BANKFIRST CAPITAL CORPORATION Reports Fourth Quarter and Year-End 2023 Earnings of $6.5 Million and $28.2 Million, respectively

Rhea-AI Summary

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

Positive

• Net income of $6.5 million for Q4 2023
• Total assets increased by 11% to $2.7 billion
• Gross loans increased by 20% to $1.8 billion
• Total deposits increased by 11% to $2.3 billion
• Non-performing assets to total assets at 0.37%
• CEO expressed satisfaction with the company's performance and strategic objectives

Negative

• Non-interest income decreased by 39% to $6.1 million

COLUMBUS, Miss., Jan. 30, 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 $6.5 million, or $1.20 per share, for the fourth quarter of 2023, compared to net income of $8.4 million, or $1.55 per share, for the third quarter of 2023, and compared to net income of $7.0 million, or $1.31 per share, for the fourth quarter of 2022. The Company also reported net income for the year ended December 31, 2023 of $28.2 million, or $5.23 per share, compared to net income of $23.0 million, or $4.30 per share, for the year ended December 31, 2022.

Fourth Quarter 2023 Highlights:

• Net income totaled $6.5 million, or $1.20 per share, in the fourth quarter of 2023 compared to $7.0 million, or $1.31 per share, in the fourth quarter of 2022.
• Net interest income totaled $21.6 million in the fourth quarter of 2023 compared to $21.4 million in the fourth quarter of 2022.
• Total assets increased 11% to $2.7 billion at December 31, 2023 from $2.5 billion at December 31, 2022.
• Total gross loans increased 20% to $1.8 billion at December 31, 2023 from $1.5 billion at December 31, 2022.
• Total deposits increased 11% to $2.3 billion at December 31, 2023 from $2.1 billion at December 31, 2022.
• Available liquidity sources totaled approximately $950.3 million as of December 31, 2023 through (i) available advances from the Federal Home Loan Bank of Dallas, (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 $65.6 million as of December 31, 2023.
• During the fourth quarter of 2023, the Bank received two grant awards under the Community Development Financial Institution ("CDFI") Bank Enterprise Award Program in an aggregate amount of $437 thousand.
• Credit quality remains strong with non-performing assets to total assets of 0.37% as of December 31, 2023 compared to 0.47% for the third quarter of 2023, and compared to 0.50% for the fourth quarter of 2022.
• On December 8, 2023, the Company paid a cash dividend of $0.90 per share to shareholders of record as of December 1, 2023.

CEO Commentary

Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "We are pleased with our solid performance in the fourth quarter of 2023, particularly in light of the challenging environment in the banking industry that we experienced throughout the year. Our credit quality remains strong, access to liquidity remains very favorable, and our net interest margin compression is stabilizing. We are also extremely grateful for the hard work of all of our employees throughout 2023 to advance a number of our strategic objectives, including navigating the challenges of, and successfully completing, two core data processing conversions related to recent acquisitions as well as the conversion of the Bank's entire core data processing system during the year. While we continue to closely monitor the economic uncertainty in the U.S. and our market areas, we look forward to building upon our success in 2024."

Financial Condition and Results of Operations

Total assets were $2.7 billion at December 31, 2023, compared to $2.7 billion at September 30, 2023 and $2.5 billion at December 31, 2022, an increase 11% from prior year period. The increase in total assets since December 31, 2022 was primarily due to organic loan and deposit growth during the period, as well as our acquisition of Mechanics Banc Holding Company and its wholly-owned banking subsidiary, Mechanics Bank, Water Valley, Mississippi, effective on January 1, 2023. Total loans outstanding, net of the allowance for credit losses, as of December 31, 2023 totaled $1.8 billion, compared to $1.8 billion as of September 30, 2023, and $1.5 billion as of December 31, 2022, an increase of 20% from prior year period.

