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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)   October 15, 2024

 

Bank First Corporation

(Exact name of registrant as specified in its charter)

 

Wisconsin 001-38676 39-1435359
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

 

402 North 8th Street, Manitowoc, WI 54220
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code   (920) 652-3100

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Ticker symbol(s) Name of each exchange on which
registered
Common Stock, par value $0.01 per share BFC The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for company with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On October 15, 2024, Bank First Corporation (the “Company”) announced its earnings for the quarter ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

 

Pursuant to General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1 is being furnished to the Securities and Exchange Commission and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section. Furthermore, the information in this Item 2.02 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)            Exhibits

 

Exhibit
Number
  Description of Exhibit
     
99.1   Press Release, dated October 15, 2024
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  BANK FIRST CORPORATION
 
Date:      October 15, 2024 By: /s/ Kevin M. LeMahieu
    Kevin M. LeMahieu
    Chief Financial Officer

 

 

 

Exhibit 99.1

 

NEWS

release

 

 

P.O. Box 10, Manitowoc, WI 54221-0010

For further information, contact:

Kevin M LeMahieu, Chief Financial Officer

Phone: (920) 652-3200 / klemahieu@bankfirst.com

 

FOR IMMEDIATE RELEASE

 

Bank First Announces Net Income for the Third Quarter of 2024

 

·Net income of $16.6 million and $48.0 million for the three and nine months ended September 30, 2024, respectively
·Earnings per common share of $1.65 and $4.75 for the three and nine months ended September 30, 2024, respectively
·Annualized return on average assets of 1.56% and 1.54% for the three and nine months ended September 30, 2024, respectively
·Quarterly cash dividend of $0.45 per share declared, an increase of 12.5% from the prior quarter and 50.0% from the prior-year third quarter

 

MANITOWOC, Wis, October 15, 2024 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $16.6 million, or $1.65 per share, for the third quarter of 2024, compared with net income of $14.8 million, or $1.43 per share, for the prior-year third quarter. For the nine months ended September 30, 2024, Bank First earned $48.0 million, or $4.75 per share, compared to $39.6 million, or $3.89 per share for the same period in 2023. After removing the impact of one-time expenses related to acquisitions as well as gains and losses on sales of securities and other real estate owned (“OREO”), the Bank reported adjusted net income (non-GAAP) of $15.1 million, or $1.46 per share, for the third quarter of 2023. There were no such expenses during the third quarter of 2024. For the first nine months of 2024, adjusted net income (non-GAAP) totaled $47.4 million, or $4.69 per share, compared to $44.4 million, or $4.36 per share for the same period in 2023.

 

 

 

 

Operating Results

 

Net interest income (“NII”) during the third quarter of 2024 was $35.9 million, $2.9 million higher than the previous quarter and up $1.8 million from the third quarter of 2023. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from past acquisitions (“purchase accounting”) increased NII by $1.7 million, or $0.13 per share after tax, during the third quarter of 2024, compared to $1.2 million, or $0.09 per share after tax, during the previous quarter and $1.8 million, or $0.13 per share after tax, during the third quarter of 2023. A previously purchased loan with remaining associated purchase accounting adjustments of $0.6 million was fully repaid before maturity during the third quarter of 2024, leading to the elevated impact of purchase accounting during the quarter.

 

Net interest margin (“NIM”) was 3.76% for the third quarter of 2024, compared to 3.63% for the previous quarter and 3.71% for the third quarter of 2023. NII from purchase accounting increased NIM by 0.17%, 0.13%, and 0.19% for each period, respectively. While the Bank continued to see average rates paid on interest-bearing deposits rise, the velocity of those increases slowed during the most recent quarter, with month-by-month results showing these rates at 2.66% in July, 2.71% in August, and 2.70% in September. Meanwhile, new loan originations and loan repricing from low rates over the last several years have allowed for continued improvement in the yield of the Bank’s loan portfolio, coming in at 5.73% during the most recent quarter compared to 5.51% during the prior quarter and 5.23% during the prior-year third quarter.

