BANKFIRST CAPITAL CORPORATION Reports Second Quarter 2024 Earnings of $6.5 Million
BankFirst Capital (OTCQX: BFCC) reported net income of $6.5 million, or $1.09 per share, for Q2 2024, compared to $6.2 million in Q2 2023. Key highlights include:
- Total assets increased 3.6% to $2.8 billion
- Gross loans grew 5% to $1.8 billion
- Deposits rose 3.7% to $2.3 billion
- Net interest income was $20.9 million
- Net interest margin improved to 3.46%
- Credit quality remains strong with non-performing assets at 0.41%
The company announced a $10 million stock repurchase program and repurchased $7.5 million of subordinated notes. BankFirst also paid its first quarterly dividend of $595,000 on preferred stock issued to the U.S. Treasury under the Emergency Capital Investment Program.
BankFirst Capital (OTCQX: BFCC) ha riportato un utile netto di 6,5 milioni di dollari, ovvero 1,09 dollari per azione, per il secondo trimestre del 2024, rispetto ai 6,2 milioni di dollari del secondo trimestre del 2023. I punti salienti includono:
- Gli attivi totali sono aumentati del 3,6% a 2,8 miliardi di dollari
- I prestiti lordi sono cresciuti del 5% a 1,8 miliardi di dollari
- I depositi sono aumentati del 3,7% a 2,3 miliardi di dollari
- Il reddito netto da interessi è stato di 20,9 milioni di dollari
- Il margine d'interesse netto è migliorato al 3,46%
- La qualità del credito rimane solida con beni non performanti allo 0,41%
L'azienda ha annunciato un programma di riacquisto di azioni da 10 milioni di dollari e ha riacquistato 7,5 milioni di dollari di note subordinate. BankFirst ha inoltre pagato il suo primo dividendo trimestrale di 595.000 dollari su azioni privilegiate emesse al Tesoro degli Stati Uniti nell'ambito del Programma di Investimento di Capitale di Emergenza.
BankFirst Capital (OTCQX: BFCC) reportó un ingreso neto de 6.5 millones de dólares, o 1.09 dólares por acción, para el segundo trimestre de 2024, en comparación con 6.2 millones de dólares en el segundo trimestre de 2023. Los puntos destacados incluyen:
- Los activos totales aumentaron un 3.6% a 2.8 mil millones de dólares
- Los préstamos brutos crecieron un 5% a 1.8 mil millones de dólares
- Los depósitos aumentaron un 3.7% a 2.3 mil millones de dólares
- El ingreso neto por intereses fue de 20.9 millones de dólares
- El margen de interés neto mejoró al 3.46%
- La calidad crediticia se mantiene sólida con activos no rentables en 0.41%
La compañía anunció un programa de recompra de acciones de 10 millones de dólares y recompró 7.5 millones de dólares en notas subordinadas. BankFirst también pagó su primer dividendo trimestral de 595.000 dólares sobre acciones preferentes emitidas al Tesoro de EE. UU. bajo el Programa de Inversión de Capital de Emergencia.
BankFirst Capital (OTCQX: BFCC)는 2024년 2분기에 순이익 650만 달러, 주당 1.09달러를 보고했으며, 이는 2023년 2분기 620만 달러와 비교됩니다. 주요 사항은 다음과 같습니다:
- 총 자산이 3.6% 증가하여 28억 달러에 도달함
- 총 대출이 5% 증가하여 18억 달러에 도달함
- 예금이 3.7% 증가하여 23억 달러에 도달함
- 순이자 수익은 2,090만 달러
- 순이자 마진은 3.46%로 개선됨
- 신용 품질은 여전히 강력하며 부실 자산 비율은 0.41%임
회사는 1천만 달러 규모의 자사주 매입 프로그램을 발표하고 750만 달러의 후순위 채권을 매입했습니다. BankFirst는 또한 긴급 자본 투자 프로그램에 따라 미국 재무부에 발행된 우선주에 대해 595,000 달러의 첫 분기 배당금을 지급했습니다.
