Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 63

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 63
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 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, 2024 totaled $34.5 million.

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New Market Tax Credit Investments

The Company invests in active low-income community businesses that qualify for New Market Tax Credits. New Market Tax Credit investments are made through Community Development Entities and such entities are qualified through the US Department of the Treasury. The Company’s NMTC investments were $7.5 million and $12.1 million at December 31, 2024 and 2023, respectively and are included in other assets on the consolidated balance sheet. There are no unfunded commitments.

Historic Tax Credit Investments

The Company invests in rehabilitation projects that qualify for Historic