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 19, 2022 |
|---|
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 <br><br>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 19, 2022, Bank First Corporation (the “Company”) announced its earnings for the quarter ended June 30, 2022. 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<br><br> Number | Description of Exhibit |
|---|---|
| 99.1 | Press Release, dated July 19, 2022 |
| 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: | July 19, 2022 | 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 SecondQuarter of 2022
| · | Net income of $11.7 and $21.8 million forthe three and six months ended June 30, 2022, respectively |
|---|---|
| · | Earnings per common share of $1.55 and $2.89for the three and six months ended June 30, 2022, respectively |
| --- | --- |
| · | Quarterly cash dividend of $0.25 per sharedeclared, a 13.6% increase from the prior quarter and 19.0% increase from the prior year second quarter |
| --- | --- |
MANITOWOC, Wis, July 19, 2022 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $11.7 million, or $1.55 per share, for the second quarter of 2022, compared with net income of $11.5 million, or $1.50 per share, for the prior-year second quarter. For the six months ended June 30, 2022, Bank First earned $21.8 million, or $2.89 per share, compared to $23.1 million, or $2.99 per share for the same period in 2021.
Operating Results
Net interest income (“NII”) during the second quarter of 2022 was $23.5 million, up $1.2 million from the previous quarter and up $1.7 million from the second quarter of 2021. Interest income on loans originated through the Small Business Administration’s Paycheck Protection Program (“PPP”) totaled $0.4 million during the second quarter of 2022, compared to $0.7 million during the previous quarter and $1.9 million during the second quarter of 2021.
During much of the first two quarters of 2022 the Bank engaged in a strategy to enhance NII, utilizing $300.0 million in short-term borrowings from the Federal Home Loan Bank and investing these funds in short-term, liquid, risk-free, interest-earning assets. This strategy increased NII by $0.2 million and $0.1 million during the second and first quarters of 2022, respectively.
Purchase accounting entries, resulting from our acquisitions of other institutions over the last several years, increased NII during the second quarter of 2022 by $0.4 million, or $0.04 per share after tax, compared to $0.3 million and $0.4 million, or $0.03 and $0.04 per share after tax, for the previous quarter and second quarter of 2021, respectively. For the first six months of 2022 and 2021 the impact of these purchase accounting entries increased NII by $0.7 million, or $0.07 per share after tax, and $0.9 million, or $0.09 per share after tax, respectively.
Net interest margin (“NIM”) was 3.21% for the second quarter of 2022, compared to 3.06% for the previous quarter and 3.37% for the second quarter of 2021. Purchase accounting entries added 0.05%, 0.04% and 0.08% to NIM for each of these periods, respectively. The aforementioned short-term NII enhancement strategy decreased NIM by 0.27% during the current quarter and 0.29% during the previous quarter.
Bank First recorded a provision for loan losses of $0.5 million during the second quarter of 2022, compared to $1.2 million during the previous quarter and $1.0 million during the second quarter of 2021. Provision expense was $1.7 million for the first six months of 2022 compared to $1.9 million for the same period during 2021. Recoveries of previously charged-off loans exceeded currently charged-off loans by $0.7 million through the first six months of 2022, compared to recoveries negligibly exceeding charge-offs through the first six months of 2021.
Noninterest income was $5.6 million for the second quarter of 2022, compared to $5.2 million during the previous quarter and $6.6 million for the second quarter of 2021. The primary catalyst of the decrease in noninterest income between the year-over-year second quarters was the industry-wide slowdown in residential mortgage lending which led to a decline in gains on sales of mortgage loans to the secondary market of $1.8 million. Offsetting this decline, the Bank experienced a $1.5 million increase in the value of mortgage servicing rights during the second quarter of 2022, compared to an increase of $0.6 million in this valuation during the second quarter of 2021.
