Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

(7) STOCKHOLDERS’ EQUITY

In November 1999, the Company adopted a Stock Repurchase Program (the “SRP”). The SRP may be used as a means to increase earnings per share and return on equity, 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 may be determined by management within the limitations of the SRP. During the third quarter of 2016 the SRP was amended to increase the remaining shares to be purchased to 150,000.

The following table is a summary of the shares under the program. All share repurchased in 2016 were purchased in the first three months of the year:

	Nine Months Ended September 30,
	2016		2015
Number of shares repurchased		100,000		—
Average price of shares repurchased	$	55.23		—
Shares remaining to be repurchased		150,000		194,723

The Company and BancFirst are subject to risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (“FDIC”). These guidelines are used to evaluate capital adequacy and involve both quantitative and qualitative evaluations of the Company’s and BancFirst’s assets, liabilities and certain off-balance-sheet items calculated under regulatory practices. Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s financial statements. Management believes that as of September 30, 2016, the Company and BancFirst met all capital adequacy requirements to which they are subject.  The actual and required capital amounts and ratios are shown in the following table:

					Required								To Be Well
					For Capital				With				Capitalized Under
					Adequacy				Capital Conservation				Prompt Corrective
	Actual				Purposes				Buffer				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
	(Dollars in thousands)
As of September 30, 2016:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	708,421		15.06%	$	376,350		8.00%	$	405,752		8.625%	N/A		N/A
BancFirst		643,237		13.69%		375,916		8.00%		405,284		8.625%	$	469,895		10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	629,360		13.38%	$	211,697		4.50%	$	241,099		5.125%	N/A		N/A
BancFirst		575,176		12.24%		211,453		4.50%		240,821		5.125%	$	305,432		6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	660,360		14.04%	$	282,262		6.00%	$	311,665		6.625%	N/A		N/A
BancFirst		595,176		12.67%		281,937		6.00%		311,305		6.625%	$	375,916		8.00%
Tier 1 Capital
(to Total Assets)-
BancFirst Corporation	$	660,360		9.89%	$	267,195		4.00%	N/A		N/A		N/A		N/A
BancFirst		595,176		8.92%		266,755		4.00%	N/A		N/A		$	333,444		5.00%

As of September 30, 2016, the most recent notification from the Federal Reserve Bank of Kansas City and the FDIC categorized BancFirst as “well capitalized” under the regulatory framework from prompt corrective action. The Company’s trust preferred securities have continued to be included in Tier 1 capital as the Company’s total assets do not exceed $15 billion. There are no conditions or events since the most recent notifications of BancFirst’s capital category that management believes would materially change its category under capital requirements existing as of the report date.

Basel III Capital Rules

Under the Basel III Capital Rules, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a capital conservation buffer composed of CET1 capital above its minimum risk-based capital requirements. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and will be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). Management believes that, as of September 30, 2016, the Company and BancFirst would meet all capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis as if such requirements were currently in effect.