BANKFIRST CAPITAL CORPORATION Reports Fourth Quarter and Year-End 2024 Earnings of $7.7 Million and $25.6 Million, respectively
BankFirst Capital (OTCQX: BFCC) reported Q4 2024 net income of $7.7 million ($1.21 per share), up from $6.4 million in Q3 2024 and $6.5 million in Q4 2023. Full-year 2024 net income was $25.6 million ($4.20 per share), compared to $28.2 million in 2023.
Key highlights include: total assets increased 3% to $2.8 billion, total gross loans grew 2% to $1.9 billion, and deposits rose 3% to $2.4 billion year-over-year. Net interest income reached $22.2 million in Q4 2024, with net interest margin improving to 3.59%. The company maintains strong liquidity with available sources totaling $979.2 million.
Credit quality remains robust with non-performing assets to total assets at 0.61%. The company received a $1.1 million CDFI Financial Assistance Program grant and paid a $1.00 per share cash dividend in December 2024. Under its stock repurchase program, BFCC bought back 2,000 shares for approximately $79,000 in Q4 2024.
BankFirst Capital (OTCQX: BFCC) ha riportato un reddito netto per il Q4 2024 di 7,7 milioni di dollari (1,21 dollari per azione), in aumento rispetto ai 6,4 milioni di dollari nel Q3 2024 e ai 6,5 milioni di dollari nel Q4 2023. Il reddito netto annuale per il 2024 è stato di 25,6 milioni di dollari (4,20 dollari per azione), rispetto ai 28,2 milioni di dollari nel 2023.
I punti salienti includono: il totale degli attivi è aumentato del 3% a 2,8 miliardi di dollari, i prestiti lordi totali sono cresciuti del 2% a 1,9 miliardi di dollari e i depositi sono saliti del 3% a 2,4 miliardi di dollari rispetto all'anno precedente. Il reddito netto da interessi ha raggiunto i 22,2 milioni di dollari nel Q4 2024, con un margine di interesse netto migliorato al 3,59%. L'azienda mantiene una forte liquidità con fonti disponibili totali di 979,2 milioni di dollari.
La qualità del credito rimane solida con attivi non performanti pari allo 0,61% del totale degli attivi. L'azienda ha ricevuto un finanziamento di 1,1 milioni di dollari dal programma di assistenza finanziaria CDFI e ha pagato un dividendo in contante di 1,00 dollaro per azione a dicembre 2024. Nell'ambito del suo programma di riacquisto di azioni, BFCC ha riacquistato 2.000 azioni per circa 79.000 dollari nel Q4 2024.
BankFirst Capital (OTCQX: BFCC) reportó un ingreso neto de 7.7 millones de dólares (1.21 dólares por acción) en el Q4 2024, un aumento respecto a los 6.4 millones de dólares en el Q3 2024 y 6.5 millones de dólares en el Q4 2023. El ingreso neto total del año 2024 fue de 25.6 millones de dólares (4.20 dólares por acción), comparado con 28.2 millones de dólares en 2023.
Los aspectos destacados incluyen: los activos totales aumentaron un 3% a 2.8 mil millones de dólares, los préstamos brutos totales crecieron un 2% a 1.9 mil millones de dólares y los depósitos subieron un 3% a 2.4 mil millones de dólares en comparación con el año anterior. El ingreso neto por intereses alcanzó los 22.2 millones de dólares en el Q4 2024, con un margen de interés neto mejorado del 3.59%. La empresa mantiene una fuerte liquidez con fuentes disponibles totales de 979.2 millones de dólares.
La calidad crediticia sigue siendo robusta, con activos no productivos que representan el 0.61% de los activos totales. La empresa recibió una subvención de 1.1 millones de dólares del Programa de Asistencia Financiera CDFI y pagó un dividendo en efectivo de 1.00 dólares por acción en diciembre de 2024. En su programa de recompra de acciones, BFCC compró 2,000 acciones por aproximadamente 79,000 dólares en el Q4 2024.
BankFirst Capital (OTCQX: BFCC)는 2024년 4분기 순이익이 770만 달러 (주당 1.21달러)로, 2024년 3분기 640만 달러와 2023년 4분기 650만 달러에서 증가했다고 보고했습니다. 2024년 전체 연간 순이익은 2560만 달러 (주당 4.20달러)로, 2023년의 2820만 달러에 비해 감소했습니다.
