- Net income of $12.8 and
$45.2 million for the three months
and year ended December 31,
2022
- Earnings per common share of $1.43 and $5.58 for
the three months and year ended December 31,
2022
- Quarterly cash dividend of $0.25 per share declared, an increase of 13.6%
from prior-year fourth quarter quarterly cash dividend
MANITOWOC, Wis., Jan. 17,
2023 /PRNewswire/ -- Bank First Corporation (NASDAQ:
BFC) ("Bank First" or the "Bank"), the holding company for Bank
First, N.A., reported net income of $12.8
million, or $1.43 per share,
for the fourth quarter of 2022, compared with net income of
$11.2 million, or $1.46 per share, for the prior-year fourth
quarter. For the year ended December 31,
2022, Bank First earned $45.2
million, or $5.58 per share,
compared to $45.4 million, or
$5.92 per share for the year ended
December 31, 2021. Pre-tax expenses
related to the Bank's completed acquisition of Denmark Bancshares,
Inc. ("Denmark") and planned
acquisition of Hometown Bancorp, Ltd. ("Hometown") totaled
$1.4 million during the fourth
quarter of 2022, reducing after-tax earnings per share by
approximately $0.12. For the year
ended December 31, 2022, these
expenses reduced after-tax earnings per share by $0.69.
Operating Results
Net interest income ("NII") during the fourth quarter of 2022
was $30.6 million, up $2.9 million from the previous quarter and up
$7.4 million from the fourth quarter
of 2021. NII for the year ended December 31,
2022 was $104.1 million, up
from $90.1 million during the prior
year. The fourth quarter of 2022 marked the first quarter since
2020 in which NII was not positively impacted by loans originated
through the Small Business Administration's Paycheck Protection
Program ("PPP"). Interest income from PPP loans totaled
$0.1 million during the previous
quarter and $1.3 million during the
fourth quarter of 2021.
Purchase accounting entries, resulting from our acquisition of
Denmark during the third quarter
of 2022, as well as acquisitions of other institutions over the
last several years, increased NII during the fourth quarter of 2022
by $1.2 million, or $0.10 per share after tax, compared to
$0.7 million, or $0.07 per share after tax, for both the previous
quarter and fourth quarter of 2021. For the years ended
December 31, 2022 and 2021, the
impact of these purchase accounting entries increased NII by
$2.6 million, or $0.23 per share after tax, and $1.9 million, or $0.19 per share after tax, respectively.
Net interest margin ("NIM") was 3.71% for the fourth quarter of
2022, compared to 3.63% for the previous quarter and 3.47% for the
fourth quarter of 2021. NIM was 3.41% and 3.47% for the years ended
December 31, 2022 and 2021,
respectively. During much of the first half 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 non-core strategy
reduced NIM by approximately 0.15% for the year ended December 31, 2022.
Bank First recorded a provision for loan losses of $0.5 million during the fourth quarter of 2022,
compared to $0.6 million during the
fourth quarter of 2021. Provision expense was $2.2 million for the year ended December 31, 2022 compared to $3.1 million for the year ended December 31, 2021. While near-term economic
headwinds remain, both locally and nationally, asset quality
metrics for the Bank remain very strong.
Noninterest income was $3.9
million for the fourth quarter of 2022, compared to
$5.5 million for the fourth quarter
of 2021. Income provided by the Bank's investment in Ansay declined
$0.4 million from the prior quarter
and $0.1 million from the prior-year
fourth quarter. The final quarter of each year has historically
seen seasonal lows in income provided by Ansay, and 2022 was no
exception. While loan servicing income has seen a steady increase
over the second half of 2022 as a result of the serviced loan
portfolio acquired from Denmark,
valuation adjustments to the Bank's mortgage servicing rights asset
on its balance sheet have created significant variances
quarter-to-quarter. These valuation adjustments were negligible for
the fourth quarter of 2022 compared to a positive adjustment of
$0.9 million in the prior quarter and
$0.7 million in the prior-year fourth
quarter. Gains on the sale of secondary market mortgage loans
declined from $1.2 million during the
fourth quarter of 2021 to $0.2
million during the fourth quarter of 2022. Full year gains
on these sales for 2022 totaled $1.6
million compared to $7.4
million during 2021, a decline of $5.8 million.
