# EDGAR Filing Document

**Accession Number:** 0000760498
**File Stem:** 0000950170-23-000933
**Filing Date:** 2023-1
**Character Count:** 36609
**Document Hash:** c3f6bc89dcce0eb0707f7bf768763d34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-000933.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0000950170-23-000933

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANCFIRST CORP /OK/
- **CENTRAL INDEX KEY:** 0000760498
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 731221379
- **STATE OF INCORPORATION:** OK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-14384
- **FILM NUMBER:** 23538218

**BUSINESS ADDRESS:**
- **STREET 1:** 100 NORTH BROADWAY AVE
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73102-8401
- **BUSINESS PHONE:** 4052701000

**MAIL ADDRESS:**
- **STREET 1:** 100 NORTH BROADWAY AVE
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73102-8401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED COMMUNITY CORP
- **DATE OF NAME CHANGE:** 19890401

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** January 19, 2023<br>

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BancFirst Corporation

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Oklahoma | 0-14384 | 73-1221379 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 100 N. Broadway Ave. |  |  |
| Oklahoma City**,** Oklahoma |  | 73102-8405 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 405 270-1086<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | |
|:---|:---|
| **<br>Title of each class** | **<br>Name of each exchange on which registered** |
| Common Stock, $1.00 Par Value Per Share<br> BANF | NASDAQ Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

**BancFirst Corporation Reports Fourth Quarter Earnings**

On January 19, 2023, BancFirst Corporation announced its results of operations for the quarter ended December 31, 2022. A copy of the related press release is being filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.

**Item 9.01 Financial Statements and Exhibits.**

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| | |
|:---|:---|
| **(d)** | **Exhibits.** |
| **<u>Exhibit No.</u>**  | **<u>Description</u>** |
| 99.1 | [<u>Press Release, dated January 19, 2023, issued by BancFirst Corporation titled "BancFirst Corporation Reports Fourth Quarter Earnings."</u>](banf-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document).  |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **BANCFIRST CORPORATION** |
| Date: | January 19, 2023 | By:  | /s/ Kevin Lawrence |
|  |  |  | Kevin Lawrence<br>Executive Vice President<br>Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1**

![img44656334_0.jpg](img44656334_0.jpg)

100 N. Broadway Ave

Oklahoma City, OK 73102

<u>www.bancfirst.bank</u>

**FOR IMMEDIATE RELEASE**

Thursday, January 19, 2022

**BANCFIRST CORPORATION REPORTS FOURTH QUARTER EARNINGS**

BancFirst Corporation (NASDAQ GS:BANF) reported net income of $57.1 million, or $1.70 diluted earnings per share, for the fourth quarter of 2022 compared to net income of $38.2 million, or $1.15 diluted earnings per share, for the fourth quarter of 2021. Net income for the year ended December 31, 2022 was $193.1 million, or $5.77 diluted earnings per share, compared to $167.6 million, or $5.03 diluted earnings per share, for the year ended December 31, 2021.

The Company's net interest income for the fourth quarter of 2022 increased to $110.4 million from $75.9 million for the quarter ended December 31, 2021. Rising short-term interest rates and loan growth drove the increase. The net interest margin for the quarter was 3.83% compared to 2.87% a year ago. The margin for the fourth quarter of 2021 included $4.7 million in PPP fees.

For the fourth quarter of 2022, the Company recorded a provision for credit losses of $3.8 million compared to a net benefit from reversal of provisions for credit losses of $224,000 for the quarter ended December 31, 2021. The Company believes there is a modest probability of a mild to moderate economic downturn in Oklahoma and Texas and therefore considers the current CECL reserve as a percentage of loans is appropriate.