Total deposits as of December 31, 2023 were $2.3 billion, compared to $2.3 billion as of September 30, 2023 and $2.1 billion as of December 31, 2022, an increase of 11% from the prior year period. Non-interest-bearing deposits were $545.0 million as of December 31, 2023, compared to $586.3 million as of September 30, 2023, a decrease of 7%, and compared to $525.0 million as of December 31, 2022, an increase of 4%. Non-interest-bearing deposits represented 24% of total deposits as of December 31, 2023. While the Bank has seen a decrease in non-interest-bearing deposits since the beginning of 2023, the average balance of non-interest-bearing deposits has been steady over the past 90 days. The Bank had no brokered deposits as of December 31, 2023. The Company's consolidated cost of funds as of December 31, 2023 was 1.64%, compared to 1.40% as of September 30, 2023 and 0.25% as of December 31, 2022.  The increase in the Company's consolidated cost of funds during the fourth quarter of 2023 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 as of December 31, 2023 was 1.52%, compared to 1.35% as of September 30, 2023 and 0.13% as of December 31, 2022.

The ratio of loans to deposits was 79.2% as of December 31, 2023, compared to 77.8% as of September 30, 2023 and 73.2% as of December 31, 2022.

Net interest income was $21.6 million for the fourth quarter of 2023, compared to $21.6 million for the third quarter of 2023 and $21.4 million for the fourth quarter of 2022, an increase of 1% from the prior year period. Net interest margin was 3.50% in the fourth quarter of 2023, a decrease from 3.55% in the third quarter of 2023 and a decrease from 4.24% in the fourth quarter of 2022. Yield on earning assets was 5.06% during the fourth quarter of 2023, compared to 4.90% during the third quarter of 2023 and 4.50% during the fourth quarter of 2022, an increase of 16 basis points and an increase of 4 basis points, respectively.

Noninterest income was $6.1 million for the fourth quarter of 2023, compared to $10.1 million for the third quarter of 2023, a decrease of 39%, and compared to $4.5 million for the fourth quarter of 2022, an increase of 36%. The decrease since the third quarter of 2023 was primarily due to the Bank receiving a grant award of $6.2 million under the CDFI Equitable Recovery Program in the third quarter of 2023. Mortgage banking revenue was $564 thousand in the fourth quarter of 2023, a decrease of $240 thousand from $804 thousand in the third quarter of 2023, or a decrease of 29%, and an increase of $92 thousand from $472 thousand in the fourth quarter of 2022, or an increase of 19%. During the fourth quarter of 2023, the Bank retained $1.15 million of the $22.2 million in secondary market mortgages originated to hold in-house, compared to $20.2 million secondary market loans originated during the fourth quarter of 2022, of which $2.6 million were retained to hold in-house.

Noninterest expense was $19.2 million for the fourth quarter of 2023, compared to $20.0 million for the third quarter of 2023 and $17.3 million for the fourth quarter of 2022, a decrease of 4% and an increase of 11%, respectively. While non-interest expense has increased since the prior year period, a portion is attributable to one-time expenses related to the Bank's recently-completed conversion of its core data processing system from Jack Henry CIF 20/20 to Jack Henry SilverLake, recent acquisitions and core conversions related to such acquisitions. Total year to date one-time expenses related to core conversion were $892 thousand. Acquisition-related expenses year to date were $599 thousand.

As of December 31, 2023, tangible common book value per share (non-GAAP) was $19.54. According to OTCQX, there were 412 trades of the Company's shares of common stock during the fourth quarter of 2023 for a total of 73,234 shares and for a total price of $2,110,983. The closing price of the Company's common stock quoted on OTCQX on December 31, 2023 was $33.25 per share. Based on this closing share price, the Company's market capitalization was $172.8 million as of December 31, 2023.

Credit Quality

The Company recorded a provision for credit losses of $400 thousand during the fourth quarter of 2023, compared to a provision of $875 thousand for the third quarter of 2023 and a provision of $450 thousand for the fourth quarter of 2022. The Company continues to closely monitor the continued economic uncertainty, especially in the commercial real estate market. 

The Company recorded no net loan charge-offs in the fourth quarter of 2023, compared to net loan charge-offs of $413 thousand in the third quarter of 2023 and $464 thousand in the fourth quarter of 2022. Non-performing assets, excluding restructured loans, to total assets were 0.37% for the fourth quarter of 2023, compared to 0.47% for the third quarter of 2023 and 0.50% for the fourth quarter of 2022. Annualized net charge-offs to average loans for the fourth quarter of 2023 were 0%, compared to annualized net charge-offs of 0.02% for the third quarter of 2023 and 0.03% for the fourth quarter of 2022, respectively.  