Noninterest expense was $17.3
million in the fourth quarter of 2022, compared to
$18.9 million during the prior
quarter and $13.4 million during the
fourth quarter of 2021. Personnel expense declined by $2.7 million from the prior quarter primarily as
a result of $3.0 million in one-time
severance and employment agreement payments as part of the
Denmark transaction which closed
in the prior quarter. Occupancy, equipment and office expenses
increased by $0.8 million from the
prior quarter and $1.3 million from
the prior-year fourth quarter. These increases were primarily the
result of a one-time charge of $0.6
million during the fourth quarter of 2022 related to the
termination of a long-term lease on a former Denmark branch location that was not opened by
Bank First. Data processing expense and outside service fees have
been elevated throughout 2022 compared to 2021 levels as a result
of costs related to acquisitions. Finally, amortization expense
related to core deposit intangibles on the Bank's balance sheet
increased $0.2 million from the prior
quarter and $0.6 million from the
prior-year fourth quarter. The acquisition of Denmark created a core deposit intangible of
approximately $15.1 million (3.1% of
core deposits acquired). Amortization of this core deposit
intangible, which began during the third quarter of 2022, added
$0.7 million in amortization expense
to the fourth quarter of 2022.
Balance Sheet
Total assets were $3.66 billion at
December 31, 2022, a $722.9 million increase from December 31, 2022. The preliminary fair value of
assets acquired in the Denmark
acquisition during the third quarter of 2022 totaled approximately
$687.5 million, comprising a
significant portion of asset growth during 2022.
Total loans were $2.89 billion at
December 31, 2022, up $658.5 million from December 31, 2021, and up $34.7 million from the end of the prior quarter.
Excluding the impact of PPP repayments or forgiveness as well as
approximately $458.1 million in loans
acquired from Denmark, loans grew
by 10.9% during the year ended December 31,
2022. Annualized loan growth during the fourth quarter of
2022 amounted to 5.8%. As previously noted in Bank First's release
of results for the third quarter of 2022, management made the
decision to slow loan growth while concentrating more aggressive
rate offerings on customers who maintain their full banking
relationship with the Bank. This decision was intended to conserve
the Bank's liquidity until competitors better aligned rate
offerings with movements in the interest rate environment.
Total deposits, nearly all of which remain core deposits, were
$3.06 billion at December 31, 2022, up $531.8 million from December 31, 2021. Noninterest-bearing demand
deposits comprised 31.1% of the Bank's total core deposits at
December 31, 2022.
Asset Quality
Nonperforming assets at December 31,
2022 totaled $6.7 million,
down $1.6 million from December 31, 2021. Nonperforming assets to total
assets ended 2022 at 0.18%, down from 0.29% at the end of 2021.
Nonperforming assets at December 31,
2022 include four properties valued at $2.5 million that were previously operating
branch locations of Bank First or Denmark which are no longer part of the Bank's
branch network. These properties have all been listed for sale.
Capital Position
Stockholders' equity totaled $453.1
million at December 31, 2022,
an increase of $130.5 million from
the end of 2021. Interest rate movements during 2022 impacted the
value of investments in the Bank's available-for-sale investment
portfolio, creating a loss in other comprehensive income which
reduced stockholders' equity by $19.2
million during the year ended December 31, 2022. Dividends totaling
$7.6 million and share repurchases
totaling $13.8 million, at an average
per share price of $72.63, further
reduced capital during 2022. Strong earnings served to offset these
items, increasing capital by $45.2
million. Finally, the acquisition of Denmark increased total stockholders' equity
by $125.3 million. Bank First's
tangible book value increased by $62.8
million during 2022 and tangible book value per common share
outstanding totaled $35.88 at
December 31, 2022 compared to
$34.56 at December 31, 2021.
