BancFirst Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>BancFirst Corp. filed its 2023 10-K, detailing its financial performance and segment operations, particularly within its Real Estate Portfolio.</b>

AI Summary

BANCFIRST CORP /OK/ (BANFP) filed a Annual Report (10-K) with the SEC on February 27, 2024. BancFirst Corp. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Oklahoma (OK) and operates under SIC code 6021 (National Commercial Banks). BancFirst Corp. was formerly known as United Community Corp, with a name change on April 1, 1989. The filing includes detailed segment information for its Real Estate Portfolio Segment, including various loan types and grades.

Why It Matters

For investors and stakeholders tracking BANCFIRST CORP /OK/, this filing contains several important signals. This 10-K provides a comprehensive overview of BancFirst Corp.'s financial health and operational segments for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. The detailed segment reporting, especially for the Real Estate Portfolio, offers insights into the company's lending activities, risk exposure, and market focus within specific real estate categories.

Risk Assessment

Risk Level: medium — BANCFIRST CORP /OK/ shows moderate risk based on this filing. The company's significant exposure to the Real Estate Portfolio Segment, as detailed in the filing, presents potential risks related to market fluctuations and credit quality in this sector.

Analyst Insight

Investors should analyze the detailed segment data within the 10-K, particularly the Real Estate Portfolio, to understand specific loan performance and associated risks.

Key Numbers

• 20231231 — Fiscal Year End (Reported period)
• 20240227 — Filing Date (Date of submission)
• 148 — Public Document Count (Total documents in filing)
• 000-14384 — SEC File Number (SEC registration number)

Key Players & Entities

• BANCFIRST CORP /OK/ (company) — Filer name
• 0000760498 (company) — Central Index Key
• 6021 (company) — Standard Industrial Classification
• OK (company) — State of Incorporation
• UNITED COMMUNITY CORP (company) — Former Company Name
• 19890401 (date) — Date of Name Change
• 20231231 (date) — Fiscal Year End
• 20240227 (date) — Filing Date

FAQ

Risk Factors

• Real Estate Portfolio Segment Risks [medium — financial]: The company's Real Estate Portfolio Segment includes various loan types such as Residential Real Estate First Lien, Commercial Real Estate Owner Occupied, and Construction Residential Real Estate, each with associated risks.
• Financing Receivables Risk [medium — financial]: Risks associated with financing receivables, including those greater than 90 days past due, are detailed within the Real Estate Portfolio Segment.
• Oil and Gas Related Financial Assets [medium — financial]: The company holds financial assets related to Oil and Gas, including swaps and options, which carry specific market and financial risks.

Key Dates

• 2023-12-31: Fiscal Year End — The end of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — The date BancFirst Corp. submitted its 10-K to the SEC.
• 1989-04-01: Name Change — Date BancFirst Corp. changed its name from United Community Corp.

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 Par Value Per Share BANF NASDAQ Glo

Filing Documents

• banf-20231231.htm (10-K) — 7955KB
• banf-ex14.htm (EX-14) — 30KB
• banf-ex21_1.htm (EX-21.1) — 13KB
• banf-ex23_1.htm (EX-23.1) — 5KB
• banf-ex31_1.htm (EX-31.1) — 16KB
• banf-ex31_2.htm (EX-31.2) — 16KB
• banf-ex32.htm (EX-32) — 8KB
• banf-ex97.htm (EX-97) — 6KB
• img90534036_0.jpg (GRAPHIC) — 85KB
• 0000950170-24-020908.txt (&nbsp;) — 35939KB
• banf-20231231.xsd (EX-101.SCH) — 2773KB
• banf-20231231_htm.xml (XML) — 10565KB

Risk Factors

Risk Factors 16 1B. Unresolved Staff Comments 24 1C. Cybersecurity 25 2.

Properties

Properties 26 3.

Legal Proceedings

Legal Proceedings 26 4. Mine Safety Disclosures 26 PART II 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 6. Reserved 27 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 104 9A.

Controls and Procedures

Controls and Procedures 104 9B. Other Information 107 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 PART III 10. Directors, Executive Officers and Corporate Governance 107 11.

Executive Compensation

Executive Compensation 107 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 107 13. Certain Relationships and Related Transactions, and Director Independence 107 14. Principal Accountant Fees and Services 107 PART IV 15. Exhibits and Financial Statement Schedules 108

Signatures

Signatures 111 Table of Contents PART I

Business

Item 1. Business . General BancFirst Corporation (the "Company") is a financial holding company headquartered in Oklahoma City, Oklahoma and registered under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). It conducts a vast majority of its operating activities through its wholly-owned subsidiary, BancFirst ("BancFirst"), an Oklahoma state-chartered bank headquartered in Oklahoma City, Oklahoma. The Company also conducts operating activities through its wholly-owned subsidiaries, Pegasus Bank ("Pegasus"), a Texas state-chartered bank headquartered in Dallas, Texas and Worthington Bank ("Worthington"), a Texas state-chartered bank headquartered in Arlington, Texas. In addition, the Company owns 100% of the common securities of BFC Capital Trust II (a Delaware business trust), 100% of Council Oak Partners LLC, an Oklahoma limited liability company engaging in investing activities and 100% of BancFirst Insurance Services, Inc., an Oklahoma business corporation operating as an independent insurance agency. The Company was incorporated as United Community Corporation in July 1984 to become a bank holding company. In June 1985, it merged with seven Oklahoma bank holding companies that had operated under common ownership and the Company has conducted business as a bank holding company since that time. Over the next several years, the Company acquired additional banks and bank holding companies, and in November 1988, the Company changed its name to BancFirst Corporation. Effective April 1, 1989, the Company consolidated its 12 subsidiary banks and formed BancFirst. Over the intervening decades, the Company has continued to expand through acquisitions and de-novo branches. BancFirst currently has 106 banking locations serving 59 communities throughout Oklahoma, Pegasus has 3 banking locations in the Dallas Metroplex area and Worthington has 5 locations in the Dallas-Fort Worth Metroplex area. BancFirst's strategy focuses on providing a full range of

View Full Filing

View this 10-K filing on SEC EDGAR