BankFirst Capital (OTCQX: BFCC) a rapporté un revenu net de 6,5 millions de dollars, soit 1,09 dollar par action, pour le deuxième trimestre 2024, contre 6,2 millions de dollars pour le deuxième trimestre 2023. Les principaux faits saillants incluent :
- Les actifs totaux ont augmenté de 3,6 % pour atteindre 2,8 milliards de dollars
- Les prêts bruts ont augmenté de 5 % pour atteindre 1,8 milliard de dollars
- Les dépôts ont augmenté de 3,7 % pour atteindre 2,3 milliards de dollars
- Le revenu net d'intérêts était de 20,9 millions de dollars
- La marge d'intérêt nette s'est améliorée à 3,46 %
- La qualité du crédit reste forte avec des actifs non performants à 0,41 %
L'entreprise a annoncé un programme de rachat d'actions de 10 millions de dollars et a racheté pour 7,5 millions de dollars d'obligations subordonnées. BankFirst a également versé son premier dividende trimestriel de 595 000 dollars sur des actions privilégiées émises au Trésor américain dans le cadre du Programme d'Investissement de Capital d'Urgence.
BankFirst Capital (OTCQX: BFCC) berichtete über einen Nettoertrag von 6,5 Millionen Dollar, oder 1,09 Dollar pro Aktie, für das zweite Quartal 2024, im Vergleich zu 6,2 Millionen Dollar im zweiten Quartal 2023. Die wichtigsten Highlights sind:
- Die Gesamtvermögen stiegen um 3,6% auf 2,8 Milliarden Dollar
- Die Brutto-Darlehen wuchsen um 5% auf 1,8 Milliarden Dollar
- Die Einlagen stiegen um 3,7% auf 2,3 Milliarden Dollar
- Der Nettozinsertrag betrug 20,9 Millionen Dollar
- Die Nettozinsmarge verbesserte sich auf 3,46%
- Die Kreditqualität bleibt stark mit notleidenden Vermögenswerten von 0,41%
Das Unternehmen kündigte ein Aktienrückkaufprogramm über 10 Millionen Dollar an und kaufte 7,5 Millionen Dollar an nachrangigen Anleihen zurück. BankFirst zahlte zudem die erste vierteljährliche Dividende von 595.000 Dollar auf Vorzugsaktien, die im Rahmen des Emergency Capital Investment Program an das US-Finanzministerium ausgegeben wurden.
- Net income increased to $6.5 million in Q2 2024 from $6.2 million in Q2 2023
- Total assets grew 3.6% year-over-year to $2.8 billion
- Gross loans increased 5% year-over-year to $1.8 billion
- Total deposits rose 3.7% year-over-year to $2.3 billion
- Net interest margin improved to 3.46% from 3.33% in Q1 2024
- Credit quality remains strong with non-performing assets at 0.41%
- Announced $10 million stock repurchase program
- Repurchased $7.5 million of subordinated notes, resulting in a $956,000 pre-tax gain
- Net interest income decreased to $20.9 million in Q2 2024 from $23.0 million in Q2 2023
- Cost of funds increased to 2.05% in Q2 2024 from 1.03% in Q2 2023
- Non-interest-bearing deposits decreased 9% year-over-year
Second Quarter 2024 Highlights:
- Net income totaled
$6.5 million $1.09 $6.2 million $1.15 - Net interest income totaled
$20.9 million $23.0 million - Total assets increased
3.6% to$2.8 billion $2.7 billion - Total gross loans increased
5% to$1.8 billion $1.7 billion - Total deposits increased
3.7% to$2.3 billion $2.2 billion - Available liquidity sources totaled approximately
$963.5 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
$129.9 million - Credit quality remains strong with non-performing assets (excluding restructured) to total assets of
0.41% as of June 30, 2024 compared to0.43% June 30, 2023. - During the second quarter of 2024, the Company announced that the board of directors of the Company (the "Board") authorized a stock repurchase program for up to
$10.0 million
Recent Developments
- As previously reported, on May 15, 2024, the Board authorized the Stock Repurchase Program. Under the terms of the Stock Repurchase Program, the Company may repurchase up to
