BankFirst Q3 net income rises on Magnolia acquisition accounting reversal
BankFirst Q3 net income rises on Magnolia acquisition accounting reversal
Overview
U.S. regional bank's Q3 net income rose yr/yr, aided by Magnolia acquisition accounting reversal
Net interest income for Q3 rose 5% from a year earlier
Company did not repurchase shares under new buyback program in Q3
Outlook
Company says rising U.S. interest rates contribute to an uncertain economic environment
Company says additional provisions for credit losses may be necessary in future periods
BankFirst may defer repurchase of Senior Preferred until after potential dividend rate reset in June 2027
Result Drivers
LOAN GROWTH - Co said asset growth was primarily driven by sustained organic loan growth, particularly in Deep Impact Lending
DEPOSIT GROWTH - Co attributed deposit growth to offering competitive interest rates on deposit accounts
NET INTEREST INCOME - Net interest income and margin rose yr/yr
Company press release: ID:nPn2cjRpca
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income |
| $8.53 mln |
|
Q3 Net Interest Income |
| $30.45 mln |
|
Q3 Pretax Profit |
| $10.81 mln |
|
Q3 Provision for Credit Losses |
| $2.15 mln |
|
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)