Business
Bank First Announces Net Income for the Second Quarter of 2021
- Net income of $11.5 and $23.1 million for the three and six months ended June 30, 2021 - Earnings per common share of $1.50 and $2.99 for the three and six
About this update from Bank First Corporation
[{"type":"text","content":"- Net income of $11.5 and $23.1 million for the three and six months ended June 30, 2021\n - Earnings per common share of $1.50 and $2.99 for the three and six months ended June 30, 2021\n - Annualized return on average assets of 1.65% for the six months ended June 30, 2021, compared to 1.32% for the first half of 2020\n - Quarterly cash dividend of $0.21 per share and special one-time cash dividend of $0.29 per share declared\n\n\nMANITOWOC, Wis., July 20, 2021 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $11.5 million, or $1.50 per share, for the second quarter of 2021, compared with net income of $8.3 million, or $1.11 per share, for the prior-year second quarter. For the six months ended June 30, 2021, Bank First earned $23.1 million, or $2.99 per share, compared to $15.6 million, or $2.14 per share for the same period in 2020.\nOperating ResultsNet interest income (\"NII\") during the second quarter of 2021 was $21.8 million, down $0.3 million from the previous quarter but up $1.0 million from the second quarter of 2020. The quarter-over-quarter decline in NII was related entirely to interest income recognized on Paycheck Protection Program (\"PPP\") loans. These loans produce volatile recognition of NII as discussed in the following paragraph. NII for the first six months of 2021 was $43.9 million, up from $39.4 million for the first six months of 2020.\nThroughout the previous fifteen months Bank First was a very active participant in the 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\"). This program provided funds to small businesses with very favorable loan terms and allowed for forgiveness by the SBA provided the funds are utilized by the companies as stipulated by the program. Bank First originated over $381.3 million in loans to new and existing customers under this program, $127.3 million of which remained unpaid and unforgiven as of June 30, 2021. In addition to providing much needed support to these small businesses, this program produced significant income for the Bank. Origination fees collected from PPP loan originations totaled over $14.6 million. Under accounting rules, th...