BankFirst Capital Corporation Reports Record First Quarter 2020 Earnings of $2.9 Million

COLUMBUS, Miss., April 16, 2020 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) (the "Company") reported record net income of $2.9 million for the first quarter of 2020, an increase of 24% over net income of $2.4 million for the first quarter of 2019.  Basic and diluted earnings per share for the first quarter of 2020 and 2019 were $0.65 and $0.80, respectively. 

Total assets were $1.3 billion at March 31, 2020, as compared to $1.0 billion at March 31, 2019, an increase of 26%.  Net loans outstanding at March 31, 2020 totaled $897 million, as compared to net loans outstanding at March 31, 2019 of $750 million, an increase of 20%.  Asset quality remained solid with non-performing assets to total assets at 0.79% as of March 31, 2020, down from 0.95% as of March 31, 2019.

Non-interest-bearing deposits increased to $248.1 million as of March 31, 2020, a 54% increase from March 31, 2019.  Non-interest-bearing deposits represented 22% of total deposits at March 31, 2020.  Total deposits as of March 31, 2020 were $1.1 billion, an increase of $269.7 million from March 31, 2019.

As of March 31, 2020, the Company's tangible book value per share was $21.29.  According to OTCQX, there were 61 trades during the first quarter of 2020 for a total of 14,449 shares for a total price of $308,634.  The closing share price on March 31, 2020 was $16.75.  Based on this closing share price, the Company's market cap was $75.4 million as of March 31, 2020.

Moak Griffin, President and Chief Executive Officer of the Company and BankFirst Financial Services, the Company's wholly-owned subsidiary bank, stated, "Although our earnings for the first quarter of 2020 are down compared to the fourth quarter of 2019,  these earning do reflect the positive impact of our acquisition of FNB Bancshares of Central Alabama in the second quarter of 2019 as well as ongoing merger expenses associated with Traders & Farmers Bancshares.  During the first quarter of 2020, we began to assess and address the challenges and uncertainties related to the coronavirus pandemic.  We have actively begun to identify and address the needs of our employees, our loan and deposit customers, and our communities.  While we cannot predict the impact that this crisis might ultimately have, we believe that we have the financial stability and the responsibility to serve our customers and communities during this difficult time.  While the coronavirus pandemic is currently at the center of our attention, we continue to move forward with our proposed merger with Traders & Farmers Bancshares which we anticipate will now close during the third quarter of 2020.  We still remain committed to growing our market share in our Alabama and Mississippi markets and to pursuing strategic and prudent growth opportunities."

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, (ii) statements about the merger of Traders & Farmers Bancshares, Inc. with BankFirst (the "merger"), and (iii) 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, including as a result of the coronavirus pandemic, our ability to complete the merger and recognize the expected benefits and synergies of the merger, 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.

NO OFFER OR SOLICITATION

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.  The shares of common stock of BankFirst are not savings or deposit accounts and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

SOURCE BankFirst Capital Corporation

Related Links

http://www.bankfirstfs.com

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