Noninterest expense was $13.2 million in the second quarter of 2022, compared to $12.7 million during the previous quarter and $12.3 million during the second quarter of 2021. The year-over-year increase in second quarter noninterest expense was principally related to expenses resulting from Bank First’s pending acquisition of Denmark Bancshares, Inc., totaling $0.6 million in the second quarter of 2022 (negatively impacting earnings per share after tax by $0.06 during that period) and $1.1 million through the first six months of 2022 (negatively impacting earnings per share after tax by $0.12 during that period). The majority of these expenses were classified as outside service fees. Occupancy, equipment and office expenses have increased during the first six months of 2022 as a result of significant inflationary pressure.
Balance Sheet
Total assets were $2.96 billion at June 30, 2022, a $23.5 million increase from December 31, 2021, and up $142.1 million from June 30, 2021. Total loans were $2.39 billion at June 30, 2022, up $152.1 million from December 31, 2021, and up $162.4 million from June 30, 2021. Excluding PPP repayments or forgiveness, loans grew by 13.3% over the trailing twelve months. Annualized loan growth during the second quarter of 2022 and first six months of 2022, also excluding PPP activity, amounted to 14.3% and 16.2%, respectively. Total deposits, nearly all of which remain core deposits, were $2.60 billion at June 30, 2022, up $73.0 million from December 31, 2021, and up $142.1 million from June 30, 2021. Noninterest-bearing demand deposits comprised 31.7% of the Bank’s total core deposits at June 30, 2022.
Asset Quality
Nonperforming assets at June 30, 2022, totaled $5.3 million, down from $8.2 million and $12.6 million at the end of the fourth and second quarters of 2021, respectively. Nonperforming assets to total assets ended the second quarter of 2022 at 0.18%, down from 0.28% and 0.45% at the end of the fourth and second quarters of 2021, respectively.
Capital Position
Stockholders’ equity totaled $314.2 million at June 30, 2022, a decrease of $8.5 million from the end of 2021 but an increase of $2.7 million from June 30, 2021. Interest rate movements during the first half of 2022 significantly impacted the value of investments in the Bank’s available-for-sale investment portfolio, creating an unrealized loss in other comprehensive income which reduced stockholders’ equity by $7.4 million during the second quarter and $15.6 million year-to-date. Dividends totaling $3.3 million and share repurchases totaling $12.1 million further reduced capital through the first six months of 2022. Strong earnings served to partially offset these items, increasing capital by $21.8 million.
Dividend Declaration
Bank First’s Board of Directors approved a quarterly cash dividend of $0.25 per common share, payable on October 5, 2022, to shareholders of record as of September 21, 2022. This dividend represents a 13.6% increase over the previous quarter’s dividend, and a 19.0% increase over the dividend declared one year earlier.
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 company employs approximately 285 full-time equivalent staff and has assets of approximately $3.0 billion. Bank First 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 bank technology outfitter, UFS, LLC, which provides digital, core, cybersecurity, managed IT and cloud services. Further information about Bank First Corporation is available by clicking on the Investor Relations tab at www.BankFirst.com.
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Forward-Looking Statements:Certain statements contained in this press release and in other recent filings may constitute forward-looking statements within the meaningof Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-lookingstatements include, without limitation, statements relating to the timing, benefits, costs, and synergies of the proposed merger withDenmark Bancshares, Inc. (“Denmark”) (the “Denmark merger”), statements relating to our projected growth, anticipatedfuture financial performance, financial condition, credit quality and management’s long-term performance goals, and statements relatingto 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 ofsuch words and phrases and similar expressions.
