#United States #Macon #BankFirst #Macon Mississippi #Magnolia State

BankFirst Capital Corporation Reports First Quarter 2025 Earnings

BankFirst Capital Corporation (OTCQX: BFCC), the parent company of BankFirst Financial Services based in Macon, Mississippi, has revealed its earnings for the first quarter of 2025, announcing a net income of $6.43 million or $0.98 per common share. This marks a decrease from the previous quarter's net income of $7.67 million or $1.21 per share, but an increase from $5.00 million or $0.93 per share in Q1 2024.

Earnings Overview

The financial highlights for the first quarter of 2025 include:

• - Net Interest Income: $21.93 million, up from $20.14 million in Q1 2024.
• - Total Assets: Increased by 3% to $2.86 billion from $2.76 billion a year ago.
• - Total Gross Loans: Rose by 1% to $1.82 billion compared to $1.81 billion at the end of March 2024.
• - Total Deposits: Grew by 4% to reach $2.41 billion, compared to $2.32 billion a year earlier.

Strong Credit Quality

The quality of credit remains robust, with non-performing assets (excluding restructured loans) sitting at 0.51% of total assets, compared to 0.42% in March 2024. The Company has maintained a strong allowance for credit losses equating to 1.29% of total loans as of March 31, 2025.

Recent Developments and Strategic Moves

On March 21, 2025, BankFirst announced a definitive merger agreement with The Magnolia State Corporation, the parent of Magnolia State Bank located in Bay Springs, Mississippi. This acquisition is slated to complete in the third quarter of 2025, pending standard regulatory approvals and shareholder consensus from Magnolia. This strategic move aims to bolster BankFirst's growth and presence in the community bank sector.

Additionally, the Company had initiated a stock repurchase program previously authorized by its Board of Directors in May 2024, allowing for the repurchase of up to $10 million of its common stock. Thus far, in Q1 2025, they have repurchased 8,000 shares at an aggregate cost of approximately $320,000.

CEO’s Perspective

Moak Griffin, the Company's President and CEO, expressed satisfaction with the results for Q1 2025, emphasizing the solid organic growth alongside a decline in costs of funds. Griffin stated, "We are optimistic about our future prospects, particularly in light of our strategic acquisition of Magnolia Bank." He believes this partnership will enhance BankFirst's community banking strategy and operational foothold.

Liquidity and Capital Strength

BankFirst maintains a strong liquidity position, with approximately $989.73 million in available liquidity resources from various sources, underscoring the Company's commitment to stability amid uncertainties in the economic landscape. The Company reported a consolidated cost of funds of 1.88%, a slight lowering compared to previous quarters.

Conclusion

BankFirst Capital Corporation's overall performance reflects resilience amidst fluctuating economic conditions, with a promising outlook for future growth driven by strategic expansions and solid operational foundations. As the financial landscape evolves, BankFirst remains well-positioned to navigate challenges while continuing to provide value to its shareholders and community.