8-K
Bank First Corp (BFC)
UNITED STATES
SECURITIES ANDEXCHANGE COMMISSION
Washington, D.C.20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13 OR 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | July 21, 2021 (July 20, 2021) |
|---|
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 x
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. x
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On July 20, 2021, Bank First Corporation (the “Company”) announced its earnings for the quarter ended June 30, 2021. 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 July 20, 2021 |
| 104 | Cover<br>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: July 21, 2021 | By: | /s/ Kevin M. LeMahieu |
| Kevin M. LeMahieu | ||
| Chief Financial Officer |
Exhibit 99.1
| NEWS<br><br><br><br>release |
|---|
P.O. Box 10, Manitowoc, WI 54221-0010
For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3200 / klemahieu@bankfirstwi.bank
FOR IMMEDIATE RELEASE
Bank First Announces Net Income for the SecondQuarter of 2021
| · | Net income of $11.5 and $23.1 million forthe three and six months ended June 30, 2021 |
|---|---|
| · | Earnings per common share of $1.50 and $2.99for the three and six months ended June 30, 2021 |
| --- | --- |
| · | Annualized return on average assets of 1.65%for the six months ended June 30, 2021, compared to 1.32% for the first half of 2020 |
| --- | --- |
| · | Quarterly cash dividend of $0.21 per shareand special one-time cash dividend of $0.29 per share declared |
| --- | --- |
MANITOWOC, Wis, July 20, 2021 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $11.5 million, or $1.50 per share, for the second quarter of 2021, compared with net income of $8.3 million, or $1.11 per share, for the prior-year second quarter. For the six months ended June 30, 2021, Bank First earned $23.1 million, or $2.99 per share, compared to $15.6 million, or $2.14 per share for the same period in 2020.
Operating Results
Net interest income (“NII”) during the second quarter of 2021 was $21.8 million, down $0.3 million from the previous quarter but up $1.0 million from the second quarter of 2020. The quarter-over-quarter decline in NII was related entirely to interest income recognized on Paycheck Protection Program (“PPP”) loans. These loans produce volatile recognition of NII as discussed in the following paragraph. NII for the first six months of 2021 was $43.9 million, up from $39.4 million for the first six months of 2020.
Throughout the previous fifteen months Bank First was a very active participant in the PPP, a Small Business Administration (“SBA”) loan program aimed at supporting small business through the turbulent economic environment created by the COVID-19 pandemic (“COVID”). This program provided funds to small businesses with very favorable loan terms and allowed for forgiveness by the SBA provided the funds are utilized by the companies as stipulated by the program. Bank First originated over $381.3 million in loans to new and existing customers under this program, $127.3 million of which remained unpaid and unforgiven as of June 30, 2021. In addition to providing much needed support to these small businesses, this program produced significant income for the Bank. Origination fees collected from PPP loan originations totaled over $14.6 million. Under accounting rules, the Bank recognizes these fees as an addition to NII over the contractual life of the related loan, with any remaining fee being fully recognized into NII if the loan is paid off or forgiven prior to the original maturity date. As is the case with any institution participating in PPP originations, this accounting treatment has caused significant variations in the Bank’s NII and interest margins quarter-to-quarter based on how many PPP loans are forgiven during the period. Unrecognized PPP origination fees totaled $4.3 million at June 30, 2021, compared to $2.6 million and $7.5 million at December 31 and June 30, 2020, respectively.
NII related to purchase accounting entries, resulting from our acquisitions of other institutions over the last several years, increased net income (after tax) during the second quarter of 2021 by $0.3 million, or $0.04 per share, compared to $0.7 million, or $0.09 per share, for the second quarter of 2020. For the first six months of 2021 and 2020 the impact of these purchase loan accounting entries increased net income (after tax) by $0.7 million, or $0.09 per share, and $1.4 million, or $0.20 per share, respectively.