These forward-looking statementsare not historical facts, and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherentlyuncertain and beyond Bank First’s control. The inclusion of these forward-looking statements should not be regarded as a representationby Bank First or any other person that such expectations, estimates, and projections will be achieved. Accordingly, Bank First cautionsshareholders 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 expressedor implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplatedby the forward-looking statements including, without limitation, (1) business and economic conditions nationally, regionally and in ourtarget 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 risk that the cost savings and any revenue synergies from the Denmark mergermay not be realized or may take longer than anticipated to be realized, (5) disruption from the Denmark merger with customer, supplier,employee or other business partner relationships, (6) the occurrence of any event, change, or other circumstances that could give riseto the termination of the merger agreement with Denmark, (7) the failure to obtain necessary regulatory approvals for the Denmark merger,(8) the failure to obtain the approval of Bank First’s and Denmark’s shareholders in connection with the Denmark merger, (9)the possibility that the costs, fees, expenses, and charges related to the Denmark merger may be greater than anticipated, including asa result of unexpected or unknown factors, events, or liabilities, (10) the failure of the closing conditions to the Denmark merger tobe satisfied, or any unexpected delay in closing the Denmark merger, (11) the risks related to the integrations of the combined businessesfollowing the Denmark merger, including the risk that the integrations will be materially delayed or will be more costly or difficultthan expected, (12) the diversion of management time on issues related to the Denmark merger, (13) the ability of Bank First to effectivelymanage the larger and more complex operations of the combined company following the Denmark merger, (14) the dilution caused by Bank First’sissuance of additional shares of its common stock in the Denmark merger, (15) the risks associated with Bank First’s pursuit offuture acquisitions, (16) reputational risk and the reaction of the parties’ respective customers to the Denmark merger, (17) BankFirst’s ability to successful execute its various business strategies, including its ability to execute on potential acquisitionopportunities, (18) the risk of potential litigation or regulatory action related to the Denmark merger, and (19) general competitive,economic, political, and market conditions.
Further information regardingBank First and factors which could affect the forward-looking statements contained herein can be found in Bank First's Annual Report onForm 10-K for the fiscal year ended December 31, 2021, 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 risksor uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-lookingstatements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-lookingstatement speaks only as of the date of this press release, and Bank First undertakes no obligation to publicly update or review any forward-lookingstatement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertaintiesmay 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<br> per share data) | At<br> or for the Three Months Ended | At<br> or for the Period Ended | |||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 6/30/2022 | 6/30/2021 | |||||||||||||||
