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BANKFIRST CAPITAL CORPORATION Reports Record Fourth Quarter 2019 Earnings of $3.4 Million

January 23, 2020 GMT

COLUMBUS, Miss., Jan. 23, 2020 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) (the “Company”) reported record net income of $3.4 million for the fourth quarter of 2019, an increase of 41% over net income of $2.4 million for the fourth quarter of 2018. Basic and diluted earnings per share for the fourth quarter of 2019 and 2018 were $0.77 and $0.62, respectively. Net income was $11.8 million for the twelve months ended December 31, 2019, an increase of $2.0 million, or 20.5%, as compared to net income of $9.8 million for the twelve months ended December 31, 2018. Basic and diluted earnings per share for the twelve months ended December 31, 2019 and 2018 were $2.72 and $2.52, respectively.

Total assets were $1.3 billion at December 31, 2019, as compared to $975 million at December 31, 2018, an increase of 31%. Net loans outstanding at December 31, 2019 totaled $895.0 million, as compared to net loans outstanding at December 31, 2018 of $758.5 million, an increase of 18%. Asset quality remained solid with non-performing assets to total assets at 0.82% as of December 31, 2019, down from 1.13% as of December 31, 2018.

Non-interest-bearing deposits increased to $246.9 million as of December 31, 2019, a 59% increase from December 31, 2018. Non-interest-bearing deposits represented 22% of total deposits at December 31, 2019. Total deposits as of December 31, 2019 were $1.1 billion, an increase of $281.1 million from December 31, 2018.

As of December 31, 2019, the Company’s tangible book value per share was $20.30. According to OTCQX, there were 77 trades during the fourth quarter of 2019 for a total of 21,321 shares for a total price of $511,003. The closing share price on December 31, 2019 was $23.85. Based on this closing share price, the Company’s market cap was $107.0 million as of December 31, 2019.

Moak Griffin, President and Chief Executive Officer of the Company and BankFirst Financial Services, the Company’s wholly-owned subsidiary bank, stated, “The fourth quarter produced another record earnings quarter for BankFirst and reflects the earnings ability of the company nine months post-close of the acquisition of FNB Bancshares of Central Alabama, Inc. Moving into 2020, we will continue to execute on potential cost saves and efficiencies related to the acquisition. Within our Alabama markets, our legacy bankers and new bankers have shown great leadership in the merging of the two banks, and we believe this will lead to continued growth opportunities in these markets.”

ABOUT BANKFIRST CAPITAL CORPORATION

BankFirst Financial Services, the subsidiary bank of BankFirst Capital Corporation, is a $1.3 billion financial institution that is locally owned, controlled, and operated. The Bank is headquartered in Columbus, Mississippi, with additional offices in Flowood, Hickory, Lake, Louin, Macon, Madison, Newton, Jackson, Starkville and West Point, Mississippi and Aliceville, Carrollton, Gordo, Northport, and Tuscaloosa, Alabama. The Bank also operates one mortgage production office in Oxford, Mississippi. BankFirst Financial Services offers a wide variety of services for businesses and consumers, including internet banking, no-fee ATM access, checking, CD, and money market accounts, mortgage loans, remote deposit capture, and more. For more information, visit www.bankfirstfs.com.

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, (i) statements regarding certain of the Company’s goals and expectations with respect to future events that are subject to various risks and uncertainties, and (ii) 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: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. 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. 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.


BankFirst Capital Corporation
Unaudited Consolidated Balance Sheets
December 31, 2019 and December 31, 2018
(In Thousands, Except Per Share Data)



2019


2018

Assets




Cash and due from banks

$ 34,755


$ 17,446

Interest bearing bank balances

27,281


12,781

Federal funds sold

-


-

Available-for-sale securities

217,647


123,337





Loans

904,440


766,835

Allowance for loan losses

(9,418)


(8,300)

Loans, net of allowance for loan losses

895,022


758,535





Premises and equipment

31,900


19,906

Interest receivable

4,881


3,733

Goodwill

19,408


2,485

Intangible assets

4,476


1,548

Other

42,955


35,639





Total assets

$1,278,325


$975,410





Liabilities and Stockholders' Equity




Liabilities




Deposits

$1,109,791


$828,631

Notes payable

15,750


37,450

Subordinated debentures

28,841


11,186

Interest payable

1,392


646

Other

7,536


7,134

Total liabilities

1,163,310


885,047





Stockholders' Equity








Common stock, $0.30 par value, 15,000,000 shares authorized, 4,489,414 and 3,911,290 shares issued and outstanding

1,347


1,163

Additional paid-in capital

42,729


29,923

Retained earnings

69,676


60,104

Accumulated other comprehensive income (loss)

1,263


(827)

Total stockholders' equity

115,015


90,363





Total liabilities and stockholders' equity

$1,278,325


$975,410

BankFirst Capital Corporation
Unaudited Consolidated Statements of Income
December 31, 2019 and December 31, 2018
(In Thousands, Except Per Share Data)



Three Months Ended


Twelve Months Ended


12/31/2019


12/31/2018


12/31/2019


12/31/2018

Interest Income








Interest and fees on loans

$ 11,732


$ 9,322


$ 44,823


$ 35,766

Taxable securities

1,199


625


4,146


2,125

Tax-exempt securities

206


189


798


816

Federal funds sold

98


32


780


111

Interest bearing bank balances

22


9


107


33

Total interest income

13,257


10,177


50,654


38,851









Interest Expense








Deposits

2,148


1,279


8,540


4,407

Short-term borrowings

-


37


-


81

Federal Home Loan Bank advances

81


191


682


358

Other borrowings

431


181


1,547


783

Total interest expense

2,660


1,688


10,769


5,629









Net Interest Income

10,597


8,489


39,885


33,222









Provision for Loan Losses

656


384


1,577


1,680









Net Interest Income After Provision for Loan Losses

9,941


8,105


38,308


31,542









Noninterest Income








Service charges on deposit accounts

1,586


1,193


5,660


4,706

Mortgage income

726


388


2,717


1,299

Interchange income

707


593


2,629


2,203

Net realized gains (losses) on available-for-sale securities

150


-


430


47

Other

1,725


501


3,483


1,604

Total noninterest income

4,894


2,675


14,919


9,859









Noninterest Expense








Salaries and employee benefits

5,514


3,857


20,782


15,383

Net occupancy expenses

588


406


2,151


1,756

Equipment and data processing expenses

242


682


837


2,820

Other

4,051


2,887


14,133


8,987

Total noninterest expense

10,395


7,832


37,903


28,946









Income Before Income Taxes

4,440


2,948


15,324


12,455









Provision for Income Taxes

1,052


544


3,509


2,647









Net Income

$ 3,388


$ 2,404


$ 11,815


$ 9,808









Basic Earnings Per Common Share

$ 0.77


$ 0.62


$ 2.72


$ 2.52









Diluted Earnings Per Common Share

$ 0.77


$ 0.62


$ 2.72


$ 2.52

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SOURCE BankFirst Capital Corporation