BANKFIRST CAPITAL CORPORATION Reports Third Quarter 2021 Earnings of $5.3 Million

Rhea-AI Summary

BankFirst Capital Corporation (OTCQX: BFCC) reported strong Q3 2021 net income of $5.3 million, or $1.01 per share, marking a 24% increase from Q2 2021 and 58% compared to Q3 2020. Year-to-date net income reached $13.9 million, a 32% rise. Total assets were $1.79 billion with a 1% increase in net loans. The company announced the acquisition of Citizens Bank of Fayette, enhancing its footprint. However, net interest margin decreased slightly to 3.00%, influenced by rising interest expenses.

Positive

• Net income increased 24% QoQ and 58% YoY, reflecting strong earnings.
• Year-to-date net income rose 32% compared to the same period in 2020.
• Total loans increased by 1% from Q2 2021, indicating steady loan growth.
• Acquisition of Citizens Bank to expand market presence in Mississippi and Alabama.

Negative

• Net interest margin decreased to 3.00% from 3.02%, impacted by rising interest expenses.
• Total assets fell by 0.5% from Q2 to Q3 2021.

COLUMBUS, Miss., Oct. 22, 2021 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) ("BankFirst" or the "Company") reported quarterly net income of $5.3 million, or $1.01 per share, for the third quarter of 2021, an increase of 24% compared to net income of $4.3 million, or $0.81 per share, for the second quarter of 2021, and an increase of 58% compared to net income of $3.4 million, or $0.64 per share, for the third quarter of 2020. The Company also reported net income of $13.9 million, or $2.63 per share, for the first nine months of 2021, compared to net income of $9.5 million, or $2.00 per share, for the first nine months of 2020, an increase of 32%. 

2021 Third Quarter Highlights:

• Net income totaled $5.3 million, or $1.01 per share, in the third quarter of 2021 compared to $3.4 million, or $0.64 per share, for the third quarter of 2020.
• Earnings per share increased to $2.63 for the first nine months in 2021 compared to $2.00 for the first nine months in 2020, an increase of 32%.
• Total loan deferrals of $5 million, or 0.4% of the total loan portfolio, in the third quarter of 2021 compared to $7 million, or 0.6% of the total loan portfolio, in the second quarter of 2021.
• The Company's wholly-owned banking subsidiary, BankFirst Financial Services (the "Bank"), received a Community Development Financial Institution Financial Assistance grant of $1.8 million in the third quarter of 2021.
• Two new loan production offices were opened, one in Oxford, Mississippi and one in Biloxi, Mississippi.

Recent Developments

• On October 14, 2021, BankFirst announced the signing of a definitive agreement for the acquisition The Citizens Bank of Fayette, Fayette, Alabama ("Citizens").

CEO Commentary

Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "We are pleased to report another strong quarter of earnings. During the third quarter of 2021, we expanded our footprint in Mississippi with the opening of two new loan production offices, one in Oxford, Mississippi and one in Biloxi, Mississippi. In addition to the new loan production offices that have been announced, we are also excited by our recent announcement that we have signed a definitive agreement providing for the acquisition of Citizens. We believe that the partnership with Citizens will allow BankFirst to continue its strategic plan by partnering with community banks with strong relationships in their local markets."

Financial Condition and Results of Operations

Total assets were $1.79 billion as of September 30, 2021, as compared to $1.80 billion at June 30, 2021 and $1.68 billion at September 30, 2020, a decrease of 0.5% and an increase of 7%, respectively. The increase in total assets from the prior year was primarily due to organic loan and deposit growth, supported by participation in the Paycheck Protection Program ("PPP") created under the Coronavirus Aid, Relief, and Economic Security Act and administered by the U.S. Small Business Administration (the "SBA"). Total loans outstanding, net of the allowance for loan losses, as of September 30, 2021 totaled $1.13 billion as compared to $1.12 billion as of June 30, 2021, an increase of 1%, and as compared to $1.19 billion as of September 30, 2020, a decrease of 5%. The decrease from September 30, 2020 is primarily attributed to PPP loan forgiveness payments received from the SBA in 2021. Net loans outstanding, excluding loans associated with the PPP, as of September 30, 2021 totaled $1.09 billion, as compared to $1.05 billion as of June 30, 2021, an increase of 4%, and as compared to $1.07 billion as of September 30, 2020, an increase of 1%.

