10-Q

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, 2019

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.)

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

(405) 270-1086

(Registrant’s telephone number, including area code)

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, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” 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  ☒

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

As of July 31, 2019 there were 32,642,018 shares of the registrant’s Common Stock outstanding.

BancFirst Corporation

Quarterly Report on Form 10-Q

June 30, 2019

Table of Contents

Item		Page
	PART I – Financial Information
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	27
3.	Quantitative and Qualitative Disclosure About Market Risk	36
4.	Controls and Procedures	36
	PART II – Other Information
1.	Legal Proceedings	37
1A.	Risk Factors	37
2.	Unregistered Sales of Equity Securities	37
3.	Defaults Upon Senior Securities	37
4.	Mine Safety Disclosures	37
5.	Other Information	37
6.	Exhibits	38
Signatures		40

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	June 30,			December 31,
		2019			2018
	(unaudited)			(see Note 1)
ASSETS
Cash and due from banks	$	185,440		$	228,431
Interest-bearing deposits with banks		1,518,998			1,195,824
Securities held for investment (fair value: $2,003 and $1,433, respectively)		1,997			1,428
Securities available for sale at fair value		423,157			770,704
Loans held for sale		10,899			8,174
Loans (net of unearned interest)		5,094,403			4,975,976
Allowance for loan losses		(55,108	)		(51,389	)
Loans, net of allowance for loan losses		5,039,295			4,924,587
Premises and equipment, net		180,506			174,362
Other real estate owned		6,787			6,690
Intangible assets, net		14,936			16,470
Goodwill		79,749			79,749
Accrued interest receivable and other assets		180,257			167,839
Total assets	$	7,642,021		$	7,574,258
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing	$	2,634,582		$	2,613,876
Interest-bearing		3,979,031			3,991,619
Total deposits		6,613,613			6,605,495
Short-term borrowings		1,000			1,675
Accrued interest payable and other liabilities		44,224			37,495
Junior subordinated debentures		26,804			26,804
Total liabilities		6,685,641			6,671,469
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: 32,639,588 and 32,603,926, respectively		32,640			32,604
Capital surplus		150,995			149,709
Retained earnings		769,090			722,615
Accumulated other comprehensive income (loss), net of income tax of $1,249 and $(731), respectively		3,655			(2,139	)
Total stockholders' equity		956,380			902,789
Total liabilities and stockholders' equity	$	7,642,021		$	7,574,258

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,
		2019			2018			2019			2018
INTEREST INCOME
Loans, including fees	$	70,990		$	65,604		$	139,720		$	128,523
Securities:
Taxable		3,855			1,956			8,190			3,854
Tax-exempt		118			162			244			333
Federal funds sold		—			95			2			199
Interest-bearing deposits with banks		8,135			7,325			15,883			13,107
Total interest income		83,098			75,142			164,039			146,016
INTEREST EXPENSE
Deposits		13,802			9,710			27,339			16,979
Short-term borrowings		12			8			22			43
Junior subordinated debentures		492			544			983			1,079
Total interest expense		14,306			10,262			28,344			18,101
Net interest income		68,792			64,880			135,695			127,915
Provision for loan losses		2,433			1,225			4,117			1,539
Net interest income after provision for loan losses		66,359			63,655			131,578			126,376
NONINTEREST INCOME
Trust revenue		3,250			3,396			6,427			6,525
Service charges on deposits		19,114			17,537			36,777			34,190
Securities transactions (includes no accumulated other comprehensive income reclassifications)		821			115			821			101
Income from sales of loans		868			802			1,566			1,453
Insurance commissions		4,420			3,927			9,685			9,126
Cash management		4,402			3,381			8,178			6,402
(Loss)/gain on sale of other assets		(7	)		127			(11	)		153
Other		1,209			1,152			2,635			2,597
Total noninterest income		34,077			30,437			66,078			60,547
NONINTEREST EXPENSE
Salaries and employee benefits		36,124			34,776			72,295			68,966
Occupancy, net		2,953			3,396			5,580			6,798
Depreciation		3,015			2,429			6,000			4,839
Amortization of intangible assets		758			759			1,517			1,492
Data processing services		1,262			1,195			2,742			2,398
Net expense/(income) from other real estate owned		97			19			(387	)		45
Marketing and business promotion		1,919			1,649			4,180			4,001
Deposit insurance		544			640			1,077			1,259
Other		9,936			9,393			19,810			20,348
Total noninterest expense		56,608			54,256			112,814			110,146
Income before taxes		43,828			39,836			84,842			76,777
Income tax expense		9,661			9,250			18,838			16,571
Net income	$	34,167		$	30,586		$	66,004		$	60,206
NET INCOME PER COMMON SHARE
Basic	$	1.04		$	0.93		$	2.02		$	1.84
Diluted	$	1.02		$	0.91		$	1.98		$	1.80
OTHER COMPREHENSIVE GAIN/(LOSS)
Unrealized gains/(losses) on securities, net of tax of $(1,112), $179, $(1,980) and $653, respectively		3,254			(541	)		5,794			(1,929	)
Reclassification adjustment for gains/(losses) included in net income		—			—			—			—
Other comprehensive gains/(losses), net of tax of $(1,112), $179, $(1,980) and $653, respectively		3,254			(541	)		5,794			(1,929	)
Comprehensive income	$	37,421		$	30,045		$	71,798		$	58,277

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,
	2019			2018			2019			2018
COMMON STOCK
Issued at beginning of period	$	32,618		$	32,708		$	32,604		$	31,895
Shares issued for stock options		22			23			36			103
Shares issued for acquisitions		—			—			—			733
Issued at end of period	$	32,640		$	32,731		$	32,640		$	32,731
CAPITAL SURPLUS
Balance at beginning of period	$	150,195		$	147,762		$	149,709		$	107,481
Common stock issued for stock options		433			410			745			1,620
Common stock issued for acquisitions		—			—			—			38,765
Stock-based compensation arrangements		367			322			541			628
Balance at end of period	$	150,995		$	148,494		$	150,995		$	148,494
RETAINED EARNINGS
Balance at beginning of period	$	744,713		$	660,723		$	722,615		$	638,580
Net income		34,167			30,586			66,004			60,206
Cumulative effect of change in accounting principle		—			—			—			(618	)
Dividends on common stock ($0.30, $0.21, $0.60 and $0.42 per share, respectively)		(9,790	)		(6,884	)		(19,529	)		(13,743	)
Balance at end of period	$	769,090		$	684,425		$	769,090		$	684,425
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized gain/(losses) on securities:
Balance at beginning of period	$	401		$	(3,097	)	$	(2,139	)	$	(2,327	)
Net change		3,254			(541	)		5,794			(1,929	)
Cumulative effect of change in accounting principle		—			—			—			618
Balance at end of period	$	3,655		$	(3,638	)	$	3,655		$	(3,638	)
Total stockholders’ equity	$	956,380		$	862,012		$	956,380		$	862,012

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,
	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	66,004		$	60,206
Adjustments to reconcile to net cash provided by operating activities:
Provision for loan losses		4,117			1,539
Depreciation and amortization		7,517			6,331
Net amortization of securities premiums and discounts		(3,650	)		(77	)
Realized securities gains		(821	)		(101	)
Gain on sales of loans		(1,566	)		(1,453	)
Cash receipts from the sale of loans originated for sale		98,587			95,713
Cash disbursements for loans originated for sale		(99,782	)		(97,676	)
Deferred income tax benefit		(893	)		(604	)
Gain on other assets		(455	)		(156	)
Increase in interest receivable		(2,064	)		(2,618	)
Increase in interest payable		461			575
Amortization of stock-based compensation arrangements		541			628
Excess tax benefit from stock-based compensation arrangements		(263	)		(898	)
Other, net		4,374			(2,847	)
Net cash provided by operating activities		72,107			58,562
INVESTING ACTIVITIES
Net cash received from acquisitions, net of cash paid		—			6,248
Net decrease in federal funds sold		—			750
Purchases of held for investment securities		(1,010	)		(225	)
Purchases of available for sale securities		—			(60,604	)
Proceeds from maturities, calls and paydowns of held for investment securities		440			509
Proceeds from maturities, calls and paydowns of available for sale securities		358,972			59,235
Proceeds from sales of available for sale securities		—			1,467
Purchase of equity securities		(2,649	)		(1,709	)
Proceeds from paydowns and sales of equity securities		1,892			1,080
Net change in loans		(121,426	)		24,177
Purchases of premises, equipment and computer software		(12,907	)		(16,631	)
Other, net		(3,893	)		400
Net cash provided by investing activities		219,419			14,697
FINANCING ACTIVITIES
Net change in deposits		8,118			(52,831	)
Net (decrease)/increase in short-term borrowings		(675	)		1,600
Issuance of common stock in connection with stock options, net		781			1,723
Cash dividends paid		(19,567	)		(13,566	)
Net cash used in financing activities		(11,343	)		(63,074	)
Net increase in cash, due from banks and interest-bearing deposits		280,183			10,185
Cash, due from banks and interest-bearing deposits at the beginning of the period		1,424,255			1,757,875
Cash, due from banks and interest-bearing deposits at the end of the period	$	1,704,438		$	1,768,060
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	27,882		$	17,525
Cash paid during the period for income taxes	$	17,175		$	16,150
Noncash investing and financing activities:
Stock issued in acquisitions	$	—		$	39,498
Cash consideration for acquisitions	$	—		$	24,722
Fair value of assets acquired in acquisitions	$	—		$	377,320
Liabilities assumed in acquisitions	$	—		$	338,860
Unpaid common stock dividends declared	$	9,788		$	6,870

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, 2018.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., BancFirst Risk & Insurance Company and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc., 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 the instructions for Form 10-Q. The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018, 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. There have been no significant changes in the accounting policies of the Company since December 31, 2018, the date of the most recent annual report.

Reclassifications

Certain items in prior financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported net cash flows, stockholders’ equity or comprehensive income.

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 loan losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

Recent Accounting Pronouncements

Standards Adopted During Current Period:

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases - (Topic 842)”, amended by ASU 2018-11, “Leases – (Topic 842)”: Targeted Improvements. This new guidance requires a lessee to recognize on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than twelve months and provide additional disclosures. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2018. The Company adopted this new standard on January 1, 2019, using a modified retrospective transition approach and recognized right-of-use lease assets and related lease liabilities totaling $4.3 million. The Company elected to apply certain practical adoption expedients provided under the updates whereby it did not reassess initial direct costs for any existing leases. No cumulative-effect adjustment was recognized as the amount was not material, and the impact on our results of operations and cash flows was also not material. No prior periods were adjusted. See Note 6 for the financial position impact and additional disclosures.

6

Standards Not Yet Adopted:

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” ASU 2018-13 removes, modifies and adds disclosure requirements on fair value measurements. ASU 2018-13 will be effective for the Company on January 1, 2020. Early adoption is permitted. In addition, early adoption of any removed or modified disclosures and delayed adoption of the additional disclosures until the effective date is also permitted. The Company expects to adopt the standard in the first quarter of 2020.

In June 2016, the FASB issued ASU No.  2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 requires enhanced disclosures related to the significant estimates and judgements used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on its financial statements. In that regard, the Company has formed a task force under the direction of its Chief Financial Officer. In preparation, the Company has developed new credit estimation models, processes and controls. Internal validation of the model is underway and expected to be completed during the third quarter of 2019. The Company has performed test runs of the new processes and controls and will begin full parallel runs next quarter. The adoption of ASU 2016-13 could result in an increase or decrease in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that the Company establish an allowance for expected credit losses for certain debt securities and other financial assets. While the Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. The Company expects to adopt the standard in the first quarter of 2020.

(2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS

On April 23, 2019, BancFirst Corporation entered into an agreement to acquire Pegasus Bank (“Pegasus”), for an aggregate cash purchase price of $123.5 million. Pegasus is a Texas chartered bank with three banking locations in Dallas, Texas. As of December 31, 2018, Pegasus had approximately $639.1 million in total assets, $367.4 million in loans and $595.3 million in deposits. The acquisition is expected to be completed during the third quarter of 2019. Upon acquisition, Pegasus will continue to operate as “Pegasus Bank” under a separate Texas charter and remain an independent subsidiary of BancFirst Corporation governed by its existing board of directors. BancFirst Corporation intends to provide an appropriate amount of capital or other support to increase Pegasus’ ability to approve larger loans and allow Pegasus to continue to grow their assets.

On August 31, 2018, BFTower, LLC, a wholly-owned subsidiary of BancFirst purchased Cotter Ranch Tower in Oklahoma City for the Company’s corporate headquarters for $21.0 million. Cotter Ranch Tower was subsequently renamed BancFirst Tower. BancFirst Tower consists of an aggregate of 507,000 square feet, has 36 floors and is the second tallest building in Oklahoma City. The BancFirst Tower will remain an income producing property as approximately 55% is currently leased to outside tenants. BancFirst Tower will allow the Company to consolidate operations from three locations to one and will improve operational efficiencies. Upon consolidation, the Company expects to occupy approximately 35% of BancFirst Tower, resulting in approximately 90% total occupancy.  Renovations on BancFirst Tower will be substantially completed by the end of 2020 and are expected to cost approximately $70 million. The renovation costs include substantial deferred maintenance including HVAC, plumbing, electrical, elevators, building skin and roof while also including much needed improvements to both the interior and exterior common areas including the lobby, underground and outdoor plaza. The Company could start depreciating certain components of the renovation as they are put into service as early as September 2019. The Company estimates spending approximately $12 million on tenant improvements for the approximate 165,000 square feet that the Company will occupy.  The total purchase price, renovation costs, and Company tentant improvement costs were determined to be favorable to other alternatives, such as constructing new corporate headquarters or leasing space. On December 14, 2018, BFTower LLC, purchased a 42.6% ownership interest in SFPG, LLC, which is the owner of a 1,568 space parking garage adjacent to BancFirst Tower, for $9.8 million.

On January 11, 2018, the Company acquired First Wagoner Corp. and its subsidiary bank, First Bank & Trust Company, with locations in Carney, Grove, Ketchum, Luther, Tulsa and Wagoner. First Bank & Trust Company had approximately $290 million in total assets, $247 million in loans and $251 million in deposits. First Bank & Trust Company operated as a subsidiary of BancFirst Corporation until it was merged into BancFirst on February 16, 2018. As a result of the acquisition, the Company recorded a core deposit intangible of approximately $6.3 million and goodwill of approximately $19.1 million. The effect of this acquisition was included in the consolidated financial statements of the Company from the date of acquisition forward. The acquisition did not have a material effect on the Company’s consolidated financial statements. The acquisition of First Wagoner Corp. and its subsidiary bank, First Bank & Trust Company complements the Company’s community banking strategy by adding an additional five communities to its banking network in Oklahoma.

7

On January 11, 2018, the Company acquired First Chandler Corp. and its subsidiary bank, First Bank of Chandler, with two locations in Chandler. First Bank of Chandler had approximately $88 million in total assets, $66 million in loans and $79 million in deposits. First Bank of Chandler operated as a subsidiary of BancFirst Corporation until it was merged into BancFirst on September 7, 2018. As a result of the acquisition, the Company recorded a core deposit intangible of approximately $2.2 million and goodwill of approximately $6.6 million. The effect of this acquisition was included in the consolidated financial statements of the Company from the date of acquisition forward. The acquisition did not have a material effect on the Company’s consolidated financial statements. The acquisition of First Chandler Corp. and its subsidiary bank, First Bank of Chandler complements the Company’s community banking strategy by increasing its banking network in Oklahoma.

(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, 2019	(Dollars in thousands)
Mortgage backed securities (1)	$	112	$	6	$	—		$	118
States and political subdivisions		1,385		1		(1	)		1,385
Other securities		500		—		—			500
Total	$	1,997	$	7	$	(1	)	$	2,003
December 31, 2018
Mortgage backed securities (1)	$	133	$	5	$	—		$	138
States and political subdivisions		795		—		—			795
Other securities		500		—		—			500
Total	$	1,428	$	5	$	—		$	1,433

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, 2019	(Dollars in thousands)
U.S. treasuries	$	353,618	$	5,371	$	(355	)	$	358,634
U.S. federal agencies		26,169		12		(26	)		26,155
Mortgage backed securities (1)		15,646		138		(565	)		15,219
States and political subdivisions		22,820		335		(6	)		23,149
Total	$	418,253	$	5,856	$	(952	)	$	423,157
December 31, 2018
U.S. treasuries	$	699,882	$	1,108	$	(3,524	)	$	697,466
U.S. federal agencies		30,079		—		(160	)		29,919
Mortgage backed securities (1)		16,367		114		(573	)		15,908
States and political subdivisions		27,246		277		(112	)		27,411
Total	$	773,574	$	1,499	$	(4,369	)	$	770,704

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

8

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, 2019				December 31, 2018
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	300	$	301	$	495	$	495
After one year but within five years		1,146		1,147		369		370
After five years but within ten years		549		553		562		565
After ten years		2		2		2		3
Total	$	1,997	$	2,003	$	1,428	$	1,433
Available for Sale
Contractual maturity of debt securities:
Within one year	$	103,395	$	103,084	$	411,256	$	410,327
After one year but within five years		270,900		276,333		313,416		311,924
After five years but within ten years		6,355		6,606		7,524		7,685
After ten years		37,603		37,134		41,378		40,768
Total debt securities	$	418,253	$	423,157	$	773,574	$	770,704

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, 2019		December 31, 2018
	(Dollars in thousands)
Book value of pledged securities	$	402,756	$	472,053

(4) LOANS AND ALLOWANCE FOR LOAN LOSSES

The following is a schedule of loans outstanding by category:

	June 30, 2019					December 31, 2018
	Amount		Percent			Amount		Percent
	(Dollars in thousands)
Commercial and financial:
Commercial and industrial	$	1,062,527		20.86	%	$	1,032,787		20.76	%
Oil & gas production and equipment		122,268		2.40			94,729		1.90
Agriculture		130,957		2.57			136,313		2.74
State and political subdivisions:
Taxable		74,596		1.46			76,211		1.53
Tax-exempt		51,114		1.00			48,415		0.97
Real estate:
Construction		450,525		8.84			451,224		9.07
Farmland		227,635		4.47			219,241		4.41
One to four family residences		990,377		19.44			979,170		19.68
Multifamily residential properties		68,743		1.35			65,949		1.33
Commercial		1,525,064		29.94			1,506,937		30.28
Consumer		345,783		6.79			328,069		6.59
Other (not classified above)		44,814		0.88			36,931		0.74
Total loans	$	5,094,403		100.00	%	$	4,975,976		100.00	%

9

The Company’s loans are mostly to customers within Oklahoma and approximately 64% of the 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 securities. The Company’s interest in collateral is secured through filing mortgages and liens, and in some cases, by possession of the collateral.

The Company’s commercial and industrial loan category includes a small percentage of loans to companies that provide ancillary services to the oil and gas industry, such as transportation, preparation contractors and equipment manufacturers. The balance of these loans was approximately $74 million at June 30, 2019 and approximately $60 million at December 31, 2018.

Accounting policies related to appraisals, nonaccruals and charge-offs are disclosed in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Nonperforming and Restructured Assets

The following is a summary of nonperforming and restructured assets:

	June 30,		December 31,
	2019		2018
	(Dollars in thousands)
Past due 90 days or more and still accruing	$	2,663	$	1,916
Nonaccrual		17,998		22,603
Restructured		16,486		13,188
Total nonperforming and restructured loans		37,147		37,707
Other real estate owned and repossessed assets		7,004		6,873
Total nonperforming and restructured assets	$	44,151	$	44,580

Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $1.0 million for the six months ended June 30, 2019 and approximately $1.1 million for the six months ended June 30, 2018.

The Company charges interest on principal balances outstanding on restructured loans during deferral periods. The current and future financial effects of the recorded balance of loans considered to be restructured were not considered to be material.

Loans are segregated into classes based upon the nature of the collateral and the borrower. These classes are used to estimate the allowance for loan losses. The following table is a summary of amounts included in nonaccrual loans, segregated by class of loans. Residential real estate refers to one-to-four family real estate.

	June 30, 2019		December 31, 2018
	(Dollars in thousands)
Real estate:
Non-residential real estate owner occupied	$	1,127	$	838
Non-residential real estate other		674		187
Residential real estate permanent mortgage		1,585		954
Residential real estate all other		5,327		5,488
Commercial and financial:
Non-consumer non-real estate		2,958		5,682
Consumer non-real estate		394		437
Other loans		272		490
Acquired loans		5,661		8,527
Total	$	17,998	$	22,603

10

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 table presents an age analysis of past due loans, segregated by class of loans:

	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, 2019
Real estate:
Non-residential real estate owner occupied	$	4,203	$	852	$	536	$	5,591	$	649,600	$	655,191	$	117
Non-residential real estate other		1,088		—		325		1,413		1,179,092		1,180,505		177
Residential real estate permanent mortgage		2,583		760		986		4,329		330,046		334,375		384
Residential real estate all other		2,218		340		4,908		7,466		849,448		856,914		150
Commercial and financial:
Non-consumer non-real estate		1,652		918		2,099		4,669		1,360,458		1,365,127		454
Consumer non-real estate		1,846		540		470		2,856		342,684		345,540		232
Other loans		220		1,083		183		1,486		142,387		143,873		183
Acquired loans		2,583		882		3,592		7,057		205,821		212,878		966
Total	$	16,393	$	5,375	$	13,099	$	34,867	$	5,059,536	$	5,094,403	$	2,663
As of December 31, 2018
Real estate:
Non-residential real estate owner occupied	$	5,114	$	810	$	43	$	5,967	$	620,654	$	626,621	$	—
Non-residential real estate other		2,772		32		114		2,918		1,143,210		1,146,128		—
Residential real estate permanent mortgage		2,448		653		693		3,794		324,908		328,702		430
Residential real estate all other		1,728		292		2,799		4,819		822,685		827,504		612
Commercial and financial:
Non-consumer non-real estate		3,620		702		833		5,155		1,278,499		1,283,654		282
Consumer non-real estate		1,991		565		559		3,115		323,747		326,862		325
Other loans		322		158		178		658		141,251		141,909		—
Acquired loans		5,240		1,669		4,936		11,845		282,751		294,596		267
Total	$	23,235	$	4,881	$	10,155	$	38,271	$	4,937,705	$	4,975,976	$	1,916

Impaired Loans

Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect the full amount of scheduled principal and interest payments in accordance with the original contractual terms of the loan agreement. If a loan is impaired, a specific valuation allowance may be allocated, if necessary, so that the loan is reported, net of allowance for loss, at the present value of future cash flows using the loan’s existing rate, or the fair value of collateral if repayment is expected solely from the collateral.

11

The following table presents impaired loans, segregated by class of loans. During the period ended June 30, 2019 and June 30, 2018, no material amount of interest income was recognized on impaired loans subsequent to their classification as impaired.

	Impaired Loans
	Unpaid Principal Balance		Recorded Investment with Allowance		Related Allowance		Average Recorded Investment
	(Dollars in thousands)
As of June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	8,051	$	7,933	$	239	$	7,662
Non-residential real estate other		1,687		1,422		190		1,615
Residential real estate permanent mortgage		2,427		2,151		183		1,964
Residential real estate all other		6,629		6,350		3,081		6,529
Commercial and financial:
Non-consumer non-real estate		18,389		10,842		931		10,944
Consumer non-real estate		781		672		149		691
Other loans		659		455		17		322
Acquired loans		9,553		7,244		2		8,863
Total	$	48,176	$	37,069	$	4,792	$	38,590
As of December 31, 2018
Real estate:
Non-residential real estate owner occupied	$	7,126	$	6,933	$	202	$	7,739
Non-residential real estate other		949		757		50		6,057
Residential real estate permanent mortgage		1,789		1,545		127		1,650
Residential real estate all other		7,177		6,862		2,433		7,154
Commercial and financial:
Non-consumer non-real estate		18,507		10,977		881		12,140
Consumer non-real estate		928		829		131		846
Other loans		710		490		35		481
Acquired loans		12,846		9,864		2		11,050
Total	$	50,032	$	38,257	$	3,861	$	47,117

Credit Risk Monitoring and Loan Grading

The Company considers various factors to monitor the credit risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical loan loss experience and economic conditions.

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 are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

12

The following table presents internal loan grading by class of loans:

	Internal Loan Grading
	Grade
		1		2		3		4		5	Total
	(Dollars in thousands)
As of June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	457,211	$	171,239	$	25,491	$	1,250	$	—	$	655,191
Non-residential real estate other		950,058		202,397		27,291		759		—		1,180,505
Residential real estate permanent mortgage		281,593		43,479		7,242		2,061		—		334,375
Residential real estate all other		669,269		167,518		14,375		5,752		—		856,914
Commercial and financial:
Non-consumer non-real estate		1,077,429		252,175		33,630		1,893		—		1,365,127
Consumer non-real estate		320,278		21,955		2,707		565		35		345,540
Other loans		138,414		4,160		1,289		10		—		143,873
Acquired loans		124,437		71,790		9,751		6,603		297		212,878
Total	$	4,018,689	$	934,713	$	121,776	$	18,893	$	332	$	5,094,403
As of December 31, 2018
Real estate:
Non-residential real estate owner occupied	$	451,059	$	157,715	$	16,949	$	898	$	—	$	626,621
Non-residential real estate other		932,454		188,341		25,146		187		—		1,146,128
Residential real estate permanent mortgage		279,870		39,806		7,401		1,625		—		328,702
Residential real estate all other		644,217		162,003		15,232		6,052		—		827,504
Commercial and financial:
Non-consumer non-real estate		1,000,089		264,134		15,128		4,303		—		1,283,654
Consumer non-real estate		302,217		21,600		2,255		790		—		326,862
Other loans		136,132		5,542		116		119		—		141,909
Acquired loans		156,008		109,075		20,884		8,284		345		294,596
Total	$	3,902,046	$	948,216	$	103,111	$	22,258	$	345	$	4,975,976

Allowance for Loan Losses Methodology

The allowance for loan losses (“ALL”) methodology is disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

13

The following table details activity in the ALL by class of loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

	ALL
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provisions charged to operations			Balance at end of period
	(Dollars in thousands)
Three Months Ended June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	6,655	$	(3	)	$	—	$	(3	)	$	235		$	6,887
Non-residential real estate other		11,362		(16	)		1		(15	)		(60	)		11,287
Residential real estate permanent mortgage		3,261		(4	)		4		—			64			3,325
Residential real estate all other		11,046		(143	)		25		(118	)		793			11,721
Commercial and financial:
Non-consumer non-real estate		14,409		(87	)		85		(2	)		825			15,232
Consumer non-real estate		3,072		(162	)		38		(124	)		286			3,234
Other loans		2,408		—			43		43			(2	)		2,449
Acquired loans		702		(170	)		149		(21	)		292			973
Total	$	52,915	$	(585	)	$	345	$	(240	)	$	2,433		$	55,108
Six Months Ended June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	6,328	$	(9	)	$	1	$	(8	)	$	567		$	6,887
Non-residential real estate other		11,027		(22	)		1		(21	)		281			11,287
Residential real estate permanent mortgage		3,261		(67	)		9		(58	)		122			3,325
Residential real estate all other		10,673		(195	)		27		(168	)		1,216			11,721
Commercial and financial:
Non-consumer non-real estate		13,151		(157	)		152		(5	)		2,086			15,232
Consumer non-real estate		3,065		(282	)		109		(173	)		342			3,234
Other loans		2,423		—			78		78			(52	)		2,449
Acquired loans		1,461		(196	)		153		(43	)		(445	)		973
Total	$	51,389	$	(928	)	$	530	$	(398	)	$	4,117		$	55,108

14

	ALL
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provisions charged to operations			Balance at end of period
	(Dollars in thousands)
Three Months Ended June 30, 2018
Real estate:
Non-residential real estate owner occupied	$	6,650	$	—		$	—	$	—		$	(224	)	$	6,426
Non-residential real estate other		10,548		—			—		—			157			10,705
Residential real estate permanent mortgage		3,281		(6	)		23		17			9			3,307
Residential real estate all other		9,831		(151	)		3		(148	)		440			10,123
Commercial and financial:
Non-consumer non-real estate		14,785		(153	)		10		(143	)		427			15,069
Consumer non-real estate		2,699		(194	)		44		(150	)		290			2,839
Other loans		2,336		(2	)		12		10			(18	)		2,328
Acquired loans		1,420		(166	)		5		(161	)		144			1,403
Total	$	51,550	$	(672	)	$	97	$	(575	)	$	1,225		$	52,200
Six Months Ended June 30, 2018
Real estate:
Non-residential real estate owner occupied	$	6,195	$	(19	)	$	1	$	(18	)	$	249		$	6,426
Non-residential real estate other		10,519		(1	)		39		38			148			10,705
Residential real estate permanent mortgage		3,226		(62	)		26		(36	)		117			3,307
Residential real estate all other		9,672		(241	)		6		(235	)		686			10,123
Commercial and financial:
Non-consumer non-real estate		15,334		(309	)		23		(286	)		21			15,069
Consumer non-real estate		2,793		(444	)		124		(320	)		366			2,839
Other loans		2,481		(2	)		24		22			(175	)		2,328
Acquired loans		1,446		(193	)		23		(170	)		127			1,403
Total	$	51,666	$	(1,271	)	$	266	$	(1,005	)	$	1,539		$	52,200

The following table details the amount of ALL by class of loans for the period presented, detailed on the basis of the impairment methodology used by the Company.

	ALL
	June 30, 2019				December 31, 2018
	Individually evaluated for impairment		Collectively evaluated for impairment		Individually evaluated for impairment		Collectively evaluated for impairment
	(Dollars in thousands)
Real estate:
Non-residential real estate owner occupied	$	1,003	$	5,884	$	669	$	5,659
Non-residential real estate other		1,055		10,232		1,119		9,908
Residential real estate permanent mortgage		508		2,817		505		2,756
Residential real estate all other		4,189		7,532		3,413		7,260
Commercial and financial:
Non-consumer non-real estate		3,679		11,553		2,114		11,037
Consumer non-real estate		427		2,807		374		2,691
Other loans		10		2,439		65		2,358
Acquired loans		—		973		—		1,461
Total	$	10,871	$	44,237	$	8,259	$	43,130

15

The following table details the loans outstanding by class of loans for the period presented, on the basis of the impairment methodology used by the Company.

