[10-Q] BANCFIRST CORP /OK/ Quarterly Earnings Report

Rhea-AI Filing Summary

BancFirst Corporation (BANF) reported Q3 2025 results with net income of $62.7 million (basic EPS $1.88, diluted $1.85), up from $58.9 million a year ago. Net interest income improved to $125.6 million from $115.0 million, while total noninterest income was $49.9 million.

Total assets reached $14.20 billion, up from $13.55 billion at year-end 2024. Loans, net of allowance, were $8.18 billion versus $7.93 billion, and total deposits were $12.12 billion versus $11.72 billion. Stockholders’ equity rose to $1.78 billion, aided by a narrower accumulated other comprehensive loss of $12.8 million versus $32.9 million at year-end.

The allowance for credit losses stood at $99.5 million. Other real estate owned increased to $53.2 million, primarily from a $15.6 million foreclosure and tenant improvements on a commercial property recorded at approximately $31.1 million. For the nine months, net income was $181.1 million (basic EPS $5.44). The company also agreed to acquire American Bank of Oklahoma with approximately $385 million in assets, expected to close in Q4 2025, subject to customary conditions.

Insights

Banking sector analyst

Solid Q3 with lending and deposits up; credit costs contained.

BancFirst posted higher net interest income at $125.6M and quarterly net income of $62.7M. Balance sheet growth continued with loans net at $8.18B and deposits at $12.12B. Equity strengthened to $1.78B, while AOCI losses narrowed, reflecting rate-driven securities marks easing.

Credit metrics remained manageable under CECL with an allowance of $99.5M. OREO rose to $53.2M, tied to a $15.6M foreclosure and a large income-producing property; related rental income and expenses are reported in noninterest lines.

The agreement to acquire American Bank of Oklahoma (assets ~$385M) adds community banking scale upon expected close in Q4 2025, subject to customary conditions. Integration details and financial impact will depend on final closing and subsequent disclosures.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-14384

BancFirst Corporation

(Exact name of registrant as specified in charter)

Oklahoma		73-1221379
(State or other Jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

100 N. Broadway Ave., Oklahoma City, Oklahoma		73102-8405
(Address of principal executive offices)		(Zip Code)

(405) 270-1086

(Registrant’s telephone number, including area code)

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $1.00 Par Value Per Share		BANF		NASDAQ Global Select Market System

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (sec. 232-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2025, there were 33,334,172 shares of the registrant’s Common Stock outstanding.

BancFirst Corporation

Quarterly Report on Form 10-Q

September 30, 2025

Table of Contents

Item	PART I – Financial Information		Page
1.	Financial Statements (Unaudited)		2
	Consolidated Balance Sheets		2
	Consolidated Statements of Comprehensive Income		3
	Consolidated Statements of Stockholders’ Equity		4
	Consolidated Statements of Cash Flow		5
	Notes to Consolidated Financial Statements		6
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		31
3.	Quantitative and Qualitative Disclosure About Market Risk		41
4.	Controls and Procedures		41
	PART II – Other Information
1.	Legal Proceedings		42
1A.	Risk Factors		42
2.	Unregistered Sales of Equity Securities		42
3.	Defaults Upon Senior Securities		42
4.	Mine Safety Disclosures		42
5.	Other Information		42
6.	Exhibits		43
Signatures			44

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

		September 30,				December 31,
		2025				2024
		(unaudited)				(see Note 1)
ASSETS
Cash and due from banks		$	204,902			$	237,840
Interest-bearing deposits with banks			3,849,736				3,315,932
Federal funds sold			—				715
Debt securities held for investment (fair value: $561 and $837, respectively)			561				837
Debt securities available for sale at fair value			1,015,380				1,210,917
Loans held for sale			8,920				8,073
Loans held for investment (net of unearned interest)			8,278,247				8,025,110
Allowance for credit losses			(99,511	)			(99,497	)
Loans, net of allowance for credit losses			8,178,736				7,925,613
Premises and equipment, net			313,769				295,943
Other real estate owned			52,575				33,051
Intangible assets, net			10,548				13,158
Goodwill			182,263				182,263
Accrued interest receivable and other assets			380,750				329,972
Total assets		$	14,198,140			$	13,554,314
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing		$	3,816,389			$	3,907,060
Interest-bearing			8,301,998				7,811,486
Total deposits			12,118,387				11,718,546
Short-term borrowings			11,675				—
Accrued interest payable and other liabilities			199,077				128,424
Subordinated debt			86,200				86,157
Total liabilities			12,415,339				11,933,127
Stockholders' equity:
Senior preferred stock, $1.00 par; 10,000,000 shares authorized; none issued			—				—
Cumulative preferred stock, $5.00 par; 900,000 shares authorized; none issued			—				—
Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and       outstanding: 33,329,247 and 33,216,519, respectively			33,329				33,217
Capital surplus			194,316				187,062
Retained earnings			1,567,954				1,433,768
Accumulated other comprehensive loss, net of tax benefit of $3,964       and $10,191, respectively			(12,798	)			(32,860	)
Total stockholders' equity			1,782,801				1,621,187
Total liabilities and stockholders' equity		$	14,198,140			$	13,554,314

The accompanying Notes are an integral part of these consolidated financial statements.

2

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands, except per share data)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
INTEREST INCOME
Loans, including fees		$	143,506			$	144,024			$	419,827			$	413,860
Securities:
Taxable			6,515				8,341				20,408				26,454
Tax-exempt			9				18				44				56
Federal funds sold			—				1				1				25
Interest-bearing deposits with banks			44,363				35,266				125,016				97,363
Total interest income			194,393				187,650				565,296				537,758
INTEREST EXPENSE
Deposits			67,648				71,615				199,227				203,507
Short-term borrowings			100				48				158				203
Subordinated debt			1,030				1,030				3,091				3,091
Total interest expense			68,778				72,693				202,476				206,801
Net interest income			125,615				114,957				362,820				330,957
Provision for credit losses on loans			4,222				3,031				6,922				10,404
Provision for off-balance-sheet credit exposures			216				—				489				—
Total provision for credit losses			4,438				3,031				7,411				10,404
Net interest income after provision for credit losses			121,177				111,926				355,409				320,553
NONINTEREST INCOME
Trust revenue			5,850				5,672				17,184				16,250
Service charges on deposits			18,131				17,723				52,676				51,431
Securities transactions			492				(308	)			(581	)			(258	)
Sales of loans			916				721				2,382				1,945
Insurance commissions			8,954				9,391				27,284				25,514
Cash management			10,338				9,189				30,962				26,989
Gain/(loss) on sale of other assets			57				(63	)			1,055				(67	)
Other			5,128				6,387				15,846				15,752
Total noninterest income			49,866				48,712				146,808				137,556
NONINTEREST EXPENSE
Salaries and employee benefits			57,681				54,215				167,421				157,671
Occupancy, net			6,434				5,776				18,224				16,215
Depreciation			4,725				4,482				14,224				13,542
Amortization of intangible assets			862				886				2,610				2,659
Data processing services			2,901				2,720				8,778				8,032
Net expense from other real estate owned			2,778				2,751				8,377				6,609
Marketing and business promotion			2,126				2,168				6,912				6,670
Deposit insurance			1,736				1,645				5,136				4,697
Other			12,829				12,091				40,768				38,734
Total noninterest expense			92,072				86,734				272,450				254,829
Income before taxes			78,971				73,904				229,767				203,280
Income tax expense			16,317				15,001				48,654				43,402
Net income		$	62,654			$	58,903			$	181,113			$	159,878
NET INCOME PER COMMON SHARE
Basic		$	1.88			$	1.78			$	5.44			$	4.84
Diluted		$	1.85			$	1.75			$	5.36			$	4.76
OTHER COMPREHENSIVE GAIN
Unrealized income on debt securities, net of tax expense of $1,478, $7,387, $6,227 and $7,922, respectively			4,765				23,844				20,062				25,645
Other comprehensive income, net of tax expense of $1,478, $7,387, $6,227 and $7,922, respectively			4,765				23,844				20,062				25,645
Comprehensive income		$	67,419			$	82,747			$	201,175			$	185,523

The accompanying Notes are an integral part of these consolidated financial statements.

3

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(Dollars in thousands)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
COMMON STOCK
Issued at beginning of period		$	33,272			$	33,022			$	33,217			$	32,933
Shares issued for stock-based compensation plans			57				101				112				190
Issued at end of period		$	33,329			$	33,123			$	33,329			$	33,123
CAPITAL SURPLUS
Balance at beginning of period		$	190,698			$	178,806			$	187,062			$	174,695
Common stock issued for stock-based compensation plans			2,561				3,526				4,488				6,002
Stock-based compensation arrangements			1,057				945				2,766				2,580
Balance at end of period		$	194,316			$	183,277			$	194,316			$	183,277
RETAINED EARNINGS
Balance at beginning of period		$	1,521,631			$	1,348,905			$	1,433,768			$	1,276,305
Net income			62,654				58,903				181,113				159,878
Dividends on common stock ($0.49, $0.46, $1.41 and $1.32 per share, respectively)			(16,331	)			(15,236	)			(46,927	)			(43,611	)
Balance at end of period		$	1,567,954			$	1,392,572			$	1,567,954			$	1,392,572
ACCUMULATED OTHER COMPREHENSIVE LOSS
Unrealized (losses)/gains on securities:
Balance at beginning of period		$	(17,563	)		$	(48,241	)		$	(32,860	)		$	(50,042	)
Net change			4,765				23,844				20,062				25,645
Balance at end of period		$	(12,798	)		$	(24,397	)		$	(12,798	)		$	(24,397	)
Total stockholders’ equity		$	1,782,801			$	1,584,575			$	1,782,801			$	1,584,575

The accompanying Notes are an integral part of these consolidated financial statements.

4

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(Dollars in thousands)

		Nine Months Ended
		September 30,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	181,113			$	159,878
Adjustments to reconcile to net cash provided by operating activities:
Provision for credit losses			7,411				10,404
Depreciation and amortization			16,834				16,201
Net amortization of securities premiums and discounts			(428	)			(850	)
Realized securities losses			581				258
Gain on sales of loans			(2,382	)			(1,945	)
Cash receipts from the sale of loans originated for sale			138,729				152,279
Cash disbursements for loans originated for sale			(138,110	)			(115,407	)
Deferred income tax benefit			(1,368	)			(2,812	)
Gain on sale of other assets			(1,015	)			(1,259	)
Increase in interest receivable			(1,426	)			(3,219	)
(Decrease)/increase in interest payable			(497	)			6,491
Amortization of stock-based compensation arrangements			2,766				2,580
Excess tax benefit from stock-based compensation arrangements			(2,026	)			(2,188	)
Other, net			30,314				23,657
Net cash provided by operating activities			230,496				244,068
INVESTING ACTIVITIES
Net decrease in federal funds sold			715				1,316
Purchases of available for sale debt securities			(508	)			(522	)
Proceeds from maturities, calls and paydowns of held for investment debt securities			91				353
Proceeds from maturities, calls and paydowns of available for sale debt securities			222,947				212,768
Purchase of equity securities			(256	)			(409	)
Proceeds from paydowns and sales of equity securities			351				353
Net change in loans			(280,355	)			(580,760	)
Net payments on derivative asset contracts			436				(4,295	)
Purchases of premises, equipment and computer software			(36,763	)			(21,508	)
Purchase of tax credits			(17,478	)			(5,874	)
Other, net			10,949				10,156
Net cash used in investing activities			(99,871	)			(388,422	)
FINANCING ACTIVITIES
Net change in deposits			399,841				774,230
Net change in short-term borrowings			11,675				1,078
Issuance of common stock in connection with stock-based compensation plans, net			4,600				6,192
Cash dividends paid			(45,875	)			(42,536	)
Net cash provided by financing activities			370,241				738,964
Net increase in cash, due from banks and interest-bearing deposits			500,866				594,610
Cash, due from banks and interest-bearing deposits at the beginning of the period			3,553,772				2,397,463
Cash, due from banks and interest-bearing deposits at the end of the period		$	4,054,638			$	2,992,073
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest		$	202,973			$	200,309
Cash paid during the period for income taxes		$	28,731			$	36,356
Noncash investing and financing activities:
Unpaid common stock dividends declared		$	16,331			$	15,236

The accompanying Notes are an integral part of these consolidated financial statements.

5

BANCFIRST CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of BancFirst Corporation and its subsidiaries (the “Company”) conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and general practice within the banking industry. A summary of significant accounting policies can be found in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BFC-PNC, LLC, BancFirst Insurance Services, Inc., Pegasus Bank ("Pegasus"), Worthington Bank ("Worthington") and BancFirst and its subsidiary ("BancFirst"). The principal operating subsidiary of BancFirst is BFTower, LLC. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements.

