BANKFIRST CAPITAL CORPORATION Reports Second Quarter 2025 Earnings of $6.88 Million
BankFirst Capital Corporation (OTCQX: BFCC) reported Q2 2025 net income of $6.88 million ($1.07 per share), up from $6.43 million in Q1 2025 and $6.52 million in Q2 2024. The company completed its acquisition of Magnolia State Bank on July 1, 2025, expanding to 52 locations across Mississippi and Alabama with total assets reaching $3.32 billion.
Key metrics include net interest income of $23.07 million, total assets of $2.85 billion (3% YoY increase), and total deposits of $2.38 billion (3% YoY increase). The bank maintains strong credit quality with non-performing assets ratio at 0.50% and available liquidity of approximately $977.96 million.
BankFirst Capital Corporation (OTCQX: BFCC) ha riportato un utile netto nel secondo trimestre 2025 di 6,88 milioni di dollari (1,07 dollari per azione), in aumento rispetto ai 6,43 milioni del primo trimestre 2025 e ai 6,52 milioni del secondo trimestre 2024. La società ha completato l'acquisizione di Magnolia State Bank il 1° luglio 2025, espandendosi a 52 filiali tra Mississippi e Alabama, con un totale di attività che raggiunge 3,32 miliardi di dollari.
I principali indicatori includono un reddito netto da interessi di 23,07 milioni di dollari, un totale di attività pari a 2,85 miliardi di dollari (con un aumento del 3% su base annua) e depositi totali di 2,38 miliardi di dollari (anch'essi in crescita del 3% su base annua). La banca mantiene una solida qualità del credito con un rapporto di attività non performanti dello 0,50% e una liquidità disponibile di circa 977,96 milioni di dollari.
BankFirst Capital Corporation (OTCQX: BFCC) reportó un ingreso neto en el segundo trimestre de 2025 de 6,88 millones de dólares (1,07 dólares por acción), aumentando desde 6,43 millones en el primer trimestre de 2025 y 6,52 millones en el segundo trimestre de 2024. La compañía completó la adquisición de Magnolia State Bank el 1 de julio de 2025, expandiéndose a 52 sucursales en Mississippi y Alabama, con activos totales que alcanzan 3,32 mil millones de dólares.
Los indicadores clave incluyen ingresos netos por intereses de 23,07 millones de dólares, activos totales de 2,85 mil millones de dólares (un aumento del 3% interanual) y depósitos totales de 2,38 mil millones de dólares (también un aumento del 3% interanual). El banco mantiene una sólida calidad crediticia con una tasa de activos improductivos del 0,50% y una liquidez disponible de aproximadamente 977,96 millones de dólares.
BankFirst Capital Corporation (OTCQX: BFCC)는 2025년 2분기 순이익이 688만 달러(주당 1.07달러)로, 2025년 1분기의 643만 달러 및 2024년 2분기의 652만 달러에서 증가했다고 보고했습니다. 회사는 2025년 7월 1일 Magnolia State Bank 인수를 완료하여 미시시피와 앨라배마에 걸쳐 52개 지점으로 확장했으며 총 자산은 33억 2천만 달러에 달합니다.
주요 지표로는 순이자수익이 2307만 달러, 총 자산은 28억 5천만 달러(전년 대비 3% 증가), 총 예금은 23억 8천만 달러(전년 대비 3% 증가)입니다. 은행은 부실자산 비율 0.50%로 건전한 신용 상태를 유지하며 약 9억 7,796만 달러의 가용 유동성을 보유하고 있습니다.
BankFirst Capital Corporation (OTCQX : BFCC) a annoncé un bénéfice net au deuxième trimestre 2025 de 6,88 millions de dollars (1,07 dollar par action), en hausse par rapport à 6,43 millions au premier trimestre 2025 et 6,52 millions au deuxième trimestre 2024. La société a finalisé l'acquisition de Magnolia State Bank le 1er juillet 2025, étendant son réseau à 52 agences dans le Mississippi et l'Alabama, avec un total d'actifs atteignant 3,32 milliards de dollars.
