Business
Bank First Announces Net Income for the Second Quarter of 2020
-- Net income of $8.3 and $15.6 million for the three and six months ended June 30, 2020 -- Earnings per common share of $1.11 and $2.14 for the three and six
About this update from Bank First Corporation
[{"type":"text","content":"-- Net income of $8.3 and $15.6 million for the three and six months ended June 30, 2020\n -- Earnings per common share of $1.11 and $2.14 for the three and six months ended June 30, 2020\n -- Subordinated note agreements with up to $12.0 million in available borrowings entered into on July 22, 2020\n -- Quarterly cash dividend of $0.20 per share declared, matching prior quarter and prior-year second quarter\n\n\nMANITOWOC, Wis., July 22, 2020 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\"), the holding company for Bank First, N.A., reported net income of $8.3 million, or $1.11 per share, for the second quarter of 2020, compared with net income of $6.0 million, or $0.91 per share, for the respective prior-year period. For the six months ended June 30, 2020, Bank First earned $15.6 million, or $2.14 per share, compared to $12.6 million, or $1.91 per share for the same period in 2019.\nOperating Results\nNet interest income (\"NII\") during the second quarter of 2020 was $20.8 million, up $2.2 million from the previous quarter and up $5.4 million from the second quarter of 2019. NII for the first six months of 2020 was $39.4 million, up from $30.6 million for the first six months of 2019.\nNII related to purchased loan accounting entries, resulting from our 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 second quarter of 2020 by $0.7 million, or $0.09 per share, compared to $0.7 million, or $0.10 per share, for the second quarter of 2019. For the first six months of 2020 and 2019 the impact of these purchase loan accounting entries increased net income (after tax) by $1.4 million, or $0.20 per share, and $1.4 million, or $0.21 per share, respectively.\nNet interest margin (\"NIM\") was 3.67% for the second quarter of 2020, compared to 3.76% for the second quarter of 2019. The aforementioned purchase loan accounting entries added 0.16% and 0.21% to NIM for each of these periods, respectively. NIM was 3.74% for the first six months of 2020, including 0.19% from the impact of purchase accounting entries, compared to 3.79%, including 0.23% from the impact of purchas...