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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 Corporation (BFC) announced a merger agreement with Hometown Bancorp, Ltd, valued at approximately $124 million. Hometown shareholders can choose between $29.16 in cash or 0.3962 shares of BFC stock. The merger aims to enhance market presence in central Wisconsin, increasing lending capacity and operational efficiencies. Hometown's CEO, Tim McFarlane, will join BFC as President and on its Board of Directors. The merger is expected to close in Q4 2022, pending regulatory approvals. Combined assets post-merger will reach $4.3 billion.
Bank First Corporation (BFC) reported net income of $11.7 million for Q2 2022, a slight increase from $11.5 million in Q2 2021. Earnings per share rose to $1.55, up from $1.50 year-over-year. For the six months ended June 30, 2022, net income totaled $21.8 million, down from $23.1 million in 2021. The bank declared a quarterly cash dividend of $0.25 per share, marking a 13.6% increase from the previous quarter. Total assets were $2.96 billion with total loans increasing to $2.39 billion.
Bank First Corporation reported a net income of $10.2 million or $1.34 per share for Q1 2022, down from $11.5 million or $1.49 per share in Q1 2021. The annualized return on average assets was 1.27% and return on common equity was 12.62%. A quarterly cash dividend of $0.22 was declared, up 4.8% year-over-year. Net interest income was $22.3 million, slightly down from the previous quarter, while total assets decreased to $2.92 billion. Nonperforming assets fell to $5.4 million, improving asset quality.
Bank First Corporation has announced a merger agreement with Denmark Bancshares, Inc. in a transaction valued at approximately $119 million. Under the agreement, Denmark shareholders can choose between $38.10 in cash or stock exchange for their shares. This merger aims to enhance Bank First's market presence in Northeast Wisconsin and improve services for customers of both institutions. As of December 31, 2021, Denmark had consolidated assets of $687.6 million. Upon completion, the combined entity will manage approximately $3.6 billion in assets. The closing is expected in early Q3 2022, pending regulatory approvals.
Bank First Corporation (NASDAQ: BFC) reported net income of $11.2 million ($1.46 per share) for Q4 2021, down from $11.5 million ($1.49 per share) in Q4 2020. For the full year, net income rose to $45.4 million ($5.92 per share) from $38.0 million ($5.07 per share) in 2020. Net interest income for Q4 was $23.2 million, up $0.3 million from Q3 but down $1.2 million from last year. Loan losses provision decreased, showing improved asset quality. Noninterest income fell to $5.7 million for Q4 2021. The bank's assets increased to $2.94 billion, with strong deposit growth.
Bank First Corporation (NASDAQ: BFC) reported a net income of $11.2 million, or $1.46 per share, for Q3 2021, an increase from $11.0 million in Q3 2020. For the first nine months, earnings rose to $34.3 million, or $4.45 per share, compared to $26.5 million in 2020. Net interest income was $22.9 million, matching last year's Q3, while NIM decreased to 3.47%. Total assets increased to $2.85 billion.
The bank approved a $0.22 dividend per share, payable on January 5, 2022.
Bank First Corporation (NASDAQ: BFC) reported a net income of $11.5 million, or $1.50 per share for Q2 2021, up from $8.3 million or $1.11 per share year-over-year. For H1 2021, net income reached $23.1 million, compared to $15.6 million in H1 2020. Net interest income (NII) was $21.8 million, a slight decrease from the previous quarter but an increase from last year. The total assets stood at $2.82 billion, with total loans of $2.23 billion. A dividend of $0.21 per share and a special dividend of $0.29 per share were also declared.
Bank First Corporation (NASDAQ: BFC) reported a net income of $11.5 million or $1.49 per share for Q1 2021, up from $7.3 million or $1.03 per share YoY. Net interest income was $22.1 million, a quarterly decrease of $2.4 million but an annual increase of $3.5 million. Total assets grew to $2.85 billion, up $128.2 million from Q4 2020. The Board declared a quarterly cash dividend of $0.21 per share, set for July 7, 2021.
Bank First Corporation (NASDAQ: BFC) reported a net income of $11.5 million for Q4 2020, up from $7.5 million in Q4 2019. For the full year, net income rose to $38.0 million, compared to $26.7 million in 2019. Net interest income (NII) increased by $5.7 million year-over-year, reaching $24.5 million in Q4 2020. The bank declared a quarterly dividend of $0.21 per share, payable on April 7, 2021. Total assets grew to $2.72 billion, and the loan portfolio expanded by $455.1 million over the year.
Bank First Corporation (NASDAQ: BFC) reported a net income of $11.0 million, or $1.42 per share, for Q3 2020, up from $6.7 million a year ago. For the first nine months, net income reached $26.5 million, a significant rise from $19.2 million in 2019. Net interest income increased to $22.9 million in Q3, boosted by acquisitions. The net interest margin was 3.84%. Total assets grew to $2.64 billion. The bank declared a quarterly dividend of $0.21 per share, payable on January 6, 2021.
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