Overview

* Bank First ( BFC ) Q2 net income higher than prior-year second quarter

* Company's net interest margin improves to 3.72% amid yield curve normalization

* Bank First ( BFC ) declares quarterly cash dividend of $0.45 per share, up 12.5% yr/yr

* Bank First ( BFC ) to acquire Centre 1 Bancorp Inc in an all-stock deal for an aggregate consideration of about $174.3 mln

Outlook

* Bank First ( BFC ) expects improving net interest margin with yield curve normalization

* Company anticipates positive impact from higher loan yields on NIM

* Bank First ( BFC ) sees potential benefits from normalized yield curve for banking industry

Result Drivers

* YIELD CURVE NORMALIZATION - Bank First ( BFC ) benefits from recent moves towards normalization of the yield curve, improving net interest margin, per CEO Mike Molepske

* LOAN PRICING - New and renewed loans priced at higher yields contributed to improved net interest margin

* BRANCH REMODELS - Elevated occupancy and equipment expenses due to multiple branch remodels and new branch opening

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS $1.71

Q2 Net $16.90

Income mln

Q2 Net $36.70

Interest mln

Income

Q2 $0.45

Dividend

Q2 Net 3.7%

Interest

Margin

Press Release:

(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.)