Bankfirst Corp

OTCQX US Premier:BFCCUnited States

Oct 28, 2024

Show headlines and story abstract

• BANKFIRST CAPITAL CORPORATION Reports Third Quarter 2024 Earnings of $6.4 Million, from 5:00PM ET on Monday Oct 28, 2024 by PR Newswire

  5:00PM ET on Monday Oct 28, 2024 by PR Newswire
  Companies Mentioned: BFCC

  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.

• *DJ BankFirst Capital 3Q Net $6.36M >BFCC, from 5:00PM ET on Monday Oct 28, 2024 by Dow Jones

  5:00PM ET on Monday Oct 28, 2024 by Dow Jones
  Companies Mentioned: BFCC
  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 December 30 June 30 March 31 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 assets(1) 176 % 208 % 211 % 237 % 185 % Non-performing assets(1) to total assets 0.47 % 0.41 % 0.42 % 0.37 % 0.47 % Non-performing assets(1) 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