As of December 31, 2023, the allowance for credit losses equaled $24.1 million, compared to $23.7 million as of September 30, 2023 and $14.1 million as of December 31, 2022.  Allowance for credit losses as a percentage of total loans was 1.33% at December 31, 2023, compared to 1.33% at September 30, 2023 and 0.94% at December 31, 2022.  Allowance for credit losses as a percentage of nonperforming loans was 237% at December 31, 2023, compared to 185% at September 30, 2023 and 116% at December 30, 2022. 

The Company continues to closely monitor credit quality in light of the recent events in the banking industry and the continued economic uncertainty due to the elevated interest rate environment and persistent high inflation levels 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 $875.3 million from the Federal Home Loan Bank of Dallas, $14.9 million from the FRB Discount Window and an estimated additional $60.0 million in funding through several relationships with correspondent banks. We have not applied for the Bank Term Funding Program ("BTFP") of the FRB, but management continues to consider establishing an account with the FRB under the BTFP to further expand and diversify our funding capacity.

Capital Requirements and the Community Bank Leverage Ratio Framework – Pursuant to federal regulations, banks and bank holding companies 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 December 31, 2023, the Bank's bank-only CBLR amounted to 10.60%. 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 12.17% as of December 31, 2023. These levels exceeded the 9.0% minimum CBLR necessary to be deemed "well-capitalized."

Included in shareholders' equity at December 31, 2023 was an unrealized loss in accumulated other comprehensive income of $10.5 million related to the unrealized loss in the Company's investment securities portfolio primarily due market interest rates during the period. The composition of the Bank's investment securities portfolio includes $564 million, or 41.8%, classified as available-for-sale, and $328 million, or 58.2%, of the Bank's investment securities portfolio is classified as held to maturity, at December 31, 2023. All investments in our investment securities portfolio are expected to mature at par value.

Our investment securities portfolio made up 20.7% of our total assets at December 31, 2023, compared to 20.9% and 25.5% at September 30, 2023 and December 31, 2022, respectively.

ABOUT BANKFIRST CAPITAL CORPORATION  

BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi with approximately $2.7 billion in total assets as of December 31, 2023. 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 recent bank failures and any continuation of the recent 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; fluctuations in market rates of interest and loan and deposit pricing; the persistence of the inflationary environment 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 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)
	December 31		September 30		June 30		March 31		December 31
	2023		2023		2023		2023		2022
Assets
Cash and due from banks	$                     51,829		$           60,454		$           57,503		$           75,655		$         108,080
Interest bearing bank balances	61,264		73,114		5,470		7,795		4,482
Federal funds sold	14,500		18,075		18,927		12,226		12,625
Securities available for sale at fair value	235,970		234,392		276,944		289,075		278,315
Securities held to maturity	328,013		332,799		337,929		343,465		347,995
Loans	1,813,168		1,783,089		1,748,978		1,725,309		1,511,312
Allowance for credit losses	(24,084)		(23,684)		(23,221)		(23,219)		(14,132)
Loans, net of allowance for credit losses	1,789,084		1,759,405		1,725,757		1,702,090		1,497,180
Premises and equipment	66,217		64,196		64,470		63,511		52,602
Interest receivable	11,286		10,079		11,268		10,938		10,070
Goodwill	66,966		66,966		66,966		66,966		66,966
Other intangible assets	11,290		11,695		12,101		12,506		8,393
Other	91,350		84,099		82,857		82,842		71,624
Total assets	$                2,727,769		$      2,715,274		$      2,660,192		$      2,667,069		$      2,458,332
Liabilities and Stockholders' Equity
Liabilities
Noninterest bearing deposits	$                   545,024		$         586,301		$         592,658		$         618,203		$         524,951
Interest bearing deposits	1,744,111		1,697,616		1,643,538		1,633,763		1,536,279
Total deposits	2,289,135		2,283,917		2,236,196		2,251,966		2,061,230
Federal funds purchased	-		-		3,325		-		3,475
Notes payable	7,405		7,943		8,479		9,016		9,555
Subordinated debt	29,635		29,619		29,593		29,669		26,235
Interest payable	6,086		4,418		2,678		1,348		825
Other	23,071		25,350		21,649		20,564		19,677
Total liabilities	2,355,332		2,351,247		2,301,920		2,312,563		2,120,997
Stockholders' Equity
Preferred stock	188,680		188,680		188,680		188,680		175,000
Common stock	1,620		1,620		1,619		1,619		1,606
Additional paid-in capital	62,065		61,779		61,496		61,251		61,164
Retained earnings	130,557		128,925		120,564		114,345		113,633
Accumulated other comprehensive income	(10,485)		(16,977)		(14,087)		(11,389)		(14,068)
Total stockholders' equity	372,437		364,027		358,272		354,506		337,335
Total liabilities and stockholders' equity	$                2,727,769		$      2,715,274		$      2,660,192		$      2,667,069		$      2,458,332
Common shares outstanding	5,399,972		5,399,367		5,394,603		5,395,780		5,353,906
Book value per common share	$                       34.03		$             32.48		$             31.44		$             30.73		$             30.32
Tangible book value per common share	$                       19.54		$             17.91		$             16.78		$             16.00		$             16.25
Securities held to maturity (fair value)	$            279,116,752		$         264,860		$         288,687		$         293,556		$         290,381

