BANKFIRST CAPITAL CORPORATION Reports Fourth Quarter 2021 Earnings of $4.4 Million

COLUMBUS, Miss., Jan. 25, 2022 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) ("BankFirst" or the "Company") reported quarterly net income of $4.4 million, or $0.84 per share, for the fourth quarter of 2021, compared to net income of $5.3 million, or $1.01 per share, for the third quarter of 2021, and an increase of 11% compared to net income of $3.9 million, or $0.76 per share, for the fourth quarter of 2020. The Company also reported net income of $18.3 million, or $3.47 per share, for the year ended December 31, 2021, an increase of 36% compared to net income of $13.5 million, or $2.76 per share, for the year ended December 31, 2020. 

2021 Fourth Quarter Highlights:

  • Net income totaled $4.4 million, or $0.84 per share, in the fourth quarter of 2021 compared to $3.9 million, or $0.76 per share, for the fourth quarter of 2020.
  • Earnings per share increased to $3.47 for the year ended December 31, 2021 compared to $2.76 for the year ended December 31, 2020, an increase of 26%.
  • On December 10, 2021, the Company paid a cash dividend of $0.68 per share to shareholders of record as of December 1, 2021.

Recent Developments

  • After the close of business on December 31, 2021, the Company completed its acquisition of The Citizens Bank of Fayette, Fayette, Alabama ("Citizens"), through the merger of Citizens with and into the Company's wholly-owned banking subsidiary, BankFirst Financial Services (the "Bank").  As of December 31, 2021, Citizens had total assets of $206.8 million, loans of $28.0 million, and deposits of $187.8 million.  After merging with Citizens, the Bank had total assets of approximately $2.0 billion, gross loans of approximately $1.2 billion and total deposits of approximately $1.7 billion.
  • As previously announced, the Company received notice from the U.S. Department of the Treasury ("Treasury") indicating that it is eligible to participate in the Emergency Capital Investment Program ("ECIP") and may receive an ECIP investment from Treasury in an amount up to $175.0 million.

CEO Commentary

Moak Griffin, President and Chief Executive Officer of the Company and the Bank, stated, "We are pleased to report another strong quarter of earnings and the end to a very positive 2021. Our outlook remains positive for the future with an allocation through the ECIP, our recently completed acquisition of Citizens, and an encouraging pipeline for loan growth in our loan production offices as well as in our core markets."

Financial Condition and Results of Operations

Total assets were $1.82 billion as of December 31, 2021, compared to $1.79 billion at September 30, 2021 and $1.73 billion at December 31, 2020, an increase of 2% and 5%, respectively. The increase in total assets from the prior year was primarily due to organic loan and deposit growth, supported by the Bank's participation in the Paycheck Protection Program ("PPP") created under the Coronavirus Aid, Relief, and Economic Security Act and administered by the U.S. Small Business Administration (the "SBA"). Total loans outstanding, net of the allowance for loan losses, as of December 31, 2021 totaled $1.19 billion, compared to $1.13 billion as of September 30, 2021 and December 31, 2020, respectively, an increase of 6%. Net loans outstanding, excluding PPP loans, as of December 31, 2021 totaled $1.16 billion, compared to $1.09 billion as of September 30, 2021, an increase of 7%, and $1.04 billion as of December 31, 2020, an increase of 11%.

Non-interest-bearing deposits increased to $474 million as of December 31, 2021, compared to $467 million as of September 30, 2021, an increase of 1%, and $432 million as of December 31, 2020, an increase of 10%. Non-interest-bearing deposits represented 30% of total deposits as of December 31, 2021. Total deposits as of December 31, 2021 were $1.6 billion, compared to $1.6 billion as of September 30, 2021, and $1.5 billion as of December 31, 2020, an increase of 4%. Cost of funds as of December 31, 2021 was 0.44% compared to 0.31% as of September 30, 2021, and 0.41% as of December 31, 2020. The increase in cost of funds in the fourth quarter of 2021 is primarily due to the increase in interest expense on Federal Home Loan Bank advances due to early prepayment costs.