Noninterest income for the quarter totaled $48.2 million up from $45.7 million last year. The increase in noninterest income in 2022 was mostly attributable to $4.0 million in sweep fees earned as yields have increased on the underlying mutual funds. Noninterest income for the fourth quarter included $3.8 million of income from an equity interest received from a debt previously contracted compared to $3.3 million of income from the same source in the fourth quarter of 2021.Total noninterest expense for the current quarter was $84.6 million, up from $76.8 million for the fourth quarter last year. The current quarter increase included a write down on other real estate owned of $3.7 million, additional expense from the Worthington acquisition, and salary increases. In addition, the fourth quarter of 2022 included $500,000 of amortization from investment in tax credits compared to $2.1 million of amortization from investment in tax credits for the fourth quarter of 2021.

The Company's effective tax rate was 18.55% compared to 15.25% for the fourth quarter of 2021. The effective tax rates for both quarters were lower due to the recognition of the aforementioned tax credits.

At December 31, 2022, the Company's total assets were $12.4 billion compared to $9.4 billion at December 31, 2021. Deposits totaled $11.0 billion, an increase of $2.9 billion from December 31, 2021. The growth in assets was driven by customer deposits that remained in the bank that had been swept into off-balance sheet money market accounts at year-end 2021. Off-balance sheet sweep accounts totaled $3.7 billion at December 31, 2022 compared to $5.1 billion at December 31, 2021. Loans totaled $6.9 billion compared to $6.2 billion at December 31, 2021. Loan growth during 2022, net of acquired loans and PPP loan runoffs, was $578 million, or 9%. Stockholders' equity was $1.3 billion, an increase of $79.1 million over December 31, 2021.

Asset quality remained strong as nonaccrual loans declined to $15.3 million, representing 0.22% of total loans at December 31, 2022 compared to 0.34% at year-end 2021. The allowance for credit losses to total loans was 1.33% at December 31, 2022, down slightly from 1.36% at the end of 2021. Net charge-offs for the quarter were 0.01% of average loans, compared to 0.03% of average loans for the fourth quarter of 2021.

BancFirst Corporation CEO David Harlow commented, "Beginning with our first quarter acquisition of Worthington and followed by strong organic loan growth and margin expansion during the balance of the year, the Company reported record earnings in 2022. Our deposit franchise

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has held up well with total deposits essentially flat since rates began increasing in March. We believe the Federal Reserve will ultimately be successful in its goal to slow the economy and reduce inflation; however, our outlook for 2023 anticipates a more mild contraction for our region of the country when compared to the U.S. as a whole."

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 107 banking locations serving 59 communities across Oklahoma, Pegasus Bank, with three banking locations in Dallas, Texas and Worthington Bank with one location in Arlington, Texas, one location in Colleyville, Texas and two Fort Worth, Texas locations. More information can be found at <u>www.bancfirst.bank</u>.

The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management's current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.

**For additional information call:** 

Kevin Lawrence, Chief Financial Officer at (405) 270-1003 or

David Harlow, Chief Executive Officer at (405) 270-1082.

