BFC Bank First Corporation

 

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)

January 21, 2025

 

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 January 21, 2025, Bank First Corporation (the “Company”) announced its earnings for the quarter ended December 31, 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 January 21, 2025
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:       January 21, 2025	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 Fourth Quarter of 2024

 

	·	Net income of $17.5 million and $65.6 million for the three months and year ended December 31, 2024, respectively
	·	Earnings per common share of $1.75 and $6.50 for the three months and year ended December 31, 2024, respectively
	·	Annualized return on average assets of 1.60% and 1.56% for the three months and year ended December 31, 2024, respectively
	·	Quarterly cash dividend of $0.45 per share declared, matching the prior quarter and a 28.6% increase from the prior-year fourth quarter

 

MANITOWOC, Wis, January 21, 2025 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $17.5 million, or $1.75 per share, for the fourth quarter of 2024, compared with net income of $34.9 million, or $3.39 per share, for the prior-year fourth quarter. For the year ended December 31, 2024, Bank First earned $65.6 million, or $6.50 per share, compared to $74.5 million, or $7.28 per share for the full year of 2023.

 

Financial results for the fourth quarter and full year of 2023 included several significant one-time transactions:

 

·

The Bank sold 100% of its member interest in UFS, LLC (“UFS”) in a transaction that closed on October 1, 2023, resulting in a pre-tax gain on sale of $38.9 million.

 

·

The Bank redeemed $8.3 million in debt securities related to the Hometown Bancorp, Ltd. Capital Trust II (”Trust II”) during the fourth quarter of 2023 and informed holders of securities of Hometown Bancorp, Ltd. Capital Trust I (“Trust I”) of its intent to redeem $4.1 million in debt securities related to that trust on January 7, 2024. These redemptions led to the accelerated amortization of $1.4 million in fair value adjustments assigned to these liabilities when they were acquired along with Hometown Bancorp Ltd. (“Hometown”) earlier in 2023. The impact of this acceleration was recorded as an addition to interest expense for the fourth quarter of 2023.

 

 

·

The Bank sold available-for-sale US Treasury securities with a par value of $50.0 million, resulting in a realized loss on sale totaling $7.8 million recorded during the fourth quarter of 2023. These securities had an average yield of 1.36%. Proceeds of these sales were reinvested in a combination of short and long-term investments with an average yield of 4.98%, increasing future interest income by over $1.8 million annually.

 

·

The Bank vacated the former corporate headquarters of Hometown, moving this building to other real estate owned (“OREO”), and revalued four other OREO properties (all former bank branches), leading to a combined loss on OREO valuations of $1.6 million during the fourth quarter of 2023.

 

·

The Bank closed a branch in Ashwaubenon during the first quarter of 2024, concurrent with opening a new flagship location in its Green Bay market. Anticipating that the closed branch would be moved to OREO in the first quarter of 2024 at an expected valuation significantly below its carrying value, the Bank impaired its cost basis by $0.4 million. This impairment expense was included in “other noninterest expense” in the fourth quarter and full year of 2023.

 

After removing the impact of these one-time transactions, as well as other one-time expenses related to acquisitions and gains and losses on sales of securities and OREO, the Bank reported adjusted net income (non-GAAP) of $17.4 million, or $1.74 per share, for the fourth quarter of 2024, compared with $14.8 million, or $1.44 per share, for the prior-year fourth quarter. For the year ended December 31, 2024, adjusted net income (non-GAAP) totaled $65.0 million, or $6.45 per share, compared to $59.2 million, or $5.82 per share for the full year of 2023.

 

“We are pleased with the financial results for 2024,” stated CEO Mike Molepske. “The Bank delivered a return on assets, a measure of both profitability and efficiency, of 1.56%, marking the second consecutive year this metric exceeded 1.50%. Our consistently strong financial performance is directly related to the tireless efforts of our team to remain true to our promise to be ‘a relationship-based bank that delivers innovative solutions to the communities we serve.’”

