EX-99.1 2 tm2419481d1_ex99-1.htm EXHIBIT 99.1

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 Second Quarter of 2024

 

·Net income of $16.1 million and $31.5 million for the three and six months ended June 30, 2024, respectively

 

·Earnings per common share of $1.59 and $3.10 for the three and six months ended June 30, 2024, respectively

 

·Annualized return on average assets of 1.58% and 1.54% for the three and six months ended June 30, 2024, respectively

 

·Quarterly cash dividend of $0.40 per share declared, 14.3% higher than the prior quarter and a 33.3% increase from the prior-year second quarter

 

MANITOWOC, Wis, July 16, 2024 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $16.1 million, or $1.59 per share, for the second quarter of 2024, compared with net income of $14.1 million, or $1.37 per share, for the prior-year second quarter. For the six months ended June 30, 2024, Bank First earned $31.5 million, or $3.10 per share, compared to $24.8 million, or $2.46 per share for the same period in 2023. After removing the impact of one-time expenses related to acquisitions as well as gains and losses on sales of securities and other real estate owned (“OREO”), the Bank reported adjusted net income (non-GAAP) of $15.7 million, or $1.56 per share, for the second quarter of 2024, compared with $14.6 million, or $1.42 per share, for the prior-year second quarter. For the first six months of 2024 adjusted net income (non-GAAP) totaled $31.1 million, or $3.06 per share, compared to $29.3 million, or $2.92 per share for the same period in 2023.

 

 

 

 

Operating Results

 

Net interest income (“NII”) during the second quarter of 2024 was $33.0 million, down $0.3 million from the previous quarter and down $1.3 million from the second quarter of 2023. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from past acquisitions (“purchase accounting”) increased NII by $1.2 million, or $0.09 per share after tax, during the second quarter of 2024, compared to $1.2 million, or $0.09 per share after tax, during the previous quarter and $2.5 million, or $0.18 per share after tax, during the second quarter of 2023.

 

Net interest margin (“NIM”) was 3.63% for the second quarter of 2024, compared to 3.62% for the previous quarter and 3.77% for the second quarter of 2023. NII from purchase accounting increased NIM by 0.13%, 0.13% and 0.27% for each of these periods, respectively. While the Bank’s average rate paid on interest-bearing liabilities continued to rise during the second quarter of 2024, the momentum of these increases has begun to slow while average rates earned on interest-earning assets continued a steady move higher. The increase in yields on interest-earnings assets was due to fixed-rate loans which matured and were renewed at higher rates during the quarter as well as higher prevailing market rates on recent new loan growth compared to the loan portfolio as a whole. The beneficial impact of the Bank’s high percentage of noninterest-bearing deposits also had a positive impact, adding 89 basis points to NIM during the second quarter of 2024 compared to 84 basis points and 65 basis points for the prior quarter and second quarter of 2023, respectively.

 

Bank First did not record a provision for credit losses during the second quarter of 2024, compared to recording a provision of $0.2 million during the previous quarter. The Bank also did not record a provision for credit losses during the second quarter of 2023. Provision expense was $0.2 million for the first six months of 2024 compared to $4.2 million for the same period during 2023. The acquisition of the loan portfolio of Hometown Bancorp, Ltd. (“Hometown”) during the first quarter of 2023 resulted in a day 1 provision for credit losses expense of $3.6 million. Recoveries of previously charged-off loans exceeded currently charged-off loans by $0.8 million through the first six months of 2024, compared to recoveries exceeding charge-offs by $0.1 million through the first six months of 2023. Also, due to a reduction in unfunded loan commitments and an increase in outstanding loans, the Bank moved $0.5 million from its liability for potential credit losses in unfunded commitments to its allowance for credit losses in its loan portfolio. While this move had no impact on the Bank’s profitability for the quarter, it did increase the allowance for potential loan credit losses to correspond with the increase in overall loan portfolio balances.