The ratio of loans to deposits was 76% as of December 31, 2021 compared to 73% as of September 30, 2021, and 75% as of December 31, 2020. The ratio of loans, net of PPP loans, to deposits was 73% as of December 31, 2021 compared to 69% as of September 30, 2021, and 69% as of December 31, 2020.

Net interest income was $15.5 million for the fourth quarter of 2021, an increase of 10% compared to $14.1 million for the third quarter of 2021. Net interest margin increased to 3.99% in the fourth quarter of 2021, compared to 3.59% in the third quarter of 2021. Yield on earning assets increased 52 basis points to 4.40% in the fourth quarter of 2021, compared to 3.90% during the third quarter of 2021. The increase in yields is primarily due to increased forgiveness of PPP resulting in higher recognition of deferred fees through interest income.

Noninterest income was $4.8 million for the fourth quarter of 2021, compared to $6.7 million for the third quarter of 2021, a decrease of 29%, and $5.7 million for the fourth quarter of 2020, a decrease of 16%. Mortgage banking revenue decreased $314 thousand to $892 thousand in the fourth quarter of 2021 from $1.2 million in the third quarter of 2021, a decrease of 26%, and decreased $878 thousand from $1.7 million in the fourth quarter of 2020, a decrease of 50%. Also, in the third quarter 2021 the Bank received a Community Development Financial Institution Financial Assistance grant of $1.8 million, which is a non-recurring grant.

As of December 31, 2021, tangible book value per share was $22.39. According to OTCQX, there were 715 trades of the Company's shares of common stock during 2021 for a total of 188,828 shares and for a total price of $4,629,672. The closing price of the Company's common stock quoted on OTCQX on December 31, 2021 was $30.00 per share. Based on this closing share price, the Company's market capitalization was $158.54 million as of December 31, 2021.

Credit Quality

The Company recorded a provision for credit losses of $400,000 during the fourth quarter of 2021 compared to $322,000 for the third quarter of 2021, and $147,000 for the fourth quarter of 2020. As of December 31, 2021, the allowance for loan losses was equal to 1.30% of gross loans and 1.34% of gross loans, excluding PPP loans. Net loan charge-offs in the fourth quarter of 2021 were $1.04 million compared to $490,000 in the third quarter 2021, and $265,000 in the fourth quarter 2020. Non-performing assets to total assets were 0.80% for the fourth quarter of 2021, an increase of 22 basis points compared to 0.58% for the third quarter of 2021 and an increase of 16 basis points compared to 0.64% for the fourth quarter of 2020. Annualized net charge-offs to average loans for the fourth quarter of 2021 were 0.9%, compared to 0.04% for the third quarter of 2021 and 0.02% for the fourth quarter of 2020. 

PPP Loans

The Bank participated in the PPP, a $944 billion low-interest business loan program funded by Treasury and administered by the SBA, which officially ended on May 31, 2021. The PPP provided U.S. government guarantees for lenders, as well as loan forgiveness incentives for borrowers that predominately utilize the loan proceeds to cover employee compensation-related business costs. The Bank participated in Rounds 1 and 2 of the PPP during 2020 and in Round 3 of the PPP in 2021 until its expiration on May 31, 2021. In 2020, during Rounds 1 and 2 of the PPP, the Bank originated 1,489 PPP loans totaling $115.6 million. Through December 31, 2021, the Bank has received loan forgiveness payments from the SBA totaling $115 million on PPP loans originated in Rounds 1 and 2 of the PPP. The Bank received approximately $4.4 million in fees (net of expenses) paid by the SBA on PPP loans originated in Rounds 1 and 2 of the PPP, from which we recognized $122 thousand as loan fee income during the fourth quarter of 2021 and recognized $2.2 million as loan fee income for the year ended December 31, 2021, compared to $2.4 million for the year ended December 31, 2020. 

In 2021, during Round 3 of the PPP, the Bank originated an additional 1,382 PPP loans totaling $62 million. Through December 31, 2021, the Bank has received forgiveness payments from the SBA totaling $30.1 million on PPP loans originated in Round 3 of the PPP. The Bank received approximately $4 million in fees (net of expenses) paid by the SBA on PPP loans originated in Round 3 of the PPP, from which we recognized $1.8 million as loan fee income during the fourth quarter of 2021 and recognized $2.1 million for the year ended December 31, 2021.  