 

Bank First did not record a provision for credit losses during the third quarter of 2024, matching the previous quarter and third quarter of 2023. Provision expense was $0.2 million for the first nine months of 2024 compared to $4.2 million for the same period during 2023. The acquisition of the loan portfolio of Hometown Bancorp, Ltd. (“Hometown”) during the first quarter of 2023 resulted in a day one provision for credit losses expense of $3.6 million. Recoveries of previously charged-off loans exceeded currently charged-off loans by $0.5 million through the first nine months of 2024, compared to recoveries exceeding charge-offs by $0.1 million through the first nine months of 2023. Other than a $0.3 million charge-off during the third quarter of 2024, related to a single customer relationship, the Bank’s loan portfolio continues to exhibit very little credit stress. The Bank experienced a reduction in unfunded loan commitments during the most recent quarter, allowing it to move $0.4 million from its liability for potential credit losses in unfunded commitments to its allowance for credit losses in its loan portfolio. While this move did not impact on the Bank’s profitability for the quarter, it did increase the allowance for potential loan credit losses to correspond with the increase in overall loan portfolio balances during the quarter.

 

 

 

 

Noninterest income was $4.9 million for the third quarter of 2024, compared to $5.9 million and $5.3 million for the prior quarter and third quarter of 2023, respectively. Service charge income increased by $0.1 million, or 4.2%, and $0.4 million, or 20.2%, from the prior quarter and prior-year third quarter, respectively, as the Bank continues to benefit from the renegotiation of vendor incentive programs related to the Bank’s credit and debit card payments processing. Income provided by the Bank’s investment in Ansay & Associates, LLC (“Ansay”) increased by $0.3 million from the prior-year third quarter while declining $0.3 million from the prior quarter. Although income from Ansay has historically been less consistent than most areas of the Bank quarter-to-quarter, it has remained strong during 2024, increasing by $0.6 million, or 21.6%, through the first nine months of 2024 compared to the same period in 2023. Finally, the Bank experienced a negative $0.3 million valuation adjustment to its mortgage servicing rights asset during the third quarter of 2024 which compared unfavorably to positive valuation adjustments of $0.3 million and $0.2 million during the prior quarter and prior-year third quarter, respectively. Changes in the valuation of this asset historically correlate to changes in prevailing residential mortgage rates. Residential mortgage rates have ebbed and flowed during 2024, causing the valuation of this asset to be volatile through the first three quarters of the year.

 

Noninterest expense was $20.1 million for the third quarter of 2024, compared to $19.1 million during the prior quarter and $19.6 million during the third quarter of 2023. Most areas of noninterest expense have remained well-contained over the past five quarters as the Bank has worked efficiencies from recent acquisitions into its operations. The prior quarter included a $0.5 million gain on the sale of OREO which offset total noninterest expense, leading to some of the increase quarter-over-quarter. Beyond that, occupancy, equipment, and office expenses were elevated during the current quarter due to $0.2 million in losses on the disposal of equipment that needed to be upgraded. Finally, data processing contained $0.4 million in project-related expenses during the current quarter as part of the Bank’s continued upgrade of its online customer platform.

 

Balance Sheet

 

Total assets were $4.29 billion on September 30, 2024, a $72.7 million increase from December 31, 2023, and a $207.0 million increase from September 30, 2023.

 

Total loans were $3.47 billion on September 30, 2024, up $127.9 million from December 31, 2023, and up $115.4 million from September 30, 2023. Loans grew 4.9% on an annualized basis during the third quarter of 2024.

 

Total deposits, nearly all of which remain core deposits, were $3.48 billion on September 30, 2024, up $51.8 million from December 31, 2023, and up $86.4 million from September 30, 2023. Total deposits grew by 10.0% and noninterest-bearing deposits grew by 18.8% on an annualized basis during the third quarter of 2024.

 

 

 

 

Asset Quality

 

Nonperforming assets on September 30, 2024, remained negligible, totaling $11.9 million compared to $11.0 million and $5.2 million at the end of the prior quarter and third quarter of 2023, respectively. Nonperforming assets to total assets ended the third quarter of 2024 at 0.28%.

 

Capital Position

 

Stockholders’ equity totaled $628.9 million on September 30, 2024, an increase of $9.1 million from the end of 2023 and $51.6 million from September 30, 2023. Earnings of $48.0 million through the first nine months of 2024, offset by dividends totaling $11.1 million and repurchases of BFC common stock totaling $31.2 million during that period, were the primary factors leading to the increase in capital year-to-date. The Bank’s book value per common share totaled $62.82 on September 30, 2024 compared to $59.80 on December 31, 2023 and $55.62 on September 30, 2023. Tangible book value per common share (non-GAAP) totaled $43.07 on September 30, 2024 compared to $40.30 on December 31, 2023 and $36.00 on September 30, 2023.

