		126,316		83,757		11,484		29,201		6,558		4,023		304,389		565,728
Total loans held for investment	$	575,035	$	1,935,478	$	1,525,653	$	1,050,103	$	528,174	$	935,167	$	1,232,250	$	7,781,860

Gross Charge-offs by Year of Origination

The following tables summarize the Company's gross charge-offs by year of origination for the periods indicated:

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Three months ended March 31, 2024
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	15	$	—	$	—	$	—	$	15
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		12		—		—		1		—		—		13
Construction and development < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Construction residential real estate < 60 months
Current-period gross charge-offs		—		3		—		—		—		—		—		3
Residential real estate first lien
Current-period gross charge-offs		1		—		—		1		—		21		—		23
Residential real estate all other
Current-period gross charge-offs		—		—		—		—		—		2		27		29
Agriculture
Current-period gross charge-offs		—		—		31		—		—		—		—		31
Commercial non-real estate
Current-period gross charge-offs		—		1,001		275		132		12		126		1,508		3,054
Consumer non-real estate
Current-period gross charge-offs		—		244		97		51		13		15		11		431
Oil and gas
Current-period gross charge-offs		—		9		83		—		—		—		—		92
Total current-period gross charge-offs	$	1	$	1,269	$	486	$	199	$	26	$	164	$	1,546	$	3,691

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2023		2022		2021		2020		2019		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Three months ended March 31, 2023
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	7	$	1	$	22	$	18	$	—	$	—	$	48
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		—		—		—		—		3		—		3
Construction and development < 60 months
Current-period gross charge-offs		—		2		—		—		—		—		—		2
Construction residential real estate < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Residential real estate first lien
Current-period gross charge-offs		—		—		—		—		—		2		—		2
Residential real estate all other
Current-period gross charge-offs		—		2		19		—		1		4		—		26
Agriculture
Current-period gross charge-offs		—		4		—		16		13		2		—		35
Commercial non-real estate
Current-period gross charge-offs		—		67		62		—		—		47		—		176
Consumer non-real estate
Current-period gross charge-offs		—		76		32		15		9		6		2		140
Oil and gas
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Total current-period gross charge-offs	$	—	$	158	$	114	$	53	$	41	$	64	$	2	$	432

Activity in Allowance for Credit Losses on Loans

The following table details activity in the allowance for credit losses on loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

	Allowance for Credit Losses
	Balance at beginning of period		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 March 31, 2024
Real estate:
Commercial real estate owner occupied	$	7,483	$	(15	)	$	20	$	5		$	(20	)	$	7,468
Commercial real estate non-owner occupied		33,080		(13	)		—		(13	)		113			33,180
Construction and development < 60 months		3,950		—			—		—			2,646			6,596
Construction residential real estate < 60 months		3,414		(3	)		—		(3	)		53			3,464
Residential real estate first lien		4,914		(23	)		4		(19	)		28			4,923
Residential real estate all other		1,646		(29	)		5		(24	)		30			1,652
Agriculture		6,137		(31	)		12		(19	)		19			6,137
Commercial non-real estate		22,745		(3,054	)		33		(3,021	)		758			20,482
Consumer non-real estate		4,401		(431	)		69		(362	)		296			4,335
Oil and gas		9,030		(92	)		—		(92	)		92			9,030
Total	$	96,800	$	(3,691	)	$	143	$	(3,548	)	$	4,015		$	97,267

	Allowance for Credit Losses
	Balance at beginning of period		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 March 31, 2023
Real estate:
Commercial real estate owner occupied	$	6,416	$	(48	)	$	49	$	1		$	130		$	6,547
Commercial real estate non-owner occupied		30,190		(3	)		—		(3	)		1,933			32,120
Construction and development < 60 months		3,778		(2	)		3		1			(171	)		3,608
Construction residential real estate < 60 months		3,275		—			—		—			(49	)		3,226
Residential real estate first lien		4,092		(2	)		3		1			361			4,454
Residential real estate all other		1,418		(26	)		2		(24	)		50			1,444
Agriculture		6,217		(35	)		6		(29	)		80			6,268
Commercial non-real estate		25,106		(176	)		22		(154	)		127			25,079
Consumer non-real estate		4,132		(140	)		57		(83	)		183			4,232
Oil and gas		8,104		—			—		—			(322	)		7,782
Total	$	92,728	$	(432	)	$	142	$	(290	)	$	2,322		$	94,760

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		Other Assets		Total		Specific Allocation
	(Dollars in thousands)
As of March 31, 2024
Real estate:
Commercial real estate owner occupied	$	—	$	—	$	—	$	—	$	—
Commercial real estate non-owner occupied		632		—		—		632		250
Construction and development < 60 months		24,977		—		—		24,977		2,825
Construction residential real estate < 60 months		628		—		—		628		134
Residential real estate first lien		125		—		—		125		54
Residential real estate all other		81		—		—		81		82
Agriculture		1,837		490		15		2,342		1,386
Commercial non-real estate		—		5,320		112		5,432		1,582
Consumer non-real estate		—		—		280		280		140
Oil and gas		—		—		—		—		—
Total collateral-dependent loans held for investment	$	28,280	$	5,810	$	407	$	34,497	$	6,453
	Collateral Type
	Real Estate		Business Assets		Other Assets		Total		Specific Allocation
	(Dollars in thousands)
As of December 31, 2023
Real estate:
Commercial real estate owner occupied	$	—	$	—	$	—	$	—	$	—
Commercial real estate non-owner occupied		632		—		—		632		250
Construction and development < 60 months		800		—		—		800		225
Construction residential real estate < 60 months		638		—		—		638		134
Residential real estate first lien		189		—		—		189		62
Residential real estate all other		140		—		—		140		140
Agriculture		1,841		593		15		2,449		1,386
Commercial non-real estate		—		6,090		241		6,331		1,867
Consumer non-real estate		—		—		147		147		88
Oil and gas		—		—		—		—		—
Total collateral-dependent loans held for investment	$	4,240	$	6,683	$	403	$	11,326	$	4,152

Transfers from Loans and Premises and Equipment to Other Real Estate Owned and Repossessed Assets

Transfers from loans and premises and equipment to other real estate owned and repossessed assets during the periods presented are summarized as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Other real estate owned	$	1,582	$	565
Repossessed assets		455		395
Total	$	2,037	$	960

XML

Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following is a summary of intangible assets as of the date listed:

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Dollars in thousands)
March 31, 2024
Core deposit intangibles	$	33,550	$	(17,884	)	$	15,666
Customer relationship intangibles		3,350		(3,198	)		152
Total	$	36,900	$	(21,082	)	$	15,818
December 31, 2023
Core deposit intangibles	$	33,550	$	(17,027	)	$	16,523
Customer relationship intangibles		3,350		(3,169	)		181
Total	$	36,900	$	(20,196	)	$	16,704

Summary of Goodwill by Business Segment

The following is a summary of goodwill by business segment:

	BancFirst Metropolitan Banks		BancFirst Community Banks		Pegasus		Worthington		Other Financial Services		Executive, Operations & Support		Consolidated
	(Dollars in thousands)
Three months ended March 31, 2024
Balance at beginning and end of period	$	13,767	$	61,420	$	68,855	$	32,133	$	5,464	$	624	$	182,263

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Three Months Ended March 31, 2024
Outstanding at December 31, 2023		1,241,391		$	53.12
Options exercised		(28,638	)		24.73
Options canceled, forfeited, or expired		(8,500	)		94.68
Outstanding at March 31, 2024		1,204,253			53.50	9.56 Yrs.	$	41,580
Exercisable at March 31, 2024		542,253			36.58	6.65 Yrs.	$	27,898

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 March 31,
	2024		2023
	(Dollars in thousands)
Total intrinsic value of options exercised	$	1,831	$	352
Cash received from options exercised		708		221
Tax benefit realized from options exercised		440		85

Stock-based Employee Compensation Expense

The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Stock-based compensation expense	$	715	$	382
Tax benefit		172		92
Stock-based compensation expense, net of tax	$	543	$	290

The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs:

Unearned Stock-based Compensation Expense

	March 31, 2024
	(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options	$	9,454
Unearned stock-based compensation expense for unvested RSU's		3,010

Summary of Accumulated Stock Units

A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:

	March 31, 2024		December 31, 2023
Accumulated stock units		116,816		119,575
Average price	$	41.58	$	40.03

Summary of Activity Under RSU Plan

The following table is a summary of the activity under the Company's RSU plan.

