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

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.

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.