#USA #Columbus #Financial Services #BankFirst #BFCC

BankFirst Capital Corporation Reports Strong Q1 2026 Earnings

On April 28, 2026, BankFirst Capital Corporation (OTCQX: BFCC) declared an impressive net income of $8.39 million, which translates to earnings of $1.43 per share for the first quarter of 2026. This marks a notable change compared to the $10.17 million or $1.74 per share reported in the previous quarter and a significant rise from $6.43 million or $0.98 per share during the same quarter last year.

Financial Highlights

During the first quarter of 2026, net interest income reached $28.51 million, a substantial increase of $6.58 million, or 30%, from $21.93 million in the first quarter of 2025. The company’s total assets also grew impressively by 17.5%, reaching $3.36 billion as of March 31, 2026, up from $2.86 billion in the same period last year.

The financial metrics reveal an upward trend in gross loans, which climbed to $2.24 billion, reflecting a 23% increase year-over-year. This growth pattern extends to total deposits, which rose 18.5% to $2.85 billion from $2.41 billion a year earlier. Management maintained that the company’s credit quality remains robust, with a non-performing assets ratio of 0.49%, which is slightly down from 0.51% last year.

Strategic Developments

In recent developments, the Board of Directors had authorized a stock repurchase program, allowing up to $10 million to purchase the company’s outstanding common stock. In the first quarter of 2026, BankFirst successfully repurchased 50,000 shares as part of this initiative, enhancing shareholder value and demonstrating confidence in its own stock.

Furthermore, the company closed a $175 million preference stock issuance to the U.S. Treasury under the Emergency Capital Investment Program (ECIP), showcasing a strategic move to bolster its capital base. With the completion of the Magnolia Acquisition, the company assumed additional capital which enhances its leverage and supports future growth.

CEO Insights

Moak Griffin, President and CEO of BankFirst, recognized the company’s strong performance amid a competitive banking landscape. He emphasized the importance of recent achievements including the opening of a new corporate headquarters in Columbus, Mississippi.

Griffin stated, "This state-of-the-art facility serves as a strategic hub for our team to learn, collaborate, and grow. It's not only an investment in our infrastructure but also an investment in our people and communities."

Financial Performance

As of March 31, 2026, the company reported tangible common book value per share of $24.57. The stock maintained a solid market presence with a closing price of $53.00 per share on the OTCQX, resulting in a market capitalization of approximately $279.74 million.

Credit quality continues to be a vital focus area, with a provision for credit losses recorded at $900,000 this quarter, an adjustment compared to a negative provision in the fourth quarter of 2025.

Market Conditions Ahead

BankFirst acknowledges the ongoing economic uncertainties, including rate fluctuations and inflation challenges. As such, management is cautiously optimistic about maintaining credit quality as it moves forward. With a commitment to both growth and stability, BankFirst is positioning itself for future opportunities within the Mississippi and Alabama markets.

In conclusion, BankFirst Capital Corporation's first quarter performance demonstrates significant financial strength and a strong market position fueled by strategic growth initiatives and effective asset management, positioning the company well for the challenges and opportunities that lie ahead.