				Wgtd. Avg.
	Restricted			Grant Date
	Stock Units			Fair Value
Three Months Ended March 31, 2024
Nonvested at December 31, 2023		32,075		$	87.23
Granted		6,500			88.49
Forfeited		(1,500	)		83.61
Nonvested at March 31, 2024		37,075			87.59

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of Shares Repurchased Under Stock Purchase Program

The following table is a summary of the shares under the SRP:

	Three Months Ended March 31,
	2024		2023
Shares remaining to be repurchased		479,784		500,486

Required Capital Amounts and Company's Respective Ratios

The actual and required capital amounts and ratios are shown in the following table:

				Required						To Be Well
				For Capital			With			Capitalized Under
				Adequacy			Capital Conservation			Prompt Corrective
	Actual			Purposes			Buffer			Action Provisions
	Amount		Ratio	Amount		Ratio	Amount		Ratio	Amount		Ratio
	(Dollars in thousands)
As of March 31, 2024:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,506,155	17.19%	$	701,043	8.00%	$	920,119	10.50%	N/A		N/A
BancFirst		1,193,811	15.94%		599,307	8.00%		786,591	10.50%	$	749,134	10.00%
Pegasus		143,914	17.11%		67,275	8.00%		88,299	10.50%		84,094	10.00%
Worthington		52,335	12.10%		34,612	8.00%		45,428	10.50%		43,265	10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,323,577	15.10%	$	394,337	4.50%	$	613,413	7.00%	N/A		N/A
BancFirst		1,091,417	14.57%		337,110	4.50%		524,394	7.00%	$	486,937	6.50%
Pegasus		133,391	15.86%		37,842	4.50%		58,866	7.00%		54,661	6.50%
Worthington		48,295	11.16%		19,469	4.50%		30,285	7.00%		28,122	6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,349,577	15.40%	$	525,782	6.00%	$	744,858	8.50%	N/A		N/A
BancFirst		1,111,417	14.84%		449,480	6.00%		636,764	8.50%	$	599,307	8.00%
Pegasus		133,391	15.86%		50,456	6.00%		71,480	8.50%		67,275	8.00%
Worthington		48,295	11.16%		25,959	6.00%		36,775	8.50%		34,612	8.00%
Tier 1 Capital
(to Quarterly Average Assets)-
BancFirst Corporation	$	1,349,577	10.99%	$	491,387	4.00%	N/A		N/A	N/A		N/A
BancFirst		1,111,417	10.62%		418,449	4.00%	N/A		N/A	$	523,062	5.00%
Pegasus		133,391	10.64%		50,133	4.00%	N/A		N/A		62,666	5.00%
Worthington		48,295	8.49%		22,742	4.00%	N/A		N/A		28,427	5.00%

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Net Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Basic and Diluted Net Income Per Common Share

Basic and diluted net income per common share are calculated as follows:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands, except per share data)
(Numerator)
Income available to common stockholders	$	50,334	$	57,533
(Denominator)
Weighted average shares outstanding for basic earnings per common share		32,947,983		32,892,857
Dilutive effect of stock compensation		565,429		569,882
Weighted-average shares outstanding for diluted earnings per common share		33,513,412		33,462,739
Basic earnings per share	$	1.53	$	1.75
Diluted earnings per share	$	1.50	$	1.72

Average Exercise Price of Options Excluded from Computation of Diluted Net Income Per Common Share

The following table shows the number of options and RSU's that were excluded from the computation of diluted net income per common share for each period because they were anti-dilutive for the period:

	Shares
Three Months Ended March 31, 2024		270,417
Three Months Ended March 31, 2023		309,833

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
March 31, 2024
Debt securities available for sale:
U.S. Treasury	$	1,480,381	$	—	$	—	$	1,480,381
U.S. federal agencies		—		10,844		—		10,844
Mortgage-backed securities		—		14,263		—		14,263
States and political subdivisions		—		9,790		180		9,970
Asset backed securities		—		11,252		—		11,252
Other debt securities		—		6,812		—		6,812
Derivative assets		—		27,445		—		27,445
Derivative liabilities		—		25,520		—		25,520
December 31, 2023
Debt securities available for sale:
U.S. Treasury	$	1,498,045	$	—	$	—	$	1,498,045
U.S. federal agencies		—		11,770		—		11,770
Mortgage-backed securities		—		14,795		—		14,795
States and political subdivisions		—		9,830		180		10,010
Asset backed securities		—		12,512		—		12,512
Other debt securities				6,773				6,773
Derivative assets		—		41,099		—		41,099
Derivative liabilities		—		39,176		—		39,176

Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Three Months Ended March 31,		Twelve Months Ended December 31,
	2024		2023
	(Dollars in thousands)
Balance at the beginning of the year	$	180	$	454
Transfers to level 2		—		(244	)
Settlements		—		(30	)
Balance at the end of the period	$	180	$	180

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. These nonrecurring fair values do not represent all assets, only those assets that have been adjusted during the reporting period:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended March 31, 2024
Equity securities	$	13,176
Collateral dependent loans		230
Repossessed assets		238
Other real estate owned		2,709
As of and for the Year-to-date Period Ended December 31, 2023
Equity securities	$	13,144
Collateral dependent loans		1,894
Repossessed assets		474
Other real estate owned		31,773

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	2,525,095	$	2,525,095	$	2,397,463	$	2,397,463
Federal funds sold		1,209		1,209	$	1,316		1,316
Debt securities held for investment		4		4		5		5
Loans held for sale		5,997		5,997		3,489		3,489
Level 3 inputs:
Debt securities held for investment		1,125		1,125		1,185		1,185
Loans, net of allowance for credit losses		7,684,593		8,436,154		7,559,845		7,356,768
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		10,909,621		10,421,046		10,700,122		10,413,348
Short-term borrowings		9,699		9,699		3,351		3,351
Subordinated debt		86,115		78,255		86,101		79,271
OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS
Loan commitments				4,577				4,875
Letters of credit				599				637

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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Amounts and Estimated Fair Values of Oil and Gas Derivative Positions Outstanding

The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models. The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table:

		March 31, 2024						December 31, 2023
Oil and Natural Gas Swaps and Options	Notional Units	Notional Amount			Estimated Fair Value			Notional Amount			Estimated Fair Value
		(Notional amounts and dollars in thousands)
Oil
Derivative assets	Barrels		4,489		$	5,892			3,896		$	20,567
Derivative liabilities	Barrels		(4,489	)		(4,822	)		(3,896	)		(19,512	)
Gas/Natural Gas Liquids
Derivative assets	MMBTUs/Gallons		40,106			21,553			46,140			20,532
Derivative liabilities	MMBTUs/Gallons		(40,106	)		(20,698	)		(46,140	)		(19,664	)
Total Fair Value	Included in
Derivative assets	Other assets					27,445						41,099
Derivative liabilities	Other liabilities					(25,520	)					(39,176	)

Summary of Company's Recognized Income Related to Activity Included in Other Noninterest Income

The following table is a summary of the Company's recognized income related to the activity, which was included in other noninterest income:

	Three Months Ended March 31,
	2024		2023
	(Dollars in thousands)
Derivative income	$	103	$	89

Summary of Company's Net Credit Exposure Relating to Oil and Gas Swaps and Options with Bank Counterparties

The following table is a summary of the Company's net credit exposure relating to oil and gas swaps and options with bank counterparties:

	March 31, 2024		December 31, 2023
	(Dollars in thousands)
Credit exposure	$	14,775	$	39,527

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Results of Operations and Selected Financial Information

The results of operations and selected financial information for the six business units are as follows:

	BancFirst Metropolitan Banks		BancFirst Community Banks		Pegasus		Worthington		Other Financial Services		Executive, Operations & Support		Eliminations			Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2024
Net interest income	$	28,193	$	60,011	$	10,867	$	4,389	$	1,019	$	1,625	$	—		$	106,104
Noninterest income		5,169		15,918		320		221		15,163		58,428		(50,319	)		44,900
Income before taxes		22,331		38,792		3,145		669		6,335		43,071		(50,133	)		64,210
Three Months Ended March 31, 2023
Net interest income	$	30,739	$	57,685	$	15,151	$	4,624	$	942	$	15	$	—		$	109,156
Noninterest income		6,087		19,532		214		279		14,172		66,143		(58,599	)		47,828
Income before taxes		23,310		43,599		9,644		1,630		6,164		48,417		(58,419	)		74,345
Total Assets:
March 31, 2024	$	3,283,434	$	7,452,457	$	1,322,543	$	618,111	$	111,953	$	1,404,833	$	(1,590,906	)	$	12,602,425
December 31, 2023		3,598,888		7,012,905		1,280,618		600,364		121,601		1,307,714		(1,550,048	)		12,372,042

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Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail)	Mar. 31, 2024
ASU 2023-07 [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

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Recent Developments Including Mergers and Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jun. 17, 2021
Business Combination Separately Recognized Transactions [Line Items]
Total assets	$ 12,602,425	$ 12,372,042
Loans held for investment (net of unearned interest)	7,781,860	7,656,645
Deposits	10,909,621	10,700,122
Goodwill	$ 182,263	$ 182,263
Subordinated Notes due 2036 [Member] | Private Placement [Member]
Business Combination Separately Recognized Transactions [Line Items]
Aggregate principal amount			$ 60,000
Fixed-to-floating rate			3.50%

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Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 1,129	$ 1,190
Estimated Fair Value	1,129	1,190
Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	4	5
Estimated Fair Value	4	5
States and Political Subdivisions [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	625	685
Estimated Fair Value	625	685
Other Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	500	500
Estimated Fair Value	$ 500	$ 500

