Business
Bank First Announces Net Income for the Third Quarter of 2021
-- Net income of $11.2 and $34.3 million for the three and nine months ended September 30, 2021 -- Earnings per common share of $1.46 and $4.45 for the three
About this update from Bank First Corporation
[{"type":"text","content":"-- Net income of $11.2 and $34.3 million for the three and nine months ended September 30, 2021\n -- Earnings per common share of $1.46 and $4.45 for the three and nine months ended September 30, 2021\n -- Annualized return on average assets of 1.57% and 1.62% for the three and nine months ended September 30, 2021\n -- Quarterly cash dividend of $0.22 per share declared, an increase of 4.8% from prior-quarter and prior-year third quarter quarterly cash dividends\n\n\n MANITOWOC, Wis., Oct. 19, 2021 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $11.2 million, or $1.46 per share, for the third quarter of 2021, compared with net income of $11.0 million, or $1.42 per share, for the prior-year third quarter. For the nine months ended September 30, 2021, Bank First earned $34.3 million, or $4.45 per share, compared to $26.5 million, or $3.57 per share for the same period in 2020.\nOperating ResultsNet interest income (\"NII\") during the third quarter of 2021 was $22.9 million, up $1.1 million from the previous quarter and matching the third quarter of 2020. NII for the first nine months of 2021 was $66.9 million, up from $62.4 million for the first nine months of 2020.\nThroughout the previous 18 months Bank First was a very active participant in the Paycheck Protection Program (\"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\"). Bank First originated over $381.3 million in loans to new and existing customers under this program, $62.6 million of which remained unpaid and unforgiven as of September 30, 2021. Origination fees collected from PPP loan originations totaled over $14.6 million. Under accounting rules, the Bank recognizes these fees as an addition to NII over the contractual life of the related loan, with any remaining fee being fully recognized into NII if the loan is paid off or forgiven prior to the original maturity date. As is the case with any institution participating in PPP originations, this accounting treatment has caused significant variations in the Bank's NII and interest margins quarter-to-quarter based on how many PPP loans are forgiven during the period. Unrecognized PPP...