COLUMBUS, Miss., Jan. 30, 2026 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) ("BankFirst" or the "Company"), parent company of BankFirst Financial Services, Macon, Mississippi (the "Bank"), reported net income of $10.17 million, or $1.74 per common share, for the fourth quarter of 2025, compared to net income of $5.20 million, or $0.83 per common share, for the third quarter of 2025, and compared to net income of $7.67 million, or $1.21 per common share, for the fourth quarter of 2024. The Company also reported net income for the year ended December 31, 2025 of $28.68 million, or $4.62 per common share, compared to net income of $25.54 million, or $4.20 per common share, for the year ended December 31, 2024.
Fourth Quarter and Year-End 2025 Highlights:
- Net income totaled $10.17 million, or $1.74 per common share, in the fourth quarter of 2025 compared to $7.67 million, or $1.21 per common share, in the fourth quarter of 2024. Net income during the fourth quarter was positively impacted by the Company's early adoption of the Financial Accounting Standards Board's Accounting Standards Update ("ASU") 2025-08, as discussed further under "Credit Quality," below.
- Net interest income totaled $27.87 million in the fourth quarter of 2025 compared to $22.23 million in the fourth quarter of 2024.
- Total assets increased 17.7% to $3.30 billion at December 31, 2025 from $2.80 billion at December 31, 2024.
- Total gross loans equaled $2.20 billion at December 31, 2025 which was an increase of 19% from $1.85 billion at December 31, 2024.
- Total deposits increased 19% to $2.80 billion at December 31, 2025 from $2.36 billion at December 31, 2024.
- Credit quality remains strong with the ratio of non-performing assets (excluding restructured loans) to total assets equal to 0.45% as of December 30, 2025 compared to 0.61% December 31, 2024.
- On December 10, 2025, the Company paid a cash dividend of $1.05 per share to shareholders of record as of December 1, 2025.
Recent Developments
- As previously reported, on May 21, 2025, the Company's Board of Directors authorized a stock repurchase program pursuant to which the Company may repurchase up to $10.0 million of the outstanding shares of the Company's common stock from time to time through various means, including open market purchases or privately negotiated transactions (the "Stock Repurchase Program"). The Stock Repurchase Program will expire on Thursday, May 21, 2026, subject to the earlier suspension, termination or extension by the Company's Board of Directors, in its sole discretion and without prior notice, or until such time that the funds designated for the Stock Repurchase Program are depleted. During the fourth quarter of 2025, the Company repurchased 104,583 shares under the Stock Repurchase Program. As of December 31, 2025 127,583 shares have been repurchased under the share buyback program authorized in May 2025.
- As previously disclosed, the Company closed on the issuance of $175.00 million of senior perpetual noncumulative preferred stock (the "Senior Preferred") to the U.S. Department of the Treasury ("Treasury") pursuant to the Emergency Capital Investment Program ("ECIP") in April 2022 and assumed an additional $43.57 million of outstanding Senior Preferred through the Company's acquisition of Mechanics Banc Holding Company, which was effective on January 1, 2023. In addition, the Company assumed an additional $30.0 million of outstanding subordinated note due 2052 (the "Magnolia ECIP Subordinated Note") pursuant to the Company's acquisition of The Magnolia State Corporation, which was effective on July 1, 2025 (the "Magnolia Acquisition"). The Senior Preferred issued to Treasury pays non-cumulative dividends, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year beginning on the second dividend payment date after the two-year anniversary of the date of issuance. The dividend rate paid on the Senior Preferred adjusts annually based on certain measurements of the Company's extensions of credit to minority, rural, and urban low-income and underserved communities and low- and moderate-income borrowers. The Company began paying a quarterly dividend to Treasury on June 15, 2024 and the Company paid its seventh consecutive quarterly dividend to Treasury in an amount equal to $777 thousand on December 15, 2025.
