BankFirst Capital Corporation (OTCQX:BFCC), parent of BankFirst Financial Services, reported third-quarter and nine-month 2026 financial results on October 28, 2026, disclosing net income of $8.53 million for the three months ended September 30, 2026.

Key Highlights

  • Q3 2026 net income: $8.53 million, or $1.47 per common share, compared to $5.20 million, or $0.83 per common share, in Q3 2025.
  • Nine-month net income: $25.58 million, or $4.38 per common share, for the nine months ended September 30, 2026, up from $18.5 million, or $2.88 per common share, for the same period in 2025.
  • Total assets: $3.43 billion at September 30, 2026, a 2.7% increase from $3.34 billion at September 30, 2025.
  • Total gross loans: $2.35 billion at September 30, 2026, up 7% from $2.20 billion at September 30, 2025.
  • Total deposits: $2.92 billion at September 30, 2026, a 2.6% increase from $2.84 billion at September 30, 2025.
  • ECIP Deep Impact Condition met: The company reported it has satisfied the Deep Impact Condition for the last 16 consecutive quarters and believes it is eligible to exercise its purchase option on $248.57 million in Senior Preferred held by the U.S. Treasury.
  • Non-performing assets ratio: 0.52% of total assets (excluding restructured loans) at September 30, 2026, compared to 0.46% at September 30, 2025.

BankFirst Financial Services Reports Loan Growth and ECIP Option Update

BankFirst Capital Corporation, a Mississippi-based community bank holding company operating through its subsidiary BankFirst Financial Services, reported net interest income of $30.45 million in Q3 2026, compared to $29.02 million in Q3 2025, an increase of $1.43 million, or 5%, according to the filing. The company attributed the year-over-year net income variance partly to the July 1, 2025 acquisition of The Magnolia State Corporation, which resulted in a day-one provision expense of $4.14 million (pre-tax) that was subsequently reversed in Q4 2025 following early adoption of ASU 2025-08.

The filing disclosed that as of September 30, 2026, the company held an aggregate of $248.57 million in outstanding Senior Preferred stock issued to the U.S. Department of the Treasury under the Emergency Capital Investment Program (ECIP). The company's current dividend rate on that Senior Preferred is 1.25%, paid quarterly. The filing noted that through the first half of the ECIP reporting cycle, the company has satisfied approximately 72.99% of the originations necessary to qualify for a reduced dividend rate of 0.50% at the next reset date of June 15, 2027. The company stated that if it believes the lower rate is achievable, it intends to defer exercising its repurchase option until after that reset date, as the lower rate "could result in a materially lower repurchase price to be paid to Treasury."

Regarding its stock repurchase program, the filing stated that the company did not repurchase any shares during Q3 2026 under the New Stock Repurchase Program, which authorizes repurchases of up to $10.0 million of common stock and runs through May 21, 2027. President and CEO Moak Griffin noted in the filing that the company "remained well above the regulatory thresholds to be deemed 'well-capitalized'" and that credit quality "remains strong."

What Was Disclosed

BankFirst Capital Corporation disclosed Q3 2026 and nine-month 2026 financial results, including balance sheet growth, net interest income figures, an update on its $248.57 million ECIP Senior Preferred position, and the status of its stock repurchase program, as of September 30, 2026.