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 September 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 October 31, 2025, there were 33,334,172 shares of the registrant’s Common Stock outstanding.

BancFirst Corporation

Quarterly Report on Form 10-Q

September 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 Stockholders’ 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)

	September 30,			December 31,
	2025			2024
	(unaudited)			(see Note 1)
ASSETS
Cash and due from banks	$	204,902		$	237,840
Interest-bearing deposits with banks		3,849,736			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		1,015,380			1,210,917
Loans held for sale		8,920			8,073
Loans held for investment (net of unearned interest)		8,278,247			8,025,110
Allowance for credit losses		(99,511	)		(99,497	)
Loans, net of allowance for credit losses		8,178,736			7,925,613
Premises and equipment, net		313,769			295,943
Other real estate owned		52,575			33,051
Intangible assets, net		10,548			13,158
Goodwill		182,263			182,263
Accrued interest receivable and other assets		380,750			329,972
Total assets	$	14,198,140		$	13,554,314
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing	$	3,816,389		$	3,907,060
Interest-bearing		8,301,998			7,811,486
Total deposits		12,118,387			11,718,546
Short-term borrowings		11,675			—
Accrued interest payable and other liabilities		199,077			128,424
Subordinated debt		86,200			86,157
Total liabilities		12,415,339			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: 33,329,247 and 33,216,519, respectively		33,329			33,217
Capital surplus		194,316			187,062
Retained earnings		1,567,954			1,433,768
Accumulated other comprehensive loss, net of tax benefit of $3,964       and $10,191, respectively		(12,798	)		(32,860	)
Total stockholders' equity		1,782,801			1,621,187
Total liabilities and stockholders' equity	$	14,198,140		$	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					Nine Months Ended
	September 30,					September 30,
	2025		2024			2025			2024
INTEREST INCOME
Loans, including fees	$	143,506	$	144,024		$	419,827		$	413,860
Securities:
Taxable		6,515		8,341			20,408			26,454
Tax-exempt		9		18			44			56
Federal funds sold		—		1			1			25
Interest-bearing deposits with banks		44,363		35,266			125,016			97,363
Total interest income		194,393		187,650			565,296			537,758
INTEREST EXPENSE
Deposits		67,648		71,615			199,227			203,507
Short-term borrowings		100		48			158			203
Subordinated debt		1,030		1,030			3,091			3,091
Total interest expense		68,778		72,693			202,476			206,801
Net interest income		125,615		114,957			362,820			330,957
Provision for credit losses on loans		4,222		3,031			6,922			10,404
Provision for off-balance-sheet credit exposures		216		—			489			—
Total provision for credit losses		4,438		3,031			7,411			10,404
Net interest income after provision for credit losses		121,177		111,926			355,409			320,553
NONINTEREST INCOME
Trust revenue		5,850		5,672			17,184			16,250
Service charges on deposits		18,131		17,723			52,676			51,431
Securities transactions		492		(308	)		(581	)		(258	)
Sales of loans		916		721			2,382			1,945
Insurance commissions		8,954		9,391			27,284			25,514
Cash management		10,338		9,189			30,962			26,989
Gain/(loss) on sale of other assets		57		(63	)		1,055			(67	)
Other		5,128		6,387			15,846			15,752
Total noninterest income		49,866		48,712			146,808			137,556
NONINTEREST EXPENSE
Salaries and employee benefits		57,681		54,215			167,421			157,671
Occupancy, net		6,434		5,776			18,224			16,215
Depreciation		4,725		4,482			14,224			13,542
Amortization of intangible assets		862		886			2,610			2,659
Data processing services		2,901		2,720			8,778			8,032
Net expense from other real estate owned		2,778		2,751			8,377			6,609
Marketing and business promotion		2,126		2,168			6,912			6,670
Deposit insurance		1,736		1,645			5,136			4,697
Other		12,829		12,091			40,768			38,734
Total noninterest expense		92,072		86,734			272,450			254,829
Income before taxes		78,971		73,904			229,767			203,280
Income tax expense		16,317		15,001			48,654			43,402
Net income	$	62,654	$	58,903		$	181,113		$	159,878
NET INCOME PER COMMON SHARE
Basic	$	1.88	$	1.78		$	5.44		$	4.84
Diluted	$	1.85	$	1.75		$	5.36		$	4.76
OTHER COMPREHENSIVE GAIN
Unrealized income on debt securities, net of tax expense of $1,478, $7,387, $6,227 and $7,922, respectively		4,765		23,844			20,062			25,645
Other comprehensive income, net of tax expense of $1,478, $7,387, $6,227 and $7,922, respectively		4,765		23,844			20,062			25,645
Comprehensive income	$	67,419	$	82,747		$	201,175		$	185,523

