BANKFIRST CAPITAL CORPORATION Reports First Quarter 2024 Earnings of $5.0 Million

Rhea-AI Summary

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.

Positive

• None.

Negative

• Net income decreased from the previous quarter and year-over-year
• Net interest income and margin decreased compared to previous periods
• Non-interest-bearing deposits decreased
• Consolidated cost of funds increased
• Non-interest expense increased, partly due to one-time expenses related to online banking platform conversion
• Unrealized loss in accumulated other comprehensive income of $11.9 million related to investment securities portfolio
• Market interest rates and competition affecting cost of funds
• Credit quality is being closely monitored due to continued economic uncertainty

COLUMBUS, Miss., April 25, 2024 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) ("BankFirst" or the "Company"), parent company of BankFirst Financial Services, Macon, Mississippi (the "Bank"), reported net income of $5.0 million, or $0.93 per share, for the first quarter of 2024, compared to net income of $6.5 million, or $1.20 per share, for the fourth quarter of 2023, and compared to net income of $7.1 million, or $1.33 per share, for the first quarter of 2023.

First Quarter 2024 Highlights:

• Net income totaled $5.0 million, or $0.93 per share, in the first quarter of 2024 compared to $7.1 million, or $1.33 per share, in the first quarter of 2023.
• Net interest income totaled $20.2 million in the first quarter of 2024 compared to $23.2 million in the first quarter of 2023.
• Total assets increased 4% to $2.76 billion at March 31, 2024 from $2.67 billion at March 31, 2023.
• Total gross loans increased 5% to $1.78 billion at March 31, 2024 from $1.70 billion at March 31, 2023.
• Total deposits increased 3% to $2.32 billion at March 31, 2024 from $2.25 billion at March 31, 2023.
• Available liquidity sources totaled approximately $963.6 million as of March 31, 2024 through (i) available advances from the Federal Home Loan Bank of Dallas ("FHLB"), (ii) the Federal Reserve Bank of St. Louis ("FRB") Discount Window, and (iii) access to funding through several relationships with correspondent banks.
• Total off-balance sheet liquidity through the IntraFi Insured Cash Sweep program totaled approximately $158.2 million as of March 31, 2024.
• Credit quality remains strong with non-performing assets (excluding restructured) to total assets of 0.42% as of March 31, 2024 compared to 0.47% for the first quarter of 2023.

CEO Commentary

Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "Despite the headwinds we continue to face in the current banking environment, our performance in the first quarter of 2024 was solid. Our liquidity position remains strong, credit quality continues to remain strong across our geographic footprint and, while robust competition for deposits remains a challenge, our net interest margin compression continues to stabilize. Overall, we believe the Bank is well positioned to successfully navigate this uncertain environment and we expect continued growth during the remainder of 2024."

Financial Condition and Results of Operations

Total assets were $2.8 billion at March 31, 2024, compared to $2.7 billion at December 31, 2023 and March 31, 2023, respectively. Total loans outstanding, net of the allowance for credit losses, as of March 31, 2024 totaled $1.8 billion, compared to $1.8 billion as of December 31, 2023 and $1.7 billion as of March 31, 2023, an increase of 5% from prior year period.

Total deposits as of March 31, 2024 were $2.3 billion, which remains unchanged compared to December 31, 2023 and March 31, 2023, respectively. Non-interest-bearing deposits were $518.4 million as of March 31, 2024, compared to $545.0 million as of December 31, 2023, a decrease of 5%, and compared to $618.2 million as of March 31, 2023, a decrease of 16%. Non-interest-bearing deposits represented 22% of total deposits as of March 31, 2024.

The Company's consolidated cost of funds was 1.88% for the first quarter of 2024, compared to 1.64% for the fourth quarter 2023, and compared to 0.69% for the first quarter 2023.  The increase in the Company's consolidated cost of funds during the first quarter of 2024 compared to the prior periods was primarily due to the continued rise in market interest rates for deposits across the Bank's market areas and increased competition from bank and non-bank alternatives. Bank-only cost of funds for the first quarter of 2024 was 1.79% compared to 1.60% for the fourth quarter of 2023 and 0.55% for the first quarter of 2023.

The ratio of loans to deposits was 77.8% as of March 31, 2024, compared to 78.2% as of December 31, 2023 and 75.4% as of March 31, 2023.