주요 내용으로는: 총 자산이 3% 증가하여 28억 달러에 이르렀고, 총 원내 대출이 2% 증가하여 19억 달러, 예금은 전년 대비 3% 증가하여 24억 달러에 도달했습니다. 순이자 수익은 2024년 4분기에 2220만 달러에 도달하며, 순이자 마진은 3.59%로 개선되었습니다. 회사는 9억 7920만 달러의 사용 가능한 출처로 강력한 유동성을 유지하고 있습니다.
신용 품질은 여전히 견조하여 비수익 자산이 총 자산의 0.61%를 차지하고 있습니다. 이 회사는 110만 달러의 CDFI 재정 지원 프로그램 보조금을 수령하였고, 2024년 12월에 주당 1.00달러의 현금 배당금을 지급하였습니다. 주식 재매입 프로그램에 따라 BFCC는 2024년 4분기에 약 79,000달러에 2,000주를 재매입했습니다.
BankFirst Capital (OTCQX: BFCC) a annoncé un revenu net de 7,7 millions de dollars (1,21 dollar par action) pour le 4ème trimestre 2024, en hausse par rapport à 6,4 millions de dollars au 3ème trimestre 2024 et 6,5 millions de dollars au 4ème trimestre 2023. Le revenu net de l'année 2024 s'est élevé à 25,6 millions de dollars (4,20 dollars par action), comparé à 28,2 millions de dollars en 2023.
Les faits saillants incluent : les actifs totaux ont augmenté de 3 % pour atteindre 2,8 milliards de dollars, les prêts bruts totaux ont augmenté de 2 % pour atteindre 1,9 milliard de dollars, et les dépôts ont augmenté de 3 % pour atteindre 2,4 milliards de dollars par rapport à l'année précédente. Le revenu net d'intérêts a atteint 22,2 millions de dollars au 4ème trimestre 2024, avec une marge d'intérêt net améliorée à 3,59 %. L'entreprise maintient une forte liquidité avec des sources disponibles totalisant 979,2 millions de dollars.
La qualité du crédit reste solide avec des actifs non performants représentant 0,61 % des actifs totaux. L'entreprise a reçu une subvention de 1,1 million de dollars dans le cadre du programme d'assistance financière CDFI et a payé un dividende en espèces de 1,00 dollar par action en décembre 2024. Dans le cadre de son programme de rachat d'actions, BFCC a racheté 2 000 actions pour environ 79 000 dollars au 4ème trimestre 2024.
BankFirst Capital (OTCQX: BFCC) meldete im 4. Quartal 2024 ein Nettogewinn von 7,7 Millionen Dollar (1,21 Dollar pro Aktie), ein Anstieg von 6,4 Millionen Dollar im 3. Quartal 2024 und 6,5 Millionen Dollar im 4. Quartal 2023. Der Nettogewinn für das gesamte Jahr 2024 betrug 25,6 Millionen Dollar (4,20 Dollar pro Aktie), verglichen mit 28,2 Millionen Dollar im Jahr 2023.
Wichtige Höhepunkte sind: Die Gesamtaktiva stiegen um 3 % auf 2,8 Milliarden Dollar, die gesamten Bruttodarlehen wuchsen um 2 % auf 1,9 Milliarden Dollar und die Einlagen stiegen im Jahresvergleich um 3 % auf 2,4 Milliarden Dollar. Die Nettozinseinnahmen erreichten im 4. Quartal 2024 22,2 Millionen Dollar, wobei sich die Nettozinsspanne auf 3,59 % verbesserte. Das Unternehmen hält eine starke Liquidität mit verfügbaren Quellen von insgesamt 979,2 Millionen Dollar.
Die Kreditqualität bleibt robust, mit notleidenden Vermögenswerten, die 0,61 % der Gesamtaktiva ausmachen. Das Unternehmen erhielt einen Zuschuss in Höhe von 1,1 Millionen Dollar aus dem CDFI Financial Assistance Program und zahlte im Dezember 2024 eine Barausschüttung von 1,00 Dollar pro Aktie. Im Rahmen seines Aktienrückkaufsprogramms hat BFCC im 4. Quartal 2024 2.000 Aktien für etwa 79.000 Dollar zurückgekauft.