Dividend Declaration
Bank First's Board of Directors approved a quarterly cash
dividend of $0.25 per common share,
payable on April 5, 2023, to
shareholders of record as of March 22,
2023.
Bank First Corporation provides financial services through its
subsidiary, Bank First, which was incorporated in 1894. Bank
First offers loan, deposit and treasury management products at each
of its 26 banking locations in Wisconsin. The bank has grown through both
acquisitions and de novo branch expansion. The company employs
approximately 327 full-time equivalent staff and has assets of
approximately $3.7 billion.
|
Bank First
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Summary (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share data)
|
At or for the Three
Months Ended
|
|
At or for the Year
Ended
|
|
|
12/31/2022
|
|
9/30/2022
|
|
6/30/2022
|
|
3/31/2022
|
|
12/31/2021
|
|
|
12/31/2022
|
|
12/31/2021
|
|
Results of
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
35,754
|
$
|
30,740
|
$
|
25,820
|
$
|
24,220
|
$
|
25,043
|
|
$
|
116,534
|
$
|
98,386
|
|
Interest
expense
|
|
5,132
|
|
3,047
|
|
2,340
|
|
1,930
|
|
1,812
|
|
|
12,449
|
|
8,304
|
|
Net interest
income
|
|
30,622
|
|
27,693
|
|
23,480
|
|
22,290
|
|
23,231
|
|
|
104,085
|
|
90,082
|
|
Provision for loan
losses
|
|
500
|
|
-
|
|
500
|
|
1,200
|
|
600
|
|
|
2,200
|
|
3,100
|
|
Net interest income
after provision for loan losses
|
|
30,122
|
|
27,693
|
|
22,980
|
|
21,090
|
|
22,631
|
|
|
101,885
|
|
86,982
|
|
Noninterest
income
|
|
3,896
|
|
5,166
|
|
5,551
|
|
5,234
|
|
5,520
|
|
|
19,847
|
|
23,541
|
|
Noninterest
expense
|
|
17,254
|
|
18,895
|
|
13,219
|
|
12,731
|
|
13,435
|
|
|
62,099
|
|
50,556
|
|
Income before income
tax expense
|
|
16,764
|
|
13,964
|
|
15,312
|
|
13,593
|
|
14,716
|
|
|
59,633
|
|
59,967
|
|
Income tax
expense
|
|
3,920
|
|
3,431
|
|
3,658
|
|
3,410
|
|
3,553
|
|
|
14,419
|
|
14,523
|
|
Net income
|
$
|
12,844
|
$
|
10,533
|
$
|
11,654
|
$
|
10,183
|
$
|
11,163
|
|
$
|
45,214
|
$
|
45,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
1.43
|
$
|
1.26
|
$
|
1.55
|
$
|
1.34
|
$
|
1.46
|
|
$
|
5.58
|
$
|
5.92
|
|
Earnings per common
share - diluted
|
|
1.43
|
|
1.26
|
|
1.55
|
|
1.34
|
|
1.46
|
|
|
5.58
|
|
5.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average
|
|
8,962,400
|
|
8,205,914
|
|
7,457,443
|
|
7,540,264
|
|
7,570,128
|
|
|
8,044,906
|
|
7,621,632
|
|
Diluted weighted
average
|
|
8,993,685
|
|
8,228,197
|
|
7,472,561
|
|
7,559,844
|
|
7,595,052
|
|
|
8,069,260
|
|
7,643,167
|
|
Outstanding
|
|
9,021,697
|
|
9,028,629
|
|
7,470,255
|
|
