<SEC-DOCUMENT>0001144204-14-046429.txt : 20140926
<SEC-HEADER>0001144204-14-046429.hdr.sgml : 20140926
<ACCEPTANCE-DATETIME>20140801155520
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-14-046429
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140801

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCFIRST CORP /OK/
		CENTRAL INDEX KEY:			0000760498
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				731221379
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		101 N BROADWAY STE 200
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102-8401
		BUSINESS PHONE:		4052701000

	MAIL ADDRESS:	
		STREET 1:		101 NORTH BROADWAY
		STREET 2:		STE 200
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102-8401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED COMMUNITY CORP
		DATE OF NAME CHANGE:	19890401
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="Description: BF logo with state sml.tif" STYLE="height: 114px; width: 230px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Randy Foraker</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President, Interim Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And Chief Risk Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BancFirst Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">101 North Broadway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oklahoma City, Oklahoma 73102</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 30, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-4720</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Gus Rodriguez, Accounting Branch Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: BancFirst Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form 10-K for fiscal year ended December 31, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed March 14, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">File Number 000-14384</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Rodriguez:<BR>
<BR>
BancFirst Corporation (the &ldquo;Company&rdquo;) appreciates the Division&rsquo;s review and is pleased to respond to your letter
dated June 30, 2014, concerning its Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2013 (the &ldquo;Comment
Letter&rdquo;).&nbsp;&nbsp;To facilitate the Staff&rsquo;s review, we have included in this letter the captions and numbered comments
from the Comment Letter in bold text and have provided our responses immediately following each numbered comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acknowledges that (1) the Company
is responsible for the adequacy and accuracy of the disclosure in its filing; (2) staff comments or changes to disclosure in response
to staff comments do not foreclose the Commission from taking any action with respect to the filing; and (3) the Company may not
assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws
of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 10-K</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Loans, page 36</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Please provide us and revise future filings to include a discussion of your policies and procedures for underwriting loans
by loan portfolio category, lending within each category (e.g., real estate &ndash; farmland, multi-family, commercial) and by
major loan products within each category. For instance, it is not clear from your current disclosures whether or not the real estate
&ndash; one to four family category includes second liens (home equity lines of credit and home equity loans) or if it includes
only first liens. Your discussions should clarify how your underwriting policies and procedures capture risks associate with, for
example, variable rate loans and second liens where the first lien is owned by another entity. Also, please clarify if you have
any hybrid loans (e.g. interest only, negative amortization) in your portfolio</B><BR>
<BR>
<I>Response:</I> The lending function is governed by written policies and procedures, as determined by senior management and approved
by the Board of Directors.&nbsp;&nbsp; The policies and procedures set the standards for lending in each major loan category by
collateral type and use of loan proceeds.&nbsp; The objectives of these policies and procedures are to identify profitable markets,
determine appropriate risk tolerance levels for each type of loan, establish limits for loan officer approval, set concentration
limits, establish loan-to-value thresholds, set repayment terms and loan structure guidelines and adhere to documentation requirements.&nbsp;
Interest rate risk is controlled by the use of variable rate provisions, the vast majority of which have a rate floor, limits on
fixing rates for longer periods, and strict adherence to the original amortization terms in a rising interest rate environment.<BR>
<BR>
One to four family residential real estate loans are made in accordance with underwriting policies we believe to be conservative
and are fully documented.&nbsp;Credit scoring is assessed based on significant credit characteristics including credit history,
residential and employment stability. These loans include first liens, junior liens and home equity lines of credit. The composition
of this portfolio is primarily fist liens, which comprise more than 80% of the portfolio, with junior liens comprising less than
15%, and home equity lines of credit comprising less than 5%.&nbsp; The bank does not engage in any hybrid loan programs.&nbsp;
In addition, the bank does not have any exposure to loans with negative amortization, interest rate carryover or discounting of
the initial rates (teaser rates).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We will revise our future filings beginning with the
Company&rsquo;s Form 10-K for the Fiscal Year Ended December 31, 2014, to include the above discussion in our loan policies and
procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Please revise the table that presents maturity and rate sensitivity of loans in future filings to incorporate your entire
portfolio. We note that rate variability for real estate &ndash; one to four family loans can be significant and it appears that
