Business
Bank First Announces Net Income for the Second Quarter of 2023
Net income of $14.1 million and $24.8 million for the three and six months ended June 30, 2023, respectivelyEarnings per common share of $1.37 and $2.46 for
About this update from Bank First Corporation
[{"type":"text","content":"Net income of $14.1 million and $24.8 million for the three and six months ended June 30, 2023, respectivelyEarnings per common share of $1.37 and $2.46 for the three and six months ended June 30, 2023, respectivelyAnnualized return on average assets of 1.38% and 1.25% for the three and six months ended June 30, 2023, respectivelyQuarterly cash dividend of $0.30 per share declared, matching the prior quarter and a 20.0% increase from the prior-year second quarterMANITOWOC, Wis., July 18, 2023 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $14.1 million, or $1.37 per share, for the second quarter of 2023, compared with net income of $11.7 million, or $1.55 per share, for the prior-year second quarter. For the six months ended June 30, 2023, Bank First earned $24.8 million, or $2.46 per share, compared to $21.8 million, or $2.89 per share for the same period in 2022. After removing the impact of one-time expenses related to acquisitions as well as gains and losses on sales of securities and other real estate owned (\"OREO\"), the Bank reported adjusted net income (non-GAAP) of $14.6 million, or $1.41 per share, for the second quarter of 2023, compared with $12.1 million, or $1.61 per share, for the prior-year second quarter. For the first six months of 2023 adjusted net income (non-GAAP) totaled $29.3 million, or $2.91 per share, compared to $22.6 million, or $2.99 per share for the same period in 2022.\nOperating Results\nNet interest income (\"NII\") during the second quarter of 2023 was $34.3 million, up $2.0 million from the previous quarter and up $10.8 million from the second quarter of 2022. The impact of purchase accounting increased NII by $2.5 million, or $0.18 per share after tax, during the second quarter of 2023, compared to $2.2 million, or $0.17 per share after tax, during the previous quarter and $0.4 million, or $0.04 per share after tax, during the second quarter of 2022.\nNet interest margin (\"NIM\") was 3.77% for the second quarter of 2023, compared to 3.74% for the previous quarter and 3.21% for the second quarter of 2022. NII from purchase accounting increased NIM by 0.27%, 0.26% and 0.05% for each of these periods, respectively. While the Bank's average rate paid on interest-bearing liabilities continued...