Net interest income was $20.2 million for the first quarter of 2024, compared to $21.6 million for the fourth quarter of 2023 and $23.2 million for the first quarter of 2023. Net interest margin was 3.33% in the first quarter of 2024, a decrease from 3.50% in the fourth quarter of 2023 and a decrease from 4.15% in the first quarter of 2023. Yield on interest-earning assets was 5.15% during the first quarter of 2024, compared to 5.06% during the fourth quarter of 2023 and 4.85% during the first quarter of 2023.

Noninterest income was $6.4 million for the first quarter of 2024, compared to $6.1 million for the fourth quarter of 2023, an increase of 5%, and compared to $5.6 million for the first quarter of 2023, an increase of 14%. Mortgage banking revenue was $674 thousand in the first quarter of 2024, an increase of $132 thousand from $542 thousand in the fourth quarter of 2023, or an increase of 24%, and an increase of $122 thousand from $552 thousand in the first quarter of 2023, or an increase of 22%. During the first quarter of 2024, the Bank retained $788 thousand of the $25.8 million in secondary market mortgages originated to hold in-house, compared to $26.3 million secondary market loans originated during the first quarter of 2023, of which $2.5 million were retained to hold in-house.

Noninterest expense was $20.0 million for the first quarter of 2024, compared to $19.2 million for the fourth quarter of 2023 and $19.3 million for the first quarter of 2023, an increase of 4% and 3%, respectively. While non-interest expense has increased since the prior year period, a portion of such increase is attributable to one-time expenses related to the Bank's recently-completed conversion of its online banking platform to Jack Henry Banno.  

As of March 31, 2024, tangible common book value per share (non-GAAP) was $20.18. According to OTCQX, there were 285 trades of the Company's shares of common stock during the first quarter of 2024 for a total of 42,860 shares and for a total price of $1,298,292. The closing price of the Company's common stock quoted on OTCQX on March 31, 2024 was $29.00 per share. Based on this closing share price, the Company's market capitalization was $157.9 million as of March 31, 2024.

Credit Quality

The Company recorded a provision for credit losses of $525 thousand during the first quarter of 2024, compared to a provision of $360 thousand for the fourth quarter of 2023 and a provision of $375 thousand for the first quarter of 2023. The Company continues to closely monitor the continued economic uncertainty, especially in the commercial real estate market. 

The Company recorded $276 net loan charge-offs in the first quarter of 2024, compared to no net loan charge-offs in the fourth quarter of 2023 and $168 thousand in the first quarter of 2023. Non-performing assets, excluding restructured loans, to total assets were 0.42% for the first quarter of 2024, compared to 0.37% for the fourth quarter of 2023 and 0.47% for the first quarter of 2023. Annualized net charge-offs to average loans for the first quarter of 2024 were 0.02% compared to annualized net charge-offs of 0.0% for the fourth quarter of 2023 and 0.02% for the first quarter of 2023, respectively. 

As of March 31, 2024, the allowance for credit losses equaled $24.3 million, compared to $24.1 million as of December 31, 2023 and $23.2 million as of March 31, 2023.  Allowance for credit losses as a percentage of total loans was 1.35% at March 31, 2024, compared to 1.33% at December 31, 2023 and 1.35% at March 31, 2023.  Allowance for credit losses as a percentage of nonperforming loans was 211% at March 31, 2024, compared to 237% at December 31, 2023 and 183% at March 31, 2023. 

The Company continues to closely monitor credit quality in light of the continued uncertainty in the economy and the banking industry due to the prolonged elevated interest rate environment and persistent inflationary pressures in the United States and our market areas. Accordingly, additional provisions for credit losses may be necessary in future periods.

Liquidity and Capital Position

Liquidity – We have a limited reliance on wholesale funding and currently have no brokered deposits. We currently have the capacity to borrow up to approximately $889 million from the FHLB, $14.5 million from the FRB Discount Window and an estimated additional $60 million in funding through several relationships with correspondent banks.

Capital Requirements and the Community Bank Leverage Ratio Framework – Pursuant to federal regulations, bank holding companies and banks, like the Company and the Bank, must maintain capital levels commensurate with the level of risk to which they are exposed, including the volume and severity of problem loans. Federal banking regulations implementing the international regulatory capital framework, referred to as the "Basel III Rules," apply to both depository institutions and (subject to certain exceptions not applicable to the Company) their holding companies. The Basel III Rules also establish a "capital conservation buffer" of 2.5% above the regulatory minimum risk-based capital requirements. The Basel III minimum capital ratios with the full capital conservation buffer are summarized in the table below.