Les indicateurs clés incluent un produit net d'intérêts de 23,07 millions de dollars, un total d'actifs de 2,85 milliards de dollars (augmentation de 3 % en glissement annuel) et des dépôts totaux de 2,38 milliards de dollars (également en hausse de 3 % en glissement annuel). La banque maintient une solide qualité de crédit avec un ratio d'actifs non performants à 0,50 % et une liquidité disponible d'environ 977,96 millions de dollars.
BankFirst Capital Corporation (OTCQX: BFCC) meldete für das zweite Quartal 2025 einen Nettogewinn von 6,88 Millionen US-Dollar (1,07 US-Dollar je Aktie), eine Steigerung gegenüber 6,43 Millionen im ersten Quartal 2025 und 6,52 Millionen im zweiten Quartal 2024. Das Unternehmen schloss am 1. Juli 2025 die Übernahme der Magnolia State Bank ab und expandierte damit auf 52 Standorte in Mississippi und Alabama, mit Gesamtvermögen von 3,32 Milliarden US-Dollar.
Wichtige Kennzahlen umfassen einen Nettozinsertrag von 23,07 Millionen US-Dollar, Gesamtvermögen von 2,85 Milliarden US-Dollar (3 % Anstieg im Jahresvergleich) und Gesamteinlagen von 2,38 Milliarden US-Dollar (ebenfalls 3 % Zuwachs im Jahresvergleich). Die Bank hält eine starke Kreditqualität mit einer Quote notleidender Vermögenswerte von 0,50 % und einer verfügbaren Liquidität von etwa 977,96 Millionen US-Dollar.
- Net income increased to $6.88 million in Q2 2025, up from $6.43 million in Q1 2025
- Strategic acquisition of Magnolia State Bank adding $465.61 million in assets
- Strong liquidity position with $977.96 million in available sources
- Net interest margin improved to 3.71% from 3.46% YoY
- Stable credit quality with low 0.50% non-performing assets ratio
- Non-interest-bearing deposits decreased 4% YoY to $514.38 million
- Cost of funds increased to 1.92% in Q2 2025 from 1.88% in Q1 2025
- Noninterest income decreased 12% YoY to $7.06 million
- Mortgage banking revenue declined 12% YoY to $758 thousand
Second Quarter 2025 Highlights:
- Net income totaled
$6.88 million $1.07 $6.52 million $1.09 - Net interest income totaled
$23.07 million $20.77 million - Total assets increased
3% to$2.85 billion $2.76 billion - Total gross loans equaled
$1.84 billion $1.84 billion - Total deposits increased
3% to$2.38 billion $2.32 billion - Available liquidity sources totaled approximately
$977.96 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
$127.58 million - Credit quality remains strong with the ratio of non-performing assets (excluding restructured) to total assets equal to
0.50% as of June 30, 2025 compared to0.41% June 30, 2024.
