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Overview of Bank First Corp
Bank First Corp (BFC) is a United States-based community bank with a heritage dating back to 1894. As a relationship-based institution, it provides a wide array of innovative financial services to both individuals and businesses. The bank offers comprehensive consumer and commercial banking products, including deposit accounts, a full range of loan products, treasury management services, and advanced digital banking solutions. With a commitment to personalized service, Bank First Corp leverages its local presence and deep-rooted community connections to deliver tailored financial solutions.
Core Business Areas and Services
Bank First Corp is dedicated to serving its customers through a diversified business model. Its core business segments include:
- Consumer and Commercial Lending: Providing secured and unsecured loans, including real estate, consumer, and industrial loans, which cater to a broad spectrum of financial needs.
- Depository Services: Offering demand, time, and savings deposit accounts, alongside money market products and certificates of deposit, ensuring a robust foundation of core deposits.
- Treasury and Cash Management: Delivering treasury management and cash flow services designed to enhance liquidity and operational efficiency for business clients.
- Investment Advisory and Trust Services: In partnership with recognized regional firms, the bank provides trust and investment advisory services that assist clients in managing and growing their wealth.
- Insurance Solutions: Through strategic alliances with dedicated insurance providers, Bank First Corp also offers a range of insurance products.
- Digital and Mobile Banking: The bank continuously invests in upgrading its online customer platform, ensuring secure and user-friendly digital banking experiences.
Growth and Operational Strategy
The institution has achieved significant growth by combining acquisitions and de novo branch expansion. Bank First Corp has steadily increased its footprint through carefully targeted acquisitions that expand its product offerings and enhance its regional presence. This deliberate strategy has allowed the bank to maintain a competitive edge in the local market while upholding high standards of service and community engagement.
Risk Management and Asset Quality
Risk management is a cornerstone of Bank First Corp’s operations. The company maintains robust credit loss reserves and actively monitors nonperforming assets to ensure asset quality remains high. By closely managing the balance between growth and prudent risk practices, the bank continues to safeguard the interests of its customers and stakeholders.
Technological Innovations and Digital Transformation
Recognizing the importance of digital innovation in the modern banking environment, Bank First Corp has upgraded its online and mobile banking platforms. These technological enhancements not only streamline internal operations but also provide customers with secure, efficient, and accessible financial services. The bank’s ongoing investments in technology reinforce its commitment to delivering innovative solutions while ensuring robust risk controls and data security.
Market Position and Community Focus
Positioned as a trusted local partner, Bank First Corp distinguishes itself through a deep commitment to community-focused banking. As it serves a diverse clientele in Wisconsin and neighboring regions, the bank leverages its long-established relationships to provide personalized services that address unique financial challenges. This concentration on relationship-based banking, combined with a comprehensive suite of products and services, solidifies its role as a dependable community bank.
Competitive Landscape
In a competitive financial industry, Bank First Corp stands out through its unwavering focus on customer relationships and its innovative service offerings. While it faces competition from both larger national banks and regional institutions, its strategic emphasis on local engagement and personalized service renders it a unique entity in the market. By continuously refining its product mix and operational efficiency, the bank manages to remain resilient amid market fluctuations.
Expertise, Experience, and Trust
Bank First Corp's extensive history, combined with decades of experience in the financial services sector, underpins its reputation for reliability and expertise. The bank’s management team brings deep industry knowledge to every facet of the business, ensuring that the institution adapts to changing market conditions with agility and foresight. Customers and investors alike benefit from its commitment to transparent practices, sound financial management, and a focus on delivering sustainable value.
Conclusion
In summary, Bank First Corp (BFC) is much more than a traditional bank; it is a dynamic community-centric financial institution that harmoniously blends traditional banking practices with modern digital innovation. Its comprehensive suite of services, commitment to personalized client relationships, and focus on maintaining high asset quality and effective risk management make it a vital component of the financial landscape in its region. By continuously evolving its service offerings and leveraging a robust operational strategy, Bank First Corp remains a dependable and innovative choice for those seeking integrated financial solutions.
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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