1. BFCC's Q4 2024 net income increased to $7.7 million from $6.4 million. 2. Total deposits reached $2.4 billion, up 4% year-over-year. 3. Net interest margin rose to 3.59% from 3.44% in Q3 2024. 4. Credit quality remained stable with low charge-offs and non-performing assets. 5. The allowance for credit losses is stable, indicating managed risk exposure.
Increased net income and stable credit quality suggest financial resilience. Similar past performance led to positive price movements.
Strong earnings and stable operations directly impact investor perceptions of BFCC. Investors often prioritize these financial indicators.
Positive quarterly results often influence stock prices quickly. Historical patterns show immediate investor reactions to earnings reports.
/PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) ("BankFirst" or the "Company"), parent company of BankFirst Financial Services, Macon, Mississippi (the "Bank"), reported net income of $7.7 million, or $1.21 per share, for the fourth quarter of 2024, compared to net income of $6.4 million, or $0.97 per share, for the third quarter of 2024, and compared to net income of $6.5 million, or $1.20 per share, for the fourth quarter of 2023. The Company also reported net income for the year ended December 31, 2024 of $25.6 million, or $4.20 per share, compared to net income of $28.2 million, or $5.23 per share, for the year ended December 31, 2023.
CEO Commentary
Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "Overall, our fourth quarter 2024 results were solid and we believe the Bank is in a very favorable position heading into 2025. We successfully executed our strategy of sustainable growth of both loans and deposits during the fourth quarter, and we continued to see our consolidated cost of funds decline and our loan yield increase consistent with prior quarters. Furthermore, our credit quality remains stable as our non-performing assets and our annualized rate of net charge-offs to average loans remain low. We look forward to continuing to build upon our successes in 2025 and are excited by the many opportunities that lie ahead."
Total assets were $2.8 billion at December 31, 2024, compared to $2.8 billion at September 30, 2024 and $2.7 billion at December 31, 2023. Total loans outstanding, net of the allowance for credit losses, as of December 31, 2024 totaled $1.8 billion, compared to $1.8 billion as of September 30, 2024 and $1.8 billion as of December 31, 2023.
Total deposits as of December 31, 2024 were $2.4 billion, compared to $2.4 billion at September 30, 2024 and $2.3 billion at December 31, 2023. Non-interest-bearing deposits were $538.7 million as of September 30, 2024, compared to $529.5 million as of September 30, 2024, an increase of 2%, and $545.0 million as of September 30, 2023, a decrease of 1%. Non-interest-bearing deposits represented 23% of total deposits as of December 31, 2024.
The Company's consolidated cost of funds was 1.99% for the fourth quarter of 2024, compared to 2.04% for the third quarter of 2024 and 1.64% for the fourth quarter 2023. Bank-only cost of funds for the fourth quarter of 2024 was 1.94% compared to 2.02% for the third quarter of 2024 and 1.52% for the fourth quarter of 2023. The decrease in the Company's consolidated cost of funds during the fourth quarter of 2024 compared to the third quarter of 2024 was primarily due to the continued decrease of market interest rates for deposits across the Bank's market areas.
The Company recorded a provision for credit losses of $1.2 million during the fourth quarter of 2024, compared to a provision of $525 thousand for the third quarter of 2024 and a provision of $400 thousand for the fourth quarter of 2023. The Company continues to closely monitor the continued economic uncertainty, especially in the commercial real estate market, as discussed below.
Liquidity – We have a limited reliance on wholesale funding and currently have no brokered deposits. We currently have the capacity to borrow up to approximately $905.1 million from the FHLB, $14.1 million from the FRB discount window and an estimated additional $60.0 million in funding through several relationships with correspondent banks.
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi with approximately $2.8 billion in total assets as of December 31, 2024. 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.
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.
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.
The Company maintains an Internet web site at www.BankFirstfs.com/about/investor-relations.