BANKFIRST CAPITAL CORPORATION Reports First Quarter 2026 Earnings of $8.39 Million
Rhea-AI Summary
BankFirst Capital Corporation (OTCQX: BFCC) reported Q1 2026 net income of $8.39 million, or $1.43 per share, versus $6.43 million, or $0.98 per share, in Q1 2025. Key metrics: net interest income $28.51 million, total assets $3.36 billion, total loans $2.24 billion, and total deposits $2.85 billion as of March 31, 2026.
Management highlighted net interest margin expansion to 3.90%, strong credit metrics, a $10.0 million stock repurchase program and $248.57 million of senior preferred issued to the U.S. Treasury under ECIP.
Positive
- Net interest income increased to $28.51M in Q1 2026
- Total loans grew 23% year-over-year to $2.24B
- Total assets rose 17.5% year-over-year to $3.36B
- Net interest margin expanded to 3.90% in Q1 2026
- Stock repurchase program authorized for up to $10.0M; 177,583 shares repurchased to date
Negative
- Q1 2026 net income of $8.39M declined from $10.17M in Q4 2025
- Senior preferred outstanding to Treasury totals $248.57M, representing a material capital instrument
- Provision for credit losses was $0.90M in Q1 2026 versus a negative provision in Q4 2025 due to accounting adoption
News Market Reaction – BFCC
In the Apr 28 session, BFCC gained 0.33%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
First Quarter 2026 Highlights:
- Net income totaled
$8.39 million $1.43 $6.43 million $0.98 - Net interest income totaled
$28.51 million $21.93 million $6.58 million 30% . - Total assets increased
17.5% to$3.36 billion $2.86 billion - Total gross loans equaled
$2.24 billion 23% from$1.82 billion - Total deposits increased
18.5% to$2.85 billion $2.41 billion - Management believes that credit quality remains strong with the ratio of non-performing assets (excluding restructured loans) to total assets equal to
0.49% as of March 31, 2026 compared to0.51% as of March 31, 2025.
Recent Developments
- As previously reported, on May 21, 2025, the Company's Board of Directors authorized a stock repurchase program pursuant to which the Company may repurchase up to
$10.0 million - As previously disclosed, the Company closed on the issuance of
$175.00 million U.S. Department of the Treasury ("Treasury") pursuant to the Emergency Capital Investment Program ("ECIP") in April 2022. The Company assumed an additional$43.57 million $30.00 million $30.0 million $248.57 million $777 thousand 1.25% . Based on the Company's lending performance through the first quarter of 2026, management expects to maintain eligibility for the1.25% dividend rate for the upcoming annual cycle (encompassing the second quarter of 2026 through the first quarter of 2027), subject to the continued satisfaction of ECIP requirements. - As previously disclosed, the Company entered into an ECIP Securities Purchase Option Agreement (the "ECIP Option Agreement") with Treasury, pursuant to which Treasury granted to the Company an option to purchase all of the Senior Preferred. The purchase option may not be exercised unless and until at least one of the following "Threshold Conditions" defined under the Option Agreement has been met: (1) over any sixteen consecutive quarters, an average of at least
60% of the Company's Total Originations, as defined in the ECIP Disposition Policy promulgated by the Treasury (the "Policy"), qualifies as "Deep Impact Lending," as defined pursuant to the Policy (the "Deep Impact Condition"); (2) over any twenty-four consecutive quarters, an average of at least85% of the Company's Total Originations qualifies as "Qualified Lending," as defined pursuant to the Policy (the "Qualified Lending Condition"); or (3) the Senior Preferred has a dividend rate of no more than0.5% at each of six consecutive Reset Dates, as defined pursuant to the Policy. The earliest possible date by which a Threshold Condition may be met is June 30, 2026. As of March 31, 2026, the Company has met the Qualified Lending Condition for 15 consecutive quarters. Assuming the Company continues to satisfy the Qualified Lending Condition, as well as complying with the other ECIP program requirements and completing the necessary ECIP Option Agreement closing conditions, the Company may exercise its option to repurchase the Senior Preferred as early as after the second quarter of 2028. The Company cautions readers that no assurances can be made regarding (i) the Company's continued satisfaction of any of the Threshold Conditions in future periods, and (ii) the continued availability of the purchase option under the ECIP Option Agreement or the Policy in future periods due to external conditions or factors beyond the Company's control. Furthermore, the Company's future willingness or ability to exercise its option to repurchase the Senior Preferred is not guaranteed.
