Bank First Q3 net income boosted by Centre acquisition
Overview
U.S. regional bank's Q3 net income and adjusted EPS rose yr/yr after Centre acquisition
Net interest income and noninterest income grew, driven by Centre acquisition and retail lending
Company raised quarterly dividend by 8.3% from prior quarter
Outlook
Bank First anticipates full realization of cost savings from operational synergies in future quarters
Company expects continued growth as it prepares to surpass $10 bln in assets
Result Drivers
CENTRE ACQUISITION - Co said results were significantly impacted by the acquisition of Centre, which increased total assets by 33% and contributed to higher net interest income and noninterest income
SERVICE CHARGE INCOME - Co said consumer behavior in the new Stateline region (from Centre acquisition) drove a significant increase in service charge income
WEALTH MANAGEMENT CONTRIBUTION - Co said trust and wealth management income, a new business line from Centre acquisition, was a strong contributor to noninterest income
Company press release: Full Story
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | Miss | $2.15 | $2.63 (2 Analysts) |
Q3 Net Income | Miss | $23.8 mln | $29.20 mln (1 Analyst) |
Q3 Net Interest Income | $55.2 mln | ||
Q3 Dividend | $0.65 | ||
Q3 Loan Loss Provision | $800,000 | ||
Q3 Net Interest Margin | 4.07% |
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 $160.50, about 9.9% above its October 19 closing price of $146.01
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 15 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)