Bank First Corp (BFC) Reports Strong Q3 2023 Earnings, Net Income Rises to $14.8 Million
Bank First Corp (NASDAQ:BFC) reported a net income of $14.8 million for Q3 2023, a significant increase from $10.5 million in Q3 2022.
The bank's net interest income for Q3 2023 was $34.1 million, up $6.4 million from Q3 2022.
Noninterest income was $5.3 million for Q3 2023, compared to $5.2 million for Q3 2022.
The bank's total assets were $4.09 billion at the end of Q3 2023, a $446.8 million increase from Q3 2022.
Bank First Corp (NASDAQ:BFC) announced its earnings for the third quarter of 2023 on October 17, 2023. The bank reported a net income of $14.8 million, or $1.43 per share, for the third quarter of 2023, compared with a 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.
Financial Performance
Net interest income during the third quarter of 2023 was $34.1 million, up $6.4 million from the third quarter of 2022. The bank's net interest margin was 3.71% for the third quarter of 2023, compared to 3.63% for the third quarter of 2022. Noninterest income was $5.3 million for the third quarter of 2023, compared to $5.2 million for the third quarter of 2022.
Balance Sheet and Asset Quality
Total assets were $4.09 billion at the end of Q3 2023, a $446.8 million increase from Q3 2022. Total loans were $3.36 billion at the end of Q3 2023, up $496.3 million from Q3 2022. Nonperforming assets at the end of Q3 2023 remained negligible, totaling $5.2 million compared to $6.2 million at the end of Q3 2022.
Capital Position and Dividend Declaration
Stockholders equity totaled $577.3 million at the end of Q3 2023, an increase of $137.9 million from Q3 2022. The bank's Board of Directors approved a quarterly cash dividend of $0.30 per common share, payable on January 10, 2024, to shareholders of record as of December 27, 2023. This dividend represents a 20.0% increase over the dividend declared one year earlier.
Subsequent Transactions
On October 1, 2023, the Bank sold 100% of its member interest in UFS, LLC in a transaction which resulted in proceeds of $52.2 million and a pre-tax gain of $39.3 million which will be realized during the fourth quarter of 2023. On October 2, 2023, the Bank repaid $11.5 million in subordinated debt owed to three financial institutions.
This article first appeared on GuruFocus.