CEO Commentary
Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "the first quarter of 2026 was highlighted by steady organic loan and deposit growth, a decline in our cost of funds fueling our continued net interest margin expansion, and strong credit quality in our portfolio. In addition, I am proud to announce that we officially opened our new corporate headquarters and training facility in
Financial Condition and Results of Operations
Total assets were
Total deposits as of March 31, 2026 were
The Company's consolidated cost of funds was
The ratio of loans to deposits was
Net interest income was
Noninterest income was
Noninterest expense was
As of March 31, 2026, tangible common book value per share (non-GAAP) was
Credit Quality
For the first quarter of 2026, the Company recognized a
The Company recorded
As of March 31, 2026, the allowance for credit losses equaled
The Company continues to closely monitor credit quality in light of the ongoing economic uncertainty caused by, among other factors, the prolonged elevated market interest rate environment, the lingering inflationary pressures, as well as the risk of the resurgence of elevated levels of inflation, in the United Stated and our market areas, persistent ambiguity surrounding
Capital Position
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
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
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. The three months ended September 30, 2025 was the first reporting period for which the Company no longer operates under the Small Bank Holding Company Policy Statement of the Board of Governors of the Federal Reserve System (the "Federal Reserve"), at which time the Company became 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 March 31, 2026, the Bank's bank-only CBLR amounted to
Included in shareholders' equity at March 31, 2026 was an unrealized loss in accumulated other comprehensive income of
Our investment securities portfolio made up
ABOUT BANKFIRST CAPITAL CORPORATION
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in
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
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
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: (i) the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; (ii) slower economic growth rates or potential recession in
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
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 | |||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||
2026 | 2025 | 2025 | 2025 | 2025 | |||||
Assets | |||||||||
Cash and due from banks | $ 91,193 | $ 93,000 | $ 94,010 | $ 153,940 | $ 115,209 | ||||
Interest bearing bank balances | 179,720 | 169,445 | 162,841 | 90,881 | 172,725 | ||||
Federal funds sold | - | - | 38,350 | - | - | ||||
Securities available for sale at fair value | 291,908 | 274,052 | 286,721 | 244,971 | 225,933 | ||||
Securities held to maturity | 285,199 | 289,417 | 293,590 | 297,827 | 302,567 | ||||
Loans | 2,239,845 | 2,204,793 | 2,198,196 | 1,837,669 | 1,819,682 | ||||
Allowance for credit losses | (29,416) | (28,808) | (27,579) | (24,050) | (23,541) | ||||
