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Stockholders' Equity
 12 Months Ended
Dec. 31, 2012
Stockholders' Equity [Abstract]  
STOCKHOLDERS' EQUITY

(15) STOCKHOLDERS’ EQUITY

As of December 31, 2012, 2011 and 2010 the Company’s authorized and outstanding preferred and common stock was as follows:

 

                                                 
    No. of Shares
Authorized at
December 31,
2012		     No. of Shares Outstanding at December 31,                

Class of Stock

             2012                     2011                     2010             Par Value
Per Share		     Dividends   Voting
Rights

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       15,242,308       15,117,430       15,368,717     $ 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, 2012, 2011 and 2010 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.

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

 

                         
    Year Ended December 31,  
    2012     2011     2010  

Number of shares repurchased

     6,787       302,149       16,500  

Average price of shares repurchased

   $ 37.70     $ 35.74     $ 36.69  

Shares remaining to be repurchased

     234,964       241,751       543,900  

The Company’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, 2013, approximately $61.0 million of the equity of BancFirst was available for dividend payments to the Company.

During any deferral period or any event of default on the Junior Subordinated Debentures, the Company 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, 2012, 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, 2012:

                                                

Total Capital

                                                

(to Risk Weighted Assets)-

                                                

BancFirst Corporation

   $ 522,095       14.36 %    $ 290,882       8.00 %      N/A       N/A  

BancFirst

     493,621       13.61 %      290,236       8.00 %    $ 362,795       10.00 % 

Tier I Capital

                                                

(to Risk Weighted Assets)-

                                                

BancFirst Corporation

     483,370       13.29 %      145,441       4.00 %      N/A       N/A  

BancFirst

     454,896       12.54 %      145,118       4.00 %      217,677       6.00 % 

Tier I Capital

                                                

(to Total Assets)-

                                                

BancFirst Corporation

     483,370       8.10 %      180,728       3.00 %      N/A       N/A  

BancFirst

     454,896       7.63 %      180,137       3.00 %      300,228       5.00 % 

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, 2012, 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 have continued 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 materially change its category under capital requirements existing as of the report date.