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) | October 19, 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 October 19, 2021, Bank First Corporation (the “Company”) announced its earnings for the quarter ended September 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 October 19, 2021 |
| 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: October 19, 2021 | 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@bankfirstwi.bank
FOR IMMEDIATE RELEASE
Bank First Announces Net Income for the ThirdQuarter of 2021
| · | Net income of $11.2 and $34.3 million forthe three and nine months ended September 30, 2021 |
|---|---|
| · | Earnings per common share of $1.46 and $4.45for the three and nine months ended September 30, 2021 |
| --- | --- |
| · | Annualized return on average assets of 1.57%and 1.62% for the three and nine months ended September 30, 2021 |
| --- | --- |
| · | Quarterly cash dividend of $0.22 per sharedeclared, an increase of 4.8% from prior-quarter and prior-year third quarter quarterly cash dividends |
| --- | --- |
MANITOWOC, Wis, October 19, 2021 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $11.2 million, or $1.46 per share, for the third quarter of 2021, compared with net income of $11.0 million, or $1.42 per share, for the prior-year third quarter. For the nine months ended September 30, 2021, Bank First earned $34.3 million, or $4.45 per share, compared to $26.5 million, or $3.57 per share for the same period in 2020.
Operating Results
Net interest income (“NII”) during the third quarter of 2021 was $22.9 million, up $1.1 million from the previous quarter and matching the third quarter of 2020. NII for the first nine months of 2021 was $66.9 million, up from $62.4 million for the first nine months of 2020.
Throughout the previous 18 months Bank First was a very active participant in the Paycheck Protection Program (“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”). Bank First originated over $381.3 million in loans to new and existing customers under this program, $62.6 million of which remained unpaid and unforgiven as of September 30, 2021. 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 $2.2 million at September 30, 2021, compared to $2.6 million and $5.8 million at December 31 and September 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 third quarter of 2021 by $0.2 million, or $0.03 per share, compared to $1.1 million, or $0.15 per share, for the third quarter of 2020. For the first nine months of 2021 and 2020 the impact of these purchase accounting entries increased net income (after tax) by $0.9 million, or $0.12 per share, and $2.5 million, or $0.34 per share, respectively.
Net interest margin (“NIM”) was 3.47% for the third quarter of 2021, compared to 3.84% for the third quarter of 2020. The aforementioned purchase accounting entries added 0.04% and 0.26% to NIM for each of these periods, respectively. NIM was 3.47% for the first nine months of 2021, including 0.07% from the impact of purchase accounting entries, compared to 3.77%, including 0.21% from the impact of purchase accounting entries, for the first nine months of 2020.
Bank First recorded a provision for loan losses of $0.7 million during the third quarter of 2021, compared to $1.4 million during the third quarter of 2020. Provision expense was $2.5 million for the first nine months of 2021 compared to $5.5 million for the same period during 2020. While provision expense was elevated during 2020 in response to uncertainty created by COVID and society’s response to it, actual asset quality metrics through the first three quarters of 2021, as further discussed later in this release, have remained strong and allowed for a reduction in provision expense during 2021.
Noninterest income was $5.0 million for the third quarter of 2021, compared to $5.1 million for the third quarter of 2020. Service charge income continues to perform strongly during 2021, showing an increase of over eleven percent in the third quarter of 2021 compared to the third quarter of 2020 as the Bank’s added markets from three acquisitions in the last four years continue to integrate fully into the branch network. All other components of noninterest income were very comparable in the year-over-year third quarters. While gain on sales of secondary market mortgage loans was comparable for the year-over-year third quarters, we did see our profitability on these sold loans decrease compared to historic highs during the most recent three trailing quarters. While origination volume remained at an elevated level, the average profit margin on each sale has decreased as the industry has become more competitive with rate pricing.
Noninterest expense was $12.5 million in the third quarter of 2021, compared to $12.2 million during the previous quarter as well as the third quarter of 2020. Data processing expense decreased $0.1 million and $0.2 million from the prior quarter and prior-year third quarter, respectively, primarily from reduced expense caused by significant originations of PPP loans beginning during the second quarter of 2020 and ending during the second quarter of 2021. Other noninterest expense increased by 23.5% from the prior quarter and 27.3% from the prior year third quarter primarily due to several miscellaneous one-time immaterial expense items which summed together to create larger variances.