 

 

Operating Results

 

Net interest income (“NII”) during the fourth quarter of 2024 was $35.6 million, $0.3 million less than the previous quarter but $2.6 million higher than the fourth 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 $0.8 million, or $0.06 per share after tax, during the fourth quarter of 2024, compared to $1.7 million, or $0.13 per share after tax, during the previous quarter and $0.4 million, or $0.03 per share after tax, during the fourth 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 previous quarter. The redemptions of Trust I and Trust II, noted earlier in this release, reduced the impact of purchase accounting during the fourth quarter of 2023.

 

Net interest margin (“NIM”) was 3.61% for the fourth quarter of 2024, compared to 3.76% for the previous quarter and 3.53% for the fourth quarter of 2023. NII from purchase accounting increased NIM by 0.08%, 0.17%, and 0.01% for each period, respectively. In addition to the volatility caused by purchase accounting over recent quarters, a seasonal buildup of higher interest rate deposits through the fourth quarter of 2024 further hampered NIM for that quarter. While the Bank makes a margin on these funds (approximately 0.35%), elevated levels in these products decreases the Bank’s overall NIM. Even with the buildup of these deposits, cost of funds for the Bank declined 6 basis points quarter-over-quarter.

 

Bank First recorded a negative provision for credit losses totaling $1.0 million during the fourth quarter of 2024, comparing favorably to no provision in the previous quarter and a positive provision of $0.5 million during the fourth quarter of 2023. While the Bank’s overall credit quality has remained consistently strong over all these periods, improvement in financial trends related to two relationships that were part of the Hometown acquisition allowed for a reduction in specific reserves related to them, causing the decrease in overall required allowance for credit losses related to the loan portfolio. Recoveries of previously charged-off loans exceeded currently charged-off loans by $0.4 million for the year ended December 31, 2024, compared to recoveries exceeding charge-offs by $0.1 million for the prior year.

 

 

Noninterest income was $4.5 million for the fourth quarter of 2024, compared to $4.9 million and $42.5 million for the prior quarter and fourth quarter of 2023, respectively. Noninterest income during the fourth quarter of 2023 included the aforementioned gain on sale of UFS, totaling $38.9 million. Income provided by the Bank’s investment in Ansay & Associates, LLC (“Ansay”) experienced a typical seasonal fourth-quarter decline, down $1.0 million from the prior quarter but nearly matching the fourth quarter of 2023. Income from Ansay increased by $0.6 million, or 19.8%, for the full year of 2024 compared to 2023. The Bank experienced a minimal positive adjustment to its mortgage servicing rights asset during the fourth quarter of 2024, comparing favorably to a negative valuation adjustment of $0.3 million and $0.1 million during the prior quarter and prior-year fourth quarter, respectively. All other areas of noninterest income remained consistent with recent quarterly results.

 

Noninterest expense was $19.3 million for the fourth quarter of 2024, compared to $20.1 million during the prior quarter and $28.9 million during the fourth quarter of 2023. Noninterest expenses during the fourth quarter of 2023 included the aforementioned $7.8 million loss on the sale of securities, $1.6 million loss on the sale and valuation adjustments of OREO, and $0.4 million impairment to the cost basis of a branch location. Data processing expense continued its elevated trend during 2024 as the Bank incurred another $0.4 million in project-related expenses during the current quarter as part of the Bank’s continued upgrade of its digital banking platform. All other 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.

 

Balance Sheet

 

On December 31, 2024, total assets were $4.50 billion, an increase of $273.2 million, or 6.5%, from December 31, 2023.

 

Total investment securities available-for-sale and held-to-maturity were $333.8 million on December 31, 2024, increasing $88.3 million, or 36.0%, from December 31, 2023. The previously mentioned seasonal buildup of higher interest rate deposits during the fourth quarter of 2024 included many that required collateralization by the Bank’s investment portfolio. In response to this heightened need for collateral, the Bank invested $100.0 million into a 30-day US Treasury note which will mature before the end of January 2025.