The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the consolidated financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

Recent Accounting Pronouncements

Standards Not Yet Adopted:

In November 2024, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” requiring disclosure of certain costs and expenses in the notes to financial statements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied prospectively or retrospectively to all periods presented. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements.

In December 2023, FASB issued ASU No. 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements.

(2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS

On May 20, 2025, the Company entered into an agreement to acquire American Bank of Oklahoma ("ABOK"), a privately held community bank headquartered in Collinsville, Oklahoma. ABOK has approximately $385 million in total assets, $280 million in loans, and $320 million in deposits. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions. ABOK will operate under its present name until it is merged into BancFirst, which is expected to be in the first quarter of 2026.

6

(3) SECURITIES

The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
September 30, 2025		(Dollars in thousands)
Mortgage backed securities (1)		$	1			$	—			$	—			$	1
States and political subdivisions			60				—				—				60
Other securities			500				—				—				500
Total		$	561			$	—			$	—			$	561
December 31, 2024
Mortgage backed securities (1)		$	2			$	—			$	—			$	2
States and political subdivisions			335				—				—				335
Other securities			500				—				—				500
Total		$	837			$	—			$	—			$	837

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
September 30, 2025		(Dollars in thousands)
U.S. treasuries		$	998,769			$	837			$	(15,489	)		$	984,117
U.S. federal agencies			6,767				45				(7	)			6,805
Mortgage backed securities (1)			13,363				17				(1,212	)			12,168
States and political subdivisions			5,243				4				(114	)			5,133
Other securities			8,000				—				(843	)			7,157
Total		$	1,032,142			$	903			$	(17,665	)		$	1,015,380
December 31, 2024
U.S. treasuries		$	1,216,258			$	—			$	(40,249	)		$	1,176,009
U.S. federal agencies			8,170				68				(6	)			8,232
Mortgage backed securities (1)			14,807				9				(1,772	)			13,044
States and political subdivisions			6,570				6				(140	)			6,436
Other securities			8,163				—				(967	)			7,196
Total		$	1,253,968			$	83			$	(43,134	)		$	1,210,917

(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

7

The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

		September 30, 2025								December 31, 2024
		Amortized Cost				Estimated Fair Value				Amortized Cost				Estimated Fair Value
		(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year		$	560			$	560			$	776			$	776
After one year but within five years			1				1				61				61
After five years but within ten years			—				—				—				—
After ten years			—				—				—				—
Total		$	561			$	561			$	837			$	837
Available for Sale
Contractual maturity of debt securities:
Within one year		$	359,472			$	356,281			$	335,108			$	330,076
After one year but within five years			644,883				633,427				888,721				853,508
After five years but within ten years			12,880				12,006				13,369				12,354
After ten years			14,907				13,666				16,770				14,979
Total debt securities		$	1,032,142			$	1,015,380			$	1,253,968			$	1,210,917

The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

		September 30, 2025				December 31, 2024
		(Dollars in thousands)
Book value of pledged securities		$	705,605			$	918,523

8

There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the Nine months ended September 30, 2025 or September 30, 2024.

Realized gains or losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income.

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at September 30, 2025 and December 31, 2024 respectively:

					Less than 12 Months								More than 12 Months								Total
	Number of investments				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
					(Dollars in thousands)
September 30, 2025
Available for Sale
U.S. treasuries		36			$	—			$	—			$	892,559			$	15,489			$	892,559			$	15,489
U.S. federal agencies		6				724				5				409				2				1,133				7
Mortgage backed securities		51				11				—				10,917				1,212				10,928				1,212
States and political subdivisions		3				500				—				766				114				1,266				114
Other securities		2				—				—				7,158				843				7,158				843
Total		98			$	1,235			$	5			$	911,809			$	17,660			$	913,044			$	17,665
December 31, 2024
Available for Sale
U.S. treasuries		51			$	89,867			$	1,030			$	1,086,142			$	39,219			$	1,176,009			$	40,249
U.S. federal agencies		5				681				4				500				2				1,181				6
Mortgage backed securities		63				1,214				15				11,498				1,757				12,712				1,772
States and political subdivisions		4				802				2				752				138				1,554				140
Other securities		3				—				—				7,196				967				7,196				967
Total		126			$	92,564			$	1,051			$	1,106,088			$	42,083			$	1,198,652			$	43,134

The Company has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities. Furthermore, as of September 30, 2025 and December 31, 2024, the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. The Company has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no impairment loss was realized in the Company’s consolidated statement of comprehensive income.

9

(4) LOANS HELD FOR INVESTMENT AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

Loans held for investment are summarized by portfolio segment as follows:

	September 30, 2025				December 31, 2024
	(Dollars in thousands)
Real estate:
Commercial real estate owner occupied		937,976				931,709
Commercial real estate non-owner occupied		1,703,037				1,578,483
Construction and development < 60 months		661,882				756,662
Construction residential real estate < 60 months		249,539				250,373
Residential real estate first lien		1,486,440				1,431,265
Residential real estate all other		305,294				275,461
Agriculture		445,530				449,190
Commercial non-real estate		1,458,122				1,363,462
Consumer non-real estate		493,900				478,647
Oil and gas		536,527				509,858
Total (1)	$	8,278,247			$	8,025,110
(1) Excludes accrued interest receivable of $41.2 million at September 30, 2025 and $40.9 million at December 31, 2024, that is recorded in accrued interest receivable and other assets.

The Company's loans are currently 83% held by BancFirst and 17% held by Pegasus and Worthington. In addition, approximately 70% of the Company's loans are secured by real estate. Credit risk on loans is managed through limits on amounts loaned to individual and related borrowers, underwriting standards and loan monitoring procedures. The amounts and types of collateral obtained, if any, to secure loans are based upon the Company’s underwriting standards and management’s credit evaluation. Collateral varies, but may include real estate, equipment, accounts receivable, inventory, livestock and/or securities. The Company’s interest in collateral is secured through filing mortgages and liens, or by possession of the collateral.

The Company's portfolio segment descriptions and the weighted average remaining life of portfolio segments are disclosed in Note (5) to the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Other Real Estate Owned and Repossessed Assets and Loan Modifications

The following is a summary of other real estate owned ("OREO") and repossessed assets:

		September 30, 2025				December 31, 2024
		(Dollars in thousands)
Other real estate owned and repossessed assets		$	53,233			$	33,665

During the nine months ended September 30, 2025 the Company foreclosed on a construction and development real estate loan and recorded $15.6 million in OREO, which was the primary reason for the increase in OREO.

In addition, as of both September 30, 2025 and December 31, 2024, OREO included a commercial real estate property recorded at approximately $31.1 million and $28.1 million, respectively. The increase for this commercial real estate property was due to tenant improvements during the nine months ended September 30, 2025. Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income. Operating expense for this property is included in net expense from other real estate owned in noninterest expense on the consolidated statements of comprehensive income.

This property had the following rental income and operating expenses for the periods presented.

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		(Dollars in thousands)
Rental income		$	3,164			$	3,043			$	9,487			$	9,069
Operating expense			2,558				2,601				7,855				7,524

10

During the nine months ended September 30, 2025, the Company sold property held in other real estate owned for a total loss of $40,000, compared to a total gain of $1.3 million in the nine months ended September 30, 2024.

The Company charges interest on principal balances outstanding on modified loans during deferral periods. The current and future financial effects of the recorded balance of loans considered to be modified during the period were not material. The recorded balance of loans modified during the nine months ended September 30, 2025 was approximately $6.0 million compared to $14.8 million during the year ended December 31, 2024.

Nonaccrual loans

The Company did not recognize any interest income on nonaccrual loans for either the nine months ended September 30, 2025 or 2024. In addition, all loans identified as nonaccrual loans have related allowances for credit losses at September 30, 2025 and December 31, 2024, respectively. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $3.6 million for the nine months ended September 30, 2025 and approximately $2.6 million for the nine months ended September 30, 2024.

Nonaccrual loans guaranteed by government agencies totaled approximately $10.0 million at September 30, 2025 and approximately $9.0 million at December 31, 2024.

The following table is a summary of amounts included in nonaccrual loans, segregated by portfolio segment.

		September 30, 2025				December 31, 2024
		(Dollars in thousands)
Real estate:
Commercial real estate owner occupied		$	16,165			$	7,957
Commercial real estate non-owner occupied			20,794				8,913
Construction and development < 60 months			1,210				20,445
Construction residential real estate < 60 months			1,759				1,481
Residential real estate first lien			3,930				5,193
Residential real estate all other			473				653
Agriculture			1,730				2,047
Commercial non-real estate			8,867				8,552
Consumer non-real estate			1,414				1,028
Oil and gas			924				1,715
Total		$	57,266			$	57,984

11

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following tables present an age analysis of the Company's loans held for investment:

		Age Analysis of Past Due Loans
		30-59 Days Past Due				60-89 Days Past Due				90 Days and Greater				Total Past Due Loans				Current Loans				Total Loans				Accruing Loans 90 Days or More Past Due
		(Dollars in thousands)
As of September 30, 2025
Real estate:
Commercial real estate owner occupied		$	1,982			$	9,661			$	8,984			$	20,627			$	917,349			$	937,976			$	3,505
Commercial real estate non-owner occupied			1,225				1,510				18,529				21,264				1,681,773				1,703,037				—
Construction and development < 60 months			91				—				1,399				1,490				660,392				661,882				248
Construction residential real estate < 60 months			1,028				—				1,028				2,056				247,483				249,539				82
Residential real estate first lien			6,370				1,272				3,473				11,115				1,475,325				1,486,440				1,286
Residential real estate all other			1,943				463				556				2,962				302,332				305,294				401
Agriculture			1,005				1,203				1,503				3,711				441,819				445,530				457
Commercial non-real estate			2,256				1,605				8,894				12,755				1,445,367				1,458,122				1,462
Consumer non-real estate			2,646				1,073				1,203				4,922				488,978				493,900				518
Oil and gas			100				33				1,412				1,545				534,982				536,527				—
Total		$	18,646			$	16,820			$	46,981			$	82,447			$	8,195,800			$	8,278,247			$	7,959
As of December 31, 2024
Real estate:
Commercial real estate owner occupied		$	2,810			$	273			$	7,963			$	11,046			$	920,663			$	931,709			$	569
Commercial real estate non-owner occupied			603				16,871				610				18,084				1,560,399				1,578,483				41
Construction and development < 60 months			317				351				20,327				20,995				735,667				756,662				116
Construction residential real estate < 60 months			292				622				616				1,530				248,843				250,373				—
Residential real estate first lien			9,128				2,118				3,332				14,578				1,416,687				1,431,265				797
Residential real estate all other			1,498				559				828				2,885				272,576				275,461				370
Agriculture			1,569				1,357				5,691				8,617				440,573				449,190				4,754
Commercial non-real estate			4,325				1,019				5,983				11,327				1,352,135				1,363,462				356
Consumer non-real estate			3,748				907				1,173				5,828				472,819				478,647				504
Oil and gas			1,111				458				232				1,801				508,057				509,858				232
Total		$	25,401			$	24,535			$	46,755			$	96,691			$	7,928,419			$	8,025,110			$	7,739

Credit Quality Indicators

The Company considers credit quality indicators to monitor the credit risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical credit loss experience and economic conditions. These indicators are reviewed and updated regularly throughout the year. An internal risk grading system is used to indicate the credit risk of loans. The loan grades used by the Company are for internal risk identification purposes and do not directly correlate to regulatory classification categories or any financial reporting definitions. The general characteristics of the risk grades and the table summarizing the Company’s gross loans held for investment by year of origination and internally assigned credit grades as of December 31, 2024, are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The Company’s revolving loans that are converted to term loans are not material and therefore have not been presented.