Balance Sheet
Total assets were $2.85 billion at September 30, 2021, a $128.6 million increase from December 31, 2020, and up $207.4 million from September 30, 2020. Total loans were $2.21 billion at September 30, 2021, up $17.5 million from December 31, 2020, and up $15.7 million from September 30, 2020. Excluding PPP originations and repayments or forgiveness, loans grew by 12.3% over the trailing twelve months. Annualized loan growth during the third quarter of 2021, also excluding PPP activity, amounted to 8.8%. Total deposits, nearly all of which remain core deposits, were $2.47 billion at September 30, 2021, up $151.3 million from December 31, 2020, and up $201.2 million from September 30, 2020. Noninterest-bearing demand deposits comprised 32.1% of the Bank’s total core deposits at September 30, 2021, compared to 31.2% and 30.4% at December 31 and September 30, 2020, respectively. Time deposits, which typically carry the highest interest rates of all deposit products, comprised 10.5% of the Bank’s total core deposits at September 30, 2021, compared to 14.8% and 16.8% at December 31 and September 30, 2020.
Asset Quality
Nonperforming assets at September 30, 2021 totaled $12.1 million, down from $14.0 million and $20.8 million at the end of the fourth and third quarters of 2020, respectively. Nonperforming assets to total assets ended the third quarter of 2021 at 0.42%, down from 0.52% and 0.79% at the end of the fourth and third quarters of 2020, respectively. A majority of the non-performing assets at September 30, 2021, relate to one commercial real estate loan totaling $7.1 million which was moved to nonaccrual status during June 2020. While payments have remained current on this loan, the move to nonaccrual status was deemed prudent by management due to the loss of a significant tenant in the underlying commercial property.
Capital Position
Stockholders’ equity totaled $315.3 million at September 30, 2021, an increase of $20.4 million from the end of 2020 and $29.2 million from September 30, 2020. Strong earnings served to increase capital while being offset by dividends totaling $7.1 million through the first three quarters of 2021 and $8.7 million during the trailing twelve months. Further reducing capital was $6.1 million used to repurchase 87,319 shares of common stock through the first three quarters of 2021. Tangible book value per share of Bank First’s common stock experienced an increase during the trailing twelve months of 14.8%.
Dividend Declaration
Bank First’s Board of Directors approved a quarterly cash dividend of $0.22 per common share, payable on January 5, 2022, to shareholders of record as of December 22, 2021.
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 302 full-time equivalent staff and has assets of approximately $2.8 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.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 thousands, except per<br> share data) | At or for the Three Months<br> Ended | At or for the Nine Months<br> 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<br> losses | 650 | 950 | 900 | 1,650 | 1,350 | 2,500 | 5,475 | |||||||||||||
| Net interest income after provision for<br> 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<br> income | 208 | 199 | 319 | 1,956 | 224 | 726 | 717 | |||||||||||||
| Total noninterest<br> 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<br> 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<br> expense | 1,674 | 1,356 | 1,186 | 1,483 | 1,315 | 4,216 | 4,225 | |||||||||||||
| Total noninterest<br> expense | $ | 12,466 | $ | 12,221 | $ | 12,225 | $ | 13,972 | $ | 12,202 | $ | 36,912 | $ | 39,381 |
Bank First Corporation
Consolidated Financial Summary (Unaudited)
| (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,<br> at fair value | 148,376 | 153,818 | 167,940 | 165,039 | 173,334 | 148,376 | 173,334 | ||||||||||||||
| Investment securities held-to-maturity,<br> 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<br> 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<br> 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 | % |
Bank First Corporation
Average assets, liabilities and stockholders' equity, and average rates earned or paid
| Three Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2021 | September 30, 2020 | |||||||||||||||||
| Average Balance | Interest<br><br> <br>Income/<br><br> <br>Expenses (1) | Rate Earned/ Paid (1) | Average Balance | Interest<br><br> <br>Income/<br><br> <br>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 | % | ||||||||||||||
| (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
| Nine Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2021 | September 30, 2020 | |||||||||||||||||
| Average Balance | Interest<br><br> <br>Income/<br><br> <br>Expenses<br> (1) | Rate Earned/ Paid (1) | Average Balance | Interest<br><br> <br>Income/<br><br> <br>Expenses<br> (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<br> 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<br> 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<br> & sharesholders' equity | $ | 2,816,409 | $ | 2,448,544 | ||||||||||||||
| Net interest income on a fully taxable<br> equivalent basis | 90,738 | 85,054 | ||||||||||||||||
| Less taxable equivalent<br> adjustment | (1,383 | ) | (1,750 | ) | ||||||||||||||
| Net interest income | $ | 89,355 | $ | 83,304 | ||||||||||||||
| Net interest spread<br> (3) | 3.30 | % | 3.48 | % | ||||||||||||||
| Net interest margin<br> (4) | 3.47 | % | 3.77 | % | ||||||||||||||
| (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. | |||||||||||||||||
| --- | --- |