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Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,602,069	$ 1,619,420
Gross Unrealized Gains	135	586
Gross Unrealized Losses	(68,682)	(66,101)
Estimated Fair Value	1,533,522	1,553,905
U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,545,588	1,560,265
Gross Unrealized Gains		415
Gross Unrealized Losses	(65,207)	(62,635)
Estimated Fair Value	1,480,381	1,498,045
U.S. Federal Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,729	11,631
Gross Unrealized Gains	119	142
Gross Unrealized Losses	(4)	(3)
Estimated Fair Value	10,844	11,770
Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	16,049	16,459
Gross Unrealized Gains	9	13
Gross Unrealized Losses	(1,795)	(1,677)
Estimated Fair Value	14,263	14,795
States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,100	10,108
Gross Unrealized Gains	7	16
Gross Unrealized Losses	(137)	(114)
Estimated Fair Value	9,970	10,010
Asset backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,440	12,794
Gross Unrealized Losses	(188)	(282)
Estimated Fair Value	11,252	12,512
Other Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,163	8,163
Gross Unrealized Losses	(1,351)	(1,390)
Estimated Fair Value	$ 6,812	$ 6,773

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Securities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Proceeds from sales of available for sale securities	$ 0	$ 0
Avaliable for sale of debt securities realized gains or losses	$ 0	$ 0

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Securities - Maturity of Debt Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Held for Investment, Contractual maturity of debt securities, Amortized Cost
Amortized cost, Within one year	$ 351	$ 350
Amortized cost, After one year but within five years	778	840
Amortized Cost	1,129	1,190
Available for sale, Contractual maturity of debt securities, Amortized Cost
Amortized Cost, Within one year	389,115	348,318
Amortized Cost, After one year but within five years	1,167,880	1,223,529
Amortized Cost, After five years but within ten years	10,278	10,331
Amortized Cost, After ten years	34,796	37,242
Amortized Cost	1,602,069	1,619,420
Held for Investment, Contractual maturity of debt securities, Estimated Fair Value
Estimated Fair Value, Within one year	351	350
Estimated Fair Value, After one year but within five years	778	840
Estimated Fair Value	1,129	1,190
Available for sale, Contractual maturity of debt securities, Estimated Fair Value
Estimated Fair Value, Within one year	382,870	341,645
Estimated Fair Value, After one year but within five years	1,108,898	1,167,973
Estimated Fair Value, After five years but within ten years	8,848	8,851
Estimated Fair Value, After ten years	32,906	35,436
Total debt securities	$ 1,533,522	$ 1,553,905

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Securities - Company's Book Value of Pledged Debt Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Asset Pledged as Collateral without Right [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Book value of pledged securities	$ 908,521	$ 591,324

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Securities - Summary of Debt Securities with Unrealized Losses, Segregated by Duration of Unrealized Loss (Detail) $ in Thousands	Mar. 31, 2024 USD ($) Investments	Dec. 31, 2023 USD ($) Investments
Debt Securities, Available-for-Sale [Abstract]
Number of investments | Investments	154	155
Available-for-sale Securities, Less than 12 Months, Fair Value	$ 93,367	$ 6,324
Available-for-sale Securities, Less than 12 Months, Unrealized Losses	829	97
Available-for-sale Securities, 12 Months or Longer, Fair Value	1,403,088	1,436,062
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses	67,853	66,004
Available-for-sale Securities, Fair Value, Total	1,496,455	1,442,386
Available-for-sale Securities, Unrealized Losses, Total	$ 68,682	$ 66,101
U.S. Treasuries [Member]
Debt Securities, Available-for-Sale [Abstract]
Number of investments | Investments	67	68
Available-for-sale Securities, Less than 12 Months, Fair Value	$ 90,252	$ 4,838
Available-for-sale Securities, Less than 12 Months, Unrealized Losses	816	90
Available-for-sale Securities, 12 Months or Longer, Fair Value	1,370,129	1,401,669
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses	64,391	62,545
Available-for-sale Securities, Fair Value, Total	1,460,381	1,406,507
Available-for-sale Securities, Unrealized Losses, Total	$ 65,207	$ 62,635
U.S. Federal Agencies [Member]
Debt Securities, Available-for-Sale [Abstract]
Number of investments | Investments	3	3
Available-for-sale Securities, Less than 12 Months, Fair Value	$ 1,057	$ 1,100
Available-for-sale Securities, Less than 12 Months, Unrealized Losses	4	3
Available-for-sale Securities, Fair Value, Total	1,057	1,100
Available-for-sale Securities, Unrealized Losses, Total	$ 4	$ 3
Mortgage Backed Securities [Member]
Debt Securities, Available-for-Sale [Abstract]
Number of investments | Investments	71	74
Available-for-sale Securities, Less than 12 Months, Fair Value	$ 1,191	$ 80
Available-for-sale Securities, Less than 12 Months, Unrealized Losses	6
Available-for-sale Securities, 12 Months or Longer, Fair Value	12,767	13,261
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses	1,789	1,677
Available-for-sale Securities, Fair Value, Total	13,958	13,341
Available-for-sale Securities, Unrealized Losses, Total	$ 1,795	$ 1,677
States and Political Subdivisions [Member]
Debt Securities, Available-for-Sale [Abstract]
Number of investments | Investments	9	6
Available-for-sale Securities, Less than 12 Months, Fair Value	$ 867	$ 306
Available-for-sale Securities, Less than 12 Months, Unrealized Losses	3	4
Available-for-sale Securities, 12 Months or Longer, Fair Value	2,128	1,847
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses	134	110
Available-for-sale Securities, Fair Value, Total	2,995	2,153
Available-for-sale Securities, Unrealized Losses, Total	$ 137	$ 114
Asset backed Securities [Member]
Debt Securities, Available-for-Sale [Abstract]
Number of investments | Investments	1	1
Available-for-sale Securities, 12 Months or Longer, Fair Value	$ 11,252	$ 12,512
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses	188	282
Available-for-sale Securities, Fair Value, Total	11,252	12,512
Available-for-sale Securities, Unrealized Losses, Total	$ 188	$ 282
Other Securities [Member]
Debt Securities, Available-for-Sale [Abstract]
Number of investments | Investments	3	3
Available-for-sale Securities, 12 Months or Longer, Fair Value	$ 6,812	$ 6,773
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses	1,351	1,390
Available-for-sale Securities, Fair Value, Total	6,812	6,773
Available-for-sale Securities, Unrealized Losses, Total	$ 1,351	$ 1,390

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Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Loans Held for Investment by Portfolio Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	$ 7,781,860	$ 7,656,645
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	962,203	960,944
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	1,531,185	1,486,420
Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	669,726	642,643
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	280,686	283,486
Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	1,283,879	1,258,744
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	252,635	244,696
Real Estate [Member] | Agriculture [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	449,812	427,139
Commercial Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	1,320,840	1,289,452
Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	465,166	476,467
Oil and Gas [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment (net of unearned interest)	$ 565,728	$ 586,654

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Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Loans Held for Investment by Portfolio Segment (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Accrued interest receivable	$ 40.9	$ 39.4

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Loans Held for Investment and Allowance for Credit Losses on Loans - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable Recorded Investment [Line Items]
Gains (losses) on sale of property held in other real estate owned	$ 177,000	$ 98,000
Interest income recognized on nonaccrual loans	0	0
Interest income that would have been recognized	696,000	$ 358,000
Balance of modifies loans	1,100,000		$ 5,300,000
Commercial Real Estate
Financing Receivable Recorded Investment [Line Items]
Other real estate	30,400,000		29,400,000
U.S. Federal Agencies [Member]
Financing Receivable Recorded Investment [Line Items]
Nonaccrual loans guaranteed by government agencies	$ 6,600,000		$ 6,700,000
Parent Company [Member]
Financing Receivable Recorded Investment [Line Items]
Percentage of loans secured by real estate	70.00%
BancFirst [Member]
Financing Receivable Recorded Investment [Line Items]
Loan percentage	84.00%
Pegasus and Worthington [Member]
Financing Receivable Recorded Investment [Line Items]
Loan percentage	16.00%

XML

Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Summary Of Nonperforming And Restructured Assets [Abstract]
Other real estate owned and repossessed assets	$ 35,116	$ 34,200

XML

Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Rental Income and Operating Expenses (Details) - Commercial Real Estate [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Rental income	$ 2,941	$ 2,690
Operating expense	$ 2,250	$ 2,381

XML

Loans Held for Investment and Allowance for Credit Losses on Loans - Summary of Amounts Included in Nonaccrual Loans Segregated by Portfolio Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	$ 41,996	$ 24,573
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	2,282	1,686
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	3,010	874
Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	20,142	800
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	755	638
Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	2,919	3,336
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	531	899
Real Estate [Member] | Agriculture [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	2,169	3,662
Commercial Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	7,518	10,101
Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	703	449
Oil and Gas [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	$ 1,967	$ 2,128