	Loans
	June 30, 2019						December 31, 2018
	Individually evaluated for impairment		Collectively evaluated for impairment		Loans acquired with deteriorated credit quality		Individually evaluated for impairment		Collectively evaluated for impairment		Loans acquired with deteriorated credit quality
	(Dollars in thousands)
Real estate:
Non-residential real estate owner occupied	$	26,741	$	628,450	$	—	$	17,846	$	608,775	$	—
Non-residential real estate other		28,050		1,152,455		—		25,333		1,120,795		—
Residential real estate permanent mortgage		9,303		325,072		—		9,026		319,676		—
Residential real estate all other		20,127		836,787		—		21,285		806,219		—
Commercial and financial:
Non-consumer non-real estate		35,523		1,329,604		—		19,432		1,264,222		—
Consumer non-real estate		3,304		342,236		—		3,093		323,769		—
Other loans		10		143,863		—		209		141,700		—
Acquired loans		14,399		196,226		2,253		22,132		265,084		7,380
Total	$	137,457	$	4,954,693	$	2,253	$	118,356	$	4,850,240	$	7,380

Non-Cash Transfers from Loans and Premises and Equipment

Transfers from loans and premises and equipment to other real estate owned and repossessed assets are non-cash transactions, and are not included in the statements of cash flow. Such transfers during the periods presented, are summarized as follows:

	Six Months Ended June 30,
	2019		2018
	(Dollars in thousands)
Other real estate owned	$	2,010	$	1,123
Repossessed assets		627		550
Total	$	2,637	$	1,673

(5) INTANGIBLE ASSETS

The following is a summary of intangible assets:

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Dollars in thousands)
As of June 30, 2019
Core deposit intangibles	$	25,907	$	(12,456	)	$	13,451
Customer relationship intangibles		5,699		(4,289	)		1,410
Mortgage servicing intangibles		388		(313	)		75
Total	$	31,994	$	(17,058	)	$	14,936
As of December 31, 2018
Core deposit intangibles	$	25,907	$	(11,113	)	$	14,794
Customer relationship intangibles		5,699		(4,115	)		1,584
Mortgage servicing intangibles		397		(305	)		92
Total	$	32,003	$	(15,533	)	$	16,470

16

The following is a summary of goodwill by business segment:

					Other		Executive,
	Metropolitan		Community		Financial		Operations
	Banks		Banks		Services		& Support		Consolidated
	(Dollars in thousands)
Six months ended June 30, 2019
Balance at beginning and end of period	$	13,767	$	59,894	$	5,464	$	624	$	79,749

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, 2018.

(6) LEASES

Lessee

On January 1, 2019, the Company adopted ASU No. 2016-02, “Leases - (Topic 842),” which requires the recognition of the Company’s operating leases on its balance sheet. See Note (1) for additional information.

The Company has operating leases, which primarily consist of office space in buildings, ATM locations, storage facilities, parking lots and land on which it owns certain buildings. Rent expense for all operating leases totaled approximately $343,000 and $395,000 for the three months ended June 30, 2019 and June 30, 2018, respectively. Rent expense for all operating leases totaled approximately $700,000 and $776,000 for the six months ended June 30, 2019 and June 30, 2018, respectively. As of June 30, 2019, a right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $5.3 million, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $5.2 million. There have been no significant changes in our expected future minimum lease payments since December 31, 2018, which are disclosed in Note (19) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. As of June 30, 2019, our operating leases have a weighted-average remaining lease term of 4.5 years and a weighted-average discount rate of 3.6 percent.

Maturity of Operating Lease Liabilities

	June 30, 2019
	(Dollars in thousands)
2019 (six months)	$	55
2020		829
2021		114
2022		1,542
2023		636
Thereafter		2,072
Operating Lease Liability	$	5,248

Lessor

The Company is a lessor of operating leases, which primarily consist of office space in buildings and parking lots. These assets are classified on the balance sheet as premises and equipment. The Company had operating lease revenue of $1.5 million for the three months ended June 30, 2019 and $3.1 million for the six months ended June 30, 2019, which is included in occupancy, net on the consolidated statement of comprehensive income.

17

Future Minimum Lease Payments to be received

The Company does not have operating leases that extend beyond 2024. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases:

	June 30, 2019
	(Dollars in thousands)
2019 (six months)	$	2,129
2020		2,681
2021		1,788
2022		1,141
2023		681
2024		75
Total Future Minimum Lease Payments	$	8,495

(7) STOCK-BASED COMPENSATION

The Company adopted a nonqualified incentive stock option plan (the “BancFirst ISOP”) in May 1986. The Company has amended the BancFirst ISOP since 1986 to increase the number of shares to be issued under the plan to 6,484,530 shares. At June 30, 2019, there were 350,000 shares available for future grants. The BancFirst ISOP will terminate on December 31, 2024, if not extended. The options vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years. Options expire at the end of fifteen years from the date of grant. Options outstanding as of June 30, 2019 will become exercisable through the year 2026. The option price must be no less than 100% of the fair value of the stock relating to such option at the date of grant.

In June 1999, the Company adopted the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “BancFirst Directors’ Stock Option Plan”). Each non-employee director is granted an option for 10,000 shares. The Company has amended the BancFirst Directors’ Stock Option Plan since 1999 to increase the number of shares to be issued under the plan to 530,000 shares. At June 30, 2019, there were 50,000 shares available for future grants. The BancFirst Directors’ Stock Option Plan will terminate on December 31, 2024, if not extended. The options vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years, and expire at the end of fifteen years from the date of grant. Options outstanding as of June 30, 2019 will become exercisable through the year 2023. The option price must be no less than 100% of the fair value of the stock relating to such option at the date of grant.

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

The following table is a summary of the activity under both the BancFirst ISOP and the BancFirst Directors’ Stock Option 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, 2019
Outstanding at December 31, 2018		1,216,700		$	28.48
Options granted		40,000			55.38
Options exercised		(27,300	)		22.37
Options canceled, forfeited, or expired		(22,500	)		51.83
Outstanding at June 30, 2019		1,206,900			29.07	9.20 Yrs	$	32,090
Exercisable at June 30, 2019		648,400			22.49	7.08 Yrs	$	21,506

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The following table has additional information regarding options exercised under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Dollars in thousands)				(Dollars in thousands)
Total intrinsic value of options exercised	$	759	$	967	$	904	$	3,827
Cash received from options exercised		455		411		611		1,644
Tax benefit realized from options exercised		193		246		230		975

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model and is based on certain assumptions including risk-free rate of return, dividend yield, stock price volatility and the expected term.  The fair value of each option is expensed over its vesting period.

The following table is a summary of the Company’s recorded stock-based compensation expense:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Dollars in thousands)				(Dollars in thousands)
Stock-based compensation expense	$	367	$	322	$	541	$	628
Tax benefit		94		82		138		160
Stock-based compensation expense, net of tax	$	273	$	240	$	403	$	468

The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years.  The following table shows the unearned stock-based compensation expense:

	June 30, 2019
	(Dollars in thousands)
Unearned stock-based compensation expense	$	3,198

The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:

	Six Months Ended June 30,
	2019		2018
Weighted average grant-date fair value per share of    options granted	$	13.67	$	13.98
Risk-free interest rate	2.62 to 2.76%		2.55 to 2.92%
Dividend yield	2.00%		2.00%
Stock price volatility	22.93 to 22.96%		23.05 to 23.29%
Expected term	10 Yrs		10 Yrs

The risk-free interest rate is determined by reference to the spot zero-coupon rate for the U.S. Treasury security with a maturity similar to the expected term of the options. The dividend yield is the expected yield for the expected term.  The stock price volatility is estimated from the recent historical volatility of the Company’s stock. The expected term is estimated from the historical option exercise experience. The Company accounts for forfeitures as they occur.

In May 1999, the Company adopted the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “BancFirst Deferred Stock Compensation Plan”). The Company has amended the BancFirst Deferred Stock Compensation Plan since 1999 to increase the number of shares to be issued under the plan to 244,148 shares. The BancFirst Deferred Stock Compensation Plan will terminate on December 31, 2024, 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 8,362 and 3,891 shares of common stock distributed from the BancFirst Deferred Stock Compensation Plan during the six months ended June 30, 2019 and June 30, 2018, respectively.

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A summary of the accumulated stock units is as follows:

	June 30,		December 31,
	2019		2018
Accumulated stock units		139,862		143,347
Average price	$	26.19	$	24.91

(8) STOCKHOLDERS’ EQUITY

In November 1999, the Company adopted a Stock Repurchase Program (the “SRP”). The SRP may be used as a means to increase earnings per share and return on equity, to purchase treasury stock for the exercise of stock options or for distributions under the Deferred Stock Compensation Plan, to provide liquidity for optionees to dispose of stock from exercises of their stock options, and to provide liquidity for stockholders wishing to sell their stock. All shares repurchased under the SRP have been retired and not held as treasury stock. The timing, price and amount of stock repurchases under the SRP may be determined by management and approved by the Company’s Executive Committee.

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

	Six Months Ended June 30,
	2019		2018
Number of shares repurchased		—		—
Average price of shares repurchased	$	—	$	—
Shares remaining to be repurchased		148,736		300,000

The Company and BancFirst 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 the Company’s and BancFirst’s assets, liabilities and certain off-balance-sheet items calculated under regulatory practices. Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s financial statements. Management believes that as of June 30, 2019, the Company and BancFirst 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, 2019:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	939,223	16.71%	$	449,674		8.00%	$	590,197	10.50%	N/A		N/A
BancFirst		813,627	14.50%		448,824		8.00%		589,082	10.50%	$	561,030		10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	858,115	15.27%	$	252,942		4.50%	$	393,465	7.00%	N/A		N/A
BancFirst		738,519	13.16%		252,464		4.50%		392,721	7.00%	$	364,670		6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	884,115	15.73%	$	337,256		6.00%	$	477,779	8.50%	N/A		N/A
BancFirst		758,519	13.52%		336,618		6.00%		476,876	8.50%	$	448,824		8.00%
Tier 1 Capital
(to Total Assets)-
BancFirst Corporation	$	884,115	11.64%	$	303,864		4.00%	N/A		N/A	N/A		N/A
BancFirst		758,519	10.01%		303,252		4.00%	N/A		N/A	$	379,065		5.00%

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As of June 30, 2019, the most recent notification from the Federal Reserve Bank of Kansas City and the FDIC categorized BancFirst as “well capitalized” under the regulatory framework from prompt corrective action. The Company’s trust preferred securities have continued to be included in Tier 1 capital as the Company’s total assets do not exceed $15 billion. There are no conditions or events since the most recent notifications of BancFirst’s capital category that management believes would materially change its category under capital requirements existing as of the report date.

Basel III Capital Rules

Under the Basel III Capital Rules, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a capital conservation buffer composed of CET1 capital above its minimum risk-based capital requirements. As of June 30, 2019, the Company and BancFirst met all capital adequacy requirements under the Basel III Capital Rules.

(9) NET INCOME PER COMMON SHARE

Basic and diluted net income per common share based on weighted-average shares outstanding are calculated as follows:

	Income (Numerator)		Shares (Denominator)		Per Share Amount
	(Dollars in thousands, except per share data)
Three Months Ended June 30, 2019
Basic
Income available to common stockholders	$	34,167		32,629,146	$	1.04
Dilutive effect of stock options		—		688,047
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	34,167		33,317,193	$	1.02
Three Months Ended June 30, 2018
Basic
Income available to common stockholders	$	30,586		32,716,350	$	0.93
Dilutive effect of stock options		—		742,207
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	30,586		33,458,557	$	0.91
Six Months Ended June 30, 2019
Basic
Income available to common stockholders	$	66,004		32,620,819	$	2.02
Dilutive effect of stock options		—		685,610
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	66,004		33,306,429	$	1.98
Six Months Ended June 30, 2018
Basic
Income available to common stockholders	$	60,206		32,645,693	$	1.84
Dilutive effect of stock options		—		744,269
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	60,206		33,389,962	$	1.80

The following table shows the number of options that were excluded from the computation of diluted net income per common share for each period because the options were anti-dilutive for the period:

	Shares
Three Months Ended June 30, 2019		158,500
Three Months Ended June 30, 2018		85,802
Six Months Ended June 30, 2019		169,301
Six Months Ended June 30, 2018		117,696

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(10) FAIR VALUE MEASUREMENTS

Accounting standards define fair value as the price that would be received to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date.

FASB Accounting Standards Codification (“ASC”) Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  The fair value hierarchy is as follows:

• Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset and liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes certain impaired loans, repossessed assets, other real estate owned, goodwill and other intangible assets.

Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

A description of the valuation methodologies and key inputs used to measure financial assets and financial liabilities at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to the following categories of the Company’s financial assets and financial liabilities.

Securities Available for Sale

Securities classified as available for sale are reported at fair value. U.S. Treasuries are valued using Level 1 inputs. Other securities available for sale including U.S. federal agencies, registered mortgage backed securities and state and political subdivisions are valued using prices from an independent pricing service utilizing Level 2 data. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company also invests in private label mortgage backed securities for which observable information is not readily available. These securities are reported at fair value utilizing Level 3 inputs. For these securities, management determines the fair value based on replacement cost, the income approach or information provided by outside consultants or lead investors.

The Company reviews the prices for Level 1 and Level 2 securities supplied by the independent pricing service for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities that are esoteric or that have complicated structures. The Company’s portfolio primarily consists of traditional investments including U.S. Treasury obligations, federal agency mortgage pass-through securities, general obligation municipal bonds and a small amount of municipal revenue bonds. Pricing for such instruments is fairly generic and is easily obtained. For in-state bond issues that have relatively low issue sizes and liquidity, the Company utilizes the same parameters for pricing mentioned in the preceding paragraph adjusted for the specific issue. Periodically, the Company will validate prices supplied by the independent pricing service by comparison to prices obtained from third party sources.

Derivatives

Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains dealer and market quotations to value its oil and gas swaps and options.  The Company utilizes dealer quotes and observable market data inputs to substantiate internal valuation models.

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The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
June 30, 2019
Securities available for sale:
U.S. Treasury	$	358,634	$	—	$	—	$	358,634
U.S. federal agencies		—		26,155		—		26,155
Mortgage-backed securities		—		2,164		13,055		15,219
States and political subdivisions		—		23,149		—		23,149
Derivative assets		—		19		—		19
Derivative liabilities		—		17		—		17
December 31, 2018
Securities available for sale:
U.S. Treasury	$	697,466	$	—	$	—	$	697,466
U.S. federal agencies		—		29,919		—		29,919
Mortgage-backed securities		—		2,465		13,443		15,908
States and political subdivisions		—		27,411		—		27,411
Derivative assets		—		252		—		252
Derivative liabilities		—		238		—		238

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Six Months Ended June 30,			Twelve Months Ended December 31,
	2019			2018
	(Dollars in thousands)
Balance at the beginning of the year	$	13,443		$	14,467
Settlements		(396	)		(1,037	)
Total unrealized (losses) gains		8			13
Balance at the end of the period	$	13,055		$	13,443

The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period. During the three months ended June 30, 2019 and 2018, the Company did not transfer any securities between levels in the fair value hierarchy.

Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and financial liabilities are reported at fair value utilizing Level 3 inputs.

The Company invests in equity securities without readily determinable fair values and utilizes Level 3 inputs. Beginning January 1, 2018, upon adoption of ASU 2016-01, these securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income.

Impaired loans are reported at the fair value of the underlying collateral if repayment is dependent on liquidation of the collateral. In no case does the fair value of an impaired loan exceed the fair value of the underlying collateral. The impaired loans are adjusted to fair value through a specific allocation of the allowance for loan losses or a direct charge-down of the loan.

Repossessed assets, upon initial recognition, are measured and adjusted to fair value through a charge-off to the allowance for possible loan losses based upon the fair value of the repossessed asset.

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Other real estate owned is revalued at fair value subsequent to initial recognition, with any losses recognized in net expense from other real estate owned.

The following table summarizes assets measured at fair value on a nonrecurring basis. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended June 30, 2019
Equity securities	$	9,099
Impaired loans (less specific allowance)		32,277
Repossessed assets		201
Other real estate owned		1,759
As of and for the Year-to-date Period Ended December 31, 2018
Equity securities	$	7,521
Impaired loans (less specific allowance)		34,396
Repossessed assets		183
Other real estate owned		4,683

Estimated Fair Value of Financial Instruments

The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instruments that are not recorded at fair value. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Cash and Cash Equivalents Include: Cash and Due from Banks and Interest-Bearing Deposits

The carrying amount of these short-term instruments is a reasonable estimate of fair value.

Securities Held for Investment

For securities held for investment, which are generally traded in secondary markets, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities making adjustments for credit or liquidity if applicable.

Loans Held For Sale

The Company originates mortgage loans to be sold.  At the time of origination, the acquiring bank has already been determined and the terms of the loan, including interest rate, have already been set by the acquiring bank, allowing the Company to originate the loan at fair value. Mortgage loans are generally sold within 30 days of origination. Loans held for sale are valued using Level 2 inputs.  Gains or losses recognized upon the sale of the loans are determined on a specific identification basis.

Loans

To determine the fair value of loans, the Company uses an exit price calculation, which takes into account factors such as liquidity, credit and the nonperformance risk of loans. For certain homogeneous categories of loans, such as some residential mortgages, fair values are estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair values of other types of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Deposits

The fair values of transaction and savings accounts are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using the rates currently offered for deposits of similar remaining maturities.

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Short-term Borrowings

The amounts payable on these short-term instruments are reasonable estimates of fair value.

Junior Subordinated Debentures

The fair values of junior subordinated debentures are estimated using the rates that would be charged for junior subordinated debentures of similar remaining maturities.

Loan Commitments and Letters of Credit

The fair values of commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the terms of the agreements. The fair values of letters of credit are based on fees currently charged for similar agreements.

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	June 30,				December 31,
	2019				2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,704,438	$	1,704,438	$	1,424,255	$	1,424,255
Securities held for investment		1,497		1,503		928		933
Loans held for sale		10,899		10,899		8,174		8,174
Level 3 inputs:
Securities held for investment		500		500		500		500
Loans, net of allowance for loan losses		5,039,295		5,052,074		4,924,587		4,901,159
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		6,613,613		6,729,518		6,605,495		6,713,542
Short-term borrowings		1,000		1,000		1,675		1,675
Junior subordinated debentures		26,804		28,777		26,804		29,549
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				2,277				2,158
Letters of credit				414				421

Non-financial Assets and Non-financial Liabilities Measured at Fair Value

The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. Certain non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis include intangible assets (excluding mortgage service rights, which are valued periodically) and other non-financial long-lived assets measured at fair value and adjusted for impairment. These items are evaluated at least annually for impairment. The overall levels of non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis were not considered to be significant to the Company at June 30, 2019 or December 31, 2018.

(11)SEGMENT INFORMATION

The Company evaluates its performance with an internal profitability measurement system that measures the profitability of its business units on a pre-tax basis. The four principal business units are metropolitan banks, community banks, other financial services and executive, operations and support. Metropolitan and community banks offer traditional banking products such as commercial and retail lending and a full line of deposit accounts. Metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas.  Community banks consist of banking locations in communities throughout Oklahoma. Other financial services are specialty product business units including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions that are not allocated to the other business units.

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The results of operations and selected financial information for the four business units are as follows:

	Metropolitan Banks		Community Banks		Other Financial Services		Executive, Operations & Support		Eliminations			Consolidated
	(Dollars in thousands)
Three Months Ended June 30, 2019
Net interest income	$	21,438	$	44,775	$	1,411	$	1,168	$	—		$	68,792
Noninterest income		4,635		16,243		10,105		37,917		(34,823	)		34,077
Income before taxes		14,866		30,041		5,572		27,590		(34,241	)		43,828
Three Months Ended June 30, 2018
Net interest income	$	21,084	$	42,068	$	1,358	$	370	$	—		$	64,880
Noninterest income		4,184		14,832		8,896		33,609		(31,084	)		30,437
Income before taxes		14,883		27,942		4,028		23,622		(30,639	)		39,836
Six Months Ended June 30, 2019
Net interest income	$	42,791	$	88,182	$	2,582	$	2,140	$	—		$	135,695
Noninterest income		8,844		31,128		19,978		73,438		(67,310	)		66,078
Income before taxes		30,235		58,086		10,071		52,613		(66,163	)		84,842
Six Months Ended June 30, 2018
Net interest income	$	41,388	$	83,450	$	2,833	$	244	$	—		$	127,915
Noninterest income		8,125		28,785		18,520		65,803		(60,686	)		60,547
Income before taxes		29,619		54,290		9,071		43,537		(59,740	)		76,777
Total Assets:
June 30, 2019	$	2,795,525	$	4,981,139	$	45,972	$	883,471	$	(1,064,086	)	$	7,642,021
December 31, 2018		2,743,876		4,892,946		84,706		861,782		(1,009,052	)		7,574,258

The financial information for each business unit is presented on the basis used internally by management to evaluate performance and allocate resources.  The Company utilizes a transfer pricing system to allocate the benefit or cost of funds provided or used by the various business units.  Certain services provided by the support group to other business units, such as item processing, are allocated at rates approximating the cost of providing the services.  Eliminations are adjustments to consolidate the business units and companies. Capital expenditures are generally charged to the business unit using the asset.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis presents factors that the Company believes are relevant to an assessment and understanding of the Company’s consolidated financial position and results of operations. This discussion and analysis should be read in conjunction with the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 and the Company’s consolidated financial statements and the related Notes included in Item 1.

FORWARD LOOKING STATEMENTS

The Company may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters.  Forward-looking statements include estimates and give management’s current expectations or forecasts of future events.  The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions; the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes”, “anticipates”, “expects”, “intends”, “targeted”, “continue”, “remain”, “will”, “should”, “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

• Local, regional, national and international economic conditions and the impact they may have on the Company and its customers and the Company’s assessment of that impact.

• Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.

• Inflation, interest rate, crude oil price, securities market and monetary fluctuations.

• The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company must comply.

• Impairment of the Company’s goodwill or other intangible assets.

• Changes in consumer spending, borrowing and savings habits.

• Changes in the financial performance and/or condition of the Company’s borrowers.

• Technological changes.

• Acquisitions and integration of acquired businesses.

• The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.

• The Company’s success at managing the risks involved in the foregoing items.

Actual results may differ materially from forward-looking statements.

SUMMARY

BancFirst Corporation’s net income for the second quarter of 2019 was $34.2 million, compared to $30.6 million for the second quarter of 2018. Diluted net income per common share was $1.02 and $0.91 for the second quarter of 2019 and 2018, respectively.

Net income was $66.0 million, or $1.98 diluted earnings per share, for the six months ended June 30, 2019, compared to net income of $60.2 million, or $1.80 diluted earnings per share, for the six months ended June 30, 2018. On January 11, 2018 the Company completed the acquisitions of two Oklahoma banking corporations. Consequently, the six months ended June 30, 2018 included one-time acquisition related expenses of approximately $2.2 million.

27

The Company’s net interest income for the second quarter of 2019 increased to $68.8 million, compared to $64.9 million for the second quarter of 2018. The net interest margin for the quarter was 3.89%, compared to 3.70% a year ago. The increase in margin was primarily due to the increase in the federal funds rate throughout 2018. The Company’s provision for loan losses for the second quarter of 2019 was $2.4 million, compared to $1.2 million a year ago. The increase in the provision was primarily due to downgrades of a few commercial loans during the quarter. Net charge-offs for both the second quarter of 2019 and 2018 were 0.01% of average loans. Noninterest income for the quarter totaled $34.1 million, compared to $30.4 million last year. The increase in noninterest income was primarily due to growth in debit card usage fees, sweep fees and equity security gains of $821,000. Noninterest expense for the quarter totaled $56.6 million, compared to $54.3 million last year. The increase in noninterest expenses was primarily due to salary increases in 2019. The Company’s effective tax rate was 22.0% compared to 23.2% for the second quarter of 2018. The decrease in the effective tax rate compared to the second quarter of 2018 was due to an increase in tax credits during the quarter.

At June 30, 2019, the Company’s total assets were $7.6 billion, an increase of $67.8 million from December 31, 2018. Securities of $425.2 million were down $347.0 million from December 31, 2018. Loans totaled $5.1 billion, an increase of $121.2 million from December 31, 2018. Deposits totaled $6.6 billion, virtually unchanged from December 31, 2018. The Company’s total stockholders’ equity was $956.4 million, an increase of $53.6 million over December 31, 2018.

Asset quality remained strong during the second quarter of 2019. Nonperforming and restructured assets represented 0.58% of total assets at June 30, 2019 and 0.59% at December 31, 2018. The allowance to total loans was 1.08% up slightly from 1.03% at year-end 2018. The allowance to nonperforming and restructured loans was 148.35% compared to 136.29% at year-end 2018.

On April 23, 2019, BancFirst Corporation entered into an agreement to acquire Pegasus, for an aggregate cash purchase price of $123.5 million. Pegasus is a Texas chartered bank with three banking locations in Dallas, Texas. As of December 31, 2018, Pegasus had approximately $639.1 million in total assets, $367.4 million in loans and $595.3 million in deposits. The acquisition is expected to be completed during the third quarter of 2019. Upon acquisition, Pegasus will continue to operate as “Pegasus Bank” under a separate Texas charter and remain an independent subsidiary of BancFirst Corporation governed by its existing board of directors. BancFirst Corporation intends to provide an appropriate amount of capital or other support to increase Pegasus’ ability to approve larger loans and allow Pegasus to continue to grow their assets.

On August 31, 2018, BFTower, LLC, a wholly-owned subsidiary of BancFirst, purchased the Cotter Ranch Tower in Oklahoma City for the Company’s corporate headquarters for $21.0 million. Cotter Ranch Tower was subsequently renamed BancFirst Tower. BancFirst Tower consists of an aggregate of 507,000 square feet, has 36 floors and is the second tallest building in Oklahoma City. The BancFirst Tower will remain an income producing property as approximately 55% is currently leased to outside tenants. BancFirst Tower will allow the Company to consolidate operations from three locations to one and will improve operational efficiencies. Upon consolidation, the Company expects to initially occupy approximately 35% of the BancFirst Tower, resulting in approximately 90% total occupancy. Renovations on BancFirst Tower will be substantially completed by the end of 2020 and are expected to cost approximately $70 million. The renovation costs include substantial deferred maintenance including HVAC, plumbing, electrical, elevators, building skin and roof while also including much needed improvements to both the interior and exterior common areas including the lobby, underground and outdoor plaza. The Company could start depreciating certain components of the renovation as they are put into service as early as September 2019. The Company estimates spending approximately $12 million on tenant improvements for the approximate 165,000 square feet that the Company will occupy.  The total purchase price, renovation costs, and Company tenant improvement costs were determined to be favorable to other alternatives, such as constructing new corporate headquarters or leasing space. On December 14, 2018, BFTower LLC, purchased a 42.6% ownership interest in SFPG, LLC, which is the owner of a 1,568 space parking garage adjacent to BancFirst Tower, for $9.8 million.

On January 11, 2018, the Company completed the acquisitions of two Oklahoma banking corporations. First Wagoner Corporation and its subsidiary bank, First Bank & Trust Company, and First Chandler Corp. and its subsidiary bank, First Bank of Chandler, had combined total assets of approximately $378 million. The Company exchanged a combination of cash and stock for these transactions.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

See Note (1) of the Notes to Consolidated Financial Statements for a discussion of recently issued accounting pronouncements.

SEGMENT INFORMATION

See Note (11) of the Notes to Consolidated Financial Statements for disclosures regarding business segments.

28

RESULTS OF OPERATIONS

Selected income statement data and other selected data for the comparable periods were as follows:

BANCFIRST CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Income Statement Data
Net interest income	$	68,792		$	64,880		$	135,695		$	127,915
Provision for loan losses		2,433			1,225			4,117			1,539
Securities transactions		821			115			821			101
Total noninterest income		34,077			30,437			66,078			60,547
Salaries and employee benefits		36,124			34,776			72,295			68,966
Total noninterest expense		56,608			54,256			112,814			110,146
Net income		34,167			30,586			66,004			60,206
Per Common Share Data
Net income – basic	$	1.04		$	0.93		$	2.02		$	1.84
Net income – diluted		1.02			0.91			1.98			1.80
Cash dividends		0.30			0.21			0.60			0.42
Performance Data
Return on average assets		1.78	%		1.62	%		1.74	%		1.61	%
Return on average stockholders’ equity		14.54			14.41			14.31			14.50
Cash dividend payout ratio		28.85			22.58			29.70			22.83
Net interest spread		3.29			3.28			3.28			3.31
Net interest margin		3.89			3.70			3.87			3.68
Efficiency ratio		55.03			56.92			55.91			58.44
Net charge-offs to average loans		0.01			0.01			0.01			0.02

Net Interest Income

For the three months ended June 30, 2019, net interest income, which is the Company’s principal source of operating revenue, increased $3.9 million or 6.0% compared to the three months ended June 30, 2018. Net interest margin is the ratio of taxable-equivalent net interest income to average earning assets for the period. The Company’s net interest margin for the second quarter of 2019 compared to the second quarter of 2018 increased primarily due to the increases in the federal funds rate throughout 2018.

Net interest income for the six months ended June 30, 2019 increased $7.8 million or 6.1% compared to the six months ended June 30, 2018. The net interest margin for the year-to-date increased compared to the same period of the previous year, as shown in the preceding table. The increase in the margin was primarily due to the increase in the federal funds rate throughout 2018.

