Bank First Corp 8-K, filed Oct 19, 2021

Bank First Corp (BFC)

8-K 2021-10-19 For: 2021-10-19

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Added on April 06, 2026

About this 8-K

Bank First Corp filed this 8-K on October 19, 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 October 19, 2021

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	BANK FIRST CORPORATION


Date: October 19, 2021	By:	/s/ Kevin M. LeMahieu
		Kevin M. LeMahieu
		Chief Financial Officer

(In thousands, except per share data)	At or for the Three Months Ended															At or for the Nine Months Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020			9/30/2021			9/30/2020
Results of Operations:
Interest income	$	24,898		$	24,003		$	24,442		$	27,094		$	25,928		$	73,343		$	73,606
Interest expense		1,964			2,189			2,339			2,623			3,003			6,492			11,242
Net interest income		22,934			21,814			22,103			24,471			22,925			66,851			62,364
Provision for loan losses		650			950			900			1,650			1,350			2,500			5,475
Net interest income after provision for loan losses		22,284			20,864			21,203			22,821			21,575			64,351			56,889
Noninterest income		5,028			6,574			6,210			6,744			5,115			17,812			16,776
Noninterest expense		12,466			12,221			12,225			13,972			12,202			36,912			39,381
Income before income tax expense		14,846			15,217			15,188			15,593			14,488			45,251			34,284
Income tax expense		3,628			3,669			3,674			4,063			3,534			10,971			7,768
Net income	$	11,218		$	11,548		$	11,514		$	11,530		$	10,954		$	34,280		$	26,516

Earnings per common share - basic	$	1.46		$	1.50		$	1.49		$	1.49		$	1.42		$	4.45		$	3.57
Earnings per common share - diluted		1.46			1.50			1.49			1.49			1.42			4.45			3.56

Common Shares:
Basic weighted average		7,605,541			7,653,317			7,657,301			7,659,904			7,673,572			7,638,857			7,367,793
Diluted weighted average		7,624,791			7,668,740			7,677,976			7,682,101			7,691,326			7,658,828			7,412,673
Outstanding		7,641,771			7,688,795			7,729,216			7,709,497			7,729,762			7,641,771			7,729,762

Noninterest income / noninterest expense:
Service charges	$	1,491		$	1,596		$	1,467		$	1,586		$	1,343		$	4,554		$	3,417
Income from Ansay		756			723			725			169			970			2,204			2,571
Income from UFS		751			663			366			599			720			1,780			2,467
Loan servicing income		599			1,178			505			194			538			2,282			1,226
Net gain on sales of mortgage loans		1,206			2,187			2,811			2,214			1,304			6,204			3,096
Net gain (loss) on sales of securities		(3	)		-			-			-			-			(3	)		3,233
Noninterest income from strategic alliances		20			28			17			26			16			65			49
Other noninterest income		208			199			319			1,956			224			726			717
Total noninterest income	$	5,028		$	6,574		$	6,210		$	6,744		$	5,115		$	17,812		$	16,776

Personnel expense	$	6,996		$	7,121		$	7,091		$	7,604		$	6,609		$	21,208		$	19,669
Occupancy, equipment and office		1,070			968			1,210			1,352			1,171			3,248			3,367
Data processing		1,259			1,358			1,393			1,519			1,463			4,010			3,996
Postage, stationery and supplies		204			131			197			204			219			532			668
Net (gain) loss on sales and valuations of other real estate owned		-			(73	)		(133	)		(16	)		(32	)		(206	)		1,411
Advertising		50			53			49			61			41			152			165
Charitable contributions		121			152			126			214			110			399			360
Outside service fees		741			804			755			1,029			888			2,300			3,083
Amortization of intangibles		351			351			351			522			418			1,053			1,114
Penalty for early extinguishment of debt		-			-			-			-			-			-			1,323
Other noninterest expense		1,674			1,356			1,186			1,483			1,315			4,216			4,225
Total noninterest expense	$	12,466		$	12,221		$	12,225		$	13,972		$	12,202		$	36,912		$	39,381