		Basel III Minimum for Capital Adequacy Purposes		Basel III Additional Capital Conservation Buffer		Basel III Ratio with Capital Conservation Buffer
Total Risk-Based Capital (total capital to risk weighted assets)		8.00 %		2.50 %		10.50 %
Tier 1 Risk-Based Capital (tier 1 to risk weighted assets)		6.00 %		2.50 %		8.50 %
Tier 1 Leverage Ratio (tier 1 to average assets)(1)		4.00 %		N/A		4.00 %
Common Equity Tier 1 Risk-Based Capital (CET1 to risk weighted assets)		4.50 %		2.50 %		7.00 %

(1)	The capital conservation buffer is not applicable to Tier 1 Leverage Ratio.

On September 17, 2019, the federal banking agencies jointly finalized a rule intended to simplify the Basel III regulatory capital requirements described above for qualifying community banking organizations that opt into the Community Bank Leverage Ratio ("CBLR") framework, as required by Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule became effective on January 1, 2020, and the CBLR framework became available for banks to use beginning with their March 31, 2020 Call Reports. Under the final rule, if a qualifying community banking organization opts into the CBLR framework and meets all requirements under the framework, it will be considered to have met the "well-capitalized" regulatory capital ratio requirements under the "prompt corrective action" regulations promulgated by the federal banking agencies and will not be required to report or calculate risk-based capital under the Basel III Rules. In order to qualify for the CBLR framework, a community banking organization must have a tier 1 leverage ratio of greater than 9.0%, less than $10 billion in total consolidated assets, and limited amounts of off-balance-sheet exposures and trading assets and liabilities.

The Company and the Bank are qualifying community banking organizations and, on June 15, 2022, the Company and the Bank elected to opt into the CBLR framework. However, the Company currently operates under the Small Bank Holding Company Policy Statement of the Board of Governors of the Federal Reserve System (the "Federal Reserve") and, therefore, is not currently subject to the Federal Reserve's consolidated capital reporting requirements. Accordingly, the Company's election to opt into the CBLR framework will commence for the first reporting period for which the Company no longer operates under the Federal Reserve's Small Bank Holding Company Policy Statement, at which time the Company will become subject to the Federal Reserve's consolidated capital requirements. 

By electing to opt into the CBLR framework, the Company and the Bank are not required to report or calculate risk-based capital under the Basel III Rules described above. As of March 31, 2024, the Bank's bank-only CBLR amounted to 10.72%. While the Company is currently not subject to the Federal Reserve's consolidated capital requirements, as discussed above, the Company's consolidated CBLR would have amounted to 12.39% as of March 31, 2024. These levels exceeded the 9.0% minimum CBLR necessary to be deemed "well-capitalized."

Included in shareholders' equity at March 31, 2024 was an unrealized loss in accumulated other comprehensive income of $11.9 million related to the unrealized loss in the Company's investment securities portfolio primarily due to continued elevated market interest rates during the period. At March 31, 2024, the composition of the Bank's investment securities portfolio includes $234 million, or 42%, classified as available-for-sale, and $323 million, or 58%, of the Bank's investment securities portfolio is classified as held to maturity. All investments in our investment securities portfolio are expected to mature at par value.

Our investment securities portfolio made up 20.2% of our total assets at March 31, 2024, compared to 20.7% and 23.72% at December 31, 2023 and March 31, 2023, respectively.

ABOUT BANKFIRST CAPITAL CORPORATION  

BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi with approximately $2.8 billion in total assets as of March 31, 2024. BankFirst Financial Services, the Company's wholly-owned banking subsidiary, was founded in 1888 and is locally owned, controlled, and operated. The Bank is headquartered in Macon, Mississippi, and operates additional branch offices in Coldwater, Columbus, Flowood, Hattiesburg, Hernando, Independence, Jackson, Louin, Madison, Newton, Oxford, Senatobia, Southaven, Starkville, Tupelo, Water Valley, and West Point, Mississippi; and Addison, Aliceville, Arley, Bear Creek, Carrollton, Curry, Double Springs, Fayette, Gordo, Haleyville, Northport, and Tuscaloosa, Alabama. The Bank also operates four loan production offices in Biloxi and Brookhaven, Mississippi, and in Birmingham and Huntsville, Alabama. BankFirst offers a wide variety of services for businesses and consumers. The Bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit www.BankFirstfs.com.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures include tangible book value per share. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company's financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company's goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions. These statements are based upon the current belief and expectations of the Company's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include, but are not limited to: the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to continued elevated interest rates or potential reductions in interest rates and a resulting decline in net interest income; the persistence of the inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Federal Reserve; effects of declines in housing prices in the United States and our market areas; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; regulatory considerations; our ability to recognize the expected benefits and synergies of our completed acquisitions; the maintenance and development of well-established and valued client relationships and referral source relationships; acquisition or loss of key production personnel; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management's good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

