Bank First Corporation Announces Fourth Quarter 2024 Earnings Report

Bank First Corporation recently announced its financial results for the quarter ended December 31, 2024. The company reported a net income of $17.5 million for the fourth quarter of 2024, translating to earnings of $1.75 per share. This compares to a net income of $34.9 million or $3.39 per share in the same period for the prior year.

For the full year ending on December 31, 2024, Bank First Corporation disclosed a net income of $65.6 million, equating to $6.50 per share. These results reflect a decrease from the $74.5 million or $7.28 per share earned in the full year of 2023.

The company’s financial performance in 2023 included several notable one-time transactions, such as the sale of UFS, LLC, redemption of debt securities related to Trust I and Trust II, and sales of US Treasury securities and OREO properties. Excluding these extraordinary items, Bank First Corporation reported adjusted net income (non-GAAP) of $17.4 million, or $1.74 per share for the fourth quarter of 2024, up from $14.8 million, or $1.44 per share in the same quarter of the previous year.

CEO Mike Molepske expressed satisfaction with the 2024 financial outcomes, emphasizing the company’s profitability and efficiency with a return on assets of 1.56%. The Bank’s consistent financial success is credited to the team’s commitment to delivering innovative solutions as a relationship-based bank.

Net interest income for the fourth quarter of 2024 was reported at $35.6 million, slightly lower than the previous quarter. The net interest margin was 3.61% for the quarter, down from 3.76% in the previous quarter. The Bank reported a negative provision for credit losses amounting to $1.0 million for the fourth quarter of 2024.

Noninterest income was $4.5 million for the quarter, while noninterest expense amounted to $19.3 million. Total assets as of December 31, 2024, were $4.50 billion, reflecting a $273.2 million increase from the previous year.

Bank First Corporation rewarded shareholders with a quarterly cash dividend of $0.45 per common share, consistent with the prior quarter and marking a 28.6% increase compared to the dividend declared one year earlier.

Bank First Corporation operates through its subsidiary, Bank First, N.A., offering a range of financial products and services in Wisconsin. The company continues its growth strategy through both acquisitions and branch expansion, maintaining its commitment to providing innovative banking solutions to its communities.ENDOFARTICLE

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bank First’s 8K filing here.

Bank First Company Profile

Bank First Corporation operates as a holding company for Bank First, N.A. that provides consumer and commercial financial services to businesses, professionals, consumers, associations, individuals, and governmental authorities in Wisconsin. It offers checking, savings, money market, cash management, retirement, and health savings accounts; other time deposits; certificates of deposit; and residential mortgage products.