1. BFCC reported Q1 2025 net income of $6.43 million, down from Q4 2024. 2. The bank's total assets grew to $2.86 billion, showing solid growth. 3. BFCC plans to acquire Magnolia Bank, enhancing its community banking strategy. 4. Credit quality metrics are stable despite economic uncertainties. 5. The cost of funds decreased to 1.88%, benefiting interest income.
Anticipated acquisition and stable credit quality indicate positive growth potential for BFCC.
The acquisition and solid financial performance are likely to positively influence investor sentiment and stock price.
The acquisition will positively impact revenue streams once integrated, promoting sustained growth.
BankFirst Capital Corporation, parent company of BankFirst Financial Services, Macon, Mississippi, reported net income of $6.43 million, or $0.98 per common share, for the first quarter of 2025, compared to net income of $7.67 million, or $1.21 per common share, for the fourth quarter of 2024, and compared to net income of $5.00 million, or $0.93 per share, for the first quarter of 2024.
Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "Overall, we are pleased with our first quarter 2025 results highlighted by our solid organic growth, declining cost of funds, and improving credit quality metrics. We are also very excited about our recent announcement that we have signed a definitive agreement providing for our acquisition of Magnolia and Magnolia Bank. We believe that the partnership with Magnolia Bank will allow BankFirst to continue its strategic plan by partnering with community banks with strong relationships in their local markets."
Mr. Griffin continued, "We continue to hold a positive outlook for the future. Our capital and liquidity positions remain strong and credit quality remains stable as our non-performing assets and our annualized rate of net charge-offs to average loans remain low. We believe the Bank is in a favorable position to navigate the ongoing economic uncertainty, elevated interest rates, and the persistent inflationary environment."
Total assets were $2.86 billion at March 31, 2025, compared to $2.80 billion at December 31, 2024, and $2.76 billion at March 31, 2024. Total loans outstanding, net of the allowance for credit losses, as of March 31, 2025 totaled $1.80 billion. Total deposits as of March 31, 2025 were $2.41 billion, with a significant portion being non-interest-bearing.
The Company's consolidated cost of funds was 1.88% for the first quarter of 2025, compared to 1.96% for the fourth quarter of 2024. The ratio of loans to deposits was 75.6% as of March 31, 2025. Net interest income was $21.93 million for the first quarter of 2025.
The Company recorded a provision for credit losses of $600 thousand during the first quarter of 2025. As of March 31, 2025, the allowance for credit losses equaled $23.54 million, representing 1.29% of total loans.
Liquidity remains strong with no reliance on wholesale funding and significant borrowing capacity from various sources. The Company's capital ratios remain above regulatory requirements, indicating a strong position.
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi with approximately $2.86 billion in total assets as of March 31, 2025. The Bank offers a wide variety of services for businesses and consumers, including internet banking, checking, and mortgage loans. For more information, visit www.BankFirstfs.com.
Some financial measures included in this press release are not measures of performance recognized in accordance with generally accepted accounting principles in the United States and are intended to provide a more complete understanding of the Company's financial position.
This press release contains certain forward-looking statements regarding goals and expectations that are subject to various risks, uncertainties, and changes. Readers are cautioned not to place undue reliance on these forward-looking statements.
The Company makes available, free of charge, on its website the Company's annual reports, quarterly earnings reports, and other press releases. Visit www.BankFirstfs.com/about/investor-relations for more information.