Non-interest-bearing deposits increased to $467 million as of September 30, 2021, as compared to $462 million as of June 30, 2021, an increase of 1%, and as compared to $417 million as of September 30, 2020, an increase of 12%. Non-interest-bearing deposits represented 30% of total deposits as of September 30, 2021. Total deposits as of September 30, 2021 were $1.6 billion, as compared to $1.6 billion as of June 30, 2021, and as compared to $1.5 billion as of September 30, 2020, an increase of 7%. Cost of funds as of September 30, 2021 was 0.31% as compared to 0.31% as of June 30, 2021, and as compared to 0.49% as of September 30, 2020.

The ratio of loans to deposits was 73% as of September 30, 2021 as compared to 72% as of June 30, 2021, and as compared to 82% as of September 30, 2020. The ratio of loans, net of PPP loans, to deposits was 69% as of September 30, 2021 as compared to 67% as of June 30, 2021, and as compared to 73% as of September 30, 2020.

Net interest income was $14.1 million for the third quarter of 2021, an increase of 10% as compared to $12.9 million for the second quarter of 2021. Net interest margin decreased to 3.00% in the third quarter of 2021, compared to 3.02% in the second quarter of 2021. The decrease is primarily due to the increase in interest expense on Federal Home Loan Bank advances due to early prepayment costs and due to changes in the mix of our interest-bearing deposits and non-interest deposits. Yield on earning assets decreased 1 basis point to 3.31% in the third quarter of 2021, compared to 3.32% during the second quarter of 2021. The decrease, despite an increase in loan volume, is primarily due to the lower interest rate environment as a result of the Federal Reserve's sustained interest rate reductions in response to the ongoing COVID-19 pandemic.

Noninterest income was $6.7 million for the third quarter of 2021, an increase of 20% as compared to $5.6 million for the second quarter of 2021, and a decrease of 15% as compared to $7.9 million for the third quarter of 2020. Mortgage banking revenue decreased $531 thousand to $1.2 million in the third quarter of 2021 from $1.7 million in the second quarter of 2021, a decrease of 29%, and decreased $665 thousand from $1.9 million in the third quarter of 2020, a decrease of 35%. In the third quarter of 2021, the Bank received a Community Development Financial Institution Financial Assistance grant of $1.8 million.

As of September 30, 2021, tangible book value per share was $22.39. According to OTCQX, there were 106 trades of the Company's shares of common stock during the third quarter of 2021 for a total of 30,525 shares and for a total price of $838,916. The closing price of the Company's common stock quoted on OTCQX on September 30, 2021 was $28.25 per share. Based on this closing share price, the Company's market cap was $150.617 million as of September 30, 2021.

Credit Quality

The Company recorded $322,000 provision for credit losses during the third quarter of 2021 as compared to $144,000 for the second quarter of 2021, and as compared to $5.161 million for the third quarter of 2020. As of September 30, 2021, the allowance for loan losses was equal to 1.43% of gross loans and equal to 1.48% of gross loans less loans originated through the PPP. Net loan charge-offs in the third quarter of 2021 were $490,000 as compared to $265,000 in the second quarter 2021, and as compared to $136,000 in the third quarter 2020. Non-performing assets to total assets were 0.58% for the third quarter of 2021, a decrease of 5 basis points compared to 0.63% for the second quarter of 2021 and a decrease of 10 basis points compared to 0.68% for the third quarter of 2020. Annualized net charge-offs to average loans for the third quarter of 2021 were 0.04%, compared to 0.02% for the second quarter of 2021 compared to 0.01% for the third quarter of 2020. 