$10.0 million $240 thousand - During the second quarter of 2024, management made the strategic decision to repurchase and retire
$7.5 million 6.375% Fixed Rate Subordinated Notes Due 2029 (the "Subordinated Note"). The Subordinated Note was purchased in the open market for$6.6 million $956 thousand - Finally, 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 $595 thousand
CEO Commentary
Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "We had another solid quarter in the second quarter of 2024, with a modest increase in net interest income and a noteworthy expansion of our net interest margin compared to the first quarter, with the increase in our yield on interest-earning assets outpacing the slight uptick in cost of funds during the period. Our credit quality remains strong as our non-performing assets continue to decrease, even as economic uncertainty remains. Given our strong liquidity and capital positions, our Board authorized a
Financial Condition and Results of Operations
Total assets were
Total deposits as of June 30, 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 June 30, 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 June 30, 2024, the allowance for credit losses equaled
The Company continues to closely monitor credit quality in light of the continued uncertainty in the economy and the banking industry due to the prolonged elevated interest rate environment and persistent inflationary pressures in
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 Minimum for Capital Adequacy Purposes | Basel III Additional Capital Conservation Buffer | Basel III Ratio with Capital Conservation Buffer | ||||
Total Risk-Based Capital (total capital to risk weighted assets) | 8.00 % | 2.50 % | 10.50 % | |||
Tier 1 Risk-Based Capital (tier 1 to risk weighted assets) | 6.00 % | 2.50 % | 8.50 % | |||
Tier 1 Leverage Ratio (tier 1 to average assets)(1) | 4.00 % | N/A | 4.00 % | |||
Common Equity Tier 1 Risk-Based Capital (CET1 to risk weighted assets) | 4.50 % | 2.50 % | 7.00 % |
__________________________________________ |
(1) The capital conservation buffer is not applicable to Tier 1 Leverage Ratio. |
On September 17, 2019, the federal banking agencies jointly finalized a rule intended to simplify the Basel III regulatory capital requirements described above for qualifying community banking organizations that opt into the Community Bank Leverage Ratio ("CBLR") framework, as required by Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule became effective on January 1, 2020, and the CBLR framework became available for banks to use beginning with their March 31, 2020 Call Reports. Under the final rule, if a qualifying community banking organization opts into the CBLR framework and meets all requirements under the framework, it will be considered to have met the "well-capitalized" regulatory capital ratio requirements under the "prompt corrective action" regulations promulgated by the federal banking agencies and will not be required to report or calculate risk-based capital under the Basel III Rules. In order to qualify for the CBLR framework, a community banking organization must have a tier 1 leverage ratio of greater than
The Company and the Bank are qualifying community banking organizations and, on June 15, 2022, the Company and the Bank elected to opt into the CBLR framework. However, the Company currently operates under the Small Bank Holding Company Policy Statement of the Board of Governors of the Federal Reserve System (the "Federal Reserve") and, therefore, is not currently subject to the Federal Reserve's consolidated capital reporting requirements. Accordingly, the Company's election to opt into the CBLR framework will commence for the first reporting period for which the Company no longer operates under the Federal Reserve's Small Bank Holding Company Policy Statement, at which time the Company will become subject to the Federal Reserve's consolidated capital requirements.