Provision for Loan Losses

The Company’s provision for loan losses for the second quarter of 2019 was $2.4 million compared to $1.2 million a year ago. The increase in the provision was primarily due to downgrades of a few commercial loans during the quarter. The Company establishes an allowance as an estimate of the probable inherent losses in the loan portfolio at the balance sheet date.  Management believes the allowance for loan losses is appropriate based upon management’s best estimate of probable losses that have been incurred within the existing loan portfolio. Should any of the factors considered by management in evaluating the appropriate level of the allowance for loan losses change, the Company’s estimate of probable loan losses could also change, which could affect the amount of future provisions for loan losses. Net loan charge-offs were $240,000 for the second quarter of 2019, compared to $575,000 for the second quarter of 2018. The rate of net charge-offs to average total loans, as presented in the preceding table, continues to be at a very low level.

For the six months ended June 30, 2019, the Company’s provision for loan losses was $4.1 million compared to $1.5 million for the six months ended June 30, 2018. Net loan charge-offs were $398,000, compared to $1.0 million for the same period of the prior year.

29

Noninterest Income

Noninterest income, as presented in the preceding table, increased by $3.6 million for second quarter of 2019 compared to the second quarter of 2018. The increase in noninterest income was primarily due to growth in debit card usage fees, sweep fees and equity security gains of $821,000. The Company had fees from debit card usage totaling $8.6 million and $7.4 million during the three month periods ended June 30, 2019 and 2018, respectively. This represents 25.3% and 24.4% of the Company’s noninterest income for the three month periods ended June 30, 2019 and 2018, respectively. In addition, the Company has non-sufficient funds fees totaling $8.1 million and $7.5 million for the three month periods ended June 30, 2019 and 2018, respectively. This represents 23.8% and 24.8% of the Company’s noninterest income for the three month periods ended June 30, 2019 and 2018, respectively.

Noninterest income for the six months ended June 30, 2019 totaled $66.1 million compared to $60.5 million for the six months ended June 30, 2018. The increase in noninterest income was primarily due to growth in debit card usage fees, sweep fees and equity security gains of $821,000.  Fees from debit card usage totaled $16.4 million and $14.2 million during the six months ended June 30, 2019 and 2018, respectively. This represents 24.8% and 23.5% of the Company’s noninterest income for the six month periods ended June 30, 2019 and 2018, respectively. In addition, the Company had non-sufficient fund fees totaling $15.7 million and $14.8 million during the six months ended June 30, 2019 and 2018, respectively. This represents 23.8% and 24.5% of the Company’s noninterest income for the six month periods ended June 30, 2019 and 2018, respectively.

The Durbin Amendment is a provision in the larger Dodd-Frank Act that gave the Federal Reserve the authority to establish rates on debit card transactions. The Durbin Amendment aims to control debit card interchange fees and restrict anti-competitive practices. The law applies to banks with over $10 billion in assets and limits these banks on what they charge for debit card interchange fees. If the Company grows to exceed $10 billion in assets, the Durbin Amendment will decrease the Company’s income from debit card usage fees by approximately $15 million annually based on current volume.

Noninterest Expense

For the three months ended June 30, 2019, noninterest expense totaled $56.6 million, compared to $54.3 million for the three months ended June 30, 2018. The increase in noninterest expense was due to salary increases in 2019.

For the six months ended June 30, 2019, noninterest expense totaled $112.8 million compared to $110.1 million for the six months ended June 30, 2018. The slight increase in noninterest expense was due to salary increases in 2019 offset by a decrease in other expense due to nonrecurring acquisition related expenses of approximately $2.2 million in 2018.

Income Taxes

The Company’s effective tax rate on income before taxes was 22.0% for the second quarter of 2019, compared to 23.2% for the second quarter of 2018. The decrease in the effective tax rate compared to the second quarter of 2018 was due to an increase in tax credits during the quarter.

The Company’s effective tax rate on income before taxes was 22.2% for the first six months of 2019, compared to 21.6% for the first six months of 2018.  

30

FINANCIAL POSITION

BANCFIRST CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in thousands, except per share data)

	June 30,			December 31,
	2019			2018
	(unaudited)
Balance Sheet Data
Total assets	$	7,642,021		$	7,574,258
Total loans (net of unearned interest)		5,105,302			4,984,150
Allowance for loan losses		55,108			51,389
Debt securities		425,154			772,132
Deposits		6,613,613			6,605,495
Stockholders' equity		956,380			902,789
Book value per share		29.30			27.69
Tangible book value per share (non-GAAP)(1)		26.40			24.74
Average loans to deposits (year-to-date)		75.71	%		74.63	%
Average earning assets to total assets (year-to-date)		92.43			92.90
Average stockholders’ equity to average assets (year-to-date)		12.13			11.37
Asset Quality Ratios
Nonperforming and restructured loans to total loans		0.73	%		0.76	%
Nonperforming and restructured assets to total assets		0.58			0.59
Allowance for loan losses to total loans		1.08			1.03
Allowance for loan losses to nonperforming and restructured loans		148.35			136.29
Reconciliation of Tangible Book Value per Common Share (non-GAAP)(2)
Stockholders' equity	$	956,380		$	902,789
Less goodwill		79,749			79,749
Less intangible assets, net		14,936			16,470
Tangible stockholders' equity (non-GAAP)	$	861,695		$	806,570
Common shares outstanding		32,639,588			32,603,926
Tangible book value per share (non-GAAP)	$	26.40		$	24.74
(1)      Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table
(2)      Tangible book value per common share is stockholders’ equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.

Cash and Interest-Bearing Deposits with Banks

The aggregate of cash and due from banks and interest-bearing deposits with banks increased by $280.2 million or 19.7% to $1.7 billion, from December 31, 2018 to June 30, 2019.

Securities

At June 30, 2019, total debt securities decreased $347.0 million, or 44.9% compared to December 31, 2018, due to maturing U.S. treasury securities. The size of the Company’s securities portfolio is determined by the Company’s liquidity and asset/liability management. The net unrealized gain on securities available for sale, before taxes, was $4.9 million at June 30, 2019, compared to a net unrealized loss of $2.9 million at December 31, 2018. These unrealized gains and losses are included in the Company’s stockholders’ equity as accumulated other comprehensive income, net of income tax, in the amounts of a gain of $3.7 million at June 30, 2019 and a loss of $2.1 million at December 31, 2018.

Loans (Including Acquired Loans)

At June 30, 2019, loans totaled $5.1 billion, an increase of $121.2 million from December 31, 2018. The slight increase in loans was due to internal growth.

31

Allowance for Loan Losses/Fair Value Adjustments on Acquired Loans

At June 30, 2019, the allowance for loan losses to total loans represented 1.08% of total loans, compared to 1.03% at December 31, 2018.  

The fair value adjustment on acquired loans consists of an interest rate component to adjust the effective rates on the loans to market rates and a credit component to adjust for estimated credit exposures in the acquired loans. The interest rate component was $1.9 million at June 30, 2019 and $2.2 million at December 31, 2018. The credit component of the adjustment was $6.3 million at June 30, 2019 and $7.6 million at December 31, 2018 while the acquired loans outstanding were $212.9 million and $294.6 million, respectively.

Nonperforming and Restructured Assets

Nonperforming and restructured assets totaled $44.2 million at June 30, 2019, compared to $44.6 million at December 31, 2018. The Company’s level of nonperforming and restructured assets has continued to be relatively low.

Nonaccrual loans totaled $18.0 million at June 30, 2019, compared to $22.6 million at the end of 2018. The Company’s nonaccrual loans are primarily commercial and real estate loans. Nonaccrual loans negatively impact the Company’s net interest margin. A loan is placed on nonaccrual status when, in the opinion of management, the future collectability of interest or principal or both is in serious doubt. Interest income is recognized on certain of these loans on a cash basis if the full collection of the remaining principal balance is reasonably expected. Otherwise, interest income is not recognized until the principal balance is fully collected. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $1.0 million for the six months ended June 30, 2019 and $1.1 million for the six months ended June 30, 2018.  Only a small amount of this interest is expected to be ultimately collected.

Restructured loans totaled $16.5 million at June 30, 2019, compared to $13.2 million at the end of 2018. The increase in restructured loans was due primarily to a few commercial loans identified as troubled debt restructurings during the quarter. The Company charges interest on principal balances outstanding during deferral periods. As a result, the current and future financial effects of the recorded balance of loans considered to be troubled debt restructurings whose terms were modified during the period were not considered to be material.

Other real estate owned and repossessed assets totaled $7.0 million at June 30, 2019, compared to $6.9 million at December 31, 2018.

Potential problem loans are performing loans to borrowers with a weakened financial condition, or which are experiencing unfavorable trends in their financial condition, which causes management to have concerns as to the ability of such borrowers to comply with the existing repayment terms. The Company had approximately $15.2 million of these loans at June 30, 2019, compared to $8.0 million at December 31, 2018. Potential problem loans are not included in nonperforming and restructured loans.  In general, these loans are adequately collateralized and have no specific identifiable probable loss. Loans which are considered to have identifiable probable loss potential are placed on nonaccrual status, are allocated a specific allowance for loss or are directly charged-down, and are reported as nonperforming.

Liquidity and Funding

Deposits

At June 30, 2019, deposits totaled $6.6 billion, a small increase of $8.1 million from the December 31, 2018 total. The Company’s core deposits provide it with a stable, low-cost funding source. The Company’s core deposits as a percentage of total deposits were 98.2% at June 30, 2019 and 98.1% at December 31, 2018.  Noninterest-bearing deposits to total deposits were 39.8% at June 30, 2019, compared to 39.6% at December 31, 2018.

Short-Term Borrowings

Short-term borrowings, consisting primarily of federal funds purchased and repurchase agreements are another source of funds for the Company. The level of these borrowings is determined by various factors, including customer demand and the Company’s ability to earn a favorable spread on the funds obtained. Short-term borrowings were $1.0 million at June 30, 2019, compared to $1.7 million at December 31, 2018.

32

Long-Term Borrowings

The Company has a line of credit from the Federal Home Loan Bank (“FHLB”) of Topeka, Kansas to use for liquidity or to match-fund certain long-term fixed-rate loans. The Company’s assets, including residential first mortgages of $786.0 million, are pledged as collateral for the borrowings under the line of credit. As of June 30, 2019 and December 31, 2018, the Company had no advances outstanding under the line of credit from FHLB. In addition, the Company has a revolving line of credit with another financial institution with the ability to draw up to $10.0 million with no advances outstanding. This line of credit has a variable rate based on prime rate minus 25 basis points and matures in 2020.

There have not been any other material changes from the liquidity and funding discussion included in Management’s Discussion and Analysis in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Capital Resources

Stockholders’ equity totaled $956.4 million at June 30, 2019, compared to $902.8 million at December 31, 2018. In addition to net income of $66.0 million, other changes in stockholders’ equity during the six months ended June 30, 2019 included $780,000 related to common stock issuances, $541,000 related to stock-based compensation and a $5.8 million increase in other comprehensive income, that were partially offset by $19.5 million in dividends. The Company’s leverage ratio and total risk-based capital ratios at June 30, 2019, were well in excess of the regulatory requirements.

See Note (8) of the Notes to Consolidated Financial Statements for a discussion of capital ratio requirements.

CONTRACTUAL OBLIGATIONS

There have not been any material changes in the resources required for scheduled repayments of contractual obligations from the table of Contractual Cash Obligations included in Management’s Discussion and Analysis which was included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. 

33

BANCFIRST CORPORATION

CONSOLIDATED AVERAGE BALANCE SHEETS AND INTEREST MARGIN ANALYSIS

(Unaudited)

Taxable Equivalent Basis (Dollars in thousands)

	Three Months Ended June 30,
	2019								2018
				Interest		Average						Interest		Average
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate
ASSETS
Earning assets:
Loans (1)	$	5,082,637		$	71,142		5.61	%	$	4,959,604		$	65,750		5.32	%
Securities – taxable		666,966			3,855		2.32			440,420			1,956		1.78
Securities – tax exempt		20,215			150		2.97			28,060			206		2.94
Federal funds sold and interest-bearing deposits with banks		1,339,375			8,135		2.44			1,633,030			7,420		1.82
Total earning assets		7,109,193			83,282		4.70			7,061,114			75,332		4.28
Nonearning assets:
Cash and due from banks		177,489								184,547
Interest receivable and other assets		457,888								389,845
Allowance for loan losses		(53,365	)							(51,802	)
Total nonearning assets		582,012								522,590
Total assets	$	7,691,205							$	7,583,704
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Transaction deposits	$	738,742		$	659		0.36	%	$	820,681		$	602		0.29	%
Savings deposits		2,637,248			10,424		1.59			2,502,282			7,189		1.15
Time deposits		678,680			2,719		1.61			754,710			1,919		1.02
Short-term borrowings		1,859			12		2.67			2,030			8		1.55
Junior subordinated debentures		26,804			492		7.37			31,959			544		6.83
Total interest-bearing liabilities		4,083,333			14,306		1.41			4,111,662			10,262		1.00
Interest-free funds:
Noninterest-bearing deposits		2,626,877								2,590,698
Interest payable and other liabilities		38,459								29,752
Stockholders’ equity		942,536								851,592
Total interest free funds		3,607,872								3,472,042
Total liabilities and stockholders’ equity	$	7,691,205							$	7,583,704
Net interest income				$	68,976							$	65,070
Net interest spread							3.29	%							3.28	%
Effect of interest free funds							0.60	%							0.42	%
Net interest margin							3.89	%							3.70	%
(1) Nonaccrual loans are included in the average loan balances and any interest on such nonaccrual loans is recognized on a cash basis

34

	Six Months Ended June 30,
	2019								2018
				Interest		Average						Interest		Average
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate
ASSETS
Earning assets:
Loans (1)	$	5,048,164		$	140,016		5.59	%	$	4,976,658		$	128,805		5.22	%
Securities – taxable		708,015			8,190		2.33			439,638			3,854		1.77
Securities – tax exempt		20,850			309		2.99			28,748			422		2.96
Federal funds sold and interest-bearing deposits with banks		1,306,396			15,885		2.45			1,585,267			13,306		1.69
Total earning assets		7,083,425			164,400		4.68			7,030,311			146,387		4.20
Nonearning assets:
Cash and due from banks		178,808								185,045
Interest receivable and other assets		454,135								386,210
Allowance for loan losses		(52,674	)							(52,138	)
Total nonearning assets		580,269								519,117
Total assets	$	7,663,694							$	7,549,428
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Transaction deposits	$	746,205		$	1,321		0.36	%	$	815,284		$	996		0.25	%
Savings deposits		2,631,540			20,725		1.59			2,476,998			12,295		1.00
Time deposits		686,627			5,293		1.55			766,197			3,688		0.97
Short-term borrowings		1,948			22		2.30			4,996			43		1.74
Junior subordinated debentures		26,804			983		7.39			31,959			1,079		6.81
Total interest-bearing liabilities		4,093,124			28,344		1.40			4,095,434			18,101		0.89
Interest-free funds:
Noninterest-bearing deposits		2,603,725								2,586,470
Interest payable and other liabilities		37,010								30,215
Stockholders’ equity		929,835								837,309
Total interest free funds		3,570,570								3,453,994
Total liabilities and stockholders’ equity	$	7,663,694							$	7,549,428
Net interest income				$	136,056							$	128,286
Net interest spread							3.28	%							3.31	%
Effect of interest free funds							0.59	%							0.37	%
Net interest margin							3.87	%							3.68	%
(1) Nonaccrual loans are included in the average loan balances and any interest on such nonaccrual loans is recognized on a cash basis

35

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no significant changes in the Registrant’s disclosures regarding market risk since December 31, 2018, the date of its most recent annual report to stockholders.

Item 4. Controls and Procedures.

The Company’s Chief Executive Officer, Chief Financial Officer and its Disclosure Committee, which includes the Company’s Executive Chairman, Chief Risk Officer, Chief Internal Auditor, Chief Asset Quality Officer, Controller, General Counsel and Vice President of Corporate Finance, have evaluated, as of the last day of the period covered by this report, the Company’s disclosure controls and procedures.  Based on their evaluation they concluded that the disclosure controls and procedures of the Company are effective to ensure that information required to be disclosed by the Company in the reports filed or submitted by it under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms.

No changes were made to the Company’s internal control over financial reporting during the period covered by this report that materially affected, or are likely to materially affect, the Company’s internal control over financial reporting.

36

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

The Company has been named as a defendant in various legal actions arising from the conduct of its normal business activities. Although the amount of any liability that could arise with respect to these actions cannot be accurately predicted, in the opinion of the Company, any such liability will not have a material adverse effect on the consolidated financial statements of the Company.

Item 1A. Risk Factors.

Except as set forth below, as of June 30, 2019, there have been no material changes from the risk factors previously disclosed in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018:

The Company’s noninterest income may be reduced

The Durbin Amendment is a provision in the larger Dodd-Frank Act that gave the Federal Reserve the authority to establish rates on debit card transactions. The Durbin Amendment aims to control debit card interchange fees and restrict anti-competitive practices. The law applies to banks with over $10 billion in assets and limits these banks on what they charge for debit card interchange fees. If the Company grows to exceed $10 billion in assets, the Durbin Amendment will decrease the Company’s income from debit card usage fees by approximately $15 million annually based on current volume.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

37

Item 6. Exhibits.

Exhibit Number	Exhibit
2.1	Share Exchange Agreement by and between BancFirst Corporation and Pegasus Bank dated April 23, 2019 (filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K/A dated April 25, 2019 and incorporated herein by reference).
3.1	Amended and Restated By-Laws of BancFirst Corporation (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated March 30, 2015 and incorporated herein by reference).
3.2	Certificate of Amendment of the Third Amended and Restated Certificate of Incorporation of BancFirst Corporation dated May 31, 2017 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated May 31, 2017 and incorporated herein by reference).
4.1	Instruments defining the rights of securities holders (see Exhibits 3.1 and 3.2 above).
4.2	Form of Amended and Restated Trust Agreement relating to the 7.20% Cumulative Trust Preferred Securities of BFC Capital Trust II (filed as Exhibit 4.5 to the Company’s registration statement on Form S-3/A, File No. 333-112488 dated February 23, 2004, and incorporated herein by reference).
4.3	Form of 7.20% Cumulative Trust Preferred Security Certificate for BFC Capital Trust II (filed as Exhibit D to Exhibit 4.5 to the Company’s registration statement on Form S-3/A, File No. 333-112488 dated February 23, 2004, and incorporated herein by reference).
4.4	Form of Indenture relating to the 7.20% Junior Subordinated Deferrable Interest Debentures of BancFirst Corporation issued to BFC Capital Trust II (filed as Exhibit 4.1 to the Company’s registration statement on Form S-3, File No. 333-112488 dated February 4, 2004, and incorporated herein by reference).
4.5	Form of Certificate of 7.20% Junior Subordinated Deferrable Interest Debenture of BancFirst Corporation (filed as Exhibit 4.2 to the Company’s registration statement on Form S-3, File No. 333-112488 dated February 4, 2004, and incorporated herein by reference).
4.6	Form of Guarantee of BancFirst Corporation relating to the 7.20% Cumulative Trust Preferred Securities of BFC Capital Trust II (filed as Exhibit 4.7 to the Company’s registration statement on Form S-3/A, File No. 333-112488 dated February 23, 2004, and incorporated herein by reference).
4.7	Form of Guarantee Agreement by and between CSB Bancshares, Inc. and Wilmington Trust Company (filed as Exhibit 4.7 to the Company’s Quarterly Report on Form 10-Q for the Quarter ended September 30, 2015 and incorporated herein by reference).
4.8	Form of Indenture relating to the Floating Rate Junior Subordinated Deferrable Interest Debentures of CSB Bancshares, Inc., issued to Wilmington Trust Company (filed as Exhibit 4.8 to the Company’s Quarterly Report on Form 10-Q for the Quarter ended September 30, 2015 and incorporated herein by reference).
4.9	Form of First Supplemental Indenture relating to the Floating Rate Junior Subordinated Deferrable Interest Debentures by and between Wilmington Trust Company and BancFirst Corporation (filed as Exhibit 4.9 to the Company’s Quarterly Report on Form 10-Q for the Quarter ended September 30, 2015 and incorporated herein by reference).
10.1	BancFirst Corporation Employee Stock Ownership and Trust Agreement adopted effective January 1, 2015 (filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2015 and incorporated herein by reference).
10.2	Amendment Number One to the BancFirst Corporation Employee Stock Ownership Plan (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated February 26, 2018 and incorporated herein by reference).
10.3	Adoption Agreement for the BancFirst Corporation Thrift Plan adopted April 21, 2016 effective January 1, 2016. (filed as Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2016 and incorporated herein by reference).
10.4	Amendment Number One to the BancFirst Corporation Thrift Plan. (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated February 26, 2018 and incorporated herein by reference).
10.5	Purchase and Sale Agreement and Escrow Instructions by and between Cotter Tower – Oklahoma L.P. and BancFirst Corporation. (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated September 5, 2018 and incorporated herein by reference).

38

Exhibit Number	Exhibit
10.6	First Amendment to Purchase and Sale Agreement and Escrow Instructions by and between Cotter Tower – Oklahoma L.P. and BancFirst Corporation. (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated September 5, 2018 and incorporated herein by reference).
10.7*	Sixth Amended and Restated BancFirst Corporation Directors’ Deferred Stock Compensation Plan.
10.8*	Sixth Amended and Restated BancFirst Corporation Directors’ Stock Option Plan.
10.9*	Fifteenth Amended and Restated BancFirst Corporation Stock Option Plan.
31.1*	Chief Executive Officer’s Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a).
31.2*	Chief Financial Officer’s Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a).
32*	CEO’s & CFO’s Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*	Interactive Data File - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
104*	The cover page from the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in Inline XBRL (included in Exhibit 101).

* Filed herewith.

39

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BANCFIRST CORPORATION
	(Registrant)
Date:  August 2, 2019	/s/ David Harlow
	David Harlow
	President
	Chief Executive Officer
	(Principal Executive Officer)
Date:  August 2, 2019	/s/ Kevin Lawrence
	Kevin Lawrence
	Executive Vice President
	Chief Financial Officer
	(Principal Financial Officer)

40

EX-10.7

Exhibit 10.7

SIXTH AMENDED AND RESTATED

BANCFIRST CORPORATION DIRECTORS'

DEFERRED STOCK COMPENSATION PLAN

ARTICLE I

PURPOSE AND EFFECTIVE DATE

1.1Purpose.  This Sixth Amended and Restated BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Plan”) incorporates the amendments to the Fifth Amended and Restated BancFirst Corporation Directors’ Deferred Stock Compensation Plan adopted by the stockholders of BancFirst Corporation (the “Corporation) on May 23, 2019.

The Plan is intended to advance the interests of the Company and its shareholders by providing a means to attract and retain highly-qualified persons to serve as Directors and to promote ownership by Directors of a greater proprietary interest in the Company, thereby aligning such Directors' interests more closely with the interests of shareholders of the Company.

The Plan is intended to comply with Section 409A of the United States Tax Code.

1.2Effective Date.  This Plan shall become effective September 1, 1999.

ARTICLE II

DEFINITIONS

The following terms shall be defined as set forth below:

2.1"Bank" means BancFirst, an Oklahoma banking corporation, or any successor thereto.

2.2"Bank Board" means the Board of Directors of the Bank.

2.3“Change in Control Event” means the date on which any of the following events occur (i) a change in the ownership of the Company; (ii) a change in the effective control of the Company; (iii) a change in the ownership of a substantial portion of the assets of the Company.

For purposes of this Section, a change in the ownership of the Company occurs on the date on which any one person, or more than one person acting as a group, acquires ownership of stock of the Participating Employer that, together with stock held by such person or group constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. A change in the effective control of the Company occurs on the date on which either (i) a person, or more than one person acting as a group, acquires ownership of stock of the Company possessing 35% or more of the total voting power of the stock of the Company, taking into account all such stock acquired during the 12-month period ending on the date of the most recent acquisition, or (ii) a majority of the members of the Company Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of such Company Board prior to the date of the appointment or election, but only if no other corporation is a majority shareholder of the Company. A change in the ownership of a substantial portion of assets occurs on the date on which any one person, or more than one person acting as a group, other than a person or group of persons that is related to the Company, acquires assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions, taking into account all such assets acquired during the 12-month period ending on the date of the most recent acquisition.

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An event constitutes a Change in Control Event with respect to a Participant only if the Participant performs services for the Company or the Participant’s relationship to the Company otherwise satisfies the requirements of Treasury Regulation Section 1.409A-3(i)(5)(ii).

The determination as to the occurrence of a Change in Control Event shall be based on objective facts and in accordance with the requirements of Code Section 409A.

2.4“Code” means the Internal Revenue Code of 1986, as amended.

2.5"Committee" means the Compensation Committee of the Company Board.

2.6"Community Board" means one of the Community Advisory Boards of the Bank.

2.7"Company" means BancFirst Corporation, an Oklahoma corporation, or any successor thereto.

2.8"Company Board" means the Board of Directors of the Company.

2.9"Deferral Date" means the date Fees would otherwise have been paid to the Participant.

2.10"Director" means any individual who is a member of the Bank Board, the Company Board or the Community Board.

2.11"Fair Market Value" means the closing sales price for the Shares on the relevant date, or if there were no sales on such date the closing sales price on the nearest day before the relevant date, as reported in The Wall Street Journal or a similar publication selected by the Committee.

2.12"Fees" means all or part of any retainer and/or fees payable to a Director in his or her capacity as a Director.

2.13"Participant" means a Director who defers Fees under Article VI of this Plan.

2.14"Secretary" means the Corporate Secretary or any Assistant Corporate Secretary of the Company.

2.15"Separation from Service" means termination of service as a Director in any of the following circumstances:

(a)Where the Participant voluntarily resigns or retires;

(b)Where the Participant is not re-elected (or elected in the case of an appointed Director) to the Bank Board or Company Board, as applicable, by the shareholders, or to the Community Board by the Bank;

(c)Where the Participant dies; or

(d)Where the Participant is removed from the Bank Board, Company Board or Community Board, as applicable, in accordance with the provisions of the Company's Bylaws or the Bank's Bylaws, as applicable.

Whether a Separation from Service has occurred shall be determined by the Company Board or Committee in accordance with Section 409A of the Code.

2.16"Shares" means shares of the common stock of BancFirst Corporation, par value $1.00 per share, or of any successor corporation or other legal entity adopting this Plan.

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2.17“Specified Employee” means those Directors who are determined by the Company Board or the Committee to be a “specified employee” of the Company or its affiliates in accordance with Section 409A of the Code and the regulations promulgated thereunder.

2.18"Stock Units" means the credits to a Participant's Stock Unit Account under Article VI of this Plan, each of which represents the right to receive one Share upon settlement of the Stock Unit Account.

2.19"Stock Unit Account" means the bookkeeping account established by the Company pursuant to Section 6.4.

2.20"Termination Date" means the date the Plan terminates pursuant  to Section 11.8.

ARTICLE III

SHARES AVAILABLE UNDER THE PLAN

Subject to adjustment as provided in Article X, the maximum number of Shares that may be distributed in settlement of Stock Units under this Plan that are accumulated subsequent to the effective date of this amended and restated Plan shall not exceed 40,000 Shares.  Such Shares may include authorized but unissued Shares or treasury Shares.

ARTICLE IV

ADMINISTRATION

4.1This Plan shall be administered by the Company Board's Compensation Committee, or such other committee or individual as may be designated by the Company Board.   Notwithstanding the foregoing, no director who is a Participant under this Plan shall participate in any determination relating solely or primarily to his or her own Shares, Stock Units or Stock Unit Account.

4.2It shall be the duty of the Committee to administer this Plan in accordance with its provisions and to make such recommendations of amendments or otherwise as it deems necessary or appropriate.

4.3The Committee shall have the authority to make all determinations it deems necessary or advisable for administering this Plan, subject to the limitations in Section 4.1 and other explicit provisions of this Plan.

ARTICLE V

ELIGIBILITY

5.1Each Director shall be eligible to defer Fees under Article VI of this Plan.

ARTICLE VI

DEFERRAL ELECTIONS IN LIEU OF CASH PAYMENTS

6.1General Rule.  Each Director may, in lieu of receipt of Fees, defer such Fees in accordance with this Article VI, provided that such Director is eligible under Article V of this Plan to defer such Fees at the date any such Fees are otherwise payable.

6.2Timing of Election.  Each eligible Director who wishes to defer Fees under this Plan must make a written election prior to the start of the calendar year for which the Fees would otherwise be paid; provided, however, that with respect to (a) any election made by a newly-elected or appointed Director ("New Director Elections") and (b) any elections made by Directors with respect to Fees paid during the period commencing July 1, 1999 and ending December 31, 1999 ("1999 Elections"), the following special rules shall apply: (i) with respect to any New Director Elections, any such New Director Election must be made within 30 days of the election or

3

appointment, and (ii) with respect to any 1999 Elections, such elections shall be made prior to July 1, 1999 and shall be effective for any Fees paid on or after July 1, 1999.  An election by a Director shall be deemed to be continuing and therefore applicable to Fees to be paid in the future unless the Director evokes or changes such election by filing a new election form by the due date for such form specified in this Section 6.2.

6.3Form of Election.  An election shall be made in a manner satisfactory to the Secretary.  Generally, an election shall be made by completing and filing the specified election form with the Secretary of the company within the period described in Section 6.2.  At a minimum, the form shall require the Director to specify the following:

(a)a percentage (in 25% increments), not to exceed an aggregate of 100% of the Fees to be deferred under this Plan; and

(b)the manner of settlement in accordance with Section 7.2.

6.4Establishment of Stock Unit Account.  The Company will establish a Stock Unit Account for each Participant.  All Fees deferred pursuant to this Article VI shall be credited to the Participant's Stock Unit Account as of the Deferral Date and converted to Stock Units as follows: The number of Stock Units shall equal the deferred Fees divided by the Fair Market Value of a Share on the Deferral Date, with fractional units calculated to three (3) decimal places.

