Business
Bank First Announces Net Income for the First Quarter of 2023
Net income of $10.7 million and adjusted net income (non-GAAP) of $14.7 million for the three months ended March 31, 2023Earnings per common share of $1.09
About this update from Bank First Corporation
[{"type":"text","content":"Net income of $10.7 million and adjusted net income (non-GAAP) of $14.7 million for the three months ended March 31, 2023Earnings per common share of $1.09 and adjusted earnings per common share (non-GAAP) of $1.50 for the three months ended March 31, 2023Annualized return on average assets of 1.11% and annualized return of adjusted earnings on average assets (non-GAAP) of 1.53% for the three months ended March 31, 2023Quarterly cash dividend of $0.30 per share declared, an increase of 20.0% from the prior-quarter and 36.4% from the prior-year first quarterMANITOWOC, Wis., April 18, 2023 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $10.7 million, or $1.09 per share, for the first quarter of 2023, compared with net income of $10.2 million, or $1.34 per share, for the prior-year first quarter. After removing the impact of one-time expenses related to acquisitions as well as gains and losses on sales of securities and other real estate owned (\"OREO\"), the Bank reported adjusted net income (non-GAAP) of $14.7 million, or $1.50 per share, for the first quarter of 2023, compared with $10.5 million, or $1.38 for the prior-year first quarter.\nOperating Results\nNet interest income (\"NII\") during the first quarter of 2023 was $32.2 million, up $1.6 million from the previous quarter and up $9.9 million from the first quarter of 2022. The impact of purchase accounting increased NII by $2.2 million, or $0.17 per share after tax, during the first quarter of 2023, compared to $1.2 million, or $0.10 per share after tax, during the previous quarter and $0.3 million, or $0.03 per share after tax, during the first quarter of 2022.\nNet interest margin (\"NIM\") was 3.74% for the first quarter of 2023, compared to 3.71% for the previous quarter and 3.06% for the first quarter of 2022. NII from purchase accounting increased NIM by 0.26%, 0.15% and 0.04% for each of these periods, respectively.\nBank First recorded a provision for credit losses of $4.2 million during the first quarter of 2023, compared to $0.5 million during the previous quarter and $1.2 million during the first quarter of 2022. On January 1, 2023, the Bank adopted the Current Expected Credit Losses methodology, commonly referred to as CECL, for estimating allowances for c...