Business
Bank First Announces Net Income for the Fourth Quarter of 2019
- Net income of $7.5 and $26.7 million for the three months and year ended December 31, 2019 - Earnings per common share of $1.05 and $3.91 for the three
About this update from Bank First Corporation
[{"type":"text","content":"- Net income of $7.5 and $26.7 million for the three months and year ended December 31, 2019\n - Earnings per common share of $1.05 and $3.91 for the three months and year ended December 31, 2019\n - Annualized return on average assets of 1.37% for the three months and year ended December 31, 2019\n - Quarterly cash dividend of $0.20 per share declared, matching prior quarter and prior-year fourth quarter\n\n\nMANITOWOC, Wis., Jan. 21, 2020 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Company\"), the holding company for Bank First, N.A., reported net income of $7.5 million, or $1.05 per share, for the fourth quarter of 2019, compared with net income of $6.1 million, or $0.91 per share, for the respective prior-year period. For the year ended December 31, 2019, Bank First earned $26.7 million, or $3.91 per share, compared to $25.5 million, or $3.81 per share for the same period in 2018.\nOperating Results\nNet interest income during the fourth quarter of 2019 was $18.8 million, down $1.5 million from the previous quarter and $3.3 million higher than the fourth quarter of 2018. Included in net interest income for the third quarter of 2019 was a $1.2 million acceleration of accretion of loan fair value marks and a $0.6 million reversal of a specific purchase credit impaired loan reserve which served to increase interest income for that quarter and created the negative quarter-over-quarter comparison. These items were both due to early pay-offs of purchased loans acquired from Waupaca Bancorporation, Inc. (\"Waupaca\"). Net interest income for the year ended December 31, 2019 was $69.7 million, up from $63.1 million for the year ended December 31, 2018.\nInterest income related to purchase accounting entries, resulting from purchases of Waupaca during the fourth quarter of 2017 and Partnership Community Bancshares, Inc. (\"Partnership\") during the third quarter of 2019, increased net income (after tax) during the fourth quarter of 2019 by $1.1 million, or $0.16 per share, compared to $0.8 million, or $0.13 per share, for the fourth quarter of 2018. For the years ended December 31, 2019 and 2018, the impact of these purchase accounting entries increased net income (after tax) by $5.1 million, or $0.74 per share, and $4.5 million, or $0.68 per share, respectively.\nNet interest margin was 3.85% for th...