 

 

 

 

Noninterest income was $5.9 million for the second quarter of 2024, compared to $4.4 million and $4.6 million for the prior quarter and second quarter of 2023, respectively. Service charge income increased by $0.5 million, or 28.6%, and $0.3 million, or 19.0%, from the prior quarter and prior-year second quarter, respectively, primarily due to a recently negotiated vendor incentive program related to the Bank’s credit and debit card payments processing. Income provided by the Bank’s investment in Ansay & Associates, LLC totaled $1.4 million during the second quarter of 2024, up $0.4 million from both the prior quarter and the prior-year second quarter. Finally, the Bank experienced a $0.3 million positive valuation adjustment to its mortgage servicing rights asset during the second quarter of 2024 which compared favorably to $0.3 million and $0.5 million in negative valuation adjustments during the prior quarter and prior-year second quarter, respectively.

 

Noninterest expense was $19.1 million in the second quarter of 2024, compared to $20.3 million during the prior quarter and $19.9 million during the second quarter of 2023. Personnel expense remained well-managed, down $0.9 million from the prior quarter, as employee retirements in the first quarter of 2024 allowed certain acquired branches to reach expected long-term staffing levels. Outside service fees were a notable exception to overall lower noninterest expenses during the second quarter of 2024. Included in outside service fees during the most recent quarter was $0.2 million paid to an advisory firm which assisted the Bank in negotiations with a vendor, resulting in projected savings for the Bank of $1.1 million over the next five years. Also included in outside service fees during the most recent quarter was $0.3 million in commissions paid related to sales of former branch buildings which were no longer in use by the Bank. These sales resulted in net gains on sale of other real estate owned totaling $0.5 million during the quarter, comparing favorably to negligible gains on similar sales in the prior quarter and net losses totaling $0.5 million in the second quarter of 2023.

 

Balance Sheet

 

Total assets were $4.15 billion at June 30, 2024, a $76.0 million decline from December 31, 2023, but a $53.7 million increase from June 30, 2023.

 

Total loans were $3.43 billion at June 30, 2024, up $85.7 million from December 31, 2023, and up $114.2 million from June 30, 2023.

 

Total deposits, nearly all of which remain core deposits, were $3.40 billion at June 30, 2024, down $33.0 million from December 31, 2023, and down $5.8 million from June 30, 2023. Noninterest-bearing demand deposits comprised 28.7% of the Bank’s total core deposits at June 30, 2024, compared to 30.6% and 31.8% at December 31 and June 30, 2023, respectively. Like most in the banking industry, the Bank has seen a modest shift in its deposit portfolio from noninterest-bearing deposits to interest-bearing deposits as prevailing interest rates have increased over the last several quarters. Even with this shift, the Bank’s noninterest-bearing deposit percentage remains high and continues to assist its strong financial performance. During the second quarter of 2024 Bank First entered $55.0 million in borrowings from the Federal Home Loan Bank with maturities ranging from one to three years. The Bank intends to use these borrowings to fund loan demand by our customer base as it has recently outpaced deposit growth.

 

 

 

 

Asset Quality

 

Nonperforming assets at June 30, 2024 remained negligible, totaling $11.0 million compared to $9.1 million and $7.2 million at the end of the fourth and second quarters of 2023, respectively. Nonperforming assets to total assets ended the second quarter of 2024 at 0.27%, compared to 0.21% and 0.18% at the end of the fourth and second quarters of 2023, respectively. Including the most recent quarter, the Bank has seen recoveries of previously charged-off loans exceed currently charged-off loans for six consecutive quarters.

 

Capital Position

 

Stockholders’ equity totaled $614.6 million at June 30, 2024, a decrease of $5.2 million from the end of 2023 but an increase of $43.7 million from June 30, 2023. Dividends totaling $7.1 million and repurchases of BFC common stock totaling $29.5 million outpaced earnings of $31.5 million through the first six months of 2024, causing the decline in capital. The Bank’s book value per common share totaled $61.27 at June 30, 2024 compared to $59.80 at December 31, 2023 and $54.95 at June 30, 2023. Tangible book value per common share (non-GAAP) totaled $41.42 at June 30, 2024 compared to $40.30 at December 31, 2023 and $35.18 at June 30, 2023.