 

Dividend Declaration

 

Bank First’s Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on January 6, 2025, to shareholders of record as of December 23, 2024. This dividend represents a 12.5% increase over the previous quarter’s dividend and a 50.0% increase over the dividend declared one year earlier.

 

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit and treasury management products at each of its 26 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank employs approximately 364 full-time equivalent staff and has assets of approximately $4.3 billion. Insurance services are available through our bond with Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered in collaboration with several regional partners. Further information about Bank First Corporation is available by clicking on the Shareholder Services tab at www.bankfirst.com.

 

# # #

 

Forward-Looking Statements: Certain statements contained in this press release and in other recent filings may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements relating to the timing, benefits, costs, and synergies of the merger with Hometown, statements relating to our projected growth, anticipated future financial performance, financial condition, credit quality and management’s long-term performance goals, and statements relating to the anticipated effects on our business, financial condition and results of operations from expected developments or events, our business, growth and strategies. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “projection,” and other variations of such words and phrases and similar expressions.

 

 

 

 

These forward-looking statements are not historical facts, and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond Bank First’s control. The inclusion of these forward-looking statements should not be regarded as a representation by Bank First or any other person that such expectations, estimates, and projections will be achieved. Accordingly, Bank First cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) business and economic conditions nationally, regionally and in our target markets, particularly in Wisconsin and the geographic areas in which we operate, (2) changes in government interest rate policies, (3) our ability to effectively manage problem credits, (4) the risks associated with Bank First’s pursuit of future acquisitions, (5) Bank First’s ability to successful execute its various business strategies, including its ability to execute on potential acquisition opportunities, and (6) general competitive, economic, political, and market conditions.

 

This communication contains non-GAAP financial measures, such as non-GAAP adjusted net income, non-GAAP adjusted earnings per common share, adjusted earnings return on assets, tangible book value per common share, and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors and others in understanding Bank First's results of operations or financial position. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided.  See " Non-GAAP Financial Measures" below. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Bank First and also aid investors in comparing Bank First's financial performance to the financial performance of peer banks.  Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.

 

Further information regarding Bank First and factors which could affect the forward-looking statements contained herein can be found in Bank First's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and its other filings with the Securities and Exchange Commission (the “SEC”). Many of these factors are beyond Bank First’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this press release, and Bank First undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for Bank First to predict their occurrence or how they will affect the company.

 

 

 

 

Bank First Corporation                            
Consolidated Financial Summary (Unaudited)                            
                             
   At or for the Three Months Ended   At or for the Nine Months Ended 
(In thousands, except share and per share data)  9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023   9/30/2024   9/30/2023 
Results of Operations:                                   
Interest income  $54,032   $49,347   $49,272   $48,663   $46,989   $152,651   $133,820 
Interest expense   18,149    16,340    15,923    15,747    12,931    50,412    33,256 
Net interest income   35,883    33,007    33,349    32,916    34,058    102,239    100,564 
Provision for credit losses   -    -    200    500    -    200    4,182 
Net interest income after provision for credit losses   35,883    33,007    33,149    32,416    34,058    102,039    96,382 
Noninterest income   4,893    5,877    4,397    42,458    5,254    15,167    15,657 
Noninterest expense   20,100    19,057    20,324    28,862    19,647    59,481    59,257 
Income before income tax expense   20,676    19,827    17,222    46,012    19,665    57,725    52,782 
Income tax expense   4,124    3,768    1,810    11,114    4,861    9,702    13,166 
Net income  $16,552   $16,059   $15,412   $34,898   $14,804   $48,023   $39,616 
                                    
Earnings per common share (basic and diluted)  $1.65   $1.59   $1.51   $3.39   $1.43   $4.75   $3.89 
                                    
Common Shares:                                   
Outstanding   10,011,428    10,031,350    10,129,190    10,365,131    10,379,071    10,011,428    10,379,071 
Weighted average outstanding for the period   10,012,190    10,078,611    10,233,347    10,366,471    10,388,909    10,107,700    10,186,107 
                                    
