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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Stockholders' Equity | (7) STOCKHOLDERS’ EQUITY The Company has adopted a Stock Repurchase Program (the “SRP”). The SRP may be used as a means to increase earnings per share and return on equity. In addition, the SRP may be used 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 is determined by management and approved by the Company’s Executive Committee. The following table is a summary of the shares under the SRP:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Shares remaining to be repurchased |  |  | 479,784 |  |  |  | 500,486 |
BancFirst Corporation, BancFirst, Pegasus and Worthington 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 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 consolidated financial statements. The Company believes that as of March 31, 2024, BancFirst Corporation, BancFirst, Pegasus and Worthington each 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 March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to Risk Weighted Assets)- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BancFirst Corporation |  | $ | 1,506,155 |  |  | 17.19% |  | $ | 701,043 |  |  | 8.00% |  | $ | 920,119 |  |  | 10.50% |  | N/A |  |  | N/A
BancFirst |  |  | 1,193,811 |  |  | 15.94% |  |  | 599,307 |  |  | 8.00% |  |  | 786,591 |  |  | 10.50% |  | $ | 749,134 |  |  | 10.00%
Pegasus |  |  | 143,914 |  |  | 17.11% |  |  | 67,275 |  |  | 8.00% |  |  | 88,299 |  |  | 10.50% |  |  | 84,094 |  |  | 10.00%
Worthington |  |  | 52,335 |  |  | 12.10% |  |  | 34,612 |  |  | 8.00% |  |  | 45,428 |  |  | 10.50% |  |  | 43,265 |  |  | 10.00%
Common Equity Tier 1 Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to Risk Weighted Assets)- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BancFirst Corporation |  | $ | 1,323,577 |  |  | 15.10% |  | $ | 394,337 |  |  | 4.50% |  | $ | 613,413 |  |  | 7.00% |  | N/A |  |  | N/A
BancFirst |  |  | 1,091,417 |  |  | 14.57% |  |  | 337,110 |  |  | 4.50% |  |  | 524,394 |  |  | 7.00% |  | $ | 486,937 |  |  | 6.50%
Pegasus |  |  | 133,391 |  |  | 15.86% |  |  | 37,842 |  |  | 4.50% |  |  | 58,866 |  |  | 7.00% |  |  | 54,661 |  |  | 6.50%
Worthington |  |  | 48,295 |  |  | 11.16% |  |  | 19,469 |  |  | 4.50% |  |  | 30,285 |  |  | 7.00% |  |  | 28,122 |  |  | 6.50%
Tier 1 Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to Risk Weighted Assets)- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BancFirst Corporation |  | $ | 1,349,577 |  |  | 15.40% |  | $ | 525,782 |  |  | 6.00% |  | $ | 744,858 |  |  | 8.50% |  | N/A |  |  | N/A
BancFirst |  |  | 1,111,417 |  |  | 14.84% |  |  | 449,480 |  |  | 6.00% |  |  | 636,764 |  |  | 8.50% |  | $ | 599,307 |  |  | 8.00%
Pegasus |  |  | 133,391 |  |  | 15.86% |  |  | 50,456 |  |  | 6.00% |  |  | 71,480 |  |  | 8.50% |  |  | 67,275 |  |  | 8.00%
Worthington |  |  | 48,295 |  |  | 11.16% |  |  | 25,959 |  |  | 6.00% |  |  | 36,775 |  |  | 8.50% |  |  | 34,612 |  |  | 8.00%
Tier 1 Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(to Quarterly Average Assets)- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BancFirst Corporation |  | $ | 1,349,577 |  |  | 10.99% |  | $ | 491,387 |  |  | 4.00% |  | N/A |  |  | N/A |  | N/A |  |  | N/A
BancFirst |  |  | 1,111,417 |  |  | 10.62% |  |  | 418,449 |  |  | 4.00% |  | N/A |  |  | N/A |  | $ | 523,062 |  |  | 5.00%
Pegasus |  |  | 133,391 |  |  | 10.64% |  |  | 50,133 |  |  | 4.00% |  | N/A |  |  | N/A |  |  | 62,666 |  |  | 5.00%
Worthington |  |  | 48,295 |  |  | 8.49% |  |  | 22,742 |  |  | 4.00% |  | N/A |  |  | N/A |  |  | 28,427 |  |  | 5.00%
As of March 31, 2024, BancFirst, Pegasus and Worthington were classified by the Federal Reserve as “well capitalized” under the prompt corrective action provisions. The Common Equity Tier 1 Capital of BancFirst Corporation, BancFirst, Pegasus and Worthington includes common stock and related paid-in capital and retained earnings. In connection with the adoption of the Basel III Capital Rules, the election was made to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 Capital. Common Equity Tier 1 Capital for BancFirst Corporation, BancFirst, Pegasus and Worthington is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities. 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. The Company's Subordinated Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. BancFirst, Pegasus and Worthington have had no events or conditions that management believes would materially change their category under capital requirements existing as of the report dates.

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