By electing to opt into the CBLR framework, the Company and the Bank are not required to report or calculate risk-based capital under the Basel III Rules described above. As of June 30, 2024, the Bank's bank-only CBLR amounted to
Included in shareholders' equity at June 30, 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 | |||||||||
June 30 | March 31 | December 31 | September 30 | June 30 | |||||
2024 | 2024 | 2023 | 2023 | 2023 | |||||
Assets | |||||||||
Cash and due from banks | $ 101,285 | $ 112,028 | $ 51,829 | $ 60,454 | $ 57,503 | ||||
Interest bearing bank balances | 43,293 | 64,967 | 61,264 | 73,114 | 5,470 | ||||
Federal funds sold | 1,350 | 200 | 14,500 | 18,075 | 18,927 | ||||
Securities available for sale at fair value | 232,819 | 234,243 | 235,970 | 234,392 | 276,944 | ||||
Securities held to maturity | 317,293 | 323,523 | 328,013 | 332,799 | 337,929 | ||||
Loans | 1,839,640 | 1,806,925 | 1,813,168 | 1,783,089 | 1,748,978 | ||||
Allowance for credit losses | (23,720) | (24,332) | (24,084) | (23,684) | (23,221) | ||||
Loans, net of allowance for credit losses | 1,815,920 | 1,782,593 | 1,789,084 | 1,759,405 | 1,725,757 | ||||
Premises and equipment | 67,224 | 66,586 | 66,217 | 64,196 | 64,470 | ||||
Interest receivable | 11,891 | 11,831 | 11,286 | 10,079 | 11,268 | ||||
Goodwill | 66,966 | 66,966 | 66,966 | 66,966 | 66,966 | ||||
Other intangible assets | 10,480 | 10,885 | 11,290 | 11,695 | 12,101 | ||||
Other | 89,247 | 87,911 | 91,350 | 84,099 | 82,857 | ||||
Total assets | $ 2,757,768 | $ 2,761,733 | $ 2,727,769 | $ 2,715,274 | $ 2,660,192 | ||||
Liabilities and Stockholders' Equity | |||||||||
Liabilities | |||||||||
Noninterest bearing deposits | $ 537,515 | $ 518,369 | $ 545,024 | $ 586,301 | $ 592,658 | ||||
Interest bearing deposits | 1,782,710 | 1,805,512 | 1,744,111 | 1,697,616 | 1,643,538 | ||||
Total deposits | 2,320,225 | 2,323,881 | 2,289,135 | 2,283,917 | 2,236,196 | ||||
Federal funds purchased | - | - | - | - | 3,325 | ||||
Notes payable | 6,330 | 6,868 | 7,405 | 7,943 | 8,479 | ||||
Subordinated debt | 22,146 | 29,651 | 29,635 | 29,619 | 29,593 | ||||
Interest payable | 8,137 | 7,039 | 6,086 | 4,418 | 2,678 | ||||
Other | 18,818 | 17,887 | 23,071 | 25,350 | 21,649 | ||||
Total liabilities | 2,375,656 | 2,385,326 | 2,355,332 | 2,351,247 | 2,301,920 | ||||
Stockholders' Equity | |||||||||
Preferred stock | 188,680 | 188,680 | 188,680 | 188,680 | 188,680 | ||||
Common stock | 1,631 | 1,633 | 1,620 | 1,620 | 1,619 | ||||
Additional paid-in capital | 62,741 | 62,396 | 62,065 | 61,779 | 61,496 | ||||
Retained earnings | 141,251 | 135,561 | 130,557 | 128,925 | 120,564 | ||||
Accumulated other comprehensive income | (12,191) | (11,863) | (10,485) | (16,977) | (14,087) | ||||
Total stockholders' equity | 382,112 | 376,407 | 372,437 | 364,027 | 358,272 | ||||
Total liabilities and stockholders' equity | $ 2,757,768 | $ 2,761,733 | $ 2,727,769 | $ 2,715,274 | $ 2,660,192 | ||||
Common shares outstanding | 5,436,106 | 5,444,930 | 5,399,972 | 5,399,367 | 5,394,603 | ||||
Book value per common share | $ 35.58 | $ 34.48 | $ 34.03 | $ 32.48 | $ 31.44 | ||||
Tangible book value per common share | $ 21.34 | $ 20.18 | $ 19.54 | $ 17.91 | $ 16.78 | ||||
Securitites held to maturity (fair value) | $ 264,807 | $ 271,724 | $ 279,117 | $ 264,859 | $ 285,446 | ||||
BankFirst Capital Corporation | |||||||
For Three Months Ended | For Six Months Ended | ||||||
