As of December 31, 2019, 2018 and 2017 the Company’s authorized and outstanding preferred and common stock was as follows:

(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.

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 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, 2020, approximately $140.1 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, BancFirst and Pegasus Bank 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, BancFirst’s and Pegasus Bank’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 December 31, 2019, the Company, BancFirst and Pegasus Bank 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 December 31, 2019:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	910,561		14.42	%	$	505,050	8.00%	$	662,878		10.50	%	N/A		N/A
BancFirst		827,928		14.14	%		468,107	8.00%		614,390		10.50	%	$	585,134		10.00	%
Pegasus Bank		63,817		14.15	%		36,083	8.00%		47,359		10.50	%		45,104		10.00	%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	830,323		13.15	%	$	284,091	4.50%	$	441,919		7.00	%	N/A		N/A
BancFirst		753,659		12.88	%		263,310	4.50%		409,594		7.00	%	$	380,337		6.50	%
Pegasus Bank		60,214		13.35	%		20,297	4.50%		31,573		7.00	%		29,317		6.50	%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	856,323		13.56	%	$	378,788	6.00%	$	536,616		8.50	%	N/A		N/A
BancFirst		773,659		13.22	%		351,080	6.00%		497,364		8.50	%	$	468,107		8.00	%
Pegasus Bank		60,214		13.35	%		27,062	6.00%		38,338		8.50	%		36,083		8.00	%
Tier 1 Capital
(to Total Assets)-
BancFirst Corporation	$	856,323		10.28	%	$	333,171	4.00%	N/A		N/A			N/A		N/A
BancFirst		773,659		10.22	%		302,845	4.00%	N/A		N/A			$	378,556		5.00	%
Pegasus Bank		60,214		8.58	%		28,058	4.00%	N/A		N/A				35,072		5.00	%
As of December 31, 2018:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	886,190		16.29	%	$	435,208	8.00%	$	537,210		9.875	%	N/A		N/A
BancFirst		765,487		14.09	%		434,573	8.00%		536,426		9.875	%	$	543,216		10.00	%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	808,801		14.87	%	$	244,804	4.50%	$	346,806		6.375	%	N/A		N/A
BancFirst		694,098		12.78	%		244,447	4.50%		346,300		6.375	%	$	353,090		6.50	%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation	$	834,801		15.35	%	$	326,406	6.00%	$	428,408		7.875	%	N/A		N/A
BancFirst		714,098		13.15	%		325,930	6.00%		427,783		7.875	%	$	434,573		8.00	%
Tier 1 Capital
(to Total Assets)-
BancFirst Corporation	$	834,801		11.09	%	$	301,116	4.00%	N/A		N/A			N/A		N/A
BancFirst		714,098		9.49	%		300,855	4.00%	N/A		N/A			$	376,069		5.00	%

As of December 31, 2019, the most recent notification from the Federal Reserve Bank of Kansas City and the FDIC categorized BancFirst and Pegasus Bank as “well capitalized” under the prompt corrective action provisions. 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 notification of BancFirst and Pegasus Bank’s capital category that management believes would materially change its category under capital requirements existing as of the report date.