 

Dividend Declaration

 

Bank First’s Board of Directors approved a quarterly cash dividend of $0.40 per common share, payable on October 9, 2024, to shareholders of record as of September 25, 2024. This dividend represents a 14.3% and 33.3% increase from the dividend from the prior quarter and prior-year second quarter, respectively.

 

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., 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 Bank employs approximately 371 full-time equivalent staff and has assets of approximately $4.1 billion. Insurance services are available through our bond with Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered in collaboration with several regional partners. Further information about Bank First Corporation is available by clicking on the Shareholder Services tab at www.bankfirst.com.

 

# # #

 

 

 

 

Forward-Looking Statements: Certain statements contained in this press release and in other recent filings may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements relating to the timing, benefits, costs, and synergies of the merger with Hometown, statements relating to our projected growth, anticipated future financial performance, financial condition, credit quality and management’s long-term performance goals, and statements relating to 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 of such words and phrases and similar expressions.

 

These forward-looking statements are not historical facts, and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond Bank First’s control. The inclusion of these forward-looking statements should not be regarded as a representation by Bank First or any other person that such expectations, estimates, and projections will be achieved. Accordingly, Bank First cautions shareholders 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 expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) business and economic conditions nationally, regionally and in our target 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 risks associated with Bank First’s pursuit of future acquisitions, (5) Bank First’s ability to successful execute its various business strategies, including its ability to execute on potential acquisition opportunities, and (6) general competitive, economic, political, and market conditions.

 

This communication contains non-GAAP financial measures, such as non-GAAP adjusted net income, non-GAAP adjusted earnings per common share, adjusted earnings return on assets, tangible book value per common share, and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors and others in understanding Bank First's results of operations or financial position. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided.  See " Non-GAAP Financial Measures" below. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Bank First and also aid investors in comparing Bank First's financial performance to the financial performance of peer banks.  Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.

 

Further information regarding Bank First and factors which could affect the forward-looking statements contained herein can be found in Bank First's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, 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 risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this press release, and Bank First undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may 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 share and per share data)  At or for the Three Months Ended   At or for the Six Months Ended 
    6/30/2024    3/31/2024    12/31/2023    9/30/2023    6/30/2023    6/30/2024    6/30/2023 
Results of Operations:                                   
Interest income  $49,347   $49,272   $48,663   $46,989   $45,929   $98,619   $86,831 
Interest expense   16,340    15,923    15,747    12,931    11,657    32,263    20,325 
Net interest income   33,007    33,349    32,916    34,058    34,272    66,356    66,506 
Provision for credit losses   -    200    500    -    -    200    4,182 
Net interest income after provision for credit losses   33,007    33,149    32,416    34,058    34,272    66,156    62,324 
Noninterest income   5,877    4,397    42,458    5,254    4,554    10,274    10,403 
Noninterest expense   19,057    20,324    28,862    19,647    19,946    39,381    39,610 
Income before income tax expense   19,827    17,222    46,012    19,665    18,880    37,049    33,117 
Income tax expense   3,768    1,810    11,114    4,861    4,748    5,578    8,305 
Net income  $16,059   $15,412   $34,898   $14,804   $14,132   $31,471   $24,812 
                                    
Earnings per common share (basic and diluted)  $1.59   $1.51   $3.39   $1.43   $1.37   $3.10   $2.46 
                                    
Common Shares:                                   
Outstanding   10,031,350    10,129,190    10,365,131    10,379,071    10,389,240    10,031,350    10,389,240 
Weighted average outstanding for the period   10,078,611    10,233,347    10,366,471    10,388,909    10,389,790    10,155,979    10,083,026 
                                    