AVAILABLE INFORMATION

The Company maintains an Internet web site at www.BankFirstfs.com/about/investor-relations. The Company makes available, free of charge, on its web site the Company's annual reports, quarterly earnings reports, and other press releases. In addition, the OTC Markets Group maintains an Internet site that contains reports, proxy and information statements, and other information regarding the Company (at www.otcmarkets.com/stock/BFCC/overview).

The Company routinely posts important information for investors on its web site (under www.BankFirstfs.com and, more specifically, under the Investor Relations tab at www.BankFirstfs.com/about/investor-relations). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under the OTC Markets Group OTCQX Rules for U.S. Banks. Accordingly, investors should monitor the Company's web site, in addition to following the Company's press releases, OTC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company's web site is not incorporated by reference into, and is not a part of, this press release.

Member FDIC

 

BankFirst Capital Corporation Unaudited Consolidated Balance Sheets (In Thousands, Except Per Share Data)
	March 31		December 31		September 30		June 30		March 31
	2024		2023		2023		2023		2023
Assets
Cash and due from banks	$        112,028		$            51,829		$              60,454		$          57,503		$          75,655
Interest bearing bank balances	64,967		61,264		73,114		5,470		7,795
Federal funds sold	200		14,500		18,075		18,927		12,226
Securities available for sale at fair value	234,243		235,970		234,392		276,944		289,075
Securities held to maturity	323,523		328,013		332,799		337,929		343,465
Loans	1,806,925		1,813,168		1,783,089		1,748,978		1,725,309
Allowance for credit losses	(24,332)		(24,084)		(23,684)		(23,221)		(23,219)
Loans, net of allowance for credit losses	1,782,593		1,789,084		1,759,405		1,725,757		1,702,090
Premises and equipment	66,586		66,217		64,196		64,470		63,511
Interest receivable	11,831		11,286		10,079		11,268		10,938
Goodwill	66,966		66,966		66,966		66,966		66,966
Other intangible assets	10,885		11,290		11,695		12,101		12,506
Other	87,911		91,350		84,099		82,857		82,842
Total assets	$     2,761,733		$       2,727,769		$         2,715,274		$     2,660,192		$     2,667,069
Liabilities and Stockholders' Equity
Liabilities
Noninterest bearing deposits	$        518,369		$          545,024		$            586,301		$        592,658		$        618,203
Interest bearing deposits	1,805,512		1,744,111		1,697,616		1,643,538		1,633,763
Total deposits	2,323,881		2,289,135		2,283,917		2,236,196		2,251,966
Federal funds purchased	-		-		-		3,325		-
Notes payable	6,868		7,405		7,943		8,479		9,016
Subordinated debt	29,651		29,635		29,619		29,593		29,669
Interest payable	7,039		6,086		4,418		2,678		1,348
Other	17,887		23,071		25,350		21,649		20,564
Total liabilities	2,385,326		2,355,332		2,351,247		2,301,920		2,312,563
Stockholders' Equity
Preferred stock	188,680		188,680		188,680		188,680		188,680
Common stock	1,633		1,620		1,620		1,619		1,619
Additional paid-in capital	62,396		62,065		61,779		61,496		61,251
Retained earnings	135,561		130,557		128,925		120,564		114,345
Accumulated other comprehensive income	(11,863)		(10,485)		(16,977)		(14,087)		(11,389)
Total stockholders' equity	376,407		372,437		364,027		358,272		354,506
Total liabilities and stockholders' equity	$     2,761,733		$       2,727,769		$         2,715,274		$     2,660,192		$     2,667,069
Common shares outstanding	5,444,930		5,399,972		5,399,367		5,394,603		5,395,780
Book value per common share	$            34.48		$              34.03		$                32.48		$            31.44		$            30.71
Tangible book value per common share	$            20.18		$              19.54		$                17.91		$            16.78		$            15.99
Securitites held to maturity (fair value)	$        271,724		$          279,117		$            264,859		$        285,446		$        293,556

 

BankFirst Capital Corporation Unaudited Consolidated Statements of Income (In Thousands, Except Per Share Data)
	For Three Months Ended
	March		December
	2024		2023
Interest Income
Interest and fees on loans	$ 26,565		$    26,161
Taxable securities	3,358		3,483
Tax-exempt securities	520		530
Federal funds sold	12		202
Interest bearing bank balances	793		841
Total interest income	31,248		31,217
Interest Expense
Deposits	10,451		9,036
Short-term borrowings	-		-
Federal Home Loan Bank advances	-		-
Other borrowings	572		582
Total interest expense	11,023		9,618
Net Interest Income	20,225		21,599
Provision for Credit Losses	525		360
Net Interest Income After Provision for Loan Losses	19,700		21,239
Noninterest Income
Service charges on deposit accounts	2,479		2,477
Mortgage income	674		542
Interchange income	1,431		1,355
Net realized gains (losses) on available-for-sale securities	-		112
Other	1,844		1,636
Total noninterest income	6,428		6,122
Noninterest Expense
Salaries and employee benefits	11,060		10,065
Net occupancy expenses	1,343		1,275
Equipment and data processing expenses	1,973		3,824
Other	5,598		4,043
Total noninterest expense	19,974		19,207
Income Before Income Taxes	6,154		8,154
Provision for Income Taxes	1,149		1,662
Net Income	$   5,005		$      6,492
Basic/Diluted Earnings Per Common Share	$     0.93		$        1.20

 

BankFirst Capital Corporation Unaudited Consolidated Statements of Income (In Thousands, Except Per Share Data)
	Quarter Ended
	March 31		December 31		September 30		June 30		March 31
	2024		2023		2023		2023		2023
Interest Income
Interest and fees on loans	$     26,565		$            26,161		$              25,027		$    23,988		$     22,578
Taxable securities	3,358		3,483		3,583		3,736		3,723
Tax-exempt securities	520		530		533		527		597
Federal funds sold	12		202		333		323		63
Interest bearing bank balances	793		841		354		337		149
Total interest income	31,248		31,217		29,830		28,911		27,110
Interest Expense
Deposits	10,451		9,036		7,250		5,219		3,335
Short-term borrowings	1		-		42		78		21
Federal Home Loan Bank advances	-		-		336		22		-
Other borrowings	571		582		590		554		538
Total interest expense	11,023		9,618		8,218		5,873		3,894
Net Interest Income	20,225		21,599		21,612		23,038		23,216
Provision for Loan Losses	525		360		875		375		375
Net Interest Income After Provision for Credit Losses	19,700		21,239		20,737		22,663		22,841
Noninterest Income
Service charges on deposit accounts	2,479		2,477		2,298		2,137		2,637
Mortgage income	674		542		683		739		552
Interchange income	1,431		1,355		1,263		1,681		1,335
Net realized gain (loss)  on available-for-sale securities	-		112		(1,471)		(14)		82
Other	1,844		1,636		7,329		1,223		1,041
Total noninterest income	6,428		6,122		10,102		5,766		5,647
Noninterest Expense
Salaries and employee benefits	11,060		10,065		10,267		10,870		10,751
Net occupancy expenses	1,343		1,275		1,351		1,299		1,272
Equipment and data processing expenses	1,861		1,861		1,836		1,814		1,990
Other	5,710		4,043		6,584		6,457		5,357
Total noninterest expense	19,974		19,207		20,038		20,443		19,370
Income Before Income Taxes	6,154		8,154		10,801		7,986		9,118
Provision for Income Taxes	1,149		1,662		2,440		1,766		1,990
Net Income	$       5,005		$              6,492		$                8,361		$      6,220		$       7,128
Basic/Diluted Earnings Per Common Share	$         0.93		$                1.20		$                  1.55		$        1.15		$         1.33

 

BankFirst Capital Corporation Unaudited Selected Other Financial Information (In Thousands)
		March 31		December 31		September 30		June 30		March 31
Asset Quality		2024		2023		2023		2023		2023
Nonaccrual Loans		11,420		9,615		12,716		10,995		11,764
Restructured Loans		5,178		5,303		8,209		4,654		4,675
OREO		64		1		1		518		878
90+ still accruing		75		520		107		53		7
Non-performing Assets (excluding restructured)1		11,559		10,139		12,824		11,566		12,649
Allowance for credit loss to total loans		1.35 %		1.33 %		1.33 %		1.33 %		1.35 %
Allowance for credit loss to non-performing assets1		211 %		237 %		185 %		201 %		184 %
Non-performing assets1 to total assets		0.42 %		0.37 %		0.47 %		0.44 %		0.47 %
Non-performing assets1 to total loans and OREO		0.64 %		0.56 %		0.71 %		0.66 %		0.73 %
Annualized net charge-offs to average loans		0.02 %		0.00 %		0.02 %		0.02 %		0.01 %
Net charge-offs (recoveries)		276		-		413		332		168
Capital Ratios 2
CET1 Ratio		6.58 %		6.49 %		6.16 %		5.78 %		5.45 %
CET1 Capital		125,316		119,580		113,663		104,612		97,743
Tier 1 Ratio		17.25 %		17.52 %		17.19 %		17.03 %		16.79 %
Tier 1 Capital		328,652		322,916		317,004		307,948		301,092
Total Capital Ratio		19.29 %		19.58 %		19.25 %		19.11 %		18.87 %
Total Capital		367,498		360,996		355,088		345,588		338,546
Risk Weighted Assets		1,905,373		1,843,587		1,844,314		1,808,758		1,793,756
Tier 1 Leverage Ratio		12.39 %		12.17 %		12.15 %		11.92 %		11.85 %
Total Average Assets for Leverage Ratio		2,653,494		2,653,106		2,609,072		2,584,564		2,541,872

1.	The restructured loan balance above includes performing and non-performing loans.  The non-performing assets includes Nonaccrual loans, +90days still accruing, and OREO.  The asset quality ratios are calculated using the non-performing asset balance in the above schedule which excludes restructured loans.
2.	Since the Company has total consolidated assets of  less than $3 billion, the Company is not subject to regulatory capital requirements.  This information has been prepared for informational purposes and if the Company were subject to such regulatory requirements.

 

BankFirst Capital Corporation Reconciliation of Non-GAAP Financial Measures - End of Period For the Quarters Ended (Unaudited) (In Thousands, Except Per Share Data)
	March 31		December 31		September 30		June 30		March 31
	2024		2023		2023		2023		2023
Book value per common share - GAAP	$     34.48		$           34.03		$            32.48		$   31.44		$     30.71
Total common stockholders' equity - GAAP	187,727		183,757		175,347		169,592		165,826
Adjustment for Intangibles	77,851		78,256		78,661		79,067		79,472
Tangible common stockholders' equity - non-GAAP	109,876		109,095		96,686		90,525		86,354
Tangible book value per common share - non-GAAP	$     20.18		$           19.54		$            17.91		$   16.78		$     15.99

 

View original content:https://www.prnewswire.com/news-releases/bankfirst-capital-corporation-reports-first-quarter-2024-earnings-of-5-0-million-302126559.html

SOURCE BankFirst Capital Corporation

FAQ

What was BankFirst Capital 's net income for the first quarter of 2024?

BankFirst Capital reported a net income of $5.0 million, or $0.93 per share, for the first quarter of 2024.

How much did total assets increase to at the end of March 2024?

Total assets increased to $2.76 billion at March 31, 2024, from $2.67 billion at March 31, 2023.

What was the total amount of total gross loans at the end of March 2024?

Total gross loans increased to $1.78 billion at March 31, 2024, from $1.70 billion at March 31, 2023.

What was the total amount of total deposits at the end of March 2024?

Total deposits increased to $2.32 billion at March 31, 2024, from $2.25 billion at March 31, 2023.

What was the company's market capitalization as of March 31, 2024?

The company's market capitalization was $157.9 million as of March 31, 2024.

How much did the provision for credit losses amount to in the first quarter of 2024?

The company recorded a provision for credit losses of $525 thousand during the first quarter of 2024.

What was the ratio of nonperforming assets to total assets at the end of March 2024?

Non-performing assets, excluding restructured loans, to total assets were 0.42% for the first quarter of 2024.

What is the company's current capital leverage ratio under the Community Bank Leverage Ratio framework?

The company's bank-only CBLR amounted to 10.72% as of March 31, 2024, and the consolidated CBLR would have amounted to 12.39%.

What percentage of total assets did the investment securities portfolio make up at the end of March 2024?

The investment securities portfolio made up 20.2% of total assets at March 31, 2024.

How did the company's net interest margin change in the first quarter of 2024 compared to the fourth quarter of 2023?

Net interest margin was 3.33% in the first quarter of 2024, a decrease from 3.50% in the fourth quarter of 2023.

How did noninterest income change in the first quarter of 2024 compared to the first quarter of 2023?

Noninterest income was $6.4 million for the first quarter of 2024, compared to $5.6 million for the first quarter of 2023, an increase of 14%.