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**BancFirst Corporation**

**Summary Financial Information**

**(Dollars in thousands, except per share and share data - Unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2021** |
|  | **4th Qtr** | **3rd Qtr** | **2nd Qtr** | **1st Qtr** | **4th Qtr** |
| **Condensed Income Statements:** |  |  |  |  |  |
| Net interest income | $110352 | $100947 | $86867 | $75507 | $75898 |
| Provision for (benefit from) credit losses | 3776 | 2863 | 501 | 2936 | (224) |
| Noninterest income: |  |  |  |  |  |
| &nbsp;&nbsp;Trust revenue | 4065 | 4125 | 3949 | 3506 | 3336 |
| &nbsp;&nbsp;Service charges on deposits | 21603 | 22161 | 21618 | 21375 | 22095 |
| &nbsp;&nbsp;Securities transactions | 1116 | 966 | - | (3915) | 630 |
| &nbsp;&nbsp;Income from sales of loans | 657 | 969 | 1256 | 1666 | 1545 |
| &nbsp;&nbsp;Insurance commissions | 6656 | 7498 | 5302 | 7427 | 6075 |
| &nbsp;&nbsp;Cash management | 6124 | 5624 | 4447 | 3131 | 3115 |
| &nbsp;&nbsp;Other | 7947 | 7988 | 6026 | 10460 | 8897 |
| &nbsp;&nbsp;Total noninterest income | 48168 | 49331 | 42598 | 43650 | 45693 |
| Noninterest expense: |  |  |  |  |  |
| &nbsp;&nbsp;Salaries and employee benefits | 48019 | 47741 | 45284 | 43932 | 42887 |
| &nbsp;&nbsp;Occupancy expense, net | 5259 | 4930 | 4734 | 4403 | 4521 |
| &nbsp;&nbsp;Depreciation | 4566 | 4612 | 4647 | 4775 | 4708 |
| &nbsp;&nbsp;Amortization of intangible assets | 880 | 880 | 857 | 831 | 759 |
| &nbsp;&nbsp;Data processing services | 1928 | 1876 | 1975 | 1805 | 1663 |
| &nbsp;&nbsp;Net (income) expense from other real estate owned | 6235 | 2392 | (510) | 1794 | 2412 |
| &nbsp;&nbsp;Marketing and business promotion | 2465 | 1945 | 1591 | 2073 | 2080 |
| &nbsp;&nbsp;Deposit insurance | 1209 | 1202 | 1196 | 1128 | 968 |
| &nbsp;&nbsp;Other | 14044 | 13500 | 13943 | 11771 | 16783 |
| Total noninterest expense | 84605 | 79078 | 73717 | 72512 | 76781 |
| Income before income taxes | 70139 | 68337 | 55247 | 43709 | 45034 |
| Income tax expense | 13013 | 12985 | 10540 | 7794 | 6866 |
| Net income | $57126 | $55352 | $44707 | $35915 | $38168 |
| **Per Common Share Data:** |  |  |  |  |  |
| Net income-basic | $1.74 | $1.69 | $1.36 | $1.10 | $1.17 |
| Net income-diluted | 1.70 | 1.65 | 1.34 | 1.08 | 1.15 |
| Cash dividends declared | 0.40 | 0.40 | 0.36 | 0.36 | 0.36 |
| Common shares outstanding | 32875560 | 32856387 | 32781198 | 32725587 | 32603118 |
| Average common shares outstanding - |  |  |  |  |  |
| Basic | 32868087 | 32825931 | 32749752 | 32666916 | 32585784 |
| Diluted | 33503937 | 33536558 | 33418482 | 33315333 | 33180680 |
| **Performance Ratios:** |  |  |  |  |  |
| Return on average assets | 1.82% | 1.75% | 1.42% | 1.22% | 1.33% |
| Return on average stockholders' equity | 18.62 | 18.13 | 15.14 | 12.33 | 13.02 |
| Net interest margin | 3.83 | 3.48 | 3.05 | 2.78 | 2.87 |
| Efficiency ratio | 53.37 | 52.62 | 56.94 | 60.85 | 63.15 |