6.5Credit of Dividend Equivalents.  As of each dividend payment date with respect to Shares, each Participant shall have credited to his or her Stock Unit Account an additional number of Stock Units equal to: the per-share cash dividend payable with respect to a Share on such dividend payment date multiplied by the number of Stock Units held in the Stock Unit Account as of the close of business on the record date for such dividend divided by the Fair Market Value of a Share on such dividend payment date.   If dividends are paid on Shares in a form other than cash, then such dividends shall be notionally converted to cash, if their value is readily determinable, and credited in a manner consistent with the foregoing and, if their value is not readily determinable, shall be credited "in kind" to the Participant's Stock Unit Account.

ARTICLE VII

SETTLEMENT OF STOCK UNITS

7.1Settlement of Account.  The Company will settle a Participant's Stock Unit Account in the manner described in Section 7.2 as soon as administratively feasible but in no event later than 90 days following the earlier of (i) notification of such Participant's Separation from Service or (ii) a Change in Control Event.  Notwithstanding the foregoing, in no event shall a Specified Employee receive a payment under this Plan following a Separation from Service before the first business day of the seventh month following the date of Separation from Service, unless the Separation from Service results from death.

7.2Payment Options.  An election filed under Article VI shall specify whether the Participant's Stock Unit Account is to be settled by delivering to the Participant (or his or her beneficiary) the number of Shares equal to the number of whole Stock Units then credited to the Participant's Stock Unit Accounts, in (a) a lump sum, or (b) substantially equal annual installments over a period not to exceed three (3) years.  If, upon lump sum distribution or final distribution of an installment, less than one whole Stock Unit is credited to a Participant's Stock Unit Account, cash will be paid in lieu of fractional shares on the date of such distribution.

7.3Continuation of Dividend Equivalents.  If payment of Stock Units is deferred and paid in installments, the Participant's Stock Unit Account shall continue to be credited with dividend equivalents as provided in Section 6.5.

7.4In Kind Dividends.  If any "in kind" dividends were credited to the Participant's Stock Unit Account under Section 6.5, such dividends shall be payable to the Participant in full on the date of the first distribution of Shares under Section 7.2.

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ARTICLE VIII

UNFUNDED STATUS

The interest of each Participant in any Fees deferred under this Plan (and any Stock Units or Stock Unit Account relating thereto) shall be that of a general creditor of the Company.  Stock Unit Accounts, and Stock Units (and, if any, "in kind" dividends) credited thereto, shall at all times be maintained by the Company as bookkeeping entries evidencing unfunded and unsecured general obligations of the Company.

ARTICLE IX

DESIGNATION OF BENEFICIARY

Each Participant may designate, on a form provided by the Committee, one or more beneficiaries to receive the Shares described in Section 7.2 in the event of such Participant's death.  The Company may rely upon the beneficiary designation last filed with the Committee, provided that such form was executed by the Participant or his or her legal representative and filed with the Committee prior to the Participant's death.

ARTICLE X

ADJUSTMENT PROVISIONS

In the event any recapitalization, reorganization merger, consolidation, spin-off, combination, repurchase, exchange of shares or other securities of the Company, stock split or reverse split, or similar corporate transaction or event affects Shares, an adjustment to the number or kind of shares to be delivered upon settlement of Stock Unit Accounts under Article VII by the Company Board or Committee to prevent dilution or enlargement of Participants' rights under this Plan in a manner that is proportionate to the change to the Shares and is otherwise equitable.

ARTICLE XI

GENERAL PROVISIONS

11.1No Right to Continue as a Director.  Nothing contained in this Plan will confer upon any Participant any right to continue to serve as a Director.

11.2No Shareholder Rights Conferred.  Nothing contained in this Plan will confer upon any Participant any rights of a shareholder of the Company unless and until Shares are in fact issued or transferred to such Participant in accordance with Article VII.

11.3Change to the Plan.  The Company Board may amend, alter, suspend, discontinue, extend, or terminate the Plan without the consent of the Participants; provided, however, that, without the consent of an affected Participant, no such action may materially impair the rights of such Participant with respect to any Stock Units credited to his or her Stock Unit Account.

11.4Consideration; Agreements.  The consideration for Shares issued or delivered in lieu of payment of Fees will be the Director's service during the period to which the Fees paid in the form of Shares related.

11.5Compliance with Laws and obligations.  The Company will not be obligated to issue or deliver Shares in connection with this Plan in a transaction subject to the registration requirements of the Securities Act of 1933, as amended, or any other federal or  state securities law, any requirement under any listing agreement between the Company and any national securities exchange or automated quotation system or any other laws, regulations, or contractual obligations of the Company, until the Company is satisfied that such laws, regulations, and other obligations of the Company have been complied with in full.   Certificates representing Shares delivered under the Plan will be subject to such stop-transfer orders and other restrictions as may be applicable under such laws, regulations, and other obligations of the Company, including any requirement that a legend or legends be placed thereon.

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11.6Limitations on Transferability.  Stock Units and any other right will not be transferable by a Participant except by will or the laws of descent and distribution (or to a designated beneficiary in the event of a Participant's death).  Stock Units and other rights under the Plan may not be pledged, mortgaged, hypothecated, or otherwise encumbered, and shall not be subject to the claims of creditors.

11.7Governing Law.  The validity, construction, and effect of the Plan and any agreement hereunder will be determined in accordance with the laws of the State of Oklahoma, without giving effect to principles of conflicts of laws, and applicable federal law.  

11.8Plan Termination.  Unless earlier terminated by action of the Company Board, the Plan will remain in effect until the earlier of (i) such time as no Shares remain available for delivery under the Plan and the Company has no further rights or obligations under the Plan or (ii) December 31, 2024.  

6

EX-10.8

Exhibit 10.8

SIXTH AMENDED AND RESTATED

BANCFIRST CORPORATION NON-EMPLOYEE DIRECTORS'

STOCK OPTION PLAN

1. PURPOSE.  This Sixth Amended and Restated BancFirst Corporation Non-Employee Directors’ Stock Option Plan (“the Plan”) incorporates the amendments to the Fifth Amended and Restated BancFirst Corporation non-Employee Directors’ Stock Option Plan adopted by the stockholders of BancFirst Corporation (the “Corporation”) on May 23, 2019.

The Plan is intended as an incentive and to encourage stock ownership by the non-employee directors of the Corporation in order to increase their proprietary interest in the Corporation's success.

The Plan is intended to comply with Section 409A of the United States Tax Code.

2. DEFINITIONS.  As used herein, the following terms shall have the corresponding meanings:

2.1. “Committee” shall mean the Board of Directors of the Corporation, or a duly constituted committee of the Board consisting of three or more members, at least a majority of which shall be “Non-Employee Directors” as such term is used in Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  

2.2 “Common Stock” shall mean the common stock, par value $1.00 per share, of the Corporation.

2.3. “Date of Grant” shall mean the date of grant of a Stock Option granted hereunder as set forth in the Stock Option Agreement.  In the event of a grant conditioned, among other things, upon stockholder ratification of this Plan, the date of such conditional grant shall be the Date of Grant for purposes of this Plan.

2.4. “Non-Employee Director” shall mean a person that is an elected or appointed member of the board of directors of a corporation, who is not a common-law employee of the corporation.  The determination of whether or not a person is a Non-Employee of the Corporation with respect to the grant or exercise of a Stock Option shall be made in accordance with the rule of Income Tax Regulation Section 1.421-7(h) (or successor regulation).

2.5. “Fair Market Value” shall mean, with respect to the exercise of an option under the Plan, (a) if the Common Stock is listed on a national securities exchange or the NASDAQ Global Market, the closing price of the Common Stock for the business day immediately preceding the day of the Date of Grant, or (b) if the Common Stock is not then listed on an exchange, the average of the closing bid and asked prices per share for the Common Stock in the over-the-counter market as quoted on NASDAQ for the business day of the Date of Grant, or (c) if the Common Stock is not then listed on any exchange or quoted on NASDAQ, an amount determined in good faith by the Committee to be the fair market value of the Common Stock, after consideration of all relevant factors.

2.6 “Nonqualified Stock Option” shall mean a Stock Option which is not intended to qualify for tax treatment as an “incentive stock option” under Section 422 of the Code.

2.7. “Option Exercise Price” shall mean the price paid for Shares upon the exercise of a Stock Option granted hereunder.

2.8. “Optionee” shall mean any person entitled to exercise a Stock Option pursuant to the terms of the Plan.

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2.9. “Stock Option” shall mean a stock option giving an Optionee the right to purchase shares of the Corporation’s Common Stock.  Stock Options granted under the Plan shall be Nonqualified Stock Options.

3. ADMINISTRATION.  

3.1 AUTHORITY; INDEMNIFICATION.  Within the limitations described herein, the Committee shall administer the Plan, determine the method of payment upon exercise of each Stock Option, determine all other terms of Stock Options granted hereunder and interpret, construe and implement the provisions of the Plan.  All questions of interpretation of the Plan or any Stock Option granted under the Plan shall be determined by the Committee, and such decisions shall be binding upon all persons having an interest in the Plan and/or any Stock Option.  No member of the Committee shall be liable for any action or determination made in good faith, and the members shall be entitled to indemnification and reimbursement in the manner provided in the Corporation's Certificate of Incorporation, or as otherwise permitted by law.

3.2 RULE 16B-3 COMPLIANCE.  With respect to the participation of eligible participants who are subject to Section 16(b) of the Exchange Act, the Plan shall be administered in compliance with the requirements of Rule 16b-3.  

3.3 SECTION 162(M) COMPLIANCE.  In the event the Corporation is a “publicly held corporation” as defined in paragraph (2) of section 162(m) of the Code, as amended by the Revenue Reconciliation Act of 1993 (P.L. 103-66), and the regulations promulgated thereunder (“Section 162(m)”), the Corporation shall establish a committee of outside directors meeting the requirements of Section 162(m) to approve the grant of Stock Options which might reasonably be anticipated to result in the payment of employee remuneration that would otherwise exceed the limit on employee remuneration deductible for income tax purposes pursuant to Section 162(m).

4. ELIGIBILITY.  The individuals who shall be eligible to participate in the Plan shall be such Non-Employee Directors of the Corporation, or of any corporation (“Subsidiary”) in which the Corporation has proprietary interest by reason of stock ownership or otherwise, including any corporation in which the Corporation acquires a proprietary interest after the adoption of this Plan (but only if the Corporation owns, directly or indirectly, stock possessing not less than 50% of the total combined voting power of all classes of stock in the corporation), as the Committee shall determine from time to time.  

5. STOCK.  The stock subject to Stock Options and other provisions of the Plan shall be shares of the Corporation’s authorized but unissued Common Stock or treasury stock, as determined by the Committee.  Subject to adjustment in accordance with the provisions of Subparagraph 6.7 hereof, the total number of shares of Common Stock of the Corporation on which Stock Options may be granted under the Plan subsequent to the effective date of this amended and restated Plan shall not exceed in the aggregate 50,000 shares.  In the event that any outstanding Stock Option under the Plan for any reason expires or is terminated prior to the end of the period during which Stock Options may be granted, the shares of the Common Stock allocable to the unexercised portion of such Stock Option may again be subject to a Stock Option under the Plan.

6. TERMS AND CONDITIONS OF STOCK OPTIONS.  Stock Options granted pursuant to the Plan shall be evidenced by agreements in such form as the Committee shall, from time to time, approve.  Agreements shall comply with and be subject to the following terms and conditions:

6.1 MEDIUM AND TIME OF PAYMENT.  The Option Exercise Price shall be payable in United States Dollars upon the exercise of the Stock Option and may be paid in cash or by certified check, bank draft or money order payable to the order of the Corporation, unless otherwise determined by the Committee.

6.2 NUMBER OF SHARES.  Each Non-Employee Director shall be granted a Stock Option for 10,000 shares.

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6.3 OPTION EXERCISE PRICE.  The Option Exercise Price shall be equal to the Fair Market Value of the Common Stock on the Date of Grant.

6.4 TERM OF STOCK OPTIONS.  Any Stock Option granted must be exercised within fifteen (15) years of the date of such grant.

6.5 DATE OF EXERCISE.  Unless otherwise determined by the Committee at the time of granting a Stock Option, Stock Options shall be exercisable at the rate set forth below beginning one year from the Date of Grant.  After becoming exercisable, the Stock Option may be exercised at any time and from time to time in whole or in part until termination of the Stock Option as set forth in Sections 6.4 or 6.6.

Elapsed Years from Date of Grant	Percent of Shares		Cumulative Percent of Shares
less than 1 year	0	%	0	%
1 to 2 years	25	%	25	%
2 to 3 years	25	%	50	%
3 to 4 years	25	%	75	%
more than 4 years	25	%	100	%

6.6 TERMINATION OF BOARD SERVICE.  In the event that an Optionee's service on the board of directors of the Corporation shall terminate, his Stock Option whether or not then exercisable shall terminate immediately; provided, however, that if the termination is not as a result of embezzlement, theft or other violation of the law, the Optionee shall have the right to exercise his option (to the extent exercisable at the time of termination) at any time within 30 days after such termination; provided, further, that if the Optionee shall die while in service on the board of directors of the Corporation or within the period of time after termination of service during which he was entitled to exercise his option as hereinabove provided, his estate, personal representative, or beneficiary shall have the right to exercise his Stock Option (to the extent exercisable at the date of death) at any time within twelve (12) months from the date of his death.

6.7 RECAPITALIZATION.  The aggregate number of shares of Common Stock on which Stock Options may be granted to persons participating under the Plan, the number of shares thereof covered by each outstanding Stock Option, and the price per share thereof in each such Stock Option, shall all be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock of the Corporation resulting from a subdivision or consolidation of shares or other capital adjustment, or the payment of a stock dividend or other increase or decrease in such shares, effected without receipt of consideration by the Corporation; provided, however, that any fractional shares resulting from such adjustment shall be eliminated.  In the event of a change in the Corporation's Common Stock which is limited to a change in the designation thereof to “Capital Stock” or other similar designation, or a change in the par value thereof, or from par value to no par value, without increase in the number of issued shares, the shares resulting from any such change shall be deemed to be Common Stock within the meaning of the Plan.

6.8 REORGANIZATION OF CORPORATION.  Subject to any required action by the stockholders, if the Corporation shall be the surviving or resulting corporation in any merger or consolidation which does not result in change of control of the Corporation, any Stock Option granted hereunder shall pertain to and apply to the securities to which a holder of the number of shares of Common Stock subject to the Stock Option would have been entitled.  In the event of a dissolution or liquidation of the Corporation or a merger or consolidation in which the Corporation is not the surviving or resulting corporation or which results in a change in control of the Corporation, or a tender or exchange offer which results in a change in control of the Corporation, the Committee shall determine: (i) whether all or any part of the unexercisable portion (as set forth in section 6.5) of any Stock Option outstanding under the Plan shall terminate; (ii) whether the

3

Stock Options shall become immediately exercisable; or (iii) whether such Stock Options may be exchanged for options covering securities of any such surviving or resulting corporation, subject to the agreement of any such surviving or resulting corporation, on terms and conditions substantially similar to a Stock Option hereunder.

6.9 ASSIGNABILITY.  Except as provided in this Section, no Stock Option shall be assignable or transferable except as follows:

(a) by will or by the laws of descent and distribution.

(b) for the purpose of making a charitable gift.

(c) to the Optionee as trustee of a revocable trust which allows the Optionee to amend or revoke the trust at any time.  If the Optionee relinquishes his power to amend or revoke the trust or appoints a trustee other than the Optionee, the Optionee shall withdraw the Stock Option from the trust prior to the relinquishment of such power or appointment and revest title to the Stock Option in the Optionee's individual name.  If the trust becomes irrevocable due to the death of the Optionee, the successor trustee shall have the same power to exercise the Stock Option under Section 6.6 as the personal representative.  If there is a successor trustee under the trust due to the incapacity of the Optionee, the date of incapacity shall be treated as termination of employment under Section 6.6, and the successor trustee shall have the same right to exercise the option as the Optionee has under Section 6.6.  The trustee or any successor trustee shall be bound by all the terms and conditions of the Plan and the Stock Option Agreement entered into by the Plan and Optionee under this Plan.

(d) to the extent set forth in the Stock Option Agreement governing such Stock Option.

6.10 OPTIONEE'S AGREEMENT.  If, at the time of the exercise of any Stock Option, it is necessary or desirable, in order to comply with any applicable laws or regulations relating to the sale of securities, that the Optionee exercising the Stock Option shall agree that he will purchase the shares that are subject to the Stock Option for investment and not with any present intention to resell the same, the Optionee will, upon the request of the Corporation, execute and deliver to the Corporation an agreement to such effect.

6.11 RIGHTS AS A STOCKHOLDER.  An Optionee shall have no rights as a stockholder with respect to shares covered by his Stock Option until the date of issuance of the shares to him and only after such shares are fully paid.

6.12 OTHER PROVISIONS.  The option agreements authorized under the Plan may contain such other provisions as the Committee shall deem advisable.

7. MARKETABILITY OF SHARES.  The Common Stock is currently traded on the NASDAQ Global Select Market System. As a result, its liquidity varies widely in response to supply and demand.  Consequently, the Corporation can give no assurances as to the marketability of shares acquired under the Plan.

8. TAX IMPLICATIONS.  It is anticipated that Stock Options granted under the Plan will be treated as Nonqualified Stock Options by the Internal Revenue Service.  As such, exercise of the Stock Option would generate a taxable event with the difference between the original Option Exercise Price and the Fair Market Value of the Common Stock at the time of exercise being treated as ordinary income.

9. TERM OF PLAN.  No Stock Option may be granted after December 31, 2024.

10. NO OBLIGATION TO EXERCISE OPTION.  The granting of a Stock Option shall impose no obligation upon the Optionee to exercise such Stock Option.

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11. AMENDMENTS.  The Board of Directors may from time to time amend, alter, suspend, or discontinue the Plan or alter or amend any and all option agreements granted thereunder; provided, however, that no such action of the Board of Directors may, without approval of the stockholders of the Corporation, alter the provisions of the Plan so as to (a) materially increase the benefits accruing to participants under the Plan; (b) materially increase the number of securities which may be issued under the Plan; (c) materially modify the requirements as to eligibility for participation in the Plan; or (d) decrease the Option Exercise Price of any option exercise agreements, by cancellation and substitution of options or otherwise; and provided, further, that no amendment may, without the consent of the Optionee, affect any then outstanding Stock Options or unexercised portions thereof.  In addition, the approval of the Corporation's stockholders shall be sought for any amendment to the Plan or a Stock Option for which the Committee deems stockholder approval necessary in order to comply with Rule 16b-3.”

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EX-10.9

Exhibit 10.9

FIFTEENTH AMENDED AND RESTATED

BANCFIRST CORPORATION STOCK OPTION PLAN

1. PURPOSE.  This Fifteenth Amended and Restated BancFirst Corporation Stock Option Plan (“the Plan”) incorporates the amendments to the Fourteenth Amended and Restated BancFirst Corporation Stock Option Plan adopted by the stockholders of BancFirst Corporation (the “Corporation”) on May 23, 2019.  

The Plan is intended as an incentive and to encourage stock ownership by certain key employees and officers of the Corporation in order to increase their proprietary interest in the Corporation's success.

The Plan is intended to comply with Section 409A of the United States Tax Code.

2. DEFINITIONS.  As used herein, the following terms shall have the corresponding meanings:

2.1. “Committee” shall mean the Board of Directors of the Corporation, or the Executive Committee of the Board of Directors acting under authority delegated by the Board of Directors.

2.2 “Common Stock” shall mean the common stock, par value $1.00 per share, of the Corporation.

2.3. “Date of Grant” shall mean the date of the approval by the Committee of a Stock Option granted hereunder as set forth in the Stock Option Award Terms and Conditions.  In the event of a grant conditioned, among other things, upon stockholder ratification of this Plan, the date of such conditional grant shall be the Date of Grant for purposes of this Plan.

2.4. “Employee” shall mean any common-law employee of the Corporation.  The determination of whether or not a person is an Employee of the Corporation with respect to the grant or exercise of an Incentive Stock Option shall be made in accordance with the rule of Income Tax Regulation Section 1.421-7(h) (or successor regulation).

2.5. “Fair Market Value” shall mean, with respect to the grant of an option under the Plan, (a) if the Common Stock is listed on a national securities exchange or the NASDAQ Global Market, the closing price of the Common Stock for the business day of the Date of Grant, or (b) if the Common Stock is not then listed on an exchange, the average of the closing bid and asked prices per share for the Common Stock in the over-the-counter market as quoted on such market for the business day of the Date of Grant, or (c) if the Common Stock is not then listed on any exchange or quoted on an over-the-counter market, an amount determined in good faith by the Committee to be the fair market value of the Common Stock, after consideration of all relevant factors, on the Date of Grant.  In all events, “Fair Market Value” shall be determined in good faith by the Committee in a manner that will comply with the provisions of Section 409A of the Code and the regulations promulgated thereunder.

2.6 “Nonqualified Stock Option” shall mean a Stock Option which is not intended to qualify for tax treatment as an “incentive stock option” under Section 422 of the Code.

2.7 “Option Exercise Price” shall mean the price paid for Shares upon the exercise of a Stock Option granted hereunder.

2.8 “Optionee” shall mean any person entitled to exercise a Stock Option pursuant to the terms of the Plan.

2.9 “Stock Option” shall mean a stock option giving an Optionee the right to purchase shares of the Corporation’s Common Stock.  Stock Options granted under the Plan shall be Nonqualified Stock Options.

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3. ADMINISTRATION.  

3.1 AUTHORITY; INDEMNIFICATION.  Within the limitations described herein, the Committee shall administer the Plan, select the Employees of the Corporation, including officers of the Corporation, to whom Stock Options shall be granted, determine the number of Shares to be subject to each grant, determine the method of payment upon exercise of each Stock Option, determine all other terms of Stock Options granted hereunder and interpret, construe and implement the provisions of the Plan.  All questions of interpretation of the Plan or any Stock Option granted under the Plan shall be determined by the Committee, and such decisions shall be binding upon all persons having an interest in the Plan and/or any Stock Option.  No member of the Committee shall be liable for any action or determination made in good faith, and the members shall be entitled to indemnification and reimbursement in the manner provided in the Corporation's Certificate of Incorporation, or as otherwise permitted by law.  A member of the Committee shall be eligible to receive a grant of a Stock Option under the Plan on the same terms as other Employees.  However, if the Committee grants Stock Options to a member of the Committee, such grant shall not be effective until such grant is approved by the Compensation Committee, consisting of three or more "independent directors" as defined in and determined pursuant to the Marketplace Rules of the NASDAQ Global Market, Inc. ("NASDAQ") or any other stock exchange upon which the Common Stock of the Corporation is listed.  

3.2 RULE 16B-3 COMPLIANCE.  With respect to the participation of eligible participants who are subject to Section 16(b) of the Exchange Act, the Plan shall be administered in compliance with the requirements of Rule 16b-3.  

4. ELIGIBILITY.  The individuals who shall be eligible to participate in the Plan shall be such key Employees (including officers) of BancFirst Corporation, or of any corporation (“Subsidiary”) in which the Corporation has proprietary interest by reason of stock ownership or otherwise, including any corporation in which the Corporation acquires a proprietary interest after the adoption of this Plan (but only if the Corporation owns, directly or indirectly, stock possessing not less than 50% of the total combined voting power of all classes of stock in the corporation), as the Committee shall determine from time to time.  

5. STOCK.  The stock subject to Stock Options and other provisions of the Plan shall be shares of the Corporation’s authorized but unissued Common Stock or treasury stock, as determined by the Committee.  Subject to adjustment in accordance with the provisions of Subparagraph 6.7 hereof, the total number of shares of Common Stock of the Corporation on which Stock Options may be granted under the Plan subsequent to the effective date of this amended and restated Plan shall not exceed in the aggregate 350,000 shares.  In the event that any outstanding Stock Option under the Plan for any reason expires or is terminated prior to the end of the period during which Stock Options may be granted, the shares of the Common Stock allocable to the unexercised portion of such Stock Option may again be subject to a Stock Option under the Plan.

6. TERMS AND CONDITIONS OF STOCK OPTIONS.  Stock Options granted pursuant to the Plan shall be evidenced by a Stock Option Award Terms and Conditions document in such form as the Committee shall, from time to time, approve.  Awards shall comply with and be subject to the following terms and conditions:

6.1 MEDIUM AND TIME OF PAYMENT.  The Option Exercise Price shall be payable in United States Dollars upon the exercise of the Stock Option and may be paid in cash or by certified check, bank draft or money order payable to the order of the Corporation, unless otherwise determined by the Committee.

6.2 NUMBER OF SHARES.  The Stock Option shall state the total number of shares to which it pertains.

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6.3 OPTION EXERCISE PRICE.  The Option Exercise Price shall be not less than the Fair Market Value of the Common Stock on the Date of Grant.

6.4 TERM OF STOCK OPTIONS.  The period during which Stock Options shall be exercisable shall be fixed by the Committee, but in no event shall a Stock Option be exercisable after the expiration of fifteen (15) years from the date such Stock Option is granted.  Subject to the foregoing, Stock Options shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance determine, which restrictions and conditions need not be the same for all Stock Options.

6.5 DATE OF EXERCISE.  Unless otherwise determined by the Committee at the time of granting a Stock Option, Stock Options shall be exercisable at the rate set forth below beginning four years from the Date of Grant.  After becoming exercisable, the Stock Option may be exercised at any time and from time to time in whole or in part until termination of the Stock Option as set forth in Sections 6.4 or 6.6.

Elapsed Years from Date of Grant	Percent of Shares		Cumulative Percent of Shares
less than 4 years	0	%	0	%
4 but less than 5 years	25	%	25	%
5 but less than 6 years	25	%	50	%
6 but less than 7 years	25	%	75	%
7 or more years	25	%	100	%

6.6 TERMINATION OF EMPLOYMENT.  In the event that an Optionee's employment by the Corporation shall terminate, his Stock Option whether or not then exercisable shall terminate immediately; provided, however, that if the termination is not as a result of embezzlement, theft or other violation of the law, the Optionee shall have the right to exercise his option (to the extent exercisable at the time of termination) at any time within 30 days after such termination; provided, further, that if any termination of employment is related to the Optionee's retirement with the consent of the Corporation, the Optionee shall have the right to exercise his Stock Option (to the extent exercisable up to the date of retirement) at any time within three months after such retirement; and provided, further, that if the Optionee shall die while in the employment of the Corporation or within the period of time after termination of employment or retirement during which he was entitled to exercise his option as hereinabove provided, his estate, personal representative, or beneficiary shall have the right to exercise his Stock Option (to the extent exercisable at the date of death) at any time within twelve (12) months from the date of his death.

6.7 RECAPITALIZATION.  The aggregate number of shares of Common Stock on which Stock Options may be granted to persons participating under the Plan, the number of shares thereof covered by each outstanding Stock Option, and the price per share thereof in each such Stock Option, shall all be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock of the Corporation resulting from a subdivision or consolidation of shares or other capital adjustment, or the payment of a stock dividend or other increase or decrease in such shares, effected without receipt of consideration by the Corporation; provided, however, that any fractional shares resulting from such adjustment shall be eliminated.  In the event of a change in the Corporation's Common Stock which is limited to a change in the designation thereof to “Capital Stock” or other similar designation, or a change in the par value thereof, or from par value to no par value, without increase in the number of issued shares, the shares resulting from any such change shall be deemed to be Common Stock within the meaning of the Plan.

6.8 REORGANIZATION OF CORPORATION.  Subject to any required action by the stockholders, if the Corporation shall be the surviving or resulting corporation in any merger or consolidation which does not result in change of control of the Corporation, any Stock Option granted hereunder shall pertain to and apply to the securities to which a holder of the number of

3

shares of Common Stock subject to the Stock Option would have been entitled.  In the event of a dissolution or liquidation of the Corporation or a merger or consolidation in which the Corporation is not the surviving or resulting corporation or which results in a change in control of the Corporation, or a tender or exchange offer which results in a change in control of the Corporation, the Committee shall determine: (i) whether all or any part of the unexercisable portion (as set forth in section 6.5) of any Stock Option outstanding under the Plan shall terminate; (ii) whether the Stock Options shall become immediately exercisable; or (iii) whether such Stock Options may be exchanged for options covering securities of any such surviving or resulting corporation, subject to the agreement of any such surviving or resulting corporation, on terms and conditions substantially similar to a Stock Option hereunder.

6.9 ASSIGNABILITY.  Except as provided in this Section, no Stock Option shall be assignable or transferable except as follows:

(a) by will or by the laws of descent and distribution.

(b) for the purpose of making a charitable gift as permitted by Section 6.13.

(c) to the Optionee as trustee, or to the Optionee and one or more others as co-trustees, of a revocable trust which allows the Optionee to amend or revoke the trust at any time.  If the Optionee relinquishes his power to amend or revoke the trust or resigns as a trustee, the Optionee shall withdraw the Stock Option from the trust prior to the relinquishment of such power or his resignation as trustee and shall revest title to the Stock Option in the Optionee’s individual name.  If the trust becomes irrevocable due to the death of the Optionee, the successor or remaining trustee(s) shall have the same power to exercise the Stock Option under Section 6.6 hereof as the personal representative.  If the Optionee becomes incapacitated, the date of incapacity shall be deemed for purposes of this Plan as the date of termination of employment under Section 6.6 (whether or not Optionee’s employment has actually terminated), and the successor or remaining trustee(s) of the trust shall have the same right to exercise the Stock Option as a terminated Optionee has under Section 6.6.  The Optionee as trustee and any successor or remaining trustee(s) shall be bound by all the terms and conditions of the Plan and the Stock Option Award Terms and Conditions delivered by the Company to the Optionee under this Plan.

(d) to the extent set forth in the Stock Option Award Terms and Conditions governing such Stock Option.

6.10 OPTIONEE'S AGREEMENT.  If, at the time of the exercise of any Stock Option, it is necessary or desirable, in order to comply with any applicable laws or regulations relating to the sale of securities, that the Optionee exercising the Stock Option shall agree that he will purchase the shares that are subject to the Stock Option for investment and not with any present intention to resell the same, the Optionee will, upon the request of the Corporation, execute and deliver to the Corporation an agreement to such effect.

