BANKFIRST CAPITAL CORPORATION Reports Third Quarter 2024 Earnings of $6.4 Million

Rhea-AI Summary

BankFirst Capital (OTCQX: BFCC) reported Q3 2024 net income of $6.4 million, or $0.97 per share, compared to $6.5 million in Q2 2024 and $8.4 million in Q3 2023. Key metrics show total assets increased 2% to $2.8 billion, total gross loans grew 3% to $1.84 billion, and deposits rose 3% to $2.4 billion year-over-year. The bank maintains strong liquidity with approximately $985.2 million in available sources and credit quality remains robust with non-performing assets at 0.47%. Net interest income was $21.2 million with a margin of 3.44%, while the cost of funds was 2.04%.

Positive

• Total assets increased 2% YoY to $2.8 billion
• Total gross loans grew 3% YoY to $1.84 billion
• Total deposits increased 3% YoY to $2.4 billion
• Strong liquidity position with $985.2 million in available sources
• Stable credit quality with non-performing assets at 0.47%

Negative

• Net income decreased from $8.4M in Q3 2023 to $6.4M in Q3 2024
• Net interest margin declined to 3.44% from 3.55% YoY
• Non-interest income decreased 26% YoY
• Non-interest-bearing deposits decreased 10% YoY
• Cost of funds increased to 2.04% from 1.40% YoY

COLUMBUS, Miss., Oct. 28, 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 $6.4 million, or $0.97 per share, for the third quarter of 2024, compared to net income of $6.5 million, or $1.09 per share, for the second quarter of 2024, and compared to net income of $8.4 million, or $1.55 per share, for the third quarter of 2023.

Third Quarter 2024 Highlights:

• Net interest income totaled $21.2 million in the third quarter of 2024 compared to $21.6 million in the third quarter of 2023.
• Total assets increased 2% to $2.8 billion at September 30, 2024 from $2.7 billion at September 30, 2023.
• Total gross loans increased 3% to $1.84 billion at September 30, 2024 from $1.78 billion at September 30, 2023.
• Total deposits increased 3% to $2.4 billion at September 30, 2024 from $2.3 billion at September 30, 2023.
• Available liquidity sources totaled approximately $985.2 million as of September 30, 2024 through (i) available advances from the Federal Home Loan Bank of Dallas ("FHLB"), (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 $155.2 million as of September 30, 2024.
• Credit quality remains strong with non-performing assets (excluding restructured) to total assets of 0.47% as of September 30, 2024 compared to 0.47% September 30, 2023.
• The Company's wholly-owned banking subsidiary, BankFirst Financial Services (the "Bank"), was named a recipient of a grant award under the Community Development Financial Institution ("CDFI") Bank Enterprise Award Program ("BEA Program") in the amount of $280 thousand. The Bank recognized this award during the third quarter of 2024.

Recent Developments

• As previously reported, on May 15, 2024, the Board authorized a stock repurchase program pursuant to which the Company may repurchase up to $10.0 million of the outstanding shares of the Company's common stock from time to time in open market purchases or privately negotiated transactions (the "Stock Repurchase Program"). The Stock Repurchase Program will expire on Wednesday, May 21, 2025, subject to the earlier termination or extension by the Board, in its sole discretion and without prior notice, or until such time that the funds designated for the Stock Repurchase Program are depleted. During the third quarter of 2024, the Company repurchased 4,256 shares under the Stock Repurchase Program for an aggregate purchase price of approximately $145 thousand.
  
  
• Finally, as previously disclosed, the Company closed on the issuance of $175.0 million of senior perpetual noncumulative preferred stock (the "Senior Preferred") to the 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 of outstanding Senior Preferred through the Company's acquisition of Mechanics Banc Holding Company, which was effective on January 1, 2023.  The Senior Preferred issued to Treasury will pay non-cumulative dividends, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year beginning on the second dividend payment date after the two-year anniversary of the date of issuance. The dividend rate to be paid on the Senior Preferred will adjust annually based on certain measurements of the Company's extensions of credit to minority, rural, and urban low-income and underserved communities and low- and moderate-income borrowers. On September 15, 2024, the Company paid its second quarterly dividend to Treasury in an amount equal to $1.092 million.  

CEO Commentary

Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "We are pleased with our third quarter results as we saw continued modest growth of loans and deposits. Our credit quality remains stable as our non-performing assets continue to remain low. Overall, we remain optimistic about the remainder of 2024 and ahead into 2025."

