Bankfirst Cap Corp - BFCC STOCK NEWS

BankFirst Capital (OTCQX:BFCC) has announced a definitive merger agreement to acquire The Magnolia State and its subsidiary Magnolia State Bank of Bay Springs, Mississippi. The transaction, unanimously approved by both boards, is expected to close in Q3 2025, pending shareholder and regulatory approvals.

Post-merger, BankFirst's network will expand to 52 offices across Mississippi and Alabama, with total assets reaching approximately $3.2 billion. Kris Mangum, Magnolia's CEO, will transition to become BankFirst's South Mississippi Regional President.

The merger aims to strengthen BankFirst's presence in South Mississippi while maintaining Magnolia's existing customer relationships and local banking team. Southard Financial and Olsen Palmer served as financial advisors, while Hunton Andrews Kurth LLP and Jones Walker LLP provided legal counsel for BankFirst and Magnolia, respectively.

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.

BankFirst Capital (BFCC) reports first quarter 2024 earnings of $5.0 million, with net income of $0.93 per share. Total assets increased to $2.76 billion, total gross loans rose to $1.78 billion, and total deposits grew to $2.32 billion. The company's liquidity position is strong, with credit quality remaining solid. Despite challenges in the banking environment, the company's performance was deemed solid. Non-interest income increased by 5%, while non-interest expense rose by 4%. The company's market capitalization was $157.9 million as of March 31, 2024. The provision for credit losses increased to $525 thousand, with non-performing assets at 0.42% and net charge-offs at $276 thousand. The company continues to closely monitor credit quality due to economic uncertainty. Liquidity and capital position are stable, with the company operating under the Community Bank Leverage Ratio framework.

BankFirst Capital Corporation (BFCC) reported net income of $6.5 million for Q4 2023, compared to $7.0 million in Q4 2022. Total assets increased by 11% to $2.7 billion, gross loans increased by 20% to $1.8 billion, and total deposits increased by 11% to $2.3 billion. Available liquidity sources totaled approximately $950.3 million. Non-interest income decreased by 39% to $6.1 million. The company paid a cash dividend of $0.90 per share. Credit quality remains strong with non-performing assets to total assets at 0.37%. CEO Moak Griffin expressed satisfaction with the company's performance and strategic objectives, despite the challenging banking environment.