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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 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.
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.
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