UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-14384

BancFirst Corporation

(Exact name of registrant as specified in charter)

Oklahoma	73-1221379
(State or other Jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

100 N. Broadway Ave., Oklahoma City, Oklahoma	73102-8405
(Address of principal executive offices)	(Zip Code)

(405) 270-1086

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 Par Value Per Share	BANF	NASDAQ Global Select Market System

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (sec. 232-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2025, there were 33,309,310 shares of the registrant’s Common Stock outstanding.

BancFirst Corporation

Quarterly Report on Form 10-Q

June 30, 2025

Table of Contents

Item	PART I – Financial Information	Page
1.	Financial Statements (Unaudited)	2
	Consolidated Balance Sheets	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Shareholders’ Equity	4
	Consolidated Statements of Cash Flow	5
	Notes to Consolidated Financial Statements	6
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
3.	Quantitative and Qualitative Disclosure About Market Risk	41
4.	Controls and Procedures	41
	PART II – Other Information
1.	Legal Proceedings	42
1A.	Risk Factors	42
2.	Unregistered Sales of Equity Securities	42
3.	Defaults Upon Senior Securities	42
4.	Mine Safety Disclosures	42
5.	Other Information	42
6.	Exhibits	43
Signatures		44

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	June 30,			December 31,
	2025			2024
	(unaudited)			(see Note 1)
ASSETS
Cash and due from banks	$	259,587		$	237,840
Interest-bearing deposits with banks		3,737,763			3,315,932
Federal funds sold		—			715
Debt securities held for investment (fair value: $561 and $837, respectively)		561			837
Debt securities available for sale at fair value		1,104,043			1,210,917
Loans held for sale		10,009			8,073
Loans held for investment (net of unearned interest)		8,114,488			8,025,110
Allowance for credit losses		(96,988	)		(99,497	)
Loans, net of allowance for credit losses		8,017,500			7,925,613
Premises and equipment, net		312,151			295,943
Other real estate owned		52,196			33,051
Intangible assets, net		11,410			13,158
Goodwill		182,263			182,263
Accrued interest receivable and other assets		358,297			329,972
Total assets	$	14,045,780		$	13,554,314
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing	$	3,967,626		$	3,907,060
Interest-bearing		8,088,566			7,811,486
Total deposits		12,056,192			11,718,546
Short-term borrowings		5,860			—
Accrued interest payable and other liabilities		169,505			128,424
Subordinated debt		86,185			86,157
Total liabilities		12,317,742			11,933,127
Stockholders' equity:
Senior preferred stock, $1.00 par; 10,000,000 shares authorized; none issued		—			—
Cumulative preferred stock, $5.00 par; 900,000 shares authorized; none issued		—			—
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and       outstanding: 33,272,131 and 33,216,519, respectively		33,272			33,217
Capital surplus		190,698			187,062
Retained earnings		1,521,631			1,433,768
Accumulated other comprehensive loss, net of tax benefit of $5,442       and $10,191, respectively		(17,563	)		(32,860	)
Total stockholders' equity		1,728,038			1,621,187
Total liabilities and stockholders' equity	$	14,045,780		$	13,554,314

The accompanying Notes are an integral part of these consolidated financial statements.

2

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025			2024
INTEREST INCOME
Loans, including fees	$	139,337		$	137,710	$	276,321		$	269,836
Securities:
Taxable		6,887			8,932		13,893			18,113
Tax-exempt		17			18		35			38
Federal funds sold		—			5		1			24
Interest-bearing deposits with banks		42,186			31,800		80,653			62,097
Total interest income		188,427			178,465		370,903			350,108
INTEREST EXPENSE
Deposits		66,089			67,479		131,579			131,892
Short-term borrowings		51			59		58			155
Subordinated debt		1,031			1,031		2,061			2,061
Total interest expense		67,171			68,569		133,698			134,108
Net interest income		121,256			109,896		237,205			216,000
Provision for credit losses on loans		1,239			3,358		2,700			7,373
Provision for off-balance sheet credit exposures		148			—		273			—
Total provision for credit losses		1,387			3,358		2,973			7,373
Net interest income after provision for credit losses		119,869			106,538		234,232			208,627
NONINTEREST INCOME
Trust revenue		5,795			5,490		11,334			10,578
Service charges on deposits		17,741			17,280		34,545			33,708
Securities transactions		(740	)		317		(1,073	)		50
Sales of loans		830			733		1,466			1,224
Insurance commissions		7,920			6,668		18,330			16,123
Cash management		10,573			9,149		20,624			17,800
Gain/(loss) on sale of other assets		840			55		998			(4	)
Other		5,089			4,252		10,718			9,365
Total noninterest income		48,048			43,944		96,942			88,844
NONINTEREST EXPENSE
Salaries and employee benefits		55,147			51,928		109,740			103,456
Occupancy, net		6,037			5,233		11,790			10,439
Depreciation		4,691			4,504		9,499			9,060
Amortization of intangible assets		862			887		1,748			1,773
Data processing services		2,985			2,696		5,877			5,312
Net expense from other real estate owned		2,941			1,656		5,599			3,858
Marketing and business promotion		2,325			2,246		4,786			4,502
Deposit insurance		1,675			1,614		3,400			3,052
Other		11,536			14,552		27,939			26,643
Total noninterest expense		88,199			85,316		180,378			168,095
Income before taxes		79,718			65,166		150,796			129,376
Income tax expense		17,371			14,525		32,337			28,401
Net income	$	62,347		$	50,641	$	118,459		$	100,975
NET INCOME PER COMMON SHARE
Basic	$	1.87		$	1.53	$	3.56		$	3.06
Diluted	$	1.85		$	1.51	$	3.51		$	3.01
OTHER COMPREHENSIVE GAIN
Unrealized income on debt securities, net of tax expense of $1,911, $1,263, $4,749 and $535, respectively		6,159			4,105		15,297			1,801
Other comprehensive income, net of tax expense of $1,911, $1,263, $4,749 and $535, respectively		6,159			4,105		15,297			1,801
Comprehensive income	$	68,506		$	54,746	$	133,756		$	102,776

The accompanying Notes are an integral part of these consolidated financial statements.

