Business
Bank First Announces Net Income for the First Quarter of 2019
MANITOWOC, Wis., April 17, 2019 /PRNewswire/ -- Bank First National Corporation (NASDAQ: BFC) ("Bank First"), the holding company for Bank First, N.A.,
About this update from Bank First Corporation
[{"type":"text","content":"MANITOWOC, Wis., April 17, 2019 /PRNewswire/ -- Bank First National Corporation (NASDAQ: BFC) (\"Bank First\"), the holding company for Bank First, N.A., reported net income of $6.6 million, or $1.00 per share, for the first quarter of 2019, compared with net income of $7.1 million, or $1.05 per share, for the respective prior-year period.\nOperating ResultsNet interest income during the first quarter of 2019 was $15.2 million, down $0.3 million and $1.1 million from the fourth and first quarters of 2018, respectively.\nInterest income related to purchased loan accounting entries, resulting from our purchase of Waupaca Bancorporation, Inc. (\"Waupaca\") during the fourth quarter of 2017, increased net income (after tax) during the first quarter of 2019 by $0.8 million, or $0.11 per share, compared to $0.8 million, or $0.12 per share, and $1.5 million, or $0.22 per share, for the fourth and first quarters of 2018, respectively.\nNet interest margin was 3.82% for the first quarter of 2019, compared to 3.85% for the previous quarter and 4.04% for the first quarter of 2018. The aforementioned purchase loan accounting entries added 0.25%, 0.26% and 0.49% to net interest margin for each of these periods, respectively. As noted in the balance sheet discussion below, deposit growth has outpaced loan growth over the last twelve months. Excess funds as a result of this trend are primarily invested in fed funds sold at an effective interest rate of 2.40%. While these funds are marginally accretive to net interest income, they have a detrimental impact on net interest margin due to a slim resulting interest rate spread.\nBank First recorded a provision for loan losses of $0.6 million during the first quarter of 2019, compared to $0.8 million and $0.5 million during the fourth and first quarters of 2018, respectively.\nNoninterest income was $3.3 million during the first quarter of 2019, compared to $2.6 million and $3.4 million during the fourth and first quarters of 2018, respectively. The largest change in noninterest income, both quarter-over-quarter and year-over-year, was in regards to income received from Bank First's investment in Ansay & Associates, LLC (Ansay). Due to a change in accounting standards, income from Ansay, which has historically been concentrated in the first two quarters of every year, will be realized much more ...