Loans, net of allowance for credit losses | 2,210,429 | 2,175,985 | 2,170,617 | 1,813,619 | 1,796,141 | ||||
Premises and equipment | 94,984 | 92,609 | 90,717 | 75,013 | 71,892 | ||||
Interest receivable | 13,099 | 12,642 | 12,971 | 11,909 | 11,911 | ||||
Goodwill | 83,890 | 83,890 | 83,630 | 66,965 | 66,966 | ||||
Other intangible assets | 15,565 | 16,122 | 16,731 | 8,897 | 9,283 | ||||
Bank owned life insurance | 69,162 | 69,149 | 68,684 | 65,935 | 65,674 | ||||
Other | 21,968 | 23,111 | 22,811 | 20,345 | 19,268 | ||||
Total assets | $ 3,357,117 | $ 3,299,422 | $ 3,341,673 | $ 2,850,302 | $ 2,857,569 | ||||
Liabilities and Stockholders' Equity | |||||||||
Liabilities | |||||||||
Noninterest bearing deposits | $ 619,202 | $ 606,926 | $ 639,101 | $ 514,375 | $ 533,144 | ||||
Interest bearing deposits | 2,232,579 | 2,190,848 | 2,204,028 | 1,865,157 | 1,873,165 | ||||
Total deposits | 2,851,781 | 2,797,774 | 2,843,129 | 2,379,532 | 2,406,309 | ||||
Notes payable | 22,083 | 22,771 | 23,458 | 14,180 | 4,718 | ||||
Subordinated debt | 22,113 | 22,118 | 22,123 | 22,128 | 22,132 | ||||
Interest payable | 7,144 | 7,315 | 7,812 | 7,770 | 7,130 | ||||
Other | 30,609 | 30,310 | 27,202 | 22,131 | 19,721 | ||||
Total liabilities | 2,933,730 | 2,880,288 | 2,923,724 | 2,445,741 | 2,460,010 | ||||
Stockholders' Equity | |||||||||
Preferred stock | 196,706 | 196,706 | 196,706 | 188,680 | 188,680 | ||||
Common stock | 1,594 | 1,599 | 1,630 | 1,631 | 1,633 | ||||
Additional paid-in capital | 56,004 | 58,297 | 62,625 | 63,178 | 63,000 | ||||
Retained earnings | 174,918 | 167,301 | 163,531 | 159,013 | 153,221 | ||||
Accumulated other comprehensive income | (5,835) | (4,769) | (6,543) | (7,941) | (8,975) | ||||
Total stockholders' equity | 423,387 | 419,134 | 417,949 | 404,561 | 397,559 | ||||
Total liabilities and stockholders' equity | $ 3,357,117 | $ 3,299,422 | $ 3,341,673 | $ 2,850,302 | $ 2,857,569 | ||||
Common shares outstanding | 5,314,135 | 5,331,577 | 5,432,924 | 5,437,657 | 5,444,362 | ||||
Book value per common share | $ 42.66 | $ 41.72 | $ 40.72 | $ 39.70 | $ 38.37 | ||||
Tangible book value per common share | $ 24.57 | $ 23.58 | $ 22.81 | $ 26.39 | $ 25.00 | ||||
Securitites held to maturity (fair value) | $ 247,139 | $ 252,291 | $ 254,010 | $ 253,377 | $ 256,204 | ||||
BankFirst Capital Corporation | ||||
For the Three Months Ended | ||||
March | December | |||
2026 | 2025 | |||
Interest Income | ||||
Interest and fees on loans | $ 35,258 | $ 35,429 | ||
Taxable securities | 3,565 | 3,803 | ||
Tax-exempt securities | 598 | 580 | ||
Federal funds sold | - | 246 | ||
Interest bearing bank balances | 1,737 | 1,625 | ||
Total interest income | 41,158 | 41,683 | ||
Interest Expense | ||||
Deposits | 11,986 | 12,709 | ||
Short-term borrowings | - | 2 | ||
Debentures | 120 | 119 | ||
Other borrowings | 547 | 563 | ||
Total interest expense | 12,653 | 13,393 | ||
Net Interest Income | 28,505 | 28,290 | ||
Provision for Credit Losses | 900 | (2,906) | ||
Net Interest Income After Provision for Loan Losses | 27,605 | 31,196 | ||
Noninterest Income | ||||
Service charges on deposit accounts | 2,779 | 2,719 | ||
Mortgage income | 654 | 721 | ||
Interchange income | 1,793 | 1,908 | ||