XML

Loans Held for Investment and Allowance for Credit Losses on Loans - Age Analysis of Loans Held for Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	$ 7,781,860	$ 7,656,645
Accruing Loans 90 Days or More Past Due	6,332	9,542
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	962,203	960,944
Accruing Loans 90 Days or More Past Due	3,670	4,377
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	1,531,185	1,486,420
Accruing Loans 90 Days or More Past Due	876	913
Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	669,726	642,643
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	280,686	283,486
Accruing Loans 90 Days or More Past Due		332
Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	1,283,879	1,258,744
Accruing Loans 90 Days or More Past Due	780	731
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	252,635	244,696
Accruing Loans 90 Days or More Past Due	115	549
Real Estate [Member] | Agriculture [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	449,812	427,139
Accruing Loans 90 Days or More Past Due	215	579
Commercial Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	1,320,840	1,289,452
Accruing Loans 90 Days or More Past Due	312	1,714
Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	465,166	476,467
Accruing Loans 90 Days or More Past Due	364	347
Oil and Gas [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	565,728	586,654
30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	24,953	16,429
30 to 59 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	7,283	1,386
30 to 59 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	297	2,224
30 to 59 Days Past Due [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	501	198
30 to 59 Days Past Due [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,920	1,542
30 to 59 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	4,584	3,879
30 to 59 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,297	757
30 to 59 Days Past Due [Member] | Real Estate [Member] | Agriculture [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,348	1,694
30 to 59 Days Past Due [Member] | Commercial Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,550	1,501
30 to 59 Days Past Due [Member] | Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	3,672	3,248
30 to 59 Days Past Due [Member] | Oil and Gas [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	501
60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	8,688	11,405
60 to 89 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	18	26
60 to 89 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	63	7,371
60 to 89 Days Past Due [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,654	158
60 to 89 Days Past Due [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,411	206
60 to 89 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,000	1,204
60 to 89 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	370	190
60 to 89 Days Past Due [Member] | Real Estate [Member] | Agriculture [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,032	724
60 to 89 Days Past Due [Member] | Commercial Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,385	436
60 to 89 Days Past Due [Member] | Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	755	1,090
90 Days and Greater [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	18,937	22,992
90 Days and Greater [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	5,594	5,598
90 Days and Greater [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,806	1,786
90 Days and Greater [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	800	800
90 Days and Greater [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	407	405
90 Days and Greater [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,650	1,849
90 Days and Greater [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	624	613
90 Days and Greater [Member] | Real Estate [Member] | Agriculture [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	728	1,227
90 Days and Greater [Member] | Commercial Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	6,461	10,028
90 Days and Greater [Member] | Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	867	594
90 Days and Greater [Member] | Oil and Gas [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans		92
Past Due Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	52,578	50,826
Past Due Loans [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	12,895	7,010
Past Due Loans [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,166	11,381
Past Due Loans [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	3,955	1,156
Past Due Loans [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	4,738	2,153
Past Due Loans [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	7,234	6,932
Past Due Loans [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,291	1,560
Past Due Loans [Member] | Real Estate [Member] | Agriculture [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	3,108	3,645
Past Due Loans [Member] | Commercial Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	10,396	11,965
Past Due Loans [Member] | Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	5,294	4,932
Past Due Loans [Member] | Oil and Gas [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	501	92
Current Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	7,729,282	7,605,819
Current Loans [Member] | Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	949,308	953,934
Current Loans [Member] | Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,529,019	1,475,039
Current Loans [Member] | Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	665,771	641,487
Current Loans [Member] | Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	275,948	281,333
Current Loans [Member] | Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,276,645	1,251,812
Current Loans [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	250,344	243,136
Current Loans [Member] | Real Estate [Member] | Agriculture [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	446,704	423,494
Current Loans [Member] | Commercial Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,310,444	1,277,487
Current Loans [Member] | Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	459,872	471,535
Current Loans [Member] | Oil and Gas [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	$ 565,227	$ 586,562