- Net income increased to $7.7M in Q4 2024 from $6.4M in Q3 2024
- Net interest margin improved to 3.59% from 3.44% in previous quarter
- Total assets grew 3% YoY to $2.8B
- Total deposits increased 3% YoY to $2.4B
- Strong liquidity position with $979.2M in available sources
- Full-year net income decreased to $25.6M in 2024 from $28.2M in 2023
- Non-performing assets ratio increased to 0.61% from 0.37% YoY
- Allowance for credit losses as percentage of nonperforming loans decreased to 137% from 237% YoY
Fourth Quarter 2024 Highlights:
- Net income totaled
$7.7 million $1.21 $6.5 million $1.20 - Net interest income totaled
$22.2 million $21.6 million - Total assets increased
3% to$2.8 billion $2.7 billion - Total gross loans increased
2% to$1.9 billion $1.8 billion - Total deposits increased
3% to$2.4 billion $2.3 billion - Available liquidity sources totaled approximately
$979.2 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
$172.8 million - Credit quality remains strong with non-performing assets (excluding restructured) to total assets of
0.61% as of December 31, 2024 compared to0.37% December 31, 2023. - The Company was named a recipient of a grant award under the Community Development Financial Institution ("CDFI") Financial Assistance Program in the amount of
$1.1 million - On December 10, 2024, the Company paid a cash dividend of
$1.00
Recent Developments
- 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
$10.0 million $79 thousand $465 thousand - As previously disclosed, the Company closed on the issuance of
$175.0 million U.S. Department of the Treasury ("Treasury") pursuant to the Emergency Capital Investment Program ("ECIP") in April 2022 and assumed an additional$43.6 million $1.09 2 million - Finally, on January 16, 2025, the Company entered into an ECIP Securities Purchase Option Agreement (the "Option Agreement") with Treasury, pursuant to which Treasury granted the Company an option to purchase all of the Senior Preferred during the "Option Period," which is the first fifteen years following the original closing date of the issuance of the Senior Preferred to Treasury. The purchase option may not be exercised during the first ten years following the original closing date (the "ECIP Period"), unless and until at least one of the "Threshold Conditions" defined under the Option Agreement has been met. The earliest possible date by which a Threshold Condition may be met is June 30, 2026. However, there can be no assurance if and when any of the Threshold Conditions will be met in order for the Company to exercise the purchase option, and the Company does not presently anticipate meeting a Threshold Condition by June 30, 2026. If the Company is unable to meet the requirements for early disposition in the future, the Company may be able to repurchase the shares at the "Present Value Purchase Price," as defined under the Option Agreement, after the end of the ECIP Period on April 26, 2032.
CEO Commentary
Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "Overall, our fourth quarter 2024 results were solid and we believe the Bank is in a very favorable position heading into 2025. We successfully executed our strategy of sustainable growth of both loans and deposits during the fourth quarter, and we continued to see our consolidated cost of funds decline and our loan yield increase consistent with prior quarters. Furthermore, our credit quality remains stable as our non-performing assets and our annualized rate of net charge-offs to average loans remain low. We look forward to continuing to build upon our successes in 2025 and are excited by the many opportunities that lie ahead."
Financial Condition and Results of Operations
Total assets were
