BankFirst Capital Corporation reported record quarterly net income of $4.3 million, or $0.81 per share, for the first quarter of 2021, an increase of 7% compared to net income of $4.0 million or $0.76 per share for the fourth quarter of 2020, and an increase of 48% compared to net income of $2.9 million or $0.64 per share for the first quarter of 2020.
Total assets were $1.78 billion at March 31, 2021 as compared to $1.73 billion at December 31, 2020, an increase of 3%, and as compared to $1.32 billion at March 31, 2020, an increase of 35%.
The increase in total assets from the prior year was due to organic loan and deposit growth, supported by participation in the Paycheck Protection Program (PPP), as well as the acquisition of Traders & Farmers Bancshares, Inc. on July 1, 2020.
Loans outstanding, net of the allowance for loan losses, at March 31, 2021 totaled $1,118 million as compared to $1,126 million in the fourth quarter of 2020 a decrease of 1%, and as compared to $897 million in the first quarter of 2020, an increase of 25%.
Net loans outstanding excluding loans associated with the PPP, at March 31, 2021 totaled $1,034 million, as compared to $1,044 million in the fourth quarter of 2020 a decrease of 1%, and as compared to $897 million in the first quarter of 2020, an increase of 15%.
Asset quality remained solid with non-performing assets to total assets at 0.65% as of both March 31, 2021 and December 31, 2020, down from 0.77% as of March 31, 2020.
Non-interest-bearing deposits increased to $446.9 million as of March 31, 2021, as compared to $432.3 million in the fourth quarter of 2020, an increase of 3%, and as compared to $248.1 million as of March 31, 2020, an increase of 80%.
Non-interest-bearing deposits represented 28.51% of total deposits at March 31, 2021.
Total deposits as of March 31, 2021 were $1.57 billion, as compared to $1.52 billion for the fourth quarter of 2020, an increase of 3%, and as compared to $1.15 billion for March 31, 2020 an increase of 37%. Cost of funds as of March 31, 2021 is 0.34% as compared to 0.41% at December 31, 2020, and as compared to 0.80% as of March 31, 2020.
The Company's ratio of loans to deposits is 72.4% at March 31, 2021 as compared to 75.4% at December 31, 2020, and as compared to 79.1% at March 31, 2020.
Net interest income is $12.7 million for the first quarter of 2021 a decrease of 1% as compared to $12.9 million for the fourth quarter of 2020. The decrease is primarily due to the interest rate reductions by the Federal Reserve in response to COVID-19. Net interest margin decreased to 3.01% as of March 31, 2021 from 3.21% as of December 31, 2020. ■