Business
Bank First Announces Net Income for the Third Quarter of 2023
Net income of $14.8 million and $39.6 million for the three and nine months ended September 30, 2023, respectivelyEarnings per common share of $1.43 and $3.89
About this update from Bank First Corporation
[{"type":"text","content":"Net income of $14.8 million and $39.6 million for the three and nine months ended September 30, 2023, respectivelyEarnings per common share of $1.43 and $3.89 for the three and nine months ended September 30, 2023, respectivelyAnnualized return on average assets of 1.44% and 1.31% for the three and nine months ended September 30, 2023, respectivelyQuarterly cash dividend of $0.30 per share declared, matching the prior quarter and a 20.0% increase from the prior-year third quarterMANITOWOC, Wis., Oct. 17, 2023 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $14.8 million, or $1.43 per share, for the third quarter of 2023, compared with net income of $10.5 million, or $1.26 per share, for the prior-year third quarter. For the nine months ended September 30, 2023, Bank First earned $39.6 million, or $3.89 per share, compared to $32.4 million, or $4.15 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 $15.1 million, or $1.46 per share, for the third quarter of 2023, compared with $14.0 million, or $1.70 per share, for the prior-year third quarter. For the first nine months of 2023, adjusted net income (non-GAAP) totaled $44.4 million, or $4.38 per share, compared to $36.6 million, or $4.69 per share for the same period in 2022.\n\nOperating ResultsNet interest income (\"NII\") during the third quarter of 2023 was $34.1 million, down $0.2 million from the previous quarter but up $6.4 million from the third quarter of 2022. The impact of purchase accounting increased NII by $1.8 million, or $0.13 per share after tax, during the third quarter of 2023, compared to $2.5 million, or $0.18 per share after tax, during the previous quarter and $0.7 million, or $0.07 per share after tax, during the third quarter of 2022.\nNet interest margin (\"NIM\") was 3.71% for the third quarter of 2023, compared to 3.77% for the previous quarter and 3.63% for the third quarter of 2022. NII from purchase accounting increased NIM by 0.19%, 0.27% and 0.10% for each of these periods, respectively. While the Bank's average rate paid on interest-bearing liabi...