Recent Developments
- On July 1, 2025, the Company completed its acquisition of The Magnolia State Corporation ("Magnolia"), parent company of Magnolia State Bank,
Bay Springs, Mississippi ("Magnolia Bank") for all cash consideration. On June 30, 2025, Magnolia Bank had total assets of$465.61 million $358.13 million $414.51 million Mississippi andAlabama , with total assets of approximately$3.32 billion $2.20 billion $2.80 billion - As previously reported, on May 21, 2025, the Company's Board of Directors authorized a stock repurchase program pursuant to which the Company may repurchase up to
$10.0 million - As previously disclosed, the Company closed on the issuance of
$175.00 million U.S. Department of the Treasury ("Treasury") pursuant to the Emergency Capital Investment Program ("ECIP") in April 2022 and assumed an additional$43.57 million $30.0 million $1.09 million - As previously disclosed, the Company entered into an ECIP Securities Purchase Option Agreement (the "ECIP Option Agreement") with the Treasury, pursuant to which Treasury granted to the Company an option to purchase all of the Senior Preferred. The purchase option may not be exercised unless and until at least one of the following "Threshold Conditions" defined under the Option Agreement has been met: (1) over any sixteen consecutive quarters, an average of at least
60% of the Company's Total Originations, as defined in the ECIP Disposition Policy promulgated by the Treasury (the "Policy"), qualifies as "Deep Impact Lending," as defined pursuant to the Policy (the "Deep Impact Condition"); (2) over any twenty-four consecutive quarters, an average of at least85% of the Company's Total Originations qualifies as "Qualified Lending," as defined pursuant to the Policy (the "Qualified Lending Condition"); or (3) the Senior Preferred has a dividend rate of no more than0.5% at each of six consecutive Reset Dates, as defined pursuant to the Policy. As of the date of this press release, the Company has met the Qualified Lending Condition for the past twelve consecutive quarters. Assuming the Company continues to satisfy the Qualified Lending Condition, as well as complying with the other ECIP program requirements and completing the necessary ECIP Option Agreement closing conditions, the Company may exercise its option to repurchase the Senior Preferred as early as September 2028. The Company cautions readers that no assurances can be made regarding the Company's continued satisfaction of the Qualified Lending Condition in future periods and the Company's future willingness or ability to exercise its option to repurchase the Senior Preferred is not guaranteed.
CEO Commentary
Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "The second quarter of 2025 resulted in solid financial results, highlighted by our improving net interest margin and loan yields, stable cost of funds, and modest organic growth. The second quarter was also an exciting time for BankFirst, as we completed our acquisition of Magnolia, further expanding our branch network for our customers and reinforcing our strategic plan of partnering with community banks with strong relationships in our local markets. We look forward to integrating our new colleagues into the BankFirst family and are focused on completing the core data processing systems conversion in November 2025."
Mr. Griffin continued, "Additionally, we believe our credit quality remained solid during the second quarter of 2025 and while recent economic, trade and tariff-related headlines signal uncertainty and potential headwinds, we continue to have a strong capital position and liquidity levels which we believe favorably position the Bank to capitalize on future opportunities."
Financial Condition and Results of Operations
Total assets were
Total deposits as of June 30, 2025 were
The Company's consolidated cost of funds was
The ratio of loans to deposits was
Net interest income was
Noninterest income was
Noninterest expense was