Financial Condition and Results of Operations

Total assets were $2.8 billion at September 30, 2024, compared to $2.8 billion at June 30, 2024 and $2.7 billion at September 30, 2023. Total loans outstanding, net of the allowance for credit losses, as of September 30, 2024 totaled $1.8 billion, compared to $1.8 billion as of June 30, 2024 and $1.8 billion as of September 30, 2023.

Total deposits as of September 30, 2024 were $2.4 billion, compared to $2.3 billion at June 30, 2024 and $2.3 billion at September 30, 2023. Non-interest-bearing deposits were $529.5 million as of September 30, 2024, compared to $537.5 million as of June 30, 2024, a decrease of 1%, and $586.6 million as of September 30, 2023, a decrease of 10%. Non-interest-bearing deposits represented 23% of total deposits as of September 30, 2024.

The Company's consolidated cost of funds was 2.04% for the third quarter of 2024, compared to 2.05% for the second quarter of 2024 and 1.40% for the third quarter 2023.  The decrease in the Company's consolidated cost of funds during the third quarter of 2024 compared to the prior periods was primarily due to the continued flattening of market interest rates for deposits across the Bank's market areas and due to the retirement of $7.5 million of the Company's subordinated debt, as previously disclosed in the second quarter of 2024. Bank-only cost of funds for the third quarter of 2024 was 2.02% compared to 1.98% for the second quarter of 2024 and 1.31% for the third quarter of 2023.

The ratio of loans to deposits was 78.0% as of September 30, 2024, compared to 79.3% as of June 30, 2024 and 76.8% as of September 30, 2023.

Net interest income was $21.2 million for the third quarter of 2024, compared to $20.9 million for the second quarter of 2024 and $21.6 million for the third quarter of 2023. Net interest margin was 3.44% in the third quarter of 2024, a decrease from 3.46% in the second quarter of 2024 and a decrease from 3.55% in the third quarter of 2023. Yield on interest-earning assets was 5.41% during the third quarter of 2024, compared to 5.44% during the second quarter of 2024 and 4.90% during the third quarter of 2023.

Noninterest income was $7.4 million for the third quarter of 2024, compared to $7.9 million for the second quarter of 2024, an decrease of 7% and compared to $10.1 million for the third quarter of 2023, an decrease of 26%. The decrease in noninterest income in the second quarter is related to the pre-tax gain of gain of approximately $953.6 thousand on the redemption of $7.5 million in subordinated debentures recognized in the second quarter of 2024. The decrease in noninterest income in the second quarter related to the third quarter in 2023 was due to the recognition of the Equitable Recovery Program grant in the amount of $6.2 million. Mortgage banking revenue during the third quarter of 2024 was $818 thousand, a decrease of $40 thousand, or 5%, from $858 thousand in the second quarter of 2024, and an increase of $14 thousand, or 2%, from $804 thousand in the third quarter of 2023. During the third quarter of 2024, the Bank retained $3.6 million of the $37.3 million in secondary market mortgages originated to hold in-house, compared to $28.6 million secondary market loans originated during the third quarter of 2023, of which $3.1 million were retained to hold in-house.

Noninterest expense was $20.0 million for the third quarter of 2024, compared to $19.7 million for the second quarter of 2024 and $20.0 million for the third quarter of 2023.

As of September 30, 2024, tangible common book value per share (non-GAAP) was $23.97. According to OTCQX, there were 451 trades of the Company's shares of common stock during the third quarter of 2024 for a total of 146,732 shares and for a total price of $5,251,604. The closing price of the Company's common stock quoted on OTCQX on September 30, 2024 was $38.50 per share. Based on this closing share price, the Company's market capitalization was $209.1 million as of September 30, 2024.

Credit Quality

The Company recorded a provision for credit losses of $525 thousand during the third quarter of 2024, compared to a provision of $525 thousand for the second quarter of 2024 and a provision of $875 thousand for the third quarter of 2023. The Company continues to closely monitor the continued economic uncertainty, especially in the commercial real estate market, as discussed below. 