- As previously disclosed, the Company entered into an ECIP Securities Purchase Option Agreement (the "ECIP Option Agreement") with Treasury, pursuant to which Treasury granted to the Company an option to purchase all of the Senior Preferred. The purchase option may not be exercised unless and until at least one of the following "Threshold Conditions" defined under the Option Agreement has been met: (1) over any sixteen consecutive quarters, an average of at least 60% of the Company's Total Originations, as defined in the ECIP Disposition Policy promulgated by the Treasury (the "Policy"), qualifies as "Deep Impact Lending," as defined pursuant to the Policy (the "Deep Impact Condition"); (2) over any twenty-four consecutive quarters, an average of at least 85% of the Company's Total Originations qualifies as "Qualified Lending," as defined pursuant to the Policy (the "Qualified Lending Condition"); or (3) the Senior Preferred has a dividend rate of no more than 0.5% at each of six consecutive Reset Dates, as defined pursuant to the Policy. The earliest possible date by which a Threshold Condition may be met is June 30, 2026. As of December 31, 2025, the Company has met the Qualified Lending Condition for the past 14 consecutive quarters. Assuming the Company continues to satisfy the Qualified Lending Condition, as well as complying with the other ECIP program requirements and completing the necessary ECIP Option Agreement closing conditions, the Company may exercise its option to repurchase the Senior Preferred as early as after the second quarter of 2028 results have been finalized. The Company cautions readers that no assurances can be made regarding (i) the Company's continued satisfaction of any of the Threshold Conditions in future periods, and (ii) the continued availability of the purchase option under the ECIP Option Agreement or the Policy in future periods due to external conditions or factors beyond the Company's control. Furthermore, the Company's future willingness or ability to exercise its option to repurchase the Senior Preferred is not guaranteed.
CEO Commentary
Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "The fourth quarter of 2025 was a milestone period for BankFirst as we successfully completed the core data processing systems conversion related to the Magnolia Acquisition in November, fully integrating Magnolia State Bank into our unified platform. We are thrilled to officially operate as one team and are already seeing the benefits of this in our expanded footprint. Our full-year 2025 results reflect the strength of this strategic growth, with net income of $28.68 million and continued net interest margin stability. As we enter 2026, our focus remains on leveraging our increased scale to deliver exceptional value to our customers and shareholders while maintaining the strong credit quality and disciplined cost management that defines BankFirst."
Financial Condition and Results of Operations
Total assets were $3.30 billion at December 31, 2025, compared to $3.34 billion at September 30, 2025, and $2.80 billion at December 31, 2024. The increase is in total assets since December 31, 2024 was primarily due to organic loan growth, and the completion of the Magnolia Acquisition effective on July 1, 2025. Total loans outstanding, net of the allowance for credit losses, as of December 31, 2025 totaled $2.18 billion, compared to $2.17 billion as of September 30, 2025 and $1.83 billion as of December 31, 2024.
Total deposits as of December 31, 2025 were $2.80 billion, compared to $2.84 billion at September 30, 2025 and $2.36 billion at December 31, 2024, a decrease of 2% and an increase 19%, respectively. Non-interest-bearing deposits were $606.93 million as of December 31, 2025, compared to $639.10 million as of September 30, 2025, a decrease of 5%, and $538.7 million as of December 31, 2024, an increase of 13%. The increase in total deposits is primarily due to the completion of the Magnolia Acquisition. Non-interest-bearing deposits represented 22% of total deposits as of December 31, 2025.
The Company's consolidated cost of funds was 1.93% for the fourth quarter of 2025, compared to 1.90% for the third quarter of 2025 and 1.99% for the fourth quarter 2024. Bank-only cost of funds for the fourth quarter of 2025 was 1.85% compared to 1.84% for the third quarter of 2025 and 1.94% for the fourth quarter of 2024. The Company's consolidated cost of funds and the Bank-only cost of funds remained consistent over the past few quarters. While cost of funds is leveling, the Bank is remaining competitive in its market areas.
The ratio of loans to deposits was 78.8% as of December 31, 2025, compared to 77.3% as of September 30, 2025 and 78.7% as of December 31, 2024.
Net interest income was $27.87 million for the fourth quarter of 2025, compared to $29.02 million for the third quarter of 2025 and $22.23 million for the fourth quarter of 2024. Net interest margin was 3.74% in the fourth quarter of 2025, a decrease from 4.19% in the third quarter of 2025 and an increase from 3.59% in the fourth quarter of 2024. Yield on interest-earning assets was 5.59% during the fourth quarter of 2025, compared to 6.24% during the third quarter of 2025 and 5.51% during the fourth quarter of 2024.