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						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
COMMON STOCK
Issued at beginning of period	$	33,272		$	33,022		$	33,217		$	32,933
Shares issued for stock-based compensation plans		57			101			112			190
Issued at end of period	$	33,329		$	33,123		$	33,329		$	33,123
CAPITAL SURPLUS
Balance at beginning of period	$	190,698		$	178,806		$	187,062		$	174,695
Common stock issued for stock-based compensation plans		2,561			3,526			4,488			6,002
Stock-based compensation arrangements		1,057			945			2,766			2,580
Balance at end of period	$	194,316		$	183,277		$	194,316		$	183,277
RETAINED EARNINGS
Balance at beginning of period	$	1,521,631		$	1,348,905		$	1,433,768		$	1,276,305
Net income		62,654			58,903			181,113			159,878
Dividends on common stock ($0.49, $0.46, $1.41 and $1.32 per share, respectively)		(16,331	)		(15,236	)		(46,927	)		(43,611	)
Balance at end of period	$	1,567,954		$	1,392,572		$	1,567,954		$	1,392,572
ACCUMULATED OTHER COMPREHENSIVE LOSS
Unrealized (losses)/gains on securities:
Balance at beginning of period	$	(17,563	)	$	(48,241	)	$	(32,860	)	$	(50,042	)
Net change		4,765			23,844			20,062			25,645
Balance at end of period	$	(12,798	)	$	(24,397	)	$	(12,798	)	$	(24,397	)
Total stockholders’ equity	$	1,782,801		$	1,584,575		$	1,782,801		$	1,584,575

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

4

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(Dollars in thousands)

	Nine Months Ended
	September 30,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	181,113		$	159,878
Adjustments to reconcile to net cash provided by operating activities:
Provision for credit losses		7,411			10,404
Depreciation and amortization		16,834			16,201
Net amortization of securities premiums and discounts		(428	)		(850	)
Realized securities losses		581			258
Gain on sales of loans		(2,382	)		(1,945	)
Cash receipts from the sale of loans originated for sale		138,729			152,279
Cash disbursements for loans originated for sale		(138,110	)		(115,407	)
Deferred income tax benefit		(1,368	)		(2,812	)
Gain on sale of other assets		(1,015	)		(1,259	)
Increase in interest receivable		(1,426	)		(3,219	)
(Decrease)/increase in interest payable		(497	)		6,491
Amortization of stock-based compensation arrangements		2,766			2,580
Excess tax benefit from stock-based compensation arrangements		(2,026	)		(2,188	)
Other, net		30,314			23,657
Net cash provided by operating activities		230,496			244,068
INVESTING ACTIVITIES
Net decrease in federal funds sold		715			1,316
Purchases of available for sale debt securities		(508	)		(522	)
Proceeds from maturities, calls and paydowns of held for investment debt securities		91			353
Proceeds from maturities, calls and paydowns of available for sale debt securities		222,947			212,768
Purchase of equity securities		(256	)		(409	)
Proceeds from paydowns and sales of equity securities		351			353
Net change in loans		(280,355	)		(580,760	)
Net payments on derivative asset contracts		436			(4,295	)
Purchases of premises, equipment and computer software		(36,763	)		(21,508	)
Purchase of tax credits		(17,478	)		(5,874	)
Other, net		10,949			10,156
Net cash used in investing activities		(99,871	)		(388,422	)
FINANCING ACTIVITIES
Net change in deposits		399,841			774,230
Net change in short-term borrowings		11,675			1,078
Issuance of common stock in connection with stock-based compensation plans, net		4,600			6,192
Cash dividends paid		(45,875	)		(42,536	)
Net cash provided by financing activities		370,241			738,964
Net increase in cash, due from banks and interest-bearing deposits		500,866			594,610
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	$	4,054,638		$	2,992,073
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	202,973		$	200,309
Cash paid during the period for income taxes	$	28,731		$	36,356
Noncash investing and financing activities:
Unpaid common stock dividends declared	$	16,331		$	15,236

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 subsidiary ("BancFirst"). The principal operating subsidiary of BancFirst is BFTower, LLC. 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 fourth quarter of 2025, subject to customary closing conditions. ABOK will operate under its present name until it is merged into BancFirst, which is expected to be in the first quarter of 2026.

