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BankFirst Capital Corporation (OTCQX: BFCC), headquartered in Columbus, Mississippi, is a registered bank holding company with total assets of approximately $2.8 billion as of March 31, 2024. The company operates through its wholly-owned subsidiary, BankFirst Financial Services, which was established in 1888 and is locally owned and operated.
BankFirst Financial Services offers a diverse range of banking products and services for both businesses and consumers. These services include internet banking, no-fee ATM access, checking and savings accounts, certificates of deposit (CDs), money market accounts, merchant services, mortgage loans, and remote deposit capture. The Bank operates multiple branches across Mississippi and Alabama, as well as loan production offices in Biloxi and Brookhaven, Mississippi, and Birmingham and Huntsville, Alabama.
Recent achievements include a net income of $6.5 million for the fourth quarter of 2023, alongside strategic acquisitions and core data processing system upgrades. The company successfully transitioned to the Jack Henry SilverLake system in August 2023, which aims to enhance operational efficiency and customer service.
Financially, BankFirst has demonstrated robust growth. Total loans outstanding increased by 5% year-over-year, reaching $1.8 billion as of March 31, 2024. The company also maintains a strong liquidity position with no reliance on brokered deposits and substantial borrowing capacity from institutions like the Federal Home Loan Bank of Dallas and the Federal Reserve Bank's Discount Window.
Despite challenges such as rising market interest rates and increased competition for deposits, BankFirst has maintained a solid credit quality and capital position. The company's non-performing assets were at 0.42% of total assets as of March 31, 2024, and the allowance for credit losses was 1.35% of total loans. The company's consolidated cost of funds was 1.88% for the first quarter of 2024, reflecting the ongoing rise in market interest rates.
Looking forward, BankFirst aims to continue its growth trajectory while closely monitoring economic conditions and adapting to industry challenges. The company remains committed to providing exceptional banking services to its customers and delivering value to its shareholders.
BankFirst Capital (OTCQX: BFCC) has declared a cash dividend of $1.00 per share. The dividend will be paid on December 10, 2024, to shareholders who are on record as of December 2, 2024. This announcement was made by President and CEO Moak Griffin, who expressed satisfaction with the company's 2024 dividend distribution.
BankFirst Capital (OTCQX: BFCC) reported Q3 2024 net income of $6.4 million, or $0.97 per share, compared to $6.5 million in Q2 2024 and $8.4 million in Q3 2023. Key metrics show total assets increased 2% to $2.8 billion, total gross loans grew 3% to $1.84 billion, and deposits rose 3% to $2.4 billion year-over-year. The bank maintains strong liquidity with approximately $985.2 million in available sources and credit quality remains robust with non-performing assets at 0.47%. Net interest income was $21.2 million with a margin of 3.44%, while the cost of funds was 2.04%.
BankFirst Capital (OTCQX: BFCC) reported net income of $6.5 million, or $1.09 per share, for Q2 2024, compared to $6.2 million in Q2 2023. Key highlights include:
- Total assets increased 3.6% to $2.8 billion
- Gross loans grew 5% to $1.8 billion
- Deposits rose 3.7% to $2.3 billion
- Net interest income was $20.9 million
- Net interest margin improved to 3.46%
- Credit quality remains strong with non-performing assets at 0.41%
The company announced a $10 million stock repurchase program and repurchased $7.5 million of subordinated notes. BankFirst also paid its first quarterly dividend of $595,000 on preferred stock issued to the U.S. Treasury under the Emergency Capital Investment Program.
BankFirst Capital (OTCQX: BFCC) has announced a stock repurchase program authorized by its board of directors. The program allows for the repurchase of up to $10 million of its common stock. Purchases may occur in the open market or through private negotiations and adhere to SEC regulations, including Rule 10b-18 and Rule 10b5-1. The repurchase program is set to expire on May 21, 2025, unless terminated or extended by the board. The actual repurchase volume will depend on stock performance, market conditions, and other factors. The board's authorization does not require a minimum repurchase amount.
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