3

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(Dollars in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
COMMON STOCK
Issued at beginning of period	$	33,242		$	32,967		$	33,217		$	32,933
Shares issued for stock-based compensation plans		30			55			55			89
Issued at end of period	$	33,272		$	33,022		$	33,272		$	33,022
CAPITAL SURPLUS
Balance at beginning of period	$	188,718		$	176,227		$	187,062		$	174,695
Common stock issued for stock-based compensation plans		1,061			1,659			1,927			2,476
Stock-based compensation arrangements		919			920			1,709			1,635
Balance at end of period	$	190,698		$	178,806		$	190,698		$	178,806
RETAINED EARNINGS
Balance at beginning of period	$	1,474,589		$	1,312,464		$	1,433,768		$	1,276,305
Net income		62,347			50,641			118,459			100,975
Dividends on common stock ($0.46, $0.43, $0.92 and $0.86 per share, respectively)		(15,305	)		(14,200	)		(30,596	)		(28,375	)
Balance at end of period	$	1,521,631		$	1,348,905		$	1,521,631		$	1,348,905
ACCUMULATED OTHER COMPREHENSIVE LOSS
Unrealized (losses)/gains on securities:
Balance at beginning of period	$	(23,722	)	$	(52,346	)	$	(32,860	)	$	(50,042	)
Net change		6,159			4,105			15,297			1,801
Balance at end of period	$	(17,563	)	$	(48,241	)	$	(17,563	)	$	(48,241	)
Total stockholders’ equity	$	1,728,038		$	1,512,492		$	1,728,038		$	1,512,492

The accompanying Notes are an integral part of these consolidated financial statements.

4

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(Dollars in thousands)

	Six Months Ended
	June 30,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	118,459		$	100,975
Adjustments to reconcile to net cash provided by operating activities:
Provision for credit losses		2,973			7,373
Depreciation and amortization		11,247			10,833
Net amortization of securities premiums and discounts		(232	)		(627	)
Realized securities losses/(gains)		1,073			(50	)
Gain on sales of loans		(1,466	)		(1,224	)
Cash receipts from the sale of loans originated for sale		86,205			110,096
Cash disbursements for loans originated for sale		(86,675	)		(72,791	)
Deferred income tax benefit		(2,194	)		(1,764	)
Gain on sale of other assets		(919	)		(1,319	)
Increase/(decrease) in interest receivable		914			(3,074	)
(Decrease)/increase in interest payable		(334	)		5,314
Amortization of stock-based compensation arrangements		1,709			1,635
Excess tax benefit from stock-based compensation arrangements		(1,043	)		(750	)
Other, net		25,357			11,848
Net cash provided by operating activities		155,074			166,475
INVESTING ACTIVITIES
Net decrease in federal funds sold		715			214
Purchases of available for sale debt securities		(233	)		(270	)
Proceeds from maturities, calls and paydowns of held for investment debt securities		90			352
Proceeds from maturities, calls and paydowns of available for sale debt securities		127,572			116,611
Purchase of equity securities		(256	)		(404	)
Proceeds from paydowns and sales of equity securities		351			206
Net change in loans		(114,469	)		(445,920	)
Net payments on derivative asset contracts		(3,163	)		(22,293	)
Purchases of premises, equipment and computer software		(25,054	)		(16,273	)
Purchase of tax credits		(16,289	)		(2,469	)
Other, net		4,322			8,978
Net cash used in investing activities		(26,414	)		(361,268	)
FINANCING ACTIVITIES
Net change in deposits		337,646			315,480
Net change in short-term borrowings		5,860			913
Issuance of common stock in connection with stock-based compensation plans, net		1,982			2,565
Cash dividends paid		(30,570	)		(28,336	)
Net cash provided by financing activities		314,918			290,622
Net increase in cash, due from banks and interest-bearing deposits		443,578			95,829
Cash, due from banks and interest-bearing deposits at the beginning of the period		3,553,772			2,397,463
Cash, due from banks and interest-bearing deposits at the end of the period	$	3,997,350		$	2,493,292
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	134,032		$	128,794
Cash paid during the period for income taxes	$	16,331		$	22,349
Noncash investing and financing activities:
Unpaid common stock dividends declared	$	15,305		$	14,200

The accompanying Notes are an integral part of these consolidated financial statements.

5

BANCFIRST CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of BancFirst Corporation and its subsidiaries (the “Company”) conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and general practice within the banking industry. A summary of significant accounting policies can be found in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BFC-PNC, LLC, BancFirst Insurance Services, Inc., Pegasus Bank ("Pegasus"), Worthington Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst"). The principal operating subsidiaries of BancFirst are BFTower, LLC and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements.

The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the consolidated financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

Recent Accounting Pronouncements

Standards Not Yet Adopted:

In November 2024, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” requiring disclosure of certain costs and expenses in the notes to financial statements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied prospectively or retrospectively to all periods presented. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements.

In December 2023, FASB issued ASU No. 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements.

(2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS

On May 20, 2025, the Company entered into an agreement to acquire American Bank of Oklahoma ("ABOK"), a privately held community bank headquartered in Collinsville, Oklahoma. ABOK has approximately $385 million in total assets, $280 million in loans, and $320 million in deposits. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and

6

customary closing conditions. ABOK will operate under its present name until it is merged into BancFirst, which is expected to be in the fourth quarter of 2025.