 

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
	2023		2023		2023		2022
Interest Income
Interest and fees on loans	$           26,161		$           25,027		$                 97,754		$             61,970
Taxable securities	3,483		3,583		14,525		10,284
Tax-exempt securities	530		533		2,187		2,559
Federal funds sold	202		333		921		202
Interest bearing bank balances	841		354		1,681		42
Total interest income	31,217		29,830		117,068		75,057
Interest Expense
Deposits	9,036		7,250		24,840		4,005
Short-term borrowings	-		42		141		115
Federal Home Loan Bank advances	-		336		358		-
Other borrowings	582		590		2,264		2,012
Total interest expense	9,618		8,218		27,603		6,132
Net Interest Income	21,599		21,612		89,465		68,925
Provision for Credit Losses	400		875		2,025		1,050
Net Interest Income After Provision for Loan Losses	21,199		20,737		87,440		67,875
Noninterest Income
Service charges on deposit accounts	2,477		2,298		9,549		8,601
Mortgage income	542		683		2,516		2,423
Interchange income	1,355		1,263		5,634		4,342
Net realized gains (losses) on available-for-sale securities	112		(1,471)		(1,291)		(252)
Other	1,636		7,329		11,229		4,778
Total noninterest income	6,122		10,102		27,637		19,892
Noninterest Expense
Salaries and employee benefits	10,065		10,267		41,956		31,709
Net occupancy expenses	1,275		1,351		5,197		3,564
Equipment and data processing expenses	1,861		1,836		7,501		5,890
Other	5,966		6,584		24,364		17,862
Total noninterest expense	19,167		20,038		79,018		59,025
Income Before Income Taxes	8,154		10,801		36,059		28,742
Provision for Income Taxes	1,662		2,440		7,858		5,787
Net Income	$             6,492		$             8,361		$                 28,201		$             22,955
Basic/Diluted Earnings Per Common Share	$               1.20		$               1.55		$                     5.23		$                 4.30

 

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
	2023		2023		2023		2023		2022
Interest Income
Interest and fees on loans	$           26,161		$           25,027		$           23,988		$           22,578		$           18,233
Taxable securities	3,483		3,583		3,736		3,723		3,501
Tax-exempt securities	530		533		527		597		849
Federal funds sold	202		333		323		63		66
Interest bearing bank balances	841		354		337		149		11
Total interest income	31,217		29,830		28,911		27,110		22,660
Interest Expense
Deposits	9,036		7,250		5,219		3,335		719
Short-term borrowings	-		42		78		21		100
Federal Home Loan Bank advances	-		336		22		-		-
Other borrowings	582		590		554		538		484
Total interest expense	9,618		8,218		5,873		3,894		1,303
Net Interest Income	21,599		21,612		23,038		23,216		21,357
Provision for Loan Losses	400		875		375		375		450
Net Interest Income After Provision for Credit Losses	21,199		20,737		22,663		22,841		20,907
Noninterest Income
Service charges on deposit accounts	2,477		2,298		2,137		2,637		2,586
Mortgage income	542		683		739		552		413
Interchange income	1,355		1,263		1,681		1,335		1,069
Net realized gain (loss)  on available-for-sale securities	112		(1,471)		(14)		82		(222)
Other	1,636		7,329		1,223		1,041		640
Total noninterest income	6,122		10,102		5,766		5,647		4,486
Noninterest Expense
Salaries and employee benefits	10,065		10,267		10,870		10,751		9,529
Net occupancy expenses	1,275		1,351		1,299		1,272		1,003
Equipment and data processing expenses	1,861		1,836		1,814		1,990		1,627
Other	5,966		6,584		6,457		5,357		5,145
Total noninterest expense	19,167		20,038		20,443		19,370		17,304
Income Before Income Taxes	8,154		10,801		7,986		9,118		8,089
Provision for Income Taxes	1,662		2,440		1,766		1,990		1,057
Net Income	$             6,492		$             8,361		$             6,220		$             7,128		$             7,032
Basic/Diluted Earnings Per Common Share	$               1.20		$               1.55		$               1.15		$               1.33		$               1.31