Net interest margin (“NIM”) was 3.37% for the second quarter of 2021, compared to 3.67% for the second quarter of 2020. The aforementioned purchase loan accounting entries added 0.08% and 0.16% to NIM for each of these periods, respectively. NIM was 3.47% for the first six months of 2021, including 0.08% from the impact of purchase accounting entries, compared to 3.74%, including 0.19% from the impact of purchase accounting entries, for the first six months of 2020.
Bank First recorded a provision for loan losses of $1.0 million during the second quarter of 2021, compared to $3.2 million during the second quarter of 2020. Provision expense was $1.9 million for the first six months of 2021 compared to $4.1 million for the same period during 2020. Recoveries of previously charged-off loans negligibly exceeded currently charged-off loans through the first six months of 2021, compared to a net recovery of previously charged-off loans totaling $0.6 million during the first six months of 2020. The provision expense recorded during the most recent quarter was primarily driven by solid loan growth, excluding reductions in PPP loan balances, during the period.
Noninterest income was $6.6 million for the second quarter of 2021, compared to $7.8 million for the second quarter of 2020. The year-over-year decline in quarterly noninterest income was driven by the sale of $36.6 million of U.S. Treasury notes during the second quarter of 2020, generating a gain on sale of $3.1 million. No similar gain occurred during the second quarter of 2021. Following the trend of the last several quarters, service charge income was strong at $1.6 million, an increase of 37.8% over the prior year second quarter. Loan servicing income totaled $1.2 million, compared to $0.2 million in the prior year second quarter. The current year second quarter included a $0.6 million positive adjustment to the value of the Bank’s mortgage servicing rights, compared to a $0.5 million negative adjustment to these rights in the prior year second quarter. Finally, net gains on sales of mortgage loans to the secondary market totaled $2.2 million during the second quarter of 2021, comparing favorably to $1.3 million during the second quarter of 2020.
Noninterest expense was $12.2 million in the second quarter of 2021, compared to $14.4 million during the second quarter of 2020. The year-over-year decline in quarterly noninterest expense was principally related to expenses resulting from Bank First’s acquisition of Tomah Bancshares, Inc., totaling $0.8 million, and the recognition of a prepayment penalty related to early repayment of $30.0 million in borrowings from the Federal Home Loan Bank of Chicago, totaling $1.3 million, both of which were one-time expenses occurring during the second quarter of 2020. Net gains on sales and valuations of other real estate owned during the second quarter of 2021 totaled $0.1 million, comparing favorably to net losses of $0.5 million during the second quarter of 2020.
Balance Sheet
Total assets were $2.82 billion at June 30, 2021, a $100.9 million increase from December 31, 2020, and up $161.0 million from June 30, 2020. Total loans were $2.23 billion at June 30, 2021, up $33.8 million from December 31, 2020, and up $110.2 million from June 30, 2020. Excluding PPP originations and repayments or forgiveness, loans grew by 14.4% over the trailing twelve months. Annualized loan growth during the second quarter of 2021, also excluding PPP activity, amounted to 12.1%. Total deposits, nearly all of which remain core deposits, were $2.45 billion at June 30, 2021, up $125.7 million from December 31, 2020, and up $183.5 million from June 30, 2020. Noninterest-bearing demand deposits comprised 32.1% of the Bank’s total core deposits at June 30, 2021, compared to 31.2% and 31.4% at December 31 and June 30, 2020, respectively.
Asset Quality
Nonperforming assets at June 30, 2021, totaled $12.6 million, down from $14.0 million and $25.0 million at the end of the fourth and second quarters of 2020, respectively. Nonperforming assets to total assets ending the second quarter of 2021 at 0.45%, down from 0.52% and 0.94% at the end of the fourth and second quarters of 2020, respectively.
Capital Position
Stockholders’ equity totaled $311.4 million at June 30, 2021, an increase of $16.6 million from the end of 2020 and $35.3 million from June 30, 2020. Strong earnings served to increase capital while being offset by dividends totaling $3.2 million during the first half of 2021 and $6.4 million during the trailing twelve months. Further reducing capital was $2.9 million used to repurchase 40,000 shares of common stock during the second quarter of 2021. Tangible book value per share of Bank First’s common stock experienced an annualized increase of 16.2% during the second quarter of 2021 and an increase during the trailing twelve months of 17.8%.