(3) SECURITIES

The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2025	(Dollars in thousands)
Mortgage backed securities (1)	$	1	$	—	$	—	$	1
States and political subdivisions		60		—		—		60
Other securities		500		—		—		500
Total	$	561	$	—	$	—	$	561
December 31, 2024
Mortgage backed securities (1)	$	2	$	—	$	—	$	2
States and political subdivisions		335		—		—		335
Other securities		500		—		—		500
Total	$	837	$	—	$	—	$	837

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
June 30, 2025	(Dollars in thousands)
U.S. treasuries	$	1,091,549	$	699	$	(21,223	)	$	1,071,025
U.S. federal agencies		7,432		74		(5	)		7,501
Mortgage backed securities (1)		14,030		9		(1,469	)		12,570
States and political subdivisions		5,874		2		(127	)		5,749
Other securities		8,163		—		(965	)		7,198
Total	$	1,127,048	$	784	$	(23,789	)	$	1,104,043
December 31, 2024
U.S. treasuries	$	1,216,258	$	—	$	(40,249	)	$	1,176,009
U.S. federal agencies		8,170		68		(6	)		8,232
Mortgage backed securities (1)		14,807		9		(1,772	)		13,044
States and political subdivisions		6,570		6		(140	)		6,436
Other securities		8,163		—		(967	)		7,196
Total	$	1,253,968	$	83	$	(43,134	)	$	1,210,917

(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

7

The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

	June 30, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	560	$	560	$	776	$	776
After one year but within five years		1		1		61		61
After five years but within ten years		—		—		—		—
After ten years		—		—		—		—
Total	$	561	$	561	$	837	$	837
Available for Sale
Contractual maturity of debt securities:
Within one year	$	340,445	$	336,476	$	335,108	$	330,076
After one year but within five years		757,598		741,045		888,721		853,508
After five years but within ten years		13,414		12,423		13,369		12,354
After ten years		15,591		14,099		16,770		14,979
Total debt securities	$	1,127,048	$	1,104,043	$	1,253,968	$	1,210,917

The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

	June 30, 2025		December 31, 2024
	(Dollars in thousands)
Book value of pledged securities	$	858,120	$	918,523

8

There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the six months ended June 30, 2025 or June 30, 2024.

Realized gains or losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income.

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at June 30, 2025 and December 31, 2024 respectively:

			Less than 12 Months				More than 12 Months				Total
	Number of investments		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
			(Dollars in thousands)
June 30, 2025
Available for Sale
U.S. treasuries		42	$	—	$	—	$	979,845	$	21,223	$	979,845	$	21,223
U.S. federal agencies		5		637		3		440		2		1,077		5
Mortgage backed securities		55		1,163		2		11,068		1,467		12,231		1,469
States and political subdivisions		4		801		1		758		126		1,559		127
Other securities		3		—		—		7,198		965		7,198		965
Total		109	$	2,601	$	6	$	999,309	$	23,783	$	1,001,910	$	23,789
December 31, 2024
Available for Sale
U.S. treasuries		51	$	89,867	$	1,030	$	1,086,142	$	39,219	$	1,176,009	$	40,249
U.S. federal agencies		5		681		4		500		2		1,181		6
Mortgage backed securities		63		1,214		15		11,498		1,757		12,712		1,772
States and political subdivisions		4		802		2		752		138		1,554		140
Other securities		3		—		—		7,196		967		7,196		967
Total		126	$	92,564	$	1,051	$	1,106,088	$	42,083	$	1,198,652	$	43,134

The Company has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities. Furthermore, as of June 30, 2025 and December 31, 2024, the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. The Company has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no impairment loss was realized in the Company’s consolidated statement of comprehensive income.

9

(4) LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

Loans held for investment are summarized by portfolio segment as follows:

	June 30, 2025		December 31, 2024
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied		937,426		931,709
Commercial real estate non-owner occupied		1,674,229		1,578,483
Construction and development < 60 months		684,291		756,662
Construction residential real estate < 60 months		235,032		250,373
Residential real estate first lien		1,462,758		1,431,265
Residential real estate all other		291,362		275,461
Agriculture		447,984		449,190
Commercial non-real estate		1,427,576		1,363,462
Consumer non-real estate		481,725		478,647
Oil and gas		472,105		509,858
Total (1)	$	8,114,488	$	8,025,110
(1) Excludes accrued interest receivable of $40.9 million at June 30, 2025 and $40.9 million at December 31, 2024, that is recorded in accrued interest receivable and other assets.

The Company's loans are currently 83% held by BancFirst and 17% held by Pegasus and Worthington. In addition, approximately 71% of the Company's loans are secured by real estate. Credit risk on loans is managed through limits on amounts loaned to individual and related borrowers, underwriting standards and loan monitoring procedures. The amounts and types of collateral obtained, if any, to secure loans are based upon the Company’s underwriting standards and management’s credit evaluation. Collateral varies, but may include real estate, equipment, accounts receivable, inventory, livestock and/or securities. The Company’s interest in collateral is secured through filing mortgages and liens, or by possession of the collateral.

The Company's portfolio segment descriptions and the weighted average remaining life of portfolio segments are disclosed in Note (5) to the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Other Real Estate Owned and Repossessed Assets and Loan Modifications

The following is a summary of other real estate owned ("OREO") and repossessed assets:

	June 30, 2025		December 31, 2024
	(Dollars in thousands)
Other real estate owned and repossessed assets	$	53,022	$	33,665

During the six months ended June 30, 2025 the Company foreclosed on a construction and development real estate loan and recorded $15.6 million in OREO, which was the primary reason for the increase in OREO.

In addition, as of both June 30, 2025 and December 31, 2024, OREO included a commercial real estate property recorded at approximately $30.7 million and $28.1 million, respectively. The increase for this commercial real estate property was due to tenant improvements during the six months ended June 30, 2025. Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income. Operating expense for this property is included in net expense from other real estate owned in noninterest expense on the consolidated statements of comprehensive income.

This property had the following rental income and operating expenses for the periods presented.

