SUMMARY

Net income for the third quarter of 2009 was $9.4 million compared to $11.0 million for the third quarter of 2008. Diluted net income per share was $0.60 and $0.70 for the third quarter of 2009 and 2008, respectively. For the first nine months of 2009, net income was $22.8 million, compared to $36.3 million for the first nine months of 2008. Diluted net income per share for the first nine months of 2009 was $1.46 compared to $2.33 for the first nine months of 2008. The results for 2009 and 2008 include several one-time items that are more fully described below.

Total assets at September 30, 2009 were $4.3 billion, up $455 million from December 31, 2008 and up $497 million from a year ago. Total loans were $2.71 billion, virtually unchanged from December 31, 2008 and September 30, 2008. Total deposits were $3.8 billion, up $454 million from December 31, 2008 and up $471 million from September 30, 2008. Stockholders' equity was $426 million, or 9.9% of total assets, at September 30, 2009, up $12 million from December 31, 2008 and $28 million from September 30, 2008. The Company's liquidity remains strong as its average loan to deposit ratio was 76.3% at quarter end and core deposits represented 93.0% of total deposits. The Company had no brokered deposits and no Federal Home Loan Bank borrowings.

On October 2, 2009 the Company announced it entered into an agreement to purchase First Jones Bancorporation and its subsidiary bank, First State Bank, Jones, Oklahoma. First State Bank had $40 million in total assets and equity capital of $4.6 million. The transaction is subject to regulatory approval and is expected to be completed before year end 2009.

On May 22, 2009 the FDIC imposed a Special Assessment on member financial institutions that was based on June 30, 2009 assets less tier one capital. The amount of $1.9 million was accrued in the second quarter and paid on September 30, 2009.

In November 2008, the Company announced it would not accept funds from the U.S. Treasury's Capital Purchase Program due to current capital levels that exceeded well-capitalized guidelines and the potential for additional governmental regulation related to the program. Also, the Company did not elect to participate in the Debt Guarantee Program for newly issued senior unsecured debt. The Company did elect to participate in the Transaction Account Guarantee Program for extended coverage on non-interest bearing transaction deposit accounts.

In June 2008, the Company recorded a $1.2 million pre-tax gain from the sale of an asset. The gain was included in gain on sale of other assets.

In April 2008, the Company completed an $80 million sale of securities resulting in a securities pre-tax gain of $6.1 million. The transactions resulted in the sale of $80 million of US Treasury securities and the purchase of Government Sponsored Enterprises (GSE) senior debt securities of similar amounts and maturities. The after-tax gain related to these transactions, net of the interest income differential, was approximately $3.3 million for the year.

In March 2008, the Company, as a member bank of Visa, recorded a $1.8 million pre-tax gain from the mandatory partial redemption of the Company's Visa shares received in the first quarter initial public offering. The gain was included in gain on sale of other assets.

Beginning in 2008 and into 2009, the national economy has seen declining home sales and values, a generally declining dollar, volatile commodity prices, increasing unemployment and unstable financial markets. These events have caused credit and liquidity issues throughout the country and has resulted in an increase in credit losses at many U.S. banks. While the Oklahoma economy initially performed better than the national average, the state has felt the impact of the national recession primarily from lower commodity prices and lower tax revenues. Consequently, it is reasonable to expect nonperforming loans and loan losses of the Company to increase. Also, in light of the low interest rate environment and competitive pressures for deposits, the Company's

The FDIC increased deposit insurance premiums in 2009 and made a Special Assessment in the second quarter of 2009. These increases caused the Company's noninterest expense to increase in 2009. The Company opted to participate in the deposit insurance guarantee for noninterest bearing deposits in excess of $250,000. This program is at a cost of 10 basis points on those account balances in excess of $250,000 and is in effect until June 30, 2010. If the FDIC imposes the mandatory three-year prepayment of insurance premiums, the payment is expected to be between $20 and $21 million. Although the prepayment does not change the amount of FDIC insurance expense over the prepayment period, the early payment may cause a marginal decline in net interest income.

It appears likely that current proposed legislation may centralize student lending in a governmental agency which would result in an end to the student loan programs provided by the Company.

RESULTS OF OPERATIONS

Third Quarter

Net interest income totaled $33.0 million, a decrease of $2.3 million, or 6.5%, compared to the third quarter of 2008. The Company's net interest margin (on a taxable equivalent basis) was 3.27% compared to 4.03% for the same period a year ago. The lower interest rate environment combined with an increase in earning assets with a higher concentration in overnight funds has caused the Company's net interest margin to decline.

The Company's provision for loan losses was $998,000 compared to $2.3 million during the same period a year ago. Net loan charge-offs were $4.3 million for the third quarter of 2009, compared to $1.9 million for the third quarter of 2008. One charge-off of a commercial loan which had been fully provided for accounted for $3.5 million of the total for the quarter. The net charge-offs represent a rate of 0.63% of average total loans for the third quarter of 2009 compared to 0.32% for the same period in 2008.

