Bank First Shows Resilience with Solid Q4 2024 Earnings Report

Bank First Corporation Announces Fourth Quarter Results

Bank First Corporation, a significant player in financial services, has reported an impressive net income of $17.5 million for the fourth quarter, translating to earnings of $1.75 per share. This marks a contrast compared to last year's figure of $34.9 million and earnings of $3.39 per share. The total income for the year reached $65.6 million, just below the $74.5 million from 2023.

Highlights from the Financial Report

For the fourth quarter, the standout figures included:

• Net income of $17.5 million for the three months and $65.6 million for the year.
• Earnings per share were $1.75 for the quarter and $6.50 for the year.
• Return on average assets stood at 1.60% for the quarter and 1.56% for the year.
• A quarterly cash dividend of $0.45 per share was declared, reflecting a strong report and a 28.6% increase compared to the previous year's fourth quarter.

CEO’s Remarks on Performance

Mike Molepske, the CEO of Bank First, expressed satisfaction with the financial results, stating: "Our return on assets continues to exceed 1.50% for the second consecutive year. This demonstrates our commitment and efficiency as a community-focused bank. Our financial successes are a direct result of our team's dedication to delivering innovative solutions to our community. Our focus remains on nurturing relationships."

Fourth Quarter Operating Results

The net interest income (NII) for the fourth quarter reached $35.6 million. This represents a slight decline from the previous quarter but shows an increase of $2.6 million compared to Q4 2023. The bank's net interest margin (NIM) was reported at 3.61% for this quarter, a decrease from 3.76% the prior quarter yet an improvement from 3.53% year over year. The impact from prior purchase accounting adjustments continues to influence overall NII positively.

Impact of One-Time Transactions

This quarter's financial report also highlighted several significant one-time transactions that impacted year-over-year comparisons:

• The Bank completed the sale of its interests in UFS, LLC, resulting in a notable pre-tax gain.
• Debt securities related to past acquisitions were redeemed, leading to additional interest expense adjustments.
• Losses from available-for-sale US Treasury securities were recorded, yet proceeds were reinvested for potential future earnings growth.
• There were losses tied to the revaluation of certain OREO properties, impacting operational results.

Balance Sheet Analysis

As of the end of the fourth quarter, Bank First noted a robust total asset increase of $273.2 million, amounting to $4.50 billion. Investments held as available-for-sale and held-to-maturity rose significantly. Total loans improved to $3.52 billion, featuring a noteworthy growth rate of 5.2% since last year, reflecting the bank's balanced lending strategy. Additionally, deposits increased to $3.66 billion, showcasing strong core deposit growth and an annualized growth approach.

Asset Quality and Capital Strength

The bank reported nonperforming assets remained minimal at $9.2 million, demonstrating its strong credit quality. On the capital front, stockholders' equity stood at $639.7 million, with an increase attributed to net earnings somewhat offset by dividends and stock repurchase programs. This indicates a robust capital position as the bank continues to navigate through changing market dynamics.

Closing Thoughts

Bank First's continued performance in the face of shifting economic conditions speaks to its strategic approach in community banking and effective management of assets and liabilities. Stakeholders can feel confident in the bank's transparency and commitment to delivering lasting value.

Frequently Asked Questions

1. What was Bank First's net income for Q4 2024?

Bank First reported a net income of $17.5 million for the fourth quarter of 2024.

2. How much did Bank First pay in dividends?

The bank declared a quarterly cash dividend of $0.45 per share.

3. What factors impacted earnings this quarter?

One-time transactions and adjustments related to acquisitions significantly affected year-over-year earnings comparisons.

4. How has the loan portfolio changed?

As of the end of Q4 2024, total loans stood at $3.52 billion, reflecting a growth of 5.2% from the previous year.

5. What is the bank's approach to asset quality?

Bank First has maintained a solid asset quality framework with nonperforming assets remaining low at $9.2 million.

About The Author

Greetings, I'm 32-year-old author and financial specialist Evelyn Baker. My introduction into the financial industry started with an economics degree and continued with a wealth of experience in wealth management and financial consulting. My great passion over the years has been assisting people and companies in making wise, well-informed decisions to reach their financial objectives.

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