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Dollars in thousands)
Rental income	$	3,202	$	3,085	$	6,323	$	6,026
Operating expense		2,673		2,673		5,297		4,923

10

During the six months ended June 30, 2025, the Company sold property held in other real estate owned for a total loss of $79,000, compared to a total gain of $1.3 million in the six months ended June 30, 2024.

The Company charges interest on principal balances outstanding on modified loans during deferral periods. The current and future financial effects of the recorded balance of loans considered to be modified during the period were not material. The recorded balance of loans modified during the six months ended June 30, 2025 was approximately $3.6 million compared to $14.8 million during the year ended December 31, 2024.

Nonaccrual loans

The Company did not recognize any interest income on nonaccrual loans for either the six months ended June 30, 2025 or 2024. In addition, all loans identified as nonaccrual loans have related allowances for credit losses at June 30, 2025 and December 31, 2024, respectively. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $2.3 million for the six months ended June 30, 2025 and approximately $1.8 million for the six months ended June 30, 2024.

Nonaccrual loans guaranteed by government agencies totaled approximately $9.5 million at June 30, 2025 and approximately $9.0 million at December 31, 2024.

The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment.

	June 30, 2025		December 31, 2024
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied	$	7,347	$	7,957
Commercial real estate non-owner occupied		21,857		8,913
Construction and development < 60 months		1,318		20,445
Construction residential real estate < 60 months		1,881		1,481
Residential real estate first lien		5,138		5,193
Residential real estate all other		828		653
Agriculture		1,754		2,047
Commercial non-real estate		6,914		8,552
Consumer non-real estate		1,151		1,028
Oil and gas		1,690		1,715
Total	$	49,878	$	57,984

11

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following tables present an age analysis of the Company's loans held for investment:

	Age Analysis of Past Due Loans
	30-59 Days Past Due		60-89 Days Past Due		90 Days and Greater		Total Past Due Loans		Current Loans		Total Loans		Accruing Loans 90 Days or More Past Due
	(Dollars in thousands)
As of June 30, 2025
Real estate:
Commercial real estate owner occupied	$	525	$	33	$	6,750	$	7,308	$	930,118	$	937,426	$	514
Commercial real estate non-owner occupied		1,691		103		17,844		19,638		1,654,591		1,674,229		—
Construction and development < 60 months		753		2,361		1,185		4,299		679,992		684,291		16
Construction residential real estate < 60 months		—		—		1,068		1,068		233,964		235,032		—
Residential real estate first lien		8,090		1,850		4,884		14,824		1,447,934		1,462,758		2,470
Residential real estate all other		865		254		681		1,800		289,562		291,362		595
Agriculture		1,318		232		1,632		3,182		444,802		447,984		620
Commercial non-real estate		4,496		810		6,821		12,127		1,415,449		1,427,576		2,819
Consumer non-real estate		2,915		1,203		1,313		5,431		476,294		481,725		481
Oil and gas		827		491		1,686		3,004		469,101		472,105		—
Total	$	21,480	$	7,337	$	43,864	$	72,681	$	8,041,807	$	8,114,488	$	7,515
As of December 31, 2024
Real estate:
Commercial real estate owner occupied	$	2,810	$	273	$	7,963	$	11,046	$	920,663	$	931,709	$	569
Commercial real estate non-owner occupied		603		16,871		610		18,084		1,560,399		1,578,483		41
Construction and development < 60 months		317		351		20,327		20,995		735,667		756,662		116
Construction residential real estate < 60 months		292		622		616		1,530		248,843		250,373		—
Residential real estate first lien		9,128		2,118		3,332		14,578		1,416,687		1,431,265		797
Residential real estate all other		1,498		559		828		2,885		272,576		275,461		370
Agriculture		1,569		1,357		5,691		8,617		440,573		449,190		4,754
Commercial non-real estate		4,325		1,019		5,983		11,327		1,352,135		1,363,462		356
Consumer non-real estate		3,748		907		1,173		5,828		472,819		478,647		504
Oil and gas		1,111		458		232		1,801		508,057		509,858		232
Total	$	25,401	$	24,535	$	46,755	$	96,691	$	7,928,419	$	8,025,110	$	7,739

Credit Quality Indicators

The Company considers credit quality indicators to monitor the credit risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical credit loss experience and economic conditions. These indicators are reviewed and updated regularly throughout the year. An internal risk grading system is used to indicate the credit risk of loans. The loan grades used by the Company are for internal risk identification purposes and do not directly correlate to regulatory classification categories or any financial reporting definitions. The general characteristics of the risk grades and the table summarizing the Company’s gross loans held for investment by year of origination and internally assigned credit grades as of December 31, 2024, are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The Company’s revolving loans that are converted to term loans are not material and therefore have not been presented.

The following table summarizes the Company’s gross loans held for investment by year of origination and internally assigned credit grades:

12

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(Dollars in thousands)	2025		2024		2023		2022		2021		Prior		Amortized Cost Basis		Total
As of June 30, 2025
Commercial real estate owner occupied
Grade 1	$	46,987	$	72,680	$	103,525	$	126,529	$	89,591	$	184,795	$	12,575	$	636,682
Grade 2		37,790		35,379		32,027		47,992		46,707		57,105		7,354		264,354
Grade 3		386		13,853		10,990		3,054		2,244		1,865		138		32,530
Grade 4		—		243		599		153		558		2,307		—		3,860
Total commercial real estate owner occupied		85,163		122,155		147,141		177,728		139,100		246,072		20,067		937,426
Commercial real estate non-owner occupied
Grade 1	$	94,690	$	115,357	$	256,328	$	284,008	$	155,649	$	168,459	$	29,140	$	1,103,631
Grade 2		53,516		82,637		114,315		133,489		64,902		82,708		13,927		545,494
Grade 3		4,179		—		—		943		—		—		—		5,122
Grade 4		—		19,467		121		64		273		57		—		19,982
Total commercial real estate non-owner occupied		152,385		217,461		370,764		418,504		220,824		251,224		43,067		1,674,229
Construction and development < 60 months
Grade 1	$	68,650	$	102,545	$	101,111	$	108,571	$	7,853	$	13,230	$	31,451	$	433,411
Grade 2		97,774		57,984		34,458		30,861		608		15,252		8,908		245,845
Grade 3		2,588		483		123		36		346		125		—		3,701
Grade 4		61		—		18		816		303		136		—		1,334
Total construction and development < 60 months		169,073		161,012		135,710		140,284		9,110		28,743		40,359		684,291
Construction residential real estate < 60 months
Grade 1	$	69,559	$	50,902	$	7,351	$	4,780	$	88	$	1,749	$	3,847	$	138,276
Grade 2		51,610		33,149		1,163		752		—		—		7,112		93,786
Grade 3		769		320		—		—		—		—		—		1,089
Grade 4		813		745		117		206		—		—		—		1,881
Total construction residential real estate < 60 months		122,751		85,116		8,631		5,738		88		1,749		10,959		235,032
Residential real estate first lien
Grade 1	$	126,178	$	216,760	$	182,841	$	183,960	$	134,645	$	237,448	$	4,914	$	1,086,746
Grade 2		38,500		76,142		55,034		50,662		39,334		64,838		17,014		341,524
Grade 3		3,873		5,302		3,922		2,792		2,726		5,738		—		24,353
Grade 4		81		3,890		1,163		853		1,817		2,331		—		10,135
Total residential real estate first lien		168,632		302,094		242,960		238,267		178,522		310,355		21,928		1,462,758
Residential real estate all other
Grade 1	$	18,436	$	32,547	$	22,572	$	17,121	$	4,829	$	14,150	$	53,812	$	163,467
Grade 2		3,461		6,586		5,321		3,761		1,174		4,928		95,954		121,185
Grade 3		453		615		480		124		221		383		2,025		4,301
Grade 4		419		68		144		117		16		180		1,465		2,409
Total residential real estate all other		22,769		39,816		28,517		21,123		6,240		19,641		153,256		291,362
Agriculture
Grade 1	$	26,222	$	31,946	$	34,820	$	33,569	$	24,882	$	52,665	$	51,487	$	255,591
Grade 2		28,619		31,678		21,831		16,658		11,838		23,148		37,213		170,985
Grade 3		964		1,158		1,905		2,550		1,287		4,260		6,470		18,594
Grade 4		31		793		413		758		325		369		125		2,814
Total Agriculture		55,836		65,575		58,969		53,535		38,332		80,442		95,295		447,984
Commercial non-real estate
Grade 1	$	91,468	$	119,790	$	83,645	$	118,094	$	87,175	$	61,279	$	350,751	$	912,202
Grade 2		68,090		69,535		65,733		26,150		10,115		7,364		222,337		469,324
Grade 3		774		1,283		1,600		1,024		328		171		36,378		41,558
Grade 4		776		536		1,036		1,051		156		303		325		4,183
Grade 5		—		—		6		175		3		125		—		309
Total commercial non-real estate		161,108		191,144		152,020		146,494		97,777		69,242		609,791		1,427,576
Consumer non-real estate
Grade 1	$	105,760	$	138,858	$	80,119	$	37,879	$	16,468	$	6,264	$	19,337	$	404,685
Grade 2		11,788		16,246		12,780		7,176		3,127		1,331		14,638		67,086
Grade 3		591		1,408		1,983		985		613		275		13		5,868
Grade 4		1,833		723		681		494		242		112		1		4,086
Total consumer non-real estate		119,972		157,235		95,563		46,534		20,450		7,982		33,989		481,725
Oil and gas
Grade 1	$	71,743	$	14,587	$	10,006	$	3,822	$	17,204	$	2,878	$	248,947	$	369,187
Grade 2		37,339		8,812		6,555		3,650		2,675		2,818		39,275		101,124
Grade 3		471		60		68		—		159		50		520		1,328
Grade 4		—		—		—		—		58		408		—		466
Total oil and gas		109,553		23,459		16,629		7,472		20,096		6,154		288,742		472,105
Total loans held for investment	$	1,167,242	$	1,365,067	$	1,256,904	$	1,255,679	$	730,539	$	1,021,604	$	1,317,453	$	8,114,488

13

The following tables summarize the Company's gross charge-offs by year of origination for the periods indicated:

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2025		2024		2023		2022		2021		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Three months ended June 30, 2025
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	58	$	58
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		227		—		1		—		—		—		228
Construction and development < 60 months
Current-period gross charge-offs		—		—		—		—		3,741		—		—		3,741
Construction residential real estate < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Residential real estate first lien
Current-period gross charge-offs		—		—		1		1		—		3		—		5
Residential real estate all other
Current-period gross charge-offs		—		—		—		—		—		—		7		7
Agriculture
Current-period gross charge-offs		—		1		2		—		4		—		—		7
Commercial non-real estate
Current-period gross charge-offs		5		6		127		94		14		238		42		526
Consumer non-real estate
Current-period gross charge-offs		25		90		247		80		6		41		5		494
Oil and gas
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Total current-period gross charge-offs	$	30	$	324	$	377	$	176	$	3,765	$	282	$	112	$	5,066

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Three months ended June 30, 2024
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		—		—		1		—		—		—		1
Construction and development < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Construction residential real estate < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Residential real estate first lien
Current-period gross charge-offs		2		23		—		2		4		36		—		67
Residential real estate all other
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Agriculture
Current-period gross charge-offs		—		—		6		13		—		—		—		19
Commercial non-real estate
Current-period gross charge-offs		6		155		43		8		—		190		378		780
Consumer non-real estate
Current-period gross charge-offs		21		256		150		28		21		30		4		510
Oil and gas
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Total current-period gross charge-offs	$	29	$	434	$	199	$	52	$	25	$	256	$	382	$	1,377

