Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 176

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 176
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Cash consists of cash and cash items on hand, noninterest-bearing deposits and amounts due from other banks, reserves deposited with the Federal Reserve Bank, and interest-bearing deposits with other banks. Federal funds sold consist of overnight investments of excess funds with other financial institutions. The Company has continued to maintain the majority of its excess funds with the Federal Reserve Bank. The Federal Reserve Bank pays interest on these funds based upon the lowest target rate for the maintenance period, which decreased during the last four months of 2024 from 5.40% to 4.40%. The rate increased from 4.50% to 5.50% during 2023.  

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The amount of cash, federal funds sold and interest-bearing deposits with the Federal Reserve Bank carried by the Company is a function of the availability of funds presented to other institutions for clearing and the Company’s liquidity and interest rate sensitivity management. Balances of these items can fluctuate widely based on these various factors. The aggregate of cash and due from banks, federal funds sold and interest-bearing deposits with banks increased by $1.2 billion, or 48.2%, to $3.6 billion, from December 31, 2023 to December 31, 2024. The increase was related to an increase of interest-bearing deposits in addition to maturing securities. 

Securities 

For the year ended December 31, 2024, total debt securities decreased $343.3 million. Debt securities available for sale represented 99.9% of the total debt securities portfolio at both December 31, 2024 and December 31, 2023. Debt securities available for sale had a net unrealized loss, before taxes, of $43.1 million at December 31, 2024, compared to $65.5 million at December 31, 2023. These unrealized losses, net of income taxes, of $32.9 million at December 31, 2024 and $50.0 million at December 31, 2023 are included in the Company’s stockholders’ equity as accumulated other comprehensive loss. The Company did not recognize a gain or loss on debt securities during the years ended December 31, 2024 or 2023. The Company purchased a total of $375.4 million of debt securities in 2024 compared to $454.0 million of debt securities in 2023. In addition, the Company had maturities and paydowns of debt securities totaling