Bank First Announces Net Income for the Third Quarter of 2024

Core Insights - Bank First Corporation reported a net income of $16.6 million for Q3 2024, an increase from$14.8 million in Q3 2023, with earnings per share rising to $1.65 from$1.43 [1] - For the first nine months of 2024, net income reached $48.0 million, compared to$39.6 million in the same period of 2023 [1] - The company declared a quarterly cash dividend of $0.45 per share, marking a 12.5$35.9 million, up $2.9 million from the previous quarter and$1.8 million from Q3 2023 [2] - The net interest margin (NIM) improved to 3.76% in Q3 2024, compared to 3.63% in the previous quarter and 3.71% in Q3 2023 [3] - The yield on the loan portfolio increased to 5.73% in Q3 2024, up from 5.51% in the previous quarter and 5.23% in the same quarter last year [3] Credit Quality - No provision for credit losses was recorded in Q3 2024, consistent with the previous quarter and Q3 2023 [4] - Recoveries of previously charged-off loans exceeded current charge-offs by $0.5 million in the first nine months of 2024 [4] - Nonperforming assets totaled$11.9 million as of September 30, 2024, representing 0.28% of total assets [10] Balance Sheet - Total assets increased to $4.29 billion as of September 30, 2024, up$72.7 million from December 31, 2023 [8] - Total loans reached $3.47 billion, an increase of$127.9 million from December 31, 2023 [8] - Total deposits were $3.48 billion, up$51.8 million from December 31, 2023, with noninterest-bearing deposits growing by 18.8% on an annualized basis during Q3 2024 [9] Capital Position - Stockholders' equity rose to $628.9 million as of September 30, 2024, an increase of$9.1 million from the end of 2023 [11] - The book value per common share increased to $62.82, compared to$59.80 at the end of 2023 [11] - Tangible book value per common share was $43.07, up from$40.30 at the end of 2023 [11]