 

Total loans were $3.52 billion on December 31, 2024, up $174.2 million, or 5.2%, from December 31, 2023. Loans grew 5.3% on an annualized basis during the fourth quarter of 2024.

 

Total deposits, nearly all of which remain core deposits, were $3.66 billion on December 31, 2024, which is up $228.2 million, or 6.7%, from December 31, 2023. Total deposits grew 20.2% on an annualized basis during the fourth quarter of 2024, though much of this growth was in higher interest earning seasonal deposits.

 

 

Asset Quality

 

Nonperforming assets on December 31, 2024, remained negligible, totaling $9.2 million compared to $11.9 million and $9.1 million at the end of the prior quarter and prior year, respectively. Nonperforming assets to total assets ended the fourth quarter of 2024 at 0.21%, down from 0.28% at the end of the prior quarter and matching the end of the prior year. OREO on December 31, 2024, consisted of one property valued at $0.7 million, currently listed for sale, previously an operating branch location of an acquired institution.

 

Capital Position

 

Stockholders’ equity totaled $639.7 million on December 31, 2024, an increase of $19.9 million from the end of 2023. Earnings of $65.6 million were offset by dividends totaling $15.6 million and repurchases of BFC common stock totaling $31.2 million during 2024. The Bank’s book value per common share totaled $63.89 on December 31, 2024, compared to $59.80 on December 31, 2023. Tangible book value per common share (non-GAAP) totaled $44.28 on December 31, 2024, compared to $40.30 on December 31, 2023.

 

Dividend Declaration

 

Bank First’s Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on April 9, 2025, to shareholders of record as of March 26, 2025. This dividend matches the previous quarter’s dividend and represents a 28.6% 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 its 26 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank employs approximately 357 full-time equivalent staff and has assets of approximately $4.5 billion. Insurance services are available through its 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 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)

 

