Business
Bank First Announces Net Income for the Third Quarter of 2022
Successfully closed acquisition of Denmark Bancshares, Inc. during the quarter impacting quarterly results and period-end balancesNet income of $10.5 and
About this update from Bank First Corporation
[{"type":"text","content":"Successfully closed acquisition of Denmark Bancshares, Inc. during the quarter impacting quarterly results and period-end balancesNet income of $10.5 and $32.4 million for the three and nine months ended September 30, 2022, respectivelyEarnings per common share of $1.26 and $4.15 for the three and nine months ended September 30, 2022, respectivelyQuarterly cash dividend of $0.25 per share declared, matching the prior quarter and a 13.6% increase from the prior-year third quarterMANITOWOC, Wis., Oct. 18, 2022 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $10.5 million, or $1.26 per share, for the third quarter of 2022, compared with net income of $11.2 million, or $1.46 per share, for the prior-year third quarter. For the nine months ended September 30, 2022, Bank First earned $32.4 million, or $4.15 per share, compared to $34.3 million, or $4.45 per share for the same period in 2021. Pre-tax expenses related to the Bank's acquisition of Denmark Bancshares, Inc. (\"Denmark\") and planned acquisition of Hometown Bancorp, Ltd. totaled $4.6 million during the third quarter of 2022, reducing after-tax earnings per share by approximately $0.43. Year-to-date these expenses have reduced after-tax earnings per share by $0.57.\n\n \n \n \n \n \n \n\n \nOperating ResultsNet interest income (\"NII\") during the third quarter of 2022 was $27.7 million, up $4.2 million from the previous quarter and up $4.8 million from the third quarter of 2021. Interest income on loans originated through the Small Business Administration's Paycheck Protection Program (\"PPP\") totaled $0.1 million during the third quarter of 2022, compared to $0.4 million during the previous quarter and $2.3 million during the third quarter of 2021.\nPurchase accounting entries, resulting from our acquisition of Denmark during the third quarter of 2022, as well as acquisitions of other institutions over the last several years, increased NII during the third quarter of 2022 by $0.7 million, or $0.07 per share after tax, compared to $0.4 million and $0.3 million, or $0.04 and $0.03 per share after tax, for the previous quarter and third quarter of 2021, respectively. For the first nine months of 2022 and 2021 the impact of these purchase accounting entries increased NII by...