Bank First Corporation has experienced significant growth in various key metrics compared to the previous period. As of September 30, 2024, the company's total assets increased to $4.29 billion from $4.09 billion in the same period of 2023. Net loans also showed a substantial increase, reaching $3.43 billion, up by $113.6 million year-over-year. Additionally, deposits grew to $3.48 billion, marking an $86.4 million increase over the same timeframe.
While the balance of deposit accounts remained relatively stable year-over-year, there was a noteworthy shift from noninterest-bearing to interest-bearing deposits, reflecting customers' responses to rising interest rates. Notably, noninterest-bearing demand deposits accounted for 29.3% of the bank's total core deposits as of September 30, 2024, compared to 31.3% in the prior year.
Earnings per share for the nine months ended September 30, 2024, increased to $4.75 from $3.86 for the same period in 2023. This growth was primarily driven by the repricing of new and renewed loans in a higher rate environment, along with steady growth in interest-bearing assets. Furthermore, due to tax legislation in Wisconsin, the effective tax rate decreased from 24.9% for the first three quarters of 2023 to 16.8% through three quarters of 2024.
The company's net interest income before provision for loan losses for the first nine months of 2024 totaled $102.2 million, representing a $1.7 million increase from the same period in 2023. Notably, provisions for credit losses totaled $0.2 million for the first nine months of 2024, down from $4.2 million for the same period in 2023, indicating the strong asset quality of the loan portfolio.
Noninterest income for the nine months ended September 30, 2024, nearly matched the previous year, totaling $15.2 million compared to $15.7 million in the first nine months of 2023. Noteworthy increases in service charges and income provided by the bank's member interest in Ansay partially offset the impact of the sale of UFS, LLC in 2023.
In terms of expenses, noninterest expense increased to $59.5 million through the first three quarters of 2024, up by $0.2 million compared to the same period in 2023. Notably, data processing expense increased by $0.9 million, or 14.6%, largely due to project-related costs for upgrading the bank’s online customer platform and the increased scale from the acquisition of Hometown Bancorp, Ltd.
Total shareholders’ equity also saw significant growth, increasing by $51.6 million to $628.9 million at September 30, 2024, compared to $577.3 million at September 30, 2023. This indicates a strong financial position and potential for continued growth.
Following these announcements, the company's shares moved 1.9%, and are now trading at a price of $106.79. Check out the company's full 8-K submission here.