Total deposits as of December 31, 2024 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 December 31, 2024, 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 December 31, 2024, the allowance for credit losses equaled
The Company continues to closely monitor credit quality in light of the 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 currently have no brokered deposits. We currently have 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 | Basel III | Basel III Ratio | ||||
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 December 31, 2024, the Bank's bank-only CBLR amounted to
Included in shareholders' equity at December 31, 2024 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: the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; 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 | |||||||||
Unaudited Consolidated Balance Sheets | |||||||||
(In Thousands, Except Per Share Data) | |||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||
2024 | 2024 | 2024 | 2024 | 2023 | |||||
Assets | |||||||||
Cash and due from banks | $ 120,675 | $ 105,825 | $ 101,285 | $ 112,028 | $ 51,829 | ||||
Interest bearing bank balances | 68,530 | 93,784 | 43,293 | 64,967 | 61,264 | ||||
Federal funds sold | 125 | 50 | 1,350 | 200 | 14,500 | ||||
Securities available for sale at fair value | 227,646 | 234,474 | 232,819 | 234,243 | 235,473 | ||||
Securities held to maturity | 307,152 | 311,756 | 317,293 | 323,523 | 328,013 | ||||
Loans | 1,853,402 | 1,835,311 | 1,839,640 | 1,806,925 | 1,813,168 | ||||
Allowance for credit losses | (23,527) | (23,301) | (23,720) | (24,332) | (24,084) | ||||
Loans, net of allowance for credit losses | 1,829,875 | 1,812,010 | 1,815,920 | 1,782,593 | 1,789,084 | ||||
Premises and equipment | 69,423 | 68,035 | 67,224 | 66,586 | 66,217 | ||||
Interest receivable | 11,938 | 11,811 | 11,891 | 11,831 | 11,286 | ||||
Goodwill | 66,966 | 66,966 | 66,966 | 66,966 | 66,966 | ||||
Other intangible assets | 9,669 | 10,074 | 10,480 | 10,885 | 11,290 | ||||
Other | 89,320 | 87,312 | 89,247 | 87,911 | 89,375 | ||||
Total assets | $ 2,801,319 | $ 2,802,097 | $ 2,757,768 | $ 2,761,733 | $ 2,725,297 | ||||
Liabilities and Stockholders' Equity | |||||||||
Liabilities | |||||||||
Noninterest bearing deposits | $ 538,708 | $ 529,533 | $ 537,515 | $ 518,369 | $ 545,024 | ||||
Interest bearing deposits | 1,816,976 | 1,823,231 | 1,782,710 | 1,805,512 | 1,744,111 | ||||
Total deposits | 2,355,684 | 2,352,764 | 2,320,225 | 2,323,881 | 2,289,135 | ||||
Notes payable | 5,255 | 5,793 | 6,330 | 6,868 | 7,405 | ||||
Subordinated debt | 22,137 | 22,142 | 22,146 | 29,651 | 29,635 | ||||
Interest payable | 7,489 | 7,955 | 8,137 | 7,039 | 6,086 | ||||
Other | 20,529 | 21,043 | 18,818 | 17,887 | 20,599 | ||||
Total liabilities | 2,411,094 | 2,409,697 | 2,375,656 | 2,385,326 | 2,352,860 | ||||
Stockholders' Equity | |||||||||
Preferred stock | 188,680 | 188,680 | 188,680 | 188,680 | 188,680 | ||||
Common stock | 1,629 | 1,629 | 1,631 | 1,633 | 1,620 | ||||
Additional paid-in capital | 63,102 | 62,731 | 62,741 | 62,396 | 62,065 | ||||
Retained earnings | 147,820 | 146,759 | 141,251 | 135,561 | 130,557 | ||||
Accumulated other comprehensive income | (11,006) | (7,399) | (12,191) | (11,863) | (10,485) | ||||
Total stockholders' equity | 390,225 | 392,400 | 382,112 | 376,407 | 372,437 | ||||
Total liabilities and stockholders' equity | $ 2,801,319 | $ 2,802,097 | $ 2,757,768 | $ 2,761,733 | $ 2,725,297 | ||||
Common shares outstanding | 5,429,273 | 5,431,551 | 5,436,106 | 5,444,930 | 5,399,972 | ||||
Book value per common share | $ 37.12 | $ 37.51 | $ 35.58 | $ 34.48 | $ 34.03 | ||||
Tangible book value per common share | $ 23.66 | $ 23.97 | $ 21.34 | $ 20.18 | $ 19.54 | ||||
Securitites held to maturity (fair value) | $ 255,879 | $ 271,129 | $ 264,807 | $ 271,724 | $ 279,117 | ||||
BankFirst Capital Corporation | |||||||
Unaudited Consolidated Statements of Income | |||||||