(In thousands, except share and per share data)		At or for the Three Months Ended																				At or for the Year Ended
			12/31/2024				9/30/2024				6/30/2024				3/31/2024				12/31/2023				12/31/2024				12/31/2023
Results of Operations:
Interest income		$	53,754			$	54,032			$	49,347			$	49,272			$	48,663			$	206,405			$	182,483
Interest expense			18,193				18,149				16,340				15,923				15,747				68,605				49,003
Net interest income			35,561				35,883				33,007				33,349				32,916				137,800				133,480
Provision for credit losses			(1,000	)			-				-				200				500				(800	)			4,682
Net interest income after provision for credit losses			36,561				35,883				33,007				33,149				32,416				138,600				128,798
Noninterest income			4,513				4,893				5,877				4,397				42,458				19,680				58,115
Noninterest expense			19,286				20,100				19,057				20,324				28,862				78,767				88,119
Income before income tax expense			21,788				20,676				19,827				17,222				46,012				79,513				98,794
Income tax expense			4,248				4,124				3,768				1,810				11,114				13,950				24,280
Net income		$	17,540			$	16,552			$	16,059			$	15,412			$	34,898			$	65,563			$	74,514
Earnings per common share (basic and diluted)		$	1.75			$	1.65			$	1.59			$	1.51			$	3.39			$	6.50			$	7.28
Common Shares:
Outstanding			10,012,088				10,011,428				10,031,350				10,129,190				10,365,131				10,012,088				10,365,131
Weighted average outstanding for the period			10,012,013				10,012,190				10,078,611				10,233,347				10,366,471				10,083,647				10,231,569
Noninterest income / noninterest expense:
Service charges		$	2,119			$	2,189			$	2,101			$	1,634			$	1,847			$	8,043			$	7,033
Income from Ansay			82				1,062				1,379				979				110				3,502				2,922
Income (loss) from UFS			-				-				-				-				(179	)			-				2,265
Loan servicing income			744				733				735				726				741				2,938				2,860
Valuation adjustment on mortgage servicing rights			18				(344	)			339				(312	)			(65	)			(299	)			395
Net gain on sales of mortgage loans			424				377				277				219				273				1,297				897
Gain on sale of UFS			-				-				-				-				38,904				-				38,904
Other noninterest income			1,126				876				1,046				1,151				827				4,199				2,839
Total noninterest income		$	4,513			$	4,893			$	5,877			$	4,397			$	42,458			$	19,680			$	58,115
Personnel expense		$	9,886			$	10,118			$	10,004			$	10,893			$	10,357			$	40,901			$	40,355
Occupancy, equipment and office			1,445				1,598				1,330				1,584				1,307				5,957				5,670
Data processing			2,687				2,502				2,114				2,389				1,900				9,692				8,011
Postage, stationery and supplies			229				213				205				238				236				885				1,084
Advertising			78				61				79				95				99				313				326
Charitable contributions			200				183				234				176				264				793				944
Outside service fees			1,630				1,598				1,889				1,293				1,363				6,410				6,350
Net loss (gain) on other real estate owned			(186	)			-				(461	)			(47	)			1,591				(694	)			2,133
Net loss on sales of securities			-				-				-				34				7,826				34				7,901
Amortization of intangibles			1,389				1,429				1,475				1,500				1,604				5,793				6,324
Other noninterest expense			1,928				2,398				2,188				2,169				2,315				8,683				9,021
Total noninterest expense		$	19,286			$	20,100			$	19,057			$	20,324			$	28,862			$	78,767			$	88,119
Period-end balances:
Cash and cash equivalents		$	261,332			$	204,427			$	98,950			$	83,374			$	247,468			$	261,332			$	247,468
Investment securities available-for-sale, at fair value			223,061				128,438				127,977				138,420				142,197				223,061				142,197
Investment securities held-to-maturity, at cost			110,756				109,236				110,648				111,732				103,324				110,756				103,324
Loans			3,517,168				3,470,920				3,428,635				3,383,395				3,342,974				3,517,168				3,342,974
Allowance for credit losses - loans			(44,151	)			(45,212	)			(45,118	)			(44,378	)			(43,609	)			(44,151	)			(43,609	)
Premises and equipment			71,108				69,710				68,633				69,621				69,891				71,108				69,891
Goodwill and core deposit intangible, net			196,309				197,698				199,127				200,602				202,102				196,309				202,102
Mortgage servicing rights			13,369				13,351				13,694				13,356				13,668				13,369				13,668
Other assets			146,108				145,930				143,274				143,802				143,827				146,108				143,827
Total assets			4,495,060				4,294,498				4,145,820				4,099,924				4,221,842				4,495,060				4,221,842
Deposits
Interest-bearing			2,636,193				2,463,083				2,424,096				2,425,550				2,382,185				2,636,193				2,382,185
Noninterest-bearing			1,024,880				1,021,658				975,845				990,489				1,050,735				1,024,880				1,050,735
Securities sold under repurchase agreements			-				-				-				-				75,747				-				75,747
Borrowings			147,372				147,346				102,321				47,295				51,394				147,372				51,394
Other liabilities			46,932				33,516				28,979				27,260				41,983				46,932				41,983
Total liabilities			3,855,377				3,665,603				3,531,241				3,490,594				3,602,044				3,855,377				3,602,044
Stockholders' equity			639,683				628,895				614,579				609,330				619,798				639,683				619,798
Book value per common share		$	63.89			$	62.82			$	61.27			$	60.16			$	59.80			$	63.89			$	59.80
Tangible book value per common share (non-GAAP)		$	44.28			$	43.07			$	41.42			$	40.35			$	40.30			$	44.28			$	40.30
Average balances:
Loans		$	3,482,974			$	3,450,423			$	3,399,906			$	3,355,142			$	3,330,511			$	3,422,357			$	3,276,425
