Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 65

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 65
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 $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 balances of both cash and deposits.

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ANALYSIS OF AVERAGE DEPOSITS 

The following table sets forth average deposits and rates paid by category: 

    Year Ended December 31,

    2024

    2023

    (Dollars in thousands)

    Average Balance

    Average Rate

    Average Balance

    Average Rate

    Average Balances

    Noninterest-bearing demand deposits
     
    $
    3,842,049

    N/A

    $
    4,343,646

    N/A

    Money market and interest-bearing checking deposits

    4,