Business
Bank First Announces Net Income for the Fourth Quarter of 2021
- Net income of $11.2 and $45.4 million for the three months and year ended December 31, 2021 - Earnings per common share of $1.46 and $5.92 for the three
About this update from Bank First Corporation
[{"type":"text","content":"- Net income of $11.2 and $45.4 million for the three months and year ended December 31, 2021\n - Earnings per common share of $1.46 and $5.92 for the three months and year ended December 31, 2021\n - Annualized return on average assets of 1.53% and 1.60% for the three months and year ended December 31, 2021\n - Quarterly cash dividend of $0.22 per share declared, an increase of 4.8% from prior-year fourth quarter quarterly cash dividend\n\n\nMANITOWOC, Wis., Jan. 18, 2022 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $11.2 million, or $1.46 per share, for the fourth quarter of 2021, compared with net income of $11.5 million, or $1.49 per share, for the prior-year fourth quarter. For the year ended December 31, 2021, Bank First earned $45.4 million, or $5.92 per share, compared to $38.0 million, or $5.07 per share for the year ended December 31, 2020.\nOperating ResultsNet interest income (\"NII\") during the fourth quarter of 2021 was $23.2 million, up $0.3 million from the previous quarter but down $1.2 million from the fourth quarter of 2020. NII for the year ended December 31, 2021 was $90.1 million, up from $86.8 million during the prior year.\nAs mentioned in previous releases, Bank First was a very active participant in the Paycheck Protection Program (\"PPP\"), a Small Business Administration (\"SBA\") loan program aimed at supporting small business through the turbulent economic environment created by the COVID-19 pandemic (\"COVID\"). Bank First originated over $381.3 million in loans to new and existing customers under this program, $31.1 million of which remained unpaid and unforgiven as of December 31, 2021. Origination fees collected from PPP loan originations totaled over $14.6 million. Under accounting rules, the Bank recognizes these fees as an addition to NII over the contractual life of the related loan, with any remaining fee being fully recognized into NII if the loan is paid off or forgiven prior to the original maturity date. As is the case with any institution participating in PPP originations, this accounting treatment has caused significant variations in the Bank's NII and interest margins quarter-to-quarter based on how many PPP loans are forgiven during the period. Unrecognized PPP origination fee...