Noninterest income / noninterest expense:                                   
Service charges  $2,189   $2,101   $1,634   $1,847   $1,821   $5,924   $5,186 
Income from Ansay   1,062    1,379    979    110    791    3,420    2,812 
Income (loss) from UFS   -    -    -    (179)   784    -    2,444 
Loan servicing income   733    735    726    741    734    2,194    2,119 
Valuation adjustment on mortgage servicing rights   (344)   339    (312)   (65)   229    (317)   460 
Net gain on sales of mortgage loans   377    277    219    273    248    873    624 
Gain on sale of UFS   -    -    -    38,904    -    -    - 
Other noninterest income   876    1,046    1,151    827    647    3,073    2,012 
Total noninterest income  $4,893   $5,877   $4,397   $42,458   $5,254   $15,167   $15,657 
                                    
Personnel expense  $10,118   $10,004   $10,893   $10,357   $10,216   $31,015   $29,998 
Occupancy, equipment and office   1,598    1,330    1,584    1,307    1,455    4,512    4,363 
Data processing   2,502    2,114    2,389    1,900    2,153    7,005    6,111 
Postage, stationery and supplies   213    205    238    236    244    656    848 
Advertising   61    79    95    99    60    235    226 
Charitable contributions   183    234    176    264    229    593    680 
Outside service fees   1,598    1,889    1,293    1,363    1,438    4,780    4,987 
Net loss (gain) on other real estate owned   -    (461)   (47)   1,591    53    (508)   542 
Net loss on sales of securities   -    -    34    7,826    -    34    75 
Amortization of intangibles   1,429    1,475    1,500    1,604    1,626    4,404    4,720 
Other noninterest expense   2,398    2,188    2,169    2,315    2,173    6,755    6,707 
Total noninterest expense  $20,100   $19,057   $20,324   $28,862   $19,647   $59,481   $59,257 
                                    
Period-end balances:                                   
Cash and cash equivalents  $204,427   $98,950   $83,374   $247,468   $75,776   $204,427   $75,776 
Investment securities available-for-sale, at fair value   128,438    127,977    138,420    142,197    179,046    128,438    179,046 
Investment securities held-to-maturity, at cost   109,236    110,648    111,732    103,324    77,154    109,236    77,154 
Loans   3,470,920    3,428,635    3,383,395    3,342,974    3,355,549    3,470,920    3,355,549 
Allowance for credit losses - loans   (45,212)   (45,118)   (44,378)   (43,609)   (43,404)   (45,212)   (43,404)
Premises and equipment   69,710    68,633    69,621    69,891    70,994    69,710    70,994 
Goodwill and core deposit intangible, net   197,698    199,127    200,602    202,102    203,705    197,698    203,705 
Mortgage servicing rights   13,350    13,694    13,356    13,668    13,733    13,350    13,733 
Other assets   145,931    143,274    143,802    143,827    154,966    145,931    154,966 
Total assets   4,294,498    4,145,820    4,099,924    4,221,842    4,087,519    4,294,498    4,087,519 
                                    
Deposits                                   
Interest-bearing   2,463,083    2,424,096    2,425,550    2,382,185    2,333,452    2,463,083    2,333,452 
Noninterest-bearing   1,021,658    975,845    990,489    1,050,735    1,064,841    1,021,658    1,064,841 
Securities sold under repurchase agreements   -    -    -    75,747    17,191    -    17,191 
Borrowings   147,346    102,321    47,295    51,394    70,319    147,346    70,319 
Other liabilities   33,516    28,979    27,260    41,983    24,387    33,516    24,387 
Total liabilities   3,665,603    3,531,241    3,490,594    3,602,044    3,510,190    3,665,603    3,510,190 
                                    
Stockholders' equity   628,895    614,579    609,330    619,798    577,329    628,895    577,329 
                                    
Book value per common share  $62.82   $61.27   $60.16   $59.80   $55.62   $62.82   $55.62 
Tangible book value per common share (non-GAAP)  $43.07   $41.42   $40.35   $40.30   $36.00   $43.07   $36.00 
Average balances:                                   
Loans  $3,450,423   $3,399,906   $3,355,142   $3,330,511   $3,324,729   $3,402,001   $3,258,199 
Interest-earning assets   3,833,968    3,696,099    3,741,498    3,738,589    3,671,620    3,757,468    3,627,015 
Total assets   4,231,112    4,094,542    4,144,896    4,147,859    4,092,565    4,157,121    4,032,308 
Deposits   3,435,172    3,401,828    3,446,145    3,406,028    3,404,708    3,427,741    3,367,647 
Interest-bearing liabilities   2,583,382    2,466,726    2,512,304    2,426,870    2,411,062    2,521,031    2,394,630 
Goodwill and other intangibles, net   198,493    199,959    201,408    202,933    204,556    199,948    190,470 
Stockholders' equity   620,821    610,818    613,190    613,244    576,315    614,965    554,892 
                                    
