Bank First (BFC) Q3 2024 earnings summary

Executive summary

• Net income for Q3 2024 was $16.6 million ($1.65 per share), up from $14.8 million ($1.43 per share) in Q3 2023, driven by higher loan yields and asset growth; nine-month net income was $48.0 million ($4.75 per share), up from $39.6 million ($3.89 per share) year-over-year.

• Adjusted net income for the nine months was $47.4 million ($4.69 per share), compared to $44.4 million ($4.36 per share) in the prior year period.

• Effective tax rate dropped to 19.9% from 24.7% due to state tax changes.

• Quarterly cash dividend increased to $0.45 per share, up 12.5% from the prior quarter and 50% from Q3 2023.

Financial highlights

• Net interest income for Q3 2024 was $35.9 million, up from $34.1 million in Q3 2023; net interest margin was 3.76% vs. 3.71% a year ago.

• Total interest income for Q3 2024 increased 15% year-over-year to $54.0 million; interest expense rose 40% to $18.1 million.

• Noninterest income for Q3 2024 was $4.9 million, down from $5.3 million in Q3 2023, mainly due to the sale of UFS and lower MSR valuations.

• Noninterest expense for Q3 2024 was $20.1 million, up from $19.6 million in Q3 2023, with increases in occupancy and data processing costs.

• Total assets reached $4.29 billion at September 30, 2024, up $207.0 million year-over-year.

Outlook and guidance

• Management expects to continue exceeding all well-capitalized regulatory capital requirements and the capital conservation buffer in 2024.

• The company believes its liquidity position is strong, with $1.67 billion in available funding and no known trends expected to materially impact liquidity.

• Forward-looking statements highlight expectations for continued growth, financial performance, and credit quality, but caution that results are subject to economic, interest rate, and competitive risks.