BANKFIRST CAPITAL CORPORATION Reports First Quarter 2025 Earnings of $6.43 Million
BankFirst Capital (OTCQX: BFCC) reported Q1 2025 net income of $6.43 million ($0.98 per share), compared to $7.67 million in Q4 2024 and $5.00 million in Q1 2024. Key highlights include:
- Net interest income: $21.93 million (Q1 2025) vs $20.14 million (Q1 2024)
- Total assets increased 3% to $2.86 billion
- Total deposits grew 4% to $2.41 billion
- Loans-to-deposits ratio: 75.6%
The company announced a merger agreement with Magnolia State , expected to close in Q3 2025. Credit quality remains strong with non-performing assets at 0.51%. The bank maintains strong liquidity with approximately $989.73 million in available sources and $164.81 million in off-balance sheet liquidity through IntraFi Insured Cash Sweep program.
BankFirst Capital (OTCQX: BFCC) ha riportato un utile netto nel primo trimestre 2025 di 6,43 milioni di dollari (0,98 dollari per azione), rispetto a 7,67 milioni nel quarto trimestre 2024 e 5,00 milioni nel primo trimestre 2024. I punti salienti includono:
- Reddito netto da interessi: 21,93 milioni di dollari (Q1 2025) contro 20,14 milioni (Q1 2024)
- Totale attivi aumentato del 3% a 2,86 miliardi di dollari
- Depositi totali cresciuti del 4% a 2,41 miliardi di dollari
- Rapporto prestiti su depositi: 75,6%
L’azienda ha annunciato un accordo di fusione con Magnolia State, previsto per il terzo trimestre 2025. La qualità del credito rimane solida con attività non performanti allo 0,51%. La banca mantiene una forte liquidità con circa 989,73 milioni di dollari di risorse disponibili e 164,81 milioni in liquidità fuori bilancio tramite il programma IntraFi Insured Cash Sweep.
BankFirst Capital (OTCQX: BFCC) reportó un ingreso neto en el primer trimestre de 2025 de 6,43 millones de dólares (0,98 dólares por acción), en comparación con 7,67 millones en el cuarto trimestre de 2024 y 5,00 millones en el primer trimestre de 2024. Los puntos clave incluyen:
- Ingresos netos por intereses: 21,93 millones de dólares (Q1 2025) frente a 20,14 millones (Q1 2024)
- Activos totales incrementaron un 3% hasta 2,86 mil millones de dólares
- Depósitos totales crecieron un 4% hasta 2,41 mil millones de dólares
- Relación préstamos a depósitos: 75,6%
La compañía anunció un acuerdo de fusión con Magnolia State, que se espera cierre en el tercer trimestre de 2025. La calidad crediticia sigue siendo fuerte con activos no rentables en 0,51%. El banco mantiene una sólida liquidez con aproximadamente 989,73 millones de dólares en fuentes disponibles y 164,81 millones en liquidez fuera de balance a través del programa IntraFi Insured Cash Sweep.
BankFirst Capital (OTCQX: BFCC)는 2025년 1분기 순이익이 643만 달러(주당 0.98달러)를 기록했다고 발표했으며, 이는 2024년 4분기 767만 달러와 2024년 1분기 500만 달러와 비교됩니다. 주요 내용은 다음과 같습니다:
- 순이자수익: 2,193만 달러(2025년 1분기) vs 2,014만 달러(2024년 1분기)
- 총 자산 3% 증가하여 28억 6천만 달러
- 총 예금 4% 증가하여 24억 1천만 달러
- 대출 대비 예금 비율: 75.6%
회사는 Magnolia State와의 합병 계약을 발표했으며, 2025년 3분기 완료될 예정입니다. 신용 품질은 양호하며 부실 자산 비율은 0.51%입니다. 은행은 IntraFi Insured Cash Sweep 프로그램을 통해 약 9억 8,973만 달러의 가용 자원과 1억 6,481만 달러의 장부 외 유동성을 유지하고 있습니다.
BankFirst Capital (OTCQX: BFCC) a annoncé un bénéfice net au premier trimestre 2025 de 6,43 millions de dollars (0,98 dollar par action), contre 7,67 millions au quatrième trimestre 2024 et 5,00 millions au premier trimestre 2024. Les points clés incluent :
- Revenu net d’intérêts : 21,93 millions de dollars (T1 2025) contre 20,14 millions (T1 2024)
- Actifs totaux en hausse de 3 % à 2,86 milliards de dollars
- Dépôts totaux en croissance de 4 % à 2,41 milliards de dollars
- Ratio prêts/dépôts : 75,6 %
La société a annoncé un accord de fusion avec Magnolia State, dont la clôture est prévue au troisième trimestre 2025. La qualité du crédit reste solide avec un taux d’actifs non performants de 0,51 %. La banque maintient une forte liquidité avec environ 989,73 millions de dollars de ressources disponibles et 164,81 millions de dollars de liquidités hors bilan via le programme IntraFi Insured Cash Sweep.
BankFirst Capital (OTCQX: BFCC) meldete für das erste Quartal 2025 einen Nettogewinn von 6,43 Millionen US-Dollar (0,98 US-Dollar je Aktie), verglichen mit 7,67 Millionen im vierten Quartal 2024 und 5,00 Millionen im ersten Quartal 2024. Wichtige Highlights sind:
- Zinserträge netto: 21,93 Millionen US-Dollar (Q1 2025) gegenüber 20,14 Millionen (Q1 2024)
- Gesamtvermögen stieg um 3 % auf 2,86 Milliarden US-Dollar
- Gesamteinlagen wuchsen um 4 % auf 2,41 Milliarden US-Dollar
- Kredit-zu-Einlagen-Verhältnis: 75,6 %
Das Unternehmen kündigte eine Fusionsvereinbarung mit Magnolia State an, die voraussichtlich im dritten Quartal 2025 abgeschlossen wird. Die Kreditqualität bleibt stark mit notleidenden Vermögenswerten von 0,51 %. Die Bank hält eine solide Liquidität mit etwa 989,73 Millionen US-Dollar an verfügbaren Mitteln und 164,81 Millionen US-Dollar an außerbilanzieller Liquidität durch das IntraFi Insured Cash Sweep-Programm.
- Net income increased 28.6% year-over-year to $6.43 million in Q1 2025
- Net interest income grew 8.9% year-over-year to $21.93 million
- Strong credit quality with low non-performing assets ratio of 0.51%
- Robust liquidity position with $989.73 million in available sources
- Net income decreased 16.2% quarter-over-quarter from $7.67 million in Q4 2024
- Net interest margin declined to 3.57% from 3.59% in previous quarter
- Non-interest income decreased 15% quarter-over-quarter
- Non-performing assets ratio increased from 0.42% in Q1 2024 to 0.51% in Q1 2025
First Quarter 2025 Highlights:
- Net income totaled
$6.43 million $0.98 $5.00 million $0.93 - Net interest income totaled
$21.93 million $20.14 million - Total assets increased
3% to$2.86 billion $2.76 billion - Total gross loans increased
1% to$1.82 billion $1.81 billion - Total deposits increased
4% to$2.41 billion $2.32 billion - Available liquidity sources totaled approximately
$989.73 million Dallas ("FHLB"), (ii) the Federal Reserve Bank ofSt. 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
$164.81 million - Credit quality remains strong with non-performing assets (excluding restructured) to total assets of
0.51% as of March 31, 2025 compared to0.42% March 31, 2024.
Recent Developments
- On March 21, 2025, the Company announced the signing of a definitive merger agreement with The Magnolia State Corporation ("Magnolia"), the parent company of Magnolia State Bank,
Bay Springs, Mississippi ("Magnolia Bank"), pursuant to which the Company will acquire Magnolia and Magnolia Bank. The proposed acquisition is expected to close in the third quarter of 2025 subject to customary closing conditions, including approval from the shareholders of Magnolia and bank regulatory authorities. No vote of the Company's shareholders is required. - As previously reported, on May 15, 2024, the Company's Board of Directors authorized a stock repurchase program pursuant to which the Company may repurchase up to
$10.00 million $320 thousand $785 thousand - As previously disclosed, the Company closed on the issuance of
$175.00 million U.S. Department of the Treasury ("Treasury") pursuant to the Emergency Capital Investment Program ("ECIP") in April 2022 and assumed an additional$43.57 million $1.09 million
CEO Commentary
Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "Overall, we are pleased with our first quarter 2025 results highlighted by our solid organic growth, declining cost of funds, and improving credit quality metrics. We are also very excited about our recent announcement that we have signed a definitive agreement providing for our acquisition of Magnolia and Magnolia Bank. We believe that the partnership with Magnolia Bank will allow BankFirst to continue its strategic plan by partnering with community banks with strong relationships in their local markets."
Mr. Griffin continued, "We continue to hold a positive outlook for the future. Our capital and liquidity positions remain strong and credit quality remains stable as our non-performing assets and our annualized rate of net charge-offs to average loans remain low. We believe the Bank is in a favorable position to navigate the ongoing economic uncertainty, elevated interest rates, and the persistent inflationary environment."
Financial Condition and Results of Operations
Total assets were
Total deposits as of March 31, 2025 were
The Company's consolidated cost of funds was
The ratio of loans to deposits was
Net interest income was
Noninterest income was
Noninterest expense was
As of March 31, 2025, tangible common book value per share (non-GAAP) was
Credit Quality
The Company recorded a provision for credit losses of
The Company recorded
As of March 31, 2025, the allowance for credit losses equaled
The Company continues to closely monitor credit quality in light of the ongoing economic uncertainty caused by, among other factors, the prolonged elevated interest rate environment and the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in
Liquidity and Capital Position
Liquidity – We have a limited reliance on wholesale funding and, as of March 31, 2025, had no brokered deposits. As of March 31, 2025, we had the capacity to borrow up to approximately
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
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
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, 2025, the Bank's bank-only CBLR amounted to
Included in shareholders' equity at March 31, 2025 was an unrealized loss in accumulated other comprehensive income of
Our investment securities portfolio made up
ABOUT BANKFIRST CAPITAL CORPORATION
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in
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
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
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: (i) the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; (ii) the expected impact of the proposed transaction between Magnolia and BankFirst on the combined entities' operations, financial condition, and financial results; (iii) the risk that the proposed transaction may not be completed in a timely manner or at all; (iv) the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); (v) the failure to obtain Magnolia shareholder approval or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all or other delays in completing the proposed transaction; (vi) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (vii) the possibility that the anticipated benefits of the proposed transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where BankFirst and Magnolia do business; (viii) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (ix) diversion of management's attention from ongoing business operations and opportunities; (x) potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (xi) potential recession in
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
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 | |||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||
2025 | 2024 | 2024 | 2024 | 2024 | |||||
Assets | |||||||||
Cash and due from banks | $ 115,209 | $ 120,675 | $ 105,825 | $ 101,285 | $ 112,028 | ||||
Interest bearing bank balances | 172,725 | 68,530 | 93,784 | 43,293 | 64,967 | ||||
Federal funds sold | - | 125 | 50 | 1,350 | 200 | ||||
Securities available for sale at fair value | 225,933 | 227,643 | 234,474 | 232,819 | 234,243 | ||||
Securities held to maturity | 302,567 | 307,152 | 311,756 | 317,293 | 323,523 | ||||
Loans | 1,819,682 | 1,853,402 | 1,835,311 | 1,839,640 | 1,806,925 | ||||
Allowance for credit losses | (23,541) | (23,527) | (23,301) | (23,720) | (24,332) | ||||
Loans, net of allowance for credit losses | 1,796,141 | 1,829,875 | 1,812,010 | 1,815,920 | 1,782,593 | ||||
Premises and equipment | 71,892 | 69,423 | 68,035 | 67,224 | 66,586 | ||||
Interest receivable | 11,911 | 11,938 | 11,811 | 11,891 | 11,831 | ||||
Goodwill | 66,966 | 66,966 | 66,966 | 66,966 | 66,966 | ||||
Other intangible assets | 9,283 | 9,669 | 10,074 | 10,480 | 10,885 | ||||
Other | 84,942 | 87,775 | 87,312 | 89,247 | 87,911 | ||||
Total assets | $ 2,857,569 | $ 2,799,271 | $ 2,802,097 | $ 2,757,768 | $ 2,761,733 | ||||
Liabilities and Stockholders' Equity | |||||||||
Liabilities | |||||||||
Noninterest bearing deposits | $ 533,144 | $ 538,708 | $ 529,533 | $ 537,515 | $ 518,369 | ||||
Interest bearing deposits | 1,873,165 | 1,816,976 | 1,823,231 | 1,782,710 | 1,805,512 | ||||
Total deposits | 2,406,309 | 2,355,684 | 2,352,764 | 2,320,225 | 2,323,881 | ||||
Notes payable | 4,718 | 5,255 | 5,793 | 6,330 | 6,868 | ||||
Subordinated debt | 22,132 | 22,137 | 22,142 | 22,146 | 29,651 | ||||
Interest payable | 7,130 | 7,489 | 7,955 | 8,137 | 7,039 | ||||
Other | 19,721 | 18,492 | 21,043 | 18,818 | 17,887 | ||||
Total liabilities | 2,460,010 | 2,409,057 | 2,409,697 | 2,375,656 | 2,385,326 | ||||
Stockholders' Equity | |||||||||
Preferred stock | 188,680 | 188,680 | 188,680 | 188,680 | 188,680 | ||||
Common stock | 1,633 | 1,629 | 1,629 | 1,631 | 1,633 | ||||
Additional paid-in capital | 63,000 | 63,022 | 62,731 | 62,741 | 62,396 | ||||
Retained earnings | 153,221 | 147,889 | 146,759 | 141,251 | 135,561 | ||||
Accumulated other comprehensive income | (8,975) | (11,006) | (7,399) | (12,191) | (11,863) | ||||
Total stockholders' equity | 397,559 | 390,214 | 392,400 | 382,112 | 376,407 | ||||
Total liabilities and stockholders' equity | $ 2,857,569 | $ 2,799,271 | $ 2,802,097 | $ 2,757,768 | $ 2,761,733 | ||||
Common shares outstanding | 5,444,362 | 5,429,273 | 5,431,551 | 5,436,106 | 5,444,930 | ||||
Book value per common share | $ 38.37 | $ 37.12 | $ 37.51 | $ 35.58 | $ 34.48 | ||||
Tangible book value per common share | $ 25.00 | $ 23.66 | $ 23.97 | $ 21.34 | $ 20.18 | ||||
Securitites held to maturity (fair value) | $ 256,204 | $ 255,879 | $ 271,129 | $ 264,807 | $ 271,724 | ||||
BankFirst Capital Corporation | |||
For Three Months Ended | |||
March | December | ||
2025 | 2024 | ||
Interest Income | |||
Interest and fees on loans | $ 28,420 | $ 29,529 | |
Taxable securities | 3,129 | 3,338 | |
Tax-exempt securities | 524 | 517 | |
Federal funds sold | - | - | |
Interest bearing bank balances | 1,162 | 776 | |
Total interest income | 33,235 | 34,160 | |
Interest Expense | |||
Deposits | 10,910 | 11,507 | |
Short-term borrowings | - | 3 | |
Other borrowings | 395 | 424 | |
Total interest expense | 11,305 | 11,934 | |
Net Interest Income | 21,930 | 22,226 | |
Provision for Credit Losses | 600 | 1,225 | |
Net Interest Income After Provision for Loan Losses | 21,330 | 21,001 | |
Noninterest Income | |||
Service charges on deposit accounts | 2,372 | 2,477 | |
Mortgage income | 759 | 791 | |
Interchange income | 1,292 | 1,391 | |
Grant Income | - | 1,110 | |
Other | 2,207 | 2,019 | |
Total noninterest income | 6,630 | 7,788 | |
Noninterest Expense | |||
Salaries and employee benefits | 11,425 | 10,926 | |
Net occupancy expenses | 1,315 | 1,290 | |
Equipment and data processing expenses | 1,813 | 1,692 | |
Other | 5,496 | 5,352 | |
Total noninterest expense | 20,049 | 19,260 | |
Income Before Income Taxes | 7,910 | 9,529 | |
Provision for Income Taxes | 1,484 | 1,864 | |
Net Income | $ 6,426 | $ 7,665 | |
Basic/Diluted Earnings Per Common Share | $ 0.98 | $ 1.21 | |
BankFirst Capital Corporation | |||||||||
Quarter Ended | |||||||||
March | December | September | June | March | |||||
2025 | 2024 | 2024 | 2024 | 2024 | |||||
Interest Income | |||||||||
Interest and fees on loans | $ 28,420 | $ 29,529 | $ 28,810 | $ 27,983 | $ 26,481 | ||||
Taxable securities | 3,129 | 3,338 | 3,336 | 3,441 | 3,358 | ||||
Tax-exempt securities | 524 | 517 | 514 | 517 | 520 | ||||
Federal funds sold | - | - | 4 | 10 | 12 | ||||
Interest bearing bank balances | 1,162 | 776 | 749 | 802 | 793 | ||||
Total interest income | 33,235 | 34,160 | 33,413 | 32,753 | 31,164 | ||||
Interest Expense | |||||||||
Deposits | 10,910 | 11,507 | 11,748 | 11,438 | 10,451 | ||||
Short-term borrowings | - | 3 | 6 | 7 | 1 | ||||
Other borrowings | 395 | 424 | 445 | 542 | 571 | ||||
Total interest expense | 11,305 | 11,934 | 12,199 | 11,987 | 11,023 | ||||
Net Interest Income | 21,930 | 22,226 | 21,214 | 20,766 | 20,141 | ||||
Provision for Loan Losses | 600 | 1,225 | 525 | 525 | 525 | ||||
Net Interest Income After Provision for Credit Losses | 21,330 | 21,001 | 20,689 | 20,241 | 19,616 | ||||
Noninterest Income | |||||||||
Service charges on deposit accounts | 2,372 | 2,477 | 2,579 | 2,445 | 2,479 | ||||
Mortgage income | 759 | 791 | 818 | 858 | 674 | ||||
Interchange income | 1,292 | 1,391 | 1,370 | 1,665 | 1,431 | ||||
Net realized gains (losses) on available-for-sale securities | - | - | - | (194) | - | ||||
Gains (losses) on retirement of subordinated debt | - | - | - | 956 | |||||
Grant Income | - | 1,110 | 280 | - | - | ||||
Other | 2,207 | 2,019 | 2,412 | 2,263 | 1,927 | ||||
Total noninterest income | 6,630 | 7,788 | 7,459 | 7,993 | 6,511 | ||||
Noninterest Expense | |||||||||
Salaries and employee benefits | 11,425 | 10,926 | 10,938 | 11,252 | 11,060 | ||||
Net occupancy expenses | 1,315 | 1,290 | 1,285 | 1,236 | 1,343 | ||||
Equipment and data processing expenses | 1,813 | 1,692 | 1,774 | 1,790 | 1,973 | ||||
Other | 5,497 | 5,352 | 6,021 | 5,437 | 5,598 | ||||
Total noninterest expense | 20,050 | 19,260 | 20,018 | 19,715 | 19,974 | ||||
Income Before Income Taxes | 7,910 | 9,529 | 8,130 | 8,519 | 6,153 | ||||
Provision for Income Taxes | 1,484 | 1,864 | 1,767 | 1,997 | 1,149 | ||||
Net Income | $ 6,426 | $ 7,665 | $ 6,363 | $ 6,522 | $ 5,004 | ||||
Basic/Diluted Earnings Per Common Share | $ 0.98 | $ 1.21 | $ 0.97 | $ 1.09 | $ 0.93 | ||||
BankFirst Capital Corporation | ||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | ||||||
Asset Quality | 2025 | 2024 | 2024 | 2024 | 2024 | |||||
Nonaccrual Loans | 14,683 | 17,051 | 13,182 | 11,292 | 11,420 | |||||
Restructured Loans | 3,705 | 3,730 | 4,599 | 5,102 | 5,178 | |||||
OREO | - | - | - | - | 64 | |||||
90+ still accruing | - | 139 | 31 | 138 | 75 | |||||
Non-performing Assets (excluding restructured)1 | 14,683 | 17,190 | 13,213 | 11,430 | 11,559 | |||||
Allowance for credit loss to total loans | 1.29 % | 1.27 % | 1.27 % | 1.29 % | 1.35 % | |||||
Allowance for credit loss to non-performing assets1 | 160 % | 137 % | 176 % | 208 % | 211 % | |||||
Non-performing assets1 to total assets | 0.51 % | 0.61 % | 0.47 % | 0.41 % | 0.42 % | |||||
Non-performing assets1 to total loans and OREO | 0.81 % | 0.92 % | 0.72 % | 0.61 % | 0.64 % | |||||
Annualized net charge-offs to average loans | 0.03 % | 0.04 % | 0.05 % | 0.06 % | 0.02 % | |||||
Net charge-offs (recoveries) | 586 | 698 | 944 | 1,137 | 277 | |||||
Capital Ratios 2 | ||||||||||
CET1 Ratio | 7.86 % | 7.38 % | 7.36 % | 6.88 % | 6.58 % | |||||
CET1 Capital | 145,109 | 139,438 | 137,619 | 131,735 | 125,316 | |||||
Tier 1 Ratio | 18.88 % | 18.15 % | 18.25 % | 17.51 % | 17.25 % | |||||
Tier 1 Capital | 348,426 | 342,755 | 340,941 | 335,066 | 328,652 | |||||
Total Capital Ratio | 20.54 % | 19.80 % | 19.90 % | 19.15 % | 19.29 % | |||||
Total Capital | 379,189 | 373,875 | 371,820 | 366,506 | 367,498 | |||||
Risk Weighted Assets | 1,845,892 | 1,888,177 | 1,868,584 | 1,913,609 | 1,905,373 | |||||
Tier 1 Leverage Ratio | 12.51 % | 12.56 % | 12.50 % | 12.49 % | 12.39 % | |||||
Total Average Assets for Leverage Ratio | 2,784,824 | 2,728,206 | 2,728,597 | 2,683,525 | 2,653,494 | |||||
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 elected the Community Bank Leverage Ratio Framework, the Company is not subject to regulatory capital requirements. | ||||||||||
This information has been prepared for informational purposes as if the Company were subject to such regulatory requirements. | ||||||||||
BankFirst Capital Corporation | |||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||
2025 | 2024 | 2024 | 2024 | 2024 | |||||
Book value per common share - GAAP | $ 38.37 | $ 37.12 | $ 37.51 | $ 35.58 | $ 34.48 | ||||
Total common stockholders' equity - GAAP | 208,879 | 201,545 | 203,720 | 193,432 | 187,727 | ||||
Adjustment for Intangibles | 72,745 | 73,112 | 73,500 | 73,888 | 77,851 | ||||
Tangible common stockholders' equity - non-GAAP | 136,135 | 128,433 | 130,220 | 119,544 | 109,876 | ||||
Tangible book value per common share - non-GAAP | $ 25.00 | $ 23.66 | $ 23.97 | $ 21.34 | $ 20.18 | ||||
View original content:https://www.prnewswire.com/news-releases/bankfirst-capital-corporation-reports-first-quarter-2025-earnings-of-6-43-million-302438696.html
SOURCE BankFirst Capital Corporation
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