BankFirst Q3 net income rises on Magnolia acquisition accounting reversal
BFST•BankFirst reported third-quarter net income of $8.53 million, aided by a reversal of Magnolia acquisition accounting. Net interest income rose 5% year over year to $30.45 million.
1. Quarterly results
Third-quarter net income rose year over year, aided by a reversal of Magnolia acquisition accounting. Net interest income increased 5% from a year earlier to $30.45 million; pretax profit was $10.81 million and the provision for credit losses was $2.15 million.
2. Outlook and buybacks
The company did not repurchase shares under its new buyback program in the quarter. It said rising U.S. interest rates contribute to an uncertain economic environment and additional credit-loss provisions may be necessary in future periods. BankFirst may defer repurchasing its Senior Preferred until after a potential dividend rate reset in June 2027.
