On July 16, 2024, Bank First Corp (BFC, Financial) released its 8-K filing for the second quarter of 2024. Bank First Corp, a United States-based financial services company, provides a full range of consumer and commercial financial institution services to individuals and businesses in Wisconsin.
Performance Overview
Bank First Corp (BFC, Financial) reported net income of $16.1 million, or $1.59 per share, for Q2 2024, surpassing the analyst estimate of $1.44 per share. This marks an increase from the $14.1 million, or $1.37 per share, reported in the same quarter last year. For the first six months of 2024, net income was $31.5 million, or $3.10 per share, compared to $24.8 million, or $2.46 per share, for the same period in 2023.
Key Financial Metrics
Net interest income (NII) for Q2 2024 was $33.0 million, a slight decrease from $34.3 million in Q2 2023. The net interest margin (NIM) was 3.63%, down from 3.77% in the same quarter last year. Despite the decline in NIM, the bank's average rate paid on interest-bearing liabilities showed signs of stabilization, while the average rates earned on interest-earning assets continued to rise.
Noninterest income increased to $5.9 million in Q2 2024, up from $4.6 million in Q2 2023. This growth was driven by higher service charge income and income from the bank's investment in Ansay & Associates, LLC.
Balance Sheet and Asset Quality
Total assets were $4.15 billion as of June 30, 2024, a slight increase from $4.09 billion a year earlier. Total loans grew to $3.43 billion, up from $3.31 billion in the same period last year. Total deposits were $3.40 billion, showing a minor decrease from $3.41 billion at the end of 2023.
Nonperforming assets remained low at $11.0 million, representing 0.27% of total assets, compared to 0.18% a year earlier. The bank did not record a provision for credit losses in Q2 2024, reflecting strong asset quality and effective risk management.
Capital Position and Dividend
Stockholders' equity totaled $614.6 million at the end of Q2 2024, up from $570.9 million a year earlier. The bank's book value per common share increased to $61.27, compared to $54.95 in Q2 2023. The Board of Directors declared a quarterly cash dividend of $0.40 per common share, payable on October 9, 2024, representing a significant increase from the previous quarter and prior-year second quarter.
Conclusion
Bank First Corp (BFC, Financial) has demonstrated robust financial performance in Q2 2024, exceeding analyst estimates for both earnings and revenue. The bank's strong asset quality, effective cost management, and strategic growth initiatives have contributed to its solid financial position. Investors and stakeholders can find further details in the company's 8-K filing.
Explore the complete 8-K earnings release (here) from Bank First Corp for further details.