| Results of Operations: | |||||||||||||||||||||
| Interest income | $ | 25,820 | $ | 24,220 | $ | 25,043 | $ | 24,898 | $ | 24,003 | $ | 50,040 | $ | 48,445 | |||||||
| Interest expense | 2,340 | 1,930 | 1,812 | 1,964 | 2,189 | 4,270 | 4,528 | ||||||||||||||
| Net interest income | 23,480 | 22,290 | 23,231 | 22,934 | 21,814 | 45,770 | 43,917 | ||||||||||||||
| Provision for loan losses | 500 | 1,200 | 600 | 650 | 950 | 1,700 | 1,850 | ||||||||||||||
| Net interest income after provision for loan losses | 22,980 | 21,090 | 22,631 | 22,284 | 20,864 | 44,070 | 42,067 | ||||||||||||||
| Noninterest income | 5,551 | 5,234 | 5,520 | 5,031 | 6,647 | 10,785 | 12,990 | ||||||||||||||
| Noninterest expense | 13,219 | 12,731 | 13,435 | 12,469 | 12,294 | 25,950 | 24,652 | ||||||||||||||
| Income before income tax expense | 15,312 | 13,593 | 14,716 | 14,846 | 15,217 | 28,905 | 30,405 | ||||||||||||||
| Income tax expense | 3,658 | 3,410 | 3,553 | 3,628 | 3,669 | 7,068 | 7,343 | ||||||||||||||
| Net income | $ | 11,654 | $ | 10,183 | $ | 11,163 | $ | 11,218 | $ | 11,548 | $ | 21,837 | $ | 23,062 | |||||||
| Earnings per common share - basic | $ | 1.55 | $ | 1.34 | $ | 1.46 | $ | 1.46 | $ | 1.50 | $ | 2.89 | $ | 2.99 | |||||||
| Earnings per common share - diluted | 1.55 | 1.34 | 1.46 | 1.46 | 1.50 | 2.89 | 2.99 | ||||||||||||||
| Common Shares: | |||||||||||||||||||||
| Basic weighted average | 7,457,443 | 7,540,264 | 7,570,128 | 7,605,541 | 7,653,317 | 7,557,909 | 7,655,738 | ||||||||||||||
| Diluted weighted average | 7,472,561 | 7,559,844 | 7,595,052 | 7,624,791 | 7,668,740 | 7,517,767 | 7,674,993 | ||||||||||||||
| Outstanding | 7,470,255 | 7,570,766 | 7,616,540 | 7,641,771 | 7,688,795 | 7,470,255 | 7,688,795 | ||||||||||||||
| Noninterest income / noninterest expense: | |||||||||||||||||||||
| Service charges | $ | 1,441 | $ | 1,422 | $ | 1,574 | $ | 1,491 | $ | 1,596 | $ | 2,863 | $ | 3,063 | |||||||
| Income from Ansay | 819 | 826 | 383 | 756 | 723 | 1,645 | 1,448 | ||||||||||||||
| Income from UFS | 563 | 705 | 776 | 751 | 663 | 1,268 | 1,029 | ||||||||||||||
| Loan servicing income | 2,106 | 1,062 | 1,557 | 599 | 1,178 | 3,168 | 1,683 | ||||||||||||||
| Net gain on sales of mortgage loans | 403 | 671 | 1,167 | 1,206 | 2,187 | 1,074 | 4,998 | ||||||||||||||
| Net gain (loss) on other real estate owned | (25 | ) | 171 | (186 | ) | - | 73 | 146 | 206 | ||||||||||||
| Other noninterest income | 244 | 377 | 249 | 228 | 227 | 621 | 563 | ||||||||||||||
| Total noninterest income | $ | 5,551 | $ | 5,234 | $ | 5,520 | $ | 5,031 | $ | 6,647 | $ | 10,785 | $ | 12,990 | |||||||
| Personnel expense | $ | 7,006 | $ | 7,175 | $ | 7,307 | $ | 6,996 | $ | 7,121 | $ | 14,181 | $ | 14,212 | |||||||
| Occupancy, equipment and office | 1,214 | 1,115 | 950 | 1,070 | 968 | 2,329 | 2,178 | ||||||||||||||