The following table summarizes the Company’s gross loans held for investment by year of origination and internally assigned credit grades:

12

		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans
(Dollars in thousands)		2025				2024				2023				2022				2021				Prior				Amortized Cost Basis				Total
As of September 30, 2025
Commercial real estate owner occupied
Grade 1		$	75,122			$	70,456			$	92,092			$	117,486			$	84,117			$	170,157			$	12,630			$	622,060
Grade 2			52,310				36,726				29,313				47,634				45,787				55,469				7,883				275,122
Grade 3			1,747				4,024				10,863				4,224				4,269				2,570				138				27,835
Grade 4			—				9,583				599				13				609				2,097				58				12,959
Total commercial real estate owner occupied			129,179				120,789				132,867				169,357				134,782				230,293				20,709				937,976
Commercial real estate non-owner occupied
Grade 1		$	142,429			$	116,888			$	176,137			$	262,651			$	114,698			$	154,866			$	11,887			$	979,556
Grade 2			138,949				66,898				157,707				140,525				101,760				78,531				14,715				699,085
Grade 3			3,356				—				666				930				513				—				—				5,465
Grade 4			—				17,840				115				64				262				28				—				18,309
Grade 5			—				622				—				—				—				—				—				622
Total commercial real estate non-owner occupied			284,734				202,248				334,625				404,170				217,233				233,425				26,602				1,703,037
Construction and development < 60 months
Grade 1		$	90,161			$	84,331			$	75,901			$	86,717			$	6,482			$	12,135			$	30,238			$	385,965
Grade 2			85,003				45,142				77,790				36,836				1,901				15,312				9,413				271,397
Grade 3			3,069				32				37				35				—				117				—				3,290
Grade 4			59				—				—				816				216				139				—				1,230
Total construction and development < 60 months			178,292				129,505				153,728				124,404				8,599				27,703				39,651				661,882
Construction residential real estate < 60 months
Grade 1		$	114,433			$	27,539			$	1,948			$	2,229			$	88			$	447			$	5,385			$	152,069
Grade 2			68,991				19,229				36				212				—				—				5,549				94,017
Grade 3			1,337				250				—				—				—				—				108				1,695
Grade 4			813				622				117				206				—				—				—				1,758
Total construction residential real estate < 60 months			185,574				47,640				2,101				2,647				88				447				11,042				249,539
Residential real estate first lien
Grade 1		$	189,404			$	198,149			$	171,404			$	173,988			$	128,007			$	220,927			$	5,147			$	1,087,026
Grade 2			65,536				77,693				52,921				49,467				38,097				64,856				16,879				365,449
Grade 3			6,107				4,737				3,461				2,943				3,254				5,711				—				26,213
Grade 4			263				2,024				1,215				890				1,145				2,215				—				7,752
Total residential real estate first lien			261,310				282,603				229,001				227,288				170,503				293,709				22,026				1,486,440
Residential real estate all other
Grade 1		$	30,361			$	32,299			$	20,433			$	16,989			$	4,688			$	13,500			$	54,635			$	172,905
Grade 2			5,219				6,630				4,810				3,777				1,079				4,373				98,709				124,597
Grade 3			877				667				531				184				276				473				2,960				5,968
Grade 4			472				68				144				68				—				141				931				1,824
Total residential real estate all other			36,929				39,664				25,918				21,018				6,043				18,487				157,235				305,294
Agriculture
Grade 1		$	38,300			$	27,196			$	31,679			$	30,379			$	22,984			$	48,761			$	43,394			$	242,693
Grade 2			42,272				27,054				20,291				15,840				10,998				22,950				41,001				180,406
Grade 3			1,403				1,654				1,933				2,782				1,147				3,792				6,962				19,673
Grade 4			110				743				193				746				284				557				125				2,758
Total Agriculture			82,085				56,647				54,096				49,747				35,413				76,060				91,482				445,530
Commercial non-real estate
Grade 1		$	98,595			$	95,488			$	62,924			$	92,121			$	80,450			$	55,739			$	389,275			$	874,592
Grade 2			91,386				77,032				69,492				36,190				9,123				7,194				244,435				534,852
Grade 3			1,521				1,886				1,916				1,345				359				125				37,068				44,220
Grade 4			823				577				993				910				117				126				262				3,808
Grade 5			—				318				5				217				10				100				—				650
Total commercial non-real estate			192,325				175,301				135,330				130,783				90,059				63,284				671,040				1,458,122
Consumer non-real estate
Grade 1		$	164,226			$	116,451			$	66,756			$	30,515			$	12,935			$	4,518			$	16,981			$	412,382
Grade 2			17,942				15,570				11,644				6,669				2,664				1,040				16,307				71,836
Grade 3			1,081				1,463				1,663				834				530				257				10				5,838
Grade 4			1,875				531				701				494				175				65				3				3,844
Total consumer non-real estate			185,124				134,015				80,764				38,512				16,304				5,880				33,301				493,900
Oil and gas
Grade 1		$	89,940			$	10,827			$	9,121			$	3,508			$	8,234			$	2,643			$	258,117			$	382,390
Grade 2			51,855				7,976				5,628				3,287				2,571				2,709				76,250				150,276
Grade 3			967				17				33				—				154				40				2,270				3,481
Grade 4			—				—				—				—				36				344				—				380
Total oil and gas			142,762				18,820				14,782				6,795				10,995				5,736				336,637				536,527
Total loans held for investment		$	1,678,314			$	1,207,232			$	1,163,212			$	1,174,721			$	690,019			$	955,024			$	1,409,725			$	8,278,247

13

The following tables summarize the Company's gross charge-offs by year of origination for the periods indicated:

		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans
		2025				2024				2023				2022				2021				Prior				Amortized Cost Basis				Total
		(Dollars in thousands)
Three months ended September 30, 2025
Commercial real estate owner occupied
Current-period gross charge-offs		$	—			$	29			$	—			$	—			$	—			$	—			$	—			$	29
Commercial real estate non-owner occupied
Current-period gross charge-offs			—				1,006				—				—				—				—				—				1,006
Construction and development < 60 months
Current-period gross charge-offs			—				—				—				—				—				—				—				—
Construction residential real estate < 60 months
Current-period gross charge-offs			—				—				—				—				—				—				—				—
Residential real estate first lien
Current-period gross charge-offs			—				6				—				—				35				7				—				48
Residential real estate all other
Current-period gross charge-offs			—				3				22				25				—				—				—				50
Agriculture
Current-period gross charge-offs			—				—				—				7				—				—				—				7
Commercial non-real estate
Current-period gross charge-offs			19				88				55				51				—				36				5				254
Consumer non-real estate
Current-period gross charge-offs			68				340				176				85				40				23				13				745
Oil and gas
Current-period gross charge-offs			—				—				—				—				—				—				—				—
Total current-period gross charge-offs		$	87			$	1,472			$	253			$	168			$	75			$	66			$	18			$	2,139

		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans
		2024				2023				2022				2021				2020				Prior				Amortized Cost Basis				Total
		(Dollars in thousands)
Three months ended September 30, 2024
Commercial real estate owner occupied
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial real estate non-owner occupied
Current-period gross charge-offs			—				—				189				—				—				—				—				189
Construction and development < 60 months
Current-period gross charge-offs			—				—				—				—				—				—				—				—
Construction residential real estate < 60 months
Current-period gross charge-offs			—				—				—				—				—				—				—				—
Residential real estate first lien
Current-period gross charge-offs			—				24				61				—				—				—				—				85
Residential real estate all other
Current-period gross charge-offs			20				—				25				—				—				5				—				50
Agriculture
Current-period gross charge-offs			—				25				8				—				—				—				—				33
Commercial non-real estate
Current-period gross charge-offs			50				91				56				9				84				8				—				298
Consumer non-real estate
Current-period gross charge-offs			166				124				91				38				10				2				—				431
Oil and gas
Current-period gross charge-offs			—				—				—				—				—				—				—				—
Total current-period gross charge-offs		$	236			$	264			$	430			$	47			$	94			$	15			$	—			$	1,086

14

		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans
		2025				2024				2023				2022				2021				Prior				Amortized Cost Basis				Total
		(Dollars in thousands)
Nine months ended September 30, 2025
Commercial real estate owner occupied
Current-period gross charge-offs		$	—			$	29			$	—			$	17			$	6			$	—			$	58			$	110
Commercial real estate non-owner occupied
Current-period gross charge-offs			—				1,233				—				1				—				—				—				1,234
Construction and development < 60 months
Current-period gross charge-offs			—				—				—				—				3,744				—				—				3,744
Construction residential real estate < 60 months
Current-period gross charge-offs			—				25				—				—				—				—				—				25
Residential real estate first lien
Current-period gross charge-offs			—				12				3				2				40				47				—				104
Residential real estate all other
Current-period gross charge-offs			—				3				22				25				—				—				13				63
Agriculture
Current-period gross charge-offs			—				10				2				7				5				—				17				41
Commercial non-real estate
Current-period gross charge-offs			43				104				203				178				47				346				60				981
Consumer non-real estate
Current-period gross charge-offs			93				587				647				219				52				70				18				1,686
Oil and gas
Current-period gross charge-offs			—				—				—				—				—				—				—				—
Total current-period gross charge-offs		$	136			$	2,003			$	877			$	449			$	3,894			$	463			$	166			$	7,988

		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans
		2024				2023				2022				2021				2020				Prior				Amortized Cost Basis				Total
		(Dollars in thousands)
Nine months ended September 30, 2024
Commercial real estate owner occupied
Current-period gross charge-offs		$	—			$	—			$	—			$	15			$	—			$	—			$	—			$	15
Commercial real estate non-owner occupied
Current-period gross charge-offs			—				12				189				1				1				—				—				203
Construction and development < 60 months
Current-period gross charge-offs			—				—				—				—				—				—				—				—
Construction residential real estate < 60 months
Current-period gross charge-offs			—				3				—				—				—				—				—				3
Residential real estate first lien
Current-period gross charge-offs			3				47				61				3				4				57				—				175
Residential real estate all other
Current-period gross charge-offs			20				—				25				—				—				7				27				79
Agriculture
Current-period gross charge-offs			—				25				45				13				—				—				—				83
Commercial non-real estate
Current-period gross charge-offs			56				1,247				374				149				96				324				1,886				4,132
Consumer non-real estate
Current-period gross charge-offs			187				624				338				117				44				47				15				1,372
Oil and gas
Current-period gross charge-offs			—				9				83				—				—				—				—				92
Total current-period gross charge-offs		$	266			$	1,967			$	1,115			$	298			$	145			$	435			$	1,928			$	6,154

15

Allowance for Credit Losses Methodology

The Company determines its provision for credit losses and allowance for credit losses using the current expected credit loss methodology that is referred to as the current expected credit loss ("CECL") model. The allowance for current expected credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The allowance for credit losses methodology is disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The following tables detail activity in the allowance for credit losses on loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

		Allowance for Credit Losses
		Balance at beginning of period				Charge- offs				Recoveries				Net charge-offs				Provision for/(benefit from) credit losses on loans				Balance at end of period
		(Dollars in thousands)
Three Months Ended September 30, 2025
Real estate:
Commercial real estate owner occupied		$	7,248			$	(29	)		$	100			$	71			$	212			$	7,531
Commercial real estate non-owner occupied			35,217				(1,006	)			—				(1,006	)			1,268				35,479
Construction and development < 60 months			4,907				—				—				—				(77	)			4,830
Construction residential real estate < 60 months			2,265				—				—				—				262				2,527
Residential real estate first lien			4,645				(48	)			10				(38	)			162				4,769
Residential real estate all other			1,821				(50	)			28				(22	)			208				2,007
Agriculture			5,131				(7	)			12				5				(10	)			5,126
Commercial non-real estate			24,047				(254	)			176				(78	)			920				24,889
Consumer non-real estate			4,837				(745	)			114				(631	)			891				5,097
Oil and gas			6,870				—				—				—				386				7,256
Total		$	96,988			$	(2,139	)		$	440			$	(1,699	)		$	4,222			$	99,511

		Allowance for Credit Losses
		Balance at beginning of period				Charge- offs				Recoveries				Net charge-offs				Provision for/(benefit from) credit losses on loans				Balance at end of period
		(Dollars in thousands)
Three Months Ended September 30, 2024
Real estate:
Commercial real estate owner occupied		$	7,370			$	—			$	46			$	46			$	(8	)		$	7,408
Commercial real estate non-owner occupied			33,867				(189	)			94				(95	)			(26	)			33,746
Construction and development < 60 months			6,780				—				—				—				1,575				8,355
Construction residential real estate < 60 months			3,519				—				—				—				(178	)			3,341
Residential real estate first lien			5,572				(85	)			—				(85	)			159				5,646
Residential real estate all other			1,729				(50	)			3				(47	)			55				1,737
Agriculture			5,917				(33	)			18				(15	)			15				5,917
Commercial non-real estate			21,475				(298	)			100				(198	)			983				22,260
Consumer non-real estate			4,383				(431	)			50				(381	)			378				4,380
Oil and gas			9,014				—				—				—				78				9,092
Total		$	99,626			$	(1,086	)		$	311			$	(775	)		$	3,031			$	101,882

16

		Allowance for Credit Losses
		Balance at beginning of period				Charge- offs				Recoveries				Net charge-offs				Provision for/(benefit from) credit losses on loans				Balance at end of period
		(Dollars in thousands)
Nine Months Ended September 30, 2025
Real estate:
Commercial real estate owner occupied		$	6,869			$	(110	)		$	141			$	31			$	631			$	7,531
Commercial real estate non-owner occupied			33,097				(1,234	)			—				(1,234	)			3,616				35,479
Construction and development < 60 months			8,671				(3,744	)			6				(3,738	)			(103	)			4,830
Construction residential real estate < 60 months			2,336				(25	)			3				(22	)			213				2,527
Residential real estate first lien			4,568				(104	)			22				(82	)			283				4,769
Residential real estate all other			1,741				(63	)			49				(14	)			280				2,007
Agriculture			5,696				(41	)			30				(11	)			(559	)			5,126
Commercial non-real estate			24,150				(981	)			551				(430	)			1,169				24,889
Consumer non-real estate			4,833				(1,686	)			278				(1,408	)			1,672				5,097
Oil and gas			7,536				—				—				—				(280	)			7,256
Total		$	99,497			$	(7,988	)		$	1,080			$	(6,908	)		$	6,922			$	99,511

		Allowance for Credit Losses
		Balance at beginning of period				Charge- offs				Recoveries				Net charge-offs				Provision for/(benefit from) credit losses on loans				Balance at end of period
		(Dollars in thousands)
Nine Months Ended September 30, 2024
Real estate:
Commercial real estate owner occupied		$	7,483			$	(15	)		$	77			$	62			$	(137	)		$	7,408
Commercial real estate non-owner occupied			33,080				(203	)			94				(109	)			775				33,746
Construction and development < 60 months			3,950				—				—				—				4,405				8,355
Construction residential real estate < 60 months			3,414				(3	)			—				(3	)			(70	)			3,341
Residential real estate first lien			4,914				(175	)			25				(150	)			882				5,646
Residential real estate all other			1,646				(79	)			11				(68	)			159				1,737
Agriculture			6,137				(83	)			35				(48	)			(172	)			5,917
Commercial non-real estate			22,745				(4,132	)			413				(3,719	)			3,234				22,260
Consumer non-real estate			4,401				(1,372	)			177				(1,195	)			1,174				4,380
Oil and gas			9,030				(92	)			—				(92	)			154				9,092
Total		$	96,800			$	(6,154	)		$	832			$	(5,322	)		$	10,404			$	101,882

Purchased Credit Deteriorated Loans

The Company has previously purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The Company did not purchase credit-deteriorated loans during the nine months ended September 30, 2025 or September 30, 2024.