Net realized gains (losses) on available-for-sale securities | 1 | 21 | ||
Other | 1,857 | 1,642 | ||
Total noninterest income | 7,084 | 7,011 | ||
Noninterest Expense | ||||
Salaries and employee benefits | 13,409 | 12,231 | ||
Net occupancy expenses | 1,700 | 1,663 | ||
Equipment and data processing expenses | 2,311 | 2,372 | ||
Other | 6,999 | 8,557 | ||
Total noninterest expense | 24,419 | 24,823 | ||
Income Before Income Taxes | 10,270 | 13,384 | ||
Provision for Income Taxes | 1,876 | 3,219 | ||
Net Income | 8,394 | 10,165 | ||
Preferred stock dividends | (777) | (777) | ||
Net Income available to common shareholders | $ 7,617 | $ 9,388 | ||
Basic Earnings Per Common Share | $ 1.43 | $ 1.74 | ||
BankFirst Capital Corporation | |||||||||
Quarter Ended | |||||||||
March | December | September | June | March | |||||
2026 | 2025 | 2025 | 2025 | 2025 | |||||
Interest Income | |||||||||
Interest and fees on loans | $ 35,258 | $ 35,429 | $ 36,548 | $ 29,142 | $ 28,420 | ||||
Taxable securities | 3,565 | 3,803 | 3,798 | 3,475 | 3,129 | ||||
Tax-exempt securities | 598 | 580 | 664 | 543 | 524 | ||||
Federal funds sold | - | 246 | 439 | - | - | ||||
Interest bearing bank balances | 1,737 | 1,625 | 1,394 | 1,481 | 1,162 | ||||
Total interest income | 41,158 | 41,683 | 42,843 | 34,641 | 33,235 | ||||
Interest Expense | |||||||||
Deposits | 11,986 | 12,709 | 13,122 | 11,167 | 10,910 | ||||
Short-term borrowings | - | 2 | - | - | - | ||||
Debentures | 120 | 119 | 189 | 120 | 120 | ||||
Other borrowings | 547 | 563 | 508 | 287 | 275 | ||||
Total interest expense | 12,653 | 13,393 | 13,819 | 11,574 | 11,305 | ||||
Net Interest Income | 28,505 | 28,290 | 29,024 | 23,067 | 21,930 | ||||
Provision for Loan Losses | 900 | (2,906) | 5,706 | 850 | 600 | ||||
Net Interest Income After Provision for Credit Losses | 27,605 | 31,196 | 23,318 | 22,217 | 21,330 | ||||
Noninterest Income | |||||||||
Service charges on deposit accounts | 2,779 | 2,719 | 2,609 | 2,374 | 2,372 | ||||
Mortgage income | 654 | 721 | 828 | 758 | 759 | ||||
Interchange income | 1,793 | 1,908 | 1,383 | 1,862 | 1,292 | ||||
Net realized gains (losses) on available-for-sale securities | 1 | 21 | - | 1 | - | ||||
Other | 1,857 | 1,642 | 2,294 | 2,065 | 2,207 | ||||
Total noninterest income | 7,084 | 7,011 | 7,114 | 7,060 | 6,630 | ||||
Noninterest Expense | |||||||||
Salaries and employee benefits | 13,409 | 12,231 | 13,385 | 11,344 | 11,425 | ||||
Net occupancy expenses | 1,700 | 1,663 | 1,651 | 1,329 | 1,315 | ||||
Equipment and data processing expenses | 2,311 | 2,372 | 2,041 | 1,802 | 1,813 | ||||
Other | 6,999 | 8,557 | 6,781 | 5,780 | 5,497 | ||||
Total noninterest expense | 24,419 | 24,823 | 23,858 | 20,255 | 20,050 | ||||
Income Before Income Taxes | 10,270 | 13,384 | 6,574 | 9,022 | 7,910 | ||||
Provision for Income Taxes | 1,876 | 3,219 | 1,371 | 2,139 | 1,484 | ||||
Net Income | 8,394 | 10,165 | 5,203 | 6,883 | 6,426 | ||||
Preferred stock dividends | (777) | (777) | (683) | (1,093) | (1,093) | ||||
Net Income available to common shareholders | $ 7,617 | $ 9,388 | $ 4,520 | $ 5,790 | $ 5,333 | ||||
Basic Earnings Per Common Share | $ 1.43 | $ 1.74 | $ 0.83 | $ 1.07 | $ 0.98 | ||||
