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About BankFirst Capital Corporation (BFCC)
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi. Through its wholly-owned subsidiary, BankFirst Financial Services, it operates a network of branches and loan production offices across Mississippi and Alabama, making it a prominent community-focused financial institution in the region. Founded in 1888, BankFirst combines over a century of banking expertise with a commitment to serving local communities through innovative financial solutions and personalized customer service.
Core Business and Services
BankFirst offers a comprehensive suite of financial products and services tailored to meet the needs of individuals, businesses, and underserved communities. Its offerings include:
- Consumer and commercial deposit accounts, including checking, savings, and money market accounts.
- Lending solutions such as commercial loans, mortgage loans, and personal loans.
- Specialized services like merchant services, remote deposit capture, and treasury management.
- Digital banking tools, including internet banking and mobile banking, for seamless financial management.
Additionally, the company is deeply involved in mortgage banking, providing both secondary market mortgage origination and in-house mortgage retention services, which contribute to its diversified revenue streams.
Market Presence and Geographic Footprint
BankFirst operates a robust network of branches and loan production offices, strategically located to serve communities in Mississippi and Alabama. Key markets include cities such as Columbus, Jackson, and Tuscaloosa, where the bank has established a strong local presence. This geographic focus enables BankFirst to build deep relationships with its customers and understand the unique financial needs of its markets.
Commitment to Community Development
As a Community Development Financial Institution (CDFI), BankFirst is dedicated to supporting economic growth in low-income and underserved communities. Its participation in the Emergency Capital Investment Program (ECIP) underscores its commitment to fostering financial inclusion and providing access to capital for small businesses and minority-owned enterprises. This focus on community impact sets BankFirst apart from larger, national banks.
Financial Strength and Stability
BankFirst maintains a strong financial position, with total assets of approximately $2.8 billion as of December 31, 2024. It adheres to the Community Bank Leverage Ratio (CBLR) framework, ensuring compliance with regulatory capital requirements. The bank's liquidity strategy includes minimal reliance on wholesale funding and access to substantial borrowing capacity through the Federal Home Loan Bank (FHLB) and other sources. These measures reflect its prudent risk management and financial resilience.
Competitive Positioning
BankFirst differentiates itself through its local ownership, community-focused approach, and personalized service. Unlike larger, impersonal financial institutions, BankFirst leverages its deep understanding of regional markets to provide tailored solutions. Its emphasis on credit quality, stable deposit growth, and diversified income streams positions it as a reliable and trusted financial partner for its customers.
Regulatory and Risk Management
The company operates under a rigorous regulatory framework, including the Basel III Rules and the CBLR framework. Its strong credit quality metrics, low levels of non-performing assets, and proactive monitoring of economic conditions demonstrate its commitment to maintaining financial stability. BankFirst's allowance for credit losses and conservative lending practices further mitigate risk, ensuring long-term sustainability.
Conclusion
BankFirst Capital Corporation stands out as a resilient, community-focused financial institution with a long history of serving its markets. Its strategic emphasis on local engagement, financial inclusion, and prudent risk management makes it a key player in the regional banking landscape. With a strong foundation and commitment to growth, BankFirst is well-positioned to navigate the evolving financial environment and continue delivering value to its stakeholders.
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.
BankFirst Capital Corporation (OTCQX: BFCC) reported a fourth-quarter net income of $4.4 million or $0.84 per share, down from $5.3 million or $1.01 per share in Q3 2021, but up from $3.9 million or $0.76 per share in Q4 2020. For the entire year, net income reached $18.3 million, or $3.47 per share, a 36% increase compared to 2020. The company completed the acquisition of The Citizens Bank of Fayette, increasing total assets to approximately $2 billion. Participation in the Emergency Capital Investment Program could provide up to $175 million in investments.
BankFirst Capital Corporation (OTCQX:BFCC) has completed its acquisition of The Citizens Bank of Fayette, expanding its operations to 32 offices across Mississippi and Alabama. This strategic move increases BankFirst's total assets to approximately $2.0 billion, gross loans to $1.2 billion, and total deposits to $1.8 billion. Key executives from Citizens Bank are joining BankFirst, enhancing leadership in the Fayette region. The transaction is expected to create synergies and strengthen the bank's presence in the southeastern U.S.
BankFirst Capital Corporation (OTCQX: BFCC) has declared a cash dividend of $0.68 per share, payable on December 10, 2021, to shareholders of record as of December 1, 2021. This announcement was made by Moak Griffin, President and CEO of the company. BankFirst Capital Corporation, based in Columbus, Mississippi, has approximately $1.8 billion in total assets and operates numerous branches across Mississippi and Alabama.
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.
BankFirst Capital Corporation (OTCQX:BFCC) has signed a merger agreement with F.B.H. Corporation to acquire The Citizens Bank of Fayette, Alabama. The transaction, which is expected to close in Q4 2021, was unanimously approved by both boards and requires shareholder and regulatory approval. Upon completion, BankFirst will operate 32 offices in Mississippi and Alabama, with total assets surpassing $2.0 billion. Both companies emphasized their cultural alignment and commitment to community banking.
BankFirst Capital Corporation (OTCQX:BFCC) announced the opening of a new loan production office in Biloxi, Mississippi on September 27, 2021. This move marks the company's expansion into the Biloxi market, which is expected to bolster growth opportunities. Additionally, the company has converted its existing mortgage production office in Oxford, Mississippi, into a loan production office to better serve increasing demand for its loan products. BankFirst is a locally owned financial institution with $1.8 billion in assets, headquartered in Columbus, Mississippi.
BankFirst Capital Corporation (OTCQX: BFCC) reported a net income of $4.3 million, or $0.81 per share, for Q2 2021, consistent with Q1 2021 and up 39% from Q2 2020. For the first half of 2021, net income reached $8.6 million, up 18% from $6.1 million in 2020. Total assets increased to $1.8 billion, an 18% rise year-over-year. Non-interest income saw a slight decline, primarily due to a first-quarter grant. The company maintained a strong credit quality, with non-performing assets at 0.63%. Total deposits rose to $1.58 billion, reflecting organic growth and PPP participation.
BankFirst Capital Corporation (OTCQX: BFCC) has reported a record quarterly net income of $4.3 million or $0.81 per share for Q1 2021, reflecting a 48% increase year-over-year. Total assets have risen 35% to $1.78 billion compared to Q1 2020, largely due to organic growth and participation in the Paycheck Protection Program (PPP). Non-interest income increased 32% to $6 million, driven by higher mortgage lending income. However, net interest income decreased 1% to $12.7 million due to Federal Reserve interest rate cuts, and net loans outstanding were down 1% from the previous quarter.
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