Lending
Since the beginning of the novel coronavirus (COVID-19) pandemic in early 2020, the Company regularly takes actions to identify and assess its COVID-19 related credit exposures by asset classes and borrower types. In addition, the Company implemented a loan modification program to assist both consumer and business borrowers that experienced or expect to experience financial hardships due to COVID-19 related challenges. As of December 31, 2021, 0.44% of the Bank's loan portfolio had active COVID-19-related modifications compared to 0.44% as of September 30, 2021 and 2.03% as of December 31, 2020.

Modified loans with deferred payments will continue to accrue interest during the deferral period unless otherwise classified as nonperforming. Consistent with bank regulatory guidance, borrowers that were otherwise current on loan payments that were granted COVID-19 related financial hardship payment deferrals will continue to be reported as current loans throughout the agreed upon deferral periods. COVID-19 related loan modifications are also deemed to be insignificant borrower concessions, and therefore, such modified loans were not classified as troubled-debt restructured loans as of December 31, 2021.

The COVID-19 pandemic continued to impact our financial results, as well as demand for our services and products, during the fourth quarter of 2021 and potentially beyond. The short and long-term implications of the COVID-19 pandemic (and any current or future variants thereof), and related monetary and fiscal stimulus measures, on our future revenues, earnings results, allowance for credit losses, capital reserves and liquidity are unknown at present.

Merger & Acquisition Activity

As previously disclosed, BankFirst completed its acquisition of The Citizens Bank of Fayette, Fayette, Alabama, after the close of business on December 31, 2021.   Under the terms of the definitive agreement, the sole shareholder of Citizens was paid a fixed amount of cash merger consideration.  Although the Company has not finalized exact amounts of the purchase accounting adjustments, the following table presents the estimated impact on certain financial information for the Company (in thousands, except share data):


December 31, 2021


After Merger





Total assets

$1,818,954


$2,000,000

Gross loans

1,206,562


1,234,000

Goodwill and other intangible assets

38,549


44,800

Total deposits

1,581,067


1,700,000

Total stockholders' equity

156,798


156,798





Common shares outstanding

5,284,629


5,284,629

Tangible equity per share

$22.39


$21.19

Total equity per share

$29.67


$29.67





The results of operations of Citizens are not included in BankFirst's 2021 consolidated results of operations, but will be included beginning in the first quarter of 2022.

Emergency Capital Investment Program

As previously disclosed, BankFirst received a letter, dated December 14, 2021, from Treasury indicating that it is eligible to participate in the ECIP.  Upon the complete execution of ECIP investment and program documentation by BankFirst and Treasury, which has yet to be received from Treasury, BankFirst may receive an ECIP investment in an amount up to $175.0 million in exchange for the issuance by BankFirst of senior perpetual noncumulative preferred stock to Treasury on terms to be established by Treasury. 

BankFirst cannot provide any assurance or guarantee concerning whether it will ultimately participate in the ECIP, what the actual amount of ECIP investment, if any, from Treasury it will ultimately accept, what the actual terms, conditions and preferences of the senior perpetual noncumulative preferred stock to be issued to Treasury will be or whether such terms will be acceptable to BankFirst.

ABOUT BANKFIRST CAPITAL CORPORATION  

BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company based in Columbus, Mississippi with approximately $2.0 billion in total assets as of January 1, 2022. BankFirst Financial Services, the Company's wholly-owned banking subsidiary, was founded in 1888 that is locally owned, controlled, and operated. The Bank is headquartered in Macon, Mississippi, with additional branch offices in Columbus, Flowood, Hattiesburg, Jackson, Louin, Macon, Madison, Newton, Starkville, and West Point, Mississippi and Addison, Aliceville, Arley, Bear Creek, Carrollton, Curry, Double Springs, Fayette, Gordo, Haleyville, Northport, and Tuscaloosa, Alabama. The Bank also operates three loan production offices, one in each of Brookhaven, Mississippi, Oxford, Mississippi, and Biloxi, Mississippi. BankFirst offers a wide variety of services for businesses and consumers. The Bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, 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, (ii) statements about the merger of Citizens with and into the Bank (the "acquisition"), 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: the effects of the ongoing COVID-19 pandemic (including any current or future variant thereof), 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 ongoing COVID-19 pandemic, our ability to  recognize the expected benefits and synergies of the Citizens acquisition, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. These forward-looking statements are based on current information and/or management's good faith belief as to future events. 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. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release.  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.