The Company recorded $944 thousand of net loan charge-offs in the third quarter of 2024, compared to $1.1 million in the second quarter of 2024 and $413 thousand in the third quarter of 2023. Non-performing assets, excluding restructured loans, to total assets were 0.47% for the third quarter of 2024, compared to 0.41% for the second quarter of 2024 and 0.47% for the third quarter of 2023. Annualized net charge-offs to average loans for the third quarter of 2024 were 0.05% compared to annualized net charge-offs of 0.06% for the second quarter of 2024 and 0.02% for the third quarter of 2023. 

As of September 30, 2024, the allowance for credit losses equaled $23.3 million, compared to $23.7 million as of June 30, 2024 and $23.7 million as of September 30, 2023.  Allowance for credit losses as a percentage of total loans was 1.27% at September 30, 2024, compared to 1.29% at June 30, 2024 and 1.33% at September 30, 2023.  Allowance for credit losses as a percentage of nonperforming loans was 176% at September 30, 2024, compared to 208% at June 30, 2024 and 185% at September 30, 2023. 

The Company continues to closely monitor credit quality in light of the continued economic uncertainty due to the prolonged elevated interest rate environment and persistent inflationary pressures 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 $910.5 million from the FHLB, $14.7 million from the FRB Discount Window and an estimated additional $60.0 million in funding through several relationships with correspondent banks.

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 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 September 30, 2024, the Bank's bank-only CBLR amounted to 11.23%. 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 12.50% as of September 30, 2024. These levels exceeded the 9.0% minimum CBLR necessary to be deemed "well-capitalized."

Included in shareholders' equity at September 30, 2024 was an unrealized loss in accumulated other comprehensive income of $7.4 million related to the unrealized loss in the Company's investment securities portfolio primarily due to continued elevated market interest rates during the period. At September 30, 2024, the composition of the Bank's investment securities portfolio includes $234 million, or 43%, classified as available-for-sale, and $312 million, or 57%, classified as held to maturity. All investments in our investment securities portfolio are expected to mature at par value.

Our investment securities portfolio made up 19.5% of our total assets at September 30, 2024, compared to 20.0% and 20.9% at June 30, 2024 and September 30, 2023, respectively.

ABOUT BANKFIRST CAPITAL CORPORATION  

BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi with approximately $2.8 billion in total assets as of September 30, 2024. 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 bank failures and any continuation of 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; the impact of changes in market interest rates, whether due to the current elevated interest rate environment or future reductions in interest rates and a resulting decline in net interest income; the resurgence of elevated levels of inflation or inflationary pressures 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; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit 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; the impact of changes in U.S. presidential administrations or Congress; 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)
	September 30		June 30		March 31		December 31		September 30
	2024		2024		2024		2023		2023
Assets
Cash and due from banks	$                   105,825		$              101,285		$         112,028		$           51,829		$           60,454
Interest bearing bank balances	93,784		43,293		64,967		61,264		73,114
Federal funds sold	50		1,350		200		14,500		18,075
Securities available for sale at fair value	234,474		232,819		234,243		235,970		234,392
Securities held to maturity	311,756		317,293		323,523		328,013		332,799
Loans	1,835,311		1,839,640		1,806,925		1,813,168		1,783,089
Allowance for credit losses	(23,301)		(23,720)		(24,332)		(24,084)		(23,684)
Loans, net of allowance for credit losses	1,812,010		1,815,920		1,782,593		1,789,084		1,759,405
Premises and equipment	68,035		67,224		66,586		66,217		64,196
Interest receivable	11,811		11,891		11,831		11,286		10,079
Goodwill	66,966		66,966		66,966		66,966		66,966
Other intangible assets	10,074		10,480		10,885		11,290		11,695
Other	87,312		89,247		87,911		89,375		84,099
Total assets	$                2,802,097		$           2,757,768		$      2,761,733		$      2,727,769		$      2,715,274
Liabilities and Stockholders' Equity
Liabilities
Noninterest bearing deposits	$                   529,533		$              537,515		$         518,369		$         545,024		$         586,301
Interest bearing deposits	1,823,231		1,782,710		1,805,512		1,744,111		1,697,616
Total deposits	2,352,764		2,320,225		2,323,881		2,289,135		2,283,917
Notes payable	5,793		6,330		6,868		7,405		7,943
Subordinated debt	22,142		22,146		29,651		29,635		29,619
Interest payable	7,955		8,137		7,039		6,086		4,418
Other	21,043		18,818		17,887		20,599		25,350
Total liabilities	2,409,697		2,375,656		2,385,326		2,355,332		2,351,247
Stockholders' Equity
Preferred stock	188,680		188,680		188,680		188,680		188,680
Common stock	1,629		1,631		1,633		1,620		1,620
Additional paid-in capital	62,731		62,741		62,396		62,065		61,779
Retained earnings	146,759		141,251		135,561		130,557		128,925
Accumulated other comprehensive income	(7,399)		(12,191)		(11,863)		(10,485)		(16,977)
Total stockholders' equity	392,400		382,112		376,407		372,437		364,027
Total liabilities and stockholders' equity	$                2,802,097		$           2,757,768		$      2,761,733		$      2,727,769		$      2,715,274
Common shares outstanding	5,431,551		5,436,106		5,444,930		5,399,972		5,399,367
Book value per common share	$                       37.51		$                  35.58		$             34.48		$             34.03		$             32.48
Tangible book value per common share	$                       23.97		$                  21.34		$             20.18		$             19.54		$             17.91
Securitites held to maturity (fair value)	$                   271,129		$              264,807		$         271,724		$         279,117		$         264,859

