Bank First Announces Net Income for the Fourth Quarter of 2024

Core Viewpoint - Bank First Corporation reported a decline in net income for the fourth quarter and full year of 2024 compared to the previous year, but adjusted net income showed improvement, indicating a mixed financial performance [1][2]. Financial Performance - Net income for Q4 2024 was $17.5 million, or $1.75 per share, down from $34.9 million, or $3.39 per share in Q4 2023 [1]. - For the full year 2024, net income totaled $65.6 million, or $6.50 per share, compared to $74.5 million, or $7.28 per share in 2023 [1]. - Adjusted net income (non-GAAP) for Q4 2024 was $17.4 million, or $1.74 per share, up from $14.8 million, or $1.44 per share in Q4 2023 [2]. - Full year adjusted net income (non-GAAP) was $65.0 million, or $6.45 per share, compared to $59.2 million, or $5.82 per share in 2023 [2]. Operational Metrics - Return on assets for the year was 1.56%, maintaining above 1.50% for the second consecutive year [3]. - Net interest income (NII) for Q4 2024 was $35.6 million, slightly lower than the previous quarter but higher than Q4 2023 by $2.6 million [4]. - Net interest margin (NIM) was 3.61% for Q4 2024, down from 3.76% in the previous quarter and up from 3.53% in Q4 2023 [8]. Asset Quality - Nonperforming assets totaled $9.2 million as of December 31, 2024, down from $11.9 million in the previous quarter and $9.1 million a year earlier [15]. - The ratio of nonperforming assets to total assets was 0.21% at the end of Q4 2024, down from 0.28% in the prior quarter [15]. Balance Sheet Highlights - Total assets increased to $4.50 billion, a rise of $273.2 million, or 6.5%, from December 31, 2023 [12]. - Total loans reached $3.52 billion, up $174.2 million, or 5.2%, from the previous year [14]. - Total deposits were $3.66 billion, an increase of $228.2 million, or 6.7%, from December 31, 2023 [14]. Capital Position - Stockholders' equity was $639.7 million as of December 31, 2024, an increase of $19.9 million from the end of 2023 [16]. - Book value per common share was $63.89, compared to $59.80 at the end of 2023 [16]. Dividend Declaration - A quarterly cash dividend of $0.45 per share was declared, matching the previous quarter and representing a 28.6% increase from the prior year [17].