14

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2025		2024		2023		2022		2021		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Six months ended June 30, 2025
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	17	$	6	$	—	$	58	$	81
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		227		—		1		—		—		—		228
Construction and development < 60 months
Current-period gross charge-offs		—		—		—		—		3,744		—		—		3,744
Construction residential real estate < 60 months
Current-period gross charge-offs		—		25		—		—		—		—		—		25
Residential real estate first lien
Current-period gross charge-offs		—		6		3		2		5		40		—		56
Residential real estate all other
Current-period gross charge-offs		—		—		—		—		—		—		13		13
Agriculture
Current-period gross charge-offs		—		10		2		—		5		—		17		34
Commercial non-real estate
Current-period gross charge-offs		24		16		148		127		47		310		55		727
Consumer non-real estate
Current-period gross charge-offs		25		247		471		134		12		47		5		941
Oil and gas
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Total current-period gross charge-offs	$	49	$	531	$	624	$	281	$	3,819	$	397	$	148	$	5,849

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Six months ended June 30, 2024
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	15	$	—	$	—	$	—	$	15
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		12		—		1		1		—		—		14
Construction and development < 60 months
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Construction residential real estate < 60 months
Current-period gross charge-offs		—		3		—		—		—		—		—		3
Residential real estate first lien
Current-period gross charge-offs		3		23		—		3		4		57		—		90
Residential real estate all other
Current-period gross charge-offs		—		—		—		—		—		2		27		29
Agriculture
Current-period gross charge-offs		—		—		37		13		—		—		—		50
Commercial non-real estate
Current-period gross charge-offs		6		1,156		318		140		12		316		1,886		3,834
Consumer non-real estate
Current-period gross charge-offs		21		500		247		79		34		45		15		941
Oil and gas
Current-period gross charge-offs		—		9		83		—		—		—		—		92
Total current-period gross charge-offs	$	30	$	1,703	$	685	$	251	$	51	$	420	$	1,928	$	5,068

15

Allowance for Credit Losses Methodology

The Company determines its provision for credit losses and allowance for credit losses using the current expected credit loss methodology that is referred to as the current expected credit loss ("CECL") model. The allowance for current expected credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The allowance for credit losses methodology is disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The following tables detail activity in the allowance for credit losses on loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

	Allowance for Credit Losses
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provision for /(benefit from) credit losses on loans			Balance at end of period
	(Dollars in thousands)
Three Months Ended June 30, 2025
Real estate:
Commercial real estate owner occupied	$	6,991	$	(58	)	$	2	$	(56	)	$	313		$	7,248
Commercial real estate non-owner occupied		33,753		(228	)		—		(228	)		1,692			35,217
Construction and development < 60 months		8,613		(3,741	)		6		(3,735	)		29			4,907
Construction residential real estate < 60 months		2,282		—			3		3			(20	)		2,265
Residential real estate first lien		4,666		(5	)		9		4			(25	)		4,645
Residential real estate all other		1,790		(7	)		—		(7	)		38			1,821
Agriculture		5,776		(7	)		7		—			(645	)		5,131
Commercial non-real estate		23,877		(526	)		250		(276	)		446			24,047
Consumer non-real estate		4,820		(494	)		83		(411	)		428			4,837
Oil and gas		7,887		—			—		—			(1,017	)		6,870
Total	$	100,455	$	(5,066	)	$	360	$	(4,706	)	$	1,239		$	96,988

	Allowance for Credit Losses
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provision for /(benefit from) credit losses on loans			Balance at end of period
	(Dollars in thousands)
Three Months Ended June 30, 2024
Real estate:
Commercial real estate owner occupied	$	7,468	$	—		$	11	$	11		$	(109	)	$	7,370
Commercial real estate non-owner occupied		33,180		(1	)		—		(1	)		688			33,867
Construction and development < 60 months		6,596		—			—		—			184			6,780
Construction residential real estate < 60 months		3,464		—			—		—			55			3,519
Residential real estate first lien		4,923		(67	)		21		(46	)		695			5,572
Residential real estate all other		1,652		—			3		3			74			1,729
Agriculture		6,137		(19	)		5		(14	)		(206	)		5,917
Commercial non-real estate		20,482		(780	)		280		(500	)		1,493			21,475
Consumer non-real estate		4,335		(510	)		58		(452	)		500			4,383
Oil and gas		9,030		—			—		—			(16	)		9,014
Total	$	97,267	$	(1,377	)	$	378	$	(999	)	$	3,358		$	99,626

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	Allowance for Credit Losses
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provision for /(benefit from) credit losses on loans			Balance at end of period
	(Dollars in thousands)
Six Months Ended June 30, 2025
Real estate:
Commercial real estate owner occupied	$	6,869	$	(81	)	$	41	$	(40	)	$	419		$	7,248
Commercial real estate non-owner occupied		33,097		(228	)		—		(228	)		2,348			35,217
Construction and development < 60 months		8,671		(3,744	)		6		(3,738	)		(26	)		4,907
Construction residential real estate < 60 months		2,336		(25	)		3		(22	)		(49	)		2,265
Residential real estate first lien		4,568		(56	)		12		(44	)		121			4,645
Residential real estate all other		1,741		(13	)		21		8			72			1,821
Agriculture		5,696		(34	)		18		(16	)		(549	)		5,131
Commercial non-real estate		24,150		(727	)		375		(352	)		249			24,047
Consumer non-real estate		4,833		(941	)		164		(777	)		781			4,837
Oil and gas		7,536		—			—		—			(666	)		6,870
Total	$	99,497	$	(5,849	)	$	640	$	(5,209	)	$	2,700		$	96,988