| Data processing | 1,431 | 1,345 | 1,334 | 1,259 | 1,358 | 2,776 | 2,751 | ||||||||||||||
| Postage, stationery and supplies | 144 | 183 | 181 | 204 | 131 | 327 | 328 | ||||||||||||||
| Advertising | 55 | 89 | 75 | 50 | 53 | 144 | 102 | ||||||||||||||
| Charitable contributions | 235 | 168 | 135 | 121 | 152 | 403 | 278 | ||||||||||||||
| Outside service fees | 1,386 | 1,172 | 776 | 741 | 804 | 2,558 | 1,559 | ||||||||||||||
| Net loss on sales of securities | - | - | - | 3 | - | - | - | ||||||||||||||
| Amortization of intangibles | 294 | 293 | 352 | 351 | 351 | 587 | 702 | ||||||||||||||
| Other noninterest expense | 1,454 | 1,191 | 2,325 | 1,674 | 1,356 | 2,645 | 2,542 | ||||||||||||||
| Total noninterest expense | $ | 13,219 | $ | 12,731 | $ | 13,435 | $ | 12,469 | $ | 12,294 | $ | 25,950 | $ | 24,652 | |||||||
| Period-end balances: | |||||||||||||||||||||
| Cash and cash equivalents | $ | 43,986 | $ | 107,359 | $ | 296,860 | $ | 299,953 | $ | 251,071 | $ | 43,986 | $ | 251,071 | |||||||
| Investment securities available-for-sale, at fair value | 292,426 | 297,063 | 212,689 | 148,376 | 153,818 | 292,426 | 153,818 | ||||||||||||||
| Investment securities held-to-maturity, at cost | 33,867 | 5,841 | 5,911 | 5,912 | 5,912 | 33,867 | 5,912 | ||||||||||||||
| Loans | 2,387,617 | 2,316,688 | 2,235,515 | 2,208,915 | 2,225,217 | 2,387,617 | 2,225,217 | ||||||||||||||
| Allowance for loan losses | (22,699 | ) | (21,749 | ) | (20,315 | ) | (20,237 | ) | (19,547 | ) | (22,699 | ) | (19,547 | ) | |||||||
| Premises and equipment | 50,608 | 50,068 | 49,461 | 44,181 | 43,503 | 50,608 | 43,503 | ||||||||||||||
| Goodwill and core deposit intangible, net | 58,805 | 59,099 | 59,392 | 59,743 | 60,095 | 58,805 | 60,095 | ||||||||||||||
| Mortgage servicing rights | 6,977 | 5,466 | 5,016 | 4,345 | 4,738 | 6,977 | 4,738 | ||||||||||||||
| Other assets | 109,440 | 105,101 | 93,023 | 95,417 | 94,143 | 109,440 | 94,143 | ||||||||||||||
| Total assets | 2,961,027 | 2,924,936 | 2,937,552 | 2,846,605 | 2,818,950 | 2,961,027 | 2,818,950 | ||||||||||||||
| Deposits | 2,601,479 | 2,557,106 | 2,528,440 | 2,472,258 | 2,446,654 | 2,601,479 | 2,446,654 | ||||||||||||||
| Securities sold under repurchase agreements | 16,125 | 13,130 | 41,122 | 17,402 | 21,679 | 16,125 | 21,679 | ||||||||||||||
| Borrowings | 19,235 | 25,247 | 25,511 | 26,679 | 26,697 | 19,235 | 26,697 | ||||||||||||||
| Other liabilities | 10,026 | 11,150 | 19,826 | 15,004 | 12,490 | 10,026 | 12,490 | ||||||||||||||
| Total liabilities | 2,646,865 | 2,606,633 | 2,614,899 | 2,531,343 | 2,507,520 | 2,646,865 | 2,507,520 | ||||||||||||||
| Stockholders' equity | 314,162 | 318,303 | 322,653 | 315,262 | 311,430 | 314,162 | 311,430 | ||||||||||||||
| Book value per common share | 42.06 | 42.04 | 42.36 | 41.26 | 40.50 | 42.06 | 40.50 | ||||||||||||||
| Tangible book value per common share | 34.18 | 34.24 | 34.56 | 33.44 | 32.69 | 34.18 | 32.69 | ||||||||||||||
| Bank First Corporation | |||||||||||||||||||||
| --- | |||||||||||||||||||||
| Consolidated Financial Summary (Unaudited) | |||||||||||||||||||||
| (In thousands, except<br> per share data) | At<br> or for the Three Months Ended | At<br> or for the Period Ended | |||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 6/30/2022 | 6/30/2021 | |||||||||||||||