 

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
	2024		2024		2024		2023
Interest Income
Interest and fees on loans	$           28,810		$           28,118		$                 83,274		$             70,967
Taxable securities	3,336		3,441		10,135		11,051
Tax-exempt securities	514		517		1,551		2,219
Federal funds sold	4		10		26		1,157
Interest bearing bank balances	749		802		2,344		393
Total interest income	33,413		32,888		97,330		85,787
Interest Expense
Deposits	11,748		11,438		33,637		15,804
Short-term borrowings	6		7		14		141
Federal Home Loan Bank advances	-		-		-		358
Other borrowings	445		542		1,558		1,682
Total interest expense	12,199		11,987		35,209		17,985
Net Interest Income	21,214		20,901		62,121		67,802
Provision for Credit Losses	525		525		1,575		1,625
Net Interest Income After Provision for Loan Losses	20,689		20,376		60,546		66,177
Noninterest Income
Service charges on deposit accounts	2,579		2,445		7,503		7,523
Mortgage income	818		858		2,350		1,974
Interchange income	1,370		1,665		4,466		4,124
Net realized gains (losses) on available-for-sale securities	-		(194)		(194)		(1,403)
Gains (losses) on retirement of subordinated debt	-		956		956
Grant Income	280				280		6,197
Other	2,412		2,128		6,602		3,311
Total noninterest income	7,459		7,858		21,963		21,726
Noninterest Expense
Salaries and employee benefits	10,938		11,252		33,250		31,888
Net occupancy expenses	1,285		1,236		3,864		3,920
Equipment and data processing expenses	1,774		1,790		5,537		5,656
Other	6,021		5,437		17,056		18,534
Total noninterest expense	20,018		19,715		59,707		59,998
Income Before Income Taxes	8,130		8,519		22,802		27,905
Provision for Income Taxes	1,767		1,997		4,913		6,196
Net Income	$             6,363		$             6,522		$                 17,889		$             21,709
Basic/Diluted Earnings Per Common Share	$               0.97		$               1.09		$                     2.99		$                 4.03

 

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
	2024		2024		2024		2023		2023
Interest Income
Interest and fees on loans	$           28,810		$           27,983		$           26,481		$           26,161		$           25,027
Taxable securities	3,336		3,441		3,358		3,483		3,583
Tax-exempt securities	514		517		520		530		533
Federal funds sold	4		10		12		202		333
Interest bearing bank balances	749		802		793		841		354
Total interest income	33,413		32,753		31,164		31,217		29,830
Interest Expense
Deposits	11,748		11,438		10,451		9,036		7,250
Short-term borrowings	6		7		1		-		42
Federal Home Loan Bank advances	-		-		-		-		336
Other borrowings	445		542		571		582		590
Total interest expense	12,199		11,987		11,023		9,618		8,218
Net Interest Income	21,214		20,766		20,141		21,599		21,612
Provision for Loan Losses	525		525		525		360		875
Net Interest Income After Provision for Credit Losses	20,689		20,241		19,616		21,239		20,737
Noninterest Income
Service charges on deposit accounts	2,579		2,445		2,479		2,477		2,298
Mortgage income	818		858		674		542		683
Interchange income	1,370		1,665		1,431		1,355		1,263
Net realized gains (losses)  on available-for-sale securities	-		(194)		-		112		(1,471)
Gains (losses) on retirement of subordinated debt	-		956		-		-		-
Grant Income	280		-		-		-		6,197
Other	2,412		2,263		1,927		1,636		1,132
Total noninterest income	7,459		7,993		6,511		6,122		10,102
Noninterest Expense
Salaries and employee benefits	10,938		11,252		11,060		10,065		10,267
Net occupancy expenses	1,285		1,236		1,343		1,275		1,351
Equipment and data processing expenses	1,774		1,790		1,973		3,824		1,836
Other	6,021		5,437		5,598		4,043		6,584
Total noninterest expense	20,018		19,715		19,974		19,207		20,038
Income Before Income Taxes	8,130		8,519		6,153		8,154		10,801
Provision for Income Taxes	1,767		1,997		1,149		1,662		2,440
Net Income	$             6,363		$             6,522		$             5,004		$             6,492		$             8,361
Basic/Diluted Earnings Per Common Share	$               0.97		$               1.09		$               0.93		$               1.20		$               1.55

