Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 186

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 186
---

    —

    Total
     
    $
    6,307

    0.08
    %
     
    $
    3,386

    0.05
    %

Fair Value Adjustments on Acquired Loans 

The fair value adjustment on acquired loans can consist of a credit component and a rate component to adjust for estimated credit exposures in the acquired loans. The credit component of the adjustment was a $1.1 million discount at December 31, 2024 and a $1.6 million discount at December 31, 2023. The rate component was $472,000 at December 31, 2024 and $568,000 at December 31, 2023. These fair value adjustments will be accreted to income over the remaining life of the loans. The acquired loans outstanding were $262.2 million and $262.7 million, at December 31, 2024 and 2023, respectively. 

Intangible Assets, Goodwill and Other Assets 

Identifiable intangible assets and goodwill totaled $195.4 million and $199.0 million at December 31, 2024 and December 31, 2023, respectively.

 See Note (2) of the Notes to Consolidated Financial Statements for disclosure regarding the Company’s recent developments, including mergers and acquisitions.

Other assets include the cash surrender value of key-man life insurance policies totaling $84.4 million at December 31, 2024 and December 31, 2023. 

Equity securities are reported in other assets on the balance sheet. The Company invests in equity securities without readily determinable fair values. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income. The balance of equity securities was $13.4 million at December 31, 2024 and $13.1 million at December 31, 2023. The Company reviews its portfolio of equity securities for impairment at least quarterly. 

Low-Income Housing  

The Company invests in affordable housing projects that qualify for the low-income housing tax credit (LIHTC), which is designed to promote private development of low-income housing. The Company’s LIHTC investments were $58.6 million and $46.4 million at December 31, 2024 and 2023, respectively and are included in other assets on the consolidated balance sheet. Unfunded commitments to these investments as of December 31