7,570,766
|
|
7,616,540
|
|
|
9,021,697
|
|
7,616,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income /
noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges
|
$
|
1,564
|
$
|
1,383
|
$
|
1,441
|
$
|
1,422
|
$
|
1,574
|
|
$
|
5,810
|
$
|
6,128
|
|
Income from
Ansay
|
|
242
|
|
671
|
|
819
|
|
826
|
|
383
|
|
|
2,558
|
|
2,587
|
|
Income from
UFS
|
|
935
|
|
852
|
|
563
|
|
705
|
|
776
|
|
|
3,055
|
|
2,556
|
|
Loan servicing
income
|
|
545
|
|
491
|
|
448
|
|
438
|
|
434
|
|
|
1,922
|
|
1,622
|
|
Valuation adjustment on
mortgage servicing rights
|
|
19
|
|
885
|
|
1,511
|
|
450
|
|
671
|
|
|
2,865
|
|
1,290
|
|
Net gain on sales of
mortgage loans
|
|
222
|
|
264
|
|
403
|
|
671
|
|
1,167
|
|
|
1,560
|
|
7,371
|
|
Net gain (loss) on
other real estate owned
|
|
-
|
|
-
|
|
(25)
|
|
171
|
|
(186)
|
|
|
146
|
|
20
|
|
Other noninterest
income
|
|
369
|
|
620
|
|
391
|
|
551
|
|
701
|
|
|
1,931
|
|
1,967
|
|
Total noninterest
income
|
$
|
3,896
|
$
|
5,166
|
$
|
5,551
|
$
|
5,234
|
$
|
5,520
|
|
$
|
19,847
|
$
|
23,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
$
|
8,162
|
$
|
10,812
|
$
|
7,006
|
$
|
7,175
|
$
|
7,307
|
|
$
|
33,155
|
$
|
28,515
|
|
Occupancy, equipment
and office
|
|
1,962
|
|
1,176
|
|
1,214
|
|
1,115
|
|
950
|
|
|
5,467
|
|
4,198
|
|
Data
processing
|
|
1,971
|
|
1,577
|
|
1,431
|
|
1,345
|
|
1,334
|
|
|
6,324
|
|
5,344
|
|
Postage, stationery and
supplies
|
|
229
|
|
215
|
|
144
|
|
183
|
|
181
|
|
|
771
|
|
713
|
|
Advertising
|
|
66
|
|
61
|
|
55
|
|
89
|
|
75
|
|
|
271
|
|
227
|
|
Charitable
contributions
|
|
165
|
|
150
|
|
235
|
|
168
|
|
135
|
|
|
718
|
|
534
|
|
Outside service
fees
|
|
1,631
|
|
2,538
|
|
1,386
|
|
1,172
|
|
776
|
|
|
6,727
|
|
3,076
|
|
Net loss on sales of
securities
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
3
|
|
Amortization of
intangibles
|
|
980
|
|
751
|
|
294
|
|
293
|
|
352
|
|
|
2,318
|
|
1,405
|
|
Other noninterest
expense
|
|
2,088
|
|
1,615
|
|
1,454
|
|
1,191
|
|
2,325
|
|
|
6,348
|
|
6,541
|
|
Total noninterest
expense
|
$
|
17,254
|
$
|
18,895
|
$
|
13,219
|
$
|
12,731
|
$
|
13,435
|
|
$
|
62,099
|
$
|
50,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end
balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
119,350
|
$
|
143,441
|
$
|
43,986
|
$
|
107,359
|
$
|
296,860
|
|
$
|
119,350
|
$
|
296,860
|
|
Investment securities
available-for-sale, at fair value
|
|
304,637
|
|
303,280
|
|
292,426
|
|
297,063
|
|
212,689
|
|
|
304,637
|
|
212,689
|
|
Investment securities
held-to-maturity, at cost
|
|
45,097
|
|
40,826
|
|
33,867
|
|
5,841
|
|
5,911
|
|
|
45,097
|
|
5,911
