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Stockholders' Equity
 12 Months Ended
Dec. 31, 2011
Stockholders' Equity [Abstract]  
Stockholders' Equity

(15) STOCKHOLDERS' EQUITY

As of December 31, 2011, 2010 and 2009, the Company's authorized and outstanding preferred and common stock, was as follows:

 

    No. of Shares
Authorized at
December 31,
2011		     No. of Shares Outstanding at December 31,     Par  Value
Share		     Dividends   Voting
Rights

Class of Stock

             2011                     2010                     2009                

Senior Preferred

     10,000,000        —          —          —        $ 1.00      As declared   Voting

10% Cumulative Preferred

     900,000        —          —          —        $ 5.00      As declared   Non-voting

Common

     20,000,000        15,117,430        15,368,717        15,308,741      $ 1.00      As declared   Voting

The following is a description of the capital stock of the Company:

(a) Senior Preferred Stock: No shares issued or outstanding. Shares may be issued with such voting, dividend, redemption, sinking fund, conversion, exchange, liquidation and other rights as shall be determined by the Company's Board of Directors, without approval of the stockholders. The Senior Preferred Stock would have a preference over common stock as to payment of dividends, as to the right to distribution of assets upon redemption of such shares or upon liquidation of the Company.

(b) 10% Cumulative Preferred Stock: Redeemable at the Company's option at $5.00 per share plus accumulated dividends; non-voting; cumulative dividends at the rate of 10% payable semi-annually on January 15 and July 15; no shares issued or outstanding.

(c) Common stock: At December 31, 2011, 2010 and 2009 the shares issued equaled shares outstanding.

 

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. At December 31, 2011 there were 241,751 shares remaining that could be repurchased under the SRP.

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

 

     Year Ended December 31,  
     2011      2010      2009  

Number of shares repurchased

      302,149        16,500        —     

Average price of shares repurchased

    $ 35.74      $ 36.69      $ —     

BancFirst Corporation's ability to pay dividends is dependent upon dividend payments received from BancFirst. Banking regulations limit bank dividends based upon net earnings retained and minimum capital requirements. Dividends in excess of these requirements require regulatory approval. At January 1, 2012, approximately $54.4 million of the equity of BancFirst was available for dividend payments to BancFirst Corporation.

During any deferral period or any event of default on the Junior Subordinated Debentures, BancFirst Corporation may not declare or pay any dividends on any of its capital stock.

 

The Company and BancFirst are subject to risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System and 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, as of December 31, 2011, that the Company and BancFirst met all capital adequacy requirements to which they are subject. The required capital amounts and the Company's and BancFirst's respective ratios are shown in the following table:

 

     Actual     For Capital
Adequacy
Purposes		     To Be Well
Capitalized Under
Prompt Corrective
Action Provisions		  
     Amount      Ratio     Amount      Ratio     Amount      Ratio  
     (Dollars in thousands)  

As of December 31, 2011:

                

Total Capital

                

(to Risk Weighted Assets)-

                

BancFirst Corporation

    $ 489,629         14.62 %    $ 267,937         8.00 %      N/A         N/A   

BancFirst

      459,978         14.25 %      258,209         8.00 %    $ 322,761         10.00 % 

Tier I Capital

                

(to Risk Weighted Assets)-

                

BancFirst Corporation

      451,973         13.49 %      133,969         4.00 %      N/A         N/A   

BancFirst

      422,429         13.09 %      129,104         4.00 %      193,656         6.00 % 

Tier I Capital

                

(to Total Assets)-

                

BancFirst Corporation

      451,973         8.14 %      168,410         3.00 %      N/A         N/A   

BancFirst

      422,429         7.88 %      162,234         3.00 %      270,390         5.00 % 

As of December 31, 2010:

                

Total Capital

                

(to Risk Weighted Assets)-

                

BancFirst Corporation

    $ 455,668         14.68 %    $ 248,379         8.00 %      N/A         N/A   

BancFirst

      435,083         14.57 %      238,913         8.00 %    $ 298,641         10.00 % 

Tier I Capital

                

(to Risk Weighted Assets)-

                

BancFirst Corporation

      419,923         13.53 %      124,190         4.00 %      N/A         N/A   

BancFirst

      399,344         13.37 %      119,456         4.00 %      179,184         6.00 % 

Tier I Capital

                

(to Total Assets)-

                

BancFirst Corporation

      419,923         8.39 %      151,807         3.00 %      N/A         N/A   

BancFirst

      399,344         8.37 %      144,256         3.00 %      240,427         5.00 % 

As of December 31, 2011, the most recent notification from the Federal Reserve Bank of Kansas City and the FDIC categorized BancFirst as "well capitalized" under the regulatory framework for prompt corrective action. To be well capitalized under Federal bank regulatory agency definitions, a depository institution must have a Tier 1 Ratio of at least 6%, a combined Tier 1 and Tier 2 Ratio of at least 10%, and a Leverage Ratio of at least 5%. The Company's trust preferred securities will continue to be included in Tier 1 capital as the Company's total assets do not exceed $10 billion. There are no conditions or events since the most recent notification of BancFirst's capital category that management believes would change its category.