(In Thousands, Except Per Share Data) | |||||||
For Three Months Ended | For the Twelve Months Ended | ||||||
December 31 | September 30 | December 31 | December 31 | ||||
2024 | 2024 | 2024 | 2023 | ||||
Interest Income | |||||||
Interest and fees on loans | $ 29,529 | $ 28,810 | $ 112,803 | $ 97,754 | |||
Taxable securities | 3,338 | 3,336 | 13,473 | 14,525 | |||
Tax-exempt securities | 517 | 514 | 2,068 | 2,187 | |||
Federal funds sold | - | 4 | 26 | 921 | |||
Interest bearing bank balances | 776 | 749 | 3,120 | 1,681 | |||
Total interest income | 34,160 | 33,413 | 131,490 | 117,068 | |||
Interest Expense | |||||||
Deposits | 11,507 | 11,748 | 45,144 | 24,840 | |||
Short-term borrowings | 3 | 6 | 17 | 141 | |||
Federal Home Loan Bank advances | - | - | - | 358 | |||
Other borrowings | 424 | 445 | 1,982 | 2,264 | |||
Total interest expense | 11,934 | 12,199 | 47,143 | 27,603 | |||
Net Interest Income | 22,226 | 21,214 | 84,347 | 89,465 | |||
Provision for Credit Losses | 1,225 | 525 | 2,800 | 1,985 | |||
Net Interest Income After Provision for Loan Losses | 21,001 | 20,689 | 81,547 | 87,480 | |||
Noninterest Income | |||||||
Service charges on deposit accounts | 2,477 | 2,579 | 9,980 | 9,549 | |||
Mortgage income | 791 | 818 | 3,141 | 2,516 | |||
Interchange income | 1,391 | 1,370 | 5,857 | 5,634 | |||
Net realized gains (losses) on available-for-sale securities | - | - | (194) | (1,291) | |||
Gains (losses) on retirement of subordinated debt | - | - | 956 | - | |||
Grant Income | 1,110 | 280 | 1,390 | 6,634 | |||
Other | 2,019 | 2,412 | 8,621 | 4,595 | |||
Total noninterest income | 7,788 | 7,459 | 29,751 | 27,637 | |||
Noninterest Expense | |||||||
Salaries and employee benefits | 10,926 | 10,938 | 44,176 | 41,956 | |||
Net occupancy expenses | 1,290 | 1,285 | 5,154 | 5,197 | |||
Equipment and data processing expenses | 1,692 | 1,774 | 7,229 | 7,501 | |||
Other | 5,352 | 6,021 | 22,408 | 24,404 | |||
Total noninterest expense | 19,260 | 20,018 | 78,967 | 79,058 | |||
Income Before Income Taxes | 9,529 | 8,130 | 32,331 | 36,059 | |||
Provision for Income Taxes | 1,864 | 1,767 | 6,777 | 7,858 | |||
Net Income | $ 7,665 | $ 6,363 | $ 25,554 | $ 28,201 | |||
Basic/Diluted Earnings Per Common Share | $ 1.21 | $ 0.97 | $ 4.20 | $ 5.23 | |||
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 | |||||
2024 | 2024 | 2024 | 2024 | 2023 | |||||
Interest Income | |||||||||
Interest and fees on loans | $ 29,529 | $ 28,810 | $ 27,983 | $ 26,481 | $ 26,161 | ||||
Taxable securities | 3,338 | 3,336 | 3,441 | 3,358 | 3,483 | ||||
Tax-exempt securities | 517 | 514 | 517 | 520 | 530 | ||||
Federal funds sold | - | 4 | 10 | 12 | 202 | ||||
Interest bearing bank balances | 776 | 749 | 802 | 793 | 841 | ||||
Total interest income | 34,160 | 33,413 | 32,753 | 31,164 | 31,217 | ||||
Interest Expense | |||||||||
Deposits | 11,507 | 11,748 | 11,438 | 10,451 | 9,036 | ||||
Short-term borrowings | 3 | 6 | 7 | 1 | - | ||||
Federal Home Loan Bank advances | - | - | - | - | - | ||||
Other borrowings | 424 | 445 | 542 | 571 | 582 | ||||
Total interest expense | 11,934 | 12,199 | 11,987 | 11,023 | 9,618 | ||||
Net Interest Income | 22,226 | 21,214 | 20,766 | 20,141 | 21,599 | ||||
Provision for Loan Losses | 1,225 | 525 | 525 | 525 | 400 | ||||
Net Interest Income After Provision for Credit Losses | 21,001 | 20,689 | 20,241 | 19,616 | 21,199 | ||||
Noninterest Income | |||||||||
Service charges on deposit accounts | 2,477 | 2,579 | 2,445 | 2,479 | 2,477 | ||||
Mortgage income | 791 | 818 | 858 | 674 | 542 | ||||
Interchange income | 1,391 | 1,370 | 1,665 | 1,431 | 1,355 | ||||
Net realized gains (losses) on available-for-sale securities | - | - | (194) | - | 112 | ||||
Gains (losses) on retirement of subordinated debt | - | - | 956 | - | - | ||||