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Collateral Dependent Loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the nine months ended September 30, 2025 and 2024, no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent. The following tables summarize collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows:

		Collateral Type
		Real Estate				Business Assets				Other Assets				Total				Specific Allocation
		(Dollars in thousands)
As of September 30, 2025
Real estate:
Commercial real estate owner occupied		$	4,445			$	551			$	—			$	4,996			$	585
Commercial real estate non-owner occupied			2,473				—				—				2,473				644
Construction and development < 60 months			859				—				—				859				251
Construction residential real estate < 60 months			829				—				—				829				229
Residential real estate first lien			410				—				—				410				160
Residential real estate all other			207				—				—				207				147
Agriculture			78				164				12				254				124
Commercial non-real estate			—				8,089				—				8,089				1,978
Consumer non-real estate			—				—				624				624				276
Oil and gas			—				1,089				—				1,089				110
Total collateral-dependent loans held for investment		$	9,301			$	9,893			$	636			$	19,830			$	4,504
		Collateral Type
		Real Estate				Business Assets				Other Assets				Total				Specific Allocation
		(Dollars in thousands)
As of December 31, 2024
Real estate:
Commercial real estate owner occupied		$	—			$	—			$	—			$	—			$	—
Commercial real estate non-owner occupied			7,890				—				—				7,890				879
Construction and development < 60 months			20,142				—				—				20,142				3,755
Construction residential real estate < 60 months			206				—				—				206				75
Residential real estate first lien			300				—				—				300				93
Residential real estate all other			100				—				—				100				34
Agriculture			1,584				110				13				1,707				688
Commercial non-real estate			—				10,087				108				10,195				2,222
Consumer non-real estate			—				—				399				399				242
Oil and gas			—				—				—				—				—
Total collateral-dependent loans held for investment		$	30,222			$	10,197			$	520			$	40,939			$	7,988

Non-Cash Transfers from Loans and Premises and Equipment

Transfers from loans and premises and equipment to OREO and repossessed assets are non-cash transactions, and are not included in the consolidated statements of cash flow.

Transfers from loans and premises and equipment to OREO and repossessed assets during the periods presented are summarized as follows:

		Nine Months Ended September 30,
		2025				2024
		(Dollars in thousands)
Other real estate owned		$	19,174			$	10,111
Repossessed assets			2,245				2,332
Total		$	21,419			$	12,443

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(5) INTANGIBLE ASSETS AND GOODWILL

The following is a summary of intangible assets as of the date listed:

		Gross Carrying Amount				Accumulated Amortization				Net Carrying Amount
		(Dollars in thousands)
September 30, 2025
Core deposit intangibles		$	33,550			$	(23,024	)		$	10,526
Customer relationship intangibles			3,350				(3,328	)			22
Total		$	36,900			$	(26,352	)		$	10,548
December 31, 2024
Core deposit intangibles		$	33,550			$	(20,454	)		$	13,096
Customer relationship intangibles			3,350				(3,288	)			62
Total		$	36,900			$	(23,742	)		$	13,158

The following is a summary of goodwill by business segment:

		BancFirst Metropolitan Banks				BancFirst Community Banks				Pegasus				Worthington				Other Financial Services				Executive, Operations & Support				Consolidated
		(Dollars in thousands)
Nine months ended September 30, 2025
Balance at beginning and end of period		$	13,767			$	61,420			$	68,855			$	32,133			$	5,464			$	624			$	182,263

Additional information for intangible assets can be found in Note (7) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

(6) SUBORDINATED DEBT

In 2004, BFC Capital Trust II (“BFC II”), issued $26 million of aggregate liquidation amount of 7.20% Cumulative Trust Preferred Securities (the “Cumulative Trust Preferred Securities”) to other investors. The proceeds from the sale of the Cumulative Trust Preferred Securities and the common securities of BFC II were invested in $26.8 million of 7.20% Junior Subordinated Debentures of the Company. Interest payments on the $26.8 million of 7.20% Junior Subordinated Debentures are payable January 15, April 15, July 15 and October 15 of each year. Such interest payments may be deferred for up to twenty consecutive quarters. The stated maturity date of the $26.8 million of 7.20% Junior Subordinated Debentures is March 31, 2034, but they are subject to mandatory redemption pursuant to optional prepayment terms. The Cumulative Trust Preferred Securities represent an undivided interest in the $26.8 million of 7.20% Junior Subordinated Debentures and are guaranteed by the Company. During any deferral period or during any event of default, the Company may not declare or pay any dividends on any of its capital stock. The Cumulative Trust Preferred Securities have been callable at par, in whole or in part, since March 31, 2009.

On June 17, 2021, the Company completed a private placement, under Regulation D of the Securities Act of 1933, of $60 million aggregate principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Subordinated Notes”) to various institutional accredited investors. The sale of the Subordinated Notes was pursuant to a Subordinated Note Purchase Agreement entered into with each of the investors. The Subordinated Notes qualify as Tier 2 capital under bank regulatory guidelines. The net proceeds to the Company from the sale of the Subordinated Notes were approximately $59.15 million net of commissions and offering expenses. The Company used the proceeds from the sale of the Subordinated Notes for general corporate purposes. The Subordinated Notes initially bear interest at a fixed rate of 3.50% per annum, from and including June 17, 2021 to but excluding June 30, 2031, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2021. Then, from and including June 30, 2031, to but excluding the maturity date, the Subordinated Notes will bear interest at a floating rate equal to the benchmark (initially, three-month term SOFR), reset quarterly, plus a spread of 229 basis points, payable quarterly in arrears 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

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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.

(7) STOCK-BASED COMPENSATION

On May 25, 2023, the stockholders of the Company adopted the BancFirst Corporation 2023 Restricted Stock Unit Plan (the "RSU Plan"). The RSU Plan was effective as of June 1, 2023 and for a period of ten years thereafter. The RSU Plan will continue in effect after such ten-year period until all matters relating to the payment of awards and administration of the RSU Plan have been settled. At September 30, 2025 there were 434,925 shares available for future grants. The restricted stock units ("RSU's") vest beginning two years from the date of grant at the rate of 20% per year for five years. The RSU's are settled and distributed as of each vesting date. The fair value of each RSU granted is equal to the market price of the Company’s stock at the date of grant.

The following table is a summary of the activity under the Company's RSU plan.

						Wgtd. Avg.
		Restricted				Grant Date
		Stock Units				Fair Value
Nine Months Ended September 30, 2025
Nonvested at December 31, 2024			42,825			$	90.35
Granted			23,000				129.56
Vested			(1,815	)			96.39
Forfeited			(750	)			109.61
Nonvested at September 30, 2025			63,260				104.21

The Company has had the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “Deferred Stock Compensation Plan”) since May 1999. As of September 30, 2025, there are 29,559 shares available for future issuance under the Deferred Stock Compensation Plan. The Deferred Stock Compensation Plan will terminate on December 31, 2030, if not extended. Under the plan, directors and members of the community advisory boards of the Company and its subsidiaries may defer up to 100% of their board fees. They are credited for each deferral with a number of stock units based on the current market price of the Company’s stock, which accumulate in an account until such time as the director or community board member terminates serving as a board member. Shares of common stock of the Company are then distributed to the terminating director or community board member based upon the number of stock units accumulated in his or her account. There were 6,462 and 5,022 shares of common stock distributed from the Deferred Stock Compensation Plan during the nine months ended September 30, 2025 and 2024, respectively.

A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:

		September 30, 2025				December 31, 2024
Accumulated stock units			120,610				120,984
Average price		$	49.32			$	44.70

The Company terminated the BancFirst Corporation Stock Option Plan (the “Employee Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning four years from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant.

The Company terminated the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “Non-Employee Directors’ Plan”) on June 1, 2023. The remaining options will continue to vest and are exercisable beginning one year from the date of grant at the rate of 25% per year for four years, and expire no later than the end of fifteen years from the date of grant.

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The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

										Wgtd. Avg.
						Wgtd. Avg.				Remaining		Aggregate
						Exercise				Contractual		Intrinsic
		Options				Price				Term		Value
		(Dollars in thousands, except option data)
Nine Months Ended September 30, 2025
Outstanding at December 31, 2024			947,921			$	58.42
Options exercised			(104,451	)			42.19
Options canceled, forfeited, or expired			(5,000	)			90.56
Outstanding at September 30, 2025			838,470				60.25			9.31 Yrs.		$	55,506
Exercisable at September 30, 2025			359,720				46.40			7.33 Yrs.		$	28,794

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		(Dollars in thousands)
Total intrinsic value of options exercised		$	4,785			$	6,846			$	8,965			$	11,931
Cash received from options exercised			2,618				3,639				4,406				6,061
Tax benefit realized from options exercised			1,150				1,646				2,155				2,868

The Company currently uses newly issued shares for stock-based compensation plans, but reserves the right to use shares purchased under the Company’s Stock Repurchase Program (the “SRP”) in the future.

Although not required or expected, the Company may settle some options or restricted stock units in cash on a limited basis at the discretion of the Company. The Company had no cash settlements during the nine months ended September 30, 2025 or September 30, 2024.

Stock-based compensation expense is charged to salaries and benefits expense on the Consolidated Statements of Comprehensive Income. The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		(Dollars in thousands)
Stock-based compensation expense		$	1,057			$	945			$	2,766			$	2,580
Tax benefit			254				227				665				620
Stock-based compensation expense, net of tax		$	803			$	718			$	2,101			$	1,960

The Company amortizes the unearned stock-based compensation expense over the remaining vesting period of approximately five years for unvested stock options and six years for unvested RSU's. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSU's:

		September 30, 2025
		(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options		$	5,699
Unearned stock-based compensation expense for unvested RSU's			5,467

(8) STOCKHOLDERS’ EQUITY

The Company has adopted a Stock Repurchase Program (the “SRP”). The SRP may be used as a means to increase earnings per share and return on equity. In addition, the SRP may be used to purchase treasury stock for the issuance of stock related to stock-based compensation plans, to provide liquidity for optionees to dispose of stock from exercises of their stock options and to provide liquidity

21

for stockholders wishing to sell their stock. All shares repurchased under the SRP have been retired and not held as treasury stock. The timing, price and amount of stock repurchases under the SRP is determined by management and approved by the Company’s Executive Committee.