|
|
Loans
|
|
2,893,978
|
|
2,859,293
|
|
2,387,617
|
|
2,316,688
|
|
2,235,515
|
|
|
2,893,978
|
|
2,235,515
|
|
Allowance for loan
losses
|
|
(22,680)
|
|
(23,045)
|
|
(22,699)
|
|
(21,749)
|
|
(20,315)
|
|
|
(22,680)
|
|
(20,315)
|
|
Premises and
equipment
|
|
56,448
|
|
57,019
|
|
50,608
|
|
50,068
|
|
49,461
|
|
|
56,448
|
|
49,461
|
|
Goodwill and core
deposit intangible, net
|
|
127,036
|
|
129,361
|
|
58,805
|
|
59,099
|
|
59,392
|
|
|
127,036
|
|
59,392
|
|
Mortgage servicing
rights
|
|
9,582
|
|
9,563
|
|
6,977
|
|
5,466
|
|
5,016
|
|
|
9,582
|
|
5,016
|
|
Other assets
|
|
126,984
|
|
121,016
|
|
109,440
|
|
105,101
|
|
93,023
|
|
|
126,984
|
|
93,023
|
|
Total assets
|
|
3,660,432
|
|
3,640,754
|
|
2,961,027
|
|
2,924,936
|
|
2,937,552
|
|
|
3,660,432
|
|
2,937,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
3,060,229
|
|
3,138,201
|
|
2,601,479
|
|
2,557,106
|
|
2,528,440
|
|
|
3,060,229
|
|
2,528,440
|
|
Securities sold under
repurchase agreements
|
|
97,196
|
|
21,963
|
|
16,125
|
|
13,130
|
|
41,122
|
|
|
97,196
|
|
41,122
|
|
Borrowings
|
|
25,429
|
|
26,069
|
|
19,235
|
|
25,247
|
|
25,511
|
|
|
25,429
|
|
25,511
|
|
Other
liabilities
|
|
24,475
|
|
15,106
|
|
10,026
|
|
11,150
|
|
19,826
|
|
|
24,475
|
|
19,826
|
|
Total
liabilities
|
|
3,207,329
|
|
3,201,339
|
|
2,646,865
|
|
2,606,633
|
|
2,614,899
|
|
|
3,207,329
|
|
2,614,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
453,103
|
|
439,415
|
|
314,162
|
|
318,303
|
|
322,653
|
|
|
453,103
|
|
322,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
50.22
|
|
48.67
|
|
42.06
|
|
42.04
|
|
42.36
|
|
|
50.22
|
|
42.36
|
|
Tangible book value per
common share
|
|
36.14
|
|
34.34
|
|
34.18
|
|
34.24
|
|
34.56
|
|
|
36.14
|
|
34.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
2,860,967
|
$
|
2,640,397
|
$
|
2,341,954
|
$
|
2,271,956
|
$
|
2,207,615
|
|
$
|
2,530,737
|
$
|
2,217,305
|
|
Interest-earning
assets
|
|
3,316,406
|
|
3,062,921
|
|
2,975,376
|
|
3,001,174
|
|
2,695,175
|
|
|
3,089,760
|
|
2,634,565
|
|
Total assets
|
|
3,633,251
|
|
3,349,615
|
|
3,186,384
|
|
3,209,202
|
|
2,901,685
|
|
|
3,347,857
|
|
2,837,793
|
|
Deposits
|
|
3,111,328
|
|
2,911,561
|
|
2,566,520
|
|
2,543,471
|
|
2,513,918
|
|
|
2,785,127
|
|
2,451,203
|
|
Interest-bearing
liabilities
|
|
2,198,549
|
|
2,034,158
|
|
2,053,369
|
|
2,080,172
|
|
1,759,437
|
|
|
2,091,729
|
|
1,729,313
|
|
Goodwill and other
intangibles, net
|
|
111,440
|
|
90,962
|
|
58,987
|
|
59,285
|
|
59,614
|
|
|
76,362
|
|
60,178
|
|
Stockholders'
equity
|
|
446,579
|
|
401,130
|
|
317,484
|
|
322,852
|
|
318,837
|
|
|