Noninterest income / noninterest expense:                                   
Service charges  $2,101   $1,634   $1,847   $1,821   $1,766   $3,735   $3,365 
Income from Ansay   1,379    979    110    791    950    2,358    2,021 
Income (loss) from UFS   -    -    (179)   784    770    -    1,660 
Loan servicing income   735    726    741    734    749    1,461    1,385 
Valuation adjustment on mortgage servicing rights   339    (312)   (65)   229    (548)   27    231 
Net gain on sales of mortgage loans   277    219    273    248    236    496    376 
Gain on sale of UFS   -    -    38,904    -    -    -    - 
Other noninterest income   1,046    1,151    827    647    631    2,197    1,365 
Total noninterest income  $5,877   $4,397   $42,458   $5,254   $4,554   $10,274   $10,403 
                                    
Personnel expense  $10,004   $10,893   $10,357   $10,216   $9,870   $20,897   $19,782 
Occupancy, equipment and office   1,330    1,584    1,307    1,455    1,317    2,914    2,908 
Data processing   2,114    2,389    1,900    2,153    2,094    4,503    3,958 
Postage, stationery and supplies   205    238    236    244    224    443    604 
Advertising   79    95    99    60    85    174    166 
Charitable contributions   234    176    264    229    228    410    451 
Outside service fees   1,889    1,293    1,363    1,438    1,347    3,182    3,549 
Net loss (gain) on other real estate owned   (461)   (47)   1,591    53    489    (508)   489 
Net loss on sales of securities   -    34    7,826    -    -    34    75 
Amortization of intangibles   1,475    1,500    1,604    1,626    1,672    2,975    3,094 
Other noninterest expense   2,188    2,169    2,315    2,173    2,620    4,357    4,534 
Total noninterest expense  $19,057   $20,324   $28,862   $19,647   $19,946   $39,381   $39,610 
                                    
Period-end balances:                                   
Cash and cash equivalents  $98,950   $83,374   $247,468   $75,776   $111,326   $98,950   $111,326 
Investment securities available-for-sale, at fair value   127,977    138,420    142,197    179,046    191,303    127,977    191,303 
Investment securities held-to-maturity, at cost   110,648    111,732    103,324    77,154    77,708    110,648    77,708 
Loans   3,428,635    3,383,395    3,342,974    3,355,549    3,314,481    3,428,635    3,314,481 
Allowance for credit losses - loans   (45,118)   (44,378)   (43,609)   (43,404)   (43,409)   (45,118)   (43,409)
Premises and equipment   68,633    69,621    69,891    70,994    66,958    68,633    66,958 
Goodwill and core deposit intangible, net   199,127    200,602    202,102    203,705    205,329    199,127    205,329 
Mortgage servicing rights   13,694    13,356    13,668    13,733    13,504    13,694    13,504 
Other assets   143,274    143,802    143,827    154,966    154,871    143,274    154,871 
Total assets   4,145,820    4,099,924    4,221,842    4,087,519    4,092,071    4,145,820    4,092,071 
                                    
Deposits                                   
Interest-bearing   2,424,096    2,425,550    2,382,185    2,333,452    2,321,893    2,424,096    2,321,893 
Noninterest-bearing   975,845    990,489    1,050,735    1,064,841    1,083,843    975,845    1,083,843 
Securities sold under repurchase agreements   -    -    75,747    17,191    23,802    -    23,802 
Borrowings   102,321    47,295    51,394    70,319    70,269    102,321    70,269 
Other liabilities   28,979    27,260    41,983    24,387    21,392    28,979    21,392 
Total liabilities   3,531,241    3,490,594    3,602,044    3,510,190    3,521,199    3,531,241    3,521,199 
                                    
Stockholders' equity   614,579    609,330    619,798    577,329    570,872    614,579    570,872 
                                    
Book value per common share  $61.27   $60.16   $59.80   $55.62   $54.95   $61.27   $54.95 
Tangible book value per common share (non-GAAP)  $41.42   $40.35   $40.30   $36.00   $35.18   $41.42   $35.18 