Paycheck Protection Program ("PPP")

The Bank participated in the PPP, a $944 billion low-interest business loan program funded by the U.S. Treasury Department and administered by the SBA, which officially ended on May 31, 2021. The PPP provided U.S. government guarantees for lenders, as well as loan forgiveness incentives for borrowers that predominately utilize the loan proceeds to cover employee compensation-related business costs. The Bank participated in Rounds 1 and 2 of the PPP during 2020 and in Round 3 of the PPP in 2021 until its expiration on May 31, 2021. In 2020, during Rounds 1 and 2 of the PPP, the Bank approved 1,489 PPP loans totaling $115.6 million. Through September 30, 2021, the Bank has received loan forgiveness payments from the SBA totaling $112 million on PPP loans originated in Rounds 1 and 2 of the PPP. The Bank received approximately $4.4 million in fees (net of expenses) paid by the SBA on PPP loans originated in Rounds 1 and 2 of the PPP, which we have recognized $1.1 million as loan fee income during the third quarter of 2021 and recognized $2 million during the first nine months of 2021, compared to $2.4 million for the first nine months of 2020.

In 2021, during Round 3 of the PPP, the Bank approved 1,382 PPP loans totaling $62 million. Through September 30, 2021, the Bank has received forgiveness payments from the SBA totaling $23.9 million on PPP loans originated in Round 3 of the PPP. The Bank received approximately $4 million in fees (net of expenses) paid by the SBA on PPP loans originated in Round 3 of the PPP, which we have recognized $500,000 as loan fee income during the third quarter of 2021 and recognized $550,000 during the first nine months of 2021.

Lending

The Company regularly takes actions to identify and assess its COVID-19 related credit exposures by asset classes and borrower types. In addition, the Company implemented a loan modification program to assist both consumer and business borrowers that experienced or expect to experience financial hardships due to COVID-19 related challenges. As of September 30, 2021, 0.44% of the Bank's loan portfolio had active COVID-19-related modifications compared to 0.59% as of June 30, 2021 and 2.03% as of December 31, 2020.

Modified loans with deferred payments will continue to accrue interest during the deferral period unless otherwise classified as nonperforming. Consistent with bank regulatory guidance, borrowers that were otherwise current on loan payments that were granted COVID-19 related financial hardship payment deferrals will continue to be reported as current loans throughout the agreed upon deferral periods. COVID-19 related loan modifications are also deemed to be insignificant borrower concessions, and therefore, such modified loans were not classified as troubled-debt restructured loans as of September 30, 2021.

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

Recent Developments

On October 14, 2021, BankFirst announced that it has entered into a definitive agreement to acquire The Citizens Bank of Fayette, headquartered in Fayette, Alabama. On September 30, 2021, Citizens had total assets of $221 million, total loans of $29 million, and total deposits of $174 million. The acquisition of Citizens will result in the Bank having 32 locations serving Mississippi and Alabama, with total assets of approximately $2.0 billion, gross loans of approximately $1.2 billion and total deposits of approximately $1.7 billion.

ABOUT BANKFIRST CAPITAL CORPORATION  

BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company based in Columbus, Mississippi with approximately $1.8 billion in total assets. BankFirst Financial Services, the Company's wholly-owned banking subsidiary, was founded in 1888 that is locally owned, controlled, and operated. The Bank is headquartered in Macon, Mississippi, with additional branch offices in Columbus, Flowood, Hattiesburg, Jackson, Louin, Macon, Madison, Newton, Starkville, and West Point, Mississippi and Addison, Aliceville, Arley, Bear Creek, Carrollton, Curry, Double Springs, Gordo, Haleyville, Lynn, Northport, and Tuscaloosa, Alabama. The Bank operates one mortgage production office in Brookhaven, Mississippi. The Bank also operates three loan production offices, one in Brookhaven, Mississippi one in Oxford, Mississippi, and one in Biloxi, Mississippi. BankFirst offers a wide variety of services for businesses and consumers. The Bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit www.bankfirstfs.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Company's goals and expectations with respect to future events that are subject to various risks and uncertainties, (ii) statements about the merger of The Citizens Bank of Fayette with and into the Bank (the "acquisition"), and (iii) statements preceded by, followed by, or that include the words "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions. These statements are based upon the current belief and expectations of the Company's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include, but are not limited to: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, including as a result of the coronavirus pandemic, our ability to complete the Citizens acquisition and recognize the expected benefits and synergies of the Citizens acquisition, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. 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. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

AVAILABLE INFORMATION

The Company maintains an Internet web site at www.bankfirstfs.com/about-us/investors. The Company makes available, free of charge, on its web site the Company's annual reports, quarterly earnings reports, and other press releases. In addition, the OTC Markets Group maintains an Internet site that contains reports, proxy and information statements, and other information regarding the Company (at www.otcmarkets.com/stock/BFCC/overview).