372,430
|
|
310,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paycheck Protection
Program ("PPP") loan information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP Loans (period
end)
|
$
|
-
|
$
|
-
|
$
|
5,625
|
$
|
16,904
|
$
|
31,100
|
|
$
|
-
|
$
|
31,100
|
|
PPP Loan Deferred
Origination Fees (period end)
|
|
-
|
|
-
|
|
106
|
|
477
|
|
1,080
|
|
|
-
|
|
1,080
|
|
PPP Loans (average
during the period)
|
|
-
|
|
2,663
|
|
10,138
|
|
23,552
|
|
50,602
|
|
|
3,164
|
|
122,468
|
|
Interest income
recognized during the period (includes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
recognized
origination fees)
|
|
-
|
|
94
|
|
396
|
|
662
|
|
1,290
|
|
|
1,152
|
|
7,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets *
|
|
1.40 %
|
|
1.25 %
|
|
1.47 %
|
|
1.27 %
|
|
1.53 %
|
|
|
1.35 %
|
|
1.60 %
|
|
Return on average
common equity *
|
|
11.41 %
|
|
10.42 %
|
|
14.72 %
|
|
12.62 %
|
|
13.89 %
|
|
|
12.14 %
|
|
14.64 %
|
|
Average equity to
average assets
|
|
12.29 %
|
|
11.98 %
|
|
9.96 %
|
|
10.06 %
|
|
10.99 %
|
|
|
11.12 %
|
|
10.94 %
|
|
Stockholders' equity to
assets
|
|
12.38 %
|
|
12.07 %
|
|
10.61 %
|
|
10.88 %
|
|
10.98 %
|
|
|
12.38 %
|
|
10.98 %
|
|
Tangible equity to
tangible assets
|
|
9.23 %
|
|
8.83 %
|
|
8.80 %
|
|
9.04 %
|
|
9.15 %
|
|
|
9.23 %
|
|
9.15 %
|
|
Loan yield *
|
|
4.58 %
|
|
4.29 %
|
|
4.06 %
|
|
4.02 %
|
|
4.25 %
|
|
|
4.26 %
|
|
4.25 %
|
|
Earning asset yield
*
|
|
4.32 %
|
|
4.03 %
|
|
3.53 %
|
|
3.32 %
|
|
3.74 %
|
|
|
3.82 %
|
|
3.79 %
|
|
Cost of funds
*
|
|
0.93 %
|
|
0.59 %
|
|
0.46 %
|
|
0.38 %
|
|
0.41 %
|
|
|
0.60 %
|
|
0.48 %
|
|
Net interest margin,
taxable equivalent *
|
|
3.71 %
|
|
3.63 %
|
|
3.21 %
|
|
3.06 %
|
|
3.47 %
|
|
|
3.41 %
|
|
3.47 %
|
|
Net loan charge-offs to
average loans *
|
|
0.12 %
|
|
-0.05 %
|
|
-0.08 %
|
|
-0.04 %
|
|
0.02 %
|
|
|
0.00 %
|
|
0.02 %
|
|
Nonperforming loans to
total loans
|
|
0.15 %
|
|
0.17 %
|
|
0.22 %
|
|
0.24 %
|
|
0.37 %
|
|
|
0.15 %
|
|
0.37 %
|
|
Nonperforming assets to
total assets
|
|
0.18 %
|
|
0.18 %
|
|
0.18 %
|
|
0.19 %
|
|
0.28 %
|
|
|
0.18 %
|
|
0.28 %
|
|
Allowance for loan
losses to loans
|
|
0.78 %
|
|
0.81 %
|
|
0.95 %
|
|
0.94 %
|
|
0.91 %
|
|
|
0.78 %
|
|
0.91 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Components of the
quarterly ratios were annualized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank First
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets,
liabilities and stockholders' equity, and average rates earned or
paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
December 31,
2022
|
|
December 31,
2021
