Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

(8) STOCKHOLDERS’ EQUITY

In November 1999, the Company adopted 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 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:

	Three Months Ended March 31,
	2023		2022
Shares remaining to be repurchased		500,486		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 BancFirst Corporation’s, BancFirst’s, Pegasus’s and Worthington'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 consolidated financial statements. The Company believes that as of March 31, 2023, BancFirst Corporation, BancFirst, Pegasus and Worthington 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, 2023:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,346,652	16.70%	$	645,076	8.00%	$	846,662	10.50%	N/A		N/A
BancFirst		1,125,839	16.62%		541,939	8.00%		711,294	10.50%	$	677,423	10.00%
Pegasus		131,647	14.55%		72,377	8.00%		94,995	10.50%		90,472	10.00%
Worthington		49,123	13.18%		29,812	8.00%		39,129	10.50%		37,265	10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,166,638	14.47%	$	362,855	4.50%	$	564,441	7.00%	N/A		N/A
BancFirst		1,023,399	15.11%		304,840	4.50%		474,196	7.00%	$	440,325	6.50%
Pegasus		122,244	13.51%		40,712	4.50%		63,330	7.00%		58,807	6.50%
Worthington		45,556	12.22%		16,769	4.50%		26,086	7.00%		24,222	6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,192,638	14.79%	$	483,807	6.00%	$	685,393	8.50%	N/A		N/A
BancFirst		1,043,399	15.40%		406,454	6.00%		575,810	8.50%	$	541,939	8.00%
Pegasus		122,244	13.51%		54,283	6.00%		76,901	8.50%		72,377	8.00%
Worthington		45,556	12.22%		22,359	6.00%		31,675	8.50%		29,812	8.00%
Tier 1 Capital
(to Total Assets)-
BancFirst Corporation	$	1,192,638	9.78%	$	487,729	4.00%	N/A		N/A	N/A		N/A
BancFirst		1,043,399	10.11%		412,824	4.00%	N/A		N/A	$	516,030	5.00%
Pegasus		122,244	9.07%		53,935	4.00%	N/A		N/A		67,419	5.00%
Worthington		45,556	9.08%		20,062	4.00%	N/A		N/A		25,077	5.00%

As of March 31, 2023, the most recent notifications from the Federal Reserve Bank of Kansas City, the FDIC and the Comptroller of the Currency, categorized BancFirst, Pegasus and Worthington 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. There are no conditions or events since the most recent notifications to BancFirst Corporation, BancFirst, Pegasus and Worthington of their capital category that management believes would materially change their category under capital requirements existing as of the report date.

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 Subordinated Notes. The Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines.