BANKFIRST CAPITAL CORPORATION Reports Fourth Quarter 2021 Earnings of $4.4 Million

Rhea-AI Summary

BankFirst Capital Corporation (OTCQX: BFCC) reported a fourth-quarter net income of $4.4 million or $0.84 per share, down from $5.3 million or $1.01 per share in Q3 2021, but up from $3.9 million or $0.76 per share in Q4 2020. For the entire year, net income reached $18.3 million, or $3.47 per share, a 36% increase compared to 2020. The company completed the acquisition of The Citizens Bank of Fayette, increasing total assets to approximately $2 billion. Participation in the Emergency Capital Investment Program could provide up to $175 million in investments.

Positive

• Year-over-year net income increased 36% to $18.3 million.
• Successful acquisition of The Citizens Bank of Fayette expands total assets to approximately $2 billion.
• Net interest income up 10% from previous quarter to $15.5 million.
• Total loans outstanding increased by 6% year-over-year.

Negative

• Fourth quarter net income decreased 17% compared to the third quarter of 2021.
• Noninterest income fell 29% from the previous quarter, and 16% year-over-year.
• Increased provision for credit losses to $400,000 compared to $322,000 in Q3 2021.

COLUMBUS, Miss., Jan. 25, 2022 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) ("BankFirst" or the "Company") reported quarterly net income of $4.4 million, or $0.84 per share, for the fourth quarter of 2021, compared to net income of $5.3 million, or $1.01 per share, for the third quarter of 2021, and an increase of 11% compared to net income of $3.9 million, or $0.76 per share, for the fourth quarter of 2020. The Company also reported net income of $18.3 million, or $3.47 per share, for the year ended December 31, 2021, an increase of 36% compared to net income of $13.5 million, or $2.76 per share, for the year ended December 31, 2020. 

2021 Fourth Quarter Highlights:

• Net income totaled $4.4 million, or $0.84 per share, in the fourth quarter of 2021 compared to $3.9 million, or $0.76 per share, for the fourth quarter of 2020.
• Earnings per share increased to $3.47 for the year ended December 31, 2021 compared to $2.76 for the year ended December 31, 2020, an increase of 26%.
• On December 10, 2021, the Company paid a cash dividend of $0.68 per share to shareholders of record as of December 1, 2021.

Recent Developments

• After the close of business on December 31, 2021, the Company completed its acquisition of The Citizens Bank of Fayette, Fayette, Alabama ("Citizens"), through the merger of Citizens with and into the Company's wholly-owned banking subsidiary, BankFirst Financial Services (the "Bank").  As of December 31, 2021, Citizens had total assets of $206.8 million, loans of $28.0 million, and deposits of $187.8 million.  After merging with Citizens, the Bank had total assets of approximately $2.0 billion, gross loans of approximately $1.2 billion and total deposits of approximately $1.7 billion.
• As previously announced, the Company received notice from the U.S. Department of the Treasury ("Treasury") indicating that it is eligible to participate in the Emergency Capital Investment Program ("ECIP") and may receive an ECIP investment from Treasury in an amount up to $175.0 million.

CEO Commentary

Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "We are pleased to report another strong quarter of earnings and the end to a very positive 2021. Our outlook remains positive for the future with an allocation through the ECIP, our recently completed acquisition of Citizens, and an encouraging pipeline for loan growth in our loan production offices as well as in our core markets."

Financial Condition and Results of Operations

Total assets were $1.82 billion as of December 31, 2021, compared to $1.79 billion at September 30, 2021 and $1.73 billion at December 31, 2020, an increase of 2% and 5%, respectively. The increase in total assets from the prior year was primarily due to organic loan and deposit growth, supported by the Bank's participation in the Paycheck Protection Program ("PPP") created under the Coronavirus Aid, Relief, and Economic Security Act and administered by the U.S. Small Business Administration (the "SBA"). Total loans outstanding, net of the allowance for loan losses, as of December 31, 2021 totaled $1.19 billion, compared to $1.13 billion as of September 30, 2021 and December 31, 2020, respectively, an increase of 6%. Net loans outstanding, excluding PPP loans, as of December 31, 2021 totaled $1.16 billion, compared to $1.09 billion as of September 30, 2021, an increase of 7%, and $1.04 billion as of December 31, 2020, an increase of 11%.

Non-interest-bearing deposits increased to $474 million as of December 31, 2021, compared to $467 million as of September 30, 2021, an increase of 1%, and $432 million as of December 31, 2020, an increase of 10%. Non-interest-bearing deposits represented 30% of total deposits as of December 31, 2021. Total deposits as of December 31, 2021 were $1.6 billion, compared to $1.6 billion as of September 30, 2021, and $1.5 billion as of December 31, 2020, an increase of 4%. Cost of funds as of December 31, 2021 was 0.44% compared to 0.31% as of September 30, 2021, and 0.41% as of December 31, 2020. The increase in cost of funds in the fourth quarter of 2021 is primarily due to the increase in interest expense on Federal Home Loan Bank advances due to early prepayment costs.

The ratio of loans to deposits was 76% as of December 31, 2021 compared to 73% as of September 30, 2021, and 75% as of December 31, 2020. The ratio of loans, net of PPP loans, to deposits was 73% as of December 31, 2021 compared to 69% as of September 30, 2021, and 69% as of December 31, 2020.

Net interest income was $15.5 million for the fourth quarter of 2021, an increase of 10% compared to $14.1 million for the third quarter of 2021. Net interest margin increased to 3.99% in the fourth quarter of 2021, compared to 3.59% in the third quarter of 2021. Yield on earning assets increased 52 basis points to 4.40% in the fourth quarter of 2021, compared to 3.90% during the third quarter of 2021. The increase in yields is primarily due to increased forgiveness of PPP resulting in higher recognition of deferred fees through interest income.

Noninterest income was $4.8 million for the fourth quarter of 2021, compared to $6.7 million for the third quarter of 2021, a decrease of 29%, and $5.7 million for the fourth quarter of 2020, a decrease of 16%. Mortgage banking revenue decreased $314 thousand to $892 thousand in the fourth quarter of 2021 from $1.2 million in the third quarter of 2021, a decrease of 26%, and decreased $878 thousand from $1.7 million in the fourth quarter of 2020, a decrease of 50%. Also, in the third quarter 2021 the Bank received a Community Development Financial Institution Financial Assistance grant of $1.8 million, which is a non-recurring grant.

As of December 31, 2021, tangible book value per share was $22.39. According to OTCQX, there were 715 trades of the Company's shares of common stock during 2021 for a total of 188,828 shares and for a total price of $4,629,672. The closing price of the Company's common stock quoted on OTCQX on December 31, 2021 was $30.00 per share. Based on this closing share price, the Company's market capitalization was $158.54 million as of December 31, 2021.

Credit Quality

The Company recorded a provision for credit losses of $400,000 during the fourth quarter of 2021 compared to $322,000 for the third quarter of 2021, and $147,000 for the fourth quarter of 2020. As of December 31, 2021, the allowance for loan losses was equal to 1.30% of gross loans and 1.34% of gross loans, excluding PPP loans. Net loan charge-offs in the fourth quarter of 2021 were $1.04 million compared to $490,000 in the third quarter 2021, and $265,000 in the fourth quarter 2020. Non-performing assets to total assets were 0.80% for the fourth quarter of 2021, an increase of 22 basis points compared to 0.58% for the third quarter of 2021 and an increase of 16 basis points compared to 0.64% for the fourth quarter of 2020. Annualized net charge-offs to average loans for the fourth quarter of 2021 were 0.9%, compared to 0.04% for the third quarter of 2021 and 0.02% for the fourth quarter of 2020. 

PPP Loans

The Bank participated in the PPP, a $944 billion low-interest business loan program funded by Treasury and administered by the SBA, which officially ended on May 31, 2021. The PPP provided U.S. government guarantees for lenders, as well as loan forgiveness incentives for borrowers that predominately utilize the loan proceeds to cover employee compensation-related business costs. The Bank participated in Rounds 1 and 2 of the PPP during 2020 and in Round 3 of the PPP in 2021 until its expiration on May 31, 2021. In 2020, during Rounds 1 and 2 of the PPP, the Bank originated 1,489 PPP loans totaling $115.6 million. Through December 31, 2021, the Bank has received loan forgiveness payments from the SBA totaling $115 million on PPP loans originated in Rounds 1 and 2 of the PPP. The Bank received approximately $4.4 million in fees (net of expenses) paid by the SBA on PPP loans originated in Rounds 1 and 2 of the PPP, from which we recognized $122 thousand as loan fee income during the fourth quarter of 2021 and recognized $2.2 million as loan fee income for the year ended December 31, 2021, compared to $2.4 million for the year ended December 31, 2020. 

In 2021, during Round 3 of the PPP, the Bank originated an additional 1,382 PPP loans totaling $62 million. Through December 31, 2021, the Bank has received forgiveness payments from the SBA totaling $30.1 million on PPP loans originated in Round 3 of the PPP. The Bank received approximately $4 million in fees (net of expenses) paid by the SBA on PPP loans originated in Round 3 of the PPP, from which we recognized $1.8 million as loan fee income during the fourth quarter of 2021 and recognized $2.1 million for the year ended December 31, 2021.  

Lending
Since the beginning of the novel coronavirus (COVID-19) pandemic in early 2020, the Company regularly takes actions to identify and assess its COVID-19 related credit exposures by asset classes and borrower types. In addition, the Company implemented a loan modification program to assist both consumer and business borrowers that experienced or expect to experience financial hardships due to COVID-19 related challenges. As of December 31, 2021, 0.44% of the Bank's loan portfolio had active COVID-19-related modifications compared to 0.44% as of September 30, 2021 and 2.03% as of December 31, 2020.

Modified loans with deferred payments will continue to accrue interest during the deferral period unless otherwise classified as nonperforming. Consistent with bank regulatory guidance, borrowers that were otherwise current on loan payments that were granted COVID-19 related financial hardship payment deferrals will continue to be reported as current loans throughout the agreed upon deferral periods. COVID-19 related loan modifications are also deemed to be insignificant borrower concessions, and therefore, such modified loans were not classified as troubled-debt restructured loans as of December 31, 2021.

The COVID-19 pandemic continued to impact our financial results, as well as demand for our services and products, during the fourth quarter of 2021 and potentially beyond. The short and long-term implications of the COVID-19 pandemic (and any current or future variants thereof), and related monetary and fiscal stimulus measures, on our future revenues, earnings results, allowance for credit losses, capital reserves and liquidity are unknown at present.

Merger & Acquisition Activity

As previously disclosed, BankFirst completed its acquisition of The Citizens Bank of Fayette, Fayette, Alabama, after the close of business on December 31, 2021.   Under the terms of the definitive agreement, the sole shareholder of Citizens was paid a fixed amount of cash merger consideration.  Although the Company has not finalized exact amounts of the purchase accounting adjustments, the following table presents the estimated impact on certain financial information for the Company (in thousands, except share data):

	December 31, 2021		After Merger
Total assets	$                  1,818,954		$                  2,000,000
Gross loans	1,206,562		1,234,000
Goodwill and other intangible assets	38,549		44,800
Total deposits	1,581,067		1,700,000
Total stockholders' equity	156,798		156,798
Common shares outstanding	5,284,629		5,284,629
Tangible equity per share	$                         22.39		$                         21.19
Total equity per share	$                         29.67		$                         29.67

The results of operations of Citizens are not included in BankFirst's 2021 consolidated results of operations, but will be included beginning in the first quarter of 2022.

Emergency Capital Investment Program

As previously disclosed, BankFirst received a letter, dated December 14, 2021, from Treasury indicating that it is eligible to participate in the ECIP.  Upon the complete execution of ECIP investment and program documentation by BankFirst and Treasury, which has yet to be received from Treasury, BankFirst may receive an ECIP investment in an amount up to $175.0 million in exchange for the issuance by BankFirst of senior perpetual noncumulative preferred stock to Treasury on terms to be established by Treasury. 

BankFirst cannot provide any assurance or guarantee concerning whether it will ultimately participate in the ECIP, what the actual amount of ECIP investment, if any, from Treasury it will ultimately accept, what the actual terms, conditions and preferences of the senior perpetual noncumulative preferred stock to be issued to Treasury will be or whether such terms will be acceptable to BankFirst.

ABOUT BANKFIRST CAPITAL CORPORATION  

BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company based in Columbus, Mississippi with approximately $2.0 billion in total assets as of January 1, 2022. BankFirst Financial Services, the Company's wholly-owned banking subsidiary, was founded in 1888 that is locally owned, controlled, and operated. The Bank is headquartered in Macon, Mississippi, with additional branch offices in Columbus, Flowood, Hattiesburg, Jackson, Louin, Macon, Madison, Newton, Starkville, 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 three loan production offices, one in each of Brookhaven, Mississippi, Oxford, Mississippi, and Biloxi, Mississippi. 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.

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, (i) statements regarding certain of the Company's goals and expectations with respect to future events that are subject to various risks and uncertainties, (ii) statements about the merger of Citizens with and into the Bank (the "acquisition"), and (iii) 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 effects of the ongoing COVID-19 pandemic (including any current or future variant thereof), fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, including as a result of the ongoing COVID-19 pandemic, our ability to  recognize the expected benefits and synergies of the Citizens acquisition, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. 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.

AVAILABLE INFORMATION

The Company maintains an Internet web site at www.bankfirstfs.com/about-us/investors. 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-us/investors/). 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)
	December 31		September 30		June 30		March 31		December 31
	2021		2021		2021		2021		2020
Assets
Cash and due from banks	$                         36,623		$             39,808		$             43,997		$             33,046		$             37,208
Interest bearing bank balances	22,475		36,849		47,049		60,599		83,324
Federal funds sold	-		-		9,313		8,968		8,408
Available-for-sale securities	423,540		439,565		427,390		411,930		329,409
Loans	1,206,562		1,143,605		1,140,349		1,135,123		1,142,624
Allowance for loan losses	(15,719)		(16,358)		(16,526)		(16,647)		(16,496)
Loans, net of allowance for loan losses	1,190,843		1,127,247		1,123,823		1,118,476		1,126,128
Premises and equipment	43,043		43,462		42,164		42,227		42,414
Interest receivable	7,932		8,108		8,366		8,574		8,978
Goodwill	34,564		34,564		34,564		34,564		34,564
Other intangible assets	3,895		4,055		4,214		4,375		4,535
Other	56,039		56,056		57,338		57,206		54,387
Total assets	$                    1,818,954		$        1,789,714		$        1,798,218		$        1,779,965		$        1,729,355
Liabilities and Stockholders' Equity
Liabilities
Noninterest bearing deposits	$                       473,617		$           467,409		$           462,436		$           446,921		$           432,252
Interest bearing deposits	1,107,449		1,098,729		1,115,992		1,120,748		1,082,920
Total deposits	1,581,066		1,566,138		1,578,428		1,567,669		1,515,172
Notes payable	41,455		26,428		27,030		27,843		28,605
Subordinated debt	26,341		26,341		26,341		26,341		26,341
Interest payable	796		1,060		817		1,084		1,123
Other	12,498		12,811		12,716		11,801		11,162
Total liabilities	1,662,156		1,632,778		1,645,332		1,634,738		1,582,403
Stockholders' Equity
Common stock	1,585		1,585		1,583		1,585		1,581
Additional paid-in capital	60,545		60,395		60,279		60,229		60,113
Retained earnings	95,228		94,398		89,083		84,798		80,479
Accumulated other comprehensive income	(560)		558		1,941		(1,385)		4,779
Total stockholders' equity	156,798		156,936		152,886		145,227		146,952
Total liabilities and stockholders' equity	$                    1,818,954		$        1,789,714		$        1,798,218		$        1,779,965		$        1,729,355
Common shares outstanding	5,284,629		5,284,800		5,278,771		5,282,164		5,270,323
Book value per share	$                           29.67		$               29.70		$               28.96		$               27.49		$               27.88
Tangible book value per share	$                           22.39		$               22.39		$               21.62		$               20.12		$               20.46

 

 

BankFirst Capital Corporation Unaudited Consolidated Statements of Income (In Thousands, Except Per Share Data)
	For Three Months Ended				For the Twelve Months Ended
	December		September		December		December
	2021		2021		2021		2020
Interest Income
Interest and fees on loans	$             15,467		$             14,016		$                   55,382		$               52,788
Taxable securities	1,379		1,302		5,146		4,578
Tax-exempt securities	437		435		1,758		1,429
Federal funds sold	5		21		73		290
Interest bearing bank balances	7		11		40		64
Total interest income	17,295		15,785		62,399		59,149
Interest Expense
Deposits	1,043		1,089		4,775		7,670
Short-term borrowings	1		-		1		1
Federal Home Loan Bank advances	280		112		555		327
Other borrowings	469		440		1,785		1,827
Total interest expense	1,793		1,641		7,116		9,825
Net Interest Income	15,502		14,144		55,283		49,324
Provision for Loan Losses	400		322		1,112		8,117
Net Interest Income After Provision for Loan Losses	15,102		13,822		54,171		41,207
Noninterest Income
Service charges on deposit accounts	1,845		1,473		6,523		5,823
Mortgage income	892		1,206		5,657		6,362
Interchange income	1,112		990		4,278		3,495
Net realized gains (losses) on available-for-sale securities	-		-		13		3,615
Other	939		3,060		6,650		3,844
Total noninterest income	4,788		6,729		23,121		23,139
Noninterest Expense
Salaries and employee benefits	7,391		7,451		30,153		27,366
Net occupancy expenses	766		837		3,097		2,727
Equipment and data processing expenses	376		370		1,473		1,154
Other	5,688		4,903		19,579		16,953
Total noninterest expense	14,221		13,561		54,302		48,200
Income Before Income Taxes	5,669		6,990		22,990		16,146
Provision for Income Taxes	1,243		1,679		4,690		2,664
Net Income	$               4,426		$               5,311		$                   18,300		$               13,482
Basic/Diluted Earnings Per Common Share	$                 0.84		$                 1.01		$                       3.47		$                   2.76

 

 

BankFirst Capital Corporation Unaudited Consolidated Statements of Income (In Thousands, Except Per Share Data)
	Quarter Ended
	December 31		September 30		June 30		March 31		December 31
	2021		2021		2021		2021		2020
Interest Income
Interest and fees on loans	$             15,467		$             14,016		$             12,856		$             13,043		$             13,463
Taxable securities	1,379		1,302		1,270		1,195		1,062
Tax-exempt securities	437		435		442		444		447
Federal funds sold	5		21		19		28		13
Interest bearing bank balances	7		11		11		11		15
Total interest income	17,295		15,785		14,598		14,721		15,000
Interest Expense
Deposits	1,043		1,089		1,189		1,454		1,542
Short-term borrowings	1		-		-		-		-
Federal Home Loan Bank advances	280		112		81		82		81
Other borrowings	469		440		438		438		443
Total interest expense	1,793		1,641		1,708		1,974		2,066
Net Interest Income	15,502		14,144		12,890		12,747		12,934
Provision for Loan Losses	400		322		144		246		147
Net Interest Income After Provision for Loan Losses	15,102		13,822		12,746		12,501		12,787
Noninterest Income
Service charges on deposit accounts	1,845		1,473		1,658		1,547		1,622
Mortgage income	892		1,206		1,737		1,822		1,770
Interchange income	1,112		990		1,201		975		986
Net realized gain (loss)  on available-for-sale securities	-		-		-		13		(1)
Other	939		3,060		1,002		1,649		1,351
Total noninterest income	4,788		6,729		5,598		6,006		5,728
Noninterest Expense
Salaries and employee benefits	7,391		7,451		7,561		7,750		7,668
Net occupancy expenses	766		837		739		755		761
Equipment and data processing expenses	376		370		387		340		343
Other	5,688		4,903		4,606		4,382		5,007
Total noninterest expense	14,221		13,561		13,293		13,227		13,779
Income Before Income Taxes	5,669		6,990		5,051		5,280		4,736
Provision for Income Taxes	1,243		1,679		766		1,002		749
Net Income	$               4,426		$               5,311		$               4,285		$               4,278		$               3,987
Basic/Diluted Earnings Per Common Share	$                 0.84		$                 1.01		$                 0.81		$                 0.81		$                 0.76

 

 

BankFirst Capital Corporation Unaudited Risk Category of Loans by Type (In Thousands)
		Grades		Watch	Substandard			Total
		(1 - 5)		(6)		(7)		Loans
December 31, 2021
Secured by real estate
Construction		$      105,868		$               51		$          4,498		$      110,417
Farmland		69,988		830		129		70,947
Residential real estate		275,376		4,379		4,209		283,964
Commercial real estate		499,744		2,206		8,521		510,471
Consumer		18,761		218		222		19,201
Commercial and other		207,563		1,617		2,382		211,562
		$   1,177,300		$          9,301		$        19,961		$   1,206,562
		Grades		Watch	Substandard			Total
		(1 - 5)		(6)		(7)		Loans
September 30, 2021
Secured by real estate
Construction		$        94,339		$               35		$          5,296		$        99,670
Farmland		66,612		841		284		67,737
Residential real estate		273,487		4,217		4,386		282,090
Commercial real estate		460,737		6,350		4,456		471,543
Consumer		19,500		253		229		19,982
Commercial and other		198,515		1,426		2,642		202,583
		$   1,113,190		$        13,122		$        17,293		$   1,143,605

 

 

BankFirst Capital Corporation Unaudited Past Due Loans (In Thousands)
		Accruing Loans Past Due						Total
		30 - 89		90 Days		Non-	Past Due and			Current		Total
		Days		or More		accrual	Nonaccrual			Loans		Loans
December 31, 2021
Secured by real estate
Construction		$                  323		$                      -		$               4,417		$               4,740		$           105,677		$           110,417
Farmland		7		-		64		71		70,876		70,947
Residential real estate		1,620		140		1,220		2,980		280,984		283,964
Commercial real estate		-		-		5,855		5,855		504,616		510,471
Consumer		110		-		89		199		19,002		19,201
Commercial and other		257		-		1,820		2,077		209,485		211,562
		$               2,317		$                  140		$             13,465		$             15,922		$        1,190,640		$        1,206,562
		Accruing Loans Past Due						Total
		30 - 89		90 Days		Non-	Past Due and			Current		Total
		Days		or More		accrual	Nonaccrual			Loans		Loans
September 30, 2021
Secured by real estate
Construction		$                  258		$                      -		$               5,024		$               5,282		$             94,388		$             99,670
Farmland		194		-		68		262		67,475		67,737
Residential real estate		1,459		88		1,533		3,080		279,010		282,090
Commercial real estate		546		-		716		1,262		470,281		471,543
Consumer		74		-		81		155		19,827		19,982
Commercial and other		778		-		1,949		2,727		199,856		202,583
		$               3,309		$                    88		$               9,371		$             12,768		$        1,130,837		$        1,143,605

 

 

BankFirst Capital Corporation Unaudited Selected Other Financial Information (In Thousands)
	December 31		September 30		June 30		March 31		December 31
	2021		2021		2021		2021		2020
Asset Quality
Nonaccrual Loans	13,466		9,371		10,186		10,482		10,022
Restructured	1,315		1,315		1,361		409		2,950
OREO	952		973		1,208		1,207		1,343
90+ still accruing	141		91		-		10		30
Non-Performing Assets	14,559		10,435		11,394		11,689		11,365
Capital Ratios
CET1 Ratio	9.62%		10.35%		9.89%		9.42%		9.14%
CET1 Capital	119,928		118,804		112,985		108,749		103,074
Tier 1 Ratio	10.53%		11.34%		10.89%		10.40%		10.15%
Tier 1 Capital	131,269		130,145		124,326		120,090		114,415
Total Capital Ratio	12.99%		13.90%		13.45%		12.95%		12.73%
Total Capital	161,848		159,513		153,602		149,555		143,534
Risk Weighted Assets	1,246,064		1,147,454		1,142,059		1,155,036		1,127,122
Tier 1 leverage ratio	7.45%		7.43%		7.06%		6.90%		6.77%

 

 

View original content:https://www.prnewswire.com/news-releases/bankfirst-capital-corporation-reports-fourth-quarter-2021-earnings-of-4-4-million-301466538.html

SOURCE BankFirst Capital Corporation

FAQ

What were the earnings for BankFirst Capital Corporation in Q4 2021?

BankFirst reported a net income of $4.4 million or $0.84 per share for Q4 2021.

How did BankFirst's annual performance compare for 2021?

For the year ended December 31, 2021, BankFirst's net income increased by 36% to $18.3 million.

What is the impact of the acquisition of The Citizens Bank of Fayette on BankFirst?

The acquisition increased BankFirst's total assets to approximately $2 billion.

How much potential investment could BankFirst receive from the Emergency Capital Investment Program?

BankFirst may receive an investment of up to $175 million from the Emergency Capital Investment Program.