June | March | June | June | ||||
2024 | 2024 | 2024 | 2023 | ||||
Interest Income | |||||||
Interest and fees on loans | $ 28,118 | $ 26,565 | $ 54,683 | $ 45,940 | |||
Taxable securities | 3,441 | 3,358 | 6,799 | 7,468 | |||
Tax-exempt securities | 517 | 520 | 1,037 | 1,686 | |||
Federal funds sold | 10 | 12 | 22 | 824 | |||
Interest bearing bank balances | 802 | 793 | 1,595 | 39 | |||
Total interest income | 32,888 | 31,248 | 64,136 | 55,957 | |||
Interest Expense | |||||||
Deposits | 11,438 | 10,451 | 21,889 | 8,554 | |||
Short-term borrowings | 7 | 1 | 8 | 99 | |||
Federal Home Loan Bank advances | - | - | - | 22 | |||
Other borrowings | 542 | 571 | 1,113 | 1,092 | |||
Total interest expense | 11,987 | 11,023 | 23,010 | 9,767 | |||
Net Interest Income | 20,901 | 20,225 | 41,126 | 46,190 | |||
Provision for Credit Losses | 525 | 525 | 1,050 | 750 | |||
Net Interest Income After Provision for Loan Losses | 20,376 | 19,700 | 40,076 | 45,440 | |||
Noninterest Income | |||||||
Service charges on deposit accounts | 2,445 | 2,479 | 4,924 | 5,225 | |||
Mortgage income | 858 | 674 | 1,532 | 1,291 | |||
Interchange income | 1,665 | 1,431 | 3,096 | 2,861 | |||
Net realized gains (losses) on available-for-sale securities | (194) | - | (194) | 68 | |||
Gains (losses) on retirement of subordinated debt | 956 | - | 956 | - | |||
Other | 2,128 | 1,844 | 3,972 | 2,179 | |||
Total noninterest income | 7,858 | 6,428 | 14,286 | 11,624 | |||
Noninterest Expense | |||||||
Salaries and employee benefits | 11,252 | 11,060 | 22,312 | 21,621 | |||
Net occupancy expenses | 1,236 | 1,343 | 2,579 | 2,569 | |||
Equipment and data processing expenses | 1,790 | 1,973 | 3,763 | 3,820 | |||
Other | 5,437 | 5,598 | 11,035 | 11,950 | |||
Total noninterest expense | 19,715 | 19,974 | 39,689 | 39,960 | |||
Income Before Income Taxes | 8,519 | 6,154 | 14,673 | 17,104 | |||
Provision for Income Taxes | 1,997 | 1,149 | 3,146 | 3,756 | |||
Net Income | $ 6,522 | $ 5,005 | $ 11,527 | $ 13,348 | |||
Basic/Diluted Earnings Per Common Share | $ 1.09 | $ 0.93 | $ 2.02 | $ 2.48 | |||
BankFirst Capital Corporation | |||||||||
Quarter Ended | |||||||||
June 30 | March 31 | December 31 | September 30 | June 30 | |||||
2024 | 2024 | 2023 | 2023 | 2023 | |||||
Interest Income | |||||||||
Interest and fees on loans | $ 28,118 | $ 26,565 | $ 26,161 | $ 25,027 | $ 23,988 | ||||
Taxable securities | 3,441 | 3,358 | 3,483 | 3,583 | 3,736 | ||||
Tax-exempt securities | 517 | 520 | 530 | 533 | 527 | ||||
Federal funds sold | 10 | 12 | 202 | 333 | 323 | ||||
Interest bearing bank balances | 802 | 793 | 841 | 354 | 337 | ||||
Total interest income | 32,888 | 31,248 | 31,217 | 29,830 | 28,911 | ||||
Interest Expense | |||||||||
Deposits | 11,438 | 10,451 | 9,036 | 7,250 | 5,219 | ||||
Short-term borrowings | 7 | 1 | - | 42 | 78 | ||||
Federal Home Loan Bank advances | - | - | - | 336 | 22 | ||||
Other borrowings | 542 | 571 | 582 | 590 | 554 | ||||
Total interest expense | 11,987 | 11,023 | 9,618 | 8,218 | 5,873 | ||||
Net Interest Income | 20,901 | 20,225 | 21,599 | 21,612 | 23,038 | ||||
Provision for Loan Losses | 525 | 525 | 360 | 875 | 375 | ||||
Net Interest Income After Provision for Credit Losses | 20,376 | 19,700 | 21,239 | 20,737 | 22,663 | ||||
Noninterest Income | |||||||||
Service charges on deposit accounts | 2,445 | 2,479 | 2,477 | 2,298 | 2,137 | ||||
Mortgage income | 858 | 674 | 542 | 683 | 739 | ||||
Interchange income | 1,665 | 1,431 | 1,355 | 1,263 | 1,681 | ||||
Net realized gains (losses) on available-for-sale securities | (194) | - | 112 | (1,471) | (14) | ||||
Gains (losses) on retirement of subordinated debt | 956 | - | - | - | - | ||||