6

(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
September 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
September 30, 2025	(Dollars in thousands)
U.S. treasuries	$	998,769	$	837	$	(15,489	)	$	984,117
U.S. federal agencies		6,767		45		(7	)		6,805
Mortgage backed securities (1)		13,363		17		(1,212	)		12,168
States and political subdivisions		5,243		4		(114	)		5,133
Other securities		8,000		—		(843	)		7,157
Total	$	1,032,142	$	903	$	(17,665	)	$	1,015,380
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.

	September 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	$	359,472	$	356,281	$	335,108	$	330,076
After one year but within five years		644,883		633,427		888,721		853,508
After five years but within ten years		12,880		12,006		13,369		12,354
After ten years		14,907		13,666		16,770		14,979
Total debt securities	$	1,032,142	$	1,015,380	$	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:

	September 30, 2025		December 31, 2024
	(Dollars in thousands)
Book value of pledged securities	$	705,605	$	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 Nine months ended September 30, 2025 or September 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 September 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)
September 30, 2025
Available for Sale
U.S. treasuries		36	$	—	$	—	$	892,559	$	15,489	$	892,559	$	15,489
U.S. federal agencies		6		724		5		409		2		1,133		7
Mortgage backed securities		51		11		—		10,917		1,212		10,928		1,212
States and political subdivisions		3		500		—		766		114		1,266		114
Other securities		2		—		—		7,158		843		7,158		843
Total		98	$	1,235	$	5	$	911,809	$	17,660	$	913,044	$	17,665
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 September 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:

	September 30, 2025		December 31, 2024
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied		937,976		931,709
Commercial real estate non-owner occupied		1,703,037		1,578,483
Construction and development < 60 months		661,882		756,662
Construction residential real estate < 60 months		249,539		250,373
Residential real estate first lien		1,486,440		1,431,265
Residential real estate all other		305,294		275,461
Agriculture		445,530		449,190
Commercial non-real estate		1,458,122		1,363,462
Consumer non-real estate		493,900		478,647
Oil and gas		536,527		509,858
Total (1)	$	8,278,247	$	8,025,110
(1) Excludes accrued interest receivable of $41.2 million at September 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 70% 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:

	September 30, 2025		December 31, 2024
	(Dollars in thousands)
Other real estate owned and repossessed assets	$	53,233	$	33,665

During the nine months ended September 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 September 30, 2025 and December 31, 2024, OREO included a commercial real estate property recorded at approximately $31.1 million and $28.1 million, respectively. The increase for this commercial real estate property was due to tenant improvements during the nine months ended September 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in thousands)
Rental income	$	3,164	$	3,043	$	9,487	$	9,069
Operating expense		2,558		2,601		7,855		7,524

10

During the nine months ended September 30, 2025, the Company sold property held in other real estate owned for a total loss of $40,000, compared to a total gain of $1.3 million in the nine months ended September 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 nine months ended September 30, 2025 was approximately $6.0 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 nine months ended September 30, 2025 or 2024. In addition, all loans identified as nonaccrual loans have related allowances for credit losses at September 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 $3.6 million for the nine months ended September 30, 2025 and approximately $2.6 million for the nine months ended September 30, 2024.

Nonaccrual loans guaranteed by government agencies totaled approximately $10.0 million at September 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.

