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Bank First Corporation Common Stock (NASDAQ: BFC), operating through its subsidiary Bank First, N.A., is a relationship-based community bank that has been serving customers since its incorporation in 1894. Headquartered in Manitowoc, Wisconsin, the bank has extended its reach with 26 banking locations across Wisconsin, including counties such as Manitowoc, Brown, Sheboygan, and Winnebago. The bank is known for its array of innovative, value-driven financial products and services designed to meet the needs of both individuals and businesses.
Bank First provides a comprehensive suite of financial services, including retail and commercial banking, investment advisory, trust services, and insurance products. The bank's offerings cover a wide range of financial needs, from credit cards and various types of loans (consumer, commercial, and real estate) to deposit services, online banking, mobile banking, and ATM processing. Additionally, Bank First collaborates with Ansay & Associates, LLC for insurance products, and partners with Legacy Private Trust and Morgan Stanley for trust and investment advisory services.
In recent years, Bank First has experienced significant growth, both organically and through strategic acquisitions. Notably, the acquisitions of Denmark Bancshares, Inc. and Hometown Bancorp, Ltd. have expanded the bank's operational scale and asset base. As of the latest financial reports, the bank maintains strong financial health with total assets amounting to approximately $4.1 billion and stockholders' equity of around $609.3 million.
The bank's financial performance has been robust, with net income for the recent quarters showing a positive trend. For instance, in the first quarter of 2024, Bank First reported a net income of $15.4 million, or $1.51 per share. This performance is consistent with the bank's historical results, reflecting its strong asset quality, effective cost management, and strategic acquisitions that have bolstered its market position.
Bank First also emphasizes shareholder value, as evidenced by its regular dividends and share repurchase programs. The bank declared a quarterly cash dividend of $0.35 per common share, reflecting a commitment to returning value to its shareholders.
Additionally, Bank First's partnerships and technological advancements play a crucial role in enhancing its service offerings. Prior to the sale of its member interest in UFS, LLC, the bank benefited from state-of-the-art digital, core, cybersecurity, managed IT, and private cloud services provided by UFS. This focus on technology ensures that Bank First remains at the forefront of banking innovation, providing its customers with secure and efficient financial services.
Overall, Bank First Corporation exemplifies a robust, community-focused financial institution that continues to evolve and grow, delivering comprehensive financial solutions while maintaining a strong commitment to its customers, shareholders, and community.
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.
Bank First Corporation (NASDAQ: BFC) reported a net income of $10.5 million for Q3 2022, down from $11.2 million in Q3 2021. Earnings per share were $1.26 for the quarter and $4.15 for the nine months ended September 30, 2022. The bank declared a quarterly cash dividend of $0.25, a 13.6% increase year-over-year. The total assets increased to $3.64 billion, with loans up to $2.86 billion. However, acquisition-related expenses of $4.6 million impacted net earnings. Noninterest income fell amid a slowdown in residential mortgage lending.
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