BankFirst Capital Corporation | ||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | ||||||
Asset Quality | 2026 | 2025 | 2025 | 2025 | 2025 | |||||
Nonaccrual Loans | 14,399 | 14,378 | 14,883 | 13,889 | 14,683 | |||||
Restructured Loans | 4,657 | 4,954 | 5,072 | 3,679 | 3,705 | |||||
OREO | - | - | 293 | - | - | |||||
90+ still accruing | 183 | 335 | 41 | 403 | - | |||||
Non-performing Assets (excluding restructured)1 | 16,583 | 14,714 | 15,217 | 14,292 | 14,683 | |||||
Allowance for credit loss to total loans | 1.31 % | 1.31 % | 1.25 % | 1.31 % | 1.29 % | |||||
Allowance for credit loss to non-performing assets1 | 177 % | 196 % | 181 % | 168 % | 160 % | |||||
Non-performing assets1 to total assets | 0.49 % | 0.45 % | 0.46 % | 0.49 % | 0.51 % | |||||
Non-performing assets1 to total loans and OREO | 0.74 % | 0.67 % | 0.69 % | 0.76 % | 0.81 % | |||||
Annualized net charge-offs to average loans | 0.01 % | 0.01 % | 0.11 % | 0.02 % | 0.03 % | |||||
Net charge-offs (recoveries) | 293 | 222 | 2,177 | 341 | 586 | |||||
Performance Ratios | ||||||||||
Net interest margin | 3.90 | 3.79 | 3.94 | 3.71 | 3.57 | |||||
Return on average tangible common equity | 23.78 | 30.09 | 13.52 | 16.56 | 12.63 | |||||
Return on average assets | 1.13 | 1.81 | 0.96 | 1.45 | 1.27 | |||||
Efficiency ratio | 68.61 | 64.53 | 66.02 | 67.23 | 70.20 | |||||
Earnings per share | 1.43 | 1.74 | 0.83 | 1.07 | 0.98 | |||||
Capital Ratios 2 | ||||||||||
CET1 Ratio | 6.10 % | 5.75 % | 5.88 % | 8.09 % | 7.86 % | |||||
CET1 Capital | 136,380 | 130,466 | 130,669 | 151,445 | 145,109 | |||||
Tier 1 Ratio | 15.54 % | 15.07 % | 15.39 % | 18.95 % | 18.88 % | |||||
Tier 1 Capital | 347,699 | 341,790 | 342,002 | 354,752 | 348,426 | |||||
Total Capital Ratio | 16.80 % | 16.33 % | 16.64 % | 20.24 % | 20.14 % | |||||
Total Capital | 375,699 | 370,598 | 369,806 | 378,802 | 371,689 | |||||
Risk Weighted Assets | 2,236,754 | 2,267,335 | 2,222,690 | 1,871,561 | 1,845,892 | |||||
Tier 1 Leverage Ratio | 10.66 % | 10.68 % | 10.54 % | 12.77 % | 12.51 % | |||||
Total Average Assets for Leverage Ratio | 3,260,981 | 3,199,082 | 3,244,522 | 2,777,925 | 2,784,824 | |||||
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 elected the Community Bank Leverage Ratio Framework, the Company is not subject to regulatory capital requirements. | ||||||||||
This information has been prepared for informational purposes as if the Company were subject to such regulatory requirements. | ||||||||||
BankFirst Capital Corporation | |||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||
2026 | 2025 | 2025 | 2025 | 2025 | |||||
Book value per common share - GAAP | $ 42.66 | $ 41.72 | $ 40.72 | $ 39.70 | $ 38.37 | ||||
Total common stockholders' equity - GAAP | 226,681 | 222,428 | 221,243 | 215,881 | 208,879 | ||||
Adjustment for Intangibles | 99,455 | 96,731 | 97,343 | 72,377 | 72,744 | ||||
Tangible common stockholders' equity - non-GAAP | 127,226 | 125,697 | 123,900 | 143,504 | 136,135 | ||||
Tangible book value per common share - non-GAAP | $ 24.57 | $ 23.58 | $ 22.81 | $ 26.39 | $ 25.00 | ||||
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SOURCE BankFirst Capital Corporation