| Average balances: | |||||||||||||||||||||
| Loans | $ | 2,341,954 | $ | 2,271,956 | $ | 2,207,615 | $ | 2,218,324 | $ | 2,247,026 | $ | 2,307,147 | $ | 2,221,715 | |||||||
| Interest-earning assets | 2,975,376 | 3,001,174 | 2,695,175 | 2,659,584 | 2,633,850 | 2,988,202 | 2,591,044 | ||||||||||||||
| Total assets | 3,186,384 | 3,209,202 | 2,901,685 | 2,861,959 | 2,835,580 | 3,198,603 | 2,793,261 | ||||||||||||||
| Deposits | 2,566,520 | 2,543,471 | 2,513,918 | 2,479,799 | 2,453,156 | 2,555,060 | 2,404,790 | ||||||||||||||
| Interest-bearing liabilities | 2,053,369 | 2,080,172 | 1,759,437 | 1,738,895 | 1,723,395 | 2,066,697 | 1,709,132 | ||||||||||||||
| Goodwill and other intangibles, net | 58,987 | 59,285 | 59,614 | 59,969 | 60,363 | 59,135 | 60,571 | ||||||||||||||
| Stockholders' equity | 317,484 | 322,852 | 318,837 | 313,868 | 308,201 | 320,153 | 304,288 | ||||||||||||||
| Paycheck Protection Program ("PPP")<br> loan information | |||||||||||||||||||||
| PPP Loans (period end) | $ | 5,625 | $ | 16,904 | $ | 31,100 | $ | 62,639 | $ | 127,277 | $ | 5,625 | $ | 127,277 | |||||||
| PPP Loan Deferred Origination Fees (period end) | 106 | 477 | 1,080 | 2,243 | 4,252 | 106 | 4,252 | ||||||||||||||
| PPP Loans (average during the period) | 10,138 | 23,552 | 50,602 | 95,645 | 171,036 | 16,808 | 172,653 | ||||||||||||||
| Interest income recognized during the<br> period (includes recognized origination fees) | 396 | 662 | 1,290 | 2,251 | 1,922 | 1,058 | 4,290 | ||||||||||||||
| Financial ratios: | |||||||||||||||||||||
| Return on average assets | 1.47 | % | 1.27 | % | 1.53 | % | 1.57 | % | 1.63 | % | 1.38 | % | 1.65 | % | |||||||
| Return on average common equity | 14.72 | % | 12.62 | % | 13.89 | % | 14.30 | % | 14.99 | % | 13.75 | % | 15.16 | % | |||||||
| Average equity to average assets | 9.96 | % | 10.06 | % | 10.99 | % | 10.97 | % | 10.87 | % | 10.01 | % | 10.89 | % | |||||||
| Stockholders' equity to assets | 10.61 | % | 10.88 | % | 10.98 | % | 11.08 | % | 11.05 | % | 10.61 | % | 11.05 | % | |||||||
| Tangible equity to tangible assets | 8.80 | % | 9.04 | % | 9.15 | % | 9.17 | % | 9.11 | % | 8.80 | % | 9.11 | % | |||||||
| Loan yield | 4.06 | % | 4.02 | % | 4.25 | % | 4.25 | % | 4.13 | % | 4.04 | % | 4.19 | % | |||||||
| Earning asset yield | 3.53 | % | 3.32 | % | 3.74 | % | 3.76 | % | 3.71 | % | 3.42 | % | 3.82 | % | |||||||
| Cost of funds | 0.46 | % | 0.38 | % | 0.41 | % | 0.45 | % | 0.51 | % | 0.42 | % | 0.53 | % | |||||||
| Net interest margin, taxable equivalent | 3.21 | % | 3.06 | % | 3.47 | % | 3.47 | % | 3.37 | % | 3.13 | % | 3.47 | % | |||||||
| Net loan charge-offs to average loans | -0.08 | % | -0.04 | % | 0.02 | % | -0.01 | % | -0.01 | % | -0.06 | % | 0.00 | % | |||||||
| Nonperforming loans to total loans | 0.22 | % | 0.24 | % | 0.37 | % | 0.53 | % | 0.55 | % | 0.22 | % | 0.55 | % | |||||||
| Nonperforming assets to total assets | 0.18 | % | 0.19 | % | 0.28 | % | 0.42 | % | 0.45 | % | 0.18 | % | 0.45 | % | |||||||
| Allowance for loan losses to loans | 0.95 | % | 0.94 | % | 0.91 | % | 0.92 | % | 0.88 | % | 0.95 | % | 0.88 | % | |||||||
| Bank First Corporation | |||||||||||||||||||||
| --- | |||||||||||||||||||||