|
|
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
|
$
2,764,365
|
|
$
126,842
|
|
4.59 %
|
|
$
2,117,319
|
|
$ 90,468
|
|
4.27 %
|
|
Tax-exempt
|
96,602
|
|
4,263
|
|
4.41 %
|
|
90,296
|
|
4,152
|
|
4.60 %
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (available for
sale)
|
237,789
|
|
5,380
|
|
2.26 %
|
|
119,901
|
|
3,311
|
|
2.76 %
|
|
Tax-exempt (available
for sale)
|
81,497
|
|
2,183
|
|
2.68 %
|
|
71,804
|
|
2,179
|
|
3.03 %
|
|
Taxable (held to
maturity)
|
38,457
|
|
1,102
|
|
2.87 %
|
|
-
|
|
-
|
|
-
|
|
Tax-exempt (held to
maturity)
|
5,196
|
|
134
|
|
2.58 %
|
|
5,912
|
|
151
|
|
2.55 %
|
|
Cash and due from
banks
|
92,500
|
|
3,328
|
|
3.60 %
|
|
289,943
|
|
454
|
|
0.16 %
|
|
Total interest-earning
assets
|
3,316,406
|
|
143,232
|
|
4.32 %
|
|
2,695,175
|
|
100,715
|
|
3.74 %
|
|
Non interest-earning
assets
|
339,345
|
|
|
|
|
|
226,891
|
|
|
|
|
|
Allowance for loan
losses
|
(22,500)
|
|
|
|
|
|
(20,381)
|
|
|
|
|
|
Total assets
|
$
3,633,251
|
|
|
|
|
|
$
2,901,685
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
Checking
accounts
|
$ 279,638
|
|
$
2,224
|
|
0.80 %
|
|
$ 203,363
|
|
$
253
|
|
0.12 %
|
|
Savings
accounts
|
833,316
|
|
4,892
|
|
0.59 %
|
|
550,402
|
|
1,835
|
|
0.33 %
|
|
Money market
accounts
|
630,001
|
|
5,051
|
|
0.80 %
|
|
687,353
|
|
1,911
|
|
0.28 %
|
|
Certificates of
deposit
|
377,617
|
|
4,806
|
|
1.27 %
|
|
248,318
|
|
2,082
|
|
0.84 %
|
|
Brokered
Deposits
|
6,719
|
|
198
|
|
2.95 %
|
|
12,079
|
|
349
|
|
2.89 %
|
|
Total interest bearing
deposits
|
2,127,291
|
|
17,171
|
|
0.81 %
|
|
1,701,515
|
|
6,430
|
|
0.38 %
|
|
Other borrowed
funds
|
71,258
|
|
3,188
|
|
4.47 %
|
|
57,922
|
|
759
|
|
1.31 %
|
|
Total interest-bearing
liabilities
|
2,198,549
|
|
20,359
|
|
0.93 %
|
|
1,759,437
|
|
7,189
|
|
0.41 %
|
|
Non-interest bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
Deposits
|
984,037
|
|
|
|
|
|
812,403
|
|
|
|
|
|
Other
liabilities
|
4,086
|
|
|
|
|
|
11,008
|
|
|
|
|
|
Total
Liabilities
|
3,186,672
|
|
|
|
|
|
2,582,848
|
|
|
|
|
|
Shareholders'
equity
|
446,579
|
|
|
|
|
|
318,837
|
|
|
|
|
|
Total liabilities &
sharesholders' equity
|
$
3,633,251
|
|
|
|
|
|
$
2,901,685
|
|
|
|
|
|
Net interest income on
a fully taxable equivalent basis
|
|
|
122,873
|
|
|
|
|
|
93,526
|
|
|
|
Less taxable equivalent
adjustment
|
|
|
(1,381)
|
|
|
|
|
|
(1,361)
|
|
|
|
Net interest
income
|
|
|
$
121,492
|
|
|
|
|
|
$ 92,165
|
|
|
|
Net interest spread
(3)
|
|
|
|
|
3.39 %
|
|
|
|
|
|
3.33 %
|
|
Net interest margin
(4)
|
|
|
|
|
3.71 %
|
|
|
|
|
|
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.