Noninterest income was $7.01 million for the fourth quarter of 2025, compared to $7.11 million for the third quarter of 2025, a decrease of 1%, and compared to $7.79 million for the fourth quarter of 2024, a decrease of 10%. Mortgage banking revenue during the fourth quarter of 2025 was $721 thousand, a decrease of $107 thousand, or 13%, from $828 thousand in the third quarter of 2025, and a decrease of $70 thousand, or 9%, from $791 thousand in the fourth quarter of 2024. During the fourth quarter of 2025, the Bank retained $7.70 million of the $34.51 million in secondary market mortgages originated to hold in-house, compared to $33.02 million secondary market loans originated during the third quarter of 2025, of which $9.86 million were retained to hold-in house, and compared to $34.8 million secondary market loans originated during the fourth quarter of 2024, of which $8.5 million were retained to hold in-house.
Noninterest expense was $24.09 million for the fourth quarter of 2025, compared to $23.65 million for the third quarter of 2025 and $19.6 million for the fourth quarter of 2024. During the fourth quarter of 2025, the Company incurred one-time expenses related to the Magnolia Acquisition in the amount of $871 thousand.
As of December 31, 2025, tangible common book value per share (non-GAAP) was $23.58. According to OTCQX, there were 258 trades of the Company's shares of common stock during the fourth quarter of 2025 for a total of 145,038 shares and for an aggregate price of approximately $6.69 million. The closing price of the Company's common stock quoted on OTCQX on December 31, 2025 was $47.25 per share. Based on this closing share price, the Company's market capitalization was $251.92 million as of December 31, 2025.
Credit Quality
For the fourth quarter of 2025, the Company recognized a $2.59 million negative provision for credit losses, a significant decrease from the $5.71 million provision in the prior quarter and the $1.2 million provision in the fourth quarter of 2024. This negative provision during the fourth quarter of 2025 is a direct result of the early adoption of ASU 2025-08, which revises the accounting for purchased loans. The early adoption of ASU 2025-08 allowed for a reversal of $4.14 million of the initial day one credit loss provision previously recorded for the Magnolia Acquisition, thereby eliminating the "day one loss" impact on earnings. The resulting impact of this early adoption increased net income by $2.87 million net of tax during the fourth quarter.
The Company recorded $222 thousand of net loan charge-offs in the fourth quarter of 2025, compared to $2.18 million in the third quarter of 2025 and $698 thousand in the fourth quarter of 2024. The ratio of non-performing assets, excluding restructured loans, to total assets was 0.45% for the fourth quarter of 2025, compared to 0.46% for the third quarter of 2025 and 0.61% for the fourth quarter of 2024. The ratio of annualized net charge-offs to average loans for the fourth quarter of 2025 was 0.01% compared to annualized net charge-offs of 0.11% for the third quarter of 2025 and 0.04% for the fourth quarter of 2024.
As of December 31, 2025, the allowance for credit losses equaled $28.81 million, compared to $27.58 million as of September 30, 2025, and $23.5 million as of December 31, 2024. Allowance for credit losses as a percentage of total loans was 1.31% at December 31, 2025, compared to 1.25% at September 30, 2025, and 1.27% at December 31, 2024. Allowance for credit losses as a percentage of nonperforming loans was 196% at December 31, 2025, compared to 181% at September 30, 2025, and 137% at December 31, 2024.
The Company continues to closely monitor credit quality in light of the economic uncertainty, caused by, among other factors, the prolonged elevated market interest rate environment, emerging signs of softening in the labor market, and the lingering inflationary pressures, as well as the risk of the resurgence of elevated levels of inflation, in the United Stated and our market areas. Accordingly, additional provisions for credit losses may be necessary in future periods.
Capital Position
Capital Requirements and the Community Bank Leverage Ratio Framework - Pursuant to federal regulations, bank holding companies and banks, like the Company and the Bank, must maintain capital levels commensurate with the level of risk to which they are exposed, including the volume and severity of problem loans. Federal banking regulations implementing the international regulatory capital framework, referred to as the "Basel III Rules," apply to both depository institutions and (subject to certain exceptions not applicable to the Company) their holding companies. The Basel III Rules also establish a "capital conservation buffer" of 2.5% above the regulatory minimum risk-based capital requirements. The Basel III minimum capital ratios with the full capital conservation buffer are summarized in the table below.