increased transparency of your exposure to these risks may be appropriate.</B><BR>
<BR>
<I>Response: </I>We will include in our future filings, beginning with the Company&rsquo;s Form 10-K for the Fiscal Year Ended
December 31, 2014, a revised table that presents maturity and rate sensitivity of loans for our entire loan portfolio.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Financial Statements and Supplementary Financial Data</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Note1. Description of Business and Summary of Significant
Accounting Policies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Loans Held for Sale, page 53</U><BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Please tell us and revise future filings to disclose the extent to which you are exposed to repurchase obligations for sold
loans and whether you have recorded a related reserve. Clarify whether any such obligations are for general representation and
warranties, for fraud related matters, or otherwise and when they expire. Quantify the amount of total loans sold that are subject
to repurchase and the activity in the related reserve, as applicable.</B><BR>
<BR>
<I>Response</I>: The Company does not sell residential mortgage loans with recourse other than obligations under standard representations
and warranties or fraud.&nbsp;These obligations relate to loan performance for the life of the loan. The amount of loans repurchased
since the inception of the program is not considered to be material, and therefore, no reserve has been required.<BR>
<BR>
We will revise our future filings beginning with the Company&rsquo;s Form 10-K for the Fiscal Year Ended December 31, 2014, by
making such statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Note 5. Loans and Allowance for Loan Losses, page 62<BR>
</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Please tell us and revise future filings to include disclosures of the risks and uncertainties of your loan portfolio by
reference to ASC 310-10-50.</B><BR>
<BR>
There are inherent risks associated with the Company&rsquo;s lending activities. These risks include, among other things, the impact
of changes in interest rates and changes in the economic conditions in the markets where the Company operates. Increases in interest
rates and/or weakening economic conditions could adversely impact the ability of borrowers to repay outstanding loans or the value
of the collateral securing these loans. The Company is also subject to various laws and regulations that affect its lending activities.
Failure to comply with applicable laws and regulations could subject the Company to regulatory enforcement action that could result
in the assessment of significant civil money penalties against the Company. As a lender, we face the risk that a significant number
of our borrowers will fail to pay their loans when due. If borrower defaults cause losses in excess of our allowance for loan losses,
it could have an adverse effect on our business, profitability, and financial condition.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Loans secured by real estate, including farmland,
multifamily, commercial, one to four family residential and construction and development loans, have been a large portion of the
Company&rsquo;s loan portfolio. The Company is subject to risk of future market fluctuations in property values relating to these
loans. In addition, because multi-family and commercial real estate (&ldquo;CRE&rdquo;) loans represent the majority of our real
estate loans outstanding, a decline in tenant occupancy due to such factors or for other reasons could adversely impact the ability
of our borrowers to repay their loans on a timely basis, which could have a negative impact on our financial condition and results
of operation. The Company attempts to manage this risk through rigorous loan underwriting standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">During the ordinary course of business, we may foreclose
on and take title to properties securing certain loans. In doing so, there is a risk that hazardous or toxic substances could be
found on these properties. If hazardous or toxic substances are found, we may be liable for remediation costs, as well as for personal
injury and property damage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We will revise our future filings beginning with the
Company&rsquo;s Form 10-K for the Fiscal Year Ended December 31, 2014, to include in Note 5 of the Notes to Consolidated Financial
Statements the above discussion related to risks and uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Please revise the table of the analysis of past due loans in future filings to disaggregate the 30-89 day category by reference
to ASC 310-10-50. Absent the disaggregation, it does not appear possible to see and understand how past due loans are migrating
in delinquency across the categories.</B><BR>
<BR>
<I>Response</I>: We agree with your comment and will revise our future filings to disaggregate the 30-59 and 60-89 day categories
beginning with Form 10-K for the Fiscal Year Ended December 31, 2014.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you for your consideration in this
matter. Please contact me at (405) 270-1044 should you require further information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">Very truly yours</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>/s/ Randy Foraker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Randy Foraker, Executive
Vice President, Interim Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">and Chief Risk Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><font style="font-family: Times New Roman, Times, Serif">cc:</font></td>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><font style="font-family: Times New Roman, Times, Serif">David E. Rainbolt</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><font style="font-family: Times New Roman, Times, Serif">Chief Executive Officer, BancFirst Corporation</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