XML

Loans Held for Investment and Allowance for Credit Losses on Loans - Gross Loans Held for Investment by Year of Origination and Internally Assigned Credit Grades (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	$ 575,035
Fiscal year before current fiscal year	1,935,478
Two years before current fiscal year	1,525,653
Three years before current fiscal year	1,050,103
Four years before current fiscal year	528,174
Prior	935,167
Revolving Loans Amortized Cost Basis	1,232,250
Total Loans	7,781,860	$ 7,656,645
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	35,372
Fiscal year before current fiscal year	151,687
Two years before current fiscal year	209,226
Three years before current fiscal year	166,981
Four years before current fiscal year	105,630
Prior	249,178
Revolving Loans Amortized Cost Basis	44,129
Total Loans	962,203	960,944
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	25,173
Fiscal year before current fiscal year	109,028
Two years before current fiscal year	159,208
Three years before current fiscal year	116,637
Four years before current fiscal year	82,223
Prior	203,263
Revolving Loans Amortized Cost Basis	18,941
Total Loans	714,473
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	6,168
Fiscal year before current fiscal year	34,656
Two years before current fiscal year	46,355
Three years before current fiscal year	44,871
Four years before current fiscal year	22,165
Prior	40,867
Revolving Loans Amortized Cost Basis	22,938
Total Loans	218,020
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	4,031
Fiscal year before current fiscal year	7,629
Two years before current fiscal year	3,640
Three years before current fiscal year	5,303
Four years before current fiscal year	890
Prior	3,055
Revolving Loans Amortized Cost Basis	2,100
Total Loans	26,648
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Fiscal year before current fiscal year	374
Two years before current fiscal year	23
Three years before current fiscal year	170
Four years before current fiscal year	352
Prior	1,654
Revolving Loans Amortized Cost Basis	150
Total Loans	2,723
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member] | Grade 5 [Member]
Financing Receivable Recorded Investment [Line Items]
Prior	339
Total Loans	339
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	49,644
Fiscal year before current fiscal year	383,359
Two years before current fiscal year	411,814
Three years before current fiscal year	275,294
Four years before current fiscal year	161,886
Prior	213,923
Revolving Loans Amortized Cost Basis	35,265
Total Loans	1,531,185	1,486,420
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	30,431
Fiscal year before current fiscal year	217,786
Two years before current fiscal year	266,193
Three years before current fiscal year	187,861
Four years before current fiscal year	116,004
Prior	120,132
Revolving Loans Amortized Cost Basis	32,534
Total Loans	970,941
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	13,104
Fiscal year before current fiscal year	163,293
Two years before current fiscal year	144,208
Three years before current fiscal year	85,378
Four years before current fiscal year	45,784
Prior	93,020
Revolving Loans Amortized Cost Basis	2,731
Total Loans	547,518
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	6,109
Two years before current fiscal year	781
Three years before current fiscal year	1,703
Prior	247
Total Loans	8,840
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Fiscal year before current fiscal year	2,280
Two years before current fiscal year	632
Three years before current fiscal year	352
Four years before current fiscal year	98
Prior	524
Total Loans	3,886
Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	53,814
Fiscal year before current fiscal year	222,170
Two years before current fiscal year	211,581
Three years before current fiscal year	76,514
Four years before current fiscal year	12,025
Prior	23,220
Revolving Loans Amortized Cost Basis	70,402
Total Loans	669,726	642,643
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	29,037
Fiscal year before current fiscal year	89,815
Two years before current fiscal year	147,644
Three years before current fiscal year	50,050
Four years before current fiscal year	5,324
Prior	7,984
Revolving Loans Amortized Cost Basis	42,282
Total Loans	372,136
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	24,777
Fiscal year before current fiscal year	126,003
Two years before current fiscal year	62,244
Three years before current fiscal year	26,007
Four years before current fiscal year	6,561
Prior	15,166
Revolving Loans Amortized Cost Basis	8,778
Total Loans	269,536
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Fiscal year before current fiscal year	6,352
Two years before current fiscal year	893
Three years before current fiscal year	357
Prior	70
Revolving Loans Amortized Cost Basis	19,342
Total Loans	27,014
Real Estate [Member] | Construction and Development Less than 60 Months [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Two years before current fiscal year	800
Three years before current fiscal year	100
Four years before current fiscal year	140
Total Loans	1,040
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	63,670
Fiscal year before current fiscal year	151,384
Two years before current fiscal year	16,966
Three years before current fiscal year	8,641
Four years before current fiscal year	111
Prior	559
Revolving Loans Amortized Cost Basis	39,355
Total Loans	280,686	283,486
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	34,249
Fiscal year before current fiscal year	84,861
Two years before current fiscal year	14,251
Three years before current fiscal year	8,620
Four years before current fiscal year	99
Prior	559
Revolving Loans Amortized Cost Basis	38,050
Total Loans	180,689
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	28,843
Fiscal year before current fiscal year	58,132
Two years before current fiscal year	2,135
Three years before current fiscal year	21
Four years before current fiscal year	12
Prior	0
Revolving Loans Amortized Cost Basis	1,305
Total Loans	90,448
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Fiscal year before current fiscal year	8,191
Two years before current fiscal year	374
Total Loans	8,565
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	578
Fiscal year before current fiscal year	200
Two years before current fiscal year	206
Total Loans	984
Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	87,310
Fiscal year before current fiscal year	321,804
Two years before current fiscal year	259,974
Three years before current fiscal year	208,482
Four years before current fiscal year	138,001
Prior	263,671
Revolving Loans Amortized Cost Basis	4,637
Total Loans	1,283,879	1,258,744
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	72,174
Fiscal year before current fiscal year	268,280
Two years before current fiscal year	214,401
Three years before current fiscal year	167,456
Four years before current fiscal year	110,847
Prior	204,350
Revolving Loans Amortized Cost Basis	4,637
Total Loans	1,042,145
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	14,813
Fiscal year before current fiscal year	49,624
Two years before current fiscal year	42,664
Three years before current fiscal year	37,763
Four years before current fiscal year	24,732
Prior	51,823
Total Loans	221,419
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	232
Fiscal year before current fiscal year	2,987
Two years before current fiscal year	2,691
Three years before current fiscal year	2,538
Four years before current fiscal year	1,710
Prior	5,622
Total Loans	15,780
Real Estate [Member] | Residential Real Estate First Lien [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	91
Fiscal year before current fiscal year	913
Two years before current fiscal year	218
Three years before current fiscal year	725
Four years before current fiscal year	712
Prior	1,876
Total Loans	4,535
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	10,395
Fiscal year before current fiscal year	41,757
Two years before current fiscal year	27,040
Three years before current fiscal year	8,522
Four years before current fiscal year	9,346
Prior	18,776
Revolving Loans Amortized Cost Basis	136,799
Total Loans	252,635	244,696
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	8,258
Fiscal year before current fiscal year	36,264
Two years before current fiscal year	21,550
Three years before current fiscal year	6,892
Four years before current fiscal year	7,585
Prior	14,383
Revolving Loans Amortized Cost Basis	55,776
Total Loans	150,708
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	1,682
Fiscal year before current fiscal year	5,082
Two years before current fiscal year	5,290
Three years before current fiscal year	1,434
Four years before current fiscal year	1,595
Prior	3,611
Revolving Loans Amortized Cost Basis	78,539
Total Loans	97,233
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	455
Fiscal year before current fiscal year	292
Two years before current fiscal year	176
Three years before current fiscal year	196
Four years before current fiscal year	166
Prior	671
Revolving Loans Amortized Cost Basis	1,590
Total Loans	3,546
Real Estate [Member] | Residential Real Estate All Other [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Fiscal year before current fiscal year	119
Two years before current fiscal year	24
Three years before current fiscal year	0
Prior	111
Revolving Loans Amortized Cost Basis	894
Total Loans	1,148
Real Estate [Member] | Agriculture [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	26,903
Fiscal year before current fiscal year	92,297
Two years before current fiscal year	69,896
Three years before current fiscal year	51,907
Four years before current fiscal year	37,329
Prior	72,380
Revolving Loans Amortized Cost Basis	99,100
Total Loans	449,812	427,139
Real Estate [Member] | Agriculture [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	13,547
Fiscal year before current fiscal year	57,413
Two years before current fiscal year	47,429
Three years before current fiscal year	33,676
Four years before current fiscal year	25,336
Prior	48,773
Revolving Loans Amortized Cost Basis	49,003
Total Loans	275,177
Real Estate [Member] | Agriculture [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	11,754
Fiscal year before current fiscal year	25,588
Two years before current fiscal year	21,021
Three years before current fiscal year	17,212
Four years before current fiscal year	9,303
Prior	20,012
Revolving Loans Amortized Cost Basis	48,165
Total Loans	153,055
Real Estate [Member] | Agriculture [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	1,602
Fiscal year before current fiscal year	8,528
Two years before current fiscal year	819
Three years before current fiscal year	966
Four years before current fiscal year	2,591
Prior	3,328
Revolving Loans Amortized Cost Basis	1,931
Total Loans	19,765
Real Estate [Member] | Agriculture [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Fiscal year before current fiscal year	768
Two years before current fiscal year	627
Three years before current fiscal year	53
Four years before current fiscal year	99
Prior	267
Revolving Loans Amortized Cost Basis	1
Total Loans	1,815
Commercial Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	63,861
Fiscal year before current fiscal year	285,964
Two years before current fiscal year	200,777
Three years before current fiscal year	167,663
Four years before current fiscal year	40,006
Prior	78,348
Revolving Loans Amortized Cost Basis	484,221
Total Loans	1,320,840	1,289,452
Commercial Non-real Estate [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	38,088
Fiscal year before current fiscal year	177,037
Two years before current fiscal year	163,957
Three years before current fiscal year	148,673
Four years before current fiscal year	32,770
Prior	64,198
Revolving Loans Amortized Cost Basis	317,586
Total Loans	942,309
Commercial Non-real Estate [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	24,463
Fiscal year before current fiscal year	106,857
Two years before current fiscal year	33,066
Three years before current fiscal year	17,747
Four years before current fiscal year	6,480
Prior	13,144
Revolving Loans Amortized Cost Basis	161,984
Total Loans	363,741
Commercial Non-real Estate [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	1,184
Fiscal year before current fiscal year	1,930
Two years before current fiscal year	2,260
Three years before current fiscal year	1,015
Four years before current fiscal year	283
Prior	196
Revolving Loans Amortized Cost Basis	3,411
Total Loans	10,279
Commercial Non-real Estate [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	126
Fiscal year before current fiscal year	122
Two years before current fiscal year	1,494
Three years before current fiscal year	228
Four years before current fiscal year	473
Prior	360
Revolving Loans Amortized Cost Basis	1,240
Total Loans	4,043
Commercial Non-real Estate [Member] | Grade 5 [Member]
Financing Receivable Recorded Investment [Line Items]
Fiscal year before current fiscal year	18
Four years before current fiscal year	0
Prior	450
Total Loans	468
Consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	57,750
Fiscal year before current fiscal year	201,299
Two years before current fiscal year	106,895
Three years before current fiscal year	56,898
Four years before current fiscal year	17,282
Prior	11,089
Revolving Loans Amortized Cost Basis	13,953
Total Loans	465,166	476,467
Consumer Non-real Estate [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	52,889
Fiscal year before current fiscal year	180,937
Two years before current fiscal year	90,786
Three years before current fiscal year	49,021
Four years before current fiscal year	14,926
Prior	9,321
Revolving Loans Amortized Cost Basis	11,638
Total Loans	409,518
Consumer Non-real Estate [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	4,202
Fiscal year before current fiscal year	18,228
Two years before current fiscal year	14,005
Three years before current fiscal year	6,266
Four years before current fiscal year	1,906
Prior	1,323
Revolving Loans Amortized Cost Basis	2,299
Total Loans	48,229
Consumer Non-real Estate [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	565
Fiscal year before current fiscal year	1,714
Two years before current fiscal year	1,493
Three years before current fiscal year	1,221
Four years before current fiscal year	295
Prior	360
Revolving Loans Amortized Cost Basis	10
Total Loans	5,658
Consumer Non-real Estate [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	94
Fiscal year before current fiscal year	420
Two years before current fiscal year	611
Three years before current fiscal year	390
Four years before current fiscal year	155
Prior	85
Revolving Loans Amortized Cost Basis	6
Total Loans	1,761
Oil and Gas [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	126,316
Fiscal year before current fiscal year	83,757
Two years before current fiscal year	11,484
Three years before current fiscal year	29,201
Four years before current fiscal year	6,558
Prior	4,023
Revolving Loans Amortized Cost Basis	304,389
Total Loans	565,728	$ 586,654
Oil and Gas [Member] | Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	70,735
Fiscal year before current fiscal year	71,998
Two years before current fiscal year	6,206
Three years before current fiscal year	28,039
Four years before current fiscal year	6,172
Prior	3,205
Revolving Loans Amortized Cost Basis	252,952
Total Loans	439,307
Oil and Gas [Member] | Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Current fiscal year	55,581
Fiscal year before current fiscal year	11,759
Two years before current fiscal year	5,278
Three years before current fiscal year	829
Four years before current fiscal year	386
Prior	358
Revolving Loans Amortized Cost Basis	51,437
Total Loans	125,628
Oil and Gas [Member] | Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Three years before current fiscal year	185
Total Loans	185
Oil and Gas [Member] | Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Three years before current fiscal year	148
Prior	460
Total Loans	$ 608

XML

Loans Held for investment and Allowance for Credit Losses on Loans - Gross charge-offs by year of origination (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year gross charge-offs	$ 1
Fiscal year before current fiscal year gross charge-offs	1,269	$ 158
Two years before current fiscal year gross charge-offs	486	114
Three years before current fiscal year gross charge-offs	199	53
Four years before current fiscal year gross charge-offs	26	41
Prior gross charge-offs	164	64
Revolving Loans Amortized Cost Basis gross charge-offs	1,546	2
Total current-period gross charge-offs	3,691	432
Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Fiscal year before current fiscal year gross charge-offs		7
Two years before current fiscal year gross charge-offs		1
Three years before current fiscal year gross charge-offs	15	22
Four years before current fiscal year gross charge-offs		18
Total current-period gross charge-offs	15	48
Real Estate Portfolio Segment [Member] | Commercial Real Estate Non Owner Occupied [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Fiscal year before current fiscal year gross charge-offs	12
Four years before current fiscal year gross charge-offs	1
Prior gross charge-offs		3
Total current-period gross charge-offs	13	3
Real Estate Portfolio Segment [Member] | Construction And Development Less Than Sixty Months [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Fiscal year before current fiscal year gross charge-offs		2
Total current-period gross charge-offs		2
Real Estate Portfolio Segment [Member] | Construction Residential Real Estate Less Than Sixty Months [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Fiscal year before current fiscal year gross charge-offs	3
Total current-period gross charge-offs	3
Real Estate Portfolio Segment [Member] | Residential Real Estate First Lien [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year gross charge-offs	1
Three years before current fiscal year gross charge-offs	1
Prior gross charge-offs	21	2
Total current-period gross charge-offs	23	2
Real Estate Portfolio Segment [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Fiscal year before current fiscal year gross charge-offs		2
Two years before current fiscal year gross charge-offs		19
Four years before current fiscal year gross charge-offs		1
Prior gross charge-offs	2	4
Revolving Loans Amortized Cost Basis gross charge-offs	27
Total current-period gross charge-offs	29	26
Real Estate Portfolio Segment [Member] | Agriculture Member
Financing Receivable, Credit Quality Indicator [Line Items]
Fiscal year before current fiscal year gross charge-offs		4
Two years before current fiscal year gross charge-offs	31
Three years before current fiscal year gross charge-offs		16
Four years before current fiscal year gross charge-offs		13
Prior gross charge-offs		2
Total current-period gross charge-offs	31	35
Commercial Non Real Estate Member
Financing Receivable, Credit Quality Indicator [Line Items]
Fiscal year before current fiscal year gross charge-offs	1,001	67
Two years before current fiscal year gross charge-offs	275	62
Three years before current fiscal year gross charge-offs	132
Four years before current fiscal year gross charge-offs	12
Prior gross charge-offs	126	47
Revolving Loans Amortized Cost Basis gross charge-offs	1,508
Total current-period gross charge-offs	3,054	176
Consumer Non Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Fiscal year before current fiscal year gross charge-offs	244	76
Two years before current fiscal year gross charge-offs	97	32
Three years before current fiscal year gross charge-offs	51	15
Four years before current fiscal year gross charge-offs	13	9
Prior gross charge-offs	15	6
Revolving Loans Amortized Cost Basis gross charge-offs	11	2
Total current-period gross charge-offs	431	$ 140
Oil and Gas [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Fiscal year before current fiscal year gross charge-offs	9
Two years before current fiscal year gross charge-offs	83
Total current-period gross charge-offs	$ 92

