Bank First Corporation reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a net income of $16.6 million for Q3 2024, reflecting an increase of $1.8 million from $14.8 million in Q3 2023. For the nine months ended September 30, 2024, net income reached $48.0 million, up from $39.6 million in the same period last year. This growth in profitability was supported by a decrease in the effective tax rate from 24.7% in Q3 2023 to 19.9% in Q3 2024, attributed to favorable state tax legislation.

Total interest income for Q3 2024 was $54.0 million, a 15% increase from $46.9 million in Q3 2023, driven by higher rates on interest-earning assets. Net interest income also rose to $35.9 million, compared to $34.1 million in the prior year. However, interest expense surged by 40.4% to $18.1 million, primarily due to increased rates on interest-bearing deposits, which averaged 2.69% in Q3 2024, up from 1.99% in Q3 2023.

The company’s total assets increased by $72.6 million, or 1.7%, to $4.29 billion as of September 30, 2024, compared to $4.22 billion at the end of 2023. Cash and cash equivalents decreased to $204.4 million from $247.5 million, reflecting investments in the loan portfolio. Total loans rose by $127.9 million, or 3.8%, to $3.47 billion, with notable increases in commercial and industrial loans, owner-occupied commercial real estate loans, and construction and development loans.

Deposits also saw a modest increase of $51.8 million, or 1.5%, totaling $3.48 billion. The composition of deposits shifted slightly, with noninterest-bearing deposits decreasing to $1.02 billion, while interest-bearing deposits rose to $2.46 billion.

Strategically, Bank First completed its merger with Hometown Bancorp in February 2023, which expanded its operations and branch network. The acquisition was valued at approximately $130.5 million and included ten branches in Wisconsin. The merger has contributed to the bank's growth and market presence.

The Allowance for Credit Losses (ACL) on loans stood at $45.2 million, representing 1.30% of total loans, a slight increase from $43.4 million (1.29%) a year earlier. The company reported no provision for credit losses in Q3 2024, indicating strong asset quality amid a stable economic environment.

Overall, Bank First Corporation's financial performance reflects a robust growth trajectory, supported by strategic acquisitions and effective management of interest income and expenses.