The following table is a summary of the shares under the SRP:

		September 30, 2025
Shares remaining to be repurchased			479,784

BancFirst Corporation, BancFirst, Pegasus and Worthington are subject to risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (“FDIC”). These guidelines are used to evaluate capital adequacy and involve both quantitative and qualitative evaluations of assets, liabilities and certain off-balance-sheet items calculated under regulatory practices. Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s consolidated financial statements. The Company believes that as of September 30, 2025, BancFirst Corporation, BancFirst, Pegasus and Worthington each met all capital adequacy requirements to which they are subject. The actual and required capital amounts and ratios are shown in the following table:

																				To Be Well
								Required For Capital						With Capital						Capitalized Under Prompt
		Actual						Adequacy Purposes						Conservation Buffer						Corrective Action Provisions
		Amount				Ratio		Amount				Ratio		Amount				Ratio		Amount				Ratio
		(Dollars in thousands)
As of September 30, 2025:
Total Capital
(to Risk Weighted Assets)-
BancFirst Corporation		$	1,788,184			19.93%		$	717,643			8.00%		$	941,906			10.50%		N/A				N/A
BancFirst			1,344,276			18.15%			592,410			8.00%			777,538			10.50%		$	740,513			10.00%
Pegasus			167,275			16.58%			80,723			8.00%			105,949			10.50%			100,904			10.00%
Worthington			61,034			12.66%			38,559			8.00%			50,608			10.50%			48,199			10.00%
Common Equity Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation		$	1,602,788			17.87%		$	403,674			4.50%		$	627,937			7.00%		N/A				N/A
BancFirst			1,238,745			16.73%			333,231			4.50%			518,359			7.00%		$	481,333			6.50%
Pegasus			156,926			15.55%			45,407			4.50%			70,633			7.00%			65,588			6.50%
Worthington			56,442			11.71%			21,689			4.50%			33,739			7.00%			31,329			6.50%
Tier 1 Capital
(to Risk Weighted Assets)-
BancFirst Corporation		$	1,628,788			18.16%		$	538,232			6.00%		$	762,495			8.50%		N/A				N/A
BancFirst			1,258,745			17.00%			444,308			6.00%			629,436			8.50%		$	592,410			8.00%
Pegasus			156,926			15.55%			60,542			6.00%			85,768			8.50%			80,723			8.00%
Worthington			56,442			11.71%			28,919			6.00%			40,969			8.50%			38,559			8.00%
Tier 1 Capital
(to Quarterly Average Assets)-
BancFirst Corporation		$	1,628,788			11.64%		$	559,539			4.00%		N/A				N/A		N/A				N/A
BancFirst			1,258,745			10.62%			474,081			4.00%		N/A				N/A		$	592,602			5.00%
Pegasus			156,926			10.68%			58,795			4.00%		N/A				N/A			73,493			5.00%
Worthington			56,442			9.41%			23,990			4.00%		N/A				N/A			29,987			5.00%

As of September 30, 2025, BancFirst, Pegasus and Worthington were classified by the Federal Reserve as “well capitalized” under the prompt corrective action provisions. The Common Equity Tier 1 Capital of BancFirst Corporation, BancFirst, Pegasus and Worthington includes common stock and related paid-in capital and retained earnings. In connection with the adoption of the Basel III Capital Rules, the election was made to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 Capital. Common Equity Tier 1 Capital for BancFirst Corporation, BancFirst, Pegasus and Worthington is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities. The Company’s trust preferred

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securities qualify as Tier 1 capital and its Subordinated Notes qualify as Tier 2 capital. BancFirst, Pegasus and Worthington have had no events or conditions that management believes would materially change their category under capital requirements existing as of the report dates.

(9) NET INCOME PER COMMON SHARE

Basic and diluted net income per common share are calculated as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		(Dollars in thousands, except per share data)
(Numerator)
Income available to common stockholders		$	62,654			$	58,903			$	181,113			$	159,878
(Denominator)
Weighted average shares outstanding for basic earnings per common share			33,310,290				33,097,164				33,266,315				33,015,741
Dilutive effect of stock compensation			553,839				549,385				545,955				551,376
Weighted-average shares outstanding for diluted earnings per common share			33,864,129				33,646,549				33,812,270				33,567,117
Basic earnings per share		$	1.88			$	1.78			$	5.44			$	4.84
Diluted earnings per share		$	1.85			$	1.75			$	5.36			$	4.76

The following table shows the number of options and RSU's that were excluded from the computation of diluted net income per common share for each period because they were anti-dilutive for the period:

		Shares
Three Months Ended September 30, 2025			10,134
Three Months Ended September 30, 2024			204,005
Nine Months Ended September 30, 2025			6,737
Nine Months Ended September 30, 2024			250,142

(10) FAIR VALUE MEASUREMENTS

Accounting standards define fair value as the price that would be received to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date.

FASB Accounting Standards Codification (“ASC”) Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

•Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset and liability, either directly or indirectly, for substantially the full term of the financial instrument.

•Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. This category includes certain collaterally dependent loans, repossessed assets, other real estate owned, goodwill and other intangible assets.

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Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

A description of the valuation methodologies and key inputs used to measure financial assets and financial liabilities at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to the following categories of the Company’s financial assets and financial liabilities.

Debt Securities Available for Sale

Debt securities classified as available for sale are reported at fair value. U.S. Treasuries are valued using Level 1 inputs. Other debt securities available for sale including U.S. federal agencies, registered mortgage backed debt securities and state and political subdivisions are valued using prices from an independent pricing service utilizing Level 2 data. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and a bond’s terms and conditions, among other things. The Company also invests in private label mortgage backed debt securities for which observable information is not readily available. These debt securities are reported at fair value utilizing Level 3 inputs. For these debt securities, management determines the fair value based on replacement cost, the income approach or information provided by outside consultants or lead investors. Discount rates are primarily based on reference to interest rate spreads on comparable debt securities of similar duration and credit rating as determined by the nationally recognized rating agencies adjusted for a lack of trading volume. Significant unobservable inputs are developed by investment securities professionals involved in the active trading of similar debt securities.

The Company reviews the prices for Level 1 and Level 2 debt securities supplied by the independent pricing service for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio debt securities that are esoteric or that have complicated structures. The Company’s portfolio primarily consists of traditional investments including U.S. Treasury obligations, federal agency mortgage pass-through debt securities, general obligation municipal bonds and municipal revenue bonds. Pricing for such instruments is easily obtained. For in-state bond issues that have relatively low issue sizes and liquidity, the Company utilizes the same parameters for pricing mentioned in the preceding paragraph adjusted for the specific issue. Periodically, the Company will validate prices supplied by the independent pricing service by comparison to prices obtained from third party sources.

Derivatives

Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains dealer and market quotations to value its oil and gas swaps and options. The Company utilizes dealer quotes and observable market data inputs to substantiate internal valuation models.

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(Dollars in thousands)
September 30, 2025
Debt securities available for sale:
U.S. Treasury		$	984,117			$	—			$	—			$	984,117
U.S. federal agencies			—				6,805				—				6,805
Mortgage-backed securities			—				12,168				—				12,168
States and political subdivisions			—				5,013				120				5,133
Other debt securities			—				7,157				—				7,157
Derivative assets			—				15,881				—				15,881
Derivative liabilities			—				14,396				—				14,396
December 31, 2024
Debt securities available for sale:
U.S. Treasury		$	1,176,009			$	—			$	—			$	1,176,009
U.S. federal agencies			—				8,232				—				8,232
Mortgage-backed securities			—				13,044				—				13,044
States and political subdivisions			—				6,286				150				6,436
Other debt securities			—				7,196				—				7,196
Derivative assets			—				10,479				—				10,479
Derivative liabilities			—				9,105				—				9,105

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The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

		Nine Months Ended September 30,				Twelve Months Ended December 31,
		2025				2024
		(Dollars in thousands)
Balance at the beginning of the year		$	150			$	180
Settlements			(30	)			(30	)
Balance at the end of the period		$	120			$	150

The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period. During the nine months ended September 30, 2025, and the year ended December 31, 2024, the Company did not transfer any debt securities.

Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and financial liabilities are reported at fair value utilizing Level 3 inputs.

The Company invests in equity securities without readily determinable fair values and utilizes Level 3 inputs. These equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income.

Collateral dependent loans are reported at the fair value of the underlying collateral if repayment is dependent on liquidation of the collateral. When the Company determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. In no case does the fair value of a collateral dependent loan exceed the fair value of the underlying collateral. The collateral dependent loans are adjusted to fair value through a specific allocation of the allowance for credit losses or a direct charge-down of the loan.

Repossessed assets, upon initial recognition, are measured and adjusted to fair value through a charge-off to the allowance for possible credit losses based upon the fair value of the repossessed asset.

Other real estate owned is revalued at fair value subsequent to initial recognition, with any losses recognized in net expense from other real estate owned.

The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. These nonrecurring fair values do not represent all assets, only those assets that have been adjusted during the reporting period:

		Total Fair Value
		Level 3
		(Dollars in thousands)
As of and for the Year-to-date Period Ended September 30, 2025
Equity securities		$	8,342
Collateral dependent loans			2,855
Repossessed assets			644
Other real estate owned			21,095
As of and for the Year-to-date Period Ended December 31, 2024
Equity securities		$	13,014
Collateral dependent loans			7,337
Repossessed assets			614
Other real estate owned			32,868

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Estimated Fair Value of Financial Instruments

The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instruments that are not recorded at fair value. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The following methods and assumptions are used to estimate the fair value of each class of financial instruments:

Cash and Cash Equivalents Include: Cash and Due from Banks and Interest-Bearing Deposits with Banks

The carrying amount of these short-term instruments is based on a reasonable estimate of fair value.

Federal Funds Sold

The carrying amount of these short-term instruments is a reasonable estimate of fair value.

Debt Securities Held for Investment

For debt securities held for investment, which are generally traded in secondary markets, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar debt securities making adjustments for credit or liquidity if applicable. For debt securities held for investment for which observable information is not readily available, the Company reports these at fair value utilizing Level 3 inputs.

Loans Held for Sale

The Company originates mortgage loans to be sold. At the time of origination, the acquiring bank has already been determined and the terms of the loan, including interest rate, have already been set by the acquiring bank, allowing the Company to originate the loan at fair value. Mortgage loans are generally sold within 30 days of origination. Loans held for sale are valued using Level 2 inputs. Gains or losses recognized upon the sale of the loans are determined on a specific identification basis.

Loans Held for Investment

To determine the fair value of loans held for investment, the Company uses an exit price calculation, which takes into account factors such as liquidity, credit and the nonperformance risk of loans. For certain homogeneous categories of loans, such as some residential mortgages, fair values are estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair values of other types of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Deposits

The fair values of transaction and savings accounts are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using the rates currently offered for deposits of similar remaining maturities.

Short-Term Borrowings

The amounts payable on these short-term instruments are reasonable estimates of fair value.

Subordinated Debt

The fair values of subordinated debt are estimated using the rates that would be charged for subordinated debt of similar remaining maturities.

Loan Commitments and Letters of Credit

The fair values of commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the terms of the agreements. The fair values of letters of credit are based on fees currently charged for similar agreements.

26

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

		September 30, 2025								December 31, 2024
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents		$	4,054,638			$	4,054,638			$	3,553,772			$	3,553,772
Federal funds sold			—				—			$	715				715
Debt securities held for investment			1				1				2				2
Loans held for sale			8,920				8,920				8,073				8,073
Level 3 inputs:
Debt securities held for investment			560				560				835				835
Loans, net of allowance for credit losses			8,178,736				9,032,951				7,925,613				8,643,418
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits			12,118,387				11,428,081				11,718,546				10,966,958
Short-term borrowings			11,675				11,675				—				—
Subordinated debt			86,200				81,176				86,157				77,998
OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS
Loan commitments							4,030								4,313
Letters of credit							630								769

Non-financial Assets and Non-financial Liabilities Measured at Fair Value

The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. In addition, the Company has no non-financial liabilities measured at fair value on a nonrecurring basis. Non-financial assets measured at fair value on a nonrecurring basis include intangible assets. The intangible assets are evaluated at least annually for impairment. The overall levels of non-financial assets measured at fair value on a nonrecurring basis were not considered to be significant to the Company at September 30, 2025 or December 31, 2024.

27

(11) DERIVATIVE FINANCIAL INSTRUMENTS

The Company enters into oil and gas swaps and options contracts to accommodate the business needs of its customers. Upon the origination of an oil or gas swap or option contract with a customer, to mitigate the exposure to fluctuations in oil and gas prices, the Company simultaneously enters into an offsetting contract with a counterparty. These derivatives are not designated as hedged instruments and are recorded on the Company's consolidated balance sheet at fair value and are included in other assets. The Company's derivative financial instruments require a daily margin to be posted, which fluctuates with oil and gas prices. At September 30, 2025 and December 31, 2024, the Company had a margin asset included in other assets in the amount of $48,000 and $463,000, respectively.

