Bank First(BFC)2025-01-21 21:01Financial Performance - Bank First reported net income of 1.75 per share, for Q4 2024, a decrease from 3.39 per share, in Q4 2023[1][2] - Adjusted net income (non-GAAP) for Q4 2024 was 1.74 per share, compared to 1.44 per share, in Q4 2023[3] - Net income for Q4 2024 was 34,898,000 for the full year 2023, showing a decrease in quarterly performance but an overall increase in annual performance[22] - Earnings per common share (basic and diluted) for Q4 2024 was 3.39 for the full year 2023, indicating a decline in quarterly earnings per share[22] - Adjusted net income (non-GAAP) reached 16,552 million in the prior period, reflecting a growth of 5.1%[24] Asset and Liability Growth - Total assets increased by 4.50 billion as of December 31, 2024, compared to the previous year[11] - Total liabilities increased to 3,534,615 million, showing a growth of 5.4% year-over-year[26] - Total assets grew to 4,294,498 million, marking an increase of 4.7%[23] - Total liabilities increased to 3,491,758 thousand in 2023, indicating a growth of approximately 2.8%[29] Loan and Deposit Growth - Total loans grew by 3.52 billion year-over-year, with a 5.3% annualized growth rate in Q4 2024[13] - Total deposits rose by 3.66 billion, with a 20.2% annualized growth rate in Q4 2024[13] - Loans increased to 3,470,920 million, representing a growth of 1.3%[23] - Average loans for the period were 3,450,423 million, indicating an increase of 0.9%[23] Income and Expense Analysis - Net interest income for Q4 2024 was 2.6 million from Q4 2023[6] - Noninterest income for Q4 2024 was 42.5 million in Q4 2023, which included a 78,767,000, down from 28,862 million, an increase from 19.9 million to 63.89[15] - Stockholders' equity rose to 569,600 thousand in 2023, representing an increase of approximately 8.8%[29] - Book value per common share improved to 62.82, an increase of 1.7%[23] - Tangible book value per common share (non-GAAP) rose to 43.07, reflecting a growth of 2.8%[23] Interest Income and Margin - Interest income for Q4 2024 was 48,663,000 in Q4 2023, representing a growth of 10.4% year-over-year[22] - Net interest income after provision for credit losses for Q4 2024 was 32,416,000 in Q4 2023, reflecting a year-over-year increase of 12.5%[22] - The net interest margin (NIM) was 3.61% for Q4 2024, down from 3.76% in the previous quarter and up from 3.53% in Q4 2023[7] - The net interest margin for the year ended December 31, 2024, was 3.65%, slightly down from 3.69% in 2023[29] Credit Quality - Provision for credit losses for the year ended December 31, 2024, was 4,682,000 in 2023, indicating better credit quality[22] - Nonperforming loans to total loans ratio improved to 0.24%, compared to 0.32% in the prior period[24] - The allowance for credit losses to total loans was 1.26%, consistent with the previous period[24] - The allowance for loan losses was 41,714 thousand in 2023, indicating a slight increase in provisions for potential loan losses[28] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[21]