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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | (6) STOCK-BASED COMPENSATION On May 25, 2023, the shareholders of the Company adopted the BancFirst Corporation 2023 Restricted Stock Unit Plan (the "RSU Plan"). The RSU Plan was effective as of June 1, 2023 and for a period of ten years thereafter. The RSU Plan will continue in effect after such ten-year period until all matters relating to the payment of awards and administration of the RSU Plan have been settled. At March 31, 2024 there were 462,925 shares available for future grants. The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20% per year for five years. The RSUs are settled and distributed as of each vesting date. The fair value of each RSU granted is equal to the market price of the Company’s stock at the date of grant. The following table is a summary of the activity under the Company's RSU plan.
|  |  |  |  | Wgtd. Avg. |
|  | Restricted |  |  | Grant Date |
|  | Stock Units |  |  | Fair Value |
Three Months Ended March 31, 2024 |  |  |  |  |  |
Nonvested at December 31, 2023 |  |  | 32,075 |  |  | $ | 87.23 |
Granted |  |  | 6,500 |  |  |  | 88.49 |
Forfeited |  |  | (1,500 | ) |  |  | 83.61 |
Nonvested at March 31, 2024 |  |  | 37,075 |  |  |  | 87.59 |
The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999. As of March 31, 2024, there are 15,923 shares available for future issuance under the Deferred Stock Compensation Plan. The 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 5,022 and 17,392 shares of common stock distributed from the Deferred Stock Compensation Plan during the three months ended March 31, 2024 and 2023, respectively. A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:
|  | March 31, 2024 |  |  | December 31, 2023 |
Accumulated stock units |  |  | 116,816 |  |  |  | 119,575 |
Average price |  | $ | 41.58 |  |  | $ | 40.03 |
The Company terminated the BancFirst Corporation Stock Option Plan (the “Employee Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant. The Company terminated the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “Non-Employee Directors’ Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant. The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:
|  |  |  |  |  |  |  | Wgtd. Avg. |  |  |
|  |  |  |  | Wgtd. Avg. |  |  | Remaining |  | Aggregate |
|  |  |  |  | Exercise |  |  | Contractual |  | Intrinsic |
|  | Options |  |  | Price |  |  | Term |  | Value |
|  | (Dollars in thousands, except option data) |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 1,241,391 |  |  | $ | 53.12 |  |  |  |  |  |
Options exercised |  |  | (28,638 | ) |  |  | 24.73 |  |  |  |  |  |
Options canceled, forfeited, or expired |  |  | (8,500 | ) |  |  | 94.68 |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 1,204,253 |  |  |  | 53.50 |  |  | 9.56 Yrs. |  | $ | 41,580 |
Exercisable at March 31, 2024 |  |  | 542,253 |  |  |  | 36.58 |  |  | 6.65 Yrs. |  | $ | 27,898 |
The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 1,831 |  |  | $ | 352 |
Cash received from options exercised |  |  | 708 |  |  |  | 221 |
Tax benefit realized from options exercised |  |  | 440 |  |  |  | 85 |
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. Although not required or expected, the Company may settle some options or restricted stock units in cash on a limited basis at the discretion of the Company. The Company had no cash settlements during the three months ended March 31, 2024 or March 31, 2023. Stock-based compensation expense is charged to salaries and benefits expense on the Consolidated Statements of Comprehensive Income. The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 715 |  |  | $ | 382 |
Tax benefit |  |  | 172 |  |  |  | 92 |
Stock-based compensation expense, net of tax |  | $ | 543 |  |  | $ | 290 |
The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs:
|  | March 31, 2024 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense for unvested stock options |  | $ | 9,454 |
Unearned stock-based compensation expense for unvested RSU's |  |  | 3,010 |

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