 

BankFirst Capital Corporation Unaudited Selected Other Financial Information (In Thousands)
		September 30		June 30		March 31		December 31		September 30
Asset Quality		2024		2024		2024		2023		2023
Nonaccrual Loans		13,182		11,292		11,420		9,615		12,716
Restructured Loans		4,599		5,102		5,178		5,303		8,209
OREO		-		-		64		1		1
90+ still accruing		31		138		75		520		107
Non-performing Assets (excluding restructured)1		13,213		11,430		11,559		10,136		12,824
Allowance for credit loss to total loans		1.27 %		1.29 %		1.35 %		1.33 %		1.33 %
Allowance for credit loss to non-performing assets1		176 %		208 %		211 %		237 %		185 %
Non-performing assets1 to total assets		0.47 %		0.41 %		0.42 %		0.37 %		0.47 %
Non-performing assets1 to total loans and OREO		0.72 %		0.62 %		0.64 %		0.56 %		0.72 %
Annualized net charge-offs to average loans		0.05 %		0.06 %		0.02 %		0.00 %		0.02 %
Net charge-offs (recoveries)		944		1,137		277		-		413
Capital Ratios 2
CET1 Ratio		7.36 %		6.88 %		6.58 %		6.49 %		6.16 %
CET1 Capital		137,619		131,735		125,316		119,580		113,663
Tier 1 Ratio		18.25 %		17.51 %		17.25 %		17.52 %		17.19 %
Tier 1 Capital		340,941		335,066		328,652		322,916		317,004
Total Capital Ratio		19.90 %		19.15 %		19.29 %		19.58 %		19.25 %
Total Capital		371,820		366,506		367,498		360,996		355,088
Risk Weighted Assets		1,868,584		1,913,609		1,905,373		1,843,587		1,844,314
Tier 1 Leverage Ratio		12.50 %		12.49 %		12.39 %		12.17 %		12.15 %
Total Average Assets for Leverage Ratio		2,728,597		2,683,525		2,653,494		2,653,106		2,609,072
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)
	September 30		June 30		March 31		December 31		September 30
	2024		2024		2024		2023		2023
Book value per common share - GAAP	$              37.51		$              35.58		$              34.48		$              34.03		$              32.48
Total common stockholders' equity - GAAP	203,720		193,432		187,727		183,757		175,347
Adjustment for Intangibles	73,500		73,888		77,851		78,256		78,661
Tangible common stockholders' equity - non-GAAP	130,220		119,544		109,876		109,095		96,686
Tangible book value per common share - non-GAAP	$              23.97		$              21.34		$              20.18		$              19.54		$              17.91

 

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SOURCE BankFirst Capital Corporation

FAQ

What was BankFirst Capital 's (BFCC) net income for Q3 2024?

BankFirst Capital reported net income of $6.4 million, or $0.97 per share, for the third quarter of 2024.

How much did BFCC's total deposits grow in Q3 2024?

BFCC's total deposits increased 3% to $2.4 billion at September 30, 2024 from $2.3 billion at September 30, 2023.

What was BFCC's net interest margin in Q3 2024?

BFCC's net interest margin was 3.44% in the third quarter of 2024, a decrease from 3.55% in the third quarter of 2023.

What was BFCC's loan-to-deposit ratio as of September 30, 2024?

The ratio of loans to deposits was 78.0% as of September 30, 2024.