Basel III Basel III Basel III
Ratio
Minimum for Additional with Capital
Capital Capital Conservation
Adequacy Conservation Buffer
Purposes Buffer
Total Risk-Based Capital (total capital to risk weighted assets) 8.00 % 2.50 % 10.50 %
Tier 1 Risk-Based Capital (tier 1 to risk weighted assets) 6.00 % 2.50 % 8.50 %
Tier 1 Leverage Ratio (tier 1 to average assets)(1) 4.00 % N/A 4.00 %
Common Equity Tier 1 Risk-Based Capital (CET1 to risk weighted assets) 4.50 % 2.50 % 7.00 %
__________________________________________
(1) The capital conservation buffer is not applicable to Tier
1 Leverage Ratio.
On September 17, 2019, the federal banking agencies jointly finalized a rule intended to simplify the Basel III regulatory capital requirements described above for qualifying community banking organizations that opt into the Community Bank Leverage Ratio ("CBLR") framework, as required by Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule became effective on January 1, 2020, and the CBLR framework became available for banks to use beginning with their March 31, 2020 Call Reports. Under the final rule, if a qualifying community banking organization opts into the CBLR framework and meets all requirements under the framework, it will be considered to have met the "well-capitalized" regulatory capital ratio requirements under the "prompt corrective action" regulations promulgated by the federal banking agencies and will not be required to report or calculate risk-based capital under the Basel III Rules. In order to qualify for the CBLR framework, a community banking organization must have a tier 1 leverage ratio of greater than 9.0%, less than $10 billion in total consolidated assets, and limited amounts of off-balance-sheet exposures and trading assets and liabilities.
The Company and the Bank are qualifying community banking organizations and, on June 15, 2022, the Company and the Bank elected to opt into the CBLR framework. The three months ended September 30, 2025 is the first reporting period for which the Company no longer operates under the Small Bank Holding Company Policy Statement of the Board of Governors of the Federal Reserve System (the "Federal Reserve"), at which time the Company became subject to the Federal Reserve's consolidated capital requirements.
By electing to opt into the CBLR framework, the Company and the Bank are not required to report or calculate risk-based capital under the Basel III Rules described above. As of December 31, 2025, the Bank's bank-only CBLR amounted to 10.35% and the Company's consolidated CBLR amounted to 10.68%. These levels exceeded the 9.0% minimum CBLR necessary for each of the Company and the Bank to be deemed "well-capitalized."
Included in shareholders' equity at December 31, 2025 was an unrealized loss in accumulated other comprehensive income of $4.77 million related to unrealized losses in the Company's investment securities portfolio primarily due to the continued elevated market interest rates during the period. At December 31, 2025, the composition of the Bank's investment securities portfolio includes $274.05 million, or 48.64%, classified as available-for-sale, and $289.42 million, or 51.36%, classified as held to maturity. All investments in our investment securities portfolio are expected to mature at par value.
Our investment securities portfolio made up 17.10% of our total assets at December 31, 2025, compared to 17.37% and 19.1% at September 30, 2025 and December 31, 2024, respectively.
ABOUT BANKFIRST CAPITAL CORPORATION
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi with approximately $3.30 billion in total assets as of December 31, 2025. BankFirst Financial Services, the Company's wholly-owned banking subsidiary, was founded in 1888 and is locally owned, controlled, and operated. The Bank is headquartered in Macon, Mississippi, and operates additional branch offices in Bay Springs, Coldwater, Columbus, Flowood, Heidelberg, Hattiesburg, Hernando, Independence, Jackson, Laurel, Louin, Madison, Newton, Oxford, Petal, Senatobia, Southaven, Starkville, Taylorsville, Tupelo, Water Valley, and West Point, Mississippi; and Addison, Aliceville, Arley, Carrollton, Curry, Double Springs, Fayette, Gordo, Haleyville, Northport, and Tuscaloosa, Alabama. The Bank also operates four loan production offices in Biloxi and Brookhaven, Mississippi, and in Birmingham and Huntsville, Alabama. BankFirst offers a wide variety of services for businesses and consumers. The Bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit www.BankFirstfs.com.
NON-GAAP FINANCIAL MEASURES
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures include tangible book value per share. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company's financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.
We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.
