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BankFirst Capital Corporation Announces Strong Q4 2024 Results

BankFirst Capital Corporation (OTCQX: BFCC), the parent company of BankFirst Financial Services, has reported solid financial results for the fourth quarter of 2024, boasting a net income of $7.7 million. This figure translates to earnings of $1.21 per share, a notable increase compared to $6.4 million, or $0.97 per share, earned in the previous quarter.

Financial Highlights of Q4 2024

The company's financial performance during the fourth quarter illustrates a robust business trajectory:

• - Net Income: $7.7 million, a 20% increase from the previous quarter.
• - Total Assets: Grew by 3% year-over-year to reach $2.8 billion.
• - Loans and Deposits: Total gross loans increased to $1.9 billion, marking a 2% rise compared to prior figures, while total deposits rose to $2.4 billion, reflecting positive customer confidence and market presence.
• - Net Interest Income: Increased to $22.2 million, slightly up from $21.6 million in the fourth quarter of 2023.
• - Liquidity Position: BankFirst maintains $979.2 million in available liquidity resources, indicating a solid foundation for future operations.

Year-End 2024 Income Overview

For the fiscal year ending December 31, 2024, the company reported a total net income of $25.6 million ($4.20 per share), a slight decrease from $28.2 million ($5.23 per share) in 2023. Despite this decline, the underlying financial metrics suggest potential for growth moving forward.

Strong Credit Quality

The company’s credit quality remains stable, with non-performing assets accounting for just 0.61% of total assets, a slight increase from 0.37% year-over-year. The efforts towards maintaining robust credit quality are evident through ongoing monitoring of economic indicators, particularly in the commercial real estate market.

Stock Repurchase and Dividend Program

In line with its financial health, BankFirst has initiated a stock repurchase program aimed at acquiring up to $10 million of its own stock. Additionally, the company distributed a cash dividend of $1.00 per share during the quarter, catering to shareholder expectations and reflecting confidence in its future.

Leadership Insights

Moak Griffin, President and CEO, expressed optimism regarding BankFirst's positioning, stating, “Our fourth quarter results are a testament to our effective growth strategies and sound credit quality management. As we enter 2025, we’re excited about continued opportunities for expansion and sustained performance improvements.”

Looking Ahead

Moving into 2025, BankFirst is set on leveraging its customer relationships and solid financial standing to further enhance growth. With a focus on responsible lending and capturing market share effectively, the leadership team anticipates engaging with new opportunities while ensuring a keen eye on market dynamics.

The upcoming periods are expected to reflect BankFirst's adaptability and strategic planning as it navigates the economic landscape, potentially opening doors for new products and services to meet evolving customer demands.

For more detailed financial statements and ongoing updates, stakeholders are encouraged to visit the official website of BankFirst Financial Services.

Conclusion

BankFirst Capital Corporation has showcased resilience and strategic growth in its fourth quarter results in 2024. The company's financial metrics indicate a stable operation poised for future successes amid a fluctuating economic environment. With a robust liquidity status, strong credit quality, and shareholder-friendly policies, BankFirst stands as a competitive player in its sector.