 

 

 

 

Bank First Corporation

Consolidated Financial Summary (Unaudited)

 

(In thousands, except share and per share data)  At or for the Three Months Ended   At or for the Six Months Ended 
    6/30/2024    3/31/2024    12/31/2023    9/30/2023    6/30/2023    6/30/2024    6/30/2023 
Average balances:                                   
Loans  $3,399,906   $3,355,142   $3,330,511   $3,324,729   $3,312,353   $3,377,526   $3,224,384 
Interest-earning assets   3,696,099    3,741,498    3,738,589    3,671,620    3,683,143    3,718,801    3,604,344 
Total assets   4,094,542    4,144,896    4,147,859    4,092,565    4,100,549    4,119,719    4,001,680 
Deposits   3,401,828    3,446,145    3,406,028    3,404,708    3,394,667    3,423,985    3,326,997 
Interest-bearing liabilities   2,466,726    2,512,304    2,426,870    2,411,062    2,437,034    2,489,514    2,386,276 
Goodwill and other intangibles, net   199,959    201,408    202,933    204,556    206,209    200,684    183,310 
Stockholders' equity   610,818    613,190    613,244    576,315    567,531    612,004    544,002 
                                    
Financial ratios:                                   
Return on average assets *   1.58%   1.50%   3.34%   1.44%   1.38%   1.54%   1.25%
Return on average common equity *   10.57%   10.11%   22.58%   10.19%   9.99%   10.34%   9.20%
Average equity to average assets   14.92%   14.79%   14.78%   14.08%   13.84%   14.86%   13.59%
Stockholders' equity to assets   14.82%   14.86%   14.68%   14.12%   13.95%   14.82%   13.95%
Tangible equity to tangible assets (non-GAAP)   10.53%   10.48%   10.39%   9.62%   9.40%   10.53%   9.40%
Loan yield *   5.51%   5.41%   5.33%   5.23%   5.20%   5.46%   5.08%
Earning asset yield *   5.40%   5.33%   5.20%   5.11%   5.04%   5.37%   4.89%
Cost of funds *   2.66%   2.55%   2.57%   2.13%   1.92%   2.61%   1.72%
Net interest margin, taxable equivalent *   3.63%   3.62%   3.53%   3.71%   3.77%   3.62%   3.76%
Net loan charge-offs (recoveries) to average loans *   -0.05%   -0.07%   0.00%   0.00%   -0.01%   -0.05%   -0.01%
Nonperforming loans to total loans   0.31%   0.29%   0.20%   0.10%   0.15%   0.31%   0.15%
Nonperforming assets to total assets   0.27%   0.31%   0.21%   0.13%   0.18%   0.27%   0.18%
Allowance for credit losses - loans to total loans   1.32%   1.31%   1.30%   1.29%   1.31%   1.32%   1.31%
                                    
Non-GAAP Financial Measures                                   
Adjusted net income reconciliation                                   
Net income (GAAP)  $16,059   $15,412   $34,898   $14,804   $14,132   $31,471   $24,812 
Acquisition related expenses   -    -    29    312    171    -    1,513 
Severance from organizational restructure   -    -    359    -    -    -    - 
Provision for credit losses related to acquisition   -    -    -    -    -    -    3,552 
Fair value amortization on Trust Preferred redemption   -    -    1,382    -    -    -    - 
Gain on sale of UFS   -    -    (38,904)   -    -    -    - 
Losses (gains) on sales of securities and OREO valuations   (461)   (13)   9,780    53    489    (474)   564 
Adjusted net income before income tax impact   15,598    15,399    7,544    15,169    14,792    30,997    30,441 
Income tax impact of adjustments   97    3    7,248    (77)   (165)   100    (1,136)
Adjusted net income (non-GAAP)  $15,695   $15,402   $14,792   $15,092   $14,627   $31,097   $29,305 
                                    