Noninterest income was $17.0 million for the quarter compared to $17.8 million for the same quarter a year ago. The decrease was due primarily to lower cash management revenues resulting from lower investment sweep balances. Noninterest expense of $35.5 million was up 3.4% from the operating expenses a year ago driven primarily by higher FDIC insurance premiums. The Company's effective tax rate was 30.5% for the quarter compared to 33.4% a year ago. The decrease is a result of additional tax credits realized in 2009.

Year-To-Date

Net interest income for the nine months ended September 30, 2009 was $97.3 million, a decrease of $8.2 million from the same period in 2008. The net interest margin in 2009 decreased to 3.45% from 4.11% for the first nine months of 2008. The lower interest rate environment combined with an increase in earning assets with a higher concentration in overnight funds has caused the Company's net interest margin to decline.

The Company provided a $9.2 million provision for loan losses in the first nine months of 2009, compared to $7.6 million for the same period of 2008. The loan provision was driven primarily by the identification of certain commercial credits that were internally downgraded by management. Net loan charge-offs were $7.5 million for the first nine months of 2009, compared to $2.9 million for the first nine months of 2008. The net charge-offs represent an annualized rate of 0.36% of average total loans for the first nine months of 2009 compared to 0.15% for the first nine months of 2008.

Noninterest income for the nine months of 2009 decreased $7.7 million compared to the same period for 2008. Noninterest income during the first nine months of 2008 included nonrecurring items totaling $9.1 million before taxes including pretax gains of approximately $1.8 million from the Company's interest in the Visa initial public offering, $6.1 million on the sale of securities, and $1.2 million on the sale of an asset. Core noninterest income was up in 2009 due to increases in commercial deposit fees and sales of mortgage loans and student loans offset by lower cash management fees. Noninterest expense increased $4.4 million compared to the first nine months of 2008 due primarily to higher FDIC insurance premiums. Income tax expense decreased $8.3 million compared to the first nine months of 2008 due to lower profitability and a lower effective tax rate. The effective tax rate on income before taxes was 32.0%, compared to 34.4% for the first nine months of 2008. The decrease is a result of additional tax credits realized in 2009.

The aggregate of cash and due from banks, interest-bearing deposits with banks, and federal funds sold as of September 30, 2009 increased $561 million from December 31, 2008 and increased $569 million from September 30, 2008. The increase was due primarily to sweep account customers moving from outside money market funds to bank deposits and to a lesser extent from growth in deposits.

Total securities decreased $64 million compared to December 31, 2008 and $71 million compared to September 30, 2008. The size of the Company's securities portfolio is a function of liquidity management and excess funds available for investment. The Company has maintained a very liquid securities portfolio to provide funds for loan growth and to meet possible liquidity needs. The net unrealized gain on securities available for sale, before taxes, was $19.6 million at the end of the third quarter of 2009, compared to an unrealized gain of $22.6 million at December 31, 2008, and an unrealized gain of $7.4 million at September 30, 2008. The average taxable equivalent yield on the securities portfolio was 3.76%, 3.94% and 4.18% at September 30, 2009, December 31, 2008 and September 30, 2008, respectively.

Total loans decreased $45 million from December 31, 2008 and decreased $17 million from September 30, 2008. The decrease from year end and quarter end 2008 was due to student loan sales. Due to changes in the Student Loan Program, the Company will generally sell student loans originated within one year. The allowance for loan losses increased $1.7 million from year-end 2008 and $2.1 million from the third quarter of 2008. The allowance as a percentage of total loans was 1.33%, 1.24% and 1.24% at September 30, 2009, December 31, 2008 and September 30, 2008, respectively. The allowance to nonperforming and restructured loans at the same dates was 75.3%, 144.5% and 153.5%, respectively. The allowance to nonperforming and restructured loans was largely impacted by the relatively high percentage of highly collateralized loans.

Nonperforming and restructured loans totaled $47.8 million at September 30, 2009, compared to $23.7 million at December 31, 2008 and $22.1 million at September 30, 2008. The ratio of nonperforming and restructured loans to total loans for the same periods was 1.76%, 0.86% and 0.81%, respectively. The level of nonperforming loans and loan losses may rise over time as a result of economic and credit cycles.

Potential problem loans are performing loans to borrowers with a weakened financial condition, or which are experiencing unfavorable trends in their financial condition, which causes management to have concerns as to the ability of such borrowers to comply with the existing repayment terms. The Company had approximately $72.3 million of these loans at September 30, 2009 compared to $66.8 million at December 31, 2008 and $70.6 million at September 30, 2008. These loans are not included in nonperforming and restructured assets. In general, these loans are adequately collateralized and have no identifiable loss potential. Loans which are considered to have identifiable loss potential are placed on nonaccrual status, are allocated a specific allowance for loss or are directly charged-down, and are reported as nonperforming. The Company's nonaccrual loans are primarily commercial and real estate loans.

