Business
Bank First Announces Net Income for the Fourth Quarter of 2024
Net income of $17.5 million and $65.6 million for the three months and year ended December 31, 2024, respectivelyEarnings per common share of $1.75 and $6.50
About this update from Bank First Corporation
[{"type":"text","content":"Net income of $17.5 million and $65.6 million for the three months and year ended December 31, 2024, respectivelyEarnings per common share of $1.75 and $6.50 for the three months and year ended December 31, 2024, respectivelyAnnualized return on average assets of 1.60% and 1.56% for the three months and year ended December 31, 2024, respectivelyQuarterly cash dividend of $0.45 per share declared, matching the prior quarter and a 28.6% increase from the prior-year fourth quarterMANITOWOC, Wis., Jan. 21, 2025 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) (\"Bank First\" or the \"Bank\"), the holding company for Bank First, N.A., reported net income of $17.5 million, or $1.75 per share, for the fourth quarter of 2024, compared with net income of $34.9 million, or $3.39 per share, for the prior-year fourth quarter. For the year ended December 31, 2024, Bank First earned $65.6 million, or $6.50 per share, compared to $74.5 million, or $7.28 per share for the full year of 2023.\n\nFinancial results for the fourth quarter and full year of 2023 included several significant one-time transactions:\nThe Bank sold 100% of its member interest in UFS, LLC (\"UFS\") in a transaction that closed on October 1, 2023, resulting in a pre-tax gain on sale of $38.9 million.The Bank redeemed $8.3 million in debt securities related to the Hometown Bancorp, Ltd. Capital Trust II (\"Trust II\") during the fourth quarter of 2023 and informed holders of securities of Hometown Bancorp, Ltd. Capital Trust I (\"Trust I\") of its intent to redeem $4.1 million in debt securities related to that trust on January 7, 2024. These redemptions led to the accelerated amortization of $1.4 million in fair value adjustments assigned to these liabilities when they were acquired along with Hometown Bancorp Ltd. (\"Hometown\") earlier in 2023. The impact of this acceleration was recorded as an addition to interest expense for the fourth quarter of 2023.The Bank sold available-for-sale US Treasury securities with a par value of $50.0 million, resulting in a realized loss on sale totaling $7.8 million recorded during the fourth quarter of 2023. These securities had an average yield of 1.36%. Proceeds of these sales were reinvested in a combination of short and long-term investments with an average yield of 4.98%, increasing future interest income by over $1.8 million a...