BankFirst Capital Corporation Posts Strong Q1 Performance

Author: Logan Wright Updated: 04-25-2025 06:10 PM

BankFirst Capital Corporation Reports Positive Earnings for Q1

BankFirst Capital Corporation (OTCQX: BFCC), the parent entity of BankFirst Financial Services, has recently published its financial results for the first quarter of 2025. The company achieved commendable earnings of $6.43 million, translating to $0.98 per share. This figure represents a decrease compared to the fourth quarter of 2024, where earnings reached $7.67 million or $1.21 per share, yet shows a year-over-year increase from $5.00 million, or $0.93 per share, reported in the first quarter of 2024.

Key Highlights from Q1 2025

Several critical elements marked BankFirst's financial performance this quarter:

Net Income and Asset Growth

Net income comes in at $6.43 million for the first quarter, which reflects a 28.6% increase from the previous year. The company's net interest income has also seen a rise, totaling $21.93 million, which is an improvement compared to $20.14 million from the first quarter of last year.

Asset Overview

As of March 31, 2025, total assets rose by 3% to $2.86 billion, compared to $2.76 billion a year earlier. Additionally, gross loans increased 1% to $1.82 billion, and total deposits grew by 4% to $2.41 billion.

Liquidity and Credit Quality

BankFirst has maintained healthy liquidity levels and access to various funding sources. As of the first quarter, available liquidity sources amounted to approximately $989.73 million through the Federal Home Loan Bank and the Federal Reserve Bank discount window. Regarding credit quality, the company's non-performing assets as a percentage of total assets were recorded at 0.51%, compared to 0.42% the previous year, indicating strong asset performance.

Recent Company Developments

Proposed Merger Agreement

A significant highlight includes the company's agreement to acquire The Magnolia State Corporation, aimed at expanding its market presence. This deal is set to close pending approval by regulatory authorities and Magnolia shareholders.

Stock Repurchase Program

BankFirst's Board has authorized a stock buyback program allowing for the repurchase of up to $10 million worth of shares, signaling confidence in its stock and business model.

CEO Focus

Moak Griffin, President and CEO, expressed satisfaction with the quarterly results, emphasizing the solid growth and improved credit metrics. The company is confident about its trajectory amidst economic fluctuations and remains dedicated to strengthening its community bank partnerships.

Financial Overview

The company’s financial stability is underpinned by a solid asset base, a strong credit rating, and a focused strategy on risk management. BankFirst’s effective management of resources is commendable, evident by its strategic measures to mitigate risks.

Frequently Asked Questions

What is BankFirst Capital Corporation's net income for Q1 2025?

The net income for Q1 2025 was $6.43 million.

How much did total assets increase by in Q1 2025?

Total assets increased by 3% to $2.86 billion.

What percentage of non-performing assets does BankFirst have?

The percentage of non-performing assets is 0.51% as of March 31, 2025.

What recent merger agreement did BankFirst enter into?

BankFirst has entered into an agreement to acquire The Magnolia State Corporation, which will expand its market presence.

What is the purpose of the stock repurchase program?

The stock repurchase program aims to buy back up to $10 million in shares, reflecting management's confidence in the company’s stock value.

About The Author

Dedicated Author and financial expert Logan Wright here, 29 years old. After earning an economics degree, I spent a number of years working in different financial industries. My great passion is enabling everyone, from any background or experience level, to understand and be literate in financial matters.

My books and writings are centered on simplifying difficult financial ideas into doable, understandable guidance. Whether it's retirement planning, investing, or budgeting, I want to arm readers with the information they need to make wise financial choices and realize their financial objectives.

Apart from writing, I also frequently post to financial blogs and organize webinars and workshops targeted at enlightening participants about personal finance. Always, my strategy is to offer concise, doable advice that can truly improve people's lives.

Away from work, I like to read, travel, and sample new foods. My goal is to infuse everything I do with the balance that I think is essential to both financial and personal well-being. By my profession, I want to encourage and enable people to confidently and clearly take charge of their financial futures.

Contact Logan Wright privately here. Or send an email with ATTN: Logan Wright as the subject to contact@investorshangout.com.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.