Bancfirst Corp /Ok/ (NASDAQ: BANF)

BancFirst Corporation is a financial holding company headquartered in Oklahoma City Oklahoma. It conducts the majority of its operations through its wholly owned subsidiary BancFirst, an Oklahoma state chartered bank, and through additional subsidiaries Pegasus Bank and Worthington Bank, which are Texas state chartered banks. The company also owns various financial services entities including an insurance agency, investment entities, and real estate holding companies. BancFirst Corporation provides a full range of commercial banking services to retail customers and small to medium sized businesses across Oklahoma and North Texas.

The company generates revenue primarily from interest income on loans and fees from deposit services. BancFirst offers commercial, real estate, energy, agricultural and consumer lending along with depository products such as checking, savings, money market, and certificate of deposit accounts. It also earns fees from trust services, cash management, item processing, and correspondent banking. Pegasus and Worthington contribute similar lending and deposit fee income while BancFirst Insurance Services generates commissions from business and personal insurance, employee benefits, and surety bonds. Additional revenue comes from investment activities, and real estate holdings through Council Oak Partners and related subsidiaries.

The company operates through the following segments: BancFirst metropolitan banks, BancFirst community banks, Pegasus, Worthington, other financial services, and executive operations and support.

• BancFirst metropolitan banks: Provide full range of commercial banking services to retail customers and small to medium sized businesses in the metropolitan statistical areas of Oklahoma including lending, deposit, trust and cash management services.

• BancFirst community banks: Serve non metropolitan trade centers and cities throughout Oklahoma with community oriented banking offering commercial and consumer loans, deposit accounts, trust services, and local decision making through community consulting boards.

• Pegasus: Operates three banking locations in the Dallas Metroplex area providing private banking, commercial and residential real estate, commercial industrial and energy loans, alongside a full suite of deposit products and securities investment services to individual and corporate customers.

• Worthington: Maintains three locations in the Fort Worth Metroplex area, one in Arlington and one in Denton, Texas, delivering private banking, commercial and residential real estate, commercial industrial and energy loans, and comprehensive deposit and securities services to retail and commercial clients.

• Other financial services: Includes BancFirst Insurance Services Inc offering business and personal insurance, employee benefits, and surety bonds, Council Oak Partners LLC engaged in investment activities, BFC PNC LLC and Calimesa Town Center LLC holding other real estate owned, and BFC Capital Trust II issuing trust preferred securities.

• Executive operations and support: Provides centralized processing, support, investment functions, risk management, compliance, internal audit, and loan review to ensure consistency, operational efficiency, and effective risk management across the subsidiary banks.

BancFirst Corporation holds a super community bank position in Oklahoma combining local responsiveness with greater lending capacity and broader product lines than typical independent community banks. Its deposit market share in Oklahoma was 7.58% as of June 30, 2025, up from 6.84% as of June 30, 2024, reflecting a competitive standing among state banks. In the North Texas markets where Pegasus and Worthington operate, the company faces intense competition from large national banks, regional institutions, and numerous credit unions, relying on relationship driven growth. Competitive advantages include a decentralized management approach that empowers local presidents, a strong core deposit funding base, centralized operational functions that improve efficiency, and a diversified product suite spanning banking, trust, insurance, and investment services.

The company serves retail customers, small to medium sized businesses, large corporations, financial institutions, and governmental entities. Specific customer names are not disclosed in the filing.