Business
Bank First Announces Net Income for the Fourth Quarter of 2022
Net income of $12.8 and $45.2 million for the three months and year ended December 31, 2022Earnings per common share of $1.43 and $5.58 for the three months
About this update from Bank First Corporation
[{"type":"text","content":"Net income of $12.8 and $45.2 million for the three months and year ended December 31, 2022Earnings per common share of $1.43 and $5.58 for the three months and year ended December 31, 2022Quarterly cash dividend of $0.25 per share declared, an increase of 13.6% from prior-year fourth quarter quarterly cash dividendMANITOWOC, Wis., Jan. 17, 2023 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $12.8 million, or $1.43 per share, for the fourth quarter of 2022, compared with net income of $11.2 million, or $1.46 per share, for the prior-year fourth quarter. For the year ended December 31, 2022, Bank First earned $45.2 million, or $5.58 per share, compared to $45.4 million, or $5.92 per share for the year ended December 31, 2021. Pre-tax expenses related to the Bank's completed acquisition of Denmark Bancshares, Inc. (\"Denmark\") and planned acquisition of Hometown Bancorp, Ltd. (\"Hometown\") totaled $1.4 million during the fourth quarter of 2022, reducing after-tax earnings per share by approximately $0.12. For the year ended December 31, 2022, these expenses reduced after-tax earnings per share by $0.69.\n\n \n \n \n \n \n \n\n \nOperating ResultsNet interest income (\"NII\") during the fourth quarter of 2022 was $30.6 million, up $2.9 million from the previous quarter and up $7.4 million from the fourth quarter of 2021. NII for the year ended December 31, 2022 was $104.1 million, up from $90.1 million during the prior year. The fourth quarter of 2022 marked the first quarter since 2020 in which NII was not positively impacted by loans originated through the Small Business Administration's Paycheck Protection Program (\"PPP\"). Interest income from PPP loans totaled $0.1 million during the previous quarter and $1.3 million during the fourth quarter of 2021.\nPurchase accounting entries, resulting from our acquisition of Denmark during the third quarter of 2022, as well as acquisitions of other institutions over the last several years, increased NII during the fourth quarter of 2022 by $1.2 million, or $0.10 per share after tax, compared to $0.7 million, or $0.07 per share after tax, for both the previous quarter and fourth quarter of 2021. For the years ended December 31, 2022 and 2021, the impact of these purchase accounting ...