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 under the SRP may be determined by management and approved by the Company’s Executive Committee.

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 June 30, 2019, 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 June 30, 2019:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	939,223	16.71%	$	449,674		8.00%	$	590,197	10.50%	N/A		N/A
BancFirst		813,627	14.50%		448,824		8.00%		589,082	10.50%	$	561,030		10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	858,115	15.27%	$	252,942		4.50%	$	393,465	7.00%	N/A		N/A
BancFirst		738,519	13.16%		252,464		4.50%		392,721	7.00%	$	364,670		6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	884,115	15.73%	$	337,256		6.00%	$	477,779	8.50%	N/A		N/A
BancFirst		758,519	13.52%		336,618		6.00%		476,876	8.50%	$	448,824		8.00%
Tier 1 Capital
(to Total Assets)-
BancFirst Corporation	$	884,115	11.64%	$	303,864		4.00%	N/A		N/A	N/A		N/A
BancFirst		758,519	10.01%		303,252		4.00%	N/A		N/A	$	379,065		5.00%

As of June 30, 2019, 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.

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. As of June 30, 2019, the Company and BancFirst met all capital adequacy requirements under the Basel III Capital Rules.