As of June 30, 2025, tangible common book value per share (non-GAAP) was
Credit Quality
The Company recorded a provision for credit losses of
The Company recorded
As of June 30, 2025, the allowance for credit losses equaled
The Company continues to closely monitor credit quality in light of the continued economic uncertainty caused by, among other factors, the prolonged elevated interest rate environment, stronger than expected employment data in recent periods, continued uncertainty regarding
Liquidity and Capital Position
Liquidity – We have a limited reliance on wholesale funding and, as of June 30, 2025, had no brokered deposits. As of June 30, 2025, we had the capacity to borrow up to approximately
Capital Requirements and the Community Bank Leverage Ratio Framework – Pursuant to federal regulations, bank holding companies and banks, like the Company and the Bank, must maintain capital levels commensurate with the level of risk to which they are exposed, including the volume and severity of problem loans. Federal banking regulations implementing the international regulatory capital framework, referred to as the "Basel III Rules," apply to both depository institutions and (subject to certain exceptions not applicable to the Company) their holding companies. The Basel III Rules also establish a "capital conservation buffer" of
Basel III | 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 June 30, 2025, the Bank's bank-only CBLR amounted to
Included in shareholders' equity at June 30, 2025 was an unrealized loss in accumulated other comprehensive income of
Our investment securities portfolio made up
Merger and Acquisition Activity
The Company completed its acquisition of Magnolia and Magnolia Bank on July 1, 2025. Under the terms of the definitive agreement with Magnolia and Magnolia Bank, the Company paid a fixed amount of cash consideration. Although the Company has not finalized the exact amounts of the purchase accounting adjustments, the following table presents the estimated impact on certain financial information for the Company (in thousands, except per share data):
June 30 | Post Merger | ||
Total assets | $ 2,850,302 | $ 3,317,768 | |
Securities available for sale at fair value | 244,971 | 293,455 | |
Securities held to maturity | 251,282 | 297,827 | |
Gross loans | 1,837,669 | 2,191,129 | |
Goodwill and other intangible assets | 75,862 | 97,454 | |
Total deposits | 2,379,532 | 2,793,871 | |
Total stockholders' equity | 404,561 | 404,561 | |
Common shares outstanding | 5,437,657 | 5,437,657 | |
Tangible common equity per share * | $ 26.39 | $ 22.17 | |
Common equity per share | $ 39.70 | $ 39.70 |
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* Goodwill and Intangibles included in calculation are net of deferred tax liability |
ABOUT BANKFIRST CAPITAL CORPORATION
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in
NON-GAAP FINANCIAL MEASURES
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in
We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in
A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company's goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions. These statements are based upon the current belief and expectations of the Company's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include, but are not limited to: (i) the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; (ii) 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 | |||||||||
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June 30 | March 31 | December 31 | September 30 | June 30 | |||||
2025 | 2025 | 2024 | 2024 | 2024 | |||||
Assets | |||||||||
Cash and due from banks | $ 153,940 | $ 115,209 | $ 120,675 | $ 105,825 | $ 101,285 | ||||
Interest bearing bank balances | 90,881 | 172,725 | 68,530 | 93,784 | 43,293 | ||||
Federal funds sold | - | - | 125 | 50 | 1,350 | ||||
Securities available for sale at fair value | 244,971 | 225,933 | 227,143 | 234,474 | 232,819 | ||||