Financial ratios:                                   
Return on average assets *   1.56%   1.58%   1.50%   3.34%   1.44%   1.54%   1.31%
Return on average common equity *   10.61%   10.57%   10.11%   22.58%   10.19%   10.43%   9.55%
Average equity to average assets   14.67%   14.92%   14.79%   14.78%   14.08%   14.79%   13.76%
Stockholders' equity to assets   14.64%   14.82%   14.86%   14.68%   14.12%   14.64%   14.12%
Tangible equity to tangible assets (non-GAAP)   10.53%   10.53%   10.48%   10.39%   9.62%   10.53%   9.62%
Loan yield *   5.73%   5.51%   5.41%   5.33%   5.23%   5.55%   5.13%
Earning asset yield *   5.64%   5.40%   5.33%   5.20%   5.11%   5.46%   4.97%
Cost of funds *   2.79%   2.66%   2.55%   2.57%   2.13%   2.67%   1.86%
Net interest margin, taxable equivalent *   3.76%   3.63%   3.62%   3.53%   3.71%   3.67%   3.74%
Net loan charge-offs (recoveries) to average loans *   0.04%   -0.05%   -0.07%   0.00%   0.00%   -0.03%   -0.01%
Nonperforming loans to total loans   0.32%   0.31%   0.29%   0.20%   0.10%   0.32%   0.10%
Nonperforming assets to total assets   0.28%   0.27%   0.31%   0.21%   0.13%   0.28%   0.13%
Allowance for credit losses - loans to total loans   1.30%   1.32%   1.31%   1.30%   1.29%   1.30%   1.29%
                                    
Non-GAAP Financial Measures                                   
Adjusted net income reconciliation                                   
Net income (GAAP)  $16,552   $16,059   $15,412   $34,898   $14,804   $48,023   $39,616 
Acquisition related expenses   -    -    -    29    312    -    1,825 
Severance from organizational restructure   -    -    -    359    -    -    - 
Provision for credit losses related to acquisition   -    -    -    -    -    -    3,552 
Fair value amortization on Trust Preferred redemption   -    -    -    1,382    -    -    - 
Gain on sale of UFS   -    -    -    (38,904)   -    -    - 
Losses (gains) on sales of securities and OREO valuations   -    (461)   (13)   9,780    53    (474)   617 
Adjusted net income before income tax impact   16,552    15,598    15,399    7,544    15,169    47,549    45,610 
Income tax impact of adjustments   -    97    3    7,248    (77)   100    (1,213)
Adjusted net income (non-GAAP)  $16,552   $15,695   $15,402   $14,792   $15,092   $47,449   $44,397 
                                    
Adjusted earnings per share calculation                                   
Adjusted net income (non-GAAP)  $16,552   $15,695   $15,402   $14,792   $15,092   $47,449   $44,397 
Weighted average common shares outstanding for the period   10,012,190    10,078,611    10,233,347    10,366,471    10,388,909    10,107,700    10,186,107 
Adjusted earnings per share (non-GAAP)  $1.65   $1.56   $1.51   $1.44   $1.46   $4.69   $4.36 
                                    
Annualized return of adjusted earnings on average assets calculation                                   
Adjusted net income (non-GAAP)  $16,552   $15,695   $15,402   $14,792   $15,092   $47,449   $44,397 
Average total assets  $4,231,112   $4,094,542   $4,144,896   $4,147,859   $4,092,565   $4,157,121   $4,032,308 
Annualized return of adjusted earnings on average assets (non-GAAP)   1.56%   1.54%   1.49%   1.41%   1.48%   1.52%   1.47%
                                    
Tangible assets reconciliation                                   
Total assets (GAAP)  $4,294,498   $4,145,820   $4,099,924   $4,221,842   $4,087,519   $4,294,498   $4,087,519 
Goodwill   (175,106)   (175,106)   (175,106)   (175,106)   (175,106)   (175,106)   (175,106)
Core deposit intangible, net of amortization   (22,592)   (24,021)   (25,496)   (26,996)   (28,599)   (22,592)   (28,599)
Tangible assets (non-GAAP)  $4,096,800   $3,946,693   $3,899,322   $4,019,740   $3,883,814   $4,096,800   $3,883,814 
                                    
