BankFirst Capital Corporation Reports Record Second Quarter 2019 Earnings Of $2.9 Million

COLUMBUS, Miss., July 15, 2019 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) (the "Company") reported record net income of $2.9 million for the second quarter of 2019, an increase of 16% over net income of $2.5 million for the second quarter of 2018.  Basic and diluted earnings per share for both the second quarter of 2019 and 2018 was $0.65.  Net income was $5.3 million for the six months ended June 30, 2019, an increase of $0.5 million, or 8.2%, as compared to net income of $4.9 million for the six months ended June 30, 2018.  Basic and diluted earnings per share for the six months ended June 30, 2019 and 2018 was $1.25 and $1.26, respectively.  Earnings for the six months ended June 30, 2019 were impacted by $454 thousand (after tax) of merger-related expenses.

Total assets were $1.3 billion at June 30, 2019, as compared to $960.9 million at June 30, 2018, an increase of 33%.  Net loans outstanding at June 30, 2019 totaled $919.0 million, as compared to net loans outstanding at June 30, 2018 of $749.6 million, an increase of 22%.  Asset quality remained solid with non-performing assets to total assets at 0.77% as of June 30, 2019, down from 1.00% as of June 30, 2018.

Non-interest-bearing deposits increased to $227.0 million as of June 30, 2019, a 43% increase from June 30, 2018.  Non-interest-bearing deposits represented 21% of total deposits at June 30, 2019.  Total deposits as of June 30, 2019 were $1.1 billion, an increase of $261.7 million from June 30, 2018.

As of June 30, 2019, the Company's tangible book value per share was $19.25.  According to OTCQX, there was one trade during the second quarter of 2019 for a total of 500 shares at a price of $25.10 per share.  The closing share price on June 30, 2019 was $25.10.  Based on this closing share price, the Company's market cap was $112.6 million as of June 30, 2019.

Moak Griffin, President and Chief Executive Officer of the Company and BankFirst Financial Services, the Company's wholly-owned subsidiary bank, stated, "We are proud of our results for the second quarter of 2019.  In addition to achieving record earnings, we also completed our recent acquisition of FNB Bancshares of Central Alabama, Inc.  We are pleased with the positive impact that the acquisition has had for BankFirst and our shareholders.  We believe our new expanded footprint will lead to more growth opportunities moving forward."  

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.

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.