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| | | |
|:---|:---|:---|
| **BancFirst Corporation** | **BancFirst Corporation** | **BancFirst Corporation** |
| **Summary Financial Information** | **Summary Financial Information** | **Summary Financial Information** |
| **(Dollars in thousands, except per share and share data - Unaudited)** | **(Dollars in thousands, except per share and share data - Unaudited)** | **(Dollars in thousands, except per share and share data - Unaudited)** |
|  | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| **Condensed Income Statements:** |  |  |
| Net interest income | $373673 | $315657 |
| Provision for (benefit from) credit losses | 10076 | (8690) |
| Noninterest income: |  |  |
| &nbsp;&nbsp;Trust revenue | 15645 | 12912 |
| &nbsp;&nbsp;Service charges on deposits | 86757 | 83425 |
| &nbsp;&nbsp;Securities transactions | (1833) | 1047 |
| &nbsp;&nbsp;Income from sales of loans | 4548 | 7282 |
| &nbsp;&nbsp;Insurance commissions | 26883 | 23745 |
| &nbsp;&nbsp;Cash management | 19326 | 12313 |
| &nbsp;&nbsp;Other | 32421 | 29308 |
| &nbsp;&nbsp;Total noninterest income | 183747 | 170032 |
| Noninterest expense: |  |  |
| &nbsp;&nbsp;Salaries and employee benefits | 184976 | 166723 |
| &nbsp;&nbsp;Occupancy expense, net | 19326 | 18483 |
| &nbsp;&nbsp;Depreciation | 18600 | 16925 |
| &nbsp;&nbsp;Amortization of intangible assets | 3448 | 3116 |
| &nbsp;&nbsp;Data processing services | 7584 | 6735 |
| &nbsp;&nbsp;Net expense from other real estate owned | 9911 | 9089 |
| &nbsp;&nbsp;Marketing and business promotion | 8074 | 7403 |
| &nbsp;&nbsp;Deposit insurance | 4735 | 3456 |
| &nbsp;&nbsp;Other | 53258 | 54051 |
| Total noninterest expense | 309912 | 285981 |
| Income before income taxes | 237432 | 208398 |
| Income tax expense | 44332 | 40768 |
| Net income | $193100 | $167630 |
| **Per Common Share Data:** |  |  |
| Net income-basic | $5.89 | $5.12 |
| Net income-diluted | 5.77 | 5.03 |
| Cash dividends declared | 1.52 | 1.40 |
| Common shares outstanding | 32875560 | 32603118 |
| Average common shares outstanding - |  |  |
| Basic | 32778355 | 32716099 |
| Diluted | 33439496 | 33314146 |
| **Performance Ratios:** |  |  |
| Return on average assets | 1.56% | 1.54% |
| Return on average stockholders' equity | 16.11 | 14.88 |
| Net interest margin | 3.29 | 3.15 |
| Efficiency ratio | 55.60 | 58.88 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BancFirst Corporation** | **BancFirst Corporation** | **BancFirst Corporation** | **BancFirst Corporation** | **BancFirst Corporation** | **BancFirst Corporation** |
| **Summary Financial Information** | **Summary Financial Information** | **Summary Financial Information** | **Summary Financial Information** | **Summary Financial Information** | **Summary Financial Information** |
| **(Dollars in thousands, except per share and share data - Unaudited)** | **(Dollars in thousands, except per share and share data - Unaudited)** | **(Dollars in thousands, except per share and share data - Unaudited)** | **(Dollars in thousands, except per share and share data - Unaudited)** | **(Dollars in thousands, except per share and share data - Unaudited)** | **(Dollars in thousands, except per share and share data - Unaudited)** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** |
|  | **4th Qtr** | **3rd Qtr** | **2nd Qtr** | **1st Qtr** | **4th Qtr** |
| **Balance Sheet Data:** |  |  |  |  |  |
| Total assets | $12387863 | $12452378 | $12530073 | $12624431 | $9405612 |
| Interest-bearing deposits with banks | 2909861 | 3106279 | 3590311 | 3816532 | 1821203 |
| Debt securities | 1540604 | 1521645 | 1205894 | 1211668 | 534500 |
| Total loans | 6949795 | 6832595 | 6620643 | 6504477 | 6194218 |
| Allowance for credit losses | (92728) | (89871) | (86935) | (87239) | (83936) |
| Deposits | 10974228 | 11058940 | 11142688 | 11250971 | 8091914 |
| Stockholders' equity | 1250836 | 1195149 | 1185695 | 1167802 | 1171734 |
| Book value per common share | 38.05 | 36.37 | 36.17 | 35.68 | 35.94 |
| Tangible book value per common share (non-GAAP)(1) | 31.90 | 30.20 | 29.90 | 29.51 | 30.80 |
| **Balance Sheet Ratios:** |  |  |  |  |  |
| Average loans to deposits | 62.25% | 59.62% | 58.66% | 59.72% | 60.16% |
| Average earning assets to total assets | 92.14 | 91.58 | 90.89 | 91.92 | 92.13 |
| Average stockholders' equity to average assets | 9.80 | 9.63 | 9.40 | 9.86 | 10.19 |
| **Asset Quality Data:** |  |  |  |  |  |
