Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 75

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 75
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 factors.

How the Critical Audit Matter was Addressed in the Audit

We obtained an understanding of the Company’s process for establishing the ACL, which involves a high degree of subjectivity. We evaluated management’s process to assess economic conditions and other environmental factors, adequacy of specific allowances associated with individually evaluated loans, appropriateness of loan grades, and other data used to calculate and estimate the various components of the ACL.

Our primary audit procedures related to the ACL included the following, among others:

•Testing the design and operating effectiveness of controls, including those related to technology, over the ACL, including data completeness and accuracy; classifications of loans by loan pool; verification of historical net loss data and calculated net loss rates; the establishment of qualitative and economic forecast adjustments, loan grades, and risk classification of loans; and establishment of specific allocations associated with individually evaluated loans;

•Testing of completeness and accuracy of the data utilized in the ACL;

•Testing the model’s computational accuracy;  

•Evaluating the relevance and reliability of data and assumptions used in the estimate;

•Evaluating the qualitative and economic forecast adjustments to the historical loss rates, including assessing the basis for the adjustments and the reasonableness of the significant assumptions;

•Testing the internal loan review function and evaluating the reasonableness of loan grades and specific allocations, if any;

•Assessing the reasonableness of specific allocations associated with individually evaluated loans.  

•Evaluating the accuracy and completeness of Topic 326 disclosures in the financial statements.

/s/ Forvis Mazars, LLP 

We have served as the Company’s auditor since 2013.

Oklahoma City, Oklahoma 

February 28, 2025 

 50 

Table of Contents

BANCFIRST CORPORATION 

CONSOLIDATED BALANCE SHEETS 

(Dollars in thousands) 

    December 31,

    2024

    2023

    ASSETS

    Cash and due from banks
     
    $
    237,840

    $
    225,462

    Interest-bearing deposits with banks

    3,315,932

    2,172,001

    Federal funds sold

    715

    1,316

    Debt securities held for investment (fair value: $837 and $1,190, respectively)

    837

    1,190

    Debt securities available for sale at fair value

    1,210,917

    1,553,905

    Loans