	September 30, 2025		December 31, 2024
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied	$	16,165	$	7,957
Commercial real estate non-owner occupied		20,794		8,913
Construction and development < 60 months		1,210		20,445
Construction residential real estate < 60 months		1,759		1,481
Residential real estate first lien		3,930		5,193
Residential real estate all other		473		653
Agriculture		1,730		2,047
Commercial non-real estate		8,867		8,552
Consumer non-real estate		1,414		1,028
Oil and gas		924		1,715
Total	$	57,266	$	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 September 30, 2025
Real estate:
Commercial real estate owner occupied	$	1,982	$	9,661	$	8,984	$	20,627	$	917,349	$	937,976	$	3,505
Commercial real estate non-owner occupied		1,225		1,510		18,529		21,264		1,681,773		1,703,037		—
Construction and development < 60 months		91		—		1,399		1,490		660,392		661,882		248
Construction residential real estate < 60 months		1,028		—		1,028		2,056		247,483		249,539		82
Residential real estate first lien		6,370		1,272		3,473		11,115		1,475,325		1,486,440		1,286
Residential real estate all other		1,943		463		556		2,962		302,332		305,294		401
Agriculture		1,005		1,203		1,503		3,711		441,819		445,530		457
Commercial non-real estate		2,256		1,605		8,894		12,755		1,445,367		1,458,122		1,462
Consumer non-real estate		2,646		1,073		1,203		4,922		488,978		493,900		518
Oil and gas		100		33		1,412		1,545		534,982		536,527		—
Total	$	18,646	$	16,820	$	46,981	$	82,447	$	8,195,800	$	8,278,247	$	7,959
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 September 30, 2025
Commercial real estate owner occupied
Grade 1	$	75,122	$	70,456	$	92,092	$	117,486	$	84,117	$	170,157	$	12,630	$	622,060
Grade 2		52,310		36,726		29,313		47,634		45,787		55,469		7,883		275,122
Grade 3		1,747		4,024		10,863		4,224		4,269		2,570		138		27,835
Grade 4		—		9,583		599		13		609		2,097		58		12,959
Total commercial real estate owner occupied		129,179		120,789		132,867		169,357		134,782		230,293		20,709		937,976
Commercial real estate non-owner occupied
Grade 1	$	142,429	$	116,888	$	176,137	$	262,651	$	114,698	$	154,866	$	11,887	$	979,556
Grade 2		138,949		66,898		157,707		140,525		101,760		78,531		14,715		699,085
Grade 3		3,356		—		666		930		513		—		—		5,465
Grade 4		—		17,840		115		64		262		28		—		18,309
Grade 5		—		622		—		—		—		—		—		622
Total commercial real estate non-owner occupied		284,734		202,248		334,625		404,170		217,233		233,425		26,602		1,703,037
Construction and development < 60 months
Grade 1	$	90,161	$	84,331	$	75,901	$	86,717	$	6,482	$	12,135	$	30,238	$	385,965
Grade 2		85,003		45,142		77,790		36,836		1,901		15,312		9,413		271,397
Grade 3		3,069		32		37		35		—		117		—		3,290
Grade 4		59		—		—		816		216		139		—		1,230
Total construction and development < 60 months		178,292		129,505		153,728		124,404		8,599		27,703		39,651		661,882
Construction residential real estate < 60 months
Grade 1	$	114,433	$	27,539	$	1,948	$	2,229	$	88	$	447	$	5,385	$	152,069
Grade 2		68,991		19,229		36		212		—		—		5,549		94,017
Grade 3		1,337		250		—		—		—		—		108		1,695
Grade 4		813		622		117		206		—		—		—		1,758
Total construction residential real estate < 60 months		185,574		47,640		2,101		2,647		88		447		11,042		249,539
Residential real estate first lien
Grade 1	$	189,404	$	198,149	$	171,404	$	173,988	$	128,007	$	220,927	$	5,147	$	1,087,026
Grade 2		65,536		77,693		52,921		49,467		38,097		64,856		16,879		365,449
Grade 3		6,107		4,737		3,461		2,943		3,254		5,711		—		26,213
Grade 4		263		2,024		1,215		890		1,145		2,215		—		7,752
Total residential real estate first lien		261,310		282,603		229,001		227,288		170,503		293,709		22,026		1,486,440
Residential real estate all other
Grade 1	$	30,361	$	32,299	$	20,433	$	16,989	$	4,688	$	13,500	$	54,635	$	172,905
Grade 2		5,219		6,630		4,810		3,777		1,079		4,373		98,709		124,597
Grade 3		877		667		531		184		276		473		2,960		5,968
Grade 4		472		68		144		68		—		141		931		1,824
Total residential real estate all other		36,929		39,664		25,918		21,018		6,043		18,487		157,235		305,294
Agriculture
Grade 1	$	38,300	$	27,196	$	31,679	$	30,379	$	22,984	$	48,761	$	43,394	$	242,693
Grade 2		42,272		27,054		20,291		15,840		10,998		22,950		41,001		180,406
Grade 3		1,403		1,654		1,933		2,782		1,147		3,792		6,962		19,673
Grade 4		110		743		193		746		284		557		125		2,758
Total Agriculture		82,085		56,647		54,096		49,747		35,413		76,060		91,482		445,530
Commercial non-real estate
Grade 1	$	98,595	$	95,488	$	62,924	$	92,121	$	80,450	$	55,739	$	389,275	$	874,592
Grade 2		91,386		77,032		69,492		36,190		9,123		7,194		244,435		534,852
Grade 3		1,521		1,886		1,916		1,345		359		125		37,068		44,220
Grade 4		823		577		993		910		117		126		262		3,808
Grade 5		—		318		5		217		10		100		—		650
Total commercial non-real estate		192,325		175,301		135,330		130,783		90,059		63,284		671,040		1,458,122
Consumer non-real estate
Grade 1	$	164,226	$	116,451	$	66,756	$	30,515	$	12,935	$	4,518	$	16,981	$	412,382
Grade 2		17,942		15,570		11,644		6,669		2,664		1,040		16,307		71,836
Grade 3		1,081		1,463		1,663		834		530		257		10		5,838
Grade 4		1,875		531		701		494		175		65		3		3,844
Total consumer non-real estate		185,124		134,015		80,764		38,512		16,304		5,880		33,301		493,900
Oil and gas
Grade 1	$	89,940	$	10,827	$	9,121	$	3,508	$	8,234	$	2,643	$	258,117	$	382,390
Grade 2		51,855		7,976		5,628		3,287		2,571		2,709		76,250		150,276
Grade 3		967		17		33		—		154		40		2,270		3,481
Grade 4		—		—		—		—		36		344		—		380
Total oil and gas		142,762		18,820		14,782		6,795		10,995		5,736		336,637		536,527
Total loans held for investment	$	1,678,314	$	1,207,232	$	1,163,212	$	1,174,721	$	690,019	$	955,024	$	1,409,725	$	8,278,247