 

BankFirst Capital Corporation Unaudited Selected Other Financial Information (In Thousands)
		December 31		September 30		June 30		March 31		December 31
Asset Quality		2023		2023		2023		2023		2022
Nonaccrual Loans		9,615		12,716		10,995		11,764		11,359
Restructured Loans		5,303		8,209		4,654		4,675		4,703
OREO		1		1		518		878		875
90+ still accruing		520		107		53		7		-
Non-performing Assets (excluding restructured)1		10,139		12,824		11,566		12,649		12,233
Allowance for credit loss to total loans		1.33 %		1.33 %		1.33 %		1.35 %		0.94 %
Allowance for credit loss to non-performing assets1		237 %		185 %		201 %		184 %		116 %
Non-performing assets1 to total assets		0.37 %		0.47 %		0.44 %		0.47 %		0.50 %
Non-performing assets1 to total loans and OREO		0.56 %		0.71 %		0.66 %		0.73 %		0.81 %
Annualized net charge-offs to average loans		0.00 %		0.02 %		0.02 %		0.01 %		0.03 %
Net charge-offs (recoveries)		-		413		332		168		464
Capital Ratios 2
CET1 Ratio		6.49 %		6.16 %		5.78 %		5.45 %		6.38 %
CET1 Capital		119,580		113,663		104,612		97,743		103,530
Tier 1 Ratio		17.52 %		17.19 %		17.03 %		16.79 %		17.87 %
Tier 1 Capital		322,916		317,004		307,948		301,092		289,871
Total Capital Ratio		19.58 %		19.25 %		19.11 %		18.87 %		19.66 %
Total Capital		360,996		355,088		345,588		338,546		318,872
Risk Weighted Assets		1,843,587		1,844,314		1,808,758		1,793,756		1,622,184
Tier 1 Leverage Ratio		12.17 %		12.15 %		11.92 %		11.85 %		12.16 %
Total Average Assets for Leverage Ratio		2,653,106		2,609,072		2,584,564		2,541,872		2,383,305
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)
	December 31		September 30		June 30		March 31		December 31
	2023		2023		2023		2023		2022
Book value per common share - GAAP	$              34.03		$              32.48		$              31.44		$              30.73		$              30.32
Total common stockholders' equity - GAAP	183,757		175,347		169,592		165,826		162,335
Adjustment for Intangibles	74,662		78,661		79,067		79,472		75,359
Tangible common stockholders' equity - non-GAAP	109,095		96,686		90,525		86,354		86,976
Tangible book value per common share - non-GAAP	$              19.54		$              17.91		$              16.78		$              16.00		$              16.25

 

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SOURCE BankFirst Capital Corporation

FAQ

What was BankFirst Capital Corporation's net income for Q4 2023?

BankFirst Capital Corporation reported net income of $6.5 million for Q4 2023.

What was the percentage increase in total assets for BankFirst Capital Corporation?

Total assets increased by 11% to $2.7 billion.

What was the percentage increase in gross loans for BankFirst Capital Corporation?

Gross loans increased by 20% to $1.8 billion.

What was the percentage increase in total deposits for BankFirst Capital Corporation?

Total deposits increased by 11% to $2.3 billion.

What was BankFirst Capital Corporation's non-performing assets to total assets ratio for Q4 2023?

Non-performing assets to total assets was 0.37% for Q4 2023.

What was the percentage decrease in non-interest income for BankFirst Capital Corporation?

Non-interest income decreased by 39% to $6.1 million for Q4 2023.

What was the cash dividend paid by BankFirst Capital Corporation?

The company paid a cash dividend of $0.90 per share.