A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company's goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions. These statements are based upon the current belief and expectations of the Company's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include, but are not limited to: (i) the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; (ii) slower economic growth rates or potential recession in the United States and our market areas; (iii) uncertainty or perceived instability in the banking industry as a whole; (iv) increased competition for deposits among traditional and nontraditional financial services companies, and related changes in deposit customer behavior; (v) the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; (vi) the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; (vii) the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Federal Reserve; (viii) changes in unemployment rates in the United States and our market areas; (ix) adverse changes in customer spending, borrowing and savings habits; (x) declines in commercial real estate values and prices; (xi) a deterioration of the credit rating for U.S. long-term sovereign debt or the impact of uncertain or changing political conditions, including federal government shutdowns and uncertainty regarding United States fiscal debt, deficit and budget matters; (xii) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; (xiii) severe weather, natural disasters, acts of war or terrorism, geopolitical instability, domestic civil unrest or other external events, including as a result of in the policies of the current U.S. presidential administration or Congress; (xiv) the impact of tariffs, sanctions and other trade policies of the U.S. and its global trading counterparts and the resulting impact on the Company and its customers; (xv) the maintenance and development of well-established and valued client relationships and referral source relationships; (xvi) acquisition or loss of key production personnel; (xvii) changes in tax laws; (xviii) the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; (xix) current or future litigation, regulatory examinations or other legal and/or regulatory actions; (xx) our ability to recognize the expected benefits and synergies of our completed acquisitions; (xxi) changes in accounting principles and standards, including those related to loan loss recognition under the current expected credit loss, or CECL, methodology, and (xxii) changes in applicable laws, regulations or policies in the United States, including those affecting our business, operations, pricing, products or services. These forward-looking statements are based on current information and/or management's good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.
AVAILABLE INFORMATION
The Company maintains an Internet web site at www.BankFirstfs.com/about/investor-relations. The Company makes available, free of charge, on its web site the Company's annual reports, quarterly earnings reports, and other press releases. In addition, the OTC Markets Group maintains an Internet site that contains reports, proxy and information statements, and other information regarding the Company (at www.otcmarkets.com/stock/BFCC/overview).
The Company routinely posts important information for investors on its web site (under www.BankFirstfs.com and, more specifically, under the Investor Relations tab at www.BankFirstfs.com/about/investor-relations). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under the OTC Markets Group OTCQX Rules for U.S. Banks. Accordingly, investors should monitor the Company's web site, in addition to following the Company's press releases, OTC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, the Company's web site is not incorporated by reference into, and is not a part of, this press release.
Member FDIC
BankFirst Capital Corporation
Unaudited Consolidated Balance Sheets
(In Thousands, Except Per Share Data)
December 31 September 30 June 30 March 31 December 31
2025 2025 2025 2025 2024
Assets
Cash and due from banks $93,000 $94,010 $153,940 $115,209 $120,675
Interest bearing bank balances 169,445 162,841 90,881 172,725 68,530
