Bank First (BFC) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $17.5 million ($1.75/share); full-year net income was $65.6 million ($6.50/share), both down from prior-year periods due to significant one-time items in 2023.

• Adjusted net income for Q4 2024 was $17.4 million ($1.74/share), up from $14.8 million ($1.44/share) in Q4 2023; full-year adjusted net income was $65.0 million ($6.45/share), up from $59.2 million ($5.82/share) in 2023.

• Annualized return on average assets was 1.60% for Q4 2024 and 1.56% for the year, exceeding 1.50% for the second consecutive year.

• Quarterly cash dividend of $0.45/share declared, matching the prior quarter and up 28.6% year-over-year.

Financial highlights

• Net interest income for Q4 2024 was $35.6 million, up $2.6 million year-over-year but down $0.3 million sequentially.

• Net interest margin was 3.61% in Q4 2024, down from 3.76% in Q3 2024 but up from 3.53% in Q4 2023.

• Negative provision for credit losses of $1.0 million in Q4 2024, compared to $0.5 million provision in Q4 2023.

• Noninterest income for Q4 2024 was $4.5 million, down from $42.5 million in Q4 2023 due to a $38.9 million gain on sale of UFS last year.

• Noninterest expense for Q4 2024 was $19.3 million, down from $28.9 million in Q4 2023, which included $7.8 million in securities losses and $1.6 million in OREO losses.

Outlook and guidance

• Management remains focused on relationship-based banking and innovative solutions, with continued emphasis on efficiency and profitability.

• Forward-looking statements caution about economic, interest rate, and acquisition-related risks.