| Average assets, liabilities and stockholders' equity, and average rates earned or paid | |||||||||||||||||||||
| Three<br> Months Ended | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| June<br> 30, 2022 | June<br> 30, 2021 | ||||||||||||||||||||
| Average<br> <br><br> Balance | Interest<br> <br><br> Income/<br><br> Expenses (1) | Rate<br> Earned/<br><br> Paid (1) | Average<br> <br><br> Balance | Interest<br> <br><br> Income/<br><br> Expenses (1) | Rate<br> Earned/<br><br> Paid (1) | ||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||||
| Loans (2) | |||||||||||||||||||||
| Taxable | $ | 2,245,335 | $ | 90,810 | 4.04 | % | $ | 2,160,774 | $ | 88,771 | 4.11 | % | |||||||||
| Tax-exempt | 96,619 | 4,224 | 4.37 | % | 86,252 | 4,065 | 4.71 | % | |||||||||||||
| Securities | |||||||||||||||||||||
| Taxable (available for sale) | 236,441 | 4,857 | 2.05 | % | 103,774 | 2,242 | 2.16 | % | |||||||||||||
| Tax-exempt (available for sale) | 77,372 | 2,083 | 2.69 | % | 70,112 | 2,206 | 3.15 | % | |||||||||||||
| Taxable (held to maturity) | 27,700 | 710 | 2.56 | % | - | - | - | ||||||||||||||
| Tax-exempt (held to maturity) | 5,296 | 136 | 2.57 | % | 5,917 | 152 | 2.57 | % | |||||||||||||
| Cash and due from banks | 286,613 | 2,099 | 0.73 | % | 207,021 | 190 | 0.09 | % | |||||||||||||
| Total interest-earning assets | 2,975,376 | 104,919 | 3.53 | % | 2,633,850 | 97,626 | 3.71 | % | |||||||||||||
| Non interest-earning assets | 233,096 | 220,551 | |||||||||||||||||||
| Allowance for loan losses | (22,088 | ) | (18,821 | ) | |||||||||||||||||
| Total assets | $ | 3,186,384 | $ | 2,835,580 | |||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||
| Checking accounts | $ | 233,793 | $ | 422 | 0.18 | % | $ | 211,562 | $ | 251 | 0.12 | % | |||||||||
| Savings accounts | 607,151 | 2,326 | 0.38 | % | 483,567 | 1,754 | 0.36 | % | |||||||||||||
| Money market accounts | 671,617 | 2,145 | 0.32 | % | 660,011 | 2,303 | 0.35 | % | |||||||||||||
| Certificates of deposit | 230,217 | 1,816 | 0.79 | % | 289,778 | 3,206 | 1.11 | % | |||||||||||||
| Brokered Deposits | 9,238 | 272 | 2.94 | % | 16,174 | 457 | 2.83 | % | |||||||||||||
| Total interest bearing deposits | 1,752,016 | 6,981 | 0.40 | % | 1,661,092 | 7,971 | 0.48 | % | |||||||||||||
| Other borrowed funds | 301,353 | 2,409 | 0.80 | % | 62,303 | 811 | 1.30 | % | |||||||||||||
| Total interest-bearing liabilities | 2,053,369 | 9,390 | 0.46 | % | 1,723,395 | 8,782 | 0.51 | % | |||||||||||||
| Non-interest bearing liabilities | |||||||||||||||||||||
| Demand Deposits | 814,504 | 792,064 | |||||||||||||||||||
| Other liabilities | 1,027 | 11,920 | |||||||||||||||||||
| Total Liabilities | 2,868,900 | 2,527,379 | |||||||||||||||||||
| Shareholders' equity | 317,484 | 308,201 | |||||||||||||||||||
| Total liabilities<br> & sharesholders' equity | $ | 3,186,384 | $ | 2,835,580 | |||||||||||||||||
| Net interest income on a fully taxable equivalent basis | 95,529 | 88,844 | |||||||||||||||||||
| Less taxable equivalent adjustment | (1,353 | ) | (1,349 | ) | |||||||||||||||||
| Net interest income | $ | 94,176 | $ | 87,495 | |||||||||||||||||
| Net interest spread (3) | 3.07 | % | 3.20 | % | |||||||||||||||||
| Net interest margin (4) | 3.21 | % | 3.37 | % |