6.11 RIGHTS AS A STOCKHOLDER.  An Optionee shall have no rights as a stockholder with respect to shares covered by his Stock Option until the date of issuance of the shares to him and only after such shares are fully paid.

6.12 OTHER PROVISIONS.  The Stock Option Award Terms and Conditions authorized under the Plan may contain such other provisions as the Committee shall deem advisable.

6.13 Charitable Gift.  An Optionee shall be permitted to assign his Stock Option without consideration, either in full or in one or more partial assignments from time to time, to any organization that has been recognized by the Internal Revenue Service as qualifying under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (a “Charity”).  Assignment(s) may be made during the Optionee’s lifetime or may be effective upon his death.  If a Stock Option is

4

assigned to a Charity, in whole or in part, it shall continue to be subject to the restrictions of Sections 6.5 and 6.6 hereof, which shall thereafter apply to the same extent as if the Stock Option were still held by the Optionee himself (if he is living), or by his estate, personal representative or beneficiary (if he is deceased).

7. MARKETABILITY OF SHARES.  The Common Stock is currently traded on the NASDAQ Global Select Market System.  As a result, its liquidity varies widely in response to supply and demand.  Consequently, the Corporation can give no assurances as to the marketability of shares acquired under the Plan.

8. TAX IMPLICATIONS.  It is anticipated that Stock Options granted under the Plan will be treated as Nonqualified Stock Options by the Internal Revenue Service.  As such, exercise of the Stock Option would generate a taxable event with the difference between the original Option Exercise Price and the Fair Market Value of the Common Stock at the time of exercise being treated as ordinary income.  If a Stock Option is transferred to a Charity as permitted by Sections 6.9(b) and 6.13 hereof, the Optionee should expect to have ordinary income attributed to him at the time the Charity exercises the Stock Option, in the same amount and with the same effect as if the Optionee himself exercised the Stock Option.

9. TERM OF PLAN.  No Stock Option may be granted after December 31, 2024.

10. NO OBLIGATION TO EXERCISE OPTION.  The granting of a Stock Option shall impose no obligation upon the Optionee to exercise such Stock Option.

11. AMENDMENTS.  The Board of Directors may from time to time amend, alter, suspend, or discontinue the Plan or alter or amend any and all option agreements granted thereunder; provided, however, that no such action of the Board of Directors may, without approval of the stockholders of the Corporation, alter the provisions of the Plan so as to (a) materially increase the benefits accruing to participants under the Plan; (b) materially increase the number of securities which may be issued under the Plan; (c) materially modify the requirements as to eligibility for participation in the Plan; or (d) decrease the Option Exercise Price of any option exercise agreements, by cancellation and substitution of options or otherwise; and provided, further, that no amendment may, without the consent of the Optionee, affect any then outstanding Stock Options or unexercised portions thereof.  In addition, the approval of the Corporation's stockholders shall be sought for any amendment to the Plan or a Stock Option for which the Committee deems stockholder approval necessary in order to comply with Rule 16b-3.”

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EX-31.1

Exhibit 31.1

CEO’S CERTIFICATION PURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a)

I, David Harlow, certify that:

1. I have reviewed this quarterly report on Form 10-Q of BancFirst Corporation;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15 (e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and

d) Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date:  August 2, 2019	/s/ David Harlow
	David Harlow
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CFO’S CERTIFICATION PURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a)

I, Kevin Lawrence, certify that:

1. I have reviewed this quarterly report on Form 10-Q of BancFirst Corporation;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15 (e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and

d) Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date:  August 2, 2019	/s/ Kevin Lawrence
	Kevin Lawrence
	Executive Vice President
	Chief Financial Officer
	(Principal Financial Officer)

EX-32

Exhibit 32

Certification of periodic report

pursuant to section 906 of the sarbanes-oxley act of 2002

I, David Harlow, Chief Executive Officer and Kevin Lawrence, Chief Financial Officer of BancFirst Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1) The Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2019 (the “Form 10-Q”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 2, 2019

/s/ David Harlow

David Harlow

President and Chief Executive Officer

(Principal Executive Officer)

/s/ Kevin Lawrence

Kevin Lawrence

Executive Vice President

and Chief Financial Officer

(Principal Financial Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	BANF
Entity Registrant Name	BANCFIRST CORP /OK/
Entity Central Index Key	0000760498
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $1.00 Par Value Per Share
Security Exchange Name	NASDAQ
Entity File Number	0-14384
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1221379
Entity Address, Address Line One	101 N. Broadway
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73102-8405
City Area Code	(405)
Local Phone Number	270-1086
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		32,642,018

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and due from banks	$ 185,440	$ 228,431
Interest-bearing deposits with banks	1,518,998	1,195,824
Securities held for investment (fair value: $2,003 and $1,433, respectively)	1,997	1,428
Securities available for sale at fair value	423,157	770,704
Loans held for sale	10,899	8,174
Loans (net of unearned interest)	5,094,403	4,975,976
Allowance for loan losses	(55,108)	(51,389)
Loans, net of allowance for loan losses	5,039,295	4,924,587
Premises and equipment, net	180,506	174,362
Other real estate owned	6,787	6,690
Intangible assets, net	14,936	16,470
Goodwill	79,749	79,749
Accrued interest receivable and other assets	180,257	167,839
Total assets	7,642,021	7,574,258
Deposits:
Noninterest-bearing	2,634,582	2,613,876
Interest-bearing	3,979,031	3,991,619
Total deposits	6,613,613	6,605,495
Short-term borrowings	1,000	1,675
Accrued interest payable and other liabilities	44,224	37,495
Junior subordinated debentures	26,804	26,804
Total liabilities	6,685,641	6,671,469
Stockholders' equity:
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and outstanding: 32,639,588 and 32,603,926, respectively	32,640	32,604
Capital surplus	150,995	149,709
Retained earnings	769,090	722,615
Accumulated other comprehensive income (loss), net of income tax of $1,249 and $(731), respectively	3,655	(2,139)
Total stockholders' equity	956,380	902,789
Total liabilities and stockholders' equity	7,642,021	7,574,258
Senior Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value
Cumulative Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Securities, fair value	$ 2,003	$ 1,433
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	32,639,588	32,603,926
Common stock, shares outstanding	32,639,588	32,603,926
Accumulated other comprehensive income (loss), tax expense (benefit)	$ 1,249	$ (731)
Senior Preferred Stock [Member]
Preferred stock, par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Cumulative Preferred Stock [Member]
Preferred stock, par value	$ 5.00	$ 5.00
Preferred stock, shares authorized	900,000	900,000
Preferred stock, shares issued	0	0

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
INTEREST INCOME
Loans, including fees	$ 70,990	$ 65,604	$ 139,720	$ 128,523
Securities:
Taxable	3,855	1,956	8,190	3,854
Tax-exempt	118	162	244	333
Federal funds sold		95	2	199
Interest-bearing deposits with banks	8,135	7,325	15,883	13,107
Total interest income	83,098	75,142	164,039	146,016
INTEREST EXPENSE
Deposits	13,802	9,710	27,339	16,979
Short-term borrowings	12	8	22	43
Junior subordinated debentures	492	544	983	1,079
Total interest expense	14,306	10,262	28,344	18,101
Net interest income	68,792	64,880	135,695	127,915
Provision for loan losses	2,433	1,225	4,117	1,539
Net interest income after provision for loan losses	66,359	63,655	131,578	126,376
NONINTEREST INCOME
Securities transactions (includes no accumulated other comprehensive income reclassifications)	821	115	821	101
Income from sales of loans	868	802	1,566	1,453
Insurance commissions	4,420	3,927	9,685	9,126
Cash management	4,402	3,381	8,178	6,402
(Loss)/gain on sale of other assets	(7)	127	(11)	153
Other	1,209	1,152	2,635	2,597
Total noninterest income	34,077	30,437	66,078	60,547
NONINTEREST EXPENSE
Salaries and employee benefits	36,124	34,776	72,295	68,966
Occupancy, net	2,953	3,396	5,580	6,798
Depreciation	3,015	2,429	6,000	4,839
Amortization of intangible assets	758	759	1,517	1,492
Data processing services	1,262	1,195	2,742	2,398
Net expense/(income) from other real estate owned	97	19	(387)	45
Marketing and business promotion	1,919	1,649	4,180	4,001
Deposit insurance	544	640	1,077	1,259
Other	9,936	9,393	19,810	20,348
Total noninterest expense	56,608	54,256	112,814	110,146
Income before taxes	43,828	39,836	84,842	76,777
Income tax expense	9,661	9,250	18,838	16,571
Net income	$ 34,167	$ 30,586	$ 66,004	$ 60,206
NET INCOME PER COMMON SHARE
Basic	$ 1.04	$ 0.93	$ 2.02	$ 1.84
Diluted	$ 1.02	$ 0.91	$ 1.98	$ 1.80
OTHER COMPREHENSIVE GAIN/(LOSS)
Unrealized gains/(losses) on securities, net of tax of $(1,112), $179, $(1,980) and $653, respectively	$ 3,254	$ (541)	$ 5,794	$ (1,929)
Other comprehensive gains/(losses), net of tax of $(1,112), $179, $(1,980) and $653, respectively	3,254	(541)	5,794	(1,929)
Comprehensive income	37,421	30,045	71,798	58,277
Trust Revenue [Member]
NONINTEREST INCOME
Revenue	3,250	3,396	6,427	6,525
Service Charges on Deposits [Member]
NONINTEREST INCOME
Revenue	$ 19,114	$ 17,537	$ 36,777	$ 34,190

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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Securities transactions accumulated other comprehensive income reclassifications	$ 0	$ 0	$ 0	$ 0
Unrealized gains (losses) on securities, tax	(1,112,000)	179,000	(1,980,000)	653,000
Other comprehensive gains (losses), tax	$ (1,112,000)	$ 179,000	$ (1,980,000)	$ 653,000

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Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	COMMON STOCK [Member]	CAPITAL SURPLUS [Member]	RETAINED EARNINGS [Member]	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Member]
Balance at beginning of period at Dec. 31, 2017		$ 31,895	$ 107,481	$ 638,580	$ (2,327)
Shares issued for stock options		103	1,620
Shares issued for acquisitions		733	38,765
Stock-based compensation arrangements			628
Net income	$ 60,206			60,206
Cumulative effect of change in accounting principle				(618)	618
Dividends on common stock				(13,743)
Net change	(1,929)				(1,929)
Balance at end of period at Jun. 30, 2018	862,012	32,731	148,494	684,425	(3,638)
Balance at beginning of period at Mar. 31, 2018		32,708	147,762	660,723	(3,097)
Shares issued for stock options		23	410
Stock-based compensation arrangements			322
Net income	30,586			30,586
Dividends on common stock				(6,884)
Net change	(541)				(541)
Balance at end of period at Jun. 30, 2018	862,012	32,731	148,494	684,425	(3,638)
Balance at beginning of period at Dec. 31, 2018	902,789	32,604	149,709	722,615	(2,139)
Shares issued for stock options		36	745
Stock-based compensation arrangements			541
Net income	66,004			66,004
Dividends on common stock				(19,529)
Net change	5,794				5,794
Balance at end of period at Jun. 30, 2019	956,380	32,640	150,995	769,090	3,655
Balance at beginning of period at Mar. 31, 2019		32,618	150,195	744,713	401
Shares issued for stock options		22	433
Stock-based compensation arrangements			367
Net income	34,167			34,167
Dividends on common stock				(9,790)
Net change	3,254				3,254
Balance at end of period at Jun. 30, 2019	$ 956,380	$ 32,640	$ 150,995	$ 769,090	$ 3,655

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Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
RETAINED EARNINGS [Member]
Dividend on common stock	$ 0.30	$ 0.21	$ 0.60	$ 0.42

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Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 66,004	$ 60,206
Adjustments to reconcile to net cash provided by operating activities:
Provision for loan losses	4,117	1,539
Depreciation and amortization	7,517	6,331
Net amortization of securities premiums and discounts	(3,650)	(77)
Realized securities gains	(821)	(101)
Gain on sales of loans	(1,566)	(1,453)
Cash receipts from the sale of loans originated for sale	98,587	95,713
Cash disbursements for loans originated for sale	(99,782)	(97,676)
Deferred income tax benefit	(893)	(604)
Gain on other assets	(455)	(156)
Increase in interest receivable	(2,064)	(2,618)
Increase in interest payable	461	575
Amortization of stock-based compensation arrangements	541	628
Excess tax benefit from stock-based compensation arrangements	(263)	(898)
Other, net	4,374	(2,847)
Net cash provided by operating activities	72,107	58,562
INVESTING ACTIVITIES
Net cash received from acquisitions, net of cash paid		6,248
Net decrease in federal funds sold		750
Purchases of held for investment securities	(1,010)	(225)
Purchases of available for sale securities		(60,604)
Proceeds from maturities, calls and paydowns of held for investment securities	440	509
Proceeds from maturities, calls and paydowns of available for sale securities	358,972	59,235
Proceeds from sales of available for sale securities		1,467
Purchase of equity securities	(2,649)	(1,709)
Proceeds from paydowns and sales of equity securities	1,892	1,080
Net change in loans	(121,426)	24,177
Purchases of premises, equipment and computer software	(12,907)	(16,631)
Other, net	(3,893)	400
Net cash provided by investing activities	219,419	14,697
FINANCING ACTIVITIES
Net change in deposits	8,118	(52,831)
Net (decrease)/increase in short-term borrowings	(675)	1,600
Issuance of common stock in connection with stock options, net	781	1,723
Cash dividends paid	(19,567)	(13,566)
Net cash used in financing activities	(11,343)	(63,074)
Net increase in cash, due from banks and interest-bearing deposits	280,183	10,185
Cash, due from banks and interest-bearing deposits at the beginning of the period	1,424,255	1,757,875
Cash, due from banks and interest-bearing deposits at the end of the period	1,704,438	1,768,060
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	27,882	17,525
Cash paid during the period for income taxes	17,175	16,150
Noncash investing and financing activities:
Stock issued in acquisitions		39,498
Cash consideration for acquisitions		24,722
Fair value of assets acquired in acquisitions		377,320
Liabilities assumed in acquisitions		338,860
Unpaid common stock dividends declared	$ 9,788	$ 6,870

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Description of Business and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

(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, 2018.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., BancFirst Risk & Insurance Company and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc., 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 the instructions for Form 10-Q. The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018, 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. There have been no significant changes in the accounting policies of the Company since December 31, 2018, the date of the most recent annual report.

Reclassifications

Certain items in prior financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported net cash flows, stockholders’ equity or comprehensive income.

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 loan losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

Recent Accounting Pronouncements

Standards Adopted During Current Period:

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases - (Topic 842)”, amended by ASU 2018-11, “Leases – (Topic 842)”: Targeted Improvements. This new guidance requires a lessee to recognize on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than twelve months and provide additional disclosures. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2018. The Company adopted this new standard on January 1, 2019, using a modified retrospective transition approach and recognized right-of-use lease assets and related lease liabilities totaling $4.3 million. The Company elected to apply certain practical adoption expedients provided under the updates whereby it did not reassess initial direct costs for any existing leases. No cumulative-effect adjustment was recognized as the amount was not material, and the impact on our results of operations and cash flows was also not material. No prior periods were adjusted. See Note 6 for the financial position impact and additional disclosures.

Standards Not Yet Adopted:

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” ASU 2018-13 removes, modifies and adds disclosure requirements on fair value measurements. ASU 2018-13 will be effective for the Company on January 1, 2020. Early adoption is permitted. In addition, early adoption of any removed or modified disclosures and delayed adoption of the additional disclosures until the effective date is also permitted. The Company expects to adopt the standard in the first quarter of 2020.

In June 2016, the FASB issued ASU No.  2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 requires enhanced disclosures related to the significant estimates and judgements used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on its financial statements. In that regard, the Company has formed a task force under the direction of its Chief Financial Officer. In preparation, the Company has developed new credit estimation models, processes and controls. Internal validation of the model is underway and expected to be completed during the third quarter of 2019. The Company has performed test runs of the new processes and controls and will begin full parallel runs next quarter. The adoption of ASU 2016-13 could result in an increase or decrease in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that the Company establish an allowance for expected credit losses for certain debt securities and other financial assets. While the Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. The Company expects to adopt the standard in the first quarter of 2020.

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Recent Developments, Including Mergers and Acquisitions

6 Months Ended

Jun. 30, 2019

Recent Developments Including Mergers And Acquisitions [Abstract]

Recent Developments, Including Mergers and Acquisitions

(2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS

On April 23, 2019, BancFirst Corporation entered into an agreement to acquire Pegasus Bank (“Pegasus”), for an aggregate cash purchase price of $123.5 million. Pegasus is a Texas chartered bank with three banking locations in Dallas, Texas. As of December 31, 2018, Pegasus had approximately $639.1 million in total assets, $367.4 million in loans and $595.3 million in deposits. The acquisition is expected to be completed during the third quarter of 2019. Upon acquisition, Pegasus will continue to operate as “Pegasus Bank” under a separate Texas charter and remain an independent subsidiary of BancFirst Corporation governed by its existing board of directors. BancFirst Corporation intends to provide an appropriate amount of capital or other support to increase Pegasus’ ability to approve larger loans and allow Pegasus to continue to grow their assets.

On August 31, 2018, BFTower, LLC, a wholly-owned subsidiary of BancFirst purchased Cotter Ranch Tower in Oklahoma City for the Company’s corporate headquarters for $21.0 million. Cotter Ranch Tower was subsequently renamed BancFirst Tower. BancFirst Tower consists of an aggregate of 507,000 square feet, has 36 floors and is the second tallest building in Oklahoma City. The BancFirst Tower will remain an income producing property as approximately 55% is currently leased to outside tenants. BancFirst Tower will allow the Company to consolidate operations from three locations to one and will improve operational efficiencies. Upon consolidation, the Company expects to occupy approximately 35% of BancFirst Tower, resulting in approximately 90% total occupancy.  Renovations on BancFirst Tower will be substantially completed by the end of 2020 and are expected to cost approximately $70 million. The renovation costs include substantial deferred maintenance including HVAC, plumbing, electrical, elevators, building skin and roof while also including much needed improvements to both the interior and exterior common areas including the lobby, underground and outdoor plaza. The Company could start depreciating certain components of the renovation as they are put into service as early as September 2019. The Company estimates spending approximately $12 million on tenant improvements for the approximate 165,000 square feet that the Company will occupy.  The total purchase price, renovation costs, and Company tentant improvement costs were determined to be favorable to other alternatives, such as constructing new corporate headquarters or leasing space. On December 14, 2018, BFTower LLC, purchased a 42.6% ownership interest in SFPG, LLC, which is the owner of a 1,568 space parking garage adjacent to BancFirst Tower, for $9.8 million.

On January 11, 2018, the Company acquired First Wagoner Corp. and its subsidiary bank, First Bank & Trust Company, with locations in Carney, Grove, Ketchum, Luther, Tulsa and Wagoner. First Bank & Trust Company had approximately $290 million in total assets, $247 million in loans and $251 million in deposits. First Bank & Trust Company operated as a subsidiary of BancFirst Corporation until it was merged into BancFirst on February 16, 2018. As a result of the acquisition, the Company recorded a core deposit intangible of approximately $6.3 million and goodwill of approximately $19.1 million. The effect of this acquisition was included in the consolidated financial statements of the Company from the date of acquisition forward. The acquisition did not have a material effect on the Company’s consolidated financial statements. The acquisition of First Wagoner Corp. and its subsidiary bank, First Bank & Trust Company complements the Company’s community banking strategy by adding an additional five communities to its banking network in Oklahoma.

On January 11, 2018, the Company acquired First Chandler Corp. and its subsidiary bank, First Bank of Chandler, with two locations in Chandler. First Bank of Chandler had approximately $88 million in total assets, $66 million in loans and $79 million in deposits. First Bank of Chandler operated as a subsidiary of BancFirst Corporation until it was merged into BancFirst on September 7, 2018. As a result of the acquisition, the Company recorded a core deposit intangible of approximately $2.2 million and goodwill of approximately $6.6 million. The effect of this acquisition was included in the consolidated financial statements of the Company from the date of acquisition forward. The acquisition did not have a material effect on the Company’s consolidated financial statements. The acquisition of First Chandler Corp. and its subsidiary bank, First Bank of Chandler complements the Company’s community banking strategy by increasing its banking network in Oklahoma.

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Securities

6 Months Ended

Jun. 30, 2019

Investments Debt And Equity Securities [Abstract]

Securities

(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, 2019	(Dollars in thousands)
Mortgage backed securities (1)	$	112	$	6	$	—		$	118
States and political subdivisions		1,385		1		(1	)		1,385
Other securities		500		—		—			500
Total	$	1,997	$	7	$	(1	)	$	2,003
December 31, 2018
Mortgage backed securities (1)	$	133	$	5	$	—		$	138
States and political subdivisions		795		—		—			795
Other securities		500		—		—			500
Total	$	1,428	$	5	$	—		$	1,433

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, 2019	(Dollars in thousands)
U.S. treasuries	$	353,618	$	5,371	$	(355	)	$	358,634
U.S. federal agencies		26,169		12		(26	)		26,155
Mortgage backed securities (1)		15,646		138		(565	)		15,219
States and political subdivisions		22,820		335		(6	)		23,149
Total	$	418,253	$	5,856	$	(952	)	$	423,157
December 31, 2018
U.S. treasuries	$	699,882	$	1,108	$	(3,524	)	$	697,466
U.S. federal agencies		30,079		—		(160	)		29,919
Mortgage backed securities (1)		16,367		114		(573	)		15,908
States and political subdivisions		27,246		277		(112	)		27,411
Total	$	773,574	$	1,499	$	(4,369	)	$	770,704

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

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, 2019				December 31, 2018
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	300	$	301	$	495	$	495
After one year but within five years		1,146		1,147		369		370
After five years but within ten years		549		553		562		565
After ten years		2		2		2		3
Total	$	1,997	$	2,003	$	1,428	$	1,433
Available for Sale
Contractual maturity of debt securities:
Within one year	$	103,395	$	103,084	$	411,256	$	410,327
After one year but within five years		270,900		276,333		313,416		311,924
After five years but within ten years		6,355		6,606		7,524		7,685
After ten years		37,603		37,134		41,378		40,768
Total debt securities	$	418,253	$	423,157	$	773,574	$	770,704

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, 2019		December 31, 2018
	(Dollars in thousands)
Book value of pledged securities	$	402,756	$	472,053

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Loans and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2019

Receivables [Abstract]

Loans and Allowance for Loan Losses

(4) LOANS AND ALLOWANCE FOR LOAN LOSSES

The following is a schedule of loans outstanding by category:

	June 30, 2019					December 31, 2018
	Amount		Percent			Amount		Percent
	(Dollars in thousands)
Commercial and financial:
Commercial and industrial	$	1,062,527		20.86	%	$	1,032,787		20.76	%
Oil & gas production and equipment		122,268		2.40			94,729		1.90
Agriculture		130,957		2.57			136,313		2.74
State and political subdivisions:
Taxable		74,596		1.46			76,211		1.53
Tax-exempt		51,114		1.00			48,415		0.97
Real estate:
Construction		450,525		8.84			451,224		9.07
Farmland		227,635		4.47			219,241		4.41
One to four family residences		990,377		19.44			979,170		19.68
Multifamily residential properties		68,743		1.35			65,949		1.33
Commercial		1,525,064		29.94			1,506,937		30.28
Consumer		345,783		6.79			328,069		6.59
Other (not classified above)		44,814		0.88			36,931		0.74
Total loans	$	5,094,403		100.00	%	$	4,975,976		100.00	%

The Company’s loans are mostly to customers within Oklahoma and approximately 64% of the 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 securities. The Company’s interest in collateral is secured through filing mortgages and liens, and in some cases, by possession of the collateral.

The Company’s commercial and industrial loan category includes a small percentage of loans to companies that provide ancillary services to the oil and gas industry, such as transportation, preparation contractors and equipment manufacturers. The balance of these loans was approximately $74 million at June 30, 2019 and approximately $60 million at December 31, 2018.

Accounting policies related to appraisals, nonaccruals and charge-offs are disclosed in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Nonperforming and Restructured Assets

The following is a summary of nonperforming and restructured assets:

	June 30,		December 31,
	2019		2018
	(Dollars in thousands)
Past due 90 days or more and still accruing	$	2,663	$	1,916
Nonaccrual		17,998		22,603
Restructured		16,486		13,188
Total nonperforming and restructured loans		37,147		37,707
Other real estate owned and repossessed assets		7,004		6,873
Total nonperforming and restructured assets	$	44,151	$	44,580

Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $1.0 million for the six months ended June 30, 2019 and approximately $1.1 million for the six months ended June 30, 2018.

The Company charges interest on principal balances outstanding on restructured loans during deferral periods. The current and future financial effects of the recorded balance of loans considered to be restructured were not considered to be material.

Loans are segregated into classes based upon the nature of the collateral and the borrower. These classes are used to estimate the allowance for loan losses. The following table is a summary of amounts included in nonaccrual loans, segregated by class of loans. Residential real estate refers to one-to-four family real estate.

	June 30, 2019		December 31, 2018
	(Dollars in thousands)
Real estate:
Non-residential real estate owner occupied	$	1,127	$	838
Non-residential real estate other		674		187
Residential real estate permanent mortgage		1,585		954
Residential real estate all other		5,327		5,488
Commercial and financial:
Non-consumer non-real estate		2,958		5,682
Consumer non-real estate		394		437
Other loans		272		490
Acquired loans		5,661		8,527
Total	$	17,998	$	22,603

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 table presents an age analysis of past due loans, segregated by class of loans:

	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, 2019
Real estate:
Non-residential real estate owner occupied	$	4,203	$	852	$	536	$	5,591	$	649,600	$	655,191	$	117
Non-residential real estate other		1,088		—		325		1,413		1,179,092		1,180,505		177
Residential real estate permanent mortgage		2,583		760		986		4,329		330,046		334,375		384
Residential real estate all other		2,218		340		4,908		7,466		849,448		856,914		150
Commercial and financial:
Non-consumer non-real estate		1,652		918		2,099		4,669		1,360,458		1,365,127		454
Consumer non-real estate		1,846		540		470		2,856		342,684		345,540		232
Other loans		220		1,083		183		1,486		142,387		143,873		183
Acquired loans		2,583		882		3,592		7,057		205,821		212,878		966
Total	$	16,393	$	5,375	$	13,099	$	34,867	$	5,059,536	$	5,094,403	$	2,663
As of December 31, 2018
Real estate:
Non-residential real estate owner occupied	$	5,114	$	810	$	43	$	5,967	$	620,654	$	626,621	$	—
Non-residential real estate other		2,772		32		114		2,918		1,143,210		1,146,128		—
Residential real estate permanent mortgage		2,448		653		693		3,794		324,908		328,702		430
Residential real estate all other		1,728		292		2,799		4,819		822,685		827,504		612
Commercial and financial:
Non-consumer non-real estate		3,620		702		833		5,155		1,278,499		1,283,654		282
Consumer non-real estate		1,991		565		559		3,115		323,747		326,862		325
Other loans		322		158		178		658		141,251		141,909		—
Acquired loans		5,240		1,669		4,936		11,845		282,751		294,596		267
Total	$	23,235	$	4,881	$	10,155	$	38,271	$	4,937,705	$	4,975,976	$	1,916

Impaired Loans

Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect the full amount of scheduled principal and interest payments in accordance with the original contractual terms of the loan agreement. If a loan is impaired, a specific valuation allowance may be allocated, if necessary, so that the loan is reported, net of allowance for loss, at the present value of future cash flows using the loan’s existing rate, or the fair value of collateral if repayment is expected solely from the collateral.

The following table presents impaired loans, segregated by class of loans. During the period ended June 30, 2019 and June 30, 2018, no material amount of interest income was recognized on impaired loans subsequent to their classification as impaired.

	Impaired Loans
	Unpaid Principal Balance		Recorded Investment with Allowance		Related Allowance		Average Recorded Investment
	(Dollars in thousands)
As of June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	8,051	$	7,933	$	239	$	7,662
Non-residential real estate other		1,687		1,422		190		1,615
Residential real estate permanent mortgage		2,427		2,151		183		1,964
Residential real estate all other		6,629		6,350		3,081		6,529
Commercial and financial:
Non-consumer non-real estate		18,389		10,842		931		10,944
Consumer non-real estate		781		672		149		691
Other loans		659		455		17		322
Acquired loans		9,553		7,244		2		8,863
Total	$	48,176	$	37,069	$	4,792	$	38,590
As of December 31, 2018
Real estate:
Non-residential real estate owner occupied	$	7,126	$	6,933	$	202	$	7,739
Non-residential real estate other		949		757		50		6,057
Residential real estate permanent mortgage		1,789		1,545		127		1,650
Residential real estate all other		7,177		6,862		2,433		7,154
Commercial and financial:
Non-consumer non-real estate		18,507		10,977		881		12,140
Consumer non-real estate		928		829		131		846
Other loans		710		490		35		481
Acquired loans		12,846		9,864		2		11,050
Total	$	50,032	$	38,257	$	3,861	$	47,117

Credit Risk Monitoring and Loan Grading

The Company considers various factors to monitor the credit risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical loan loss experience and economic conditions.