| Past due loans | $7085 | $3167 | $4771 | $6360 | $4964 |
| Nonaccrual loans (5) | 15299 | 11962 | 13712 | 17453 | 20892 |
| Restructured loans | 2234 | 2249 | 2174 | 2345 | 3665 |
| Total nonperforming and restructured loans | 24618 | 17378 | 20657 | 26158 | 29521 |
| Other real estate owned and repossessed assets | 36936 | 39419 | 39209 | 39729 | 39553 |
| Total nonperforming and restructured assets | 61554 | 56797 | 59866 | 65887 | 69074 |
| Nonaccrual loans to total loans | 0.22% | 0.18% | 0.21% | 0.27% | 0.34% |
| Nonaccrual loans to total Non-PPP loans (non-GAAP)(3) | 0.22 | 0.18 | 0.21 | 0.27 | 0.34 |
| Nonperforming and restructured loans to total loans | 0.35 | 0.25 | 0.31 | 0.40 | 0.48 |
| Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)(3) | 0.35 | 0.25 | 0.31 | 0.40 | 0.48 |
| Nonperforming and restructured assets to total assets | 0.50 | 0.46 | 0.48 | 0.52 | 0.73 |
| Allowance to total loans | 1.33 | 1.32 | 1.31 | 1.34 | 1.36 |
| Allowance to total Non-PPP loans (non-GAAP)(3) | 1.33 | 1.32 | 1.31 | 1.35 | 1.37 |
| Allowance to nonaccrual loans | 606.10 | 751.32 | 634.01 | 499.83 | 401.76 |
| Allowance to nonperforming and restructured loans | 376.67 | 517.17 | 420.84 | 333.51 | 284.33 |
| Net charge-offs to average loans | 0.01 | 0.00 | 0.01 | 0.00 | 0.03 |
| **Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):** | **Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):** | **Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):** |  |  |  |
| Stockholders' equity | $1250836 | $1195149 | $1185695 | $1167802 | $1171734 |
| Less goodwill | 182055 | 182055 | 183639 | 176563 | 149922 |
| Less intangible assets, net | 19983 | 20863 | 21743 | 25456 | 17566 |
| Tangible stockholders' equity (non-GAAP) | $1048798 | $992231 | $980313 | $965783 | $1004246 |
| Common shares outstanding | 32875560 | 32856387 | 32781198 | 32725587 | 32603118 |
| Tangible book value per common share (non-GAAP) | $31.90 | $30.20 | $29.90 | $29.51 | $30.80 |
| (1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table. | (1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table. | (1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table. | (1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table. | (1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table. | (1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table. |
| (2) Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP. | (2) Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP. | (2) Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP. | (2) Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP. | (2) Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP. | (2) Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP. |
| **Reconciliation of Non-PPP loan ratios (non-GAAP)(4):** |  |  |  |  |  |
| Total loans | $6949795 | $6832595 | $6620643 | $6504477 | $6194218 |
| Less PPP loans | 1131 | 1140 | 3206 | 30605 | 80412 |
| Total Non-PPP loans (non-GAAP) | $6948664 | $6831455 | $6617437 | $6473872 | $6113806 |
| Nonaccrual loans (5) | 15299 | 11962 | 13712 | 17453 | 20892 |
| Nonaccrual loans to total Non-PPP loans (non-GAAP) | 0.22% | 0.18% | 0.21% | 0.27% | 0.34% |
| Total nonperforming and restructured loans | 24618 | 17378 | 20657 | 26158 | 29521 |
| Nonperforming and restructured loans to total Non-PPP loans (non-GAAP) | 0.35% | 0.25% | 0.31% | 0.40% | 0.48% |
| Allowance for credit losses | (92728) | (89871) | (86935) | (87239) | (83936) |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Allowance to total Non-PPP loans (non-GAAP) | 1.33 | % | 1.32 | % | 1.31 | % | 1.35 | % | 1.37 |
| (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. | (3) Refer to the "Reconciliation of Non-PPP loan ratios (non-GAAP)" Table. |
| (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. | (4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP. |
| (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. | (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. | (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. | (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. | (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. | (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. | (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. | (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. | (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. | (5) Government Agencies guarantee approximately $4.7 million of nonaccrual loans at December 31, 2022. |