(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 | ||||||||||||||||||
| Six<br> Months Ended | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June<br> 30, 2022 | June<br> 30, 2021 | |||||||||||||||||
| Average<br> <br><br> Balance | Interest<br> <br><br> Income/<br><br> Expenses (1) | Rate<br> Earned/<br><br> Paid (1) | Average<br> <br><br> Balance | Interest<br> <br><br> Income/<br><br> Expenses (1) | Rate<br> Earned/<br><br> Paid (1) | |||||||||||||
| (dollars in thousands) | ||||||||||||||||||
| ASSETS | ||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||
| Loans (2) | ||||||||||||||||||
| Taxable | $ | 2,210,344 | $ | 88,990 | 4.03 | % | $ | 2,131,670 | $ | 89,867 | 4.22 | % | ||||||
| Tax-exempt | 96,803 | 4,209 | 4.35 | % | 90,045 | 4,197 | 4.66 | % | ||||||||||
| Securities | ||||||||||||||||||
| Taxable (available for sale) | 214,990 | 5,040 | 2.34 | % | 102,179 | 2,448 | 2.40 | % | ||||||||||
| Tax-exempt (available for sale) | 80,922 | 2,117 | 2.62 | % | 70,694 | 2,232 | 3.16 | % | ||||||||||
| Taxable (held to maturity) | 13,926 | 357 | - | - | - | - | ||||||||||||
| Tax-exempt (held to maturity) | 5,599 | 144 | 2.57 | % | 6,287 | 159 | 2.53 | % | ||||||||||
| Cash and due from banks | 365,618 | 1,412 | 0.39 | % | 190,169 | 174 | 0.09 | % | ||||||||||
| Total interest-earning assets | 2,988,202 | 102,269 | 3.42 | % | 2,591,044 | 99,077 | 3.82 | % | ||||||||||
| Non interest-earning assets | 231,828 | 220,647 | ||||||||||||||||
| Allowance for loan losses | (21,427 | ) | (18,430 | ) | ||||||||||||||
| Total assets | $ | 3,198,603 | $ | 2,793,261 | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||
| Checking accounts | $ | 235,778 | $ | 347 | 0.15 | % | $ | 216,498 | $ | 253 | 0.12 | % | ||||||
| Savings accounts | 589,869 | 2,123 | 0.36 | % | 459,267 | 1,663 | 0.36 | % | ||||||||||
| Money market accounts | 677,475 | 2,031 | 0.30 | % | 643,526 | 2,220 | 0.34 | % | ||||||||||
| Certificates of deposit | 233,636 | 1,853 | 0.79 | % | 303,153 | 3,720 | 1.23 | % | ||||||||||
| Brokered Deposits | 10,455 | 305 | 2.92 | % | 17,205 | 487 | 2.83 | % | ||||||||||
| Total interest bearing deposits | 1,747,213 | 6,659 | 0.38 | % | 1,639,649 | 8,343 | 0.51 | % | ||||||||||
| Other borrowed funds | 319,484 | 1,952 | 0.61 | % | 69,483 | 789 | 1.14 | % | ||||||||||
| Total interest-bearing liabilities | 2,066,697 | 8,611 | 0.42 | % | 1,709,132 | 9,132 | 0.53 | % | ||||||||||
| Non-interest bearing liabilities | ||||||||||||||||||
| Demand Deposits | 807,847 | 765,141 | ||||||||||||||||
| Other liabilities | 3,906 | 318,988 | ||||||||||||||||
| Total Liabilities | 2,878,450 | 2,793,261 | ||||||||||||||||
| Shareholders' equity | 320,153 | 304,288 | ||||||||||||||||
| Total liabilities & sharesholders'<br> equity | $ | 3,198,603 | $ | 3,097,549 | ||||||||||||||
| Net interest income on a fully taxable equivalent basis | 93,658 | 89,945 | ||||||||||||||||
| Less taxable equivalent adjustment | (1,359 | ) | (1,383 | ) | ||||||||||||||
| Net interest income | $ | 92,299 | $ | 88,562 | ||||||||||||||
| Net interest spread (3) | 3.01 | % | 3.29 | % | ||||||||||||||
| Net interest margin (4) | 3.13 | % | 3.47 | % |
(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.