The Company routinely posts important information for investors on its web site (under www.bankfirstfs.com and, more specifically, under the Investor Relations tab at www.bankfirstfs.com/about-us/investors/). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under the OTC Markets Group OTCQX Rules for U.S. Banks. Accordingly, investors should monitor the Company's web site, in addition to following the Company's press releases, OTC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company's web site is not incorporated by reference into, and is not a part of, this press release.

 

BankFirst Capital Corporation Unaudited Consolidated Balance Sheets (In Thousands, Except Per Share Data)
	September 30		June 30		March 31		December 31		September 30
	2021		2021		2021		2020		2020
Assets
Cash and due from banks	$                         39,808		$             43,997		$             33,046		$             37,208		$             30,492
Interest bearing bank balances	36,849		47,049		60,599		83,324		10,056
Federal funds sold	-		9,313		8,968		8,408		9,391
Available-for-sale securities	439,565		427,390		411,930		329,409		296,748
Loans	1,143,605		1,140,349		1,135,123		1,142,624		1,206,834
Allowance for loan losses	(16,358)		(16,526)		(16,647)		(16,496)		(16,857)
Loans, net of allowance for loan losses	1,127,247		1,123,823		1,118,476		1,126,128		1,189,977
Premises and equipment	43,462		42,164		42,227		42,414		42,232
Interest receivable	8,108		8,366		8,574		8,978		9,829
Goodwill	34,564		34,564		34,564		34,564		34,564
Other intangible assets	4,055		4,214		4,375		4,535		4,695
Other	56,056		57,338		57,206		54,387		53,496
Total assets	$                    1,789,714		$        1,798,218		$        1,779,965		$        1,729,355		$        1,681,480
Liabilities and Stockholders' Equity
Liabilities
Noninterest bearing deposits	$                       467,409		$           462,436		$           446,921		$           432,252		$           417,135
Interest bearing deposits	1,098,729		1,115,992		1,120,748		1,082,920		1,051,618
Total deposits	1,566,138		1,578,428		1,567,669		1,515,172		1,468,753
Notes payable	26,428		27,030		27,843		28,605		29,375
Subordinated debt	26,341		26,341		26,341		26,341		26,341
Interest payable	1,060		817		1,084		1,123		987
Other	12,811		12,716		11,801		11,162		10,856
Total liabilities	1,632,778		1,645,332		1,634,738		1,582,403		1,536,312
Stockholders' Equity
Common stock	1,585		1,583		1,585		1,581		1,578
Additional paid-in capital	60,395		60,279		60,229		60,113		59,980
Retained earnings	94,398		89,083		84,798		80,479		79,169
Accumulated other comprehensive income	558		1,941		(1,385)		4,779		4,441
Total stockholders' equity	156,936		152,886		145,227		146,952		145,168
Total liabilities and stockholders' equity	$                    1,789,714		$        1,798,218		$        1,779,965		$        1,729,355		$        1,681,480
Common shares outstanding	5,284,800		5,278,771		5,282,164		5,270,323		5,260,294
Book value per share	$                           29.70		$               28.96		$               27.49		$               27.88		$               27.60
Tangible book value per share	$                           22.39		$               21.62		$               20.12		$               20.46		$               20.13

 

