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About Bank First Corporation (BFC)
Bank First Corporation (NASDAQ: BFC), headquartered in Manitowoc, Wisconsin, is a well-established financial institution offering a comprehensive suite of financial services through its subsidiary, Bank First, N.A. Founded in 1894, the company has grown into a trusted relationship-based community bank, serving individuals, businesses, and organizations across Wisconsin. With a focus on innovation, personalized service, and community engagement, Bank First has positioned itself as a reliable financial partner for its customers.
Core Business Areas
Bank First provides a wide range of financial products and services, including:
- Retail and Commercial Banking: Offering checking accounts, savings accounts, money market accounts, and certificates of deposit for individuals and businesses.
- Lending Services: Secured and unsecured loans, including consumer loans, commercial loans, real estate loans, construction loans, and residential mortgages.
- Investment and Trust Services: Delivered through partnerships with Legacy Private Trust and Morgan Stanley, providing tailored investment advisory and trust solutions.
- Insurance Products: Offered via a strategic alliance with Ansay & Associates, LLC, addressing personal and business insurance needs.
- Digital Banking: Comprehensive online, mobile, and telephone banking services for seamless account management and financial transactions.
Growth Strategy and Market Position
Bank First has demonstrated consistent growth through a combination of strategic acquisitions and de novo branch expansion. With 26 banking locations across Wisconsin, the company continues to strengthen its presence in key markets. Its acquisitions, such as Hometown Bancorp, have expanded its customer base and loan portfolio, while its commitment to organic growth ensures a steady increase in core deposits and assets.
The company’s co-ownership of UFS LLC, a data processing subsidiary serving over 50 banks across multiple states, highlights its innovative approach to leveraging technology for operational efficiency. This partnership underscores Bank First’s commitment to providing cutting-edge financial solutions to its customers while maintaining robust internal processes.
Community Focus and Differentiation
As a community-focused bank, Bank First prioritizes building long-term relationships with its customers. Its personalized approach to banking, combined with a deep understanding of local market dynamics, sets it apart from larger, impersonal financial institutions. The bank’s emphasis on delivering value-driven, innovative solutions aligns with its mission to serve the unique needs of the communities it operates in.
Bank First also differentiates itself through its partnerships with industry-leading firms like Ansay & Associates for insurance services and Legacy Private Trust for investment management. These collaborations enable the bank to offer a holistic suite of financial services, catering to diverse customer needs.
Technological Investments
Bank First is committed to staying ahead in the digital banking landscape. Recent investments in upgrading its online customer platform reflect its dedication to enhancing user experience and meeting the evolving expectations of tech-savvy customers. Its technological initiatives ensure secure, efficient, and accessible banking solutions for both retail and commercial clients.
Challenges and Opportunities
Operating in a competitive financial services industry, Bank First faces challenges such as regulatory compliance, economic fluctuations, and competition from larger banks and fintech companies. However, its strong community ties, innovative partnerships, and focus on personalized service position it well to navigate these challenges. The bank’s proactive approach to growth, combined with its commitment to operational excellence, ensures its continued relevance and success in the market.
Conclusion
Bank First Corporation exemplifies the values of a relationship-based community bank while embracing innovation and strategic growth. Its comprehensive range of financial services, commitment to community engagement, and focus on technological advancement make it a significant player in the Wisconsin banking landscape. Investors and customers alike can trust in Bank First’s long-standing history, strong financial performance, and dedication to meeting the needs of its stakeholders.
Bank First (BFC) reported Q4 2024 net income of $17.5 million ($1.75 per share), compared to $34.9 million ($3.39 per share) in Q4 2023. Full-year 2024 earnings were $65.6 million ($6.50 per share), versus $74.5 million ($7.28 per share) in 2023.
The bank's net interest income was $35.6 million in Q4 2024, with a net interest margin of 3.61%. Total assets reached $4.50 billion, up 6.5% year-over-year. Loans grew 5.2% to $3.52 billion, while deposits increased 6.7% to $3.66 billion.
The Board declared a quarterly cash dividend of $0.45 per share, matching the previous quarter and representing a 28.6% increase from the prior year. Asset quality remained strong with nonperforming assets at just 0.21% of total assets.
Bank First (NASDAQ: BFC) reported net income of $16.6 million, or $1.65 per share, for the third quarter of 2024, compared to $14.8 million, or $1.43 per share, for the same period in 2023. For the nine months ended September 30, 2024, the bank earned $48.0 million, or $4.75 per share, up from $39.6 million, or $3.89 per share, in 2023.
Key highlights include:
- Net interest income increased to $35.9 million in Q3 2024
- Net interest margin improved to 3.76%
- No provision for credit losses recorded in Q3 2024
- Total assets reached $4.29 billion, up $207.0 million year-over-year
- Total loans grew to $3.47 billion, a 4.9% annualized increase in Q3
- Deposits increased to $3.48 billion, with 10% annualized growth in Q3
- Quarterly cash dividend increased by 12.5% to $0.45 per share
Bank First (NASDAQ: BFC) reported net income of $16.1 million, or $1.59 per share, for the second quarter of 2024. This compares to $14.1 million, or $1.37 per share, for the same period in 2023. For the first six months of 2024, the bank earned $31.5 million, or $3.10 per share.
Key financial highlights include:
- Net interest income of $33.0 million, down slightly from previous periods
- Net interest margin of 3.63%
- No provision for credit losses in Q2 2024
- Noninterest income of $5.9 million, up from previous quarters
- Total assets of $4.15 billion as of June 30, 2024
- Total loans of $3.43 billion, up $85.7 million from December 31, 2023
- Total deposits of $3.40 billion
The Board of Directors approved a quarterly cash dividend of $0.40 per share, a 14.3% increase from the prior quarter and a 33.3% increase year-over-year.
Bank First (NASDAQ: BFC) has successfully implemented UFS's Empowered Core banking platform, enhancing its growth strategies by providing greater flexibility, speed to market, Fintech enablement, and acquisition capabilities. The platform build-out, initiated seven months ago, culminated in a smooth data migration on June 23, 2024, ensuring no customer impact. This upgrade strengthens Bank First's long-term partnership with UFS, which delivers high IT efficiency and support. UFS President Eric Jones highlighted the successful collaboration, noting the platform's potential for optimizing technology for regional banks.
Bank First Corporation (NASDAQ: BFC) reported a net income of $10.7 million or $1.09 per share for Q1 2023, a slight increase from $10.2 million in Q1 2022. Adjusted net income reached $14.7 million, or $1.50 per share, compared to $10.5 million for the same period last year. The bank declared a quarterly cash dividend of $0.30 per share, marking a 20% increase from the previous quarter. Net interest income surged to $32.2 million, a rise of $9.9 million year-over-year, with a net interest margin of 3.74%. However, a provision for credit losses increased to $4.2 million due to the adoption of CECL. Total assets increased to $4.17 billion, with total loans at $3.32 billion, reflecting solid growth.
Bank First Corporation (NASDAQ: BFC) reported a net income of $12.8 million for Q4 2022, translating to $1.43 per share, slightly lower than $11.2 million or $1.46 per share in Q4 2021. For the full year, net income reached $45.2 million, down from $45.4 million in 2021. Despite this, net interest income rose to $30.6 million for Q4, up $7.4 million year-over-year, with a net interest margin of 3.71%. The bank declared a quarterly dividend of $0.25 per share, marking a 13.6% increase. Assets increased to $3.66 billion, with nonperforming assets decreasing to 0.18% of total assets.
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