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 are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

The following table presents internal loan grading by class of loans:

	Internal Loan Grading
	Grade
		1		2		3		4		5	Total
	(Dollars in thousands)
As of June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	457,211	$	171,239	$	25,491	$	1,250	$	—	$	655,191
Non-residential real estate other		950,058		202,397		27,291		759		—		1,180,505
Residential real estate permanent mortgage		281,593		43,479		7,242		2,061		—		334,375
Residential real estate all other		669,269		167,518		14,375		5,752		—		856,914
Commercial and financial:
Non-consumer non-real estate		1,077,429		252,175		33,630		1,893		—		1,365,127
Consumer non-real estate		320,278		21,955		2,707		565		35		345,540
Other loans		138,414		4,160		1,289		10		—		143,873
Acquired loans		124,437		71,790		9,751		6,603		297		212,878
Total	$	4,018,689	$	934,713	$	121,776	$	18,893	$	332	$	5,094,403
As of December 31, 2018
Real estate:
Non-residential real estate owner occupied	$	451,059	$	157,715	$	16,949	$	898	$	—	$	626,621
Non-residential real estate other		932,454		188,341		25,146		187		—		1,146,128
Residential real estate permanent mortgage		279,870		39,806		7,401		1,625		—		328,702
Residential real estate all other		644,217		162,003		15,232		6,052		—		827,504
Commercial and financial:
Non-consumer non-real estate		1,000,089		264,134		15,128		4,303		—		1,283,654
Consumer non-real estate		302,217		21,600		2,255		790		—		326,862
Other loans		136,132		5,542		116		119		—		141,909
Acquired loans		156,008		109,075		20,884		8,284		345		294,596
Total	$	3,902,046	$	948,216	$	103,111	$	22,258	$	345	$	4,975,976

Allowance for Loan Losses Methodology

The allowance for loan losses (“ALL”) methodology is disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

The following table details activity in the ALL by class of loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

	ALL
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provisions charged to operations			Balance at end of period
	(Dollars in thousands)
Three Months Ended June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	6,655	$	(3	)	$	—	$	(3	)	$	235		$	6,887
Non-residential real estate other		11,362		(16	)		1		(15	)		(60	)		11,287
Residential real estate permanent mortgage		3,261		(4	)		4		—			64			3,325
Residential real estate all other		11,046		(143	)		25		(118	)		793			11,721
Commercial and financial:
Non-consumer non-real estate		14,409		(87	)		85		(2	)		825			15,232
Consumer non-real estate		3,072		(162	)		38		(124	)		286			3,234
Other loans		2,408		—			43		43			(2	)		2,449
Acquired loans		702		(170	)		149		(21	)		292			973
Total	$	52,915	$	(585	)	$	345	$	(240	)	$	2,433		$	55,108
Six Months Ended June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	6,328	$	(9	)	$	1	$	(8	)	$	567		$	6,887
Non-residential real estate other		11,027		(22	)		1		(21	)		281			11,287
Residential real estate permanent mortgage		3,261		(67	)		9		(58	)		122			3,325
Residential real estate all other		10,673		(195	)		27		(168	)		1,216			11,721
Commercial and financial:
Non-consumer non-real estate		13,151		(157	)		152		(5	)		2,086			15,232
Consumer non-real estate		3,065		(282	)		109		(173	)		342			3,234
Other loans		2,423		—			78		78			(52	)		2,449
Acquired loans		1,461		(196	)		153		(43	)		(445	)		973
Total	$	51,389	$	(928	)	$	530	$	(398	)	$	4,117		$	55,108

	ALL
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provisions charged to operations			Balance at end of period
	(Dollars in thousands)
Three Months Ended June 30, 2018
Real estate:
Non-residential real estate owner occupied	$	6,650	$	—		$	—	$	—		$	(224	)	$	6,426
Non-residential real estate other		10,548		—			—		—			157			10,705
Residential real estate permanent mortgage		3,281		(6	)		23		17			9			3,307
Residential real estate all other		9,831		(151	)		3		(148	)		440			10,123
Commercial and financial:
Non-consumer non-real estate		14,785		(153	)		10		(143	)		427			15,069
Consumer non-real estate		2,699		(194	)		44		(150	)		290			2,839
Other loans		2,336		(2	)		12		10			(18	)		2,328
Acquired loans		1,420		(166	)		5		(161	)		144			1,403
Total	$	51,550	$	(672	)	$	97	$	(575	)	$	1,225		$	52,200
Six Months Ended June 30, 2018
Real estate:
Non-residential real estate owner occupied	$	6,195	$	(19	)	$	1	$	(18	)	$	249		$	6,426
Non-residential real estate other		10,519		(1	)		39		38			148			10,705
Residential real estate permanent mortgage		3,226		(62	)		26		(36	)		117			3,307
Residential real estate all other		9,672		(241	)		6		(235	)		686			10,123
Commercial and financial:
Non-consumer non-real estate		15,334		(309	)		23		(286	)		21			15,069
Consumer non-real estate		2,793		(444	)		124		(320	)		366			2,839
Other loans		2,481		(2	)		24		22			(175	)		2,328
Acquired loans		1,446		(193	)		23		(170	)		127			1,403
Total	$	51,666	$	(1,271	)	$	266	$	(1,005	)	$	1,539		$	52,200

The following table details the amount of ALL by class of loans for the period presented, detailed on the basis of the impairment methodology used by the Company.

	ALL
	June 30, 2019				December 31, 2018
	Individually evaluated for impairment		Collectively evaluated for impairment		Individually evaluated for impairment		Collectively evaluated for impairment
	(Dollars in thousands)
Real estate:
Non-residential real estate owner occupied	$	1,003	$	5,884	$	669	$	5,659
Non-residential real estate other		1,055		10,232		1,119		9,908
Residential real estate permanent mortgage		508		2,817		505		2,756
Residential real estate all other		4,189		7,532		3,413		7,260
Commercial and financial:
Non-consumer non-real estate		3,679		11,553		2,114		11,037
Consumer non-real estate		427		2,807		374		2,691
Other loans		10		2,439		65		2,358
Acquired loans		—		973		—		1,461
Total	$	10,871	$	44,237	$	8,259	$	43,130

The following table details the loans outstanding by class of loans for the period presented, on the basis of the impairment methodology used by the Company.

	Loans
	June 30, 2019						December 31, 2018
	Individually evaluated for impairment		Collectively evaluated for impairment		Loans acquired with deteriorated credit quality		Individually evaluated for impairment		Collectively evaluated for impairment		Loans acquired with deteriorated credit quality
	(Dollars in thousands)
Real estate:
Non-residential real estate owner occupied	$	26,741	$	628,450	$	—	$	17,846	$	608,775	$	—
Non-residential real estate other		28,050		1,152,455		—		25,333		1,120,795		—
Residential real estate permanent mortgage		9,303		325,072		—		9,026		319,676		—
Residential real estate all other		20,127		836,787		—		21,285		806,219		—
Commercial and financial:
Non-consumer non-real estate		35,523		1,329,604		—		19,432		1,264,222		—
Consumer non-real estate		3,304		342,236		—		3,093		323,769		—
Other loans		10		143,863		—		209		141,700		—
Acquired loans		14,399		196,226		2,253		22,132		265,084		7,380
Total	$	137,457	$	4,954,693	$	2,253	$	118,356	$	4,850,240	$	7,380

Non-Cash Transfers from Loans and Premises and Equipment

Transfers from loans and premises and equipment to other real estate owned and repossessed assets are non-cash transactions, and are not included in the statements of cash flow. Such transfers during the periods presented, are summarized as follows:

	Six Months Ended June 30,
	2019		2018
	(Dollars in thousands)
Other real estate owned	$	2,010	$	1,123
Repossessed assets		627		550
Total	$	2,637	$	1,673

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Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

(5) INTANGIBLE ASSETS

The following is a summary of intangible assets:

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Dollars in thousands)
As of June 30, 2019
Core deposit intangibles	$	25,907	$	(12,456	)	$	13,451
Customer relationship intangibles		5,699		(4,289	)		1,410
Mortgage servicing intangibles		388		(313	)		75
Total	$	31,994	$	(17,058	)	$	14,936
As of December 31, 2018
Core deposit intangibles	$	25,907	$	(11,113	)	$	14,794
Customer relationship intangibles		5,699		(4,115	)		1,584
Mortgage servicing intangibles		397		(305	)		92
Total	$	32,003	$	(15,533	)	$	16,470

The following is a summary of goodwill by business segment:

					Other		Executive,
	Metropolitan		Community		Financial		Operations
	Banks		Banks		Services		& Support		Consolidated
	(Dollars in thousands)
Six months ended June 30, 2019
Balance at beginning and end of period	$	13,767	$	59,894	$	5,464	$	624	$	79,749

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, 2018.

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Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

(6) LEASES

Lessee

On January 1, 2019, the Company adopted ASU No. 2016-02, “Leases - (Topic 842),” which requires the recognition of the Company’s operating leases on its balance sheet. See Note (1) for additional information.

The Company has operating leases, which primarily consist of office space in buildings, ATM locations, storage facilities, parking lots and land on which it owns certain buildings. Rent expense for all operating leases totaled approximately $343,000 and $395,000 for the three months ended June 30, 2019 and June 30, 2018, respectively. Rent expense for all operating leases totaled approximately $700,000 and $776,000 for the six months ended June 30, 2019 and June 30, 2018, respectively. As of June 30, 2019, a right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $5.3 million, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $5.2 million. There have been no significant changes in our expected future minimum lease payments since December 31, 2018, which are disclosed in Note (19) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. As of June 30, 2019, our operating leases have a weighted-average remaining lease term of 4.5 years and a weighted-average discount rate of 3.6 percent.

Maturity of Operating Lease Liabilities

	June 30, 2019
	(Dollars in thousands)
2019 (six months)	$	55
2020		829
2021		114
2022		1,542
2023		636
Thereafter		2,072
Operating Lease Liability	$	5,248

Lessor

The Company is a lessor of operating leases, which primarily consist of office space in buildings and parking lots. These assets are classified on the balance sheet as premises and equipment. The Company had operating lease revenue of $1.5 million for the three months ended June 30, 2019 and $3.1 million for the six months ended June 30, 2019, which is included in occupancy, net on the consolidated statement of comprehensive income.

Future Minimum Lease Payments to be received

The Company does not have operating leases that extend beyond 2024. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases:

	June 30, 2019
	(Dollars in thousands)
2019 (six months)	$	2,129
2020		2,681
2021		1,788
2022		1,141
2023		681
2024		75
Total Future Minimum Lease Payments	$	8,495

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

(7) STOCK-BASED COMPENSATION

The Company adopted a nonqualified incentive stock option plan (the “BancFirst ISOP”) in May 1986. The Company has amended the BancFirst ISOP since 1986 to increase the number of shares to be issued under the plan to 6,484,530 shares. At June 30, 2019, there were 350,000 shares available for future grants. The BancFirst ISOP will terminate on December 31, 2024, if not extended. The options vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years. Options expire at the end of fifteen years from the date of grant. Options outstanding as of June 30, 2019 will become exercisable through the year 2026. The option price must be no less than 100% of the fair value of the stock relating to such option at the date of grant.

In June 1999, the Company adopted the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “BancFirst Directors’ Stock Option Plan”). Each non-employee director is granted an option for 10,000 shares. The Company has amended the BancFirst Directors’ Stock Option Plan since 1999 to increase the number of shares to be issued under the plan to 530,000 shares. At June 30, 2019, there were 50,000 shares available for future grants. The BancFirst Directors’ Stock Option Plan will terminate on December 31, 2024, if not extended. The options vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years, and expire at the end of fifteen years from the date of grant. Options outstanding as of June 30, 2019 will become exercisable through the year 2023. The option price must be no less than 100% of the fair value of the stock relating to such option at the date of grant.

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

The following table is a summary of the activity under both the BancFirst ISOP and the BancFirst Directors’ Stock Option 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, 2019
Outstanding at December 31, 2018		1,216,700		$	28.48
Options granted		40,000			55.38
Options exercised		(27,300	)		22.37
Options canceled, forfeited, or expired		(22,500	)		51.83
Outstanding at June 30, 2019		1,206,900			29.07	9.20 Yrs	$	32,090
Exercisable at June 30, 2019		648,400			22.49	7.08 Yrs	$	21,506

The following table has additional information regarding options exercised under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Dollars in thousands)				(Dollars in thousands)
Total intrinsic value of options exercised	$	759	$	967	$	904	$	3,827
Cash received from options exercised		455		411		611		1,644
Tax benefit realized from options exercised		193		246		230		975

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model and is based on certain assumptions including risk-free rate of return, dividend yield, stock price volatility and the expected term.  The fair value of each option is expensed over its vesting period.

The following table is a summary of the Company’s recorded stock-based compensation expense:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Dollars in thousands)				(Dollars in thousands)
Stock-based compensation expense	$	367	$	322	$	541	$	628
Tax benefit		94		82		138		160
Stock-based compensation expense, net of tax	$	273	$	240	$	403	$	468

The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years.  The following table shows the unearned stock-based compensation expense:

	June 30, 2019
	(Dollars in thousands)
Unearned stock-based compensation expense	$	3,198

The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:

	Six Months Ended June 30,
	2019		2018
Weighted average grant-date fair value per share of    options granted	$	13.67	$	13.98
Risk-free interest rate	2.62 to 2.76%		2.55 to 2.92%
Dividend yield	2.00%		2.00%
Stock price volatility	22.93 to 22.96%		23.05 to 23.29%
Expected term	10 Yrs		10 Yrs

The risk-free interest rate is determined by reference to the spot zero-coupon rate for the U.S. Treasury security with a maturity similar to the expected term of the options. The dividend yield is the expected yield for the expected term.  The stock price volatility is estimated from the recent historical volatility of the Company’s stock. The expected term is estimated from the historical option exercise experience. The Company accounts for forfeitures as they occur.

In May 1999, the Company adopted the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “BancFirst Deferred Stock Compensation Plan”). The Company has amended the BancFirst Deferred Stock Compensation Plan since 1999 to increase the number of shares to be issued under the plan to 244,148 shares. The BancFirst Deferred Stock Compensation Plan will terminate on December 31, 2024, 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 8,362 and 3,891 shares of common stock distributed from the BancFirst Deferred Stock Compensation Plan during the six months ended June 30, 2019 and June 30, 2018, respectively.

A summary of the accumulated stock units is as follows:

	June 30,		December 31,
	2019		2018
Accumulated stock units		139,862		143,347
Average price	$	26.19	$	24.91

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Stockholders' Equity

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Stockholders' Equity

(8) STOCKHOLDERS’ EQUITY

In November 1999, the Company adopted a Stock Repurchase Program (the “SRP”). The SRP may be used as a means to increase earnings per share and return on equity, to purchase treasury stock for the exercise of stock options or for distributions under the Deferred Stock Compensation Plan, to provide liquidity for optionees to dispose of stock from exercises of their stock options, and to provide liquidity for stockholders wishing to sell their stock. All shares repurchased under the SRP have been retired and not held as treasury stock. The timing, price and amount of stock repurchases under the SRP may be determined by management and approved by the Company’s Executive Committee.

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

	Six Months Ended June 30,
	2019		2018
Number of shares repurchased		—		—
Average price of shares repurchased	$	—	$	—
Shares remaining to be repurchased		148,736		300,000

The Company and BancFirst 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 the Company’s and BancFirst’s assets, liabilities and certain off-balance-sheet items calculated under regulatory practices. Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s financial statements. Management believes that as of June 30, 2019, the Company and BancFirst 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, 2019:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	939,223	16.71%	$	449,674		8.00%	$	590,197	10.50%	N/A		N/A
BancFirst		813,627	14.50%		448,824		8.00%		589,082	10.50%	$	561,030		10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	858,115	15.27%	$	252,942		4.50%	$	393,465	7.00%	N/A		N/A
BancFirst		738,519	13.16%		252,464		4.50%		392,721	7.00%	$	364,670		6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	884,115	15.73%	$	337,256		6.00%	$	477,779	8.50%	N/A		N/A
BancFirst		758,519	13.52%		336,618		6.00%		476,876	8.50%	$	448,824		8.00%
Tier 1 Capital
(to Total Assets)-
BancFirst Corporation	$	884,115	11.64%	$	303,864		4.00%	N/A		N/A	N/A		N/A
BancFirst		758,519	10.01%		303,252		4.00%	N/A		N/A	$	379,065		5.00%

As of June 30, 2019, the most recent notification from the Federal Reserve Bank of Kansas City and the FDIC categorized BancFirst as “well capitalized” under the regulatory framework from prompt corrective action. The Company’s trust preferred securities have continued to be included in Tier 1 capital as the Company’s total assets do not exceed $15 billion. There are no conditions or events since the most recent notifications of BancFirst’s capital category that management believes would materially change its category under capital requirements existing as of the report date.

Basel III Capital Rules

Under the Basel III Capital Rules, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a capital conservation buffer composed of CET1 capital above its minimum risk-based capital requirements. As of June 30, 2019, the Company and BancFirst met all capital adequacy requirements under the Basel III Capital Rules.

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Net Income Per Common Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Net Income Per Common Share

(9) NET INCOME PER COMMON SHARE

Basic and diluted net income per common share based on weighted-average shares outstanding are calculated as follows:

	Income (Numerator)		Shares (Denominator)		Per Share Amount
	(Dollars in thousands, except per share data)
Three Months Ended June 30, 2019
Basic
Income available to common stockholders	$	34,167		32,629,146	$	1.04
Dilutive effect of stock options		—		688,047
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	34,167		33,317,193	$	1.02
Three Months Ended June 30, 2018
Basic
Income available to common stockholders	$	30,586		32,716,350	$	0.93
Dilutive effect of stock options		—		742,207
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	30,586		33,458,557	$	0.91
Six Months Ended June 30, 2019
Basic
Income available to common stockholders	$	66,004		32,620,819	$	2.02
Dilutive effect of stock options		—		685,610
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	66,004		33,306,429	$	1.98
Six Months Ended June 30, 2018
Basic
Income available to common stockholders	$	60,206		32,645,693	$	1.84
Dilutive effect of stock options		—		744,269
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	60,206		33,389,962	$	1.80

The following table shows the number of options that were excluded from the computation of diluted net income per common share for each period because the options were anti-dilutive for the period:

	Shares
Three Months Ended June 30, 2019		158,500
Three Months Ended June 30, 2018		85,802
Six Months Ended June 30, 2019		169,301
Six Months Ended June 30, 2018		117,696

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Fair Value Measurements

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

(10) FAIR VALUE MEASUREMENTS

Accounting standards define fair value as the price that would be received to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date.

FASB Accounting Standards Codification (“ASC”) Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  The fair value hierarchy is as follows:

• Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset and liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes certain impaired loans, repossessed assets, other real estate owned, goodwill and other intangible assets.

Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

A description of the valuation methodologies and key inputs used to measure financial assets and financial liabilities at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to the following categories of the Company’s financial assets and financial liabilities.

Securities Available for Sale

Securities classified as available for sale are reported at fair value. U.S. Treasuries are valued using Level 1 inputs. Other securities available for sale including U.S. federal agencies, registered mortgage backed securities and state and political subdivisions are valued using prices from an independent pricing service utilizing Level 2 data. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company also invests in private label mortgage backed securities for which observable information is not readily available. These securities are reported at fair value utilizing Level 3 inputs. For these securities, management determines the fair value based on replacement cost, the income approach or information provided by outside consultants or lead investors.

The Company reviews the prices for Level 1 and Level 2 securities supplied by the independent pricing service for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities that are esoteric or that have complicated structures. The Company’s portfolio primarily consists of traditional investments including U.S. Treasury obligations, federal agency mortgage pass-through securities, general obligation municipal bonds and a small amount of municipal revenue bonds. Pricing for such instruments is fairly generic and is easily obtained. For in-state bond issues that have relatively low issue sizes and liquidity, the Company utilizes the same parameters for pricing mentioned in the preceding paragraph adjusted for the specific issue. Periodically, the Company will validate prices supplied by the independent pricing service by comparison to prices obtained from third party sources.

Derivatives

Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains dealer and market quotations to value its oil and gas swaps and options.  The Company utilizes dealer quotes and observable market data inputs to substantiate internal valuation models.

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
June 30, 2019
Securities available for sale:
U.S. Treasury	$	358,634	$	—	$	—	$	358,634
U.S. federal agencies		—		26,155		—		26,155
Mortgage-backed securities		—		2,164		13,055		15,219
States and political subdivisions		—		23,149		—		23,149
Derivative assets		—		19		—		19
Derivative liabilities		—		17		—		17
December 31, 2018
Securities available for sale:
U.S. Treasury	$	697,466	$	—	$	—	$	697,466
U.S. federal agencies		—		29,919		—		29,919
Mortgage-backed securities		—		2,465		13,443		15,908
States and political subdivisions		—		27,411		—		27,411
Derivative assets		—		252		—		252
Derivative liabilities		—		238		—		238

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Six Months Ended June 30,			Twelve Months Ended December 31,
	2019			2018
	(Dollars in thousands)
Balance at the beginning of the year	$	13,443		$	14,467
Settlements		(396	)		(1,037	)
Total unrealized (losses) gains		8			13
Balance at the end of the period	$	13,055		$	13,443

The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period. During the three months ended June 30, 2019 and 2018, the Company did not transfer any securities between levels in the fair value hierarchy.

Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and financial liabilities are reported at fair value utilizing Level 3 inputs.

The Company invests in equity securities without readily determinable fair values and utilizes Level 3 inputs. Beginning January 1, 2018, upon adoption of ASU 2016-01, these securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income.

Impaired loans are reported at the fair value of the underlying collateral if repayment is dependent on liquidation of the collateral. In no case does the fair value of an impaired loan exceed the fair value of the underlying collateral. The impaired loans are adjusted to fair value through a specific allocation of the allowance for loan losses or a direct charge-down of the loan.

Repossessed assets, upon initial recognition, are measured and adjusted to fair value through a charge-off to the allowance for possible loan losses based upon the fair value of the repossessed asset.

Other real estate owned is revalued at fair value subsequent to initial recognition, with any losses recognized in net expense from other real estate owned.

The following table summarizes assets measured at fair value on a nonrecurring basis. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended June 30, 2019
Equity securities	$	9,099
Impaired loans (less specific allowance)		32,277
Repossessed assets		201
Other real estate owned		1,759
As of and for the Year-to-date Period Ended December 31, 2018
Equity securities	$	7,521
Impaired loans (less specific allowance)		34,396
Repossessed assets		183
Other real estate owned		4,683

Estimated Fair Value of Financial Instruments

The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instruments that are not recorded at fair value. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Cash and Cash Equivalents Include: Cash and Due from Banks and Interest-Bearing Deposits

The carrying amount of these short-term instruments is a reasonable estimate of fair value.

Securities Held for Investment

For securities held for investment, which are generally traded in secondary markets, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities making adjustments for credit or liquidity if applicable.

Loans Held For Sale

The Company originates mortgage loans to be sold.  At the time of origination, the acquiring bank has already been determined and the terms of the loan, including interest rate, have already been set by the acquiring bank, allowing the Company to originate the loan at fair value. Mortgage loans are generally sold within 30 days of origination. Loans held for sale are valued using Level 2 inputs.  Gains or losses recognized upon the sale of the loans are determined on a specific identification basis.

Loans

To determine the fair value of loans, the Company uses an exit price calculation, which takes into account factors such as liquidity, credit and the nonperformance risk of loans. For certain homogeneous categories of loans, such as some residential mortgages, fair values are estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair values of other types of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Deposits

The fair values of transaction and savings accounts are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using the rates currently offered for deposits of similar remaining maturities.

Short-term Borrowings

The amounts payable on these short-term instruments are reasonable estimates of fair value.

Junior Subordinated Debentures

The fair values of junior subordinated debentures are estimated using the rates that would be charged for junior subordinated debentures of similar remaining maturities.

Loan Commitments and Letters of Credit

The fair values of commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the terms of the agreements. The fair values of letters of credit are based on fees currently charged for similar agreements.

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	June 30,				December 31,
	2019				2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,704,438	$	1,704,438	$	1,424,255	$	1,424,255
Securities held for investment		1,497		1,503		928		933
Loans held for sale		10,899		10,899		8,174		8,174
Level 3 inputs:
Securities held for investment		500		500		500		500
Loans, net of allowance for loan losses		5,039,295		5,052,074		4,924,587		4,901,159
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		6,613,613		6,729,518		6,605,495		6,713,542
Short-term borrowings		1,000		1,000		1,675		1,675
Junior subordinated debentures		26,804		28,777		26,804		29,549
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				2,277				2,158
Letters of credit				414				421

Non-financial Assets and Non-financial Liabilities Measured at Fair Value

The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. Certain non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis include intangible assets (excluding mortgage service rights, which are valued periodically) and other non-financial long-lived assets measured at fair value and adjusted for impairment. These items are evaluated at least annually for impairment. The overall levels of non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis were not considered to be significant to the Company at June 30, 2019 or December 31, 2018.

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Segment Information

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Information

(11)SEGMENT INFORMATION

The Company evaluates its performance with an internal profitability measurement system that measures the profitability of its business units on a pre-tax basis. The four principal business units are metropolitan banks, community banks, other financial services and executive, operations and support. Metropolitan and community banks offer traditional banking products such as commercial and retail lending and a full line of deposit accounts. Metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas.  Community banks consist of banking locations in communities throughout Oklahoma. Other financial services are specialty product business units including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions that are not allocated to the other business units.

The results of operations and selected financial information for the four business units are as follows:

	Metropolitan Banks		Community Banks		Other Financial Services		Executive, Operations & Support		Eliminations			Consolidated
	(Dollars in thousands)
Three Months Ended June 30, 2019
Net interest income	$	21,438	$	44,775	$	1,411	$	1,168	$	—		$	68,792
Noninterest income		4,635		16,243		10,105		37,917		(34,823	)		34,077
Income before taxes		14,866		30,041		5,572		27,590		(34,241	)		43,828
Three Months Ended June 30, 2018
Net interest income	$	21,084	$	42,068	$	1,358	$	370	$	—		$	64,880
Noninterest income		4,184		14,832		8,896		33,609		(31,084	)		30,437
Income before taxes		14,883		27,942		4,028		23,622		(30,639	)		39,836
Six Months Ended June 30, 2019
Net interest income	$	42,791	$	88,182	$	2,582	$	2,140	$	—		$	135,695
Noninterest income		8,844		31,128		19,978		73,438		(67,310	)		66,078
Income before taxes		30,235		58,086		10,071		52,613		(66,163	)		84,842
Six Months Ended June 30, 2018
Net interest income	$	41,388	$	83,450	$	2,833	$	244	$	—		$	127,915
Noninterest income		8,125		28,785		18,520		65,803		(60,686	)		60,547
Income before taxes		29,619		54,290		9,071		43,537		(59,740	)		76,777
Total Assets:
June 30, 2019	$	2,795,525	$	4,981,139	$	45,972	$	883,471	$	(1,064,086	)	$	7,642,021
December 31, 2018		2,743,876		4,892,946		84,706		861,782		(1,009,052	)		7,574,258

The financial information for each business unit is presented on the basis used internally by management to evaluate performance and allocate resources.  The Company utilizes a transfer pricing system to allocate the benefit or cost of funds provided or used by the various business units.  Certain services provided by the support group to other business units, such as item processing, are allocated at rates approximating the cost of providing the services.  Eliminations are adjustments to consolidate the business units and companies. Capital expenditures are generally charged to the business unit using the asset.

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Description of Business and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., BancFirst Risk & Insurance Company and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc., 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 the instructions for Form 10-Q. The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018, 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. There have been no significant changes in the accounting policies of the Company since December 31, 2018, the date of the most recent annual report.

Reclassifications

Reclassifications

Certain items in prior financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported net cash flows, stockholders’ equity or comprehensive income.

Use of Estimates in the Preparation of Financial Statements

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 loan losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Standards Adopted During Current Period:

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases - (Topic 842)”, amended by ASU 2018-11, “Leases – (Topic 842)”: Targeted Improvements. This new guidance requires a lessee to recognize on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than twelve months and provide additional disclosures. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2018. The Company adopted this new standard on January 1, 2019, using a modified retrospective transition approach and recognized right-of-use lease assets and related lease liabilities totaling $4.3 million. The Company elected to apply certain practical adoption expedients provided under the updates whereby it did not reassess initial direct costs for any existing leases. No cumulative-effect adjustment was recognized as the amount was not material, and the impact on our results of operations and cash flows was also not material. No prior periods were adjusted. See Note 6 for the financial position impact and additional disclosures.

Standards Not Yet Adopted:

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820).” ASU 2018-13 removes, modifies and adds disclosure requirements on fair value measurements. ASU 2018-13 will be effective for the Company on January 1, 2020. Early adoption is permitted. In addition, early adoption of any removed or modified disclosures and delayed adoption of the additional disclosures until the effective date is also permitted. The Company expects to adopt the standard in the first quarter of 2020.

In June 2016, the FASB issued ASU No.  2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 requires enhanced disclosures related to the significant estimates and judgements used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on its financial statements. In that regard, the Company has formed a task force under the direction of its Chief Financial Officer. In preparation, the Company has developed new credit estimation models, processes and controls. Internal validation of the model is underway and expected to be completed during the third quarter of 2019. The Company has performed test runs of the new processes and controls and will begin full parallel runs next quarter. The adoption of ASU 2016-13 could result in an increase or decrease in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that the Company establish an allowance for expected credit losses for certain debt securities and other financial assets. While the Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. The Company expects to adopt the standard in the first quarter of 2020.

