Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 188

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 188
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 from BancFirst and its ability to obtain financing and or raise capital. Banking regulations limit bank dividends based upon net earnings retained by BancFirst and minimum capital requirements. Dividends in excess of these limits require regulatory approval. At January 1, 2025, BancFirst had approximately $139.0 million of equity available for dividends to BancFirst Corporation without regulatory approval. During 2024, BancFirst declared four common stock dividends totaling $67.9 million, two preferred stock dividends totaling $1.9 million and one special dividend totaling $50.0 million to BancFirst Corporation. During 2024, Pegasus declared one special dividend totaling $3.6 million to BancFirst Corporation. There are no near-term plans for Worthington to pay dividends to BancFirst Corporation.

Deposits 

At December 31, 2024, deposits totaled $11.7 billion, an increase of $1.0 billion from December 31, 2023.  The increase was all related to interest-bearing deposits. The Company’s core deposits provide it with a stable, low-cost funding source. The Company’s core deposits as a percentage of total deposits was 95.5% at December 31, 2024 and 97.4% December 31, 2023. Noninterest-bearing deposits to total deposits were 33.3% at December 31, 2024, compared to 37.2% at December 31, 2023. Quantitative tightening by the Federal Reserve and competition for deposits has increased, and available yields have similarly increased, causing noninterest-bearing deposits to move to interest-bearing deposits and off-balance-sheet sweep account products.

Uninsured deposits are defined as the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit account that are classified as deposits and are not subject to any federal or state deposit insurance regimes. Total uninsured deposits were $4.0 billion and $3.2 billion at December 31, 2024 and 2023, respectively, as calculated per regulatory guidance. This was approximately 34% and 30% of deposits at December 31, 2024 and 2023, respectively.

Off-balance sheet sweep accounts totaled $5.2 billion at December 31, 2024, compared to $4.3 billion at December 31, 2023. The movement of customers' funds into the Company's off-balance sheet sweep accounts affected the