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About BankFirst Capital Corporation (BFCC)
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi. Through its wholly-owned subsidiary, BankFirst Financial Services, it operates a network of branches and loan production offices across Mississippi and Alabama, making it a prominent community-focused financial institution in the region. Founded in 1888, BankFirst combines over a century of banking expertise with a commitment to serving local communities through innovative financial solutions and personalized customer service.
Core Business and Services
BankFirst offers a comprehensive suite of financial products and services tailored to meet the needs of individuals, businesses, and underserved communities. Its offerings include:
- Consumer and commercial deposit accounts, including checking, savings, and money market accounts.
- Lending solutions such as commercial loans, mortgage loans, and personal loans.
- Specialized services like merchant services, remote deposit capture, and treasury management.
- Digital banking tools, including internet banking and mobile banking, for seamless financial management.
Additionally, the company is deeply involved in mortgage banking, providing both secondary market mortgage origination and in-house mortgage retention services, which contribute to its diversified revenue streams.
Market Presence and Geographic Footprint
BankFirst operates a robust network of branches and loan production offices, strategically located to serve communities in Mississippi and Alabama. Key markets include cities such as Columbus, Jackson, and Tuscaloosa, where the bank has established a strong local presence. This geographic focus enables BankFirst to build deep relationships with its customers and understand the unique financial needs of its markets.
Commitment to Community Development
As a Community Development Financial Institution (CDFI), BankFirst is dedicated to supporting economic growth in low-income and underserved communities. Its participation in the Emergency Capital Investment Program (ECIP) underscores its commitment to fostering financial inclusion and providing access to capital for small businesses and minority-owned enterprises. This focus on community impact sets BankFirst apart from larger, national banks.
Financial Strength and Stability
BankFirst maintains a strong financial position, with total assets of approximately $2.8 billion as of December 31, 2024. It adheres to the Community Bank Leverage Ratio (CBLR) framework, ensuring compliance with regulatory capital requirements. The bank's liquidity strategy includes minimal reliance on wholesale funding and access to substantial borrowing capacity through the Federal Home Loan Bank (FHLB) and other sources. These measures reflect its prudent risk management and financial resilience.
Competitive Positioning
BankFirst differentiates itself through its local ownership, community-focused approach, and personalized service. Unlike larger, impersonal financial institutions, BankFirst leverages its deep understanding of regional markets to provide tailored solutions. Its emphasis on credit quality, stable deposit growth, and diversified income streams positions it as a reliable and trusted financial partner for its customers.
Regulatory and Risk Management
The company operates under a rigorous regulatory framework, including the Basel III Rules and the CBLR framework. Its strong credit quality metrics, low levels of non-performing assets, and proactive monitoring of economic conditions demonstrate its commitment to maintaining financial stability. BankFirst's allowance for credit losses and conservative lending practices further mitigate risk, ensuring long-term sustainability.
Conclusion
BankFirst Capital Corporation stands out as a resilient, community-focused financial institution with a long history of serving its markets. Its strategic emphasis on local engagement, financial inclusion, and prudent risk management makes it a key player in the regional banking landscape. With a strong foundation and commitment to growth, BankFirst is well-positioned to navigate the evolving financial environment and continue delivering value to its stakeholders.
BankFirst Capital (OTCQX: BFCC) reported Q4 2024 net income of $7.7 million ($1.21 per share), up from $6.4 million in Q3 2024 and $6.5 million in Q4 2023. Full-year 2024 net income was $25.6 million ($4.20 per share), compared to $28.2 million in 2023.
Key highlights include: total assets increased 3% to $2.8 billion, total gross loans grew 2% to $1.9 billion, and deposits rose 3% to $2.4 billion year-over-year. Net interest income reached $22.2 million in Q4 2024, with net interest margin improving to 3.59%. The company maintains strong liquidity with available sources totaling $979.2 million.
Credit quality remains robust with non-performing assets to total assets at 0.61%. The company received a $1.1 million CDFI Financial Assistance Program grant and paid a $1.00 per share cash dividend in December 2024. Under its stock repurchase program, BFCC bought back 2,000 shares for approximately $79,000 in Q4 2024.
BankFirst Capital (OTCQX: BFCC) has entered into an ECIP Securities Purchase Option Agreement with the U.S. Treasury, granting BFCC an option to purchase all 218,585 shares of its Senior Non-Cumulative Preferred Stock held by Treasury. The shares include 175,000 issued on April 26, 2022, and 43,585 issued on September 19, 2023, following BFCC's acquisition of Mechanics Banc Holding Company.
The purchase option extends for fifteen years from the Original Closing Date, with the purchase price expected to be at a substantial discount from face value. However, during the first ten years, exercise requires meeting specific Threshold Conditions: either achieving 60% Deep Impact Lending over 16 quarters, 85% Qualified Lending over 24 quarters, or maintaining a 0.5% dividend rate for six consecutive Reset Dates.
The earliest possible date to meet these conditions is June 30, 2026. Currently, BFCC has not met any Threshold Conditions and must maintain CDFI or MDI qualification among other criteria to exercise the option.
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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