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Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill

(7) INTANGIBLE ASSETS AND GOODWILL

The following is a summary of intangible assets:

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

 

(Dollars in thousands)

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

Core deposit intangibles

 

$

33,550

 

 

$

(17,027

)

 

$

16,523

 

Customer relationship intangibles

 

 

3,350

 

 

 

(3,169

)

 

 

181

 

Total

 

$

36,900

 

 

$

(20,196

)

 

$

16,704

 

As of December 31, 2022

 

 

 

 

 

 

 

 

 

Core deposit intangibles

 

$

33,298

 

 

$

(13,615

)

 

$

19,683

 

Customer relationship intangibles

 

 

3,350

 

 

 

(3,050

)

 

 

300

 

Total

 

$

36,648

 

 

$

(16,665

)

 

$

19,983

 

 

Estimated amortization of intangible assets for the next five years, as of December 31, 2023, is as follows (dollars in thousands):

 

Estimated Amortization

 

 

 

2024

 

$

3,474

 

2025

 

 

3,249

 

2026

 

 

2,645

 

2027

 

 

2,641

 

2028

 

 

1,821

 

 

At December 31, 2023, the weighted-average remaining life of all intangible assets was approximately 5.8 years, which consisted of customer relationship intangibles with a weighted-average life of 1.6 years and core deposit intangibles with a weighted-average life of 5.9 years.

The following is a summary of goodwill by business segment:

 

 

 

BancFirst Metropolitan Banks

 

 

BancFirst Community Banks

 

 

Pegasus

 

 

Worthington

 

 

Other Financial Services

 

 

Executive, Operations & Support

 

 

Consolidated

 

 

 

(Dollars in thousands)

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

13,767

 

 

$

61,212

 

 

$

68,855

 

 

$

32,133

 

 

$

5,464

 

 

$

624

 

 

$

182,055

 

Acquisitions

 

 

—

 

 

 

208

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

208

 

Balance at end of period

 

$

13,767

 

 

$

61,420

 

 

$

68,855

 

 

$

32,133

 

 

$

5,464

 

 

$

624

 

 

$

182,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

13,767

 

 

$

61,212

 

 

$

68,855

 

 

$

—

 

 

$

5,464

 

 

$

624

 

 

$

149,922

 

Acquisitions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32,133

 

 

 

—

 

 

 

—

 

 

 

32,133

 

Balance at end of period

 

$

13,767

 

 

$

61,212

 

 

$

68,855

 

 

$

32,133

 

 

$

5,464

 

 

$

624

 

 

$

182,055

 

The Company purchased a branch from RCB Bank on July 20, 2023, which added goodwill as shown in the table above. The Company acquired Worthington on February 8, 2022, which added core deposit intangibles and goodwill shown in the tables above. See Note (2) of the Notes to Consolidated Financial Statements for disclosure regarding the Company’s recent developments, including mergers and acquisitions.