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 September 30, 2025
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	29	$	—	$	—	$	—	$	—	$	—	$	29
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		1,006		—		—		—		—		—		1,006
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		—		6		—		—		35		7		—		48
Residential real estate all other
Current-period gross charge-offs		—		3		22		25		—		—		—		50
Agriculture
Current-period gross charge-offs		—		—		—		7		—		—		—		7
Commercial non-real estate
Current-period gross charge-offs		19		88		55		51		—		36		5		254
Consumer non-real estate
Current-period gross charge-offs		68		340		176		85		40		23		13		745
Oil and gas
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Total current-period gross charge-offs	$	87	$	1,472	$	253	$	168	$	75	$	66	$	18	$	2,139

	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 September 30, 2024
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		—		189		—		—		—		—		189
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		—		24		61		—		—		—		—		85
Residential real estate all other
Current-period gross charge-offs		20		—		25		—		—		5		—		50
Agriculture
Current-period gross charge-offs		—		25		8		—		—		—		—		33
Commercial non-real estate
Current-period gross charge-offs		50		91		56		9		84		8		—		298
Consumer non-real estate
Current-period gross charge-offs		166		124		91		38		10		2		—		431
Oil and gas
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Total current-period gross charge-offs	$	236	$	264	$	430	$	47	$	94	$	15	$	—	$	1,086

14

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2025		2024		2023		2022		2021		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Nine months ended September 30, 2025
Commercial real estate owner occupied
Current-period gross charge-offs	$	—	$	29	$	—	$	17	$	6	$	—	$	58	$	110
Commercial real estate non-owner occupied
Current-period gross charge-offs		—		1,233		—		1		—		—		—		1,234
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		—		12		3		2		40		47		—		104
Residential real estate all other
Current-period gross charge-offs		—		3		22		25		—		—		13		63
Agriculture
Current-period gross charge-offs		—		10		2		7		5		—		17		41
Commercial non-real estate
Current-period gross charge-offs		43		104		203		178		47		346		60		981
Consumer non-real estate
Current-period gross charge-offs		93		587		647		219		52		70		18		1,686
Oil and gas
Current-period gross charge-offs		—		—		—		—		—		—		—		—
Total current-period gross charge-offs	$	136	$	2,003	$	877	$	449	$	3,894	$	463	$	166	$	7,988

