BancFirst Corporation (BANF) is an Oklahoma-based commercial bank holding company with $15.1B in total assets as of March 31, 2026. Under a liquidation lens, the balance sheet presents a positive but compressed recovery posture relative to book equity of $1.90B. The asset composition is highly liquid-asset-weighted: interest-bearing deposits with banks total $4.43B (100% recovery), cash and due from banks $254M (100%), and available-for-sale debt securities at fair value of $886M (high recovery, already marked). The loan book at gross $8.59B is the primary asset class requiring a haircut; applying a 90% recovery assumption to net loans of $8.48B yields approximately $7.63B recovered, against an ACL of $105M already netted. PP&E at $329M net book value haircuts to approximately $165-230M. Intangibles (goodwill $183M + net other intangibles $20M = $203M) recover at zero. Derivative assets of $45.5M and the margin asset of $53.2M embedded in other assets are mark-to-market positions that partially offset derivative liabilities of $43.8M; net derivative position is modestly positive but subject to execution risk in a wind-down scenario. On the liability side, deposits of $12.90B and subordinated debt of $86M are held at face value. Other liabilities of $212M include unfunded tax credit investment commitments of $61.6M that do not extinguish on wind-down. Total liabilities reported at $13.21B. Resulting estimated liquidation recovery to equity is directionally positive but materially below the $1.90B GAAP book value, driven primarily by the loan haircut and goodwill write-off exceeding the equity buffer available after fully satisfying deposit obligations at face. The prior filing (10-K for year ended December 31, 2025) showed total assets of $14.84B and equity of $1.85B; the $277M asset growth and $47.8M equity increase reflect Q1 2026 earnings retention net of dividends, plus the ABOK acquisition conversion adding modest goodwill ($649K purchase accounting adjustment). OREO increased $4.5M to $53.6M, partially driven by the ABOK conversion transferring $1.9M of bank-operational property to OREO. Uninsured deposits of $4.4B (approximately 34% of total) represent a run-risk overhang that would be relevant in a distressed wind-down scenario. The filing discusses off-balance-sheet sweep accounts of $5.1B that are not on the balance sheet and do not appear as a liability in the liquidation stack. LIHTC/NMTC/Historic Tax Credit unfunded commitments of $61.6M are discussed in MD&A but not separately XBRL-tagged as a distinct liability line; they are embedded in OtherLiabilities.
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