Dividend Declaration
Bank First’s Board of Directors approved both a quarterly cash dividend of $0.21 per common share and a special one-time cash dividend of $0.29 per common share. These dividends will be payable on October 6, 2021, to shareholders of record as of September 22, 2021. The special dividend was declared in response to record earnings in recent quarters which has resulted in a declining dividend payout ratio. The one-time nature of this dividend allows for flexibility moving forward if capital is required for other strategic initiatives of Bank First.
Bank First Corporation provides financial services through its subsidiary, Bank First, which was incorporated in 1894. The Bank is an independent community bank with 21 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank offers loan, deposit and treasury management products at each of its banking offices. Insurance services are available through our bond with Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered through the Bank’s partnership with Legacy Private Trust, an alliance with Morgan Stanley and an affiliation with McKenzie Financial Services, LLC. The Bank is a co-owner of a data processing subsidiary, UFS, LLC, which provides data and technology services to banks in the Midwest. The Company employs approximately 302 full-time equivalent staff and has assets of approximately $2.8 billion. Further information about Bank First Corporation is available by clicking on the Investor Relations tab at www.BankFirstWI.bank.
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Forward Looking Statements:This news release may contain certain “forward-looking statements” that represent Bank First Corporation’s expectationsor beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties.Because of the risks and uncertainties inherent in forward looking statements, readers are cautioned not to place undue reliance on them,whether included in this news release or made elsewhere from time to time by Bank First Corporation or on its behalf. Bank First Corporationdisclaims any obligation to update such forward-looking statements. In addition, statements regarding historical stock price performanceare not indicative of or guarantees of future price performance.
| Bank First Corporation | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Financial Summary (Unaudited) | |||||||||||||||||||||
| (In<br> thousands, except per share data) | At<br> or for the Three Months Ended | At or for the<br><br> <br>Six Months Ended | |||||||||||||||||||
| 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | 6/30/2021 | 6/30/2020 | |||||||||||||||
| Results of Operations: | |||||||||||||||||||||
| Interest income | $ | 24,003 | $ | 24,442 | $ | 27,094 | $ | 25,928 | $ | 24,382 | $ | 48,445 | $ | 47,678 | |||||||
| Interest<br> expense | 2,189 | 2,339 | 2,623 | 3,003 | 3,586 | 4,528 | 8,239 | ||||||||||||||
| Net interest income | 21,814 | 22,103 | 24,471 | 22,925 | 20,796 | 43,917 | 39,439 | ||||||||||||||
| Provision<br> for loan losses | 950 | 900 | 1,650 | 1,350 | 3,150 | 1,850 | 4,125 | ||||||||||||||
| Net interest income after<br> provision for loan losses | 20,864 | 21,203 | 22,821 | 21,575 | 17,646 | 42,067 | 35,314 | ||||||||||||||