XML

Loans Held for Investment and Allowance for Credit Losses on Loans - Activity in Allowance for Credit Losses on Loans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	$ 96,800	$ 92,728
Charge- offs	(3,691)	(432)
Recoveries	143	142
Net charge-offs	(3,548)	(290)
Provision for/(benefit from) credit losses	4,015	2,322
Balance at end of period	97,267	94,760
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	7,483	6,416
Charge- offs	(15)	(48)
Recoveries	20	49
Net charge-offs	5	1
Provision for/(benefit from) credit losses	(20)	130
Balance at end of period	7,468	6,547
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	33,080	30,190
Charge- offs	(13)	(3)
Net charge-offs	(13)	(3)
Provision for/(benefit from) credit losses	113	1,933
Balance at end of period	33,180	32,120
Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	3,950	3,778
Charge- offs		(2)
Recoveries		3
Net charge-offs		1
Provision for/(benefit from) credit losses	2,646	(171)
Balance at end of period	6,596	3,608
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	3,414	3,275
Charge- offs	(3)
Net charge-offs	(3)
Provision for/(benefit from) credit losses	53	(49)
Balance at end of period	3,464	3,226
Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	4,914	4,092
Charge- offs	(23)	(2)
Recoveries	4	3
Net charge-offs	(19)	1
Provision for/(benefit from) credit losses	28	361
Balance at end of period	4,923	4,454
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	1,646	1,418
Charge- offs	(29)	(26)
Recoveries	5	2
Net charge-offs	(24)	(24)
Provision for/(benefit from) credit losses	30	50
Balance at end of period	1,652	1,444
Commercial Non-real Estate [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	22,745	25,106
Charge- offs	(3,054)	(176)
Recoveries	33	22
Net charge-offs	(3,021)	(154)
Provision for/(benefit from) credit losses	758	127
Balance at end of period	20,482	25,079
Consumer Non-real Estate [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	4,401	4,132
Charge- offs	(431)	(140)
Recoveries	69	57
Net charge-offs	(362)	(83)
Provision for/(benefit from) credit losses	296	183
Balance at end of period	4,335	4,232
Oil and Gas [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	9,030	8,104
Charge- offs	(92)
Net charge-offs	(92)
Provision for/(benefit from) credit losses	92	(322)
Balance at end of period	9,030	7,782
Agriculture [Member] | Real Estate [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	6,137	6,217
Charge- offs	(31)	(35)
Recoveries	12	6
Net charge-offs	(19)	(29)
Provision for/(benefit from) credit losses	19	80
Balance at end of period	$ 6,137	$ 6,268

XML

Loans Held for Investment and Allowance for Credit Losses on Loans - Collateral-dependent Gross Loans Held for Investment by Collateral Type and Related Specific Allocation (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	$ 34,497	$ 11,326
Specific Allocation	97,267	96,800	$ 94,760	$ 92,728
Real Estate Asset [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	28,280	4,240
Business Assets [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	5,810	6,683
Other Assets [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	407	403
Specific Allocation [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	6,453	4,152
Real Estate [Member] | Commercial Real Estate Owner Occupied [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	7,468	7,483	6,547	6,416
Real Estate [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	632	632
Specific Allocation	33,180	33,080	32,120	30,190
Real Estate [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	24,977	800
Specific Allocation	6,596	3,950	3,608	3,778
Real Estate [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	628	638
Specific Allocation	3,464	3,414	3,226	3,275
Real Estate [Member] | Residential Real Estate First Lien [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	125	189
Specific Allocation	4,923	4,914	4,454	4,092
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	81	140
Specific Allocation	1,652	1,646	1,444	1,418
Real Estate [Member] | Agriculture [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	2,342	2,449
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	632	632
Real Estate [Member] | Real Estate Asset [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	24,977	800
Real Estate [Member] | Real Estate Asset [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	628	638
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate First Lien [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	125	189
Real Estate [Member] | Real Estate Asset [Member] | Residential Real Estate All Other [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	81	140
Real Estate [Member] | Real Estate Asset [Member] | Agriculture [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	1,837	1,841
Real Estate [Member] | Business Assets [Member] | Agriculture [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	490	593
Real Estate [Member] | Other Assets [Member] | Agriculture [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	15	15
Real Estate [Member] | Specific Allocation [Member] | Commercial Real Estate Non-Owner Occupied [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	250	250
Real Estate [Member] | Specific Allocation [Member] | Construction and Development Less than 60 Months [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	2,825	225
Real Estate [Member] | Specific Allocation [Member] | Construction Residential Real Estate Less than 60 Months [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	134	134
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate First Lien [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	54	62
Real Estate [Member] | Specific Allocation [Member] | Residential Real Estate All Other [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	82	140
Real Estate [Member] | Specific Allocation [Member] | Agriculture [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	1,386	1,386
Commercial Non-real Estate [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	5,432	6,331
Specific Allocation	20,482	22,745	25,079	25,106
Commercial Non-real Estate [Member] | Business Assets [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	5,320	6,090
Commercial Non-real Estate [Member] | Other Assets [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	112	241
Commercial Non-real Estate [Member] | Specific Allocation [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	1,582	1,867
Consumer Non-real Estate [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	280	147
Specific Allocation	4,335	4,401	$ 4,232	$ 4,132
Consumer Non-real Estate [Member] | Other Assets [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Collateral Dependent Loans	280	147
Consumer Non-real Estate [Member] | Specific Allocation [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Specific Allocation	$ 140	$ 88

XML

Loans Held for Investment and Allowance for Credit Losses on Loans - Transfers from Loans and Premises and Equipment to Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Noncash Investing and Financing Items [Abstract]
Other real estate owned	$ 1,582	$ 565
Repossessed assets	455	395
Total	$ 2,037	$ 960

XML

Intangible Assets and Goodwill - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 36,900	$ 36,900
Accumulated Amortization	(21,082)	(20,196)
Net Carrying Amount	15,818	16,704
Core Deposit Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,550	33,550
Accumulated Amortization	(17,884)	(17,027)
Net Carrying Amount	15,666	16,523
Customer Relationship Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,350	3,350
Accumulated Amortization	(3,198)	(3,169)
Net Carrying Amount	$ 152	$ 181

XML

Intangible Assets and Goodwill - Summary of Goodwill by Business Segment (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill [Line Items]
Balance at beginning of period	$ 182,263
Balance at beginning and end of period	182,263
BancFirst Metropolitan Banks [Member]
Goodwill [Line Items]
Balance at beginning and end of period	13,767
BancFirst Community Banks [Member]
Goodwill [Line Items]
Balance at beginning and end of period	61,420
Pegasus [Member]
Goodwill [Line Items]
Balance at beginning and end of period	68,855
Worthington [Member]
Goodwill [Line Items]
Balance at beginning and end of period	32,133
Other Financial Services [Member]
Goodwill [Line Items]
Balance at beginning and end of period	5,464
Executive, Operations & Support [Member]
Goodwill [Line Items]
Balance at beginning and end of period	$ 624

