Welcome to our dedicated page for Bank First news (Ticker: BFC), a resource for investors and traders seeking the latest updates and insights on Bank First stock.
Bank First Corporation (NASDAQ: BFC) is a commercial banking holding company whose news flow reflects its activities in lending, deposits, acquisitions, and technology. Through its subsidiary Bank First, N.A., the company issues regular earnings releases that discuss net income, net interest income, net interest margin, asset quality, and capital position, giving investors insight into its financial performance and balance sheet trends over time.
News about Bank First frequently covers quarterly and annual results, including discussions of loan growth, deposit composition, and noninterest income sources such as its investment in Ansay & Associates, LLC. These releases often highlight the role of core deposits, the proportion of noninterest-bearing demand deposits, and the impact of credit quality and provision for credit losses on results. Updates also describe dividend declarations and share repurchase activity, which are relevant for shareholders tracking capital management decisions.
Another major category of BFC news involves mergers and acquisitions. The company has reported on the signing, regulatory approval, and completion of its acquisition of Centre 1 Bancorp, Inc., parent of The First National Bank and Trust Company. These announcements detail how the transaction expands Bank First’s footprint in Wisconsin and the Stateline area of Illinois, increases its asset base, and adds trust and wealth management capabilities.
Bank First also issues news related to technology and operations, such as the successful implementation of the Empowered Core banking platform developed by UFS. Such updates describe how technology projects support growth, digital banking, and acquisition integration. For investors and observers, the BFC news page offers a consolidated view of financial results, strategic transactions, technology initiatives, and other material developments affecting the company.
Bank First (NASDAQ: BFC) has successfully implemented UFS's Empowered Core banking platform, enhancing its growth strategies by providing greater flexibility, speed to market, Fintech enablement, and acquisition capabilities. The platform build-out, initiated seven months ago, culminated in a smooth data migration on June 23, 2024, ensuring no customer impact. This upgrade strengthens Bank First's long-term partnership with UFS, which delivers high IT efficiency and support. UFS President Eric Jones highlighted the successful collaboration, noting the platform's potential for optimizing technology for regional banks.
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Bank First Corporation (NASDAQ: BFC) reported a net income of $10.7 million or $1.09 per share for Q1 2023, a slight increase from $10.2 million in Q1 2022. Adjusted net income reached $14.7 million, or $1.50 per share, compared to $10.5 million for the same period last year. The bank declared a quarterly cash dividend of $0.30 per share, marking a 20% increase from the previous quarter. Net interest income surged to $32.2 million, a rise of $9.9 million year-over-year, with a net interest margin of 3.74%. However, a provision for credit losses increased to $4.2 million due to the adoption of CECL. Total assets increased to $4.17 billion, with total loans at $3.32 billion, reflecting solid growth.
Bank First Corporation (NASDAQ: BFC) reported a net income of $12.8 million for Q4 2022, translating to $1.43 per share, slightly lower than $11.2 million or $1.46 per share in Q4 2021. For the full year, net income reached $45.2 million, down from $45.4 million in 2021. Despite this, net interest income rose to $30.6 million for Q4, up $7.4 million year-over-year, with a net interest margin of 3.71%. The bank declared a quarterly dividend of $0.25 per share, marking a 13.6% increase. Assets increased to $3.66 billion, with nonperforming assets decreasing to 0.18% of total assets.
Bank First Corporation (NASDAQ: BFC) reported a net income of $10.5 million for Q3 2022, down from $11.2 million in Q3 2021. Earnings per share were $1.26 for the quarter and $4.15 for the nine months ended September 30, 2022. The bank declared a quarterly cash dividend of $0.25, a 13.6% increase year-over-year. The total assets increased to $3.64 billion, with loans up to $2.86 billion. However, acquisition-related expenses of $4.6 million impacted net earnings. Noninterest income fell amid a slowdown in residential mortgage lending.
Bank First Corporation (BFC) announced a merger agreement with Hometown Bancorp, Ltd, valued at approximately $124 million. Hometown shareholders can choose between $29.16 in cash or 0.3962 shares of BFC stock. The merger aims to enhance market presence in central Wisconsin, increasing lending capacity and operational efficiencies. Hometown's CEO, Tim McFarlane, will join BFC as President and on its Board of Directors. The merger is expected to close in Q4 2022, pending regulatory approvals. Combined assets post-merger will reach $4.3 billion.
Bank First Corporation (BFC) reported net income of $11.7 million for Q2 2022, a slight increase from $11.5 million in Q2 2021. Earnings per share rose to $1.55, up from $1.50 year-over-year. For the six months ended June 30, 2022, net income totaled $21.8 million, down from $23.1 million in 2021. The bank declared a quarterly cash dividend of $0.25 per share, marking a 13.6% increase from the previous quarter. Total assets were $2.96 billion with total loans increasing to $2.39 billion.