BankFirst Capital Corporation Unaudited Consolidated Statements of Income (In Thousands, Except Per Share Data)
	For Three Months Ended				For the Nine Months Ended
	September		June		September		September
	2021		2021		2021		2020
Interest Income
Interest and fees on loans	$             14,016		$             12,856		$                   39,915		$               39,553
Taxable securities	1,302		1,270		3,767		3,499
Tax-exempt securities	435		442		1,321		895
Federal funds sold	21		19		68		277
Interest bearing bank balances	11		11		33		49
Total interest income	15,785		14,598		45,104		44,273
Interest Expense
Deposits	1,089		1,189		3,732		6,128
Federal Home Loan Bank advances	112		81		275		245
Other borrowings	440		438		1,316		1,385
Total interest expense	1,641		1,708		5,323		7,758
Net Interest Income	14,144		12,890		39,781		36,515
Provision for Loan Losses	322		144		712		7,965
Net Interest Income After Provision for Loan Losses	13,822		12,746		39,069		28,550
Noninterest Income
Service charges on deposit accounts	1,473		1,658		4,678		4,185
Mortgage income	1,206		1,737		4,765		4,570
Interchange income	990		1,201		3,166		2,351
Net realized gains (losses) on available-for-sale securities	-		-		13		3,593
Other	3,060		1,002		5,711		2,566
Total noninterest income	6,729		5,598		18,333		17,265
Noninterest Expense
Salaries and employee benefits	7,451		7,561		22,762		19,698
Net occupancy expenses	837		739		2,331		1,966
Equipment and data processing expenses	370		387		1,097		2,891
Other	4,903		4,606		13,891		9,852
Total noninterest expense	13,561		13,293		40,081		34,407
Income Before Income Taxes	6,990		5,051		17,321		11,408
Provision for Income Taxes	1,679		766		3,447		1,915
Net Income	$               5,311		$               4,285		$                   13,874		$                 9,493
Basic/Diluted Earnings Per Common Share	$                 1.01		$                 0.81		$                       2.63		$                   2.00

 

BankFirst Capital Corporation Unaudited Consolidated Statements of Income (In Thousands, Except Per Share Data)
	Quarter Ended
	September 30		June 30		March 31		December 31		September 30
	2021		2021		2021		2020		2020
Interest Income
Interest and fees on loans	$             14,016		$             12,856		$             13,043		$             13,463		$             15,671
Taxable securities	1,302		1,270		1,195		1,062		1,106
Tax-exempt securities	435		442		444		447		419
Federal funds sold	21		19		28		13		23
Interest bearing bank balances	11		11		11		15		16
Total interest income	15,785		14,598		14,721		15,000		17,235
Interest Expense
Deposits	1,089		1,189		1,454		1,542		1,883
Federal Home Loan Bank advances	112		81		82		81		81
Other borrowings	440		438		438		443		494
Total interest expense	1,641		1,708		1,974		2,066		2,458
Net Interest Income	14,144		12,890		12,747		12,934		14,777
Provision for Loan Losses	322		144		246		147		5,161
Net Interest Income After Provision for Loan Losses	13,822		12,746		12,501		12,787		9,616
Noninterest Income
Service charges on deposit accounts	1,473		1,658		1,547		1,622		1,520
Mortgage income	1,206		1,737		1,822		1,770		1,871
Interchange income	990		1,201		975		986		812
Net realized gain (loss)  on available-for-sale securities	-		-		13		(1)		2,845
Other	3,060		1,002		1,649		1,351		849
Total noninterest income	6,729		5,598		6,006		5,728		7,897
Noninterest Expense
Salaries and employee benefits	7,451		7,561		7,750		7,668		7,778
Net occupancy expenses	837		739		755		761		785
Equipment and data processing expenses	370		387		340		343		320
Other	4,903		4,606		4,382		5,007		4,661
Total noninterest expense	13,561		13,293		13,227		13,779		13,544
Income Before Income Taxes	6,990		5,051		5,280		4,736		3,969
Provision for Income Taxes	1,679		766		1,002		749		613
Net Income	$               5,311		$               4,285		$               4,278		$               3,987		$               3,356
Basic/Diluted Earnings Per Common Share	$                 1.01		$                 0.81		$                 0.81		$                 0.76		$                 0.64

 