XML

Subordinated Debt - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended
	Jun. 17, 2021	Mar. 31, 2004	Feb. 29, 2004	Mar. 31, 2024
Subordinated Notes due 2036 [Member] | Private Placement [Member]
Subordinated Borrowing [Line Items]
Interest rate of securities	3.50%
Debt instrument maturity date				Jun. 30, 2036
Aggregate principal amount	$ 60,000
Net proceeds from sale of notes	$ 59,150
Debt instrument, redemption, description				the Company may redeem all, but not less than all, of the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event” (each as defined in the Subordinated Notes). Any such redemption is subject to obtaining the prior approval of the Board of Governors of the Federal Reserve System (or its designee). The redemption price with respect to any such redemption will be equal to 100% of the principal amount of the Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest, if any, thereon to, but excluding, the redemption date.
Debt instrument, redemption price, percentage of principal amount to be redeemed				100.00%
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]
Interest rate of securities				7.20%
Junior subordinated notes assumed				$ 26,800
Frequency of payment				payable January 15, April 15, July 15 and October 15 of each year
Debt instrument maturity date				Mar. 31, 2034
BancFirst Capital Trust Two [Member] | Cumulative Preferred Stock [Member]
Subordinated Borrowing [Line Items]
Issue of securities		$ 1,000	$ 25,000
Cumulative trust preferred securities interest rate				7.20%

XML

Stock-Based Compensation - Additional Information (Detail) - USD ($)				3 Months Ended
	Mar. 31, 2024	Jun. 01, 2023	May 25, 2023	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Net cash settlement for stock options, cost				$ 0	$ 0
Deferred board fees percentage for stock units accumulation				100.00%
RSU's Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares for future grants	462,925			462,925
Option exercisable rate	20.00%
Option exercisable period	2 years
Options expire period			10 years
Options vest and exercisable Description				The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20% per year for five years.
Vesting period in years			5 years
Employee Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option plan termination date		Jun. 01, 2023
Option exercisable rate				25.00%
Options expire period				15 years
Vesting period in years, start				4 years
Options vest and exercisable Description				and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant
Vesting period in years				4 years
Employee Plan [Member] | Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period in years				5 years
Employee Plan [Member] | RSU's Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period in years				6 years
Non-Employee Directors Stock Option Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option plan termination date		Jun. 01, 2023
Option exercisable rate				25.00%
Option exercisable period				1 year
Options expire period				15 years
Options vest and exercisable Description				The remaining options will continue to vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years
Vesting period in years				4 years
Banc First Deferred Stock Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option plan termination date				Dec. 31, 2024
Number of shares available for future issuance under deferred compensation plan	15,923			15,923
Number of shares of common stock distributed				5,022	17,392

XML

Stock-Based Compensation - Summary of Activity Under RSU Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Restricted Stock Units, Nonvested Beginning Balance	37,075	32,075
Restricted Stock Units, Granted	6,500
Restricted Stock Units, Forfeited	(1,500)
Restricted Stock Units, Nonvested Ending Balance	37,075
Weightage Average Grant Date Fair Value, Nonvested Beginning Balance	$ 87.23
Weightage Average Grant Date Fair Value, Granted	88.49
Weightage Average Grant Date Fair Value, Forfeited	83.61
Weightage Average Grant Date Fair Value, Nonvested Ending Balance	$ 87.59

XML

Stock-Based Compensation - Summary of Activity Under Stock Option Plan (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Outstanding at beginning period - Options | shares	1,241,391
Options exercised | shares	(28,638)
Options canceled, forfeited, or expired | shares	(8,500)
Outstanding at ending period - Options | shares	1,204,253
Exercisable at ending period - Options | shares	542,253
Outstanding at beginning period - Wgtd. Avg. Exercise Price | $ / shares	$ 53.12
Options exercised - Wgtd. Avg. Exercise Price | $ / shares	24.73
Options cancelled, forfeited, or expired - Wgtd. Avg. Exercise Price | $ / shares	94.68
Outstanding at ending period - Wgtd. Avg. Exercise Price | $ / shares	53.5
Exercisable at ending period - Wgtd. Avg. Exercise Price | $ / shares	$ 36.58
Outstanding at ending period - Wgtd. Avg. Remaining Contractual Term, years	9 years 6 months 21 days
Exercisable at ending period - Wgtd. Avg. Remaining Contractual Term, years	6 years 7 months 24 days
Outstanding at ending period - Aggregate Intrinsic Value | $	$ 41,580
Exercisable at ending period - Aggregate Intrinsic Value | $	$ 27,898

XML

Stock-Based Compensation - Options Exercised Under Stock Option Plan (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Total intrinsic value of options exercised	$ 1,831	$ 352
Cash received from options exercised	708	221
Tax benefit realized from options exercised	$ 440	$ 85

XML

Stock-Based Compensation - Stock-Based Employee Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement Compensation Expense Items [Abstract]
Stock-based compensation expense	$ 715	$ 382
Tax benefit	172	92
Stock-based compensation expense, net of tax	$ 543	$ 290

XML

Stock-Based Compensation - Unearned Stock-based Compensation Expense (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unearned stock-based compensation expense	$ 9,454
RSU's Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unearned stock-based compensation expense	$ 3,010

XML

Stock-Based Compensation - Summary of Accumulated Stock Units (Detail) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Accumulated stock units	116,816	119,575
Average price	$ 41.58	$ 40.03

XML

Stockholders' Equity - Additional Information (Detail)	Mar. 31, 2024 USD ($)
Maximum [Member]
Stockholders Equity [Line Items]
Quantitative limit for trust preferred securities to be included in tier 1 capital	$ 15,000,000,000

XML

Stockholders' Equity - Summary of Shares Repurchased Under Stock Purchase Program (Detail) - shares	Mar. 31, 2024	Mar. 31, 2023
Summary Of Shares Repurchased Under Stock Purchase Program [Abstract]
Shares remaining to be repurchased	479,784	500,486

XML

Stockholders' Equity - Required Capital Amounts and Company's Respective Ratios (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Parent Company [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Capital Amount	$ 1,506,155
Total Capital To Risk Weighted Assets Actual Ratio	0.1719
Capital Required For Capital Adequacy Amount	$ 701,043
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio	0.08
Capital With Capital Conservation Buffer Amount	$ 920,119
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio	0.105
Common Equity Tier 1 Risk Based Capital Amount	$ 1,323,577
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	0.151
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 394,337
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	0.045
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 613,413
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	0.07
Tier 1 Risk Based Capital Amount	$ 1,349,577
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	0.154
Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 525,782
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	0.06
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 744,858
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	0.085
Tier 1 Capital Amount	$ 1,349,577
Tier 1 Capital To Quarterly Average Assets Ratio	0.1099
Tier 1 Capital Required For Capital Adequacy Amount	$ 491,387
Tier 1 Capital Required For Capital Adequacy To Quarterly Average Assets Ratio	0.04
BancFirst [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Capital Amount	$ 1,193,811
Total Capital To Risk Weighted Assets Actual Ratio	0.1594
Capital Required For Capital Adequacy Amount	$ 599,307
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio	0.08
Capital With Capital Conservation Buffer Amount	$ 786,591
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio	0.105
Capital Required To Be Well Capitalized Amount	$ 749,134
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	0.10
Common Equity Tier 1 Risk Based Capital Amount	$ 1,091,417
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	0.1457
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 337,110
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	0.045
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 524,394
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	0.07
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount	$ 486,937
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	0.065
Tier 1 Risk Based Capital Amount	$ 1,111,417
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	0.1484
Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 449,480
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	0.06
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 636,764
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	0.085
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount	$ 599,307
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	0.08
Tier 1 Capital Amount	$ 1,111,417
Tier 1 Capital To Quarterly Average Assets Ratio	0.1062
Tier 1 Capital Required For Capital Adequacy Amount	$ 418,449
Tier 1 Capital Required For Capital Adequacy To Quarterly Average Assets Ratio	0.04
Tier 1 Capital Required To Be Well Capitalized Amount	$ 523,062
Tier 1 Capital Required To Be Well Capitalized To Quarterly Average Assets Ratio	0.05
Pegasus [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Capital Amount	$ 143,914
Total Capital To Risk Weighted Assets Actual Ratio	0.1711
Capital Required For Capital Adequacy Amount	$ 67,275
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio	0.08
Capital With Capital Conservation Buffer Amount	$ 88,299
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio	0.105
Capital Required To Be Well Capitalized Amount	$ 84,094
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	0.10
Common Equity Tier 1 Risk Based Capital Amount	$ 133,391
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	0.1586
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 37,842
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	0.045
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 58,866
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	0.07
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount	$ 54,661
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	0.065
Tier 1 Risk Based Capital Amount	$ 133,391
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	0.1586
Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 50,456
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	0.06
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 71,480
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	0.085
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount	$ 67,275
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	0.08
Tier 1 Capital Amount	$ 133,391
Tier 1 Capital To Quarterly Average Assets Ratio	0.1064
Tier 1 Capital Required For Capital Adequacy Amount	$ 50,133
Tier 1 Capital Required For Capital Adequacy To Quarterly Average Assets Ratio	0.04
Tier 1 Capital Required To Be Well Capitalized Amount	$ 62,666
Tier 1 Capital Required To Be Well Capitalized To Quarterly Average Assets Ratio	0.05
Worthington [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Capital Amount	$ 52,335
Total Capital To Risk Weighted Assets Actual Ratio	0.121
Capital Required For Capital Adequacy Amount	$ 34,612
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio	0.08
Capital With Capital Conservation Buffer Amount	$ 45,428
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio	0.105
Capital Required To Be Well Capitalized Amount	$ 43,265
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	0.10
Common Equity Tier 1 Risk Based Capital Amount	$ 48,295
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	0.1116
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 19,469
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	0.045
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 30,285
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	0.07
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount	$ 28,122
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	0.065
Tier 1 Risk Based Capital Amount	$ 48,295
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	0.1116
Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 25,959
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	0.06
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 36,775
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	0.085
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount	$ 34,612
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	0.08
Tier 1 Capital Amount	$ 48,295
Tier 1 Capital To Quarterly Average Assets Ratio	0.0849
Tier 1 Capital Required For Capital Adequacy Amount	$ 22,742
Tier 1 Capital Required For Capital Adequacy To Quarterly Average Assets Ratio	0.04
Tier 1 Capital Required To Be Well Capitalized Amount	$ 28,427
Tier 1 Capital Required To Be Well Capitalized To Quarterly Average Assets Ratio	0.05