Securities held to maturity | 297,827 | 302,567 | 307,152 | 311,756 | 317,293 | ||||
| - | ||||||||
Loans | 1,837,669 | 1,819,682 | 1,853,402 | 1,835,311 | 1,839,640 | ||||
Allowance for credit losses | (24,050) | (23,541) | (23,527) | (23,301) | (23,720) | ||||
Loans, net of allowance for credit losses | 1,813,619 | 1,796,141 | 1,829,875 | 1,812,010 | 1,815,920 | ||||
Premises and equipment | 75,013 | 71,892 | 69,423 | 68,035 | 67,224 | ||||
Interest receivable | 11,909 | 11,911 | 11,938 | 11,811 | 11,891 | ||||
Goodwill | 66,965 | 66,966 | 66,966 | 66,966 | 66,966 | ||||
Other intangible assets | 8,897 | 9,283 | 9,669 | 10,074 | 10,480 | ||||
Other | 86,280 | 84,942 | 87,775 | 87,312 | 89,247 | ||||
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Total assets | $ 2,850,302 | $ 2,857,569 | $ 2,799,271 | $ 2,802,097 | $ 2,757,768 | ||||
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Liabilities and Stockholders' Equity | |||||||||
Liabilities | |||||||||
Noninterest bearing deposits | $ 514,375 | $ 533,144 | $ 538,708 | $ 529,533 | $ 537,515 | ||||
Interest bearing deposits | 1,865,157 | 1,873,165 | 1,816,976 | 1,823,231 | 1,782,710 | ||||
Total deposits | 2,379,532 | 2,406,309 | 2,355,684 | 2,352,764 | 2,320,225 | ||||
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Notes payable | 14,180 | 4,718 | 5,255 | 5,793 | 6,330 | ||||
Subordinated debt | 22,128 | 22,132 | 22,137 | 22,142 | 22,146 | ||||
Interest payable | 7,770 | 7,130 | 7,489 | 7,955 | 8,137 | ||||
Other | 22,131 | 19,721 | 18,492 | 21,043 | 18,818 | ||||
Total liabilities | 2,445,741 | 2,460,010 | 2,409,057 | 2,409,697 | 2,375,656 | ||||
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Stockholders' Equity | |||||||||
Preferred stock | 188,680 | 188,680 | 188,680 | 188,680 | 188,680 | ||||
Common stock | 1,631 | 1,633 | 1,629 | 1,629 | 1,631 | ||||
Additional paid-in capital | 63,178 | 63,000 | 63,022 | 62,731 | 62,741 | ||||
Retained earnings | 159,013 | 153,221 | 147,889 | 146,759 | 141,251 | ||||
Accumulated other comprehensive income | (7,941) | (8,975) | (11,006) | (7,399) | (12,191) | ||||
Total stockholders' equity | 404,561 | 397,559 | 390,214 | 392,400 | 382,112 | ||||
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Total liabilities and stockholders' equity | $ 2,850,302 | $ 2,857,569 | $ 2,799,271 | $ 2,802,097 | $ 2,757,768 | ||||
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Common shares outstanding | 5,437,657 | 5,444,362 | 5,429,273 | 5,431,551 | 5,436,106 | ||||
Book value per common share | $ 39.70 | $ 38.37 | $ 37.12 | $ 37.51 | $ 35.58 | ||||
Tangible book value per common share | $ 26.39 | $ 25.00 | $ 23.66 | $ 23.97 | $ 21.34 | ||||
Securitites held to maturity (fair value) | $ 251,282 | $ 256,204 | $ 255,879 | $ 271,129 | $ 264,807 | ||||
BankFirst Capital Corporation | |||||||
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For the Three Months Ended | For the Six Months Ended | ||||||
June | March | June | June | ||||
2025 | 2025 | 2025 | 2024 | ||||
Interest Income | |||||||
Interest and fees on loans | $ 29,142 | $ 28,420 | $ 57,562 | $ 54,683 | |||
Taxable securities | 3,475 | 3,129 | 6,604 | 6,799 | |||
Tax-exempt securities | 543 | 524 | 1,067 | 1,038 | |||
Federal funds sold | - | - | - | 23 | |||
Interest bearing bank balances | 1,481 | 1,162 | 2,643 | 1,595 | |||
Total interest income | 34,641 | 33,235 | 67,876 | 64,138 | |||
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Interest Expense | |||||||
Deposits | 11,167 | 10,910 | 22,077 | 21,890 | |||
Short-term borrowings | - | - | - | 8 | |||
Other borrowings | 407 | 395 | 802 | 1,114 | |||
Total interest expense | 11,574 | 11,305 | 22,879 | 23,012 | |||
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Net Interest Income | 23,067 | 21,930 | 44,997 | 41,126 | |||
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Provision for Credit Losses | 850 | 600 | 1,450 | 1,050 | |||
