M&A
confidence high
sentiment positive
materiality 0.75
Bank First completes Hometown Bancorp acquisition; FY2022 EPS $5.58, declares $0.25 dividend
Bank First Corp
- Merger closed Feb 10, 2023; consideration 87% stock/13% cash; combined assets ~$4.2B, loans ~$3.3B, deposits ~$3.5B.
- FY2022 EPS $5.58 (down 5.7% YoY); net income $45.2M vs $45.4M; NIM 3.41% vs 3.47%.
- Quarterly dividend $0.25/share, payable Apr 5, 2023 to holders of record Mar 22, 2023.
- Tim McFarlane, former Hometown CEO, appointed President of Bank First; Mike Molepske remains CEO and Chairman.
- Loans grew 29.4% to $2.89B; deposits up 21.0% to $3.06B; non-interest expense up 22.8% due to acquisition costs.