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BankFirst Capital Corporation (OTCQX: BFCC), headquartered in Columbus, Mississippi, is a registered bank holding company with total assets of approximately $2.8 billion as of March 31, 2024. The company operates through its wholly-owned subsidiary, BankFirst Financial Services, which was established in 1888 and is locally owned and operated.
BankFirst Financial Services offers a diverse range of banking products and services for both businesses and consumers. These services include internet banking, no-fee ATM access, checking and savings accounts, certificates of deposit (CDs), money market accounts, merchant services, mortgage loans, and remote deposit capture. The Bank operates multiple branches across Mississippi and Alabama, as well as loan production offices in Biloxi and Brookhaven, Mississippi, and Birmingham and Huntsville, Alabama.
Recent achievements include a net income of $6.5 million for the fourth quarter of 2023, alongside strategic acquisitions and core data processing system upgrades. The company successfully transitioned to the Jack Henry SilverLake system in August 2023, which aims to enhance operational efficiency and customer service.
Financially, BankFirst has demonstrated robust growth. Total loans outstanding increased by 5% year-over-year, reaching $1.8 billion as of March 31, 2024. The company also maintains a strong liquidity position with no reliance on brokered deposits and substantial borrowing capacity from institutions like the Federal Home Loan Bank of Dallas and the Federal Reserve Bank's Discount Window.
Despite challenges such as rising market interest rates and increased competition for deposits, BankFirst has maintained a solid credit quality and capital position. The company's non-performing assets were at 0.42% of total assets as of March 31, 2024, and the allowance for credit losses was 1.35% of total loans. The company's consolidated cost of funds was 1.88% for the first quarter of 2024, reflecting the ongoing rise in market interest rates.
Looking forward, BankFirst aims to continue its growth trajectory while closely monitoring economic conditions and adapting to industry challenges. The company remains committed to providing exceptional banking services to its customers and delivering value to its shareholders.
BankFirst Capital Corporation (OTCQX: BFCC) reported strong financial results for Q4 2022, with net income reaching $7.0 million ($1.31 per share), up from $5.3 million ($1.00 per share) in Q3 2022 and $4.4 million ($0.84 per share) in Q4 2021. The company’s total assets increased 37% year-over-year to $2.5 billion, driven by significant loan and deposit growth. Total loans rose by 26% to $1.5 billion, while total deposits increased 32% to $2.1 billion. The company also completed acquisitions of Tate Financial Corporation and Mechanics Banc Holding Company, expanding its operations and asset base substantially.
BankFirst Capital Corporation (OTCQX: BFCC) has successfully completed its acquisition of Mechanics Banc Holding Company and its subsidiary, Mechanics Bank, effective January 1, 2023. With this acquisition, BankFirst expands its operations to 47 locations across Mississippi and Alabama, increasing its total assets to approximately $2.7 billion, gross loans to about $1.7 billion, and total deposits to roughly $2.4 billion. Key executives from Mechanics join BankFirst, enhancing its regional leadership.
BankFirst Capital Corporation (OTCQX: BFCC) declared a cash dividend of $0.85 per share on November 17, 2022. This dividend is payable on December 9, 2022, for shareholders recorded as of December 1, 2022. With total assets around $2.2 billion as of September 30, 2022, the company continues to exhibit confidence in shareholder returns through consistent dividend payments. This marks a continued commitment to rewarding investors amidst a stable financial backdrop.
BankFirst Capital Corporation (OTCQX:BFCC) has successfully completed its acquisition of Tate Financial Corporation and its subsidiary, Sycamore Bank, enhancing its operational footprint in Mississippi and Alabama. This strategic move expands BankFirst's network to 38 offices, with total assets now approximated at $2.5 billion, gross loans at $1.4 billion, and total deposits reaching $2.1 billion. Key executives from Sycamore Bank have transitioned to roles within BankFirst, signaling a consolidation of leadership.
BankFirst Capital Corporation (OTCQX: BFCC) announced a definitive merger agreement to acquire Mechanics Banc Holding Company, the parent of Mechanics Bank, for all-cash consideration. This transaction, approved by both boards, is expected to close in Q1 2023, pending shareholder and regulatory approvals. BankFirst aims to expand its presence in the Water Valley and Oxford markets, enhancing community banking services with over 264 years of combined experience. Post-merger, BankFirst will operate 47 offices across Mississippi and Alabama, boasting assets exceeding $2.7 billion.
BankFirst Capital Corporation (OTCQX:BFCC) announced the opening of a new loan production office (LPO) in Tupelo, Mississippi, enhancing its market presence in northeast Mississippi. The LPO, located at 431 West Main Street, will be overseen by Jamie Osbirn, who has over 20 years of banking experience in the area. With this addition, BankFirst now operates 36 offices across Mississippi and Alabama, boasting assets exceeding $2 billion. President Moak Griffin expressed enthusiasm for serving the community's lending needs with this expansion.
BankFirst Capital Corporation (OTCQX: BFCC) has announced the opening of a new loan production office in Birmingham, Alabama. This expansion aims to enhance their footprint in the Alabama market, with the new office being managed by Stephen Walker, who brings over 18 years of financial services experience. With the establishment of this office, BankFirst now operates 41 offices across Mississippi and Alabama, boasting total assets exceeding $2.0 billion as of March 31, 2022.
BankFirst Capital Corporation (OTCQX:BFCC) announced the successful issuance of $175.0 million in senior perpetual noncumulative preferred stock to the U.S. Department of the Treasury, part of the Emergency Capital Investment Program (ECIP). This investment qualifies as Tier 1 capital for regulatory purposes and will pay non-cumulative dividends quarterly, starting after a two-year period. The program supports small and minority-owned businesses in underserved areas. BankFirst aims to redeem the preferred stock after five years, pending regulatory approval.
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