Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 237

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 237
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 54,882

        Exercisable at December 31, 2023

        524,016

        34.53

        6.39Yrs
         
        $
        32,908

        The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:  

        Year Ended December 31,

        2024

        2023

        2022

        (Dollars in thousands)

        Total intrinsic value of options exercised
         
        $
        20,373

        $
        3,055

        $
        14,837

        Cash received from options exercised

        9,013

        2,090

        6,776

        Tax benefit realized from options exercised

        4,497

        734

        3,567

        The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model and was based on certain assumptions including risk-free rate of return, dividend yield, stock price volatility and the expected term. The fair value of each option is expensed over its vesting period. The risk-free interest rate was determined by reference to the spot zero-coupon rate for the U.S. Treasury security with a maturity similar to the expected term of the options. The dividend yield was the expected yield for the expected term. The stock price volatility was estimated from the recent historical volatility of the Company’s stock. The expected term was estimated from the historical option exercise experience. The Company accounts for forfeitures as they occur. No stock options were granted during the year ended December 31,2024 or December 31, 2023. The Company currently uses newly issued shares for stock option exercises and restricted stock units, but reserves the right to use shares purchased under the Company’s Stock Repurchase Program (the “SRP”) in the future. Although not required or expected, the Company may settle some options or restricted stock units in cash on a limited basis at the discretion of the Company. The Company had no cash settlements during the years ended December 31, 2024, 2023 and 2022.  

 86 

Stock-based compensation expense is charged to salaries and benefits expense on the Consolidated Statements of Comprehensive Income. The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows: 

        Year Ended December