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Stockholders' Equity
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Stockholders' Equity

(8)

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

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

 

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

Number of shares repurchased

 

 

—

 

 

 

—

 

Average price of shares repurchased

 

$

—

 

 

$

—

 

Shares remaining to be repurchased

 

 

148,736

 

 

 

300,000

 

The Company, BancFirst and Pegasus Bank are subject to risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (“FDIC”). These guidelines are used to evaluate capital adequacy and involve both quantitative and qualitative evaluations of the Company’s 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, 2019, the Company, BancFirst and Pegasus Bank met all capital adequacy requirements to which they are subject.  The actual and required capital amounts and ratios are shown in the following table:

 

 

 

 

 

 

 

 

 

 

 

Required

 

 

 

 

 

To Be Well

 

 

 

 

 

 

 

 

 

 

 

For Capital

 

 

With

 

 

Capitalized Under

 

 

 

 

 

 

 

 

 

 

 

Adequacy

 

 

Capital Conservation

 

 

Prompt Corrective

 

 

 

Actual

 

 

Purposes

 

 

Buffer

 

 

Action Provisions

 

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

 

(Dollars in thousands)

 

As of September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(to Risk Weighted Assets)-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BancFirst Corporation

 

$

887,070

 

 

14.34%

 

 

$

494,966

 

 

8.00%

 

 

$

649,643

 

 

10.50%

 

 

N/A

 

 

N/A

 

BancFirst

 

 

812,703

 

 

14.12%

 

 

 

460,315

 

 

8.00%

 

 

 

604,164

 

 

10.50%

 

 

$

575,394

 

 

10.00%

 

Pegasus Bank

 

 

55,783

 

 

13.38%

 

 

 

33,359

 

 

8.00%

 

 

 

43,784

 

 

10.50%

 

 

 

41,699

 

 

10.00%

 

Common Equity Tier 1 Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(to Risk Weighted Assets)-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BancFirst Corporation

 

$

805,142

 

 

13.01%

 

 

$

278,418

 

 

4.50%

 

 

$

433,095

 

 

7.00%

 

 

N/A

 

 

N/A

 

BancFirst

 

 

736,839

 

 

12.81%

 

 

 

258,927

 

 

4.50%

 

 

 

402,776

 

 

7.00%

 

 

$

374,006

 

 

6.50%

 

Pegasus Bank

 

 

52,286

 

 

12.54%

 

 

 

18,765

 

 

4.50%

 

 

 

29,190

 

 

7.00%

 

 

 

27,105

 

 

6.50%

 

Tier 1 Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(to Risk Weighted Assets)-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BancFirst Corporation

 

$

831,142

 

 

13.43%

 

 

$

371,225

 

 

6.00%

 

 

$

525,901

 

 

8.50%

 

 

N/A

 

 

N/A

 

BancFirst

 

 

756,839

 

 

13.15%

 

 

 

345,236

 

 

6.00%

 

 

 

489,085

 

 

8.50%

 

 

$

460,315

 

 

8.00%

 

Pegasus Bank

 

 

52,286

 

 

12.54%

 

 

 

25,020

 

 

6.00%

 

 

 

35,444

 

 

8.50%

 

 

 

33,359

 

 

8.00%

 

Tier 1 Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(to Total Assets)-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BancFirst Corporation

 

$

831,142

 

 

10.59%

 

 

$

314,007

 

 

4.00%

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

BancFirst

 

 

756,839

 

 

10.06%

 

 

 

300,900

 

 

4.00%

 

 

N/A

 

 

N/A

 

 

$

376,124

 

 

5.00%

 

Pegasus Bank

 

 

52,286

 

 

7.71%

 

 

 

27,139

 

 

4.00%

 

 

N/A

 

 

N/A

 

 

 

33,924

 

 

5.00%

 

As of September 30, 2019, the most recent notification from the Federal Reserve Bank of Kansas City and the FDIC categorized BancFirst and Pegasus Bank as “well capitalized” under the prompt corrective action provisions. The 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 or Pegasus Bank’s capital category that management believes would materially change its category under capital requirements existing as of the report date.