Tangible common equity reconciliation                                   
Total stockholders’ equity (GAAP)  $628,895   $614,579   $609,330   $619,798   $577,329   $628,895   $577,329 
Goodwill   (175,106)   (175,106)   (175,106)   (175,106)   (175,106)   (175,106)   (175,106)
Core deposit intangible, net of amortization   (22,592)   (24,021)   (25,496)   (26,996)   (28,599)   (22,592)   (28,599)
Tangible common equity (non-GAAP)  $431,197   $415,452   $408,728   $417,696   $373,624   $431,197   $373,624 
                                    
Tangible book value per common share calculation                                   
Tangible common equity (non-GAAP)  $431,197   $415,452   $408,728   $417,696   $373,624   $431,197   $373,624 
Common shares outstanding at the end of the period   10,011,428    10,031,350    10,129,190    10,365,131    10,379,071    10,011,428    10,379,071 
Tangible book value per common share (non-GAAP)  $43.07   $41.42   $40.35   $40.30   $36.00   $43.07   $36.00 
                                    
Tangible equity to tangible assets calculation                                   
Tangible common equity (non-GAAP)  $431,197   $415,452   $408,728   $417,696   $373,624   $431,197   $373,624 
Tangible assets (non-GAAP)  $4,096,800   $3,946,693   $3,899,322   $4,019,740   $3,883,814   $4,096,800   $3,883,814 
Tangible equity to tangible assets (non-GAAP)   10.53%   10.53%   10.48%   10.39%   9.62%   10.53%   9.62%

 

* Components of the quarterly ratios were annualized.

 

 

 

 

Bank First Corporation                        
Average assets, liabilities and stockholders' equity, and average rates earned or paid            
                         
   Three Months Ended 
   September 30, 2024   September 30, 2023 
   Average
Balance
   Interest
Income/
Expenses
(1)
   Rate Earned/
Paid (1)
   Average
Balance
   Interest
Income/
Expenses
(1)
   Rate Earned/
Paid (1)
 
                         
   (dollars in thousands) 
ASSETS                              
Interest-earning assets                              
Loans (2)                              
Taxable  $3,340,597    192,615    5.77%  $3,219,654   $169,083    5.25%
Tax-exempt   109,826    5,161    4.70%   105,075    4,691    4.46%
Securities                              
Taxable (available for sale)   117,064    6,375    5.45%   176,363    6,933    3.93%
Tax-exempt (available for sale)   32,911    1,116    3.39%   33,629    1,111    3.30%
Taxable (held to maturity)   106,490    4,211    3.95%   73,007    2,595    3.55%
Tax-exempt (held to maturity)   3,196    84    2.63%   4,152    109    2.63%
Cash and due from banks   123,884    6,728    5.43%   59,740    3,140    5.26%
Total interest-earning assets   3,833,968    216,290    5.64%   3,671,620    187,662    5.11%
Noninterest-earning assets   442,248              464,357           
Allowance for credit losses - loans   (45,104)             (43,412)          
Total assets  $4,231,112             $4,092,565           
LIABILITIES AND SHAREHOLDERS' EQUITY                              
Interest-bearing deposits                              
Checking accounts  $382,388   $10,680    2.79%  $294,961   $5,762    1.95%
Savings accounts   820,631    12,656    1.54%   838,980    10,753    1.28%
Money market accounts   601,409    14,997    2.49%   661,274    13,582    2.05%
Certificates of deposit   625,573    26,890    4.30%   525,609    16,075    3.06%
Brokered Deposits   8,918    357    4.00%   874    20    2.29%
Total interest-bearing deposits   2,438,919    65,580    2.69%   2,321,698    46,192    1.99%
Other borrowed funds   144,463    6,622    4.58%   89,364    5,108    5.72%
Total interest-bearing liabilities   2,583,382    72,202    2.79%   2,411,062    51,300    2.13%
Noninterest-bearing liabilities                              
Demand Deposits   996,253              1,083,010           
Other liabilities   30,656              22,178           
Total Liabilities   3,610,291              3,516,250           
Shareholders' equity   620,821              576,315           
Total liabilities & shareholders' equity  $4,231,112             $4,092,565           
Net interest income on a fully taxable                              
equivalent basis        144,088              136,362      
Less taxable equivalent adjustment        (1,336)             (1,241)     
Net interest income       $142,752             $135,121      
Net interest spread (3)             2.85%             2.98%
Net interest margin (4)             3.76%             3.71%