Federal funds sold - 38,350 125
Securities available for sale at fair value 274,052 286,721 244,971 225,933 227,143
Securities held to maturity 289,417 293,590 297,827 302,567 307,152
Loans 2,204,793 2,198,196 1,837,669 1,819,682 1,853,402
Allowance for credit losses (28,808) (27,579) (24,050) (23,541) (23,527)
Loans, net of allowance for credit losses 2,175,985 2,170,617 1,813,619 1,796,141 1,829,875
Premises and equipment 92,609 90,717 75,013 71,892 69,423
Interest receivable 12,642 12,971 11,909 11,911 11,938
Goodwill 83,890 83,630 66,965 66,966 66,966
Other intangible assets 16,122 16,731 8,897 9,283 9,669
Other 88,651 91,495 86,280 84,942 87,775
Total assets $3,295,813 $3,341,673 $2,850,302 $2,857,569 $2,799,271
Liabilities and Stockholders' Equity
Liabilities
Noninterest bearing deposits $606,926 $639,101 $514,375 $533,144 $538,708
Interest bearing deposits 2,190,848 2,204,028 1,865,157 1,873,165 1,816,976
Total deposits 2,797,774 2,843,129 2,379,532 2,406,309 2,355,684
Notes payable 22,771 23,458 14,180 4,718 5,255
Subordinated debt 22,118 22,123 22,128 22,132 22,137
Interest payable 7,315 7,812 7,770 7,130 7,489
Other 26,701 27,202 22,131 19,721 18,492
Total liabilities 2,876,679 2,923,724 2,445,741 2,460,010 2,409,057
Stockholders' Equity
Preferred stock 196,706 196,706 188,680 188,680 188,680
Common stock 1,599 1,630 1,631 1,633 1,629
Additional paid-in capital 58,297 62,625 63,178 63,000 63,022
Retained earnings 167,301 163,531 159,013 153,221 147,889
Accumulated other comprehensive income (4,769) (6,543) (7,941) (8,975) (11,006)
Total stockholders' equity 419,134 417,918 404,561 397,559 390,214
Total liabilities and stockholders' equity $3,295,813 $3,341,673 $2,850,302 $2,857,569 $2,799,271
Common shares outstanding 5,331,577 5,432,924 5,437,657 5,444,362 5,429,273
Book value per common share $41.72 $40.72 $39.70 $38.37 $37.12
Tangible book value per common share $23.58 $22.81 $26.39 $25.00 $23.66
Securities held to maturity (fair value) $252,291 $254,010 $253,377 $256,204 $255,879
BankFirst Capital Corporation
Unaudited Consolidated Statements of Income
(In Thousands, Except Per Share Data)
For the Three Months Ended For the Year Ended
December September December December
2025 2025 2025 2024
Interest Income
Interest and fees on loans $35,429 $36,548 $129,539 $112,803
Taxable securities 3,803 3,798 14,205 13,473
Tax-exempt securities 580 664 2,311 2,068
Federal funds sold 246 439 685 26
Interest bearing bank balances 1,625 1,394 5,662 3,120
Total interest income 41,683 42,843 152,402 131,490
Interest Expense
Deposits 13,130 13,122 48,329 45,144
Short-term borrowings 2 2 17
Debentures 119 189 548
Other borrowings 563 508 1,633 1,982
Total interest expense 13,814 13,819 50,512 47,143
Net Interest Income 27,869 29,024 101,890 84,347
Provision for Credit Losses (2,595) 5,706 4,561 2,800
Net Interest Income After Provision for Loan Losses 30,464 23,318 97,329 81,547
Noninterest Income
Service charges on deposit accounts 2,719 2,609 10,074 9,980
Mortgage income 721 828 3,066 3,141
Interchange income 1,908 1,383 6,445 5,857
Net realized gains (losses) on available-for-sale securities 21 22 (194)
Gains (losses) on retirement of subordinated debt - 956
Grant Income - 1,390
Other 1,642 2,294 8,208 8,621
Total noninterest income 7,011 7,114 27,815 29,751
Noninterest Expense
Salaries and employee benefits 12,231 13,385 48,385 44,176
Net occupancy expenses 1,663 1,651 5,958 5,154
Equipment and data processing expenses 2,372 2,041 8,028 7,229
Other 7,825 6,781 25,883 22,408
Total noninterest expense 24,091 23,858 88,254 78,967
Income Before Income Taxes 13,384 6,574 36,890 32,331
Provision for Income Taxes 3,219 1,371 8,213 6,788
Net Income $10,165 $5,203 $28,677 25,543
Basic/Diluted Earnings Per Common Share $1.74 $0.83 $4.62 $4.20
BankFirst Capital Corporation
Unaudited Consolidated Statements of Income
(In Thousands, Except Per Share Data)
Quarter Ended
December September June March December
2025 2025 2025 2025 2024
Interest Income
Interest and fees on loans $35,429 $36,548 $29,142 $28,420 $29,529
Taxable securities 3,803 3,798 3,475 3,129 3,338
Tax-exempt securities 580 664 543 524 517
