BANCFIRST CORP /OK/ Goodwill & Intangibles Disclosure
(7) INTANGIBLE ASSETS AND GOODWILL
The following is a summary of intangible assets:
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|
Gross |
|
|
Accumulated |
|
|
Net |
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|
(Dollars in thousands) |
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As of December 31, 2025 |
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|
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Core deposit intangibles |
|
$ |
38,060 |
|
|
$ |
(16,720 |
) |
|
$ |
21,340 |
|
Customer relationship intangibles |
|
|
3,350 |
|
|
|
(3,333 |
) |
|
|
17 |
|
Total |
|
$ |
41,410 |
|
|
$ |
(20,053 |
) |
|
$ |
21,357 |
|
As of December 31, 2024 |
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|
|
|
|
|
|
|
|||
Core deposit intangibles |
|
$ |
33,550 |
|
|
$ |
(20,454 |
) |
|
$ |
13,096 |
|
Customer relationship intangibles |
|
|
3,350 |
|
|
|
(3,288 |
) |
|
|
62 |
|
Total |
|
$ |
36,900 |
|
|
$ |
(23,742 |
) |
|
$ |
13,158 |
|
Estimated amortization of intangible assets for the next five years, as of December 31, 2025, is as follows (Dollars in thousands):
Estimated Amortization |
|
|
|
|
2026 |
|
$ |
3,895 |
|
2027 |
|
|
3,878 |
|
2028 |
|
|
2,911 |
|
2029 |
|
|
2,460 |
|
2030 |
|
|
1,780 |
|
At December 31, 2025, the weighted-average remaining life of all intangible assets was approximately 7.3 years, which consisted of customer relationship intangibles with a weighted-average life of approximately ten months and core deposit intangibles with a weighted-average life of approximately 7.3 years.
The following is a summary of goodwill by business segment:
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BancFirst Metropolitan Banks |
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BancFirst Community Banks |
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Pegasus |
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Worthington |
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ABOK |
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Other Financial Services |
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Executive, Operations & Support |
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Consolidated |
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(Dollars in thousands) |
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Year Ended December 31, 2025 |
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|
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|
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Balance at beginning of period |
|
$ |
13,767 |
|
|
$ |
61,420 |
|
|
$ |
68,855 |
|
|
$ |
32,133 |
|
|
$ |
— |
|
|
$ |
5,464 |
|
|
$ |
624 |
|
|
$ |
182,263 |
|
Acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
476 |
|
|
|
— |
|
|
|
— |
|
|
|
476 |
|
Balance at beginning and end of period |
|
$ |
13,767 |
|
|
$ |
61,420 |
|
|
$ |
68,855 |
|
|
$ |
32,133 |
|
|
$ |
476 |
|
|
$ |
5,464 |
|
|
$ |
624 |
|
|
$ |
182,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Year Ended December 31, 2024 |
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Balance at beginning and end of period |
|
$ |
13,767 |
|
|
$ |
61,420 |
|
|
$ |
68,855 |
|
|
$ |
32,133 |
|
|
$ |
— |
|
|
$ |
5,464 |
|
|
$ |
624 |
|
|
$ |
182,263 |
|
The Company acquired American Bank of Oklahoma on November 17, 2025, which added $11.6 million in core deposit intangibles and $476,000 in goodwill. See Note (2) of the Notes to Consolidated Financial Statements for disclosure regarding the Company’s recent developments, including mergers and acquisitions.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 7, 2017 | |
| 2015 | Mar 11, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.