Bank First's Q2 net interest income rises, boosted by Centre acquisition

Bank First Corp

Bank First Corp

BFC

0.00


Overview

  • U.S. regional bank's Q2 net income rose to $24.7 mln, up from prior year

  • Net interest income climbed to $55 mln, boosted by Centre acquisition

  • Quarterly dividend raised 9.1% from prior quarter to $0.60 per share


Outlook

  • Bank First did not provide specific guidance for the current quarter or full year


Result Drivers

  • CENTRE ACQUISITION - Co said Q2 results were significantly impacted by the acquisition of Centre, which increased total assets, net interest income, and noninterest income

  • HIGHER NET INTEREST MARGIN - Co said net interest margin rose due to higher rates on earning assets and lower rates on interest-bearing liabilities, excluding purchase accounting impacts

  • NO PROVISION EXPENSE - Co did not record a provision for credit losses in Q2, citing a slight contraction in the legacy loan portfolio and increased allowance from the Centre acquisition


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$2.21

$2.24 (2 Analysts)

Q2 Net Income

$24.7 mln

$26.39 mln (2 Analysts)

Q2 Net Interest Income

$55 mln

Q2 Net Interest Margin

4.13%


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy"

  • Wall Street's median 12-month price target for Bank First Corp is $158.50, about 8.7% above its July 20 closing price of $145.82

  • The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 13 three months ago


Reuters Recommended Reads

  • July 20 - ServisFirst Bancshares Q2 EPS rises 40% on loan growth, higher net interest margin

  • July 21 - Southern First Bancshares' Q2 profit rises on loan growth and margin expansion

  • July 21 - White River Bancshares' Q2 profit rises as interest margin expands


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