Company: BANFP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-030159
Chunk: 234

Company: BANCFIRST CORP /OK/
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 234
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 on March 31, June 30, September 30 and December 31 of each year. The Subordinated Notes mature on June 30, 2036.

The Company may, at its option, beginning with the interest payment date of June 30, 2031, and on any scheduled interest payment date thereafter, redeem the Subordinated Notes, in whole or in part. In addition, the Company may redeem all, but not less than all, of the Subordinated Notes at any time upon the occurrence of a “Tier 2 Capital Event,” a “Tax Event” or an “Investment Company Event” (each as defined in the Subordinated Notes). Any such redemption is subject to obtaining the prior approval of the Board of Governors of the Federal Reserve System (or its designee). The redemption price with respect to any such redemption will be equal to 100% of the principal amount of the Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest, if any, thereon to, but excluding, the redemption date. 

(12) INCOME TAXES The components of the Company’s income tax expense (benefit) are as follows:  

        Year Ended December 31,

        2024

        2023

        2022

        (Dollars in thousands)

        Current taxes:

        Federal
         
        $
        52,626

        $
        53,247

        $
        39,197

        State

        8,504

        7,023

        4,813

        Deferred taxes

        (2,203
        )

        (2,787
        )

        322

        Total income taxes
         
        $
        58,927

        $
        57,483

        $
        44,332

       Income tax expense (benefit) applicable to securities transactions approximated $20,000, $(384,000) and $453,000 for the years ended December 31, 2024, 2023 and 2022, respectively. 

 83 

A reconciliation of tax expense at the federal statutory tax rate applied to income before taxes is presented in the following table.  The federal statutory tax rate was 21% in 2024, 2023 and 2022:  

        Year Ended December 31,

        2024

        2023

        2022

        (D