Business
Bank First Announces Net Income for the First Quarter of 2022
Net income of $10.2 million and earnings per common share of $1.34 for the three months ended March 31, 2022Annualized return on average assets of 1.27% for
About this update from Bank First Corporation
[{"type":"text","content":"Net income of $10.2 million and earnings per common share of $1.34 for the three months ended March 31, 2022Annualized return on average assets of 1.27% for the three months ended March 31, 2022Annualized return on average common equity of 12.62% for the three months ended March 31, 2022Quarterly cash dividend of $0.22 per share declared, matching prior quarter and an increase of 4.8% from prior-year first quarterMANITOWOC, Wis., April 19, 2022 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $10.2 million, or $1.34 per share, for the first quarter of 2022, compared with net income of $11.5 million, or $1.49 per share, for the prior-year first quarter.\nOperating ResultsNet interest income during the first quarter of 2022 was $22.3 million, down $0.9 million from the previous quarter but up $0.2 million from the first quarter of 2021. Interest income on loans originated through the Small Business Administration's Paycheck Protection Program (\"PPP\") totaled $0.7 million during the first quarter of 2022, compared to $1.3 million during the previous quarter and $2.4 million during the first quarter of 2021.\nDuring the first quarter of 2022 the Bank engaged in a strategy to enhance net interest income, utilizing $300.0 million in short-term borrowings from the Federal Home Loan Bank and investing these funds in short-term, liquid, interest-earning assets. This strategy increased net interest income during the quarter by $0.1 million.\nInterest income related to purchase accounting entries, resulting from our acquisitions of other institutions over the last several years, increased net interest income during the first quarter of 2022 by $0.3 million, or $0.03 per share after tax, compared to $0.7 million and $0.5 million, or $0.07 and $0.05 per share after tax, for the fourth and first quarters of 2021, respectively.\nExcluding income from PPP loans and the impact of purchase accounting entries, net interest income increased $2.1 million in the first quarter year-over-year. Excluding income from PPP loans, the impact of purchase accounting entries, and the impact of two fewer earning days in the current quarter, net interest income increased $0.6 million quarter-over-quarter.\nNet interest margin was 3.06% for the first quarter o...