The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models. The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table:

				September 30, 2025								December 31, 2024
Oil and Natural Gas Swaps and Options		Notional Units		Notional Amount				Estimated Fair Value				Notional Amount				Estimated Fair Value
				(Notional amounts and dollars in thousands)
Oil
Derivative assets		Barrels			2,591			$	10,596				2,404			$	7,507
Derivative liabilities		Barrels			(2,591	)			(9,963	)			(2,404	)			(6,860	)
Gas/Natural Gas Liquids
Derivative assets		MMBTUs/Gallons			33,048				5,285				25,561				2,972
Derivative liabilities		MMBTUs/Gallons			(33,048	)			(4,433	)			(25,561	)			(2,245	)
Total Fair Value		Included in
Derivative assets		Other assets							15,881								10,479
Derivative liabilities		Other liabilities							(14,396	)							(9,105	)

The following table is a summary of the Company's recognized income related to the activity, which was included in other noninterest income:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		(Dollars in thousands)								(Dollars in thousands)
Derivative income		$	78			$	82			$	374			$	279

The Company's credit exposure on oil and gas swaps and options varies based on the current market prices of oil and natural gas. Other than credit risk, changes in the fair value of customer positions will be offset by equal and opposite changes in the counterparty positions. The net positive fair value of the contracts represents the profit derived from the activity and is unaffected by the market price movements. The Company's share of total profit is approximately 35%.

Customer credit exposure is managed by strict position limits and is primarily offset by first liens on production while the remainder is offset by cash. Counterparty credit exposure is managed by selecting highly rated counterparties (rated A- or better by Moody's) and monitoring market information.

The following table is a summary of the Company's net credit exposure relating to oil and gas swaps and options with bank counterparties:

		September 30, 2025				December 31, 2024
		(Dollars in thousands)
Credit exposure		$	15,778			$	8,074

28

Balance Sheet Offsetting

Derivatives may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements. The Company's derivative transactions with upstream financial institution counterparties and bank customers are generally executed under International Swaps and Derivative Association ("ISDA") master agreements, which include "right of set-off" provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset such financial instruments for financial reporting purposes.

(12) SEGMENT INFORMATION

The Company, along with its chief operating decision maker (CODM), which is BancFirst Corporation's Chief Executive Officer, evaluates its performance with an internal profitability measurement system that measures the profitability of its business units on a pre-tax basis. The financial information for each business unit is presented on the basis used internally by management and the CODM to evaluate performance and allocate resources. The Company utilizes a transfer pricing system to allocate the benefit or cost of funds provided or used by the various business units. Certain services provided by the support group to other business units, such as item processing, are allocated at rates approximating the cost of providing the services. Eliminations are adjustments to consolidate the business units. Capital expenditures are generally charged to the business unit using the asset.

The six principal business units are BancFirst metropolitan banks, BancFirst community banks, Pegasus, Worthington, other financial services and executive, operations, support and eliminations. BancFirst metropolitan banks, BancFirst community banks, Pegasus and Worthington offer traditional banking products such as commercial and retail lending and a full line of deposit accounts. BancFirst metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. BancFirst community banks consist of banking locations in communities in Oklahoma outside the Oklahoma City and Tulsa metropolitan areas. Pegasus consists of banking locations in the Dallas metropolitan area. Worthington consists of banking locations in the Arlington, Fort Worth and Denton Texas. Other financial services are specialty product business units including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations, support and eliminations group represents executive management, operational support, corporate functions that are not allocated to the other business units and elimination adjustments to consolidate the business units.

The results of operations and selected financial information for the six business units are as follows:

		BancFirst Metropolitan Banks				BancFirst Community Banks				Pegasus				Worthington				Other Financial Services				Executive, Operations, Support and Eliminations				Consolidated
		(Dollars in thousands)
Three Months Ended September 30, 2025
Interest income		$	50,791			$	111,871			$	21,634			$	9,108			$	2,568			$	(1,579	)		$	194,393
Interest expense			20,212				41,069				8,282				2,673				1,039				(4,497	)			68,778
Total provision for credit losses			1,299				2,075				370				41				401				252				4,438
Noninterest income			6,347				18,418				457				(66	)			16,951				7,759				49,866
Depreciation and    amortization			468				2,672				118				166				137				2,026				5,587
Other noninterest expense			11,858				36,548				5,626				3,625				10,867				17,961				86,485
Income before taxes		$	23,301			$	47,925			$	7,695			$	2,537			$	7,075			$	(9,562	)		$	78,971
Three Months Ended September 30, 2024
Interest income		$	55,275			$	106,966			$	21,331			$	8,252			$	2,593			$	(6,767	)		$	187,650
Interest expense			25,061				43,267				8,482				3,577				1,229				(8,923	)			72,693
Total provision for/(benefit    from) credit losses			798				791				530				(15	)			3				924				3,031
Noninterest income			5,692				17,787				394				238				16,241				8,360				48,712
Depreciation and    amortization			518				2,453				150				159				121				1,967				5,368
Other noninterest expense			11,164				34,748				5,375				3,496				10,694				15,889				81,366
Income before taxes		$	23,426			$	43,494			$	7,188			$	1,273			$	6,787			$	(8,264	)		$	73,904

29

		BancFirst Metropolitan Banks				BancFirst Community Banks				Pegasus				Worthington				Other Financial Services				Executive, Operations, Support and Eliminations				Consolidated
		(Dollars in thousands)
Nine Months Ended September 30, 2025
Interest income		$	149,462			$	326,952			$	61,737			$	26,764			$	7,582			$	(7,201	)		$	565,296
Interest expense			60,679				120,633				23,168				8,864				2,997				(13,865	)			202,476
Total provision for    credit losses			1,732				3,532				586				384				412				765				7,411
Noninterest income			18,870				54,845				1,633				399				47,784				23,277				146,808
Depreciation and    amortization			1,334				7,952				413				495				406				6,234				16,834
Other noninterest expense			35,359				107,086				16,851				11,138				34,828				50,354				255,616
Income before taxes		$	69,228			$	142,594			$	22,352			$	6,282			$	16,723			$	(27,412	)		$	229,767
Capital expenditures		$	4,100			$	11,622			$	1,268			$	134			$	1,088			$	18,551			$	36,763
September 30, 2025
Loans held for investment		$	2,562,711			$	4,145,827			$	927,560			$	483,611			$	100,805			$	57,733			$	8,278,247
Total assets		$	3,567,836			$	8,102,009			$	1,607,512			$	642,205			$	15,696			$	262,882			$	14,198,140
Total deposits		$	2,899,907			$	7,465,883			$	1,360,582			$	550,622			$	—			$	(158,607	)		$	12,118,387
Nine Months Ended September 30, 2024
Interest income		$	159,079			$	308,459			$	59,728			$	23,594			$	7,265			$	(20,367	)		$	537,758
Interest expense			71,533				123,039				24,649				10,068				3,779				(26,267	)			206,801
Total provision for    credit losses			2,503				3,283				3,390				174				71				983				10,404
Noninterest income			16,423				50,591				1,053				709				44,917				23,863				137,556
Depreciation and    amortization			1,601				7,374				482				479				366				5,899				16,201
Other noninterest expense			32,899				100,801				15,815				10,896				30,705				47,512				238,628
Income before taxes		$	66,966			$	124,553			$	16,445			$	2,686			$	17,261			$	(24,631	)		$	203,280
Capital expenditures		$	3,421			$	7,535			$	383			$	4,720			$	196			$	5,253			$	21,508
September 30, 2024
Loans held for investment		$	2,624,448			$	4,046,879			$	870,081			$	442,417			$	98,355			$	98,181			$	8,180,361
Total assets		$	3,484,436			$	7,672,481			$	1,506,885			$	627,105			$	93,819			$	(71,244	)		$	13,313,482
Total deposits		$	2,679,414			$	7,062,544			$	1,295,341			$	540,390			$	—			$	(103,337	)		$	11,474,352

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition as of September 30, 2025 and December 31, 2024 and results of operations for the three and nine months ended September 30, 2025 should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements for the year ended December 31, 2024, and the other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Certain risks, uncertainties and other factors, including those set forth under "Risk Factors" in Part I, Item 1A of the 2024 Form 10-K, and "Item 1A, Risk Factors" in this Quarterly Report on Form 10-Q, may cause actual results to differ materially from the results discussed in the forward-looking statements appearing in this discussion and analysis.

FORWARD LOOKING STATEMENTS

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. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes”, “anticipates”, “expects”, “intends”, “targeted”, “continue”, “remain”, “will”, “should”, “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

•The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.

•Changes in fiscal, monetary or regulatory policy may have adverse consequences including impacts to the labor market, tariffs and inflation which may impact our financial performance.

•Changes in the regulatory environment for the banking industry, including rule-making, supervision, examination, and enforcement.

•The increased time, effort and staffing needs related to ongoing and/or changed regulations from regulatory bodies could negatively impact noninterest expense.

•Local, regional, national and international economic conditions, including the effect of a government shutdown, and the impact they may have on the Company and its customers.

•Inflation, including wage inflation, energy prices, securities markets and monetary fluctuations.

•Changes in oil and gas commodity prices and the potential impact to the related loan portfolio as well as the overall impact to the regional economic environment.

•Changes in interest rates.

•Potential impacts of adverse developments in the banking industry that could impact customer confidence.

•Further shift in deposit mix from noninterest-bearing deposits to interest-bearing deposits could negatively impact net interest margin.

•Changes in the financial performance and/or condition of the Company’s borrowers, including the impact of higher interest rates.

•Changes in consumer spending, borrowing and savings habits.

•Changes in the mix of loan sectors and types or the level of non-performing assets and charge-offs.

31

•Deterioration in the market for commercial office property could have an adverse effect on the value of the Company's other real estate owned as well as commercial office collateral for the Company's commercial real estate loans.

•Impairment of the Company’s goodwill or other intangible assets.

•Technological changes, fintech competition and disruption to the traditional banking systems, including emerging regulation around stablecoins, blockchain technology in payment networks and market acceptance of digital assets.

•Cyber threats.

•The Company’s success at managing the risks involved in the foregoing items.

Actual results may differ materially from forward-looking statements.

SUMMARY

The Company’s net income for the third quarter of 2025 was $62.7 million, compared to $58.9 million for the third quarter of 2024. Diluted net income per common share was $1.85 and $1.75 for the third quarter of 2025 and 2024, respectively.

The Company’s net interest income for the third quarter of 2025 increased to $125.6 million from $115.0 million for the third quarter of 2024. Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin improved slightly to 3.79% for the third quarter of 2025 from 3.78% for the third quarter of 2024. The Company recorded a provision for credit losses on loans of $4.2 million in the third quarter of 2025 compared to $3.0 million for the third quarter of 2024.

Noninterest income for the third quarter of 2025 totaled $49.9 million compared to $48.7 million for the third quarter of 2024. Trust revenue, treasury income, sweep fees and securities transactions each increased when compared to third quarter last year.

Noninterest expense grew to $92.1 million for the third quarter of 2025 compared to $86.7 million in the same quarter in 2024. The increase in noninterest expense was primarily due to growth in salaries and employee benefits of $3.5 million. Also contributing to the increase was occupancy expense, due largely to repairs and maintenance, and increases in other noninterest expense driven primarily by professional fees.

At September 30, 2025, the Company’s total assets were $14.2 billion, an increase of $643.8 million from December 31, 2024. Loans grew $254.0 million from December 31, 2024, totaling $8.3 billion at September 30, 2025. Deposits totaled $12.1 billion, an increase of $399.8 million from year-end 2024. Off-balance-sheet sweep accounts totaled $4.9 billion at September 30, 2025, down $316.4 million from December 31, 2024. The Company’s total stockholders’ equity was $1.8 billion, an increase of $161.6 million over December 31, 2024.

Asset quality continued to be strong. Nonaccrual loans totaled $57.3 million, representing 0.69% of total loans at September 30, 2025, down from 0.72% at year-end 2024. The allowance for credit losses to total loans was 1.20% at September 30, 2025, down from 1.24% at December 31, 2024. Net charge-offs were $1.7 million for the third quarter of 2025, compared to $775,000 for the third quarter of 2024.

See Note (2) of the Notes to Consolidated Financial Statements for disclosure regarding the Company’s recent developments, including mergers and acquisitions.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

See Note (1) of the Notes to the Consolidated Financial Statements for disclosures regarding recently issued accounting pronouncements since December 31, 2024, the date of its most recent annual report to stockholders.

SEGMENT INFORMATION

See Note (12) of the Notes to the Consolidated Financial Statements for disclosures regarding business segments.

32

RESULTS OF OPERATIONS

Average Balances, Income, Expenses and Rates

The following tables present certain information related to the Company's consolidated average balance sheet, average yields on assets and average costs of liabilities. Such yields are derived by dividing income or expense by the average balance of the corresponding assets or liabilities. For these computations: (i) average balances are derived from daily averages, (ii) information is shown on a taxable-equivalent basis assuming a 21% tax rate, and (iii) nonaccrual loans are included in the average loan balances and any interest on such nonaccrual loans is recognized on a cash basis. Loan fees included in interest income were $5.1 million for the three months ended September 30, 2025 compared to $5.0 million for the three months ended September 30, 2024. Loan fees included in interest income were $15.2 million for the nine months ended September 30, 2025 compared to $15.9 million for the nine months ended September 30, 2024.