|
|
|
|
|
|
Bank First
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets,
liabilities and stockholders' equity, and average rates earned or
paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
December 31,
2022
|
|
December 31,
2021
|
|
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
|
$ 2,434,554
|
|
$ 103,612
|
|
4.26 %
|
|
$ 2,128,327
|
|
$
90,172
|
|
4.24 %
|
|
Tax-exempt
|
96,183
|
|
4,227
|
|
4.39 %
|
|
88,978
|
|
4,113
|
|
4.62 %
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (available for
sale)
|
227,101
|
|
5,230
|
|
2.30 %
|
|
103,277
|
|
2,788
|
|
2.70 %
|
|
Tax-exempt (available
for sale)
|
81,181
|
|
2,140
|
|
2.64 %
|
|
70,864
|
|
2,207
|
|
3.11 %
|
|
Taxable (held to
maturity)
|
24,416
|
|
670
|
|
2.74 %
|
|
-
|
|
-
|
|
-
|
|
Tax-exempt (held to
maturity)
|
5,396
|
|
139
|
|
2.58 %
|
|
6,098
|
|
155
|
|
2.54 %
|
|
Cash and due from
banks
|
220,929
|
|
1,883
|
|
0.85 %
|
|
237,021
|
|
310
|
|
0.13 %
|
|
Total interest-earning
assets
|
3,089,760
|
|
117,901
|
|
3.82 %
|
|
2,634,565
|
|
99,745
|
|
3.79 %
|
|
Non interest-earning
assets
|
280,249
|
|
|
|
|
|
222,548
|
|
|
|
|
|
Allowance for loan
losses
|
(22,152)
|
|
|
|
|
|
(19,320)
|
|
|
|
|
|
Total assets
|
$ 3,347,857
|
|
|
|
|
|
$ 2,837,793
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
Checking
accounts
|
$
253,443
|
|
$ 1,075
|
|
0.42 %
|
|
$
209,970
|
|
$
252
|
|
0.12 %
|
|
Savings
accounts
|
691,599
|
|
3,099
|
|
0.45 %
|
|
497,958
|
|
1,773
|
|
0.36 %
|
|
Money market
accounts
|
666,717
|
|
3,025
|
|
0.45 %
|
|
664,591
|
|
2,115
|
|
0.32 %
|
|
Certificates of
deposit
|
286,054
|
|
2,818
|
|
0.99 %
|
|
278,602
|
|
2,967
|
|
1.06 %
|
|
Brokered
Deposits
|
8,587
|
|
251
|
|
2.92 %
|
|
14,718
|
|
420
|
|
2.85 %
|
|
Total interest bearing
deposits
|
1,906,400
|
|
10,268
|
|
0.54 %
|
|
1,665,839
|
|
7,527
|
|
0.45 %
|
|
Other borrowed
funds
|
185,329
|
|
2,181
|
|
1.18 %
|
|
63,474
|
|
777
|
|
1.22 %
|
|
Total interest-bearing
liabilities
|
2,091,729
|
|
12,449
|
|
0.60 %
|
|
1,729,313
|
|
8,304
|
|
0.48 %
|
|
Non-interest bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
Deposits
|
878,727
|
|
|
|
|
|
785,364
|
|
|
|
|
|
Other
liabilities
|
4,971
|
|
|
|
|
|
12,746
|
|
|
|
|
|
Total
Liabilities
|
2,975,427
|
|
|
|
|
|
2,527,423
|
|
|
|
|
|
Shareholders'
equity
|
372,430
|
|
|
|
|
|
310,370
|
|
|
|
|
|
Total liabilities &
sharesholders' equity
|
$ 3,347,857
|
|
|
|
|
|
$ 2,837,793
|
|
|
|
|
|
Net interest income on
a fully taxable equivalent basis
|
|
|
105,452
|
|
|
|
|
|
91,441
|
|
|
|
Less taxable equivalent
adjustment
|
|
|
(1,366)
|
|
|
|
|
|
(1,359)
|
|
|
|
Net interest
income
|
|
|
$ 104,086
|
|
|
|
|
|
$
90,082
|
|
|
|
Net interest spread
(3)
|
|
|
|
|
3.22 %
|
|
|
|
|
|
3.31 %
|
|
Net interest margin
(4)
|
|
|
|
|
3.41 %
|
|
|
|
|
|
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.
|
|
|
For further information, contact:
Kevin M LeMahieu,
Chief Financial Officer
Phone: (920) 652-3200 / klemahieu@bankfirst.com
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SOURCE Bank First Corporation