 

(1)Annualized on a fully taxable equivalent basis calculated using a federal tax rate of 21%.
(2)Nonaccrual loans are included in average amounts outstanding.
(3)Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(4)Represents net interest income on a fully tax equivalent basis as a percentage of average interest-earning assets.

 

 

 

 

Bank First Corporation                        
Average assets, liabilities and stockholders' equity, and average rates earned or paid            
                         
   Nine Months Ended 
   September 30, 2024   September 30, 2023 
   Average
Balance
   Interest
Income/
Expenses (1)
   Rate Earned/
Paid (1)
   Average
Balance
   Interest
Income/
Expenses
(1)
   Rate Earned/
Paid (1)
 
                         
   (dollars in thousands) 
ASSETS                              
Interest-earning assets                              
Loans (2)                              
Taxable  $3,293,762   $183,971    5.59%  $3,155,397   $162,543    5.15%
Tax-exempt   108,239    4,970    4.59%   102,802    4,629    4.50%
Securities                              
Taxable (available for sale)   134,281    6,221    4.63%   199,164    6,234    3.13%
Tax-exempt (available for sale)   33,242    1,132    3.41%   38,310    1,218    3.18%
Taxable (held to maturity)   106,957    4,248    3.97%   66,895    2,407    3.60%
Tax-exempt (held to maturity)   3,515    92    2.62%   4,518    117    2.59%
Cash, due from banks and other   77,472    4,573    5.90%   59,929    3,021    5.04%
Total interest-earning assets   3,757,468    205,207    5.46%   3,627,015    180,169    4.97%
Noninterest-earning assets   444,055              446,437           
Allowance for loan losses   (44,402)             (41,144)          
Total assets  $4,157,121             $4,032,308           
LIABILITIES AND STOCKHOLDERS' EQUITY                              
Interest-bearing deposits                              
Checking accounts  $401,363   $11,337    2.82%  $294,753   $5,145    1.75%
Savings accounts   816,202    12,253    1.50%   839,459    9,372    1.12%
Money market accounts   611,257    14,783    2.42%   664,758    11,883    1.79%
Certificates of deposit   606,988    25,174    4.15%   491,544    12,495    2.54%
Brokered Deposits   3,491    131    3.75%   4,005    115    2.87%
Total interest-bearing deposits   2,439,301    63,678    2.61%   2,294,519    39,010    1.70%
Other borrowed funds   81,730    3,662    4.48%   100,111    5,453    5.45%
Total interest-bearing liabilities   2,521,031    67,340    2.67%   2,394,630    44,463    1.86%
Noninterest-bearing liabilities                              
Demand Deposits   988,440              1,058,668           
Other liabilities   32,685              24,118           
Total Liabilities   3,542,156              3,477,416           
Stockholders' equity   614,965              554,892           
Total liabilities & stockholders' equity  $4,157,121             $4,032,308           
Net interest income on a fully taxable
    equivalent basis
        137,867              135,706      
Less taxable equivalent adjustment        (1,301)             (1,252)     
Net interest income       $136,566             $134,454      
Net interest spread (3)             2.79%             3.11%
Net interest margin (4)             3.67%             3.74%

 

(1)Annualized on a fully taxable equivalent basis calculated using a federal tax rate of 21%.
(2)Nonaccrual loans are included in average amounts outstanding.
(3)Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(4)Represents net interest income on a fully tax equivalent basis as a percentage of average interest-earning assets.

 

 

 

v3.24.3
Cover
Oct. 15, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 15, 2024
Entity File Number 001-38676
Entity Registrant Name Bank First Corporation
Entity Central Index Key 0001746109
Entity Tax Identification Number 39-1435359
Entity Incorporation, State or Country Code WI
Entity Address, Address Line One 402 North 8th Street
Entity Address, City or Town Manitowoc
Entity Address, State or Province WI
Entity Address, Postal Zip Code 54220
City Area Code 920
Local Phone Number 652-3100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol BFC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

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