| Noninterest income | 6,574 | 6,210 | 6,744 | 5,115 | 7,764 | 12,784 | 11,661 | ||||||||||||||
| Noninterest<br> expense | 12,221 | 12,225 | 13,972 | 12,202 | 14,438 | 24,446 | 27,179 | ||||||||||||||
| Income before income tax<br> expense | 15,217 | 15,188 | 15,593 | 14,488 | 10,972 | 30,405 | 19,796 | ||||||||||||||
| Income<br> tax expense | 3,669 | 3,674 | 4,063 | 3,534 | 2,676 | 7,343 | 4,234 | ||||||||||||||
| Net<br> income | $ | 11,548 | $ | 11,514 | $ | 11,530 | $ | 10,954 | $ | 8,296 | $ | 23,062 | $ | 15,562 | |||||||
| Earnings per common share<br> - basic | $ | 1.50 | $ | 1.49 | $ | 1.49 | $ | 1.42 | $ | 1.11 | $ | 2.99 | $ | 2.14 | |||||||
| Earnings per common share<br> - diluted | 1.50 | 1.49 | 1.49 | 1.42 | 1.11 | 2.99 | 2.14 | ||||||||||||||
| Common Shares: | |||||||||||||||||||||
| Basic weighted average | 7,653,317 | 7,657,301 | 7,659,904 | 7,673,572 | 7,395,199 | 7,655,738 | 7,212,634 | ||||||||||||||
| Diluted weighted average | 7,668,740 | 7,677,976 | 7,682,101 | 7,691,326 | 7,405,995 | 7,674,993 | 7,271,192 | ||||||||||||||
| Outstanding | 7,688,795 | 7,729,216 | 7,709,497 | 7,729,762 | 7,733,457 | 7,688,795 | 7,733,457 | ||||||||||||||
| Noninterest income / noninterest expense: | |||||||||||||||||||||
| Service charges | $ | 1,596 | $ | 1,467 | $ | 1,586 | $ | 1,343 | $ | 1,158 | $ | 3,063 | $ | 2,074 | |||||||
| Income from Ansay | 723 | 725 | 169 | 970 | 710 | 1,448 | 1,601 | ||||||||||||||
| Income from UFS | 663 | 366 | 599 | 720 | 850 | 1,029 | 1,747 | ||||||||||||||
| Loan servicing income | 1,178 | 505 | 194 | 538 | 226 | 1,683 | 688 | ||||||||||||||
| Net gain on sales of mortgage<br> loans | 2,187 | 2,811 | 2,214 | 1,304 | 1,332 | 4,998 | 1,792 | ||||||||||||||
| Net gain on sales of securities | - | - | - | - | 3,233 | - | 3,233 | ||||||||||||||
| Noninterest income from<br> strategic alliances | 28 | 17 | 26 | 16 | 16 | 45 | 33 | ||||||||||||||
| Other<br> noninterest income | 199 | 319 | 1,956 | 224 | 239 | 518 | 493 | ||||||||||||||
| Total<br> noninterest income | $ | 6,574 | $ | 6,210 | $ | 6,744 | $ | 5,115 | $ | 7,764 | $ | 12,784 | $ | 11,661 | |||||||
| Personnel expense | $ | 7,121 | $ | 7,091 | $ | 7,604 | $ | 6,609 | $ | 6,608 | $ | 14,212 | $ | 13,060 | |||||||
| Occupancy, equipment and<br> office | 968 | 1,210 | 1,352 | 1,171 | 921 | 2,178 | 2,196 | ||||||||||||||
| Data processing | 1,358 | 1,393 | 1,519 | 1,463 | 1,334 | 2,751 | 2,533 | ||||||||||||||
| Postage, stationery and<br> supplies | 131 | 197 | 204 | 219 | 277 | 328 | 449 | ||||||||||||||
| Net (gain) loss on sales<br> and valuations of other real estate owned | (73 | ) | (133 | ) | (16 | ) | (32 | ) | 467 | (206 | ) | 1,443 | |||||||||
| Advertising | 53 | 49 | 61 | 41 | 69 | 102 | 124 | ||||||||||||||
| Charitable contributions | 152 | 126 | 214 | 110 | 127 | 278 | 250 | ||||||||||||||
| Outside service fees | 804 | 755 | 1,029 | 888 | 1,394 | 1,559 | 2,195 | ||||||||||||||
| Amortization of intangibles | 351 | 351 | 522 | 418 | 362 | 702 | 696 | ||||||||||||||
| Penalty for early extinguishment<br> of debt | - | - | - | - | 1,323 | - | 1,323 | ||||||||||||||