	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Total
	(Dollars in thousands)
Nine months ended September 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		189		1		1		—		—		203
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		47		61		3		4		57		—		175
Residential real estate all other
Current-period gross charge-offs		20		—		25		—		—		7		27		79
Agriculture
Current-period gross charge-offs		—		25		45		13		—		—		—		83
Commercial non-real estate
Current-period gross charge-offs		56		1,247		374		149		96		324		1,886		4,132
Consumer non-real estate
Current-period gross charge-offs		187		624		338		117		44		47		15		1,372
Oil and gas
Current-period gross charge-offs		—		9		83		—		—		—		—		92
Total current-period gross charge-offs	$	266	$	1,967	$	1,115	$	298	$	145	$	435	$	1,928	$	6,154

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 September 30, 2025
Real estate:
Commercial real estate owner occupied	$	7,248	$	(29	)	$	100	$	71		$	212		$	7,531
Commercial real estate non-owner occupied		35,217		(1,006	)		—		(1,006	)		1,268			35,479
Construction and development < 60 months		4,907		—			—		—			(77	)		4,830
Construction residential real estate < 60 months		2,265		—			—		—			262			2,527
Residential real estate first lien		4,645		(48	)		10		(38	)		162			4,769
Residential real estate all other		1,821		(50	)		28		(22	)		208			2,007
Agriculture		5,131		(7	)		12		5			(10	)		5,126
Commercial non-real estate		24,047		(254	)		176		(78	)		920			24,889
Consumer non-real estate		4,837		(745	)		114		(631	)		891			5,097
Oil and gas		6,870		—			—		—			386			7,256
Total	$	96,988	$	(2,139	)	$	440	$	(1,699	)	$	4,222		$	99,511

	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 September 30, 2024
Real estate:
Commercial real estate owner occupied	$	7,370	$	—		$	46	$	46		$	(8	)	$	7,408
Commercial real estate non-owner occupied		33,867		(189	)		94		(95	)		(26	)		33,746
Construction and development < 60 months		6,780		—			—		—			1,575			8,355
Construction residential real estate < 60 months		3,519		—			—		—			(178	)		3,341
Residential real estate first lien		5,572		(85	)		—		(85	)		159			5,646
Residential real estate all other		1,729		(50	)		3		(47	)		55			1,737
Agriculture		5,917		(33	)		18		(15	)		15			5,917
Commercial non-real estate		21,475		(298	)		100		(198	)		983			22,260
Consumer non-real estate		4,383		(431	)		50		(381	)		378			4,380
Oil and gas		9,014		—			—		—			78			9,092
Total	$	99,626	$	(1,086	)	$	311	$	(775	)	$	3,031		$	101,882

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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)
Nine Months Ended September 30, 2025
Real estate:
Commercial real estate owner occupied	$	6,869	$	(110	)	$	141	$	31		$	631		$	7,531
Commercial real estate non-owner occupied		33,097		(1,234	)		—		(1,234	)		3,616			35,479
Construction and development < 60 months		8,671		(3,744	)		6		(3,738	)		(103	)		4,830
Construction residential real estate < 60 months		2,336		(25	)		3		(22	)		213			2,527
Residential real estate first lien		4,568		(104	)		22		(82	)		283			4,769
Residential real estate all other		1,741		(63	)		49		(14	)		280			2,007
Agriculture		5,696		(41	)		30		(11	)		(559	)		5,126
Commercial non-real estate		24,150		(981	)		551		(430	)		1,169			24,889
Consumer non-real estate		4,833		(1,686	)		278		(1,408	)		1,672			5,097
Oil and gas		7,536		—			—		—			(280	)		7,256
Total	$	99,497	$	(7,988	)	$	1,080	$	(6,908	)	$	6,922		$	99,511

	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)
Nine Months Ended September 30, 2024
Real estate:
Commercial real estate owner occupied	$	7,483	$	(15	)	$	77	$	62		$	(137	)	$	7,408
Commercial real estate non-owner occupied		33,080		(203	)		94		(109	)		775			33,746
Construction and development < 60 months		3,950		—			—		—			4,405			8,355
Construction residential real estate < 60 months		3,414		(3	)		—		(3	)		(70	)		3,341
Residential real estate first lien		4,914		(175	)		25		(150	)		882			5,646
Residential real estate all other		1,646		(79	)		11		(68	)		159			1,737
Agriculture		6,137		(83	)		35		(48	)		(172	)		5,917
Commercial non-real estate		22,745		(4,132	)		413		(3,719	)		3,234			22,260
Consumer non-real estate		4,401		(1,372	)		177		(1,195	)		1,174			4,380
Oil and gas		9,030		(92	)		—		(92	)		154			9,092
Total	$	96,800	$	(6,154	)	$	832	$	(5,322	)	$	10,404		$	101,882