Interest-earning assets			3,962,690				3,833,968				3,696,099				3,741,498				3,738,589				3,809,056				3,655,138
Total assets			4,360,469				4,231,112				4,094,542				4,144,896				4,147,859				4,208,236				4,061,358
Deposits			3,545,694				3,435,172				3,401,828				3,446,145				3,406,028				3,457,391				3,383,841
Interest-bearing liabilities			2,655,609				2,583,382				2,466,726				2,512,304				2,426,870				2,554,860				2,402,757
Goodwill and other intangibles, net			196,966				198,493				199,959				201,408				202,933				199,199				193,611
Stockholders' equity			634,137				620,821				610,818				613,190				613,244				619,784				569,600
Financial ratios:
Return on average assets *			1.60	%			1.56	%			1.58	%			1.50	%			3.34	%			1.56	%			1.83	%
Return on average common equity *			11.00	%			10.61	%			10.57	%			10.11	%			22.58	%			10.58	%			13.08	%
Average equity to average assets			14.54	%			14.67	%			14.92	%			14.79	%			14.78	%			14.73	%			14.02	%
Stockholders' equity to assets			14.23	%			14.64	%			14.82	%			14.86	%			14.68	%			14.23	%			14.68	%
Tangible equity to tangible assets (non-GAAP)			10.31	%			10.53	%			10.53	%			10.48	%			10.39	%			10.31	%			10.39	%
Loan yield *			5.56	%			5.73	%			5.51	%			5.41	%			5.33	%			5.55	%			5.18	%
Earning asset yield *			5.44	%			5.64	%			5.40	%			5.33	%			5.20	%			5.45	%			5.03	%
Cost of funds *			2.73	%			2.79	%			2.66	%			2.55	%			2.57	%			2.69	%			2.04	%
Net interest margin, taxable equivalent *			3.61	%			3.76	%			3.63	%			3.62	%			3.53	%			3.65	%			3.69	%
Net loan charge-offs (recoveries) to average loans *			0.01	%			0.04	%			-0.05	%			-0.07	%			0.00	%			-0.01	%			0.00	%
Nonperforming loans to total loans			0.24	%			0.32	%			0.31	%			0.29	%			0.20	%			0.24	%			0.20	%
Nonperforming assets to total assets			0.21	%			0.28	%			0.27	%			0.31	%			0.21	%			0.21	%			0.21	%
Allowance for credit losses - loans to total loans			1.26	%			1.30	%			1.32	%			1.31	%			1.30	%			1.26	%			1.30	%
Non-GAAP Financial Measures
Adjusted net income reconciliation
Net income (GAAP)		$	17,540			$	16,552			$	16,059			$	15,412			$	34,898			$	65,563			$	74,514
Acquisition related expenses			-				-				-				-				29				-				1,854
Severance from organizational restructure			-				-				-				-				359				-				359
Provision for credit losses related to acquisition			-				-				-				-				-				-				3,552
Fair value amortization on Trust Preferred redemption			-				-				-				-				1,382				-				1,382
Gain on sale of UFS			-				-				-				-				(38,904	)			-				(38,904	)
Losses (gains) on sales of securities and OREO valuations			(186	)			-				(461	)			(13	)			9,780				(660	)			10,397
Adjusted net income before income tax impact			17,354				16,552				15,598				15,399				7,544				64,903				53,154
Income tax impact of adjustments			39				-				97				3				7,248				139				6,036
Adjusted net income (non-GAAP)		$	17,393			$	16,552			$	15,695			$	15,402			$	14,792			$	65,042			$	59,190
Adjusted earnings per share calculation
Adjusted net income (non-GAAP)		$	17,393			$	16,552			$	15,695			$	15,402			$	14,792			$	65,042			$	59,190
Weighted average common shares outstanding for the period			10,012,013				10,012,190				10,078,611				10,233,347				10,366,471				10,083,647				10,231,569
Adjusted earnings per share (non-GAAP)		$	1.74			$	1.65			$	1.56			$	1.51			$	1.44			$	6.45			$	5.82
Annualized return of adjusted earnings on average assets calculation
Adjusted net income (non-GAAP)		$	17,393			$	16,552			$	15,695			$	15,402			$	14,792			$	65,042			$	59,190
Average total assets		$	4,360,469			$	4,231,112			$	4,094,542			$	4,144,896			$	4,147,859			$	4,208,236			$	4,061,358
Annualized return of adjusted earnings on average assets (non-GAAP)			1.60	%			1.56	%			1.54	%			1.49	%			1.41	%			1.55	%			1.46	%
Tangible assets reconciliation
Total assets (GAAP)		$	4,495,060			$	4,294,498			$	4,145,820			$	4,099,924			$	4,221,842			$	4,495,060			$	4,221,842
Goodwill			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)
Core deposit intangible, net of amortization			(21,203	)			(22,592	)			(24,021	)			(25,496	)			(26,996	)			(21,203	)			(26,996	)
Tangible assets (non-GAAP)		$	4,298,751			$	4,096,800			$	3,946,693			$	3,899,322			$	4,019,740			$	4,298,751			$	4,019,740
Tangible common equity reconciliation
Total stockholders’ equity (GAAP)		$	639,683			$	628,895			$	614,579			$	609,330			$	619,798			$	639,683			$	619,798
Goodwill			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)			(175,106	)
Core deposit intangible, net of amortization			(21,203	)			(22,592	)			(24,021	)			(25,496	)			(26,996	)			(21,203	)			(26,996	)
Tangible common equity (non-GAAP)		$	443,374			$	431,197			$	415,452			$	408,728			$	417,696			$	443,374			$	417,696
Tangible book value per common share calculation
Tangible common equity (non-GAAP)		$	443,374			$	431,197			$	415,452			$	408,728			$	417,696			$	443,374			$	417,696
Common shares outstanding at the end of the period			10,012,088				10,011,428				10,031,350				10,129,190				10,365,131				10,012,088				10,365,131
Tangible book value per common share (non-GAAP)		$	44.28			$	43.07			$	41.42			$	40.35			$	40.30			$	44.28			$	40.30
Tangible equity to tangible assets calculation
Tangible common equity (non-GAAP)		$	443,374			$	431,197			$	415,452			$	408,728			$	417,696			$	443,374			$	417,696
Tangible assets (non-GAAP)		$	4,298,751			$	4,096,800			$	3,946,693			$	3,899,322			$	4,019,740			$	4,298,751			$	4,019,740
Tangible equity to tangible assets (non-GAAP)			10.31	%			10.53	%			10.53	%			10.48	%			10.39	%			10.31	%			10.39	%