| Other<br> noninterest expense | 1,356 | 1,186 | 1,483 | 1,315 | 1,556 | 2,542 | 2,910 | ||||||||||||||
| Total<br> noninterest expense | $ | 12,221 | $ | 12,225 | $ | 13,972 | $ | 12,202 | $ | 14,438 | $ | 24,446 | $ | 27,179 | |||||||
| Period-end<br> balances: | |||||||||||||||||||||
| Cash and cash equivalents | $ | 251,071 | $ | 261,174 | $ | 170,219 | $ | 80,752 | $ | 177,231 | $ | 251,071 | $ | 177,231 | |||||||
| Investment securities<br> available-for-sale, at fair value | 153,818 | 167,940 | 165,039 | 173,334 | 174,067 | 153,818 | 174,067 | ||||||||||||||
| Investment securities<br> held-to-maturity, at cost | 5,912 | 5,918 | 6,669 | 6,670 | 9,579 | 5,912 | 9,579 | ||||||||||||||
| Loans | 2,225,217 | 2,228,892 | 2,191,460 | 2,193,228 | 2,115,023 | 2,225,217 | 2,115,023 | ||||||||||||||
| Allowance for loan losses | (19,547 | ) | (18,531 | ) | (17,658 | ) | (16,318 | ) | (16,071 | ) | (19,547 | ) | (16,071 | ) | |||||||
| Premises and equipment | 43,503 | 43,606 | 43,183 | 41,186 | 39,645 | 43,503 | 39,645 | ||||||||||||||
| Goodwill and other intangibles,<br> net | 64,440 | 64,288 | 64,639 | 65,110 | 65,559 | 64,440 | 65,559 | ||||||||||||||
| Other assets | 94,536 | 92,912 | 94,465 | 95,285 | 92,878 | 94,536 | 92,878 | ||||||||||||||
| Total assets | 2,818,950 | 2,846,199 | 2,718,016 | 2,639,247 | 2,657,911 | 2,818,950 | 2,657,911 | ||||||||||||||
| Deposits | 2,446,654 | 2,448,035 | 2,320,963 | 2,271,040 | 2,263,145 | 2,446,654 | 2,263,145 | ||||||||||||||
| Securities sold under<br> repurchase agreements | 21,679 | 47,631 | 36,377 | 23,894 | 57,442 | 21,679 | 57,442 | ||||||||||||||
| Borrowings | 26,697 | 30,467 | 40,969 | 45,657 | 43,721 | 26,697 | 43,721 | ||||||||||||||
| Other liabilities | 12,490 | 16,624 | 24,850 | 12,552 | 17,503 | 12,490 | 17,503 | ||||||||||||||
| Total liabilities | 2,507,520 | 2,542,757 | 2,423,159 | 2,353,143 | 2,381,811 | 2,507,520 | 2,381,811 | ||||||||||||||
| Stockholders' equity | 311,430 | 303,442 | 294,857 | 286,104 | 276,100 | 311,430 | 276,100 | ||||||||||||||
| Book value per common share | 40.50 | 39.26 | 38.25 | 37.01 | 35.70 | 40.50 | 35.70 | ||||||||||||||
| Tangible book value per common share | 32.69 | 31.42 | 30.35 | 29.12 | 27.76 | 32.69 | 27.76 | ||||||||||||||
| Average balances: | |||||||||||||||||||||
| Loans | $ | 2,247,026 | $ | 2,196,142 | $ | 2,206,207 | $ | 2,140,008 | $ | 2,034,738 | $ | 2,221,715 | $ | 1,889,657 | |||||||
| Interest-earning assets | 2,633,850 | 2,547,783 | 2,465,713 | 2,423,168 | 2,329,097 | 2,591,044 | 2,170,238 | ||||||||||||||
| Total assets | 2,835,580 | 2,750,471 | 2,671,967 | 2,626,136 | 2,520,882 | 2,793,261 | 2,358,772 | ||||||||||||||
| Deposits | 2,453,156 | 2,355,888 | 2,316,793 | 2,260,065 | 2,130,100 | 2,404,790 | 1,986,569 | ||||||||||||||
| Interest-bearing liabilities | 1,723,395 | 1,694,711 | 1,663,642 | 1,636,606 | 1,589,127 | 1,709,132 | 1,532,970 | ||||||||||||||
| Goodwill and other intangibles,<br> net | 60,363 | 60,782 | 60,836 | 61,276 | 53,836 | 60,571 | 51,275 | ||||||||||||||
| Stockholders' equity | 308,201 | 300,331 | 289,916 | 281,656 | 256,529 | 304,288 | 244,999 | ||||||||||||||