(In thousands, except per share data)	At or for the Three Months Ended															At or for the Nine Months Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020			9/30/2021			9/30/2020
Period-end balances:
Cash and cash equivalents	$	299,953		$	251,071		$	261,174		$	170,219		$	80,752		$	299,953		$	80,752
Investment securities available-for-sale, at fair value		148,376			153,818			167,940			165,039			173,334			148,376			173,334
Investment securities held-to-maturity, at cost		5,912			5,912			5,934			6,669			6,670			5,912			6,670
Loans		2,208,915			2,225,217			2,228,892			2,191,460			2,193,228			2,208,915			2,193,228
Allowance for loan losses		(20,237	)		(19,547	)		(18,531	)		(17,658	)		(16,318	)		(20,237	)		(16,318	)
Premises and equipment		44,181			43,503			43,606			43,183			41,186			44,181			41,186
Goodwill and other intangibles, net		64,089			64,440			64,288			64,639			65,110			64,089			65,110
Other assets		95,416			94,536			92,896			94,465			95,285			95,416			95,285
Total assets		2,846,605			2,818,950			2,846,199			2,718,016			2,639,247			2,846,605			2,639,247

Deposits		2,472,258			2,446,654			2,448,035			2,320,963			2,271,040			2,472,258			2,271,040
Securities sold under repurchase agreements		17,402			21,679			47,631			36,377			23,894			17,402			23,894
Borrowings		26,679			26,697			30,467			40,969			45,657			26,679			45,657
Other liabilities		15,005			12,490			16,624			24,850			12,552			15,005			12,552
Total liabilities		2,531,344			2,507,520			2,542,757			2,423,159			2,353,143			2,531,344			2,353,143

Stockholders' equity		315,262			311,430			303,442			294,857			286,104			315,262			286,104

Book value per common share		41.26			40.50			39.26			38.25			37.01			41.26			37.01
Tangible book value per common share		33.44			32.69			31.42			30.35			29.12			33.44			29.12

Average balances:
Loans	$	2,218,324		$	2,247,026		$	2,196,142		$	2,206,207		$	2,140,008		$	2,220,570		$	1,973,716
Interest-earning assets		2,659,584			2,633,850			2,547,783			2,465,713			2,423,168			2,614,140			2,555,165
Total assets		2,861,959			2,835,580			2,750,471			2,671,967			2,626,136			2,816,409			2,448,544
Deposits		2,479,799			2,453,156			2,355,888			2,316,793			2,260,065			2,430,068			2,078,580
Interest-bearing liabilities		1,738,895			1,723,395			1,694,711			1,663,642			1,636,606			1,719,162			1,567,768
Goodwill and other intangibles, net		59,969			60,363			60,782			60,836			61,276			60,368			54,633
Stockholders' equity		313,868			308,201			300,331			289,916			281,656			307,517			257,308

Paycheck Protection Program ("PPP") loan information
PPP Loans (period end)	$	62,639		$	127,277		$	188,221		$	172,424		$	279,558		$	62,639		$	279,558
PPP Loan Deferred Origination Fees (period end)		2,243			4,252			4,552			2,573			5,818			2,243			5,818
PPP Loans (average during the period)		95,645			171,036			174,242			235,325			279,337			146,686			167,236
Interest income recognized during the period (includes recognized origination fees)		2,251			1,922			2,368			3,833			2,418			6,541			4,906

Financial ratios:
Return on average assets		1.57	%		1.63	%		1.67	%		1.71	%		1.67	%		1.62	%		1.44	%
Return on average common equity		14.30	%		14.99	%		15.34	%		15.78	%		15.56	%		14.86	%		13.74	%
Average equity to average assets		10.97	%		10.87	%		10.92	%		10.85	%		10.73	%		10.92	%		10.51	%
Stockholders' equity to assets		11.08	%		11.05	%		10.66	%		10.85	%		10.84	%		11.08	%		10.84	%
Tangible equity to tangible assets		9.17	%		9.11	%		8.72	%		8.80	%		8.73	%		9.17	%		8.73	%
Loan yield		4.25	%		4.13	%		4.34	%		4.62	%		4.65	%		4.24	%		4.78	%
Earning asset yield		3.76	%		3.71	%		3.95	%		4.44	%		4.33	%		3.80	%		4.44	%
Cost of funds		0.45	%		0.51	%		0.56	%		0.63	%		0.73	%		0.50	%		0.96	%
Net interest margin, taxable equivalent		3.47	%		3.37	%		3.57	%		4.01	%		3.84	%		3.47	%		3.77	%
Net loan charge-offs to average loans		-0.01	%		-0.01	%		0.00	%		0.01	%		0.20	%		0.00	%		0.03	%
Nonperforming loans to total loans		0.53	%		0.55	%		0.63	%		0.57	%		0.84	%		0.53	%		0.84	%
Nonperforming assets to total assets		0.42	%		0.45	%		0.52	%		0.52	%		0.79	%		0.42	%		0.79	%
Allowance for loan losses to loans		0.92	%		0.88	%		0.83	%		0.81	%		0.74	%		0.92	%		0.74	%