Federal funds sold 246 439
Interest bearing bank balances 1,625 1,394 1,481 1,162 776
Total interest income 41,683 42,843 34,641 33,235 34,160
Interest Expense
Deposits 13,130 13,122 11,167 10,910 11,507
Short-term borrowings 2 3
Debentures 119 189 120 120
Other borrowings 563 508 287 275 424
Total interest expense 13,814 13,819 11,574 11,305 11,934
Net Interest Income 27,869 29,024 23,067 21,930 22,226
Provision for Loan Losses (2,595) 5,706 850 600 1,225
Net Interest Income After Provision for Credit Losses 30,464 23,318 22,217 21,330 21,001
Noninterest Income
Service charges on deposit accounts 2,719 2,609 2,374 2,372 2,477
Mortgage income 721 828 758 759 791
Interchange income 1,908 1,383 1,862 1,292 1,391
Net realized gains (losses) on available-for-sale securities 21 1
Grant Income - 1,110
Other 1,642 2,294 2,065 2,207 2,019
Total noninterest income 7,011 7,114 7,060 6,630 7,788
Noninterest Expense
Salaries and employee benefits 12,231 13,385 11,344 11,425 10,926
Net occupancy expenses 1,663 1,651 1,329 1,315 1,290
Equipment and data processing expenses 2,372 2,041 1,802 1,813 1,692
Other 7,825 6,781 5,780 5,497 5,352
Total noninterest expense 24,091 23,858 20,255 20,050 19,260
Income Before Income Taxes 13,384 6,574 9,022 7,910 9,529
Provision for Income Taxes 3,219 1,371 2,139 1,484 1,864
Net Income $10,165 $5,203 $6,883 $6,426 $7,665
Basic/Diluted Earnings Per Common Share $1.74 $0.83 $1.07 $0.98 $1.21
BankFirst Capital Corporation
Unaudited Selected Other Financial Information
(In Thousands)
December 31 September 30 June 30 March 31 December 31
Asset Quality 2025 2025 2025 2025 2024
Nonaccrual Loans 14,378 14,883 13,889 14,683 17,051
Restructured Loans 4,954 5,072 3,679 3,705 3,730
OREO 293
90+ still accruing 335 41 403 139
Non-performing Assets (excluding restructured)(1) 14,714 15,217 14,292 14,683 17,190
Allowance for credit loss to total loans 1.31 % 1.25 % 1.31 % 1.29 % 1.27 %
Allowance for credit loss to non-performing assets(1) 196 % 181 % 168 % 160 % 137 %
Non-performing assets(1) to total assets 0.45 % 0.46 % 0.49 % 0.51 % 0.61 %
Non-performing assets(1) to total loans and OREO 0.67 % 0.69 % 0.76 % 0.81 % 0.92 %
Annualized net charge-offs to average loans 0.01 % 0.11 % 0.02 % 0.03 % 0.04 %
Net charge-offs (recoveries) 222 2,177 341 586 698
Capital Ratios
2
CET1 Ratio 5.75 % 5.88 % 8.09 % 7.86 % 7.38 %
CET1 Capital 130,466 130,669 151,445 145,109 139,438
Tier 1 Ratio 15.07 % 15.39 % 18.95 % 18.88 % 18.15 %
Tier 1 Capital 341,790 342,002 354,752 348,426 342,755
Total Capital Ratio 16.33 % 16.64 % 20.24 % 20.14 % 19.80 %
Total Capital 370,598 369,806 378,802 371,689 373,875
Risk Weighted Assets 2,267,335 2,222,690 1,871,561 1,845,892 1,888,177
Tier 1 Leverage Ratio 10.68 % 10.54 % 12.77 % 12.51 % 12.56 %
Total Average Assets for Leverage Ratio 3,199,082 3,244,522 2,777,925 2,784,824 2,728,206
1. The restructured loan balance above includes performing and non-performing loans. The non-performing assets includes Nonaccrual loans, +90days still
accruing, and OREO. The asset quality ratios are calculated using the non-performing asset balance in the above schedule which excludes restructured
loans.
2.
Since the Company has elected the Community Bank Leverage Ratio Framework, the Company is not subject to regulatory capital requirements.
This information has been prepared for informational purposes as if the Company were subject to such regulatory requirements.
BankFirst Capital Corporation
Reconciliation of Non-GAAP Financial Measures - End of Period For the Quarters Ended (Unaudited)
(In Thousands, Except Per Share Data)
December 31 September 30 June 30 March 31 December 31
2025 2025 2025 2025 2024
Book value per common share - GAAP $41.72 $40.72 $39.70 $38.37 $37.12
Total common stockholders' equity - GAAP 222,428 221,243 215,881 208,879 201,545
Adjustment for Intangibles 96,731 97,343 72,377 72,744 73,112
Tangible common stockholders' equity - non-GAAP 125,697 123,900 143,504 136,135 128,433
Tangible book value per common share - non-GAAP $23.58 $22.81 $26.39 $25.00 $23.66
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SOURCE BankFirst Capital Corporation
