Business
Bank First Announces Net Income for the Fourth Quarter of 2023
Net income of $34.9 million and $74.5 million for the three months and year ended December 31, 2023, respectivelyEarnings per common share of $3.39 and $7.28
About this update from Bank First Corporation
[{"type":"text","content":"Net income of $34.9 million and $74.5 million for the three months and year ended December 31, 2023, respectivelyEarnings per common share of $3.39 and $7.28 for the three months and year ended December 31, 2023, respectivelyAnnualized return on average assets of 3.34% and 1.83% for the three months and year ended December 31, 2023, respectively$38.9 million pre-tax gain on sale of member interest in UFS, LLC, contributing to $4.18, or 7.50%, and $4.30, or 11.95%, growth in book value per common share and tangible book value per common share (non-GAAP), respectively, during the fourth quarter of 2023 Quarterly cash dividend of $0.35 per share declared, an increase of 16.7% from the prior-quarter and 40.0% from the prior-year fourth quarterMANITOWOC, Wis., Jan. 16, 2024 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $34.9 million, or $3.39 per common share, for the fourth quarter of 2023, compared with net income of $12.8 million, or $1.43 per share, for the prior-year fourth quarter. For the year ended December 31, 2023, Bank First earned $74.5 million, or $7.28 per common share, compared to $45.2 million, or $5.58 per share for the full year of 2022.\n\nFinancial results for the fourth quarter of 2023 included several significant one-time transactions:\nThe Bank sold 100% of its member interest in UFS, LLC (\"UFS\") in a transaction which closed on October 1, 2023, resulting in a pre-tax gain on sale of $38.9 million.The Bank repaid $11.5 million in subordinated debt owed to three financial institutions, reducing future interest expense for the Bank by over $1.0 million annually.The Bank redeemed $8.3 million in debt securities related to the Hometown Bancorp, Ltd. Capital Trust II (\"Trust II\") in the fourth quarter of 2023 and informed holders of securities of Hometown Bancorp, Ltd. Capital Trust I (\"Trust I\") of its intent to redeem $4.1 million in debt securities related to that trust on January 7, 2024. These redemptions reduce future interest expense for the Bank by over $1.1 million annually, but also led to the accelerated amortization of $1.4 million in fair value adjustments assigned to these liabilities when they were acquired along with Hometown Bancorp Ltd. (\"Hometown\") earlier in 2023. The impact of this a...