Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 248

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 248
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performance risk of loans. For certain homogeneous categories of loans, such as some residential mortgages, fair values are estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair values of other types of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

 97 

Deposits The fair values of transaction and savings accounts are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using the rates currently offered for deposits of similar remaining maturities. Short-Term Borrowings The amounts payable on these short-term instruments are reasonable estimates of fair value. Subordinated Debt The fair values of subordinated debt are estimated using the rates that would be charged for subordinated debt of similar remaining maturities. Loan Commitments and Letters of Credit The fair values of commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the terms of the agreements. The fair values of letters of credit are based on fees currently charged for similar agreements. The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:  

        December 31,

        2024

        2023

        CarryingAmount

        Fair Value

        CarryingAmount

        Fair Value

        (Dollars in thousands)

        FINANCIAL ASSETS

        Level 2 inputs:

        Cash and cash equivalents
         
        $
        3,553,772

        $
        3,553,772

        $
        2,397,463

        $
        2,397,463

        Federal funds sold

        715

        715

        1,316

        1,316

        Debt securities held for investment

        2

        2

        5

        5

        Loans held for sale

        8,073

        8,073

        3,489

        3,489

        Level 3 inputs:

        Debt securities held for investment

        835

        835

        1,185

        1,185

        Loans held for investment, net of allowance for credit losses