Business
Bank First Announces Net Income for the Second Quarter of 2022
Net income of $11.7 and $21.8 million for the three and six months ended June 30, 2022, respectivelyEarnings per common share of $1.55 and $2.89 for the three
About this update from Bank First Corporation
[{"type":"text","content":"Net income of $11.7 and $21.8 million for the three and six months ended June 30, 2022, respectivelyEarnings per common share of $1.55 and $2.89 for the three and six months ended June 30, 2022, respectivelyQuarterly cash dividend of $0.25 per share declared, a 13.6% increase from the prior quarter and 19.0% increase from the prior year second quarterMANITOWOC, Wis., July 19, 2022 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $11.7 million, or $1.55 per share, for the second quarter of 2022, compared with net income of $11.5 million, or $1.50 per share, for the prior-year second quarter. For the six months ended June 30, 2022, Bank First earned $21.8 million, or $2.89 per share, compared to $23.1 million, or $2.99 per share for the same period in 2021.\nOperating Results\nNet interest income (\"NII\") during the second quarter of 2022 was $23.5 million, up $1.2 million from the previous quarter and up $1.7 million from the second quarter of 2021. Interest income on loans originated through the Small Business Administration's Paycheck Protection Program (\"PPP\") totaled $0.4 million during the second quarter of 2022, compared to $0.7 million during the previous quarter and $1.9 million during the second quarter of 2021.\nDuring much of the first two quarters of 2022 the Bank engaged in a strategy to enhance NII, utilizing $300.0 million in short-term borrowings from the Federal Home Loan Bank and investing these funds in short-term, liquid, risk-free, interest-earning assets. This strategy increased NII by $0.2 million and $0.1 million during the second and first quarters of 2022, respectively.\nPurchase accounting entries, resulting from our acquisitions of other institutions over the last several years, increased NII during the second quarter of 2022 by $0.4 million, or $0.04 per share after tax, compared to $0.3 million and $0.4 million, or $0.03 and $0.04 per share after tax, for the previous quarter and second quarter of 2021, respectively. For the first six months of 2022 and 2021 the impact of these purchase accounting entries increased NII by $0.7 million, or $0.07 per share after tax, and $0.9 million, or $0.09 per share after tax, respectively.\nNet interest margin (\"NIM\") was 3.21% for the second quarter of 2022...