XML

Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
(Numerator)
Income available to common stockholders	$ 50,334	$ 57,533
(Denominator)
Weighted average shares outstanding for basic earnings per common share	32,947,983	32,892,857
Dilutive effect of stock compensation	565,429	569,882
Weighted-average shares outstanding for diluted earnings per common share	33,513,412	33,462,739
Basic earnings per share	$ 1.53	$ 1.75
Diluted earnings per share	$ 1.5	$ 1.72

XML

Net Income Per Common Share - Average Exercise Prices of Options Excluded from Computation of Diluted Net Income Per Common Share (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Abstract]
Shares	270,417	309,833

XML

Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	$ 1,533,522	$ 1,553,905
Derivative assets	$ 27,445	$ 41,099
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Interest Receivable and Other Assets	Interest Receivable and Other Assets
Derivative liabilities	$ 25,520	$ 39,176
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
U.S. Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	$ 1,480,381	$ 1,498,045
U.S. Federal Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	10,844	11,770
Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	14,263	14,795
States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	9,970	10,010
Asset backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	11,252	12,512
Other Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	6,812	6,773
Level 1 Inputs [Member] | U.S. Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	1,480,381	1,498,045
Level 2 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	27,445	41,099
Derivative liabilities	25,520	39,176
Level 2 Inputs [Member] | U.S. Federal Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	10,844	11,770
Level 2 Inputs [Member] | Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	14,263	14,795
Level 2 Inputs [Member] | States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	9,790	9,830
Level 2 Inputs [Member] | Asset backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	11,252	12,512
Level 2 Inputs [Member] | Other Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	6,812	6,773
Level 3 Inputs [Member] | States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	$ 180	$ 180

XML

Fair Value Measurements - Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the year	$ 180	$ 454
Transfers (to)/from level 2	0	(244)
Settlements		(30)
Balance at the end of the period	$ 180	$ 180

XML

Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level 3 [Member] - Nonrecurring [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Equity Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total Fair Value	$ 13,176	$ 13,144
Collateral Dependent Loans [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total Fair Value	230	1,894
Repossessed Assets [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total Fair Value	238	474
Other Real Estate Owned [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total Fair Value	$ 2,709	$ 31,773

XML

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Days from origination after which mortgage loans are sold	30 days
Amount of non-financial assets (liabilities) measured at fair value on a recurring basis	$ 0	$ 0
Non-financial assets for which no impairment was provided	$ 0	$ 0

XML

Fair Value Measurements - Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
FINANCIAL ASSETS
Federal funds sold, Carrying Amount	$ 1,209	$ 1,316
Debt securities held for investment, Carrying Amount	1,129	1,190
Loans, net of allowance for credit losses, Carrying Amount	7,684,593	7,559,845
Debt securities held for investment, Fair Value	1,129	1,190
Loans held for sale, Fair Value	5,997	3,489
FINANCIAL LIABILITIES
Deposits, Carrying Amount	10,909,621	10,700,122
Short-term borrowings, Carrying Amount	9,699	3,351
Subordinated debt, Carrying Amount	86,115	86,101
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments, Fair Value	4,577	4,875
Letters of credit, Fair Value	599	637
Level 2 Inputs [Member]
FINANCIAL ASSETS
Cash and cash equivalents, Carrying Amount	2,525,095	2,397,463
Federal funds sold, Carrying Amount	1,209	1,316
Debt securities held for investment, Carrying Amount	4	5
Loans held for sale, Carrying Amount	5,997	3,489
Cash and cash equivalents, Fair Value	2,525,095	2,397,463
Federal funds sold, Fair Value	1,209	1,316
Debt securities held for investment, Fair Value	4	5
Loans held for sale, Fair Value	5,997	3,489
FINANCIAL LIABILITIES
Deposits, Carrying Amount	10,909,621	10,700,122
Short-term borrowings, Carrying Amount	9,699	3,351
Subordinated debt, Carrying Amount	86,115	86,101
Deposits, Fair Value	10,421,046	10,413,348
Short-term borrowings, Fair Value	9,699	3,351
Subordinated debt, Fair Value	78,255	79,271
Level 3 Inputs [Member]
FINANCIAL ASSETS
Debt securities held for investment, Carrying Amount	1,125	1,185
Loans, net of allowance for credit losses, Carrying Amount	7,684,593	7,559,845
Debt securities held for investment, Fair Value	1,125	1,185
Loans, net of allowance for credit losses, Fair Value	$ 8,436,154	$ 7,356,768

XML

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Percentage share of total profit	35.00%
Other Assets [Member] | Oil and Gas Reserves [Member]
Derivative [Line Items]
Derivative instrument margin amount	$ 4.3
Other Liabilities [Member] | Oil and Gas Reserves [Member]
Derivative [Line Items]
Derivative instrument margin amount		$ 15.5

XML

Derivative Financial Instruments - Summary of Notional Amounts and Estimated Fair Values of Oil and Gas Derivative Positions Outstanding (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets, Estimated Fair Value	$ 27,445	$ 41,099
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Interest Receivable and Other Assets	Interest Receivable and Other Assets
Derivative liabilities, Estimated Fair Value	$ (25,520)	$ (39,176)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Not Designated as Hedging Instrument [Member] | Oil and Natural Gas Swaps and Options [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, Estimated Fair Value	$ 27,445	$ 41,099
Derivative liabilities, Estimated Fair Value	(25,520)	(39,176)
Not Designated as Hedging Instrument [Member] | Oil and Natural Gas Swaps and Options [Member] | Oil [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, Notional Amount	4,489	3,896
Derivative liabilities, Notional Amount	(4,489)	(3,896)
Derivative assets, Estimated Fair Value	5,892	20,567
Derivative liabilities, Estimated Fair Value	(4,822)	(19,512)
Not Designated as Hedging Instrument [Member] | Oil and Natural Gas Swaps and Options [Member] | Natural Gas [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, Notional Amount	40,106	46,140
Derivative liabilities, Notional Amount	(40,106)	(46,140)
Derivative assets, Estimated Fair Value	21,553	20,532
Derivative liabilities, Estimated Fair Value	$ (20,698)	$ (19,664)

XML

Derivative Financial Instruments - Summary of Company's Recognized Income Related to Activity Included in Other Noninterest Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Income, Other	Noninterest Income, Other
Oil and Natural Gas Swaps and Options [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative income	$ 103	$ 89

XML

Derivative Financial Instruments - Summary of Company's Net Credit Exposure Relating to Oil and Gas Swaps and Options with Bank Counterparties (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Oil and Natural Gas Swaps and Options [Member]
Credit Derivatives [Line Items]
Credit exposure	$ 14,775	$ 39,527

XML

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Business_Unit
Segment Reporting [Abstract]
Number of principal business units	6

XML

Segment Information - Results of Operations and Selected Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net interest income	$ 106,104	$ 109,156
Noninterest income	44,900	47,828
Income before taxes	64,210	74,345
Total assets	12,602,425		$ 12,372,042
Operating Segments [Member] | BancFirst Metropolitan Banks [Member]
Segment Reporting Information [Line Items]
Net interest income	28,193	30,739
Noninterest income	5,169	6,087
Income before taxes	22,331	23,310
Total assets	3,283,434		3,598,888
Operating Segments [Member] | BancFirst Community Banks [Member]
Segment Reporting Information [Line Items]
Net interest income	60,011	57,685
Noninterest income	15,918	19,532
Income before taxes	38,792	43,599
Total assets	7,452,457		7,012,905
Operating Segments [Member] | Pegasus [Member]
Segment Reporting Information [Line Items]
Net interest income	10,867	15,151
Noninterest income	320	214
Income before taxes	3,145	9,644
Total assets	1,322,543		1,280,618
Operating Segments [Member] | Worthington [Member]
Segment Reporting Information [Line Items]
Net interest income	4,389	4,624
Noninterest income	221	279
Income before taxes	669	1,630
Total assets	618,111		600,364
Operating Segments [Member] | Other Financial Services [Member]
Segment Reporting Information [Line Items]
Net interest income	1,019	942
Noninterest income	15,163	14,172
Income before taxes	6,335	6,164
Total assets	111,953		121,601
Operating Segments [Member] | Executive, Operations & Support [Member]
Segment Reporting Information [Line Items]
Net interest income	1,625	15
Noninterest income	58,428	66,143
Income before taxes	43,071	48,417
Total assets	1,404,833		1,307,714
Eliminations [Member]
Segment Reporting Information [Line Items]
Noninterest income	(50,319)	(58,599)
Income before taxes	(50,133)	$ (58,419)
Total assets	$ (1,590,906)		$ (1,550,048)