Grant Income | 1,110 | 280 | - | - | - | ||||
Other | 2,019 | 2,412 | 2,263 | 1,927 | 1,636 | ||||
Total noninterest income | 7,788 | 7,459 | 7,993 | 6,511 | 6,122 | ||||
Noninterest Expense | |||||||||
Salaries and employee benefits | 10,926 | 10,938 | 11,252 | 11,060 | 10,065 | ||||
Net occupancy expenses | 1,290 | 1,285 | 1,236 | 1,343 | 1,275 | ||||
Equipment and data processing expenses | 1,692 | 1,774 | 1,790 | 1,973 | 3,824 | ||||
Other | 5,352 | 6,021 | 5,437 | 5,598 | 4,043 | ||||
Total noninterest expense | 19,260 | 20,018 | 19,715 | 19,974 | 19,167 | ||||
Income Before Income Taxes | 9,529 | 8,130 | 8,519 | 6,153 | 8,154 | ||||
Provision for Income Taxes | 1,864 | 1,767 | 1,997 | 1,149 | 1,662 | ||||
Net Income | $ 7,665 | $ 6,363 | $ 6,522 | $ 5,004 | $ 6,492 | ||||
Basic/Diluted Earnings Per Common Share | $ 1.21 | $ 0.97 | $ 1.09 | $ 0.93 | $ 1.20 | ||||
BankFirst Capital Corporation | ||||||||||
Unaudited Selected Other Financial Information | ||||||||||
(In Thousands) | ||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||
Asset Quality | 2024 | 2024 | 2024 | 2024 | 2023 | |||||
Nonaccrual Loans | 17,051 | 13,182 | 11,292 | 11,420 | 9,615 | |||||
Restructured Loans | 3,730 | 4,599 | 5,102 | 5,178 | 5,303 | |||||
OREO | - | - | - | 64 | 1 | |||||
90+ still accruing | 139 | 31 | 138 | 75 | 520 | |||||
Non-performing Assets (excluding restructured)1 | 17,190 | 13,213 | 11,430 | 11,559 | 10,136 | |||||
Allowance for credit loss to total loans | 1.27 % | 1.27 % | 1.29 % | 1.35 % | 1.33 % | |||||
Allowance for credit loss to non-performing assets1 | 137 % | 176 % | 208 % | 211 % | 237 % | |||||
Non-performing assets1 to total assets | 0.61 % | 0.47 % | 0.41 % | 0.42 % | 0.37 % | |||||
Non-performing assets1 to total loans and OREO | 0.93 % | 0.72 % | 0.62 % | 0.64 % | 0.56 % | |||||
Annualized net charge-offs to average loans | 0.04 % | 0.05 % | 0.06 % | 0.02 % | 0.00 % | |||||
Net charge-offs (recoveries) | 698 | 944 | 1,137 | 277 | - | |||||
Capital Ratios 2 | ||||||||||
CET1 Ratio | 7.38 % | 7.36 % | 6.88 % | 6.58 % | 6.49 % | |||||
CET1 Capital | 139,438 | 137,619 | 131,735 | 125,316 | 119,580 | |||||
Tier 1 Ratio | 18.15 % | 18.25 % | 17.51 % | 17.25 % | 17.52 % | |||||
Tier 1 Capital | 342,755 | 340,941 | 335,066 | 328,652 | 322,916 | |||||
Total Capital Ratio | 19.80 % | 19.90 % | 19.15 % | 19.29 % | 19.58 % | |||||
Total Capital | 373,875 | 371,820 | 366,506 | 367,498 | 360,996 | |||||
Risk Weighted Assets | 1,888,177 | 1,868,584 | 1,913,609 | 1,905,373 | 1,843,587 | |||||
Tier 1 Leverage Ratio | 12.56 % | 12.50 % | 12.49 % | 12.39 % | 12.17 % | |||||
Total Average Assets for Leverage Ratio | 2,728,206 | 2,728,597 | 2,683,525 | 2,653,494 | 2,653,106 | |||||
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 |
BankFirst Capital Corporation | |||||||||
Reconciliation of Non-GAAP Financial Measures - End of Period For the Quarters Ended (Unaudited) | |||||||||
(In Thousands, Except Per Share Data) | |||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||
2024 | 2024 | 2024 | 2024 | 2023 | |||||
Book value per common share - GAAP | $ 37.12 | $ 37.51 | $ 35.58 | $ 34.48 | $ 34.03 | ||||
Total common stockholders' equity - GAAP | 201,545 | 203,720 | 193,432 | 187,727 | 183,757 | ||||
Adjustment for Intangibles | 73,112 | 73,500 | 73,888 | 77,851 | 78,256 | ||||
Tangible common stockholders' equity - non-GAAP | 128,433 | 130,220 | 119,544 | 109,876 | 109,095 | ||||
Tangible book value per common share - non-GAAP | $ 23.66 | $ 23.97 | $ 21.34 | $ 20.18 | $ 19.54 | ||||
View original content:https://www.prnewswire.com/news-releases/bankfirst-capital-corporation-reports-fourth-quarter-and-year-end-2024-earnings-of-7-7-million-and-25-6-million-respectively-302358896.html
SOURCE BankFirst Capital Corporation
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