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Securities (Tables)

6 Months Ended

Jun. 30, 2019

Investments Debt And Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment

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, 2019	(Dollars in thousands)
Mortgage backed securities (1)	$	112	$	6	$	—		$	118
States and political subdivisions		1,385		1		(1	)		1,385
Other securities		500		—		—			500
Total	$	1,997	$	7	$	(1	)	$	2,003
December 31, 2018
Mortgage backed securities (1)	$	133	$	5	$	—		$	138
States and political subdivisions		795		—		—			795
Other securities		500		—		—			500
Total	$	1,428	$	5	$	—		$	1,433

Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale

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, 2019	(Dollars in thousands)
U.S. treasuries	$	353,618	$	5,371	$	(355	)	$	358,634
U.S. federal agencies		26,169		12		(26	)		26,155
Mortgage backed securities (1)		15,646		138		(565	)		15,219
States and political subdivisions		22,820		335		(6	)		23,149
Total	$	418,253	$	5,856	$	(952	)	$	423,157
December 31, 2018
U.S. treasuries	$	699,882	$	1,108	$	(3,524	)	$	697,466
U.S. federal agencies		30,079		—		(160	)		29,919
Mortgage backed securities (1)		16,367		114		(573	)		15,908
States and political subdivisions		27,246		277		(112	)		27,411
Total	$	773,574	$	1,499	$	(4,369	)	$	770,704

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

Maturity of Debt Securities

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, 2019				December 31, 2018
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	300	$	301	$	495	$	495
After one year but within five years		1,146		1,147		369		370
After five years but within ten years		549		553		562		565
After ten years		2		2		2		3
Total	$	1,997	$	2,003	$	1,428	$	1,433
Available for Sale
Contractual maturity of debt securities:
Within one year	$	103,395	$	103,084	$	411,256	$	410,327
After one year but within five years		270,900		276,333		313,416		311,924
After five years but within ten years		6,355		6,606		7,524		7,685
After ten years		37,603		37,134		41,378		40,768
Total debt securities	$	418,253	$	423,157	$	773,574	$	770,704

Company's Book Value of Pledged Debt Securities

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, 2019		December 31, 2018
	(Dollars in thousands)
Book value of pledged securities	$	402,756	$	472,053

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Loans and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2019

Receivables [Abstract]

Schedule of Loans Outstanding by Category

The following is a schedule of loans outstanding by category:

	June 30, 2019					December 31, 2018
	Amount		Percent			Amount		Percent
	(Dollars in thousands)
Commercial and financial:
Commercial and industrial	$	1,062,527		20.86	%	$	1,032,787		20.76	%
Oil & gas production and equipment		122,268		2.40			94,729		1.90
Agriculture		130,957		2.57			136,313		2.74
State and political subdivisions:
Taxable		74,596		1.46			76,211		1.53
Tax-exempt		51,114		1.00			48,415		0.97
Real estate:
Construction		450,525		8.84			451,224		9.07
Farmland		227,635		4.47			219,241		4.41
One to four family residences		990,377		19.44			979,170		19.68
Multifamily residential properties		68,743		1.35			65,949		1.33
Commercial		1,525,064		29.94			1,506,937		30.28
Consumer		345,783		6.79			328,069		6.59
Other (not classified above)		44,814		0.88			36,931		0.74
Total loans	$	5,094,403		100.00	%	$	4,975,976		100.00	%

Summary of Nonperforming and Restructured Assets

The following is a summary of nonperforming and restructured assets:

	June 30,		December 31,
	2019		2018
	(Dollars in thousands)
Past due 90 days or more and still accruing	$	2,663	$	1,916
Nonaccrual		17,998		22,603
Restructured		16,486		13,188
Total nonperforming and restructured loans		37,147		37,707
Other real estate owned and repossessed assets		7,004		6,873
Total nonperforming and restructured assets	$	44,151	$	44,580

Summary of Amounts Included in Nonaccrual Loans Segregated by Class of Loans

Loans are segregated into classes based upon the nature of the collateral and the borrower. These classes are used to estimate the allowance for loan losses. The following table is a summary of amounts included in nonaccrual loans, segregated by class of loans. Residential real estate refers to one-to-four family real estate.

	June 30, 2019		December 31, 2018
	(Dollars in thousands)
Real estate:
Non-residential real estate owner occupied	$	1,127	$	838
Non-residential real estate other		674		187
Residential real estate permanent mortgage		1,585		954
Residential real estate all other		5,327		5,488
Commercial and financial:
Non-consumer non-real estate		2,958		5,682
Consumer non-real estate		394		437
Other loans		272		490
Acquired loans		5,661		8,527
Total	$	17,998	$	22,603

Age Analysis of Past Due Loans Segregated by Class of Loans

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 table presents an age analysis of past due loans, segregated by class of loans:

	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, 2019
Real estate:
Non-residential real estate owner occupied	$	4,203	$	852	$	536	$	5,591	$	649,600	$	655,191	$	117
Non-residential real estate other		1,088		—		325		1,413		1,179,092		1,180,505		177
Residential real estate permanent mortgage		2,583		760		986		4,329		330,046		334,375		384
Residential real estate all other		2,218		340		4,908		7,466		849,448		856,914		150
Commercial and financial:
Non-consumer non-real estate		1,652		918		2,099		4,669		1,360,458		1,365,127		454
Consumer non-real estate		1,846		540		470		2,856		342,684		345,540		232
Other loans		220		1,083		183		1,486		142,387		143,873		183
Acquired loans		2,583		882		3,592		7,057		205,821		212,878		966
Total	$	16,393	$	5,375	$	13,099	$	34,867	$	5,059,536	$	5,094,403	$	2,663
As of December 31, 2018
Real estate:
Non-residential real estate owner occupied	$	5,114	$	810	$	43	$	5,967	$	620,654	$	626,621	$	—
Non-residential real estate other		2,772		32		114		2,918		1,143,210		1,146,128		—
Residential real estate permanent mortgage		2,448		653		693		3,794		324,908		328,702		430
Residential real estate all other		1,728		292		2,799		4,819		822,685		827,504		612
Commercial and financial:
Non-consumer non-real estate		3,620		702		833		5,155		1,278,499		1,283,654		282
Consumer non-real estate		1,991		565		559		3,115		323,747		326,862		325
Other loans		322		158		178		658		141,251		141,909		—
Acquired loans		5,240		1,669		4,936		11,845		282,751		294,596		267
Total	$	23,235	$	4,881	$	10,155	$	38,271	$	4,937,705	$	4,975,976	$	1,916

Impaired Loans Segregated by Class of Loans

The following table presents impaired loans, segregated by class of loans. During the period ended June 30, 2019 and June 30, 2018, no material amount of interest income was recognized on impaired loans subsequent to their classification as impaired.

	Impaired Loans
	Unpaid Principal Balance		Recorded Investment with Allowance		Related Allowance		Average Recorded Investment
	(Dollars in thousands)
As of June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	8,051	$	7,933	$	239	$	7,662
Non-residential real estate other		1,687		1,422		190		1,615
Residential real estate permanent mortgage		2,427		2,151		183		1,964
Residential real estate all other		6,629		6,350		3,081		6,529
Commercial and financial:
Non-consumer non-real estate		18,389		10,842		931		10,944
Consumer non-real estate		781		672		149		691
Other loans		659		455		17		322
Acquired loans		9,553		7,244		2		8,863
Total	$	48,176	$	37,069	$	4,792	$	38,590
As of December 31, 2018
Real estate:
Non-residential real estate owner occupied	$	7,126	$	6,933	$	202	$	7,739
Non-residential real estate other		949		757		50		6,057
Residential real estate permanent mortgage		1,789		1,545		127		1,650
Residential real estate all other		7,177		6,862		2,433		7,154
Commercial and financial:
Non-consumer non-real estate		18,507		10,977		881		12,140
Consumer non-real estate		928		829		131		846
Other loans		710		490		35		481
Acquired loans		12,846		9,864		2		11,050
Total	$	50,032	$	38,257	$	3,861	$	47,117

Internal Loan Grading by Class of Loans

The following table presents internal loan grading by class of loans:

	Internal Loan Grading
	Grade
		1		2		3		4		5	Total
	(Dollars in thousands)
As of June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	457,211	$	171,239	$	25,491	$	1,250	$	—	$	655,191
Non-residential real estate other		950,058		202,397		27,291		759		—		1,180,505
Residential real estate permanent mortgage		281,593		43,479		7,242		2,061		—		334,375
Residential real estate all other		669,269		167,518		14,375		5,752		—		856,914
Commercial and financial:
Non-consumer non-real estate		1,077,429		252,175		33,630		1,893		—		1,365,127
Consumer non-real estate		320,278		21,955		2,707		565		35		345,540
Other loans		138,414		4,160		1,289		10		—		143,873
Acquired loans		124,437		71,790		9,751		6,603		297		212,878
Total	$	4,018,689	$	934,713	$	121,776	$	18,893	$	332	$	5,094,403
As of December 31, 2018
Real estate:
Non-residential real estate owner occupied	$	451,059	$	157,715	$	16,949	$	898	$	—	$	626,621
Non-residential real estate other		932,454		188,341		25,146		187		—		1,146,128
Residential real estate permanent mortgage		279,870		39,806		7,401		1,625		—		328,702
Residential real estate all other		644,217		162,003		15,232		6,052		—		827,504
Commercial and financial:
Non-consumer non-real estate		1,000,089		264,134		15,128		4,303		—		1,283,654
Consumer non-real estate		302,217		21,600		2,255		790		—		326,862
Other loans		136,132		5,542		116		119		—		141,909
Acquired loans		156,008		109,075		20,884		8,284		345		294,596
Total	$	3,902,046	$	948,216	$	103,111	$	22,258	$	345	$	4,975,976

Activity in ALL by Class of Loans

The following table details activity in the ALL by class of loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

	ALL
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provisions charged to operations			Balance at end of period
	(Dollars in thousands)
Three Months Ended June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	6,655	$	(3	)	$	—	$	(3	)	$	235		$	6,887
Non-residential real estate other		11,362		(16	)		1		(15	)		(60	)		11,287
Residential real estate permanent mortgage		3,261		(4	)		4		—			64			3,325
Residential real estate all other		11,046		(143	)		25		(118	)		793			11,721
Commercial and financial:
Non-consumer non-real estate		14,409		(87	)		85		(2	)		825			15,232
Consumer non-real estate		3,072		(162	)		38		(124	)		286			3,234
Other loans		2,408		—			43		43			(2	)		2,449
Acquired loans		702		(170	)		149		(21	)		292			973
Total	$	52,915	$	(585	)	$	345	$	(240	)	$	2,433		$	55,108
Six Months Ended June 30, 2019
Real estate:
Non-residential real estate owner occupied	$	6,328	$	(9	)	$	1	$	(8	)	$	567		$	6,887
Non-residential real estate other		11,027		(22	)		1		(21	)		281			11,287
Residential real estate permanent mortgage		3,261		(67	)		9		(58	)		122			3,325
Residential real estate all other		10,673		(195	)		27		(168	)		1,216			11,721
Commercial and financial:
Non-consumer non-real estate		13,151		(157	)		152		(5	)		2,086			15,232
Consumer non-real estate		3,065		(282	)		109		(173	)		342			3,234
Other loans		2,423		—			78		78			(52	)		2,449
Acquired loans		1,461		(196	)		153		(43	)		(445	)		973
Total	$	51,389	$	(928	)	$	530	$	(398	)	$	4,117		$	55,108

	ALL
	Balance at beginning of period		Charge- offs			Recoveries		Net charge-offs			Provisions charged to operations			Balance at end of period
	(Dollars in thousands)
Three Months Ended June 30, 2018
Real estate:
Non-residential real estate owner occupied	$	6,650	$	—		$	—	$	—		$	(224	)	$	6,426
Non-residential real estate other		10,548		—			—		—			157			10,705
Residential real estate permanent mortgage		3,281		(6	)		23		17			9			3,307
Residential real estate all other		9,831		(151	)		3		(148	)		440			10,123
Commercial and financial:
Non-consumer non-real estate		14,785		(153	)		10		(143	)		427			15,069
Consumer non-real estate		2,699		(194	)		44		(150	)		290			2,839
Other loans		2,336		(2	)		12		10			(18	)		2,328
Acquired loans		1,420		(166	)		5		(161	)		144			1,403
Total	$	51,550	$	(672	)	$	97	$	(575	)	$	1,225		$	52,200
Six Months Ended June 30, 2018
Real estate:
Non-residential real estate owner occupied	$	6,195	$	(19	)	$	1	$	(18	)	$	249		$	6,426
Non-residential real estate other		10,519		(1	)		39		38			148			10,705
Residential real estate permanent mortgage		3,226		(62	)		26		(36	)		117			3,307
Residential real estate all other		9,672		(241	)		6		(235	)		686			10,123
Commercial and financial:
Non-consumer non-real estate		15,334		(309	)		23		(286	)		21			15,069
Consumer non-real estate		2,793		(444	)		124		(320	)		366			2,839
Other loans		2,481		(2	)		24		22			(175	)		2,328
Acquired loans		1,446		(193	)		23		(170	)		127			1,403
Total	$	51,666	$	(1,271	)	$	266	$	(1,005	)	$	1,539		$	52,200

Allowance for Loan Losses Outstanding by Impairment Methodology

The following table details the amount of ALL by class of loans for the period presented, detailed on the basis of the impairment methodology used by the Company.

	ALL
	June 30, 2019				December 31, 2018
	Individually evaluated for impairment		Collectively evaluated for impairment		Individually evaluated for impairment		Collectively evaluated for impairment
	(Dollars in thousands)
Real estate:
Non-residential real estate owner occupied	$	1,003	$	5,884	$	669	$	5,659
Non-residential real estate other		1,055		10,232		1,119		9,908
Residential real estate permanent mortgage		508		2,817		505		2,756
Residential real estate all other		4,189		7,532		3,413		7,260
Commercial and financial:
Non-consumer non-real estate		3,679		11,553		2,114		11,037
Consumer non-real estate		427		2,807		374		2,691
Other loans		10		2,439		65		2,358
Acquired loans		—		973		—		1,461
Total	$	10,871	$	44,237	$	8,259	$	43,130

Loans Outstanding by Impairment Methodology

The following table details the loans outstanding by class of loans for the period presented, on the basis of the impairment methodology used by the Company.

	Loans
	June 30, 2019						December 31, 2018
	Individually evaluated for impairment		Collectively evaluated for impairment		Loans acquired with deteriorated credit quality		Individually evaluated for impairment		Collectively evaluated for impairment		Loans acquired with deteriorated credit quality
	(Dollars in thousands)
Real estate:
Non-residential real estate owner occupied	$	26,741	$	628,450	$	—	$	17,846	$	608,775	$	—
Non-residential real estate other		28,050		1,152,455		—		25,333		1,120,795		—
Residential real estate permanent mortgage		9,303		325,072		—		9,026		319,676		—
Residential real estate all other		20,127		836,787		—		21,285		806,219		—
Commercial and financial:
Non-consumer non-real estate		35,523		1,329,604		—		19,432		1,264,222		—
Consumer non-real estate		3,304		342,236		—		3,093		323,769		—
Other loans		10		143,863		—		209		141,700		—
Acquired loans		14,399		196,226		2,253		22,132		265,084		7,380
Total	$	137,457	$	4,954,693	$	2,253	$	118,356	$	4,850,240	$	7,380

Transfers from Loans and Premises and Equipment to Other Real Estate Owned and Repossessed Assets

Transfers from loans and premises and equipment to other real estate owned and repossessed assets are non-cash transactions, and are not included in the statements of cash flow. Such transfers during the periods presented, are summarized as follows:

	Six Months Ended June 30,
	2019		2018
	(Dollars in thousands)
Other real estate owned	$	2,010	$	1,123
Repossessed assets		627		550
Total	$	2,637	$	1,673

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Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following is a summary of intangible assets:

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Dollars in thousands)
As of June 30, 2019
Core deposit intangibles	$	25,907	$	(12,456	)	$	13,451
Customer relationship intangibles		5,699		(4,289	)		1,410
Mortgage servicing intangibles		388		(313	)		75
Total	$	31,994	$	(17,058	)	$	14,936
As of December 31, 2018
Core deposit intangibles	$	25,907	$	(11,113	)	$	14,794
Customer relationship intangibles		5,699		(4,115	)		1,584
Mortgage servicing intangibles		397		(305	)		92
Total	$	32,003	$	(15,533	)	$	16,470

Summary of Goodwill by Business Segment

The following is a summary of goodwill by business segment:

					Other		Executive,
	Metropolitan		Community		Financial		Operations
	Banks		Banks		Services		& Support		Consolidated
	(Dollars in thousands)
Six months ended June 30, 2019
Balance at beginning and end of period	$	13,767	$	59,894	$	5,464	$	624	$	79,749

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Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of Maturity of Operating Lease Liabilities

Maturity of Operating Lease Liabilities

	June 30, 2019
	(Dollars in thousands)
2019 (six months)	$	55
2020		829
2021		114
2022		1,542
2023		636
Thereafter		2,072
Operating Lease Liability	$	5,248

Scheduled of Minimum Future Contractual Rent To be Received Under The Remaining Non-Cancelable Term of Operating Leases

The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases:

	June 30, 2019
	(Dollars in thousands)
2019 (six months)	$	2,129
2020		2,681
2021		1,788
2022		1,141
2023		681
2024		75
Total Future Minimum Lease Payments	$	8,495

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the BancFirst ISOP and the BancFirst Directors’ Stock Option 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, 2019
Outstanding at December 31, 2018		1,216,700		$	28.48
Options granted		40,000			55.38
Options exercised		(27,300	)		22.37
Options canceled, forfeited, or expired		(22,500	)		51.83
Outstanding at June 30, 2019		1,206,900			29.07	9.20 Yrs	$	32,090
Exercisable at June 30, 2019		648,400			22.49	7.08 Yrs	$	21,506

Options Exercised Under Stock Option Plan

The following table has additional information regarding options exercised under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Dollars in thousands)				(Dollars in thousands)
Total intrinsic value of options exercised	$	759	$	967	$	904	$	3,827
Cash received from options exercised		455		411		611		1,644
Tax benefit realized from options exercised		193		246		230		975

Stock-based Employee Compensation Expense

The following table is a summary of the Company’s recorded stock-based compensation expense:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Dollars in thousands)				(Dollars in thousands)
Stock-based compensation expense	$	367	$	322	$	541	$	628
Tax benefit		94		82		138		160
Stock-based compensation expense, net of tax	$	273	$	240	$	403	$	468

Unearned Stock-based Compensation Expense

The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years.  The following table shows the unearned stock-based compensation expense:

	June 30, 2019
	(Dollars in thousands)
Unearned stock-based compensation expense	$	3,198

Assumptions Used for Computing Stock-Based Compensation Expense

The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:

	Six Months Ended June 30,
	2019		2018
Weighted average grant-date fair value per share of    options granted	$	13.67	$	13.98
Risk-free interest rate	2.62 to 2.76%		2.55 to 2.92%
Dividend yield	2.00%		2.00%
Stock price volatility	22.93 to 22.96%		23.05 to 23.29%
Expected term	10 Yrs		10 Yrs

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

	June 30,		December 31,
	2019		2018
Accumulated stock units		139,862		143,347
Average price	$	26.19	$	24.91

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Summary of Shares Repurchased Under Stock Purchase Program

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

	Six Months Ended June 30,
	2019		2018
Number of shares repurchased		—		—
Average price of shares repurchased	$	—	$	—
Shares remaining to be repurchased		148,736		300,000

Required Capital Amounts and Company's Respective Ratios

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, 2019:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	939,223	16.71%	$	449,674		8.00%	$	590,197	10.50%	N/A		N/A
BancFirst		813,627	14.50%		448,824		8.00%		589,082	10.50%	$	561,030		10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	858,115	15.27%	$	252,942		4.50%	$	393,465	7.00%	N/A		N/A
BancFirst		738,519	13.16%		252,464		4.50%		392,721	7.00%	$	364,670		6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	884,115	15.73%	$	337,256		6.00%	$	477,779	8.50%	N/A		N/A
BancFirst		758,519	13.52%		336,618		6.00%		476,876	8.50%	$	448,824		8.00%
Tier 1 Capital
(to Total Assets)-
BancFirst Corporation	$	884,115	11.64%	$	303,864		4.00%	N/A		N/A	N/A		N/A
BancFirst		758,519	10.01%		303,252		4.00%	N/A		N/A	$	379,065		5.00%

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Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Basic and Diluted Net Income Per Common Share Based on Weighted-average Shares Outstanding

Basic and diluted net income per common share based on weighted-average shares outstanding are calculated as follows:

	Income (Numerator)		Shares (Denominator)		Per Share Amount
	(Dollars in thousands, except per share data)
Three Months Ended June 30, 2019
Basic
Income available to common stockholders	$	34,167		32,629,146	$	1.04
Dilutive effect of stock options		—		688,047
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	34,167		33,317,193	$	1.02
Three Months Ended June 30, 2018
Basic
Income available to common stockholders	$	30,586		32,716,350	$	0.93
Dilutive effect of stock options		—		742,207
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	30,586		33,458,557	$	0.91
Six Months Ended June 30, 2019
Basic
Income available to common stockholders	$	66,004		32,620,819	$	2.02
Dilutive effect of stock options		—		685,610
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	66,004		33,306,429	$	1.98
Six Months Ended June 30, 2018
Basic
Income available to common stockholders	$	60,206		32,645,693	$	1.84
Dilutive effect of stock options		—		744,269
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	60,206		33,389,962	$	1.80

Options Excluded From Computation of Diluted Net Income Per Common Share

The following table shows the number of options that were excluded from the computation of diluted net income per common share for each period because the options were anti-dilutive for the period:

	Shares
Three Months Ended June 30, 2019		158,500
Three Months Ended June 30, 2018		85,802
Six Months Ended June 30, 2019		169,301
Six Months Ended June 30, 2018		117,696

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
June 30, 2019
Securities available for sale:
U.S. Treasury	$	358,634	$	—	$	—	$	358,634
U.S. federal agencies		—		26,155		—		26,155
Mortgage-backed securities		—		2,164		13,055		15,219
States and political subdivisions		—		23,149		—		23,149
Derivative assets		—		19		—		19
Derivative liabilities		—		17		—		17
December 31, 2018
Securities available for sale:
U.S. Treasury	$	697,466	$	—	$	—	$	697,466
U.S. federal agencies		—		29,919		—		29,919
Mortgage-backed securities		—		2,465		13,443		15,908
States and political subdivisions		—		27,411		—		27,411
Derivative assets		—		252		—		252
Derivative liabilities		—		238		—		238

Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Six Months Ended June 30,			Twelve Months Ended December 31,
	2019			2018
	(Dollars in thousands)
Balance at the beginning of the year	$	13,443		$	14,467
Settlements		(396	)		(1,037	)
Total unrealized (losses) gains		8			13
Balance at the end of the period	$	13,055		$	13,443

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended June 30, 2019
Equity securities	$	9,099
Impaired loans (less specific allowance)		32,277
Repossessed assets		201
Other real estate owned		1,759
As of and for the Year-to-date Period Ended December 31, 2018
Equity securities	$	7,521
Impaired loans (less specific allowance)		34,396
Repossessed assets		183
Other real estate owned		4,683

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	June 30,				December 31,
	2019				2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,704,438	$	1,704,438	$	1,424,255	$	1,424,255
Securities held for investment		1,497		1,503		928		933
Loans held for sale		10,899		10,899		8,174		8,174
Level 3 inputs:
Securities held for investment		500		500		500		500
Loans, net of allowance for loan losses		5,039,295		5,052,074		4,924,587		4,901,159
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		6,613,613		6,729,518		6,605,495		6,713,542
Short-term borrowings		1,000		1,000		1,675		1,675
Junior subordinated debentures		26,804		28,777		26,804		29,549
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				2,277				2,158
Letters of credit				414				421

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Results of Operations and Selected Financial Information

The results of operations and selected financial information for the four business units are as follows:

	Metropolitan Banks		Community Banks		Other Financial Services		Executive, Operations & Support		Eliminations			Consolidated
	(Dollars in thousands)
Three Months Ended June 30, 2019
Net interest income	$	21,438	$	44,775	$	1,411	$	1,168	$	—		$	68,792
Noninterest income		4,635		16,243		10,105		37,917		(34,823	)		34,077
Income before taxes		14,866		30,041		5,572		27,590		(34,241	)		43,828
Three Months Ended June 30, 2018
Net interest income	$	21,084	$	42,068	$	1,358	$	370	$	—		$	64,880
Noninterest income		4,184		14,832		8,896		33,609		(31,084	)		30,437
Income before taxes		14,883		27,942		4,028		23,622		(30,639	)		39,836
Six Months Ended June 30, 2019
Net interest income	$	42,791	$	88,182	$	2,582	$	2,140	$	—		$	135,695
Noninterest income		8,844		31,128		19,978		73,438		(67,310	)		66,078
Income before taxes		30,235		58,086		10,071		52,613		(66,163	)		84,842
Six Months Ended June 30, 2018
Net interest income	$	41,388	$	83,450	$	2,833	$	244	$	—		$	127,915
Noninterest income		8,125		28,785		18,520		65,803		(60,686	)		60,547
Income before taxes		29,619		54,290		9,071		43,537		(59,740	)		76,777
Total Assets:
June 30, 2019	$	2,795,525	$	4,981,139	$	45,972	$	883,471	$	(1,064,086	)	$	7,642,021
December 31, 2018		2,743,876		4,892,946		84,706		861,782		(1,009,052	)		7,574,258

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Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
Accounting Policies [Abstract]
Right-of-use lease assets	$ 5.3	$ 4.3
Lease liabilities	$ 5.2	$ 4.3

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Recent Developments Including Mergers and Acquisitions - Additional Information (Detail) $ in Thousands	Apr. 23, 2019 USD ($)	Dec. 14, 2018 USD ($) ParkingSpaces	Aug. 31, 2018 USD ($) ft² Floor	Jan. 11, 2018 USD ($) Community Location	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Combination Separately Recognized Transactions [Line Items]
Goodwill					$ 79,749	$ 79,749
Number of additional banking communities | Community				5
Pegasus Bank [Member]
Business Combination Separately Recognized Transactions [Line Items]
Business acquisition, date of agreement	Apr. 23, 2019
Contract price	$ 123,500
Total assets acquired						639,100
Loans						367,400
Deposits						$ 595,300
Cotter Ranch Tower [Member] | BFTower LLC [Member]
Business Combination Separately Recognized Transactions [Line Items]
Contract price			$ 21,000
Number of square feet | ft²			507,000
Number of floors | Floor			36
Date of acquisition			Aug. 31, 2018
Percentage of property leased			55.00%
Percentage of occupancy			35.00%
Percentage of occupancy including leased space			90.00%
Renovations completion year			2020
Renovations cost			$ 70,000
Tenant improvements			$ 12,000
Number of square feet to be occupied | ft²			165,000
Cotter Ranch Tower [Member] | BFTower LLC [Member] | SFPG, LLC [Member]
Business Combination Separately Recognized Transactions [Line Items]
Ownership interest acquired		42.60%
Space of parking garage | ParkingSpaces		1,568
Payment to acquire ownership interest		$ 9,800
First Bank & Trust Company [Member]
Business Combination Separately Recognized Transactions [Line Items]
Date of acquisition				Jan. 11, 2018
Total assets acquired				$ 290,000
Loans				247,000
Deposits				251,000
Intangibles assets, net				6,300
Goodwill				$ 19,100
First Bank of Chandler [Member]
Business Combination Separately Recognized Transactions [Line Items]
Date of acquisition				Jan. 11, 2018
Total assets acquired				$ 88,000
Loans				66,000
Deposits				79,000
Intangibles assets, net				2,200
Goodwill				$ 6,600
Number of locations acquired | Location				2

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Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 1,997	$ 1,428
Gross Unrealized Gains	7	5
Gross Unrealized Losses	(1)
Estimated Fair Value	2,003	1,433
Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	112	133
Gross Unrealized Gains	6	5
Estimated Fair Value	118	138
States and Political Subdivisions [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	1,385	795
Gross Unrealized Gains	1
Gross Unrealized Losses	(1)
Estimated Fair Value	1,385	795
Other Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	500	500
Estimated Fair Value	$ 500	$ 500

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Securities - Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 418,253	$ 773,574
Gross Unrealized Gains	5,856	1,499
Gross Unrealized Losses	(952)	(4,369)
Estimated Fair Value	423,157	770,704
U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	353,618	699,882
Gross Unrealized Gains	5,371	1,108
Gross Unrealized Losses	(355)	(3,524)
Estimated Fair Value	358,634	697,466
U.S. Federal Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	26,169	30,079
Gross Unrealized Gains	12
Gross Unrealized Losses	(26)	(160)
Estimated Fair Value	26,155	29,919
Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	15,646	16,367
Gross Unrealized Gains	138	114
Gross Unrealized Losses	(565)	(573)
Estimated Fair Value	15,219	15,908
States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	22,820	27,246
Gross Unrealized Gains	335	277
Gross Unrealized Losses	(6)	(112)
Estimated Fair Value	$ 23,149	$ 27,411

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Securities - Maturity of Debt Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Held for Investment, Contractual maturity of debt securities, Amortized Cost
Amortized cost, Within one year	$ 300	$ 495
Amortized cost, After one year but within five years	1,146	369
Amortized cost, After five years but within ten years	549	562
Amortized cost, After ten years	2	2
Amortized Cost	1,997	1,428
Available for sale, Contractual maturity of debt securities, Amortized Cost
Amortized Cost, Within one year	103,395	411,256
Amortized Cost, After one year but within five years	270,900	313,416
Amortized Cost, After five years but within ten years	6,355	7,524
Amortized Cost, After ten years	37,603	41,378
Amortized Cost	418,253	773,574
Held for Investment, Contractual maturity of debt securities, Estimated Fair Value
Estimated Fair Value, Within one year	301	495
Estimated Fair Value, After one year but within five years	1,147	370
Estimated Fair Value, After five years but within ten years	553	565
Estimated Fair Value, After ten years	2	3
Estimated Fair Value	2,003	1,433
Available for sale, Contractual maturity of debt securities, Estimated Fair Value
Estimated Fair Value, Within one year	103,084	410,327
Estimated Fair Value, After one year but within five years	276,333	311,924
Estimated Fair Value, After five years but within ten years	6,606	7,685
Estimated Fair Value, After ten years	37,134	40,768
Total debt securities	$ 423,157	$ 770,704

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Securities - Company's Book Value of Pledged Debt Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Pledged Financial Instruments Not Separately Reported Securities Pledged By Type Of Security [Abstract]
Book value of pledged securities	$ 402,756	$ 472,053