BANCFIRST CORPORATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND INTEREST MARGIN ANALYSIS
(Unaudited)
Taxable Equivalent Basis
(Dollars in thousands)
		Three Months Ended September 30,
		2025												2024
						Interest				Average								Interest				Average
		Average				Income/				Yield/				Average				Income/				Yield/
		Balance				Expense				Rate				Balance				Expense				Rate
ASSETS
Earning assets:
Loans		$	8,167,950			$	143,698				6.98	%		$	8,103,297			$	144,179				7.06	%
Securities – taxable			1,061,971				6,515				2.43				1,406,344				8,341				2.35
Securities – tax exempt			1,246				11				3.47				2,374				23				3.87
Federal funds sold and interest-bearing deposits with banks			3,937,525				44,363				4.47				2,574,083				35,267				5.44
Total earning assets			13,168,692				194,587				5.86				12,086,098				187,810				6.17
Nonearning assets:
Cash and due from banks			205,722												195,636
Interest receivable and other assets			882,858												810,781
Allowance for credit losses			(97,456	)											(99,967	)
Total nonearning assets			991,124												906,450
Total assets		$	14,159,816											$	12,992,548
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Money market and interest-bearing checking deposits		$	5,386,505			$	41,263				3.04	%		$	5,064,491			$	47,386				3.71	%
Savings deposits			1,230,646				9,763				3.15				1,078,383				9,277				3.41
Time deposits			1,627,672				16,622				4.05				1,275,206				14,952				4.65
Short-term borrowings			9,304				100				4.28				4,423				48				4.30
Subordinated debt			86,192				1,030				4.74				86,134				1,030				4.74
Total interest-bearing liabilities			8,340,319				68,778				3.27				7,508,637				72,693				3.84
Interest-free funds:
Noninterest-bearing deposits			3,888,147												3,793,962
Interest payable and other liabilities			178,438												146,868
Stockholders’ equity			1,752,912												1,543,081
Total interest free funds			5,819,497												5,483,911
Total liabilities and stockholders’ equity		$	14,159,816											$	12,992,548
Net interest income						$	125,809											$	115,117
Net interest spread											2.59	%											2.33	%
Effect of interest free funds											1.20	%											1.45	%
Net interest margin											3.79	%											3.78	%

33

BANCFIRST CORPORATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND INTEREST MARGIN ANALYSIS
(Unaudited)
Taxable Equivalent Basis
(Dollars in thousands)
		Nine Months Ended September 30,
		2025												2024
						Interest				Average								Interest				Average
		Average				Income/				Yield/				Average				Income/				Yield/
		Balance				Expense				Rate				Balance				Expense				Rate
ASSETS
Earning assets:
Loans (1)		$	8,094,825			$	420,408				6.94	%		$	7,916,192			$	414,274				6.97	%
Debt securities – taxable			1,131,722				20,408				2.41				1,484,049				26,454				2.37
Debt securities – tax exempt			1,849				55				3.99				2,474				71				3.80
Federal funds sold and interest-bearing deposits with banks			3,739,945				125,017				4.47				2,370,685				97,388				5.47
Total earning assets			12,968,341				565,888				5.83				11,773,400				538,187				6.09
Nonearning assets:
Cash and due from banks			210,268												200,515
Interest receivable and other assets			860,558												807,891
Allowance for credit losses			(98,344	)											(98,327	)
Total nonearning assets			972,482												910,079
Total assets		$	13,940,823											$	12,683,479
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Transaction deposits		$	5,337,406			$	122,546				3.07	%		$	4,933,831			$	136,899				3.70	%
Savings deposits			1,185,171				28,037				3.16				1,070,512				27,502				3.42
Time deposits			1,563,089				48,644				4.16				1,146,042				39,106				4.55
Short-term borrowings			4,930				158				4.28				5,673				203				4.76
Subordinated debt			86,177				3,091				4.80				86,120				3,091				4.78
Total interest-bearing liabilities			8,176,773				202,476				3.31				7,242,178				206,801				3.80
Interest-free funds:
Noninterest-bearing deposits			3,906,936												3,818,752
Interest payable and other liabilities			159,434												132,698
Stockholders’ equity			1,697,680												1,489,851
Total interest free funds			5,764,050												5,441,301
Total liabilities and stockholders’ equity		$	13,940,823											$	12,683,479
Net interest income						$	363,412											$	331,386
Net interest spread											2.52	%											2.29	%
Effect of interest free funds											1.23	%											1.46	%
Net interest margin											3.75	%											3.75	%

34

Selected income statement data and other selected data for the comparable periods were as follows:

BANCFIRST CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except per share data)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Income Statement Data
Net interest income		$	125,615			$	114,957			$	362,820			$	330,957
Provision for credit losses on loans			4,222				3,031				6,922				10,404
Provision for off-balance-sheet credit exposures			216				—				489				—
Securities transactions			492				(308	)			(581	)			(258	)
Total noninterest income			49,866				48,712				146,808				137,556
Salaries and employee benefits			57,681				54,215				167,421				157,671
Total noninterest expense			92,072				86,734				272,450				254,829
Net income			62,654				58,903				181,113				159,878
Per Common Share Data
Net income – basic		$	1.88			$	1.78			$	5.44			$	4.84
Net income – diluted			1.85				1.75				5.36				4.76
Cash dividends			0.49				0.46				1.41				1.32
Performance Data
Return on average assets			1.76	%			1.80	%			1.74	%			1.68	%
Return on average stockholders’ equity			14.18				15.14				14.26				14.30
Cash dividend payout ratio			26.06				25.84				25.92				27.27
Net interest spread			2.59				2.33				2.52				2.29
Net interest margin			3.79				3.78				3.75				3.75
Efficiency ratio			52.47				52.99				53.46				54.39
Net charge-offs to average loans			0.02				0.01				0.08				0.07

Net Interest Income

For the three months ended September 30, 2025, net interest income, which is the Company’s principal source of operating revenue, increased $10.7 million or 9.3% compared to the three months ended September 30, 2024. Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin is the ratio of taxable-equivalent net interest income to average earning assets for the period.

Net interest income for the nine months ended September 30, 2025 increased $31.9 million or 9.6% compared to the nine months ended September 30, 2024. Higher loan volume along with general growth in earning assets were the primary drivers to the increase.

Provision for Credit Losses on loans

The Company establishes an allowance as an estimate of the expected credit losses in the loan portfolio at the balance sheet date. Management believes the allowance for credit losses is appropriate based upon management’s best estimate of expected losses within the existing loan portfolio. Should any of the factors considered by management in evaluating the appropriate level of the allowance for credit losses change, the Company’s estimate of expected credit losses could also change which could affect the amount of future provisions for credit losses.

Net loan charge-offs were $1.7 million for the third quarter of 2025 compared to net loan charge-offs of $775,000 for the third quarter of 2024. The rate of net charge-offs to average total loans continues to be at a low level.

Net loan charge-offs were $6.9 million for the nine months ended September 30, 2025, compared to $5.3 million for the same period of the prior year.

35

Noninterest Income

Noninterest income increased by $1.2 million for the third quarter of 2025 compared to the third quarter of 2024. Trust revenue, treasury income, sweep fees and securities transactions each increased when compared to third quarter last year.

Noninterest income included non-sufficient funds ("NSF") and overdraft fees totaling $8.3 million and $8.2 million for the three months ended September 30, 2025 and 2024, respectively. This represents 16.6% and 16.9% of the Company’s noninterest income for the respective periods. In addition, the Company had debit card usage and interchange fees totaling $6.9 million and $6.7 million during the three months ended September 30, 2025 and 2024, respectively. This represents 13.8% and 13.7% of the Company’s noninterest income for the respective periods.

Noninterest income increased by $9.3 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Trust revenue, treasury income, sweep fees, insurance commissions and gain on sale of other assets each increased when compared to the same period last year.

Noninterest income included NSF and overdraft fees totaling $23.3 million and $22.7 million during the nine months ended September 30, 2025 and 2024, respectively. This represents 15.9% and 16.5% of the Company’s noninterest income for the respective periods. In addition, the Company had debit card usage and interchange fees totaling $20.3 million and $20.0 million during the nine months ended September 30, 2025 and 2024, respectively. This represents 13.8% and 14.5% of the Company’s noninterest income for the respective periods.

Noninterest Expense

Noninterest expense increased by $5.3 million for third quarter of 2025 compared to the third quarter of 2024. The increase in noninterest expenses was primarily related to growth in salaries and employee benefits of $3.5 million. Also contributing to the increase was occupancy expense, due largely to repairs and maintenance, and increases in other noninterest expense driven primarily by professional fees.

For the nine months ended September 30, 2025, noninterest expense increased by $17.6 million compared to the nine months ended September 30, 2024. Higher noninterest expenses in 2025 were primarily related to growth in salaries and employee benefits of $9.8 million, an increase in occupancy expense of $2.0 million and an increase in the net expense from other real estate owned of $1.8 million. In addition, the Company recorded an expense related to the disposition of certain equity investments no longer permissible under the Volcker Rule, which prohibits banks with more than $10 billion in assets from holding certain private equity investments.

Income Taxes

The Company’s effective tax rate was 20.7% for the third quarter of 2025, compared to 20.3% for the third quarter of 2024.

The Company’s effective tax rate was 21.2% for the nine months ended September 30, 2025, compared to 21.4% for the nine months ended September 30, 2024.

The primary reasons for the difference between the Company’s effective tax rate and the federal statutory rate were tax-exempt income, nondeductible amortization, federal and state tax credits and state tax expense.

36

FINANCIAL POSITION

BANCFIRST CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share data)
		September 30,				December 31,
		2025				2024
		(unaudited)
Balance Sheet Data
Total assets		$	14,198,140			$	13,554,314
Interest-bearing deposits with banks			3,849,736				3,315,932
Debt securities			1,015,941				1,211,754
Total loans (net of unearned interest)			8,287,167				8,033,183
Allowance for credit losses			99,511				99,497
Noninterest-bearing demand deposits			3,816,389				3,907,060
Money market and interest-bearing checking deposits			5,393,791				5,231,327
Savings deposits			1,251,394				1,110,020
Time deposits			1,656,813				1,470,139
Total deposits			12,118,387				11,718,546
Stockholders' equity			1,782,801				1,621,187
Book value per share			53.49				48.81
Tangible book value per share (non-GAAP)(1)			47.71				42.92
Reconciliation of Tangible Book Value per Common Share (non-GAAP)(2)
Stockholders' equity		$	1,782,801			$	1,621,187
Less goodwill			182,263				182,263
Less intangible assets, net			10,548				13,158
Tangible stockholders' equity (non-GAAP)		$	1,589,990			$	1,425,766
Common shares outstanding			33,329,247				33,216,519
Tangible book value per share (non-GAAP)		$	47.71			$	42.92
Selected Financial Ratios
Balance Sheet Ratios:
Average loans to deposits (year-to-date)			67.50	%			71.50	%
Average earning assets to total assets (year-to-date)			93.02				92.91
Average stockholders’ equity to average assets (year-to-date)			12.18				11.78
Asset Quality Data
Loans past due 90 days and still accruing		$	7,959			$	7,739
Nonaccrual loans (3)			57,266				57,984
Other real estate owned and repossessed assets			53,233				33,665
Asset Quality Ratios:
Nonaccrual loans to total loans			0.69	%			0.72	%
Allowance for credit losses to total loans			1.20				1.24
Allowance for credit losses to nonaccrual loans			173.77				171.59
(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.
(3) Government agencies guaranteed approximately $10.0 million of nonaccrual loans at September 30, 2025.

Cash and Due from Banks, Federal Funds Sold and Interest-Bearing Deposits with Banks

The aggregate of cash and due from banks, federal funds sold and interest-bearing deposits with banks increased by $500.2 million or 14.1%, to $4.1 billion from December 31, 2024 to September 30, 2025. The increase was related to an increase of interest-bearing deposits in addition to maturing securities.

37

Securities

At September 30, 2025, total debt securities decreased $195.8 million, or 16.2% compared to December 31, 2024. The size of the Company’s securities portfolio is determined by the Company’s liquidity and asset/liability management. The unrealized loss on debt securities available for sale, before taxes, was $16.8 million at September 30, 2025, compared to an unrealized loss of $43.1 million at December 31, 2024. These unrealized losses, net of income taxes, of $12.8 million at September 30, 2025 and $32.9 million at December 31, 2024 are included in the Company’s stockholders’ equity as accumulated other comprehensive loss. During the nine months ended September 30, 2025, the Company purchased $508,000 of debt securities compared to $522,000 during the nine months ended September 30, 2024. The Company did not sell any debt securities during the nine months ended September 30, 2025 or 2024. The Company did not recognize a gain or loss on debt securities during the nine months ended September 30, 2025 or 2024. The Company had maturities and paydowns of debt securities totaling $223.0 million during the nine months ended September 30, 2025 and $213.1 million during the nine months ended September 30, 2024.