 

* 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
		December 31, 2024												December 31, 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		$	3,361,895				187,480				5.58	%		$	3,223,127			$	172,743				5.36	%
Tax-exempt			121,079				6,115				5.05	%			107,384				4,853				4.52	%
Securities
Taxable (available for sale)			116,580				5,920				5.08	%			146,407				4,716				3.22	%
Tax-exempt (available for sale)			33,092				1,124				3.40	%			31,883				1,127				3.53	%
Taxable (held to maturity)			114,484				4,227				3.69	%			86,782				3,481				4.01	%
Tax-exempt (held to maturity)			3,196				84				2.63	%			4,152				109				2.63	%
Cash and due from banks			212,364				10,433				4.91	%			138,854				7,317				5.27	%
Total interest-earning assets			3,962,690				215,383				5.44	%			3,738,589				194,346				5.20	%
Noninterest-earning assets			442,615												452,676
Allowance for credit losses - loans			(44,836	)											(43,406	)
Total assets		$	4,360,469											$	4,147,859
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts		$	403,854			$	10,524				2.61	%		$	290,050			$	6,010				2.07	%
Savings accounts			817,029				12,202				1.49	%			815,261				11,055				1.36	%
Money market accounts			633,964				15,168				2.39	%			669,633				15,209				2.27	%
Certificates of deposit			633,261				26,918				4.25	%			561,888				20,038				3.57	%
Brokered Deposits			20,085				816				4.06	%			747				17				2.28	%
Total interest-bearing deposits			2,508,193				65,628				2.62	%			2,337,579				52,329				2.24	%
Other borrowed funds			147,416				6,745				4.58	%			89,291				10,148				11.37	%
Total interest-bearing liabilities			2,655,609				72,373				2.73	%			2,426,870				62,477				2.57	%
Noninterest-bearing liabilities
Demand Deposits			1,037,501												1,068,449
Other liabilities			33,222												39,296
Total Liabilities			3,726,332												3,534,615
Shareholders' equity			634,137												613,244
Total liabilities & shareholders' equity		$	4,360,469											$	4,147,859
Net interest income on a fully taxable
equivalent basis							143,010												131,869
Less taxable equivalent adjustment							(1,538	)											(1,279	)
Net interest income						$	141,472											$	130,590
Net interest spread (3)											2.71	%											2.62	%
Net interest margin (4)											3.61	%											3.53	%