	Three Months Ended
	September 30, 2021									September 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	$	2,132,765		$	90,476			4.24	%	$	2,026,973		$	93,783			4.63	%
Tax-exempt		85,559			3,910			4.57	%		113,035			5,770			5.10	%
Securities
Taxable (available for sale)		88,821			2,933			3.30	%		107,171			2,735			2.55	%
Tax-exempt (available for sale)		70,253			2,187			3.11	%		74,472			2,313			3.11	%
Tax-exempt (held to maturity)		5,912			150			2.54	%		7,081			170			2.40	%
Cash and due from banks		276,274			435			0.16	%		94,436			111			0.12	%
Total interest-earning assets		2,659,584			100,091			3.76	%		2,423,168			104,882			4.33	%
Non interest-earning assets		222,385									219,144
Allowance for loan losses		(20,010	)								(16,176	)
Total assets	$	2,861,959								$	2,626,136
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	203,736		$	248			0.12	%	$	195,870		$	267			0.14	%
Savings accounts		521,635			1,927			0.37	%		379,599			1,491			0.39	%
Money market accounts		683,275			2,111			0.31	%		593,470			2,542			0.43	%
Certificates of deposit		260,581			2,373			0.91	%		376,618			5,961			1.58	%
Brokered Deposits		12,461			359			2.88	%		20,135			567			2.82	%
Total interest bearing deposits		1,681,688			7,018			0.42	%		1,565,692			10,828			0.69	%
Other borrowed funds		57,207			773			1.35	%		70,914			1,121			1.58	%
Total interest-bearing liabilities		1,738,895			7,791			0.45	%		1,636,606			11,949			0.73	%
Non-interest bearing liabilities
Demand Deposits		798,111									694,373
Other liabilities		11,085									13,501
Total Liabilities		2,548,091									2,344,480
Shareholders' equity		313,868									281,656
Total liabilities & sharesholders' equity	$	2,861,959								$	2,626,136
Net interest income on a fully taxable equivalent basis					92,300									92,933
Less taxable equivalent adjustment					(1,312	)								(1,732	)
Net interest income				$	90,988								$	91,201
Net interest spread (3)								3.32	%								3.60	%
Net interest margin (4)								3.47	%								3.84	%

	Nine Months Ended
	September 30, 2021									September 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	$	2,132,037		$	90,072			4.22	%	$	1,857,288		$	88,326			4.76	%
Tax-exempt		88,533			4,100			4.63	%		116,428			5,960			5.12	%
Securities
Taxable (available for sale)		97,677			2,612			2.67	%		116,792			2,907			2.49	%
Tax-exempt (available for sale)		70,546			2,217			3.14	%		66,160			2,134			3.23	%
Taxable (held to maturity)		-			-			-			12,113			289			2.39	%
Tax-exempt (held to maturity)		6,161			156			2.53	%		9,010			239			2.65	%
Cash and due from banks		219,186			262			0.12	%		77,374			216			0.28	%
Total interest-earning assets		2,614,140			99,419			3.80	%		2,255,165			100,071			4.44	%
Non interest-earning assets		221,231									207,466
Allowance for loan losses		(18,962	)								(14,087	)
Total assets	$	2,816,409								$	2,448,544
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Checking accounts	$	212,197		$	252			0.12	%	$	194,592		$	796			0.41	%
Savings accounts		480,285			1,752			0.36	%		343,196			1,915			0.56	%
Money market accounts		656,922			2,183			0.33	%		542,993			3,388			0.62	%
Certificates of deposit		288,805			3,266			1.13	%		371,170			6,793			1.83	%
Brokered Deposits		15,607			444			2.84	%		18,090			523			2.89	%
Total interest bearing deposits		1,653,816			7,897			0.48	%		1,470,041			13,415			0.91	%
Other borrowed funds		65,346			784			1.20	%		97,727			1,602			1.64	%
Total interest-bearing liabilities		1,719,162			8,681			0.50	%		1,567,768			15,017			0.96	%
Non-interest bearing liabilities
Demand Deposits		776,252									608,359
Other liabilities		13,478									15,109
Total Liabilities		2,508,892									2,191,236
Shareholders' equity		307,517									257,308
Total liabilities & sharesholders' equity	$	2,816,409								$	2,448,544
Net interest income on a fully taxable equivalent basis					90,738									85,054
Less taxable equivalent adjustment					(1,383	)								(1,750	)
Net interest income				$	89,355								$	83,304
Net interest spread (3)								3.30	%								3.48	%
Net interest margin (4)								3.47	%								3.77	%