See Note (3) of the Notes to Consolidated Financial Statements for disclosures regarding the Company’s securities.

Loans

At September 30, 2025, total loans increased $254.0 million or 3.2% compared to December 31, 2024 as a result of internal loan growth. Of the total increase in loans, commercial real estate made up the largest increase with $130.8 million. The internal loan growth was primarily from the Company's Oklahoma subsidiary BancFirst.

See Note (4) of the Notes to Consolidated Financial Statements for disclosures regarding the Company’s loan portfolio segments.

Allowance for Credit Losses

The overall credit quality of the Company's loan portfolio has remained strong. If unforeseen adverse changes occur in the national or local economy, or in the credit markets, it would be reasonable to expect that the allowance for credit losses would increase in future periods.

Nonaccrual Loans

Nonaccrual loans totaled $57.3 million at September 30, 2025 compared to $58.0 million at December 31, 2024. The Company’s nonaccrual commercial non-real estate loans made up 15% and nonaccrual commercial real estate made up 65% of nonaccrual loans. Nonaccrual loans negatively impact the Company’s net interest margin. A loan is placed on nonaccrual status when, in the opinion of management, the future collectability of both interest and principal is in serious doubt. Interest income is not recognized until the principal balance is fully collected. However, if the full collection of the remaining principal balance is not in doubt, interest income is recognized on certain of these loans on a cash basis. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $3.6 million for the nine months ended September 30, 2025 and $2.6 million for the nine months ended September 30, 2024. Only a small amount of this interest is expected to be ultimately collected. Approximately $10.0 million of nonaccrual loans were guaranteed by government agencies at September 30, 2025.

The classification of a loan as nonaccrual does not necessarily indicate that loan principal and interest will ultimately be uncollectible; although, in an economic downturn, the Company’s experience has been that the level of collections decline. The above normal risk associated with nonaccrual loans has been considered in the determination of the allowance for credit losses. The level of nonaccrual loans and credit losses could rise over time as a result of adverse economic conditions.

Modified Loans

The current and future financial effects of the recorded balance of loans considered to be modified during the period were not material. The recorded balance of loans modified during the nine months ended September 30, 2025 was approximately $6.0 million compared to $14.8 million during the year ended December 31, 2024.

Other Real Estate Owned and Repossessed Assets

OREO consists of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of foreclosure and premises held for sale. These properties are carried at the lower of the book values of the related loans or fair values based upon appraisals of the properties, less estimated costs to sell. Write-downs arising at the time of reclassification of such properties from loans to OREO are charged directly to the allowance for credit losses. Any losses on bank premises designated to be sold are charged to operating expense at the time of transfer from premises to OREO. Decreases in values of properties subsequent to their classification as OREO

38

are charged to operating expense. During the nine months ended September 30, 2025 the Company foreclosed on a construction and development real estate loan and recorded $15.6 million in other real estate owned ("OREO"), which was the primary reason for the increase in OREO. The Company's write-downs of OREO totaled $109,000 for the nine months ended September 30, 2025 compared to $72,000 for the nine months ended September 30, 2024.

OREO also included a larger commercial real estate property recorded at $31.1 million at September 30, 2025 and $28.1 million at December 31, 2024. During the nine months ended September 30, 2025, the Company made $3.0 million of tenant improvements to this property, which contributed to the increase of total OREO. Rental income for this property is included in other noninterest income on the consolidated statements of comprehensive income. Operating expense for this property is included in net expense from OREO in other noninterest expense on the consolidated statements of comprehensive income.

This property had the following rental income and operating expenses for the periods presented:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	(Dollars in thousands)
Rental income	$	3,164			$	3,043			$	9,487			$	9,069
Operating expense		2,558				2,601				7,855				7,524

The Company's total rental income and operating expenses from OREO are presented in the following table:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	(Dollars in thousands)
Rental income	$	3,166			$	3,067			$	9,489			$	9,152
Operating expense		2,728				2,734				8,228				7,865

Intangible Assets, Goodwill and Other Assets

Identifiable intangible assets and goodwill totaled $192.8 million and $195.4 million at September 30, 2025 and December 31, 2024, respectively.

Other assets included the cash surrender value of key-man life insurance policies totaling $85.7 million at September 30, 2025 and $84.4 million at December 31, 2024.

Derivative financial instruments consisting of oil and gas swaps and option contracts are included in other assets and totaled $15.9 million at September 30, 2025 and $10.5 million at December 31, 2024. They require a daily margin to be posted, which fluctuates with oil and gas prices and customer activity. The Company had a margin asset included in other assets in the amount of $48,000 at September 30, 2025 and $463,000 at December 31, 2024. See Note (11) of the Notes to Consolidated Financial Statements for a complete discussion of the Company’s derivative financial instruments.

Equity securities are reported in other assets on the Company’s consolidated balance sheet. The Company invests in equity securities without readily determinable fair values. The realized and unrealized gains and losses are reported as securities transactions in the noninterest income section of the consolidated statements of comprehensive income. The balance of equity securities was $8.7 million at September 30, 2025 and $13.4 million at December 31, 2024. The decrease in equity securities in 2025 was primarily due to the disposition of certain equity investments no longer permissible under the Volcker rule which prohibits banks with more than $10 billion in assets from holding certain private equity investments. The Company reviews its portfolio of equity securities for impairment at least quarterly.

Low-Income Housing, New Market Tax Credit Investments and Historic Tax Credit Investments

During 2025, the Company’s low-income housing tax credit ("LIHTC") investments increased $37.5 million totaling $96.2 million at September 30, 2025, New Markets Tax Credits ("NMTC") investments increased $2.6 million totaling $10.1 million at September 30, 2025 and the Historic Tax Credit Investments remained at $6.3 million at September 30, 2025, all of which are included in other assets on the Company’s consolidated balance sheet. Unfunded commitments related to these investments increased $31.9 million totaling $71.4 million at September 30, 2025, all of which are included in other liabilities on the Company’s consolidated balance sheet.

39

See Note (6) of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for disclosures regarding these investments.

Liquidity and Funding

The Company’s principal source of liquidity and funding is its broad deposit base generated from customer relationships. The availability of deposits is affected by economic conditions, competition with other financial institutions and alternative investments available to customers. Through interest rates paid, service charge levels and services offered, the Company can affect its level of deposits to a limited extent. The level and maturity of funding necessary to support the Company’s lending and investment functions is determined through the Company’s asset/liability management process. The Company currently does not rely heavily on long-term borrowings and does not utilize brokered CDs. The Company maintains lines of credit from the Federal Home Loan Bank (“FHLB”), federal funds lines of credit with other banks and could also utilize the sale of loans, securities and liquidation of other assets as sources of liquidity and funding. The Company is highly liquid with percent of cash and due from banks, interest-bearing deposits with banks and federal funds sold to total assets of 28.6% at September 30, 2025, compared to 26.2% at December 31, 2024.

There have not been any other material changes from the liquidity and funding discussion included in Management’s Discussion and Analysis in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Deposits

At September 30, 2025, deposits totaled $12.1 billion, an increase of $399.8 million from December 31, 2024. 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 were 95.1% at September 30, 2025 compared to 95.5% at December 31, 2024. Noninterest-bearing deposits to total deposits were 31.5% at September 30, 2025 compared to 33.3% at December 31, 2024.

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 $4.1 billion at September 30, 2025 compared to $4.0 billion at December 31, 2024, as calculated per regulatory guidance. This was approximately 34.1% of deposits at September 30, 2025 and 33.7% at December 31, 2024. The Company has existing and contingent sources of liquidity equivalent to approximately 150% of its uninsured deposits.

Off-balance-sheet sweep accounts totaled $4.9 billion at September 30, 2025 compared to $5.2 billion at December 31, 2024. The movement of customers' funds into the Company's off-balance-sheet sweep accounts affected the balances of both cash and deposits.

Subordinated Debt

See Note (6) of the Notes to Consolidated Financial Statements for a complete discussion of the Company’s subordinated debt.

Lines of Credit

The Company has several lines of credit available. At September 30, 2025, BancFirst had $923.2 million available on its line of credit from the FHLB of Topeka, Kansas. At September 30, 2025, BancFirst had no advances outstanding under this line of credit. Pegasus had a Federal Reserve discount window capacity of $82.2 million. At September 30, 2025, Pegasus had no advances outstanding under this line of credit. Worthington had $10.5 million in lines of credit with other financial institutions that serve as overnight federal funds facilities, a Federal Reserve discount window capacity of $30.9 million and a $87.6 million line of credit from the FHLB of Dallas, Texas to use for liquidity or to match-fund certain long-term rate loans. Worthington had no advances outstanding at September 30, 2025 under any of these lines of credit.

Capital Resources

Stockholders’ equity totaled $1.8 billion at September 30, 2025, an increase of $161.6 million from December 31, 2024. In addition to net income of $181.1 million, other changes in stockholders’ equity during the nine months ended September 30, 2025 included $4.6 million related to common stock issuances for stock-based compensation plans, $2.8 million related to stock-based compensation and $20.1 million in accumulated other comprehensive income that were partially offset by $46.9 million in dividends. The Company’s leverage ratio and total risk-based capital ratios at September 30, 2025 were well in excess of the regulatory requirements.

See Note (8) of the Notes to Consolidated Financial Statements for a discussion of capital ratios and requirements.

40

Liquidity Risk and Off-Balance-Sheet Arrangements

There have not been any material changes in the Company’s liquidity risk and off-balance-sheet arrangements included in Management’s Discussion and Analysis which was included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no significant changes in the Company’s disclosures regarding market risk since December 31, 2024, the date of its most recent annual report to stockholders.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures. Pursuant to Rule 13a-15 of the Securities Exchange Act of 1934 (the “Exchange Act”), the Company’s Chief Executive Officer, Chief Financial Officer and its Disclosure Committee, which includes the Company’s Chairman of the Board, Chief Risk Officer, Chief Internal Auditor, Chief Asset Quality Officer, Controller, General Counsel and Director of Financial Reporting, have evaluated, as of the last day of the period covered by this report, the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based on their evaluation they concluded that the disclosure controls and procedures of the Company are effective to ensure that information required to be disclosed by the Company in the reports filed or submitted by it under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms.

Changes in Internal Control Over Financial Reporting. During the period to which this report relates, there have not been any changes in the Company’s internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, such controls.

41

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

The Company has been named as a defendant in various legal actions arising from the conduct of its normal business activities. Although the amount of any liability that could arise with respect to these actions cannot be accurately predicted, in the opinion of the Company, any such liability will not have a material adverse effect on the consolidated financial statements of the Company.

Item 1A. Risk Factors.

As of September 30, 2025, there have been no material changes from the risk factors previously disclosed in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

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Item 6. Exhibits.

Exhibit Number		Exhibit
3.1		Amended and Restated By-Laws of BancFirst Corporation (filed as Exhibit 3.1 to the Company's Quarterly Report on form 10Q for the Quarter Ended March 31, 2023 and incorporated herein by reference).
3.2		Restated Certificate of Incorporation of BancFirst Corporation dated August 5, 2021. (filed as Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2021).
10.1*		2025 First Amendment to the BancFirst Corporation Thrift Plan
31.1*		Chief Executive Officer’s Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a).
31.2*		Chief Financial Officer’s Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a).
32**		CEO’s & CFO’s Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents.
104		Cover page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).
*		Filed herewith.
**		This exhibit is furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

43

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.

		BANCFIRST CORPORATION
		(Registrant)
Date: November 7, 2025		/s/ David Harlow
		David Harlow
		President
		Chief Executive Officer
		(Principal Executive Officer)
Date: November 7, 2025		/s/ Hannah Andrus
		Hannah Andrus
		Executive Vice President
		Chief Financial Officer
		(Principal Financial Officer)

44

FAQ

What were BANF’s Q3 2025 earnings?

Net income was $62.7 million; basic EPS $1.88 and diluted EPS $1.85.

How did BancFirst’s balance sheet change in Q3 2025?

Total assets were $14.20 billion, loans net $8.18 billion, and deposits $12.12 billion.

What happened to BancFirst’s equity and AOCI?

Stockholders’ equity rose to $1.78 billion; accumulated other comprehensive loss narrowed to $12.8 million.

What were net interest income and noninterest income in Q3?

Net interest income was $125.6 million; total noninterest income was $49.9 million.

How did credit quality metrics move?

Allowance for credit losses was $99.5 million. OREO increased to $53.2 million, including a $15.6 million foreclosure.

What is the status of the American Bank of Oklahoma acquisition?

BANF agreed to acquire ABOK (assets ~$385 million), expected to close in Q4 2025 subject to customary conditions.

How many shares were outstanding?

There were 33,334,172 common shares outstanding as of October 31, 2025.