Adjusted earnings per share calculation                                   
Adjusted net income (non-GAAP)  $15,695   $15,402   $14,792   $15,092   $14,627   $31,097   $29,305 
Weighted average common shares outstanding for the period   10,078,611    10,233,347    10,366,471    10,388,909    10,389,790    10,155,979    10,083,026 
Adjusted earnings per share (non-GAAP)  $1.56   $1.51   $1.44   $1.46   $1.42   $3.06   $2.92 
                                    
Annualized return of adjusted earnings on average assets calculation                                   
Adjusted net income (non-GAAP)  $15,695   $15,402   $14,792   $15,092   $14,627   $31,097   $29,305 
Average total assets  $4,094,542   $4,144,896   $4,147,859   $4,092,565   $4,100,549   $4,119,719   $4,001,680 
Annualized return of adjusted earnings on average assets (non-GAAP)   1.54%   1.49%   1.41%   1.48%   1.43%   1.52%   1.48%
                                    
Tangible assets reconciliation                                   
Total assets (GAAP)  $4,145,820   $4,099,924   $4,221,842   $4,087,519   $4,092,071   $4,145,820   $4,092,071 
Goodwill   (175,106)   (175,106)   (175,106)   (175,106)   (175,104)   (175,106)   (175,104)
Core deposit intangible, net of amortization   (24,021)   (25,496)   (26,996)   (28,599)   (30,225)   (24,021)   (30,225)
Tangible assets (non-GAAP)  $3,946,693   $3,899,322   $4,019,740   $3,883,814   $3,886,742   $3,946,693   $3,886,742 
                                    
Tangible common equity reconciliation                                   
Total stockholders’ equity (GAAP)  $614,579   $609,330   $619,798   $577,329   $570,872   $614,579   $570,872 
Goodwill   (175,106)   (175,106)   (175,106)   (175,106)   (175,104)   (175,106)   (175,104)
Core deposit intangible, net of amortization   (24,021)   (25,496)   (26,996)   (28,599)   (30,225)   (24,021)   (30,225)
Tangible common equity (non-GAAP)  $415,452   $408,728   $417,696   $373,624   $365,543   $415,452   $365,543 
                                    
Tangible book value per common share calculation                                   
Tangible common equity (non-GAAP)  $415,452   $408,728   $417,696   $373,624   $365,543   $415,452   $365,543 
Common shares outstanding at the end of the period   10,031,350    10,129,190    10,365,131    10,379,071    10,389,240    10,031,350    10,389,240 
Tangible book value per common share (non-GAAP)  $41.42   $40.35   $40.30   $36.00   $35.18   $41.42   $35.18 
                                    
Tangible equity to tangible assets calculation                                   
Tangible common equity (non-GAAP)  $415,452   $408,728   $417,696   $373,624   $365,543   $415,452   $365,543 
Tangible assets (non-GAAP)  $3,946,693   $3,899,322   $4,019,740   $3,883,814   $3,886,742   $3,946,693   $3,886,742 
Tangible equity to tangible assets (non-GAAP)   10.53%   10.48%   10.39%   9.62%   9.40%   10.53%   9.40%

 

