BANCFIRST CORP /OK/ New Standards Disclosure

Recent Accounting Pronouncements

Standards Not Yet Adopted:

In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-11, “Interim Reporting - Narrow-Scope Improvement” improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied prospectively or retrospectively to all periods presented. The Company is still evaluating the impact this will have on the Company, but does not expect adoption of the standard to have a material impact on its consolidated financial statements.

In November 2024, 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 intends to adopt on a prospective basis, though retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements.

Standards Adopted During the Current Period:

In November 2025, FASB issued ASU No. 2025-08, “Financial Instruments - Credit Losses” expanding the population of acquired financial assets subject to the gross-up approach. The amendments in the update require that purchased seasoned loans (excluding credit cards) be accounted for using the gross-up approach, which will enhance comparability and consistency in the accounting for acquired financial assets. This ASU is effective for fiscal years beginning after December 15, 2026 on a prospective basis for loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not been issued. The Company opted to early adopt the standard in connection with the acquisition of ABOK and the adoption of the standard did not have a material impact on the Company's 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 fiscal years beginning after December 15, 2024. The Company adopted the standard on a prospective basis showing only the adopted information for the year ended December 31, 2025. The adoption of the standard did not have a material impact on the Company's consolidated financial statements.