	Allowance for Credit Losses
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provision for /(benefit from) credit losses on loans			Balance at end of period
	(Dollars in thousands)
Six Months Ended June 30, 2024
Real estate:
Commercial real estate owner occupied	$	7,483	$	(15	)	$	31	$	16		$	(129	)	$	7,370
Commercial real estate non-owner occupied		33,080		(14	)		—		(14	)		801			33,867
Construction and development < 60 months		3,950		—			—		—			2,830			6,780
Construction residential real estate < 60 months		3,414		(3	)		—		(3	)		108			3,519
Residential real estate first lien		4,914		(90	)		25		(65	)		723			5,572
Residential real estate all other		1,646		(29	)		8		(21	)		104			1,729
Agriculture		6,137		(50	)		17		(33	)		(187	)		5,917
Commercial non-real estate		22,745		(3,834	)		313		(3,521	)		2,251			21,475
Consumer non-real estate		4,401		(941	)		127		(814	)		796			4,383
Oil and gas		9,030		(92	)		—		(92	)		76			9,014
Total	$	96,800	$	(5,068	)	$	521	$	(4,547	)	$	7,373		$	99,626

Purchased Credit Deteriorated Loans

The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The Company did not purchase credit-deteriorated loans during the six month period ended June 30, 2025 or June 30, 2024.

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Collateral Dependent Loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the six months ended June 30, 2025 and 2024, no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent. The following tables summarize collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows:

	Collateral Type
	Real Estate		Business Assets		Other Assets		Total		Specific Allocation
	(Dollars in thousands)
As of June 30, 2025
Real estate:
Commercial real estate owner occupied	$	1,399	$	—	$	—	$	1,399	$	283
Commercial real estate non-owner occupied		3,652		—		—		3,652		1,031
Construction and development < 60 months		800		—		—		800		225
Construction residential real estate < 60 months		206		—		—		206		75
Residential real estate first lien		333		—		—		333		99
Residential real estate all other		95		—		—		95		32
Agriculture		79		110		12		201		98
Commercial non-real estate		—		7,762		25		7,787		1,764
Consumer non-real estate		—		—		551		551		278
Oil and gas		—		1,111		—		1,111		110
Total collateral-dependent loans held for investment	$	6,564	$	8,983	$	588	$	16,135	$	3,995
	Collateral Type
	Real Estate		Business Assets		Other Assets		Total		Specific Allocation
	(Dollars in thousands)
As of December 31, 2024
Real estate:
Commercial real estate owner occupied	$	—	$	—	$	—	$	—	$	—
Commercial real estate non-owner occupied		7,890		—		—		7,890		879
Construction and development < 60 months		20,142		—		—		20,142		3,755
Construction residential real estate < 60 months		206		—		—		206		75
Residential real estate first lien		300		—		—		300		93
Residential real estate all other		100		—		—		100		34
Agriculture		1,584		110		13		1,707		688
Commercial non-real estate		—		10,087		108		10,195		2,222
Consumer non-real estate		—		—		399		399		242
Oil and gas		—		—		—		—		—
Total collateral-dependent loans held for investment	$	30,222	$	10,197	$	520	$	40,939	$	7,988

Non-Cash Transfers from Loans and Premises and Equipment

Transfers from loans and premises and equipment to OREO and repossessed assets are non-cash transactions, and are not included in the consolidated statements of cash flow.

Transfers from loans and premises and equipment to OREO and repossessed assets during the periods presented are summarized as follows:

	Six Months Ended June 30,
	2025		2024
	(Dollars in thousands)
Other real estate owned	$	18,122	$	8,995
Repossessed assets		1,680		1,575
Total	$	19,802	$	10,570

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(5) INTANGIBLE ASSETS AND GOODWILL

The following is a summary of intangible assets as of the date listed:

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Dollars in thousands)
June 30, 2025
Core deposit intangibles	$	33,550	$	(22,168	)	$	11,382
Customer relationship intangibles		3,350		(3,322	)		28
Total	$	36,900	$	(25,490	)	$	11,410
December 31, 2024
Core deposit intangibles	$	33,550	$	(20,454	)	$	13,096
Customer relationship intangibles		3,350		(3,288	)		62
Total	$	36,900	$	(23,742	)	$	13,158

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)
Six months ended June 30, 2025
Balance at beginning and end of period	$	13,767	$	61,420	$	68,855	$	32,133	$	5,464	$	624	$	182,263

Additional information for intangible assets can be found in Note (7) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

(6) SUBORDINATED DEBT

In 2004, BFC Capital Trust II (“BFC II”), issued $26 million of aggregate liquidation amount of 7.20% Cumulative Trust Preferred Securities (the “Cumulative Trust Preferred Securities”) to other investors. The proceeds from the sale of the Cumulative Trust Preferred Securities and the common securities of BFC II were invested in $26.8 million of 7.20% Junior Subordinated Debentures of the Company. Interest payments on the $26.8 million of 7.20% Junior Subordinated Debentures are payable January 15, April 15, July 15 and October 15 of each year. Such interest payments may be deferred for up to twenty consecutive quarters. The stated maturity date of the $26.8 million of 7.20% Junior Subordinated Debentures is March 31, 2034, but they are subject to mandatory redemption pursuant to optional prepayment terms. The Cumulative Trust Preferred Securities represent an undivided interest in the $26.8 million of 7.20% Junior Subordinated Debentures and are guaranteed by the Company. During any deferral period or during any event of default, the Company may not declare or pay any dividends on any of its capital stock. The Cumulative Trust Preferred Securities have been callable at par, in whole or in part, since March 31, 2009.

