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Bankfirst Corp

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

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

 

Cision View original content:https://www.prnewswire.com/news-releases/bankfirst-capital-corporation-reports-third-quarter-2024-earnings-of-6-4-million-302289079.html

SOURCE BankFirst Capital Corporation