Total deposits increased $454 million compared to December 31, 2008, and $471 million compared to September 30, 2008 due primarily to customers moving funds out of money market investments and into interest bearing deposits at the bank. The Company's deposit base continues to be comprised substantially of core deposits, with large denomination certificates of deposit being only 10.7% of total deposits at September 30, 2009, up slightly compared to 10.1% at December 31, 2008 and September 30, 2008. The Company does not utilize brokered deposits.

Short-term borrowings decreased $11.8 million from December 31, 2008, and $14.3 million from September 30, 2008. Fluctuations in short-term borrowings are a function of federal funds purchased from correspondent banks, customer demand for repurchase agreements and liquidity needs of the bank.

The Company does not have any borrowings from the Federal Home Loan Bank or other sources at September 30, 2009.

Stockholders' equity was $425.6 million at September 30, 2009 which was an increase of $11.8 million from year-end 2008 and an increase of $28.0 million from the third quarter of 2008 due to accumulated earnings. Average stockholders' equity to average assets for the third quarter of 2009 was 10.26%, compared to 10.28% for the third quarter of 2008. The Company's leverage ratio and total risk-based capital ratio were 9.29% and 14.87%, respectively, at September 30, 2009, well in excess of the regulatory minimums.

See note (2) of the Notes to Consolidated Financial Statements for a discussion of recently issued accounting pronouncements.

SEGMENT INFORMATION

See note (14) of the Notes to Consolidated Financial Statements for disclosures regarding business segments.

FORWARD LOOKING STATEMENTS

The Company may make forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management's current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.

                             BANCFIRST CORPORATION

                      SELECTED CONSOLIDATED FINANCIAL DATA

                                  (Unaudited)

                 (Dollars in thousands, except per share data)



                                                Three Months Ended                Nine Months Ended
                                                  September 30,                     September 30,
                                               2009            2008           2009              2008
Per Common Share Data
Net income - basic                           $    0.61        $  0.72       $   1.49       $         2.39
Net income - diluted                              0.60           0.70           1.46                 2.33
Cash dividends                                    0.23           0.22           0.67                 0.62
Performance Data
Return on average assets                          0.86 %         1.13 %         0.74 %               1.28 %
Return on average stockholders' equity            8.77          11.04           7.22                12.47
Cash dividend payout ratio                       37.70          30.56          44.97                25.94
Net interest spread                               2.78           3.34           2.89                 3.35
Net interest margin                               3.27           4.03           3.45                 4.11
Efficiency ratio                                 70.97          64.69          71.12                61.57
Net charge-offs                                   0.63           0.32           0.36                 0.15

                                                                  September 30,             December 31,
                                                               2009           2008              2008
Balance Sheet Data
Book value per share                                          $ 27.81       $  26.09       $        27.08
Tangible book value per share                                   25.12          23.35                24.34
Average loans to deposits (year-to-date)                        76.34 %        77.66 %              78.82 %
Average earning assets to total assets
(year-to-date)                                                  92.40          91.09                91.23
Average stockholders' equity to average
assets (year-to-date)                                           10.26          10.28                10.35
Asset Quality Ratios
Nonperforming and restructured loans to
total loans                                                      1.76 %         0.81 %               0.86 %
Nonperforming and restructured assets to
total assets                                                     1.35           0.67                 0.72
Allowance for loan losses to total loans                         1.33           1.24                 1.24
Allowance for loan losses to
nonperforming and restructured loans                            75.31         153.50               144.52

                             BANCFIRST CORPORATION

        CONSOLIDATED AVERAGE BALANCE SHEETS AND INTEREST MARGIN ANALYSES

                                  (Unaudited)

                Taxable Equivalent Basis (Dollars in thousands)



                                                              Three Months Ended September 30,
                                                       2009                                      2008
                                                        Interest    Average                       Interest    Average
                                         Average         Income/    Yield/         Average         Income/    Yield/
                                         Balance         Expense     Rate          Balance         Expense     Rate
ASSETS
Earning assets:
Loans (1)                              $ 2,709,421      $  37,783      5.53 %    $ 2,652,458      $  42,822      6.41 %
Securities - taxable                       363,763          3,267      3.56          407,465          3,950      3.85
Securities - tax exempt                     36,102            508      5.58           41,689            594      5.65
Federal funds sold                         921,711            702      0.30          398,197          1,932      1.92

Total earning assets                     4,030,997         42,260      4.16        3,499,809         49,298      5.59


Nonearning assets:
Cash and due from banks                    107,829                                   145,734
Interest receivable and other assets       236,238                                   229,689
Allowance for loan losses                  (39,370 )                                 (33,456 )

Total nonearning assets                    304,697                                   341,967

Total assets                           $ 4,335,694                               $ 3,841,776