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Net Interest Income After Provision for Loan Losses | 22,217 | 21,330 | 43,547 | 40,076 | |||
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Noninterest Income | |||||||
Service charges on deposit accounts | 2,374 | 2,372 | 4,746 | 4,924 | |||
Mortgage income | 758 | 759 | 1,517 | 1,531 | |||
Interchange income | 1,862 | 1,292 | 3,154 | 3,097 | |||
Net realized gains (losses) on available-for-sale securities | 1 | - | 1 | (194) | |||
Gains (losses) on retirement of subordinated debt | - | - | - | 956 | |||
Other | 2,065 | 2,207 | 4,272 | 3,972 | |||
Total noninterest income | 7,060 | 6,630 | 13,690 | 14,286 | |||
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Noninterest Expense | |||||||
Salaries and employee benefits | 11,344 | 11,425 | 22,769 | 22,312 | |||
Net occupancy expenses | 1,329 | 1,315 | 2,644 | 2,579 | |||
Equipment and data processing expenses | 1,802 | 1,813 | 3,615 | 3,740 | |||
Other | 5,780 | 5,497 | 11,277 | 11,058 | |||
Total noninterest expense | 20,255 | 20,050 | 40,305 | 39,689 | |||
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Income Before Income Taxes | 9,022 | 7,910 | 16,932 | 14,673 | |||
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Provision for Income Taxes | 2,139 | 1,484 | 3,623 | 3,145 | |||
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Net Income | $ 6,883 | $ 6,426 | $ 13,309 | $ 11,528 | |||
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Basic/Diluted Earnings Per Common Share | $ 1.07 | $ 0.98 | $ 2.05 | $ 2.01 | |||
BankFirst Capital Corporation | |||||||||
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Quarter Ended | |||||||||
June | March | December | September | June | |||||
2025 | 2025 | 2024 | 2024 | 2024 | |||||
Interest Income | | ||||||||
Interest and fees on loans | $ 29,142 | $ 28,420 | $ 29,529 | $ 28,810 | $ 27,983 | ||||
Taxable securities | 3,475 | 3,129 | 3,338 | 3,336 | 3,441 | ||||
Tax-exempt securities | 543 | 524 | 517 | 514 | 517 | ||||
Federal funds sold | - | - | - | 4 | 10 | ||||
Interest bearing bank balances | 1,481 | 1,162 | 776 | 749 | 802 | ||||
Total interest income | 34,641 | 33,235 | 34,160 | 33,413 | 32,753 | ||||
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Interest Expense | |||||||||
Deposits | 11,167 | 10,910 | 11,507 | 11,748 | 11,438 | ||||
Short-term borrowings | - | - | 3 | 6 | 7 | ||||
Other borrowings | 407 | 395 | 424 | 445 | 542 | ||||
Total interest expense | 11,574 | 11,305 | 11,934 | 12,199 | 11,987 | ||||
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Net Interest Income | 23,067 | 21,930 | 22,226 | 21,214 | 20,766 | ||||
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Provision for Loan Losses | 850 | 600 | 1,225 | 525 | 525 | ||||
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Net Interest Income After Provision for Credit Losses | 22,217 | 21,330 | 21,001 | 20,689 | 20,241 | ||||
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Noninterest Income | |||||||||
Service charges on deposit accounts | 2,374 | 2,372 | 2,477 | 2,579 | 2,445 | ||||
Mortgage income | 758 | 759 | 791 | 818 | 858 | ||||
Interchange income | 1,862 | 1,292 | 1,391 | 1,370 | 1,665 | ||||
Net realized gains (losses) on available-for-sale securities | 1 | - | - | - | (194) | ||||
Gains (losses) on retirement of subordinated debt | - | - | - | - | 956 | ||||
Grant Income | - | - | 1,110 | 280 | - | ||||
Other | 2,065 | 2,207 | 2,019 | 2,412 | 2,263 | ||||
Total noninterest income | 7,060 | 6,630 | 7,788 | 7,459 | 7,993 | ||||
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Noninterest Expense | |||||||||
Salaries and employee benefits | 11,344 | 11,425 | 10,926 | 10,938 | 11,252 | ||||
Net occupancy expenses | 1,329 | 1,315 | 1,290 | 1,285 | 1,236 | ||||
Equipment and data processing expenses | 1,802 | 1,813 | 1,692 | 1,774 | 1,790 | ||||
Other | 5,780 | 5,497 | 5,352 | 6,021 | 5,437 | ||||
Total noninterest expense | 20,255 | 20,050 | 19,260 | 20,018 | 19,715 | ||||
