Business
Bank First Announces Net Income for the Fourth Quarter of 2020
- Net income of $11.5 and $38.0 million for the three months and year ended December 31, 2020 - Earnings per common share of $1.49 and $5.07 for the three
About this update from Bank First Corporation
[{"type":"text","content":"- Net income of $11.5 and $38.0 million for the three months and year ended December 31, 2020\n - Earnings per common share of $1.49 and $5.07 for the three months and year ended December 31, 2020\n - Annualized return on average assets of 1.71% and 1.52% for the three months and year ended December 31, 2020\n - Quarterly cash dividend of $0.21 per share declared, matching prior quarter and an increase of 5.0% from prior-year fourth quarter\n\n\nMANITOWOC, Wis., Jan. 19, 2021 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $11.5 million, or $1.49 per share, for the fourth quarter of 2020, compared with net income of $7.5 million, or $1.05 per share, for the respective prior-year period. For the year ended December 31, 2020, Bank First earned $38.0 million, or $5.07 per share, compared to $26.7 million, or $3.91 per share for the year ended December 31, 2019.\nOperating Results\nNet interest income (\"NII\") during the fourth quarter of 2020 was $24.5 million, up $1.5 million from the previous quarter and up $5.7 million from the fourth quarter of 2019. NII for the year ended December 31, 2020 was $86.8 million, up from $69.7 million during the prior year.\nNII related to purchase accounting entries, resulting from Bank First's purchases of Waupaca Bancorporation, Inc. (\"Waupaca\") during the fourth quarter of 2017, Partnership Community Bancshares, Inc. (\"Partnership\") during the third quarter of 2019, and Tomah Bancshares, Inc. (\"Tomah\") during the second quarter of 2020 increased net income (after tax) during the fourth quarter of 2020 by $0.5 million, or $0.07 per share, compared to $1.1 million, or $0.16 per share, for the fourth quarter of 2019. For the years ended December 31, 2020 and 2019, the impact of these purchase accounting entries increased net income (after tax) by $3.1 million, or $0.41 per share, and $5.1 million, or $0.74 per share, respectively.\nNet interest margin (\"NIM\") was 4.01% for the fourth quarter of 2020, compared to 3.85% for the fourth quarter of 2019. The aforementioned purchase accounting entries added 0.12% and 0.30% to NIM for each of these periods, respectively. NIM was 3.84% for the year ended December 31, 2020, including 0.18% from the impact of purchase accounting entries, compared...