AVAILABLE INFORMATION

The Company maintains an Internet web site at www.bankfirstfs.com/about-us/investors. The Company makes available, free of charge, on its web site the Company's annual reports, quarterly earnings reports, and other press releases. In addition, the OTC Markets Group maintains an Internet site that contains reports, proxy and information statements, and other information regarding the Company (at www.otcmarkets.com/stock/BFCC/overview).

The Company routinely posts important information for investors on its web site (under www.bankfirstfs.com and, more specifically, under the Investor Relations tab at www.bankfirstfs.com/about-us/investors/). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under the OTC Markets Group OTCQX Rules for U.S. Banks. Accordingly, investors should monitor the Company's web site, in addition to following the Company's press releases, OTC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company's web site is not incorporated by reference into, and is not a part of, this press release.

Member FDIC

BankFirst Capital Corporation
Unaudited Consolidated Balance Sheets
(In Thousands, Except Per Share Data)












December 31


September 30


June 30


March 31


December 31


2021


2021


2021


2021


2020

Assets










Cash and due from banks

$36,623


$39,808


$43,997


$33,046


$37,208

Interest bearing bank balances

22,475


36,849


47,049


60,599


83,324

Federal funds sold

-


-


9,313


8,968


8,408

Available-for-sale securities

423,540


439,565


427,390


411,930


329,409











Loans

1,206,562


1,143,605


1,140,349


1,135,123


1,142,624

Allowance for loan losses

(15,719)


(16,358)


(16,526)


(16,647)


(16,496)

Loans, net of allowance for loan losses

1,190,843


1,127,247


1,123,823


1,118,476


1,126,128











Premises and equipment

43,043


43,462


42,164


42,227


42,414

Interest receivable

7,932


8,108


8,366


8,574


8,978

Goodwill

34,564


34,564


34,564


34,564


34,564

Other intangible assets

3,895


4,055


4,214


4,375


4,535

Other

56,039


56,056


57,338


57,206


54,387











Total assets

$1,818,954


$1,789,714


$1,798,218


$1,779,965


$1,729,355











Liabilities and Stockholders' Equity










Liabilities










Noninterest bearing deposits

$473,617


$467,409


$462,436


$446,921


$432,252

Interest bearing deposits

1,107,449


1,098,729


1,115,992


1,120,748


1,082,920

Total deposits

1,581,066


1,566,138


1,578,428


1,567,669


1,515,172











Notes payable

41,455


26,428


27,030


27,843


28,605

Subordinated debt

26,341


26,341


26,341


26,341


26,341

Interest payable

796


1,060


817


1,084


1,123

Other 

12,498


12,811


12,716


11,801


11,162

Total liabilities

1,662,156


1,632,778


1,645,332


1,634,738


1,582,403











Stockholders' Equity










Common stock

1,585


1,585


1,583


1,585


1,581

Additional paid-in capital

60,545


60,395


60,279


60,229


60,113

Retained earnings

95,228


94,398


89,083


84,798


80,479

Accumulated other comprehensive income

(560)


558


1,941


(1,385)


4,779

Total stockholders' equity

156,798


156,936


152,886


145,227


146,952











Total liabilities and stockholders' equity

$1,818,954


$1,789,714


$1,798,218


$1,779,965


$1,729,355











Common shares outstanding

5,284,629


5,284,800


5,278,771


5,282,164


5,270,323

Book value per share

$29.67


$29.70


$28.96


$27.49


$27.88

Tangible book value per share

$22.39


$22.39


$21.62


$20.12


$20.46

BankFirst Capital Corporation
Unaudited Consolidated Statements of Income
(In Thousands, Except Per Share Data)