| Paycheck Protection Program ("PPP") loan information | |||||||||||||||||||||
| PPP Loans (period end) | $ | 127,277 | $ | 188,221 | $ | 172,424 | $ | 279,558 | $ | 278,149 | $ | 127,277 | $ | 278,149 | |||||||
| PPP Loan Deferred Origination<br> Fees (period end) | 4,252 | 4,552 | 2,573 | 5,818 | 7,472 | 4,252 | 7,472 | ||||||||||||||
| PPP Loans (average during<br> the period) | 171,036 | 174,242 | 235,325 | 279,337 | 221,138 | 172,653 | 110,569 | ||||||||||||||
| Interest income recognized<br>during the period (includes recognized origination fees) | 1,922 | 2,368 | 3,833 | 2,418 | 2,488 | 4,290 | 2,488 | ||||||||||||||
| Financial<br> ratios: | |||||||||||||||||||||
| Return on average assets | 1.63 | % | 1.67 | % | 1.71 | % | 1.67 | % | 1.32 | % | 1.65 | % | 1.32 | % | |||||||
| Return on average common<br> equity | 14.99 | % | 15.34 | % | 15.78 | % | 15.56 | % | 12.94 | % | 15.16 | % | 12.70 | % | |||||||
| Average equity to average assets | 10.87 | % | 10.92 | % | 10.85 | % | 10.73 | % | 10.18 | % | 10.89 | % | 10.39 | % | |||||||
| Stockholders' equity to<br> assets | 11.05 | % | 10.66 | % | 10.85 | % | 10.84 | % | 10.39 | % | 11.05 | % | 10.39 | % | |||||||
| Tangible equity to tangible<br> assets | 9.11 | % | 8.72 | % | 8.80 | % | 8.73 | % | 8.27 | % | 9.11 | % | 8.27 | % | |||||||
| Loan yield | 4.13 | % | 4.34 | % | 4.62 | % | 4.65 | % | 4.66 | % | 4.19 | % | 4.78 | % | |||||||
| Earning asset yield | 3.71 | % | 3.95 | % | 4.44 | % | 4.33 | % | 4.29 | % | 3.82 | % | 4.50 | % | |||||||
| Cost of funds | 0.51 | % | 0.56 | % | 0.63 | % | 0.73 | % | 0.91 | % | 0.53 | % | 1.08 | % | |||||||
| Net interest margin, taxable<br> equivalent | 3.37 | % | 3.57 | % | 4.01 | % | 3.84 | % | 3.67 | % | 3.47 | % | 3.74 | % | |||||||
| Net loan charge-offs to<br> average loans | -0.01 | % | 0.00 | % | 0.01 | % | 0.20 | % | 0.01 | % | 0.00 | % | -0.03 | % | |||||||
| Nonperforming loans to<br> total loans | 0.55 | % | 0.63 | % | 0.57 | % | 0.84 | % | 1.09 | % | 0.55 | % | 1.09 | % | |||||||
| Nonperforming assets to<br> total assets | 0.45 | % | 0.52 | % | 0.52 | % | 0.79 | % | 0.94 | % | 0.45 | % | 0.94 | % | |||||||
| Allowance for loan losses<br> to loans | 0.88 | % | 0.83 | % | 0.81 | % | 0.74 | % | 0.76 | % | 0.88 | % | 0.76 | % | |||||||
| Bank First Corporation | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Average assets, liabilities and stockholders' equity, and average rates earned or paid | |||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
| 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 | $ | 2,160,774 | $ | 88,771 | 4.11 | % | $ | 1,917,156 | $ | 88,760 | 4.63 | % | |||||||||
| Tax-exempt | 86,252 | 4,065 | 4.71 | % | 117,582 | 6,048 | 5.14 | % | |||||||||||||
| Securities | |||||||||||||||||||||
| Taxable (available for sale) | 103,774 | 2,242 | 2.16 | % | 109,530 | 2,426 | 2.21 | % | |||||||||||||
| Tax-exempt (available for sale) | 70,112 | 2,206 | 3.15 | % | 68,401 | 2,205 | 3.22 | % | |||||||||||||
| Taxable (held to maturity) | - | - | - | 2,948 | 62 | 2.10 | % | ||||||||||||||
| Tax-exempt (held to maturity) | 5,917 | 152 | 2.57 | % | 9,764 | 268 | 2.74 | % | |||||||||||||