 

(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

 

		Year ended
		December 31, 2024												December 31, 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		$	3,310,890			$	184,853				5.58	%		$	3,172,468			$	165,113				5.20	%
Tax-exempt			111,467				5,258				4.72	%			103,957				4,686				4.51	%
Securities
Taxable (available for sale)			129,832				6,146				4.73	%			185,867				5,851				3.15	%
Tax-exempt (available for sale)			33,204				1,130				3.40	%			36,690				1,195				3.26	%
Taxable (held to maturity)			108,849				4,242				3.90	%			71,908				2,678				3.72	%
Tax-exempt (held to maturity)			3,435				90				2.62	%			4,426				115				2.60	%
Cash, due from banks and other			111,379				6,046				5.43	%			79,822				4,104				5.14	%
Total interest-earning assets			3,809,056				207,765				5.45	%			3,655,138				183,742				5.03	%
Noninterest-earning assets			443,691												447,934
Allowance for loan losses			(44,511	)											(41,714	)
Total assets		$	4,208,236											$	4,061,358
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts		$	401,990			$	11,132				2.77	%		$	293,568			$	5,363				1.83	%
Savings accounts			816,410				12,240				1.50	%			833,360				9,796				1.18	%
Money market accounts			616,964				14,880				2.41	%			665,988				12,722				1.91	%
Certificates of deposit			613,593				25,613				4.17	%			509,273				14,396				2.83	%
Brokered Deposits			7,662				303				3.95	%			3,184				90				2.83	%
Total interest-bearing deposits			2,456,619				64,168				2.61	%			2,305,373				42,367				1.84	%
Other borrowed funds			98,241				4,437				4.52	%			97,384				6,637				6.82	%
Total interest-bearing liabilities			2,554,860				68,605				2.69	%			2,402,757				49,004				2.04	%
Noninterest-bearing liabilities
Demand Deposits			1,000,772												1,078,468
Other liabilities			32,820												10,533
Total Liabilities			3,588,452												3,491,758
Stockholders' equity			619,784												569,600
Total liabilities & stockholders' equity		$	4,208,236											$	4,061,358
Net interest income on a fully taxable     equivalent basis							139,160												134,738
Less taxable equivalent adjustment							(1,360	)											(1,259	)
Net interest income						$	137,800											$	133,479
Net interest spread (3)											2.77	%											2.99	%
Net interest margin (4)											3.65	%											3.69	%

 

(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.

 

 

v3.24.4

Cover	Jan. 21, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 21, 2025
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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