Business
Bank First Announces Net Income for the Second Quarter of 2019
MANITOWOC, Wis., July 18, 2019 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) ("Bank First"), the holding company for Bank First, N.A., reported net
About this update from Bank First Corporation
[{"type":"text","content":"MANITOWOC, Wis., July 18, 2019 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\"), the holding company for Bank First, N.A., reported net income of $6.0 million, or $0.91 per share, for the second quarter of 2019, compared with net income of $6.4 million, or $0.96 per share, for the respective prior-year period. For the six months ended June 30, 2019, Bank First earned $12.6 million, or $1.91 per share, compared to $13.5 million, or $2.01 per share for the same period in 2018.\nOperating Results\nNet interest income during the second quarter of 2019 was $15.4 million, up $0.2 million from the previous quarter and down $0.4 million from the second quarter of 2018. Net interest income for the first six months of 2019 was $30.6 million, down from $32.1 million for the first six months of 2018.\nInterest income related to purchased loan accounting entries, resulting from our purchase of Waupaca Bancorporation, Inc. (\"Waupaca\") during the fourth quarter of 2017, increased net income (after tax) during the second quarter of 2019 by $0.7 million, or $0.10 per share, compared to $1.2 million, or $0.18 per share, for the second quarter of 2018. For the first six months of 2019 and 2018 the impact of these purchase loan accounting entries increased net income (after tax) by $1.4 million, or $0.21 per share, and $2.7 million, or $0.40 per share, respectively.\nNet interest margin was 3.76% for the second quarter of 2019, compared to 3.86% for the second quarter of 2018. The aforementioned purchase loan accounting entries added 0.21% and 0.39% to net interest margin for each of these periods, respectively. Net interest margin was 3.79% for the first six months of 2019, including 0.23% from the impact of purchase accounting entries, compared to 3.95%, including 0.44% from the impact of purchase accounting entries, for the first six months of 2018.\nBank First recorded a provision for loan losses of $0.5 million during the second quarter of 2019, compared to $0.9 million during the second quarter of 2018. Provision expense was $1.1 million for the first six months of 2019 compared to $1.4 million for the same period during 2018.\nNoninterest income was $2.7 million during the second quarter of 2019, compared to $3.0 million during the second quarter of 2018. The largest change in noninterest income from the year-over-year...