[Part I – Financial Information](index=3&type=section&id=PART%20I%20%E2%80%93%20Financial%20Information) This part presents the company's unaudited financial statements, management's analysis, and market risk disclosures [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited statements show significant asset growth to $11.0 billion and doubled net income due to acquisitions and credit loss reversals Consolidated Balance Sheet Highlights (as of June 30, 2021 vs. Dec 31, 2020) | Account | June 30, 2021 (Unaudited) (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$11,015,287** | **$9,212,357** | | Loans, net | $6,107,267 | $6,303,140 | | Interest-bearing deposits with banks | $3,373,099 | $1,336,394 | | **Total Liabilities** | **$9,883,696** | **$8,144,472** | | Total Deposits | $9,728,389 | $8,064,704 | | Subordinated debt | $85,959 | $26,804 | | **Total Stockholders' Equity** | **$1,131,591** | **$1,067,885** | Consolidated Income Statement Highlights (Three Months Ended June 30) | Account | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | Net Interest Income | $82,363 | $77,208 | | (Benefit from) provision for credit losses | $(9,949) | $19,333 | | Total Noninterest Income | $44,618 | $32,082 | | Total Noninterest Expense | $74,023 | $64,651 | | **Net Income** | **$48,192** | **$20,730** | | **Diluted EPS** | **$1.45** | **$0.63** | - Net cash from operating activities increased to **$134.2 million** for the six months ended June 30, 2021, up from $82.6 million in the prior year period[20](index=20&type=chunk) - A significant increase in net change in deposits provided **$1.44 billion** in cash from financing activities[20](index=20&type=chunk) [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, a $6.0 million acquisition gain, new debt, and improved capital adequacy ratios - On May 20, 2021, the Company acquired approximately **$284 million in assets** and assumed $256 million in deposits, resulting in a **bargain purchase gain of approximately $6.0 million**[28](index=28&type=chunk) - On June 17, 2021, the Company completed a private placement of **$60 million in 3.50% Fixed-to-Floating Rate Subordinated Notes** due 2036, structured to qualify as Tier 2 capital[27](index=27&type=chunk)[82](index=82&type=chunk) Loan Portfolio Composition (June 30, 2021 vs. Dec 31, 2020) | Loan Category | June 30, 2021 (in thousands) | Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | Commercial real estate | $1,651,090 | $1,613,145 | | Residential real estate | $1,028,847 | $1,021,397 | | Commercial and agricultural non-real estate | $1,105,777 | $1,159,810 | | Other loans (includes PPP) | $543,034 | $822,078 | | Oil and gas | $130,459 | $179,355 | | **Total Loans** | **$6,191,230** | **$6,394,506** | Allowance for Credit Losses (ACL) Activity (Six Months Ended June 30, 2021) | Description | Amount (in thousands) | | :--- | :--- | | Beginning Balance (Jan 1, 2021) | $91,366 | | Initial allowance on PCD loans | $7,272 | | Net Charge-offs | $(4,726) | | (Benefit from) Provision for credit losses | $(9,949) | | **Ending Balance (June 30, 2021)** | **$83,963** | Capital Adequacy Ratios (BancFirst Corporation) as of June 30, 2021 | Ratio | Actual | Required for Capital Adequacy | | :--- | :--- | :--- | | Common Equity Tier 1 Capital Ratio | 14.79% | 4.50% | | Tier 1 Capital Ratio | 15.19% | 6.00% | | Total Capital Ratio | 17.35% | 8.00% | | Tier 1 Leverage Ratio | 9.23% | 4.00% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q2 net income driven by credit loss reversals, despite compressed interest margins and new asset-related risks [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q2 2021 results show higher net interest income from PPP fees, a significant credit loss provision reversal, and increased noninterest income - Net interest income for Q2 2021 **increased by $5.2 million (6.7%)** compared to Q2 2020, largely driven by **$12.0 million in fee income from PPP loan forgiveness**[150](index=150&type=chunk) - The Company recorded a **net benefit from reversal of provisions for credit losses of $9.9 million** in Q2 2021, compared to a provision of $19.3 million in Q2 2020[153](index=153&type=chunk) - Noninterest income for Q2 2021 **increased by $12.5 million**, primarily due to a **$6.0 million purchase gain** from the Vinita acquisition and a **$2.7 million increase in debit card interchange fees**[156](index=156&type=chunk) - Noninterest expense for Q2 2021 **increased by $9.4 million**, driven by **$4.0 million in acquisition-related expenses** and costs for the new corporate headquarters[161](index=161&type=chunk) [Financial Position](index=39&type=section&id=Financial%20Position) Total assets reached $11.0 billion due to deposit growth, while the loan portfolio decreased and credit quality improved - The increase in cash and interest-bearing deposits with banks by **$2.0 billion** was primarily related to the increase in deposits from PPP and other government stimulus payments[167](index=167&type=chunk) - The decrease in total loans was primarily due to a **net decrease of approximately $284 million in PPP loans** and