| Cash and due from banks | 207,021 | 190 | 0.09 | % | 103,716 | 85 | 0.08 | % | |||||||||||||
| Total interest-earning assets | 2,633,850 | 97,626 | 3.71 | % | 2,329,097 | 99,854 | 4.29 | % | |||||||||||||
| Non interest-earning assets | 220,551 | 205,962 | |||||||||||||||||||
| Allowance for loan losses | (18,821 | ) | (14,177 | ) | |||||||||||||||||
| Total assets | $ | 2,835,580 | $ | 2,520,882 | |||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||
| Checking accounts | $ | 211,562 | $ | 251 | 0.12 | % | $ | 197,067 | $ | 493 | 0.25 | % | |||||||||
| Savings accounts | 483,567 | 1,754 | 0.36 | % | 346,279 | 1,815 | 0.52 | % | |||||||||||||
| Money market accounts | 660,011 | 2,303 | 0.35 | % | 536,139 | 3,092 | 0.58 | % | |||||||||||||
| Certificates of deposit | 289,778 | 3,206 | 1.11 | % | 372,003 | 6,988 | 1.88 | % | |||||||||||||
| Brokered Deposits | 16,174 | 457 | 2.83 | % | 18,532 | 531 | 2.87 | % | |||||||||||||
| Total interest bearing deposits | 1,661,092 | 7,971 | 0.48 | % | 1,470,020 | 12,919 | 0.88 | % | |||||||||||||
| Other borrowed funds | 62,303 | 811 | 1.30 | % | 119,107 | 1,504 | 1.26 | % | |||||||||||||
| Total interest-bearing liabilities | 1,723,395 | 8,782 | 0.51 | % | 1,589,127 | 14,423 | 0.91 | % | |||||||||||||
| Non-interest bearing liabilities | |||||||||||||||||||||
| Demand Deposits | 792,064 | 660,080 | |||||||||||||||||||
| Other liabilities | 11,920 | 15,146 | |||||||||||||||||||
| Total Liabilities | 2,527,379 | 2,264,353 | |||||||||||||||||||
| Shareholders' equity | 308,201 | 256,529 | |||||||||||||||||||
| Total liabilities & sharesholders' equity | $ | 2,835,580 | $ | 2,520,882 | |||||||||||||||||
| Net interest income on a fully taxable equivalent basis | 88,844 | 85,431 | |||||||||||||||||||
| Less taxable equivalent adjustment | (1,349 | ) | (1,789 | ) | |||||||||||||||||
| Net interest income | $ | 87,495 | $ | 83,642 | |||||||||||||||||
| Net interest spread (3) | 3.20 | % | 3.38 | % | |||||||||||||||||
| Net interest margin (4) | 3.37 | % | 3.67 | % | |||||||||||||||||
| (1) | Annualized on a fully taxable equivalent basis calculated using<br>a federal tax rate of 21%. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| (2) | Nonaccrual loans are included in average amounts outstanding. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| (3) | Represents the difference between the weighted average yield<br>on interest-earning assets and the weighted average cost of interest-bearing liabilities. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| (4) | Represents net interest income on a fully tax equivalent basis<br>as a percentage of average interest-earning assets. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| Bank First Corporation | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Average assets, liabilities and stockholders' equity, and average rates earned or paid | |||||||||||||||||||||
| Six Months Ended | |||||||||||||||||||||
| June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
| 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 | $ | 2,131,670 | $ | 89,867 | 4.22 | % | $ | 1,771,514 | $ | 85,566 | 4.83 | % | |||||||||
| Tax-exempt | 90,045 | 4,197 | 4.66 | % | 118,143 | 6,057 | 5.13 | % | |||||||||||||
