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BankFirst Capital Corporation (BFCC) reports company developments tied to its role as the public parent of BankFirst Financial Services, its wholly owned subsidiary bank. Recurring news includes operating and financial results, cash dividend declarations, capital-structure disclosures, governance matters, shareholder voting items and material agreements.
The company's updates focus on bank holding company actions, common-stock dividends, board-level decisions and financial reporting for an OTCQX-traded issuer.
BankFirst Capital (OTCQX: BFCC) reported Q4 2024 net income of $7.7 million ($1.21 per share), up from $6.4 million in Q3 2024 and $6.5 million in Q4 2023. Full-year 2024 net income was $25.6 million ($4.20 per share), compared to $28.2 million in 2023.
Key highlights include: total assets increased 3% to $2.8 billion, total gross loans grew 2% to $1.9 billion, and deposits rose 3% to $2.4 billion year-over-year. Net interest income reached $22.2 million in Q4 2024, with net interest margin improving to 3.59%. The company maintains strong liquidity with available sources totaling $979.2 million.
Credit quality remains robust with non-performing assets to total assets at 0.61%. The company received a $1.1 million CDFI Financial Assistance Program grant and paid a $1.00 per share cash dividend in December 2024. Under its stock repurchase program, BFCC bought back 2,000 shares for approximately $79,000 in Q4 2024.
BankFirst Capital (OTCQX: BFCC) has entered into an ECIP Securities Purchase Option Agreement with the U.S. Treasury, granting BFCC an option to purchase all 218,585 shares of its Senior Non-Cumulative Preferred Stock held by Treasury. The shares include 175,000 issued on April 26, 2022, and 43,585 issued on September 19, 2023, following BFCC's acquisition of Mechanics Banc Holding Company.
The purchase option extends for fifteen years from the Original Closing Date, with the purchase price expected to be at a substantial discount from face value. However, during the first ten years, exercise requires meeting specific Threshold Conditions: either achieving 60% Deep Impact Lending over 16 quarters, 85% Qualified Lending over 24 quarters, or maintaining a 0.5% dividend rate for six consecutive Reset Dates.
The earliest possible date to meet these conditions is June 30, 2026. Currently, BFCC has not met any Threshold Conditions and must maintain CDFI or MDI qualification among other criteria to exercise the option.
BankFirst Capital (OTCQX: BFCC) has declared a cash dividend of $1.00 per share. The dividend will be paid on December 10, 2024, to shareholders who are on record as of December 2, 2024. This announcement was made by President and CEO Moak Griffin, who expressed satisfaction with the company's 2024 dividend distribution.
BankFirst Capital (OTCQX: BFCC) reported Q3 2024 net income of $6.4 million, or $0.97 per share, compared to $6.5 million in Q2 2024 and $8.4 million in Q3 2023. Key metrics show total assets increased 2% to $2.8 billion, total gross loans grew 3% to $1.84 billion, and deposits rose 3% to $2.4 billion year-over-year. The bank maintains strong liquidity with approximately $985.2 million in available sources and credit quality remains robust with non-performing assets at 0.47%. Net interest income was $21.2 million with a margin of 3.44%, while the cost of funds was 2.04%.
BankFirst Capital (OTCQX: BFCC) reported net income of $6.5 million, or $1.09 per share, for Q2 2024, compared to $6.2 million in Q2 2023. Key highlights include:
- Total assets increased 3.6% to $2.8 billion
- Gross loans grew 5% to $1.8 billion
- Deposits rose 3.7% to $2.3 billion
- Net interest income was $20.9 million
- Net interest margin improved to 3.46%
- Credit quality remains strong with non-performing assets at 0.41%
The company announced a $10 million stock repurchase program and repurchased $7.5 million of subordinated notes. BankFirst also paid its first quarterly dividend of $595,000 on preferred stock issued to the U.S. Treasury under the Emergency Capital Investment Program.
BankFirst Capital (OTCQX: BFCC) has announced a stock repurchase program authorized by its board of directors. The program allows for the repurchase of up to $10 million of its common stock. Purchases may occur in the open market or through private negotiations and adhere to SEC regulations, including Rule 10b-18 and Rule 10b5-1. The repurchase program is set to expire on May 21, 2025, unless terminated or extended by the board. The actual repurchase volume will depend on stock performance, market conditions, and other factors. The board's authorization does not require a minimum repurchase amount.
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