the sale of a $21 million loan portfolio[171](index=171&type=chunk) Key Balance Sheet Changes (June 30, 2021 vs. Dec 31, 2020) | Account | June 30, 2021 (in thousands) | Dec 31, 2020 (in thousands) | Change (in thousands) | | :--- | :--- | :--- | :--- | | Total Assets | $11,015,287 | $9,212,357 | +$1,802,930 | | Total Loans | $6,207,262 | $6,448,225 | -$240,963 | | Deposits | $9,728,389 | $8,064,704 | +$1,663,685 | | Stockholders' Equity | $1,131,591 | $1,067,885 | +$63,706 | Asset Quality Ratios | Ratio | June 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Nonaccrual loans to total loans | 0.48% | 0.58% | | Allowance for credit losses to total loans | 1.35% | 1.42% | | Allowance for credit losses to nonaccrual loans | 281.73% | 243.35% | [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Disclosures regarding market risk remain unchanged from the most recent annual report - There have been **no significant changes** in the Company's disclosures regarding market risk since December 31, 2020[188](index=188&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - Based on an evaluation as of the end of the period, the CEO and CFO concluded that the Company's **disclosure controls and procedures are effective**[189](index=189&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[189](index=189&type=chunk) [Part II – Other Information](index=43&type=section&id=PART%20II%20%E2%80%93%20Other%20Information) This part reviews legal proceedings, new risk factors, equity sales, and filed exhibits [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company faces various legal actions from normal business, none of which are expected to have a material adverse effect - The Company is a defendant in various legal actions from normal business activities, but management believes any liability **will not have a material adverse effect** on its financial statements[191](index=191&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) A new material risk factor arises from exceeding the $10 billion asset threshold, potentially impacting debit card fee income - A **new material risk factor** is the potential impact of the Durbin Amendment, as the Company's assets **exceeded $10 billion** at June 30, 2021[192](index=192&type=chunk) - If assets remain above $10 billion at year-end, the company anticipates a **reduction of annual pretax income from debit card interchange fees by $17 to $20 million**, beginning July 1, 2022[192](index=192&type=chunk) - The asset growth is attributed to the CARES Act, PPP loans, and stimulus payments, and the success of efforts to reduce total assets below the threshold is **uncertain**[192](index=192&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported for the period - None reported[193](index=193&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate documents and required certifications - Key exhibits filed include the Restated Certificate of Incorporation, amended stock option and compensation plans, and required CEO/CFO certifications[195](index=195&type=chunk)[197](index=197&type=chunk)

PART I – Financial Information [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company's unaudited statements show asset growth to $9.6 billion and decreased net income due to higher credit loss provisions Consolidated Balance Sheet Highlights (unaudited) | Account | Sep 30, 2020 ($ in thousands) | Dec 31, 2019 ($ in thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 9,618,868 | 8,565,758 | +12.3% | | Loans, net | 6,505,967 | 5,607,905 | +16.0% | | Allowance for credit losses | 106,126 | 54,238 | +95.7% | | Total Deposits | 8,495,891 | 7,483,635 | +13.5% | | Total Stockholders' Equity | 1,043,752 | 1,004,989 | +3.9% | Consolidated Income Statement Highlights (unaudited) | Account | Q3 2020 ($ in thousands) | Q3 2019 ($ in thousands) | Nine Months 2020 ($ in thousands) | Nine Months 2019 ($ in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | 75,852 | 72,287 | 227,133 | 207,982 | | Provision for credit losses | 18,740 | 2,758 | 57,656 | 6,875 | | Net Income | 20,890 | 33,368 | 64,228 | 99,372 | | Diluted EPS | $0.63 | $1.00 | $1.94 | $2.98 | - The company adopted the new credit loss standard, **ASC 326 (CECL)**, on January 1, 2020, resulting in a net increase to retained earnings of **$2.3 million**, net of tax[19](index=19&type=chunk)[21](index=21&type=chunk) [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the CECL adoption impact, PPP loan origination, loan modifications, and an increase in nonaccrual loans - On March 5, 2020, the Company acquired The Citizens State Bank of Okemah, adding approximately **$47.8 million in assets** and **$45.0 million in deposits**, resulting in **$1.3 million of goodwill**[57](index=57&type=chunk) - As of September 30, 2020, the Company had **$830.3 million in PPP loans** held for investment, net of $22.5 million in unamortized fees[70](index=70&type=chunk) - The Company has modified **$104.5 million in loans** under the CARES Act as of September 30, 2020, which are not currently classified as nonaccrual[55](index=55&type=chunk) Allowance for Credit Losses Activity (Nine Months Ended Sep 30, 2020) | Description | Amount ($ in thousands) | | :--- | :--- | | Balance at Dec 31, 2019 | 54,238 | | Impact of CECL adoption | (3,195) | | Provision for credit losses | 57,656 | | Net charge-offs | (3,075) | | Other | 502 | | **Balance at Sep 30, 2020** | **106,126** | Nonaccrual Loans by Segment | Segment | Sep 30, 2020 ($ in thousands) | Dec 31, 2019 ($ in thousands) | | :--- | :--- | :--- | | Commercial real estate non-owner occupied | 20,476 | 1,815 | | Commercial and agricultural non-real estate | 37,554 | 2,915 | | Farmland | 10,517 | N/A | | **Total Nonaccrual Loans** | **82,385** | **17,965** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses pandemic impacts, increased credit loss provisions, and risks from asset growth nearing $10 billion - The COVID-19 pandemic and low energy prices are expected to cause **worsening economic conditions**, potentially leading to increased credit stress in the energy portfolio[151](index=151&type=chunk) - A significant risk is the potential to exceed **$10 billion in total assets**, which would trigger the Durbin Amendment and cause an estimated annual loss of **$16 to $18 million** in debit card interchange fees[173](index=173&type=chunk)[215](index=215&type=chunk) Key Performance Ratios | Ratio | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Return on average assets | 0.86% | 1.65% | 0.93% | 1.71% | | Return on average stockholders' equity | 7.89% | 13.80% | 8.24% | 14.14% | | Net interest margin | 3.40% | 3.89% | 3.58% | 3.88% | | Efficiency ratio | 59.84% | 57.63% | 58.41% | 56.51% | Asset Quality Ratios | Ratio | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Nonaccrual loans to total loans | 1.24% | 0.32% | | Allowance for credit losses to total loans | 1.59% | 0.96% | | Allowance for credit losses to nonaccrual loans | 128.82% | 301.91% | [Quantitative and Qualitative Disclosure About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company maintains an asset-sensitive position, with net interest income expected to benefit from rising interest rates - The company's interest rate position is **asset-sensitive**, meaning net interest income is expected to benefit from rising interest rates[205](index=205&type=chunk) Interest Rate Sensitivity Analysis (Projected NII Change over 12 months) | Rate Shock | As of Sep 30, 2020 | As of Dec 31, 2019 | | :--- | :--- | :--- | | +100 bps | +1.05% | +1.97% | | +200 bps | +2.94% | +4.08% | | -100 bps | Not Provided | -2.84% | [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, noting changes to internal controls due to the adoption of CECL - **Disclosure controls and procedures were deemed effective** by the CEO and CFO[209](index=209&type=chunk) - The adoption of **ASC 326 (CECL)** necessitated changes to internal controls over financial reporting related to the allowance for credit losses[209](index=209&type=chunk) PART II – Other Information [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal actions from normal business activities are not expected to have a material adverse financial effect - The company states that ongoing legal actions are **not expected to have a material adverse effect** on its financial condition[211](index=211&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) Key risks include the uncertain impact of the COVID-19 pandemic and potential fee income loss from exceeding $10 billion in assets - The ultimate impact of the **COVID-19 pandemic** on business, financial results, and credit losses is **highly uncertain and cannot be predicted**[212](index=212&type=chunk)[213](index=213&type=chunk) - Loan modifications of **$104.5 million** under the CARES Act may delay the recognition of impaired loans, potentially increasing credit impairment when relief measures cease[214](index=214&type=chunk) - A heightened possibility exists of **exceeding $10 billion in total assets** by year-end 2020, which would trigger the Durbin Amendment and cause an estimated annual loss of **$16 to $18 million** in debit card interchange fees[215](index=215&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities) No unregistered sales of equity securities were reported during the period - None reported[217](index=217&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and various corporate agreements - The filing includes **CEO and CFO certifications** pursuant to Sarbanes-Oxley Act rules (Exhibits 31.1, 31.2, 32)[231](index=231&type=chunk) - The report incorporates by reference various agreements and plan documents, including those related to **acquisitions, stock option plans, and deferred compensation plans**[219](index=219&type=chunk)[231](index=231&type=chunk)

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 June 30, 2020 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. Emp ...

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 March 31, 2020 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. Em ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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 its charter) OKLAHOMA 73-1221379 (State or other jurisdiction of i ...