CORRECTED-Bank First's Q2 net interest income rises, boosted by Centre acquisition

Corrects to remove reasons unrelated to Q2 from the third bullet point in Result Drivers

Overview

• U.S. regional bank's Q2 net income rose to $24.7 mln, up from prior year

• Net interest income climbed to $55 mln, boosted by Centre acquisition

• Quarterly dividend raised 9.1% from prior quarter to $0.60 per share

Outlook

• Bank First did not provide specific guidance for the current quarter or full year

Result Drivers

• CENTRE ACQUISITION - Co said Q2 results were significantly impacted by the acquisition of Centre, which increased total assets, net interest income, and noninterest income

• HIGHER NET INTEREST MARGIN - Co said net interest margin rose due to higher rates on earning assets and lower rates on interest-bearing liabilities, excluding purchase accounting impacts

• NO PROVISION EXPENSE - Co did not record a provision for credit losses in Q2

Key Details

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 $158.50, about 8.7% above its July 20 closing price of $145.82

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads

• July 20 - ServisFirst Bancshares Q2 EPS rises 40% on loan growth, higher net interest margin

• July 21 - Southern First Bancshares' Q2 profit rises on loan growth and margin expansion

• July 21 - White River Bancshares' Q2 profit rises as interest margin expands

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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.)