For Three Months Ended


For the Twelve Months Ended


December


September


December


December


2021


2021


2021


2020

Interest Income








Interest and fees on loans

$15,467


$14,016


$55,382


$52,788

Taxable securities

1,379


1,302


5,146


4,578

Tax-exempt securities

437


435


1,758


1,429

Federal funds sold 

5


21


73


290

Interest bearing bank balances

7


11


40


64

Total interest income

17,295


15,785


62,399


59,149









Interest Expense








Deposits

1,043


1,089


4,775


7,670

Short-term borrowings

1


-


1


1

Federal Home Loan Bank advances

280


112


555


327

Other borrowings

469


440


1,785


1,827

Total interest expense

1,793


1,641


7,116


9,825









Net Interest Income

15,502


14,144


55,283


49,324









Provision for Loan Losses

400


322


1,112


8,117









Net Interest Income After Provision for Loan Losses

15,102


13,822


54,171


41,207









Noninterest Income








Service charges on deposit accounts

1,845


1,473


6,523


5,823

Mortgage income

892


1,206


5,657


6,362

Interchange income

1,112


990


4,278


3,495

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

-


-


13


3,615

Other

939


3,060


6,650


3,844

Total noninterest income

4,788


6,729


23,121


23,139









Noninterest Expense








Salaries and employee benefits

7,391


7,451


30,153


27,366

Net occupancy expenses

766


837


3,097


2,727

Equipment and data processing expenses

376


370


1,473


1,154

Other

5,688


4,903


19,579


16,953

Total noninterest expense

14,221


13,561


54,302


48,200









Income Before Income Taxes

5,669


6,990


22,990


16,146









Provision for Income Taxes

1,243


1,679


4,690


2,664









Net Income

$4,426


$5,311


$18,300


$13,482

















Basic/Diluted Earnings Per Common Share

$0.84


$1.01


$3.47


$2.76

BankFirst Capital Corporation
Unaudited Consolidated Statements of Income
(In Thousands, Except Per Share Data)












Quarter Ended


December 31


September 30


June 30


March 31


December 31


2021


2021


2021


2021


2020

Interest Income










Interest and fees on loans

$15,467


$14,016


$12,856


$13,043


$13,463

Taxable securities

1,379


1,302


1,270


1,195


1,062

Tax-exempt securities

437


435


442


444


447

Federal funds sold 

5


21


19


28


13

Interest bearing bank balances

7


11


11


11


15

Total interest income

17,295


15,785


14,598


14,721


15,000











Interest Expense










Deposits

1,043


1,089


1,189


1,454


1,542

Short-term borrowings

1


-


-


-


-

Federal Home Loan Bank advances

280


112


81


82


81

Other borrowings

469


440


438


438


443

Total interest expense

1,793


1,641


1,708


1,974


2,066











Net Interest Income

15,502


14,144


12,890


12,747


12,934











Provision for Loan Losses

400


322


144


246


147











Net Interest Income After Provision for Loan Losses

15,102


13,822


12,746


12,501


12,787











Noninterest Income










Service charges on deposit accounts

1,845


1,473


1,658


1,547


1,622

Mortgage income

892


1,206


1,737


1,822


1,770

Interchange income

1,112


990


1,201


975


986

Net realized gain (loss)  on available-for-sale
securities

-


-


-


13


(1)

Other

939


3,060


1,002


1,649


1,351

Total noninterest income

4,788


6,729


5,598


6,006


5,728











Noninterest Expense










Salaries and employee benefits

7,391


7,451


7,561


7,750


7,668

Net occupancy expenses

766


837


739


755


761

Equipment and data processing expenses

376


370


387


340


343

Other

5,688


4,903


4,606


4,382


5,007

Total noninterest expense

14,221


13,561


13,293


13,227


13,779











Income Before Income Taxes

5,669


6,990


5,051


5,280


4,736











Provision for Income Taxes

1,243


1,679


766


1,002


749











Net Income

$4,426


$5,311


$4,285


$4,278


$3,987





















Basic/Diluted Earnings Per Common Share

$0.84


$1.01


$0.81


$0.81


$0.76

BankFirst Capital Corporation
Unaudited Risk Category of Loans by Type
(In Thousands)












