Bank First Corp 8-K, filed Jul 21, 2021

Bank First Corp (BFC)

8-K 2021-07-21 For: 2021-07-20

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Added on April 06, 2026

About this 8-K

Bank First Corp filed this 8-K on July 21, 2021, reporting on events of July 20, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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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)

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

Exhibit
Number		Description of Exhibit

99.1		Press Release, dated July 20, 2021
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	BANK FIRST CORPORATION


Date: July 21, 2021	By:	/s/ Kevin M. LeMahieu
		Kevin M. LeMahieu
		Chief Financial Officer

Bank First Corporation
Consolidated Financial Summary (Unaudited)

(In thousands, except per share data)	At or for the Three Months Ended															At or for the 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 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 for loan losses		950			900			1,650			1,350			3,150			1,850			4,125
Net interest income after 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 expense		12,221			12,225			13,972			12,202			14,438			24,446			27,179
Income before income tax expense		15,217			15,188			15,593			14,488			10,972			30,405			19,796
Income tax expense		3,669			3,674			4,063			3,534			2,676			7,343			4,234
Net income	$	11,548		$	11,514		$	11,530		$	10,954		$	8,296		$	23,062		$	15,562

Earnings per common share - basic	$	1.50		$	1.49		$	1.49		$	1.42		$	1.11		$	2.99		$	2.14
Earnings per common share - 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 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 strategic alliances		28			17			26			16			16			45			33
Other noninterest income		199			319			1,956			224			239			518			493
Total 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 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 supplies		131			197			204			219			277			328			449
Net (gain) loss on sales 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 of debt		-			-			-			-			1,323			-			1,323
Other noninterest expense		1,356			1,186			1,483			1,315			1,556			2,542			2,910
Total noninterest expense	$	12,221		$	12,225		$	13,972		$	12,202		$	14,438		$	24,446		$	27,179

Period-end balances:
Cash and cash equivalents	$	251,071		$	261,174		$	170,219		$	80,752		$	177,231		$	251,071		$	177,231
Investment securities available-for-sale, at fair value		153,818			167,940			165,039			173,334			174,067			153,818			174,067
Investment securities 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, 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 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, 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 Fees (period end)		4,252			4,552			2,573			5,818			7,472			4,252			7,472
PPP Loans (average during the period)		171,036			174,242			235,325			279,337			221,138			172,653			110,569
Interest income recognized during the period (includes recognized origination fees)		1,922			2,368			3,833			2,418			2,488			4,290			2,488

Financial ratios:
Return on average assets		1.63	%		1.67	%		1.71	%		1.67	%		1.32	%		1.65	%		1.32	%
Return on average common 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 assets		11.05	%		10.66	%		10.85	%		10.84	%		10.39	%		11.05	%		10.39	%
Tangible equity to tangible 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 equivalent		3.37	%		3.57	%		4.01	%		3.84	%		3.67	%		3.47	%		3.74	%
Net loan charge-offs to average loans		-0.01	%		0.00	%		0.01	%		0.20	%		0.01	%		0.00	%		-0.03	%
Nonperforming loans to total loans		0.55	%		0.63	%		0.57	%		0.84	%		1.09	%		0.55	%		1.09	%
Nonperforming assets to total assets		0.45	%		0.52	%		0.52	%		0.79	%		0.94	%		0.45	%		0.94	%
Allowance for loan losses 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	%

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	%