Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 49

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 49
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 losses related to its portfolio of debt securities and investments in equity securities carried in other assets. The Company’s practice is to maintain a liquid portfolio of debt securities and not engage in trading activities. The Company has the ability and intent to hold debt securities classified as available for sale that were in an unrealized loss position until they mature or until fair value exceeds amortized cost. In 2022, the Company recognized 

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a loss of $4.0 million on the sale of $226 million of low yielding debt securities, which were subsequently reinvested at higher yielding debt securities. Changes in the fair value of equity securities resulted in a net gain of $97,000 during 2024, a net loss of $1.8 million during 2023 and a net gain of $2.2 million during 2022.

 Noninterest income included NSF and overdraft fees totaling $31.1 million, $27.9 million and $26.0 million in 2024, 2023 and 2022, respectively. This represents 16.8%, 15.1%, and 14.2% of the Company’s noninterest income for the years 2024, 2023 and 2022, respectively. In addition, the Company had debit card usage and interchange fees totaling $26.8 million, $37.6 million and $48.9 million for the years 2024, 2023 and 2022, respectively. This represents 14.5%, 20.3% and 26.6% of the Company’s noninterest income for the years 2024, 2023 and 2022, respectively. The decrease in interchange fees in 2024 and 2023 was due to the impact of the Durbin Amendments with took effect for the Company on July 1, 2023. 

The Company is subject to political pressures that could limit our ability to charge for NSF and overdraft fees and could adversely impact our noninterest income. On April 1, 2022, the Company lowered the rates charged on NSF and overdraft fees. The Company also became subject to the reduced interchange fees under the Durbin Amendment, effective July 1, 2023. Consequently, the Company's interchange fee revenue was reduced by approximately $10.8 million in 2024 and reduced by $11.2 million in the last half of 2023. The reduced interchange fees under the Durbin Amendment have now been fully implemented.