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 3.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Subordinated Notes”) to various institutional accredited investors. The sale of the Subordinated Notes was pursuant to a Subordinated Note Purchase Agreement entered into with each of the investors. The Subordinated Notes qualify as Tier 2 capital under bank regulatory guidelines. The net proceeds to the Company from the sale of the Subordinated Notes were approximately $59.15 million net of commissions and offering expenses. The Company used the proceeds from the sale of the Subordinated Notes for general corporate purposes. The Subordinated Notes initially bear interest at a fixed rate of 3.50% per annum, from and including June 17, 2021 to but excluding June 30, 2031, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2021. Then, from and including June 30, 2031, to but excluding the maturity date, the Subordinated Notes will bear interest at a floating rate equal to the benchmark (initially, three-month term SOFR), reset quarterly, plus a spread of 229 basis points, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Subordinated Notes mature on June 30, 2036.

The Company may, at its option, beginning with the interest payment date of June 30, 2031, and on any scheduled interest payment date thereafter, redeem the Subordinated Notes, in whole or in part. In addition, the Company may redeem all, but not less than all, of the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event”

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(each as defined in the Subordinated Notes). Any such redemption is subject to obtaining the prior approval of the Board of Governors of the Federal Reserve System (or its designee). The redemption price with respect to any such redemption will be equal to 100% of the principal amount of the Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest, if any, thereon to, but excluding, the redemption date.

(7) STOCK-BASED COMPENSATION

On May 25, 2023, the shareholders of the Company adopted the BancFirst Corporation 2023 Restricted Stock Unit Plan (the "RSU Plan"). The RSU Plan was effective as of June 1, 2023 and for a period of ten years thereafter. The RSU Plan will continue in effect after such ten-year period until all matters relating to the payment of awards and administration of the RSU Plan have been settled. At June 30, 2025 there were 447,175 shares available for future grants. The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20% per year for five years. The RSU's are settled and distributed as of each vesting date. The fair value of each RSU granted is equal to the market price of the Company’s stock at the date of grant.

The following table is a summary of the activity under the Company's RSU plan.

				Wgtd. Avg.
	Restricted			Grant Date
	Stock Units			Fair Value
Six Months Ended June 30, 2025
Nonvested at December 31, 2024		42,825		$	90.35
Granted		10,000			122.47
Vested		(525	)		93.66
Nonvested at June 30, 2025		52,300			96.46

The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999. As of June 30, 2025, there are 31,459 shares available for future issuance under the Deferred Stock Compensation Plan. The Deferred Stock Compensation Plan will terminate on December 31, 2030, if not extended. Under the plan, directors and members of the community advisory boards of the Company and its subsidiaries may defer up to 100% of their board fees. They are credited for each deferral with a number of stock units based on the current market price of the Company’s stock, which accumulate in an account until such time as the director or community board member terminates serving as a board member. Shares of common stock of the Company are then distributed to the terminating director or community board member based upon the number of stock units accumulated in his or her account. There were 6,462 and 5,022 shares of common stock distributed from the Deferred Stock Compensation Plan during the six months ended June 30, 2025 and 2024, respectively.

A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:

	June 30, 2025		December 31, 2024
Accumulated stock units		118,710		120,984
Average price	$	48.04	$	44.70

The Company terminated the BancFirst Corporation Stock Option Plan (the “Employee Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant.

The Company terminated the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “Non-Employee Directors’ Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant.

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The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Six Months Ended June 30, 2025
Outstanding at December 31, 2024		947,921		$	58.42
Options exercised		(48,625	)		36.78
Options canceled, forfeited, or expired		(5,000	)		90.56
Outstanding at June 30, 2025		894,296			59.42	9.45 Yrs.	$	57,417
Exercisable at June 30, 2025		378,296			45.03	7.25 Yrs.	$	29,730

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Dollars in thousands)
Total intrinsic value of options exercised	$	2,446	$	3,254	$	4,180	$	5,085
Cash received from options exercised		1,015		1,714		1,788		2,422
Tax benefit realized from options exercised		588		782		1,005		1,222

The Company currently uses newly issued shares for stock-based compensation plans, but reserves the right to use shares purchased under the Company’s Stock Repurchase Program (the “SRP”) in the future.

Although not required or expected, the Company may settle some options or restricted stock units in cash on a limited basis at the discretion of the Company. The Company had no cash settlements during the six months ended June 30, 2025 or June 30, 2024.

Stock-based compensation expense is charged to salaries and benefits expense on the Consolidated Statements of Comprehensive Income. The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Dollars in thousands)
Stock-based compensation expense	$	919	$	920	$	1,709	$	1,635
Tax benefit		221		221		411		393
Stock-based compensation expense, net of tax	$	698	$	699	$	1,298	$	1,242

The Company amortizes the unearned stock-based compensation expense over the remaining vesting period of approximately five years for unvested stock options and six years for unvested RSU's. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSU's:

	June 30, 2025
	(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options	$	6,247
Unearned stock-based compensation expense for unvested RSU's		4,056

(8) STOCKHOLDERS’ EQUITY

The Company has adopted a Stock Repurchase Program (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 issuance of stock related to stock-based compensation plans, 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

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timing, price and amount of stock repurchases under the SRP is determined by management and approved by the Company’s Executive Committee.

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

	June 30, 2025
Shares remaining to be repurchased		479,784

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 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 June 30, 2025, BancFirst Corporation, BancFirst, Pegasus and Worthington each 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, 2025:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,734,570	19.62%	$	707,153	8.00%	$	928,138	10.50%	N/A		N/A
BancFirst		1,308,924	17.86%		586,412	8.00%		769,666	10.50%	$	733,015	10.00%
Pegasus		160,711	16.88%		76,179	8.00%		99,984	10.50%		95,223	10.00%
Worthington		58,917	12.10%		38,946	8.00%		51,116	10.50%		48,682	10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,551,928	17.56%	$	397,774	4.50%	$	618,759	7.00%	N/A		N/A
BancFirst		1,205,694	16.45%		329,857	4.50%		513,111	7.00%	$	476,460	6.50%
Pegasus		150,732	15.83%		42,850	4.50%		66,656	7.00%		61,895	6.50%
Worthington		54,365