| Securities | |||||||||||||||||||||
| Taxable (available for sale) | 102,179 | 2,448 | 2.40 | % | 121,653 | 2,994 | 2.46 | % | |||||||||||||
| Tax-exempt (available for sale) | 70,694 | 2,232 | 3.16 | % | 61,958 | 2,044 | 3.30 | % | |||||||||||||
| Taxable (held to maturity) | - | - | - | 18,236 | 435 | 2.39 | % | ||||||||||||||
| Tax-exempt (held to maturity) | 6,287 | 159 | 2.53 | % | 9,986 | 274 | 2.74 | % | |||||||||||||
| Cash and due from banks | 190,169 | 174 | 0.09 | % | 68,748 | 269 | 0.39 | % | |||||||||||||
| Total interest-earning assets | 2,591,044 | 99,077 | 3.82 | % | 2,170,238 | 97,639 | 4.50 | % | |||||||||||||
| Non interest-earning assets | 220,647 | 201,565 | |||||||||||||||||||
| Allowance for loan losses | (18,430 | ) | (13,031 | ) | |||||||||||||||||
| Total assets | $ | 2,793,261 | $ | 2,358,772 | |||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||
| Checking accounts | $ | 216,498 | $ | 253 | 0.12 | % | $ | 193,946 | $ | 1,063 | 0.55 | % | |||||||||
| Savings accounts | 459,267 | 1,663 | 0.36 | % | 324,795 | 2,130 | 0.66 | % | |||||||||||||
| Money market accounts | 643,526 | 2,220 | 0.34 | % | 517,476 | 3,817 | 0.74 | % | |||||||||||||
| Certificates of deposit | 303,153 | 3,720 | 1.23 | % | 368,417 | 7,214 | 1.96 | % | |||||||||||||
| Brokered Deposits | 17,205 | 487 | 2.83 | % | 17,056 | 500 | 2.93 | % | |||||||||||||
| Total interest bearing deposits | 1,639,649 | 8,343 | 0.51 | % | 1,421,690 | 14,724 | 1.04 | % | |||||||||||||
| Other borrowed funds | 69,483 | 789 | 1.14 | % | 111,280 | 1,844 | 1.66 | % | |||||||||||||
| Total interest-bearing liabilities | 1,709,132 | 9,132 | 0.53 | % | 1,532,970 | 16,568 | 1.08 | % | |||||||||||||
| Non-interest bearing liabilities | |||||||||||||||||||||
| Demand Deposits | 765,141 | 564,879 | |||||||||||||||||||
| Other liabilities | 318,988 | 15,924 | |||||||||||||||||||
| Total Liabilities | 2,793,261 | 2,113,773 | |||||||||||||||||||
| Shareholders' equity | 304,288 | 244,999 | |||||||||||||||||||
| Total liabilities & sharesholders' equity | $ | 3,097,549 | $ | 2,358,772 | |||||||||||||||||
| Net interest income on a fully taxable equivalent basis | 89,945 | 81,071 | |||||||||||||||||||
| Less taxable equivalent adjustment | (1,383 | ) | (1,759 | ) | |||||||||||||||||
| Net interest income | $ | 88,562 | $ | 79,312 | |||||||||||||||||
| Net interest spread (3) | 3.29 | % | 3.42 | % | |||||||||||||||||
| Net interest margin (4) | 3.47 | % | 3.74 | % | |||||||||||||||||
| (1) | Annualized on a fully taxable equivalent basis calculated using<br>a federal tax rate of 21%. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| (2) | Nonaccrual loans are included in average amounts outstanding. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| (3) | Represents the difference between the weighted average yield<br>on interest-earning assets and the weighted average cost of interest-bearing liabilities. | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| (4) | Represents net interest income on a fully tax equivalent basis<br>as a percentage of average interest-earning assets. | ||||||||||||||||||||
| --- | --- |