Other | 2,128 | 1,844 | 1,636 | 7,329 | 1,223 | ||||
Total noninterest income | 7,858 | 6,428 | 6,122 | 10,102 | 5,766 | ||||
Noninterest Expense | |||||||||
Salaries and employee benefits | 11,252 | 11,060 | 10,065 | 10,267 | 10,870 | ||||
Net occupancy expenses | 1,236 | 1,343 | 1,275 | 1,351 | 1,299 | ||||
Equipment and data processing expenses | 1,790 | 1,973 | 3,824 | 1,836 | 1,814 | ||||
Other | 5,437 | 5,598 | 4,043 | 6,584 | 6,460 | ||||
Total noninterest expense | 19,715 | 19,974 | 19,207 | 20,038 | 20,443 | ||||
Income Before Income Taxes | 8,519 | 6,154 | 8,154 | 10,801 | 7,986 | ||||
Provision for Income Taxes | 1,997 | 1,149 | 1,662 | 2,440 | 1,766 | ||||
Net Income | $ 6,522 | $ 5,005 | $ 6,492 | $ 8,361 | $ 6,220 | ||||
Basic/Diluted Earnings Per Common Share | $ 1.09 | $ 0.93 | $ 1.20 | $ 1.55 | $ 1.15 | ||||
BankFirst Capital Corporation | ||||||||||
June 30 | March 31 | December 31 | September 30 | June 30 | ||||||
Asset Quality | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
Nonaccrual Loans | 11,292 | 11,420 | 9,615 | 12,716 | 10,995 | |||||
Restructured Loans | 5,102 | 5,178 | 5,303 | 8,209 | 4,654 | |||||
OREO | - | 64 | 1 | 1 | 518 | |||||
90+ still accruing | 138 | 75 | 520 | 107 | 53 | |||||
Non-performing Assets (excluding restructured)1 | 11,430 | 11,559 | 10,139 | 12,824 | 11,566 | |||||
Allowance for credit loss to total loans | 1.29 % | 1.35 % | 1.33 % | 1.33 % | 1.33 % | |||||
Allowance for credit loss to non-performing assets1 | 208 % | 211 % | 237 % | 185 % | 201 % | |||||
Non-performing assets1 to total assets | 0.41 % | 0.42 % | 0.35 % | 0.47 % | 0.43 % | |||||
Non-performing assets1 to total loans and OREO | 0.62 % | 0.64 % | 0.56 % | 0.71 % | 0.66 % | |||||
Annualized net charge-offs to average loans | 0.02 % | 0.02 % | 0.00 % | 0.02 % | 0.02 % | |||||
Net charge-offs (recoveries) | 1,137 | 277 | - | 413 | 332 | |||||
Capital Ratios 2 | ||||||||||
CET1 Ratio | 6.88 % | 6.58 % | 6.49 % | 6.16 % | 5.78 % | |||||
CET1 Capital | 131,735 | 125,316 | 119,580 | 113,663 | 104,612 | |||||
Tier 1 Ratio | 17.51 % | 17.25 % | 17.52 % | 17.19 % | 17.03 % | |||||
Tier 1 Capital | 335,066 | 328,652 | 322,916 | 317,004 | 307,948 | |||||
Total Capital Ratio | 19.15 % | 19.29 % | 19.58 % | 19.25 % | 19.11 % | |||||
Total Capital | 366,506 | 367,498 | 360,996 | 355,088 | 345,588 | |||||
Risk Weighted Assets | 1,913,609 | 1,905,373 | 1,843,587 | 1,844,314 | 1,808,758 | |||||
Tier 1 Leverage Ratio | 12.49 % | 12.39 % | 12.17 % | 12.15 % | 11.92 % | |||||
Total Average Assets for Leverage Ratio | 2,683,525 | 2,653,494 | 2,653,106 | 2,609,072 | 2,584,564 | |||||
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 | ||||||||||
This information has been prepared for informational purposes and if the Company were subject to such regulatory requirements. | ||||||||||
BankFirst Capital Corporation | |||||||||
June 30 | March 31 | December 31 | September 30 | June 30 | |||||
2024 | 2024 | 2023 | 2023 | 2023 | |||||
Book value per common share - GAAP | $ 35.58 | $ 34.48 | $ 34.03 | $ 32.48 | $ 31.44 | ||||
Total common stockholders' equity - GAAP | 193,432 | 187,727 | 183,757 | 175,347 | 169,592 | ||||
Adjustment for Intangibles | 73,888 | 77,851 | 78,256 | 78,661 | 79,067 | ||||
Tangible common stockholders' equity - non-GAAP | 119,544 | 109,876 | 109,095 | 96,686 | 90,525 | ||||
Tangible book value per common share - non-GAAP | $ 21.34 | $ 20.18 | $ 19.54 | $ 17.91 | $ 16.78 | ||||
View original content:https://www.prnewswire.com/news-releases/bankfirst-capital-corporation-reports-second-quarter-2024-earnings-of-6-5-million-302207870.html
SOURCE BankFirst Capital Corporation
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