Bank First(US:BFC) Prnewswire·2024-07-16 20:15Core Insights - Bank First Corporation reported a net income of $16.1 million for Q2 2024, an increase from $14.1 million in Q2 2023, with earnings per share rising to $1.59 from $1.37 [11] - The company declared a quarterly cash dividend of $0.40 per share, marking a 14.3% increase from the previous quarter and a 33.3% increase from the same quarter last year [17] Financial Performance - For the six months ended June 30, 2024, net income was $31.5 million, up from $24.8 million in the same period of 2023, with earnings per share increasing to $3.10 from $2.46 [11] - Adjusted net income for Q2 2024 was $15.7 million, or $1.56 per share, compared to $14.6 million, or $1.42 per share in Q2 2023 [11] - Net interest income (NII) for Q2 2024 was $33.0 million, a decrease from $33.3 million in Q1 2024 and $34.3 million in Q2 2023 [12] Asset and Deposit Trends - Total assets were $4.15 billion as of June 30, 2024, a decrease of $76.0 million from December 31, 2023, but an increase of $53.7 million from June 30, 2023 [5] - Total deposits were $3.40 billion, down $33.0 million from December 31, 2023, and down $5.8 million from June 30, 2023 [6] - Noninterest-bearing demand deposits comprised 28.7% of total core deposits, down from 30.6% at the end of 2023 [6] Noninterest Income and Expenses - Noninterest income for Q2 2024 was $5.9 million, an increase from $4.4 million in Q1 2024 and $4.6 million in Q2 2023, driven by a rise in service charge income [3] - Noninterest expenses were $19.1 million in Q2 2024, down from $20.3 million in Q1 2024 and $19.9 million in Q2 2023, with personnel expenses decreasing due to retirements [4] Asset Quality and Capital Position - Nonperforming assets totaled $11.0 million at June 30, 2024, compared to $9.1 million at the end of Q4 2023, with a nonperforming assets to total assets ratio of 0.27% [7] - Stockholders' equity was $614.6 million, a decrease of $5.2 million from the end of 2023 but an increase of $43.7 million from June 30, 2023 [8]