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Loans and Allowance for Loan Losses - Schedule of Loans Outstanding by Category (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 5,094,403	$ 4,975,976
Percent	100.00%	100.00%
Taxable [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 74,596	$ 76,211
Percent	1.46%	1.53%
Tax-exempt [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 51,114	$ 48,415
Percent	1.00%	0.97%
Commercial and Financial [Member] | Commercial and Industrial [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 1,062,527	$ 1,032,787
Percent	20.86%	20.76%
Commercial and Financial [Member] | Oil & Gas Production And Equipment [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 122,268	$ 94,729
Percent	2.40%	1.90%
Commercial and Financial [Member] | Agriculture [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 130,957	$ 136,313
Percent	2.57%	2.74%
Real Estate [Member] | Construction [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 450,525	$ 451,224
Percent	8.84%	9.07%
Real Estate [Member] | Farmland [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 227,635	$ 219,241
Percent	4.47%	4.41%
Real Estate [Member] | One to Four Family Residences [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 990,377	$ 979,170
Percent	19.44%	19.68%
Real Estate [Member] | Multifamily Residential Properties [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 68,743	$ 65,949
Percent	1.35%	1.33%
Real Estate [Member] | Commercial [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 1,525,064	$ 1,506,937
Percent	29.94%	30.28%
Consumer [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 345,783	$ 328,069
Percent	6.79%	6.59%
Other (Not Classified Above) [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 44,814	$ 36,931
Percent	0.88%	0.74%

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Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 5,094,403,000		$ 4,975,976,000
Percentage of loans secured by real estate	64.00%
Interest income that would have been recognized	$ 1,000,000.0	$ 1,100,000
Interest income recognized on impaired loans	0	$ 0
Commercial and Industrial [Member] | Ancillary Services [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 74,000,000		$ 60,000,000

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Loans and Allowance for Loan Losses - Summary of Nonperforming and Restructured Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Summary Of Nonperforming And Restructured Assets [Abstract]
Past due 90 days or more and still accruing	$ 2,663	$ 1,916
Nonaccrual	17,998	22,603
Restructured	16,486	13,188
Total nonperforming and restructured loans	37,147	37,707
Other real estate owned and repossessed assets	7,004	6,873
Total nonperforming and restructured assets	$ 44,151	$ 44,580

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Loans and Allowance for Loan Losses - Summary of Amounts Included in Nonaccrual Loans Segregated by Class of Loans (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	$ 17,998	$ 22,603
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	1,127	838
Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	674	187
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	1,585	954
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	5,327	5,488
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	2,958	5,682
Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	394	437
Other Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	272	490
Acquired Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans, Total	$ 5,661	$ 8,527

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Loans and Allowance for Loan Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	$ 34,867	$ 38,271
Current Loans	5,059,536	4,937,705
Total Loans	5,094,403	4,975,976
Accruing Loans 90 Days or More Past Due	2,663	1,916
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	5,591	5,967
Current Loans	649,600	620,654
Total Loans	655,191	626,621
Accruing Loans 90 Days or More Past Due	117
Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,413	2,918
Current Loans	1,179,092	1,143,210
Total Loans	1,180,505	1,146,128
Accruing Loans 90 Days or More Past Due	177
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	4,329	3,794
Current Loans	330,046	324,908
Total Loans	334,375	328,702
Accruing Loans 90 Days or More Past Due	384	430
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	7,466	4,819
Current Loans	849,448	822,685
Total Loans	856,914	827,504
Accruing Loans 90 Days or More Past Due	150	612
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	4,669	5,155
Current Loans	1,360,458	1,278,499
Total Loans	1,365,127	1,283,654
Accruing Loans 90 Days or More Past Due	454	282
Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,856	3,115
Current Loans	342,684	323,747
Total Loans	345,540	326,862
Accruing Loans 90 Days or More Past Due	232	325
Other Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,486	658
Current Loans	142,387	141,251
Total Loans	143,873	141,909
Accruing Loans 90 Days or More Past Due	183
Acquired Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	7,057	11,845
Current Loans	205,821	282,751
Total Loans	212,878	294,596
Accruing Loans 90 Days or More Past Due	966	267
30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	16,393	23,235
30 to 59 Days Past Due [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	4,203	5,114
30 to 59 Days Past Due [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,088	2,772
30 to 59 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,583	2,448
30 to 59 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,218	1,728
30 to 59 Days Past Due [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,652	3,620
30 to 59 Days Past Due [Member] | Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,846	1,991
30 to 59 Days Past Due [Member] | Other Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	220	322
30 to 59 Days Past Due [Member] | Acquired Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,583	5,240
60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	5,375	4,881
60 to 89 Days Past Due [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	852	810
60 to 89 Days Past Due [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans		32
60 to 89 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	760	653
60 to 89 Days Past Due [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	340	292
60 to 89 Days Past Due [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	918	702
60 to 89 Days Past Due [Member] | Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	540	565
60 to 89 Days Past Due [Member] | Other Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	1,083	158
60 to 89 Days Past Due [Member] | Acquired Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	882	1,669
90 Days and Greater [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	13,099	10,155
90 Days and Greater [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	536	43
90 Days and Greater [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	325	114
90 Days and Greater [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	986	693
90 Days and Greater [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	4,908	2,799
90 Days and Greater [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	2,099	833
90 Days and Greater [Member] | Consumer Non-real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	470	559
90 Days and Greater [Member] | Other Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	183	178
90 Days and Greater [Member] | Acquired Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due Loans	$ 3,592	$ 4,936

XML

Loans and Allowance for Loan Losses - Impaired Loans Segregated by Class of Loans (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 48,176	$ 50,032
Recorded Investment with Allowance	37,069	38,257
Related Allowance	4,792	3,861
Average Recorded Investment	38,590	47,117
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	8,051	7,126
Recorded Investment with Allowance	7,933	6,933
Related Allowance	239	202
Average Recorded Investment	7,662	7,739
Real Estate [Member] | Non-residential Real Estate Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	1,687	949
Recorded Investment with Allowance	1,422	757
Related Allowance	190	50
Average Recorded Investment	1,615	6,057
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	2,427	1,789
Recorded Investment with Allowance	2,151	1,545
Related Allowance	183	127
Average Recorded Investment	1,964	1,650
Real Estate [Member] | Residential Real Estate All Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	6,629	7,177
Recorded Investment with Allowance	6,350	6,862
Related Allowance	3,081	2,433
Average Recorded Investment	6,529	7,154
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	18,389	18,507
Recorded Investment with Allowance	10,842	10,977
Related Allowance	931	881
Average Recorded Investment	10,944	12,140
Consumer Non-real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	781	928
Recorded Investment with Allowance	672	829
Related Allowance	149	131
Average Recorded Investment	691	846
Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	659	710
Recorded Investment with Allowance	455	490
Related Allowance	17	35
Average Recorded Investment	322	481
Acquired Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	9,553	12,846
Recorded Investment with Allowance	7,244	9,864
Related Allowance	2	2
Average Recorded Investment	$ 8,863	$ 11,050

XML

Loans and Allowance for Loan Losses - Internal Loan Grading by Class of Loans (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 5,094,403	$ 4,975,976
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	655,191	626,621
Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	1,180,505	1,146,128
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	334,375	328,702
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	856,914	827,504
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	1,365,127	1,283,654
Consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	345,540	326,862
Other Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	143,873	141,909
Acquired Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	212,878	294,596
Grade 1 [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	4,018,689	3,902,046
Grade 1 [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	457,211	451,059
Grade 1 [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	950,058	932,454
Grade 1 [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	281,593	279,870
Grade 1 [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	669,269	644,217
Grade 1 [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	1,077,429	1,000,089
Grade 1 [Member] | Consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	320,278	302,217
Grade 1 [Member] | Other Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	138,414	136,132
Grade 1 [Member] | Acquired Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	124,437	156,008
Grade 2 [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	934,713	948,216
Grade 2 [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	171,239	157,715
Grade 2 [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	202,397	188,341
Grade 2 [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	43,479	39,806
Grade 2 [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	167,518	162,003
Grade 2 [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	252,175	264,134
Grade 2 [Member] | Consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	21,955	21,600
Grade 2 [Member] | Other Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	4,160	5,542
Grade 2 [Member] | Acquired Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	71,790	109,075
Grade 3 [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	121,776	103,111
Grade 3 [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	25,491	16,949
Grade 3 [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	27,291	25,146
Grade 3 [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	7,242	7,401
Grade 3 [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	14,375	15,232
Grade 3 [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	33,630	15,128
Grade 3 [Member] | Consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	2,707	2,255
Grade 3 [Member] | Other Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	1,289	116
Grade 3 [Member] | Acquired Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	9,751	20,884
Grade 4 [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	18,893	22,258
Grade 4 [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	1,250	898
Grade 4 [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	759	187
Grade 4 [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	2,061	1,625
Grade 4 [Member] | Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	5,752	6,052
Grade 4 [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	1,893	4,303
Grade 4 [Member] | Consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	565	790
Grade 4 [Member] | Other Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	10	119
Grade 4 [Member] | Acquired Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	6,603	8,284
Grade 5 [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	332	345
Grade 5 [Member] | Consumer Non-real Estate [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	35
Grade 5 [Member] | Acquired Loans [Member]
Financing Receivable Recorded Investment [Line Items]
Total loans	$ 297	$ 345

XML

Loans and Allowance for Loan Losses - Activity in ALL by Class of Loans (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	$ 52,915	$ 51,550	$ 51,389	$ 51,666
Charge- offs	(585)	(672)	(928)	(1,271)
Recoveries	345	97	530	266
Net charge- offs	(240)	(575)	(398)	(1,005)
Provisions charged to operations	2,433	1,225	4,117	1,539
Balance at end of period	55,108	52,200	55,108	52,200
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	6,655	6,650	6,328	6,195
Charge- offs	(3)		(9)	(19)
Recoveries			1	1
Net charge- offs	(3)		(8)	(18)
Provisions charged to operations	235	(224)	567	249
Balance at end of period	6,887	6,426	6,887	6,426
Real Estate [Member] | Non-residential Real Estate Other [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	11,362	10,548	11,027	10,519
Charge- offs	(16)		(22)	(1)
Recoveries	1		1	39
Net charge- offs	(15)		(21)	38
Provisions charged to operations	(60)	157	281	148
Balance at end of period	11,287	10,705	11,287	10,705
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	3,261	3,281	3,261	3,226
Charge- offs	(4)	(6)	(67)	(62)
Recoveries	4	23	9	26
Net charge- offs		17	(58)	(36)
Provisions charged to operations	64	9	122	117
Balance at end of period	3,325	3,307	3,325	3,307
Real Estate [Member] | Residential Real Estate All Other [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	11,046	9,831	10,673	9,672
Charge- offs	(143)	(151)	(195)	(241)
Recoveries	25	3	27	6
Net charge- offs	(118)	(148)	(168)	(235)
Provisions charged to operations	793	440	1,216	686
Balance at end of period	11,721	10,123	11,721	10,123
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	14,409	14,785	13,151	15,334
Charge- offs	(87)	(153)	(157)	(309)
Recoveries	85	10	152	23
Net charge- offs	(2)	(143)	(5)	(286)
Provisions charged to operations	825	427	2,086	21
Balance at end of period	15,232	15,069	15,232	15,069
Consumer Non-real Estate [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	3,072	2,699	3,065	2,793
Charge- offs	(162)	(194)	(282)	(444)
Recoveries	38	44	109	124
Net charge- offs	(124)	(150)	(173)	(320)
Provisions charged to operations	286	290	342	366
Balance at end of period	3,234	2,839	3,234	2,839
Other Loans [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	2,408	2,336	2,423	2,481
Charge- offs		(2)		(2)
Recoveries	43	12	78	24
Net charge- offs	43	10	78	22
Provisions charged to operations	(2)	(18)	(52)	(175)
Balance at end of period	2,449	2,328	2,449	2,328
Acquired Loans [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Balance at beginning of period	702	1,420	1,461	1,446
Charge- offs	(170)	(166)	(196)	(193)
Recoveries	149	5	153	23
Net charge- offs	(21)	(161)	(43)	(170)
Provisions charged to operations	292	144	(445)	127
Balance at end of period	$ 973	$ 1,403	$ 973	$ 1,403

XML

Loans and Allowance for Loan Losses - Allowance for Loan Losses Outstanding by Impairment Methodology (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	$ 10,871	$ 8,259
Collectively evaluated for impairment	44,237	43,130
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	1,003	669
Collectively evaluated for impairment	5,884	5,659
Real Estate [Member] | Non-residential Real Estate Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	1,055	1,119
Collectively evaluated for impairment	10,232	9,908
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	508	505
Collectively evaluated for impairment	2,817	2,756
Real Estate [Member] | Residential Real Estate All Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	4,189	3,413
Collectively evaluated for impairment	7,532	7,260
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	3,679	2,114
Collectively evaluated for impairment	11,553	11,037
Consumer Non-real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	427	374
Collectively evaluated for impairment	2,807	2,691
Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	10	65
Collectively evaluated for impairment	2,439	2,358
Acquired Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collectively evaluated for impairment	$ 973	$ 1,461

XML

Loans and Allowance for Loan Losses - Loans Outstanding by Impairment Methodology (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	$ 137,457	$ 118,356
Collectively evaluated for impairment	4,954,693	4,850,240
Loans Acquired with Deteriorated Credit Quality [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans acquired with deteriorated credit quality	2,253	7,380
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	26,741	17,846
Collectively evaluated for impairment	628,450	608,775
Real Estate [Member] | Non-residential Real Estate Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	28,050	25,333
Collectively evaluated for impairment	1,152,455	1,120,795
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	9,303	9,026
Collectively evaluated for impairment	325,072	319,676
Real Estate [Member] | Residential Real Estate All Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	20,127	21,285
Collectively evaluated for impairment	836,787	806,219
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	35,523	19,432
Collectively evaluated for impairment	1,329,604	1,264,222
Consumer Non-real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	3,304	3,093
Collectively evaluated for impairment	342,236	323,769
Other Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	10	209
Collectively evaluated for impairment	143,863	141,700
Acquired Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated for impairment	14,399	22,132
Collectively evaluated for impairment	196,226	265,084
Acquired Loans [Member] | Loans Acquired with Deteriorated Credit Quality [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans acquired with deteriorated credit quality	$ 2,253	$ 7,380

XML

Loans and Allowance for Loan Losses - Transfers from Loans and Premises and Equipment to Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Noncash Investing And Financing Items [Abstract]
Other real estate owned	$ 2,010	$ 1,123
Repossessed assets	627	550
Total	$ 2,637	$ 1,673

XML

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 31,994	$ 32,003
Accumulated Amortization	(17,058)	(15,533)
Net Carrying Amount	14,936	16,470
Core Deposit Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,907	25,907
Accumulated Amortization	(12,456)	(11,113)
Net Carrying Amount	13,451	14,794
Customer Relationship Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,699	5,699
Accumulated Amortization	(4,289)	(4,115)
Net Carrying Amount	1,410	1,584
Mortgage Servicing Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	388	397
Accumulated Amortization	(313)	(305)
Net Carrying Amount	$ 75	$ 92

XML

Intangible Assets - Summary of Goodwill by Business Segment (Detail) $ in Thousands	Jun. 30, 2019 USD ($)
Goodwill [Line Items]
Balance at beginning of period	$ 79,749
Balance at end of period	79,749
Metropolitan Banks [Member]
Goodwill [Line Items]
Balance at beginning of period	13,767
Balance at end of period	13,767
Community Banks [Member]
Goodwill [Line Items]
Balance at beginning of period	59,894
Balance at end of period	59,894
Other Financial Services [Member]
Goodwill [Line Items]
Balance at beginning of period	5,464
Balance at end of period	5,464
Executive, Operations & Support [Member]
Goodwill [Line Items]
Balance at beginning of period	624
Balance at end of period	$ 624

XML

Leases - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019
Leases [Abstract]
Rent expense for operating leases	$ 343,000	$ 395,000	$ 700,000	$ 776,000
Right of use lease asset	$ 5,300,000		$ 5,300,000		$ 4,300,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	banf:AccruedInterestReceivableAndOtherAssetsMember		banf:AccruedInterestReceivableAndOtherAssetsMember
Operating lease liability	$ 5,200,000		$ 5,200,000		$ 4,300,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	banf:AccruedInterestPayableAndOtherLiabilitiesMember		banf:AccruedInterestPayableAndOtherLiabilitiesMember
Operating lease weighted-average remaining lease term	4 years 6 months		4 years 6 months
Operating lease weighted-average discount rate	3.60%		3.60%
Operating lease revenue	$ 1,500,000		$ 3,100,000

XML

Leases - Schedule of Maturity of Operating Lease Liabilities (Detail) $ in Thousands	Jun. 30, 2019 USD ($)
Leases [Abstract]
2019 (six months)	$ 55
2020	829
2021	114
2022	1,542
2023	636
Thereafter	2,072
Operating Lease Liability	$ 5,248

XML

Leases - Scheduled of Minimum Future Contractual Rent To be Received Under The Remaining Non-Cancelable Term of Operating Leases (Detail) $ in Thousands	Jun. 30, 2019 USD ($)
Leases [Abstract]
2019 (six months)	$ 2,129
2020	2,681
2021	1,788
2022	1,141
2023	681
2024	75
Total Future Minimum Lease Payments	$ 8,495

XML

Stock-Based Compensation - Additional Information (Detail) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Deferred board fees percentage for stock units accumulation	100.00%
Nonqualified Incentive Stock Option Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period in years	7 years
Nonqualified Incentive Stock Option Plan [Member] | Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares to be issued under incentive stock option plan	6,484,530
Shares for future grants	350,000
Stock option plan termination date	Dec. 31, 2024
Option exercisable rate	25.00%
Option exercisable period	4 years
Options expire period	15 years
Share based compensation options exercisable period	2026
Vesting period in years, start	4 years
Options vest and exercisable Description	The options vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years. Options expire at the end of fifteen years from the date of grant
Nonqualified Incentive Stock Option Plan [Member] | Stock Option [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price percentage to fair value at grant date	100.00%
Non-Employee Directors Stock Option Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares to be issued under incentive stock option plan	530,000
Shares for future grants	50,000
Stock option plan termination date	Dec. 31, 2024
Option exercisable rate	25.00%
Option exercisable period	1 year
Options expire period	15 years
Share based compensation options exercisable period	2023
Options vest and exercisable Description	The options vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years
Number of options granted for non-employee director	10,000
Vesting period in years	4 years
Non-Employee Directors Stock Option Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price percentage to fair value at grant date	100.00%
Banc First Deferred Stock Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option plan termination date	Dec. 31, 2024
Number of shares authorized for issuance under deferred compensation plan	244,148
Number of shares of common stock distributed	8,362	3,891

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Stock-Based Compensation - Summary of Activity Under Stock Option Plan (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Outstanding at beginning period - Options | shares	1,216,700
Options granted | shares	40,000
Options exercised | shares	(27,300)
Options canceled, forfeited, or expired | shares	(22,500)
Outstanding at ending period - Options | shares	1,206,900
Exercisable at ending period - Options | shares	648,400
Outstanding at beginning period - Wgtd. Avg. Exercise Price | $ / shares	$ 28.48
Options granted - Wgtd. Avg. Exercise Price | $ / shares	55.38
Options exercised - Wgtd. Avg. Exercise Price | $ / shares	22.37
Options cancelled, forfeited, or expired - Wgtd. Avg. Exercise Price | $ / shares	51.83
Outstanding at ending period - Wgtd. Avg. Exercise Price | $ / shares	29.07
Exercisable at ending period - Wgtd. Avg. Exercise Price | $ / shares	$ 22.49
Outstanding at ending period - Wgtd. Avg. Remaining Contractual Term, years	9 years 2 months 12 days
Exercisable at ending period - Wgtd. Avg. Remaining Contractual Term, years	7 years 29 days
Outstanding at ending period - Aggregate Intrinsic Value | $	$ 32,090
Exercisable at ending period - Aggregate Intrinsic Value | $	$ 21,506

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Stock-Based Compensation - Options Exercised Under Stock Option Plan (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract]
Total intrinsic value of options exercised	$ 759	$ 967	$ 904	$ 3,827
Cash received from options exercised	455	411	611	1,644
Tax benefit realized from options exercised	$ 193	$ 246	$ 230	$ 975

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Stock-Based Compensation - Stock-Based Employee Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Labor And Related Expense [Abstract]
Stock-based compensation expense	$ 367	$ 322	$ 541	$ 628
Tax benefit	94	82	138	160
Stock-based compensation expense, net of tax	$ 273	$ 240	$ 403	$ 468

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Stock-Based Compensation - Unearned Stock-based Compensation Expense (Detail) $ in Thousands	Jun. 30, 2019 USD ($)
Share Based Compensation [Abstract]
Unearned stock-based compensation expense	$ 3,198

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Stock-Based Compensation - Assumptions Used for Computing Stock-Based Compensation Expense (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Weighted average grant-date fair value per share of options granted	$ 13.67	$ 13.98
Risk-free interest rate, minimum	2.62%	2.55%
Risk-free interest rate, maximum	2.76%	2.92%
Dividend yield	2.00%	2.00%
Stock price volatility, minimum	22.93%	23.05%
Stock price volatility, maximum	22.96%	23.29%
Expected term	10 years	10 years

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Stock - Based Compensation - Summary of Accumulated Stock Units (Detail) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Accumulated stock units	139,862	143,347
Average price	$ 26.19	$ 24.91

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Stockholders' Equity - Summary of Shares Repurchased Under Stock Purchase Program (Detail) - shares	Jun. 30, 2019	Jun. 30, 2018
Summary Of Shares Repurchased Under Stock Purchase Program [Abstract]
Shares remaining to be repurchased	148,736	300,000

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Stockholders' Equity - Required Capital Amounts and Company's Respective Ratios (Detail) $ in Thousands	Jun. 30, 2019 USD ($)
Parent Company [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Capital Amount	$ 939,223
Total Capital To Risk Weighted Assets Actual Ratio	16.71%
Capital Required For Capital Adequacy Amount	$ 449,674
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio	8.00%
Capital With Capital Conservation Buffer Amount	$ 590,197
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio	10.50%
Common Equity Tier 1 Risk Based Capital Amount	$ 858,115
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	15.27%
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 252,942
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	4.50%
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 393,465
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	7.00%
Tier 1 Risk Based Capital Amount	$ 884,115
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	15.73%
Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 337,256
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	6.00%
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 477,779
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	8.50%
Tier 1 Capital Amount	$ 884,115
Tier 1 Capital To Average Assets Ratio	11.64%
Tier 1 Capital Required For Capital Adequacy Amount	$ 303,864
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio	4.00%
BancFirst [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Capital Amount	$ 813,627
Total Capital To Risk Weighted Assets Actual Ratio	14.50%
Capital Required For Capital Adequacy Amount	$ 448,824
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio	8.00%
Capital With Capital Conservation Buffer Amount	$ 589,082
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio	10.50%
Capital Required To Be Well Capitalized Amount	$ 561,030
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	10.00%
Common Equity Tier 1 Risk Based Capital Amount	$ 738,519
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	13.16%
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 252,464
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	4.50%
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 392,721
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	7.00%
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized Amount	$ 364,670
Common Equity Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	6.50%
Tier 1 Risk Based Capital Amount	$ 758,519
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio	13.52%
Tier 1 Risk Based Capital Required For Capital Adequacy Amount	$ 336,618
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio	6.00%
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount	$ 476,876
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio	8.50%
Tier 1 Risk Based Capital Required To Be Well Capitalized Amount	$ 448,824
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio	8.00%
Tier 1 Capital Amount	$ 758,519
Tier 1 Capital To Average Assets Ratio	10.01%
Tier 1 Capital Required For Capital Adequacy Amount	$ 303,252
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio	4.00%
Tier 1 Capital Required To Be Well Capitalized Amount	$ 379,065
Tier 1 Capital Required To Be Well Capitalized To Average Assets Ratio	5.00%

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Stockholders' Equity - Additional Information (Detail)	Jun. 30, 2019 USD ($)
Maximum [Member]
Stockholders Equity [Line Items]
Quantitative limit for trust preferred securities to be included in tier 1 capital	$ 15,000,000,000

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Net Income Per Common Share - Basic and Diluted Net Income Per Common Share Based on Weighted-average Shares Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share Reconciliation [Abstract]
Income available to common stockholders	$ 34,167	$ 30,586	$ 66,004	$ 60,206
Income available to common stockholders plus assumed exercises of stock options	$ 34,167	$ 30,586	$ 66,004	$ 60,206
Income available to common stockholders - Shares	32,629,146	32,716,350	32,620,819	32,645,693
Dilutive effect of stock options - Shares	688,047	742,207	685,610	744,269
Income available to common stockholders plus assumed exercises of stock options - Shares	33,317,193	33,458,557	33,306,429	33,389,962
Income available to common stockholders - Per Share Amount	$ 1.04	$ 0.93	$ 2.02	$ 1.84
Income available to common stockholders plus assumed exercises of stock options - Per Share Amount	$ 1.02	$ 0.91	$ 1.98	$ 1.80

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Net Income Per Common Share - Options Excluded From Computation of Diluted Net Income Per Common Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Abstract]
Shares	158,500	85,802	169,301	117,696

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Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 423,157	$ 770,704
Derivative assets	19	252
Derivative liabilities	17	238
U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	358,634	697,466
U.S. Federal Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	26,155	29,919
Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	15,219	15,908
States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	23,149	27,411
Level 1 Inputs [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	358,634	697,466
Level 2 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	19	252
Derivative liabilities	17	238
Level 2 Inputs [Member] | U.S. Federal Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	26,155	29,919
Level 2 Inputs [Member] | Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	2,164	2,465
Level 2 Inputs [Member] | States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	23,149	27,411
Level 3 Inputs [Member] | Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 13,055	$ 13,443

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Fair Value Measurements - Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Calculation Roll Forward
Balance at the beginning of the year	$ 13,443	$ 14,467
Settlements	(396)	(1,037)
Total unrealized (losses) gains	8	13
Balance at the end of the period	$ 13,055	$ 13,443

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Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument Fair Value Disclosure [Abstract]
Transfer of securities between levels of fair value hierarchy	$ 0	$ 0
Days from origination after which mortgage loans are sold			30 days
Amount of non-financial assets (liabilities) measured at fair value on a recurring basis			$ 0	$ 0
Non-financial assets or liabilities for which no impairment was provided			$ 0	$ 0

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Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level 3 [Member] - Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Equity Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total Fair Value	$ 9,099	$ 7,521
Impaired Loans (Less Specific Allowance) [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total Fair Value	32,277	34,396
Repossessed Assets [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total Fair Value	201	183
Other Real Estate Owned [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total Fair Value	$ 1,759	$ 4,683

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Fair Value Measurements - Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
FINANCIAL ASSETS
Securities held for investment, Carrying Amount	$ 1,997	$ 1,428
Loans, net of allowance for loan losses, Carrying Amount	5,039,295	4,924,587
Securities held for investment, Fair Value	2,003	1,433
Loans held for sale, Fair Value	10,899	8,174
FINANCIAL LIABILITIES
Deposits, Carrying Amount	6,613,613	6,605,495
Short-term borrowings, Carrying Amount	1,000	1,675
Junior subordinated debentures, Carrying Amount	26,804	26,804
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments, Fair Value	2,277	2,158
Letters of credit, Fair Value	414	421
Level 2 Inputs [Member]
FINANCIAL ASSETS
Cash and cash equivalents, Carrying Amount	1,704,438	1,424,255
Securities held for investment, Carrying Amount	1,497	928
Loans held for sale, Carrying Amount	10,899	8,174
Cash and cash equivalents, Fair Value	1,704,438	1,424,255
Securities held for investment, Fair Value	1,503	933
Loans held for sale, Fair Value	10,899	8,174
FINANCIAL LIABILITIES
Deposits, Carrying Amount	6,613,613	6,605,495
Short-term borrowings, Carrying Amount	1,000	1,675
Junior subordinated debentures, Carrying Amount	26,804	26,804
Deposits, Fair Value	6,729,518	6,713,542
Short-term borrowings, Fair Value	1,000	1,675
Junior subordinated debentures, Fair Value	28,777	29,549
Level 3 Inputs [Member]
FINANCIAL ASSETS
Securities held for investment, Carrying Amount	500	500
Loans, net of allowance for loan losses, Carrying Amount	5,039,295	4,924,587
Securities held for investment, Fair Value	500	500
Loans, net of allowance for loan losses, Fair Value	$ 5,052,074	$ 4,901,159

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Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019 Business_Unit
Segment Reporting [Abstract]
Number of principal business units	4

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Segment Information - Results of Operations and Selected Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net interest income	$ 68,792	$ 64,880	$ 135,695	$ 127,915
Noninterest income	34,077	30,437	66,078	60,547
Income before taxes	43,828	39,836	84,842	76,777
Total Assets	7,642,021		7,642,021		$ 7,574,258
Operating Segments [Member] | Metropolitan Banks [Member]
Segment Reporting Information [Line Items]
Net interest income	21,438	21,084	42,791	41,388
Noninterest income	4,635	4,184	8,844	8,125
Income before taxes	14,866	14,883	30,235	29,619
Total Assets	2,795,525		2,795,525		2,743,876
Operating Segments [Member] | Community Banks [Member]
Segment Reporting Information [Line Items]
Net interest income	44,775	42,068	88,182	83,450
Noninterest income	16,243	14,832	31,128	28,785
Income before taxes	30,041	27,942	58,086	54,290
Total Assets	4,981,139		4,981,139		4,892,946
Operating Segments [Member] | Other Financial Services [Member]
Segment Reporting Information [Line Items]
Net interest income	1,411	1,358	2,582	2,833
Noninterest income	10,105	8,896	19,978	18,520
Income before taxes	5,572	4,028	10,071	9,071
Total Assets	45,972		45,972		84,706
Operating Segments [Member] | Executive, Operations & Support [Member]
Segment Reporting Information [Line Items]
Net interest income	1,168	370	2,140	244
Noninterest income	37,917	33,609	73,438	65,803
Income before taxes	27,590	23,622	52,613	43,537
Total Assets	883,471		883,471		861,782
Eliminations [Member]
Segment Reporting Information [Line Items]
Noninterest income	(34,823)	(31,084)	(67,310)	(60,686)
Income before taxes	(34,241)	$ (30,639)	(66,163)	$ (59,740)
Total Assets	$ (1,064,086)		$ (1,064,086)		$ (1,009,052)