 Grades 


 Watch 

 Substandard 

 Total 



 (1 - 5) 


(6)


(7)


 Loans 

December 31, 2021


















Secured by real estate









Construction 


$105,868


$51


$4,498


$110,417

Farmland


69,988


830


129


70,947

Residential real estate


275,376


4,379


4,209


283,964

Commercial real estate


499,744


2,206


8,521


510,471

Consumer


18,761


218


222


19,201

Commercial and other


207,563


1,617


2,382


211,562












$1,177,300


$9,301


$19,961


$1,206,562





















 Grades 


 Watch 

 Substandard 

 Total 



 (1 - 5) 


(6)


(7)


 Loans 

September 30, 2021


















Secured by real estate









Construction 


$94,339


$35


$5,296


$99,670

Farmland


66,612


841


284


67,737

Residential real estate


273,487


4,217


4,386


282,090

Commercial real estate


460,737


6,350


4,456


471,543

Consumer


19,500


253


229


19,982

Commercial and other


198,515


1,426


2,642


202,583












$1,113,190


$13,122


$17,293


$1,143,605

BankFirst Capital Corporation
Unaudited Past Due Loans
(In Thousands)
















 Accruing Loans Past Due 




 Total 







 30 - 89 Days  


 90 Days or More 


 Non-accrual

 Past Due and Non-accrual

 Current Loans 


 Total 



 


 


  

 

 


 Loans 














December 31, 2021


























Secured by real estate













Construction


$323


$                      -


$4,417


$4,740


$105,677


$110,417

Farmland


7


-


64


71


70,876


70,947

Residential real estate


1,620


140


1,220


2,980


280,984


283,964

Commercial real estate


-


-


5,855


5,855


504,616


510,471

Consumer


110


-


89


199


19,002


19,201

Commercial and other


257


-


1,820


2,077


209,485


211,562
















$2,317


$140


$13,465


$15,922


$1,190,640


$1,206,562
















 Accruing Loans Past Due 




 Total 







 30 - 89 


 90 Days 


 Non- 

 Past Due and 

 Current 


 Total 



 Days 


 or More 


 accrual 

 Nonaccrual 

 Loans 


 Loans 

September 30, 2021


























Secured by real estate













Construction


$258


$                      -


$5,024


$5,282


$94,388


$99,670

Farmland


194


-


68


262


67,475


67,737

Residential real estate


1,459


88


1,533


3,080


279,010


282,090

Commercial real estate


546


-


716


1,262


470,281


471,543

Consumer


74


-


81


155


19,827


19,982

Commercial and other


778


-


1,949


2,727


199,856


202,583
















$3,309


$88


$9,371


$12,768


$ 1,130,837


$1,143,605

BankFirst Capital Corporation
Unaudited Selected Other Financial Information
(In Thousands)












December 31


September 30


June 30


March 31


December 31


2021


2021


2021


2021


2020











Asset Quality 




















Nonaccrual Loans

13,466


9,371


10,186


10,482


10,022

Restructured

1,315


1,315


1,361


409


2,950

OREO

952


973


1,208


1,207


1,343

90+ still accruing

141


91


-


10


30

Non-Performing Assets

14,559


10,435


11,394


11,689


11,365





















Capital Ratios




















CET1 Ratio

9.62%


10.35%


9.89%


9.42%


9.14%

CET1 Capital

119,928


118,804


112,985


108,749


103,074

Tier 1 Ratio

10.53%


11.34%


10.89%


10.40%


10.15%

Tier 1 Capital

131,269


130,145


124,326


120,090


114,415

Total Capital Ratio

12.99%


13.90%


13.45%


12.95%


12.73%

Total Capital

161,848


159,513


153,602


149,555


143,534

Risk Weighted Assets

1,246,064


1,147,454


1,142,059


1,155,036


1,127,122

Tier 1 leverage ratio

7.45%


7.43%


7.06%


6.90%


6.77%

SOURCE BankFirst Capital Corporation