BankFirst Capital Corporation Unaudited Risk Category of Loans by Type (In Thousands)
		Grades		Watch	Substandard			Total
		(1 - 5)		(6)		(7)		Loans
September 30, 2021
Secured by real estate
Construction		$        94,339		$               35		$          5,296		$        99,670
Farmland		66,612		841		284		67,737
Residential real estate		273,487		4,217		4,386		282,090
Commercial real estate		460,737		6,350		4,456		471,543
Consumer		19,500		253		229		19,982
Commercial and other		198,515		1,426		2,642		202,583
		$   1,113,190		$        13,122		$        17,293		$   1,143,605
		Grades		Watch	Substandard			Total
		(1 - 5)		(6)		(7)		Loans
June 30, 2021
Secured by real estate
Construction		$        98,092		$               39		$          4,665		$      102,796
Farmland		57,699		913		237		58,849
Residential real estate		272,289		4,402		5,710		282,401
Commercial real estate		441,416		6,372		5,925		453,713
Consumer		20,290		213		228		20,731
Commercial and other		218,050		1,172		2,637		221,859
		$   1,107,836		$        13,111		$        19,402		$   1,140,349

 

BankFirst Capital Corporation Unaudited Past Due Loans (In Thousands)
		Accruing Loans Past Due						Total
		30 - 89		90 Days		Non-	Past Due and			Current		Total
		Days		or More		accrual	Nonaccrual			Loans		Loans
September 30, 2021
Secured by real estate
Construction		$           258		$                -		$      5,024		$      5,282		$       94,388		$        99,670
Farmland		194		-		68		262		67,475		67,737
Residential real estate		1,459		88		1,533		3,080		279,010		282,090
Commercial real estate		546		-		716		1,262		470,281		471,543
Consumer		74		-		81		155		19,827		19,982
Commercial and other		778		-		1,949		2,727		199,856		202,583
		$        3,309		$             88		$      9,371		$    12,768		$  1,130,837		$   1,143,605
		Accruing Loans Past Due						Total
		30 - 89		90 Days		Non-	Past Due and			Current		Total
		Days		or More		accrual	Nonaccrual			Loans		Loans
June 30, 2021
Secured by real estate
Construction		$           369		$                -		$      4,391		$      4,760		$       98,036		$      102,796
Farmland		115		-		15		130		58,719		58,849
Residential real estate		764		-		2,006		2,770		279,631		282,401
Commercial real estate		-		-		1,820		1,820		451,893		453,713
Consumer		108		1		110		219		20,512		20,731
Commercial and other		589		-		2,056		2,645		219,214		221,859
		$        1,945		$               1		$    10,398		$    12,344		$  1,128,005		$   1,140,349

 

BankFirst Capital Corporation Unaudited Selected Other Financial Information (In Thousands)
	September 30		June 30		March 31		December 31		September 30
	2021		2021		2021		2020		2020
Asset Quality
Nonaccrual Loans	9,371		10,186		10,482		10,022		10,885
Restructured	1,315		1,361		409		2,950		3,536
OREO	973		1,208		1,207		1,343		1,432
90+ still accruing	91		-		10		30		101
Non-Performing Assets	10,435		11,394		11,689		11,365		12,317
Capital Ratios
CET1 Ratio	10.35%		9.89%		9.42%		9.14%		8.86%
CET1 Capital	118,804		112,985		108,749		103,074		101,469
Tier 1 Ratio	11.34%		10.89%		10.40%		10.15%		9.85%
Tier 1 Capital	130,145		124,326		120,090		114,415		112,810
Regulatory Ratio	13.90%		13.45%		12.95%		12.73%		12.36%
Regulatory Capital	159,513		153,602		149,555		143,534		141,547
Risk Weighted Assets	1,147,454		1,142,059		1,155,036		1,127,122		1,144,782

 

View original content:https://www.prnewswire.com/news-releases/bankfirst-capital-corporation-reports-third-quarter-2021-earnings-of-5-3-million-301406502.html

SOURCE BankFirst Capital Corporation

FAQ

What are BankFirst's earnings results for Q3 2021?

BankFirst reported Q3 2021 net income of $5.3 million, or $1.01 per share, a 24% increase from Q2 2021.

How much did BankFirst earn in the first nine months of 2021?

For the first nine months of 2021, BankFirst reported net income of $13.9 million, or $2.63 per share.

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

The acquisition of Citizens Bank will increase BankFirst's total assets to approximately $2.0 billion and expand its presence to 32 locations in Mississippi and Alabama.

What was BankFirst's total asset size as of September 30, 2021?

As of September 30, 2021, BankFirst's total assets were $1.79 billion.