BankFirst Capital Corporation's Earnings for Fourth Quarter 2024

BankFirst Capital Corporation Reports Impressive Earnings

BankFirst Capital Corporation (OTCQX: BFCC), the parent company of BankFirst Financial Services, has disclosed strong financial results for the fourth quarter of 2024. The corporation has recorded a net income of $7.7 million, which translates to $1.21 per share. This reflects an increase compared to $6.4 million, or $0.97 per share, reported in the third quarter of 2024 and $6.5 million, or $1.20 per share, for the same quarter in 2023.

Annual Financial Highlights

For the full year ending December 31, 2024, BankFirst Capital Corporation reported a total net income of $25.6 million, equating to $4.20 per share. This figure is slightly lower than the previous year’s net income of $28.2 million, or $5.23 per share. Despite the annual decline, the quarterly results exhibit resilience, suggesting a strong operational performance.

Quarterly Performance Metrics

Several key metrics from the fourth quarter of 2024 highlight the growth and stability of BankFirst Capital Corporation:

• Net interest income amounted to $22.2 million, enhancing from $21.6 million in the fourth quarter of 2023.
• Total assets rose 3%, reaching $2.8 billion, compared to $2.7 billion from the previous year.
• Total gross loans increased by 2% to $1.9 billion, showcasing effective loan growth strategies.
• The corporation also noted a 3% increase in total deposits, which reached $2.4 billion.
• Liquidity positions remain solid with available resources at approximately $979.2 million, ensuring stability in funding operations.

Strong Credit Quality

In terms of credit quality, BankFirst Capital Corporation reported non-performing assets, excluding restructured loans, of 0.61% of total assets, an increase from 0.37% the year before. This indicator reflects the bank’s ongoing efforts to manage credit risk effectively. The annualized rate of net charge-offs to average loans was a minimal 0.04%, indicating the bank's robust asset quality.

Recent Strategic Developments

During the fourth quarter, BankFirst was awarded a $1.1 million grant under the Community Development Financial Institution (CDFI) Financial Assistance Program. This funding demonstrates the corporation’s commitment to community development and financial assistance.

Moreover, the company has been proactive in its stock repurchase program, repurchasing a total of 13,909 shares since May 2024. As of the fourth quarter, 2,000 shares were repurchased for around $79,000. This strategic move aims to enhance shareholder value.

Leadership Insights

Moak Griffin, the President and CEO of BankFirst, expressed that the company's solid results reflect their successful growth strategy, particularly in loans and deposits, leading into 2025. He emphasized the consistent decline in funding costs and increasing loan yields, positioning the bank favorably for the future.

Looking Forward

As BankFirst Capital Corporation continues to navigate the changing economic landscape, it remains focused on building resilience against potential economic fluctuations. The bank plans to leverage its solid financial foundation to explore new growth opportunities and enhance its service offerings to clients.

Frequently Asked Questions

What were BankFirst's earnings for the fourth quarter of 2024?

BankFirst Capital Corporation reported a net income of $7.7 million for the fourth quarter of 2024.

How did BankFirst perform in 2024 compared to 2023?

For the year ended December 31, 2024, BankFirst reported $25.6 million in net income, compared to $28.2 million in 2023.

What is the significance of BankFirst's liquidity position?

The liquidity position of approximately $979.2 million enhances the bank’s ability to meet its financial obligations and supports its ongoing operational strategies.

What strategies is BankFirst employing to manage credit risk?

BankFirst maintains strong asset quality with non-performing loans at 0.61% of total assets, indicating effective credit risk management practices.

What recent developments have taken place for BankFirst?

BankFirst received a $1.1 million grant under the CDFI Financial Assistance Program during the fourth quarter, demonstrating its commitment to community development.

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