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Income Before Income Taxes | 9,022 | 7,910 | 9,529 | 8,130 | 8,519 | ||||
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Provision for Income Taxes | 2,139 | 1,484 | 1,864 | 1,767 | 1,997 | ||||
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Net Income | $ 6,883 | $ 6,426 | $ 7,665 | $ 6,363 | $ 6,522 | ||||
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Basic/Diluted Earnings Per Common Share | $ 1.07 | $ 0.98 | $ 1.21 | $ 0.97 | $ 1.09 | ||||
BankFirst Capital Corporation | ||||||||||
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June 30 | March 31 | December 31 | September 30 | June 30 | ||||||
Asset Quality | 2025 | 2025 | 2024 | 2024 | 2024 | |||||
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Nonaccrual Loans | 13,889 | 14,683 | 17,051 | 13,182 | 11,292 | |||||
Restructured Loans | 3,679 | 3,705 | 3,730 | 4,599 | 5,102 | |||||
OREO | - | - | - | - | - | |||||
90+ still accruing | 403 | - | 139 | 31 | 138 | |||||
Non-performing Assets (excluding restructured)1 | 14,292 | 14,683 | 17,190 | 13,213 | 11,430 | |||||
Allowance for credit loss to total loans | 1.31 % | 1.29 % | 1.27 % | 1.27 % | 1.29 % | |||||
Allowance for credit loss to non-performing assets1 | 168 % | 160 % | 137 % | 176 % | 208 % | |||||
Non-performing assets1 to total assets | 0.50 % | 0.51 % | 0.61 % | 0.47 % | 0.41 % | |||||
Non-performing assets1 to total loans and OREO | 0.78 % | 0.81 % | 0.92 % | 0.72 % | 0.61 % | |||||
Annualized net charge-offs to average loans | 0.02 % | 0.03 % | 0.04 % | 0.05 % | 0.06 % | |||||
Net charge-offs (recoveries) | 341 | 586 | 698 | 944 | 1,137 | |||||
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Capital Ratios 2 | ||||||||||
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CET1 Ratio | 8.20 % | 7.86 % | 7.38 % | 7.36 % | 6.88 % | |||||
CET1 Capital | 151,445 | 145,109 | 139,438 | 137,619 | 131,735 | |||||
Tier 1 Ratio | 19.22 % | 18.88 % | 18.15 % | 18.25 % | 17.51 % | |||||
Tier 1 Capital | 354,752 | 348,426 | 342,755 | 340,941 | 335,066 | |||||
Total Capital Ratio | 20.93 % | 20.54 % | 19.80 % | 19.90 % | 19.15 % | |||||
Total Capital | 386,302 | 379,189 | 373,875 | 371,820 | 366,506 | |||||
Risk Weighted Assets | 1,871,561 | 1,845,892 | 1,888,177 | 1,868,584 | 1,913,609 | |||||
Tier 1 Leverage Ratio | 12.77 % | 12.51 % | 12.56 % | 12.50 % | 12.49 % | |||||
Total Average Assets for Leverage Ratio | 2,777,925 | 2,784,824 | 2,728,206 | 2,728,597 | 2,683,525 | |||||
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1. | The restructured loan balance above includes performing and non-performing loans. The non-performing assets includes Nonaccrual loans, +90days still accruing, and OREO. The asset quality ratios are calculated using the non-performing asset balance in the above schedule which excludes restructured loans. |
2. | Since the Company has elected the Community Bank Leverage Ratio Framework, the Company is not subject to regulatory capital requirements. |
This information has been prepared for informational purposes as if the Company were subject to such regulatory requirements. | |
BankFirst Capital Corporation | |||||||||
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June 30 | March 31 | December 31 | September 30 | June 30 | |||||
2025 | 2025 | 2024 | 2024 | 2024 | |||||
Book value per common share - GAAP | $ 39.70 | $ 38.37 | $ 37.12 | $ 37.51 | $ 35.58 | ||||
Total common stockholders' equity - GAAP | 215,881 | 208,879 | 201,545 | 203,720 | 193,432 | ||||
Adjustment for Intangibles | 72,377 | 72,744 | 73,112 | 73,500 | 73,888 | ||||
Tangible common stockholders' equity - non-GAAP | 143,504 | 136,135 | 128,433 | 130,220 | 119,544 | ||||
Tangible book value per common share - non-GAAP | $ 26.39 | $ 25.00 | $ 23.66 | $ 23.97 | $ 21.34 | ||||
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SOURCE BankFirst Capital Corporation
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