* 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 
   June 30, 2024   June 30, 2023 
   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  $3,293,213    182,549    5.54%  $3,209,040   $167,425    5.22%
Tax-exempt   106,693    4,895    4.59%   103,313    4,690    4.54%
Securities                              
Taxable (available for sale)   123,616    4,862    3.93%   181,969    5,332    2.93%
Tax-exempt (available for sale)   32,888    1,139    3.46%   35,496    1,124    3.17%
Taxable (held to maturity)   108,037    4,283    3.96%   73,271    2,631    3.59%
Tax-exempt (held to maturity)   3,217    85    2.64%   4,228    110    2.60%
Cash and due from banks   28,435    1,945    6.84%   75,826    4,155    5.48%
Total interest-earning assets   3,696,099    199,758    5.40%   3,683,143    185,467    5.04%
Noninterest-earning assets   442,843              460,748           
Allowance for credit losses - loans   (44,400)             (43,342)          
Total assets  $4,094,542             $4,100,549           
LIABILITIES AND SHAREHOLDERS' EQUITY                              
Interest-bearing deposits                              
Checking accounts  $400,135   $11,825    2.96%  $294,149   $5,275    1.79%
Savings accounts   814,980    12,218    1.50%   856,852    10,137    1.18%
Money market accounts   595,018    14,193    2.39%   667,577    12,444    1.86%
Certificates of deposit   605,071    25,273    4.18%   497,527    12,463    2.50%
Brokered Deposits   748    17    2.27%   4,490    129    2.87%
Total interest-bearing deposits   2,415,952    63,526    2.63%   2,320,595    40,448    1.74%
Other borrowed funds   50,774    2,195    4.32%   116,439    6,309    5.42%
Total interest-bearing liabilities   2,466,726    65,721    2.66%   2,437,034    46,757    1.92%
Noninterest-bearing liabilities                              
Demand Deposits   985,876              1,074,072           
Other liabilities   31,122              21,912           
Total Liabilities   3,483,724              3,533,018           
Shareholders' equity   610,818              567,531           
Total liabilities & shareholders' equity  $4,094,542             $4,100,549           
Net interest income on a fully taxable                              
equivalent basis        134,037              138,710      
Less taxable equivalent adjustment        (1,285)             (1,244)     
Net interest income       $132,752             $137,466      
Net interest spread (3)             2.74%             3.12%
Net interest margin (4)             3.63%             3.77%

 

(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 Months Ended 
   June 30, 2024   June 30, 2023 
   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  $3,270,089   $179,602    5.49%  $3,122,738   $159,219    5.10%
Tax-exempt   107,437    4,873    4.54%   101,646    4,597    4.52%
Securities                              
Taxable (available for sale)   142,985    6,143    4.30%   210,753    5,879    2.79%
Tax-exempt (available for sale)   33,409    1,140    3.41%   40,689    1,271    3.12%
Taxable (held to maturity)   107,193    4,266    3.98%   63,789    2,311    3.62%
Tax-exempt (held to maturity)   3,677    96    2.61%   4,704    122    2.59%
Cash, due from banks and other   54,011    3,484    6.45%   60,025    2,961    4.93%
Total interest-earning assets   3,718,801    199,604    5.37%   3,604,344    176,360    4.89%
Noninterest-earning assets   444,965              437,328           
Allowance for loan losses   (44,047)             (39,992)          
Total assets  $4,119,719             $4,001,680           
LIABILITIES AND STOCKHOLDERS' EQUITY                              
Interest-bearing deposits                              
Checking accounts  $410,955   $11,669    2.84%  $294,648   $4,831    1.64%
Savings accounts   813,963    12,048    1.48%   839,702    8,670    1.03%
Money market accounts   616,236    14,674    2.38%   666,530    11,020    1.65%
Certificates of deposit   597,593    24,308    4.07%   474,225    10,675    2.25%
Brokered Deposits   748    17    2.27%   5,597    163    2.91%
Total interest-bearing deposits   2,439,495    62,716    2.57%   2,280,702    35,359    1.55%
Other borrowed funds   50,019    2,165    4.33%   105,574    5,629    5.33%
Total interest-bearing liabilities   2,489,514    64,881    2.61%   2,386,276    40,988    1.72%
Noninterest-bearing liabilities                              
Demand Deposits   984,490              1,046,295           
Other liabilities   33,711              25,107           
Total Liabilities   3,507,715              3,457,678           
Stockholders' equity   612,004              544,002           
Total liabilities & stockholders' equity  $4,119,719             $4,001,680           
Net interest income on a fully taxable equivalent basis        134,723              135,372      
Less taxable equivalent adjustment        (1,283)             (1,257)     
Net interest income       $133,440             $134,115     
Net interest spread (3)             2.76%             3.18%
Net interest margin (4)             3.62%             3.76%

 

(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.