Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 174

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 174
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 the federal statutory rate were tax-exempt income, nondeductible amortization, federal and state tax credits and state tax expense. 

Certain financial information is prepared on a taxable equivalent basis to facilitate analysis of yields and changes in components of earnings. Average balance sheets, comprehensive income statements and other financial statistics are also presented on a taxable equivalent basis. 

Impact of Inflation 

The impact of inflation on financial institutions differs significantly from that of industrial or commercial companies. The assets of financial institutions are predominantly monetary, as opposed to fixed or nonmonetary assets such as premises, equipment and inventory. As a result, there is little exposure to inflated earnings by understated depreciation charges or significantly understated current values of assets. Although inflation can have an indirect effect by leading to higher interest rates, financial institutions are in a position to monitor the effects on interest costs and yields and respond to inflationary trends through management of interest rate sensitivity. Inflation can also have an impact on noninterest expenses such as salaries and employee benefits, occupancy, services and other costs. 

Impact of Deflation 

In a period of deflation, it would be reasonable to expect widely decreasing prices for real assets. In such an economic environment, assets of businesses and individuals, such as real estate, commodities or inventory, could decline. The inability of customers to repay or refinance their loans could result in credit losses incurred by the Company far in excess of historical experience due to deflated collateral values.

 36 

FINANCIAL POSITION 

    BANCFIRST CORPORATION

    SELECTED CONSOLIDATED FINANCIAL DATA

    (Dollars in thousands, except per share data)

    At and for the Year Ended December 31,

    2024

    2023

    Balance Sheet Data

    Total assets
     
    $
    13,554,314

    $
    12,372,042

    Debt securities

    1,211,754

    1,555,095

    Total loans (net of unearned interest)

    8,033,183

    7,660,134

    Allowance for credit losses

    99,497

    96,800

    Deposits

    11,718,546

    10,700,122

    Subordinated debt

    86,157

    86,101

    Stockholders’ equity

    1,621,187

    1,433,891

    Book value