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**BancFirst Corporation**

**Consolidated Average Balance Sheets**

**And Interest Margin Analysis**

**Taxable Equivalent Basis**

**(Dollars in thousands - Unaudited)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twleve Months Ended** | **Twleve Months Ended** | **Twleve Months Ended** | **Twleve Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | **Interest** | **Average** |  | **Interest** | **Average** | **Average** |
|  | **Average** | **Income/** | **Yield/** | **Average** | **Income/** | **Yield/** | **Yield/** |
|  | **Balance** | **Expense** | **Rate** | **Balance** | **Expense** | **Rate** | **Rate** |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Earning assets: |  |  |  |  |  |  |  |
| Loans | $6861657 | $97667 | 5.65% | $6611617 | $336739 |  | 5.09% |
| Debt securities – taxable | 1526241 | 8740 | 2.27 | 1295762 | 24456 |  | 1.89 |
| Debt securities – tax exempt | 3530 | 29 | 3.29 | 3877 | 118 |  | 3.03 |
| Interest bearing deposits with banks and FFS | 3057092 | 29449 | 3.82 | 3450093 | 58931 |  | 1.71 |
| Total earning assets | 11448520 | 135885 | 4.71 | 11361349 | 420244 |  | 3.70 |
| Nonearning assets: |  |  |  |  |  |  |  |
| Cash and due from banks | 227292 |  |  | 260028 |  |  |  |
| Interest receivable and other assets | 840115 |  |  | 865744 |  |  |  |
| Allowance for credit losses | (90599) |  |  | (87567) |  |  |  |
| Total nonearning assets | 976808 |  |  | 1038205 |  |  |  |
| Total assets | $12425328 |  |  | $12399554 |  |  |  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| Interest bearing liabilities: |  |  |  |  |  |  |  |
| Transaction deposits | $953143 | $1203 | 0.50% | $957719 | $2049 | 0.21 | 0.21% |
| Savings deposits | 4306704 | 21278 | 1.96 | 4280052 | 35598 | 0.83 | 0.83 |
| Time deposits | 689953 | 1918 | 1.10 | 672179 | 4318 | 0.64 | 0.64 |
| Short-term borrowings | 1162 | 11 | 3.81 | 4333 | 60 |  | 1.39 |
| Subordinated debt | 86033 | 1031 | 4.75 | 86013 | 4122 | 4.79 | 4.79 |
| Total interest bearing liabilities | 6036995 | 25441 | 1.67 | 6000296 | 46147 | 0.77 | 0.77 |
| Interest free funds: |  |  |  |  |  |  |  |
| Noninterest bearing deposits | 5073241 |  |  | 5097813 |  |  |  |
| Interest payable and other liabilities | 97914 |  |  | 102691 |  |  |  |
| Stockholders' equity | 1217178 |  |  | 1198754 |  |  |  |
| Total interest free funds | 6388333 |  |  | 6399258 |  |  |  |
| Total liabilities and stockholders' equity | $12425328 |  |  | $12399554 |  |  |  |
| Net interest income |  | $110444 |  |  | $374097 |  |  |
| Net interest spread |  |  | 3.04% |  |  |  | 2.93% |
| Effect of interest free funds |  |  | 0.79% |  |  |  | 0.36% |
| Net interest margin |  |  | 3.83% |  |  | 3.29 | 3.29% |

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