Bank First Corporation, the holding company for Bank First, reported net income of $14.8 million, or $1.43 per share, for the third quarter of 2023, compared with net income of $10.5 million, or $1.26 per share, for the prior-year third quarter.
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After removing the impact of one-time expenses related to acquisitions as well as gains and losses on sales of securities and other real estate owned ("OREO"), the Bank reported adjusted net income (non-GAAP) of $15.1 million, or $1.46 per share, for the third quarter of 2023, compared with $14.0 million, or $1.70 per share, for the prior-year third quarter.
Net interest income ("NII") during the third quarter of 2023 was $34.1 million, down $0.2 million from the previous quarter but up $6.4 million from the third quarter of 2022.
The impact of purchase accounting increased NII by $1.8 million, or $0.13 per share after tax, during the third quarter of 2023, compared to $2.5 million, or $0.18 per share after tax, during the previous quarter and $0.7 million, or $0.07 per share after tax, during the third quarter of 2022.
Net interest margin ("NIM") was 3.71% for the third quarter of 2023, compared to 3.77% for the previous quarter and 3.63% for the third quarter of 2022. NII from purchase accounting increased NIM by 0.19%, 0.27% and 0.10% for each of these periods, respectively.
While the Bank's average rate paid on interest-bearing liabilities has continued to rise throughout 2023, increasing average rates earned on interest-earning assets as well as the beneficial impact of the Bank's continuing high percentage of noninterest-bearing deposits (32.1% of the Bank's total core deposits at September 30, 2023) have allowed the Bank's net interest margin, excluding purchase accounting impacts, to expand quarter-over-quarter for the last two quarters. ■
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