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 nine months ended September 30, 2025 or September 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 nine months ended September 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 September 30, 2025
Real estate:
Commercial real estate owner occupied	$	4,445	$	551	$	—	$	4,996	$	585
Commercial real estate non-owner occupied		2,473		—		—		2,473		644
Construction and development < 60 months		859		—		—		859		251
Construction residential real estate < 60 months		829		—		—		829		229
Residential real estate first lien		410		—		—		410		160
Residential real estate all other		207		—		—		207		147
Agriculture		78		164		12		254		124
Commercial non-real estate		—		8,089		—		8,089		1,978
Consumer non-real estate		—		—		624		624		276
Oil and gas		—		1,089		—		1,089		110
Total collateral-dependent loans held for investment	$	9,301	$	9,893	$	636	$	19,830	$	4,504
	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:

	Nine Months Ended September 30,
	2025		2024
	(Dollars in thousands)
Other real estate owned	$	19,174	$	10,111
Repossessed assets		2,245		2,332
Total	$	21,419	$	12,443

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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)
September 30, 2025
Core deposit intangibles	$	33,550	$	(23,024	)	$	10,526
Customer relationship intangibles		3,350		(3,328	)		22
Total	$	36,900	$	(26,352	)	$	10,548
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)
Nine months ended September 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

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the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event” (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 stockholders 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 September 30, 2025 there were 434,925 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
Nine Months Ended September 30, 2025
Nonvested at December 31, 2024		42,825		$	90.35
Granted		23,000			129.56
Vested		(1,815	)		96.39
Forfeited		(750	)		109.61
Nonvested at September 30, 2025		63,260			104.21

The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999. As of September 30, 2025, there are 29,559 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 nine months ended September 30, 2025 and 2024, respectively.

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

	September 30, 2025		December 31, 2024
Accumulated stock units		120,610		120,984
Average price	$	49.32	$	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)
Nine Months Ended September 30, 2025
Outstanding at December 31, 2024		947,921		$	58.42
Options exercised		(104,451	)		42.19
Options canceled, forfeited, or expired		(5,000	)		90.56
Outstanding at September 30, 2025		838,470			60.25	9.31 Yrs.	$	55,506
Exercisable at September 30, 2025		359,720			46.40	7.33 Yrs.	$	28,794

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in thousands)
Total intrinsic value of options exercised	$	4,785	$	6,846	$	8,965	$	11,931
Cash received from options exercised		2,618		3,639		4,406		6,061
Tax benefit realized from options exercised		1,150		1,646		2,155		2,868

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 nine months ended September 30, 2025 or September 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Dollars in thousands)
Stock-based compensation expense	$	1,057	$	945	$	2,766	$	2,580
Tax benefit		254		227		665		620
Stock-based compensation expense, net of tax	$	803	$	718	$	2,101	$	1,960

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:

	September 30, 2025
	(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options	$	5,699
Unearned stock-based compensation expense for unvested RSU's		5,467

(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

21

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 is determined by management and approved by the Company’s Executive Committee.

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

	September 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 September 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:

										To Be Well
				Required For Capital			With Capital			Capitalized Under Prompt
	Actual			Adequacy Purposes			Conservation Buffer			Corrective Action Provisions
	Amount		Ratio	Amount		Ratio	Amount		Ratio	Amount		Ratio
	(Dollars in thousands)
As of September 30, 2025:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,788,184	19.93%	$	717,643	8.00%	$	941,906	10.50%	N/A		N/A
BancFirst		1,344,276	18.15%		592,410	8.00%		777,538	10.50%	$	740,513	10.00%
Pegasus		167,275	16.58%		80,723	8.00%		105,949	10.50%		100,904	10.00%
Worthington		61,034	12.66%		38,559	8.00%		50,608	10.50%